This Week in DeFi: September 24
Decentralized Finance or DeFi, as it is popularly stylized, is an innovative force to be reckoned with in the finance space. Based on the blockchain network, the defining attribute of DeFi is its lack of reliance on any central authority or intermediary for finance decisions. DeFi is an umbrella term for all those financial services and applications on the public blockchain, usually Ethereum. It is a fast-growing industry, with new updates every week. This week’s edition of This Week in DeFi will walk through some of these additions and what makes them so exciting.
September 15- NFT Platform OpenSea Confirms Insider Trading
The non-fungible token trading platform OpenSea released a statement on their website announcing the recent investigation and subsequent dismissal of their employee who was involved in an insider trading scheme. In the statement, which is from this blog post, it is mentioned that the employee purchased items that he knew were to be displayed on the front page. This move proved very profitable for the employee, but due to the gray areas surrounding the legality of NFTs, the suspected employee has not been charged despite the solid evidence against him.
September 15- Vitalik Buterin Mentioned in TIME 100 2021
Vitalik Buterin, the creator of Ethereum with a net worth of over $1 billion, was mentioned in the TIME 100 List of Most Influential People of 2021. Ethereum is a blockchain-based software platform used for the creation of decentralized applications. It is a fundamental part of the crypto and DeFi world, and is backed by a community of millions. The mention of its founder in a renowned magazine like TIME is a direct indicator of how mainstream DeFi really has become.
September 16- Crypto Payments Legalized For Commercial Transactions In Cuba
Initially proposed in late August, Banco Central de Cuba’s resolution recognizing cryptocurrencies is now in effect, with the order becoming official this week. Now, the island country will accept cryptocurrencies like Bitcoin as payment for commercial transactions and investments. The country seems to be following in its fellow Latin American country El Salvador’s footsteps, which recently became the first country to accept Bitcoin as legal tender.
September 17- Coinbase Ditches Upcoming Lending Program
Announced through a blog on the company’s website, cryptocurrency exchange platform Coinbase has decided to not go ahead with its USDC APY program. This program was a high-yield alternative to traditional savings accounts, which would have paid those providing stablecoin USDC to Coinbase a 4% annual percentage yield. (APY). This seems to be a more political move than anything, coming just days after U.S regulators’ statement that they would sue Coinbase if they launch their planned program rewarding interest in exchange for lending of digital assets.
September 21- Coinbase to Propose a Federal Regulatory Framework
An interesting statement was made by Coinbase CEO and founder Brian Armstrong at the annual technology event TechCrunch Disrupt 2021. The conference is the flagship event of the American online high tech newspaper TechCrunch and features numerous conferences and sessions where high-profile individuals from the tech space are interviewed. In this particular session, Brain Armstrong revealed that Coinbase is drafting a regulatory framework for crypto to US officials within the next month. This proposed framework might be a game-changer in helping regulatory officials understand how crypto companies themselves wish to be regulated.
September 24- Twitter Rolls out “Tips” Feature To Facilitate Bitcoin Payments
Commerce ecosystem Square, founded by Jack Dorsey who is the CEO of social networking platform Twitter, has already integrated the cryptocurrency Bitcoin into its payments system. Now, it seems that Twitter is on its way to do the same by introducing new features incorporating bitcoin. A recent addition is the decision of Twitter to roll our its Tips feature to global users, which includes bitcoin payments. This tool allows followers to send money as easily as they like a tweet. The users can do this by linking their accounts to famous payment platforms like Cash App and Venmo.
