As the final weeks of 2023 approach, it is fair to say that one of the most dominant trends and drivers of crypto companies’ strategies over the past few months can be summed up in a single word: licensing.
In a strict regulatory environment, getting the green light from regulators has been crucial for companies, particularly during the crypto winter.
Some countries have taken a stance by developing a cryptocurrency-friendly environment. For example, the United Arab Emirates continues to attract major crypto companies to its shores, and digital asset exchange crypto.com recently received a Virtual Asset Service Provider (VASP) license in Dubai. The license allows crypto.com’s local business to offer retail and institutional trading, as well as brokerage services and credit-related services.
Dubai also granted a similar license to institutional cryptocurrency custodian Hex Trust. The crypto company has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy, and France.
Traditional players are also seeking crypto licenses. In Germany, Commerzbank has been granted a cryptocurrency custody license, according to a Nov. 15 announcement, reportedly becoming the country’s first “full-service” bank to receive the license.
Additionally, in this week’s regulatory headlines, Bitget abandoned its plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing commercial and market-related considerations. As a result, the exchange will close its local operations in the coming weeks.
While licenses are essential for cryptocurrency companies to operate, they also represent a new step in the growing connection between cryptocurrencies and governments around the world.
This week’s crypto Biz also explores Uniswap’s Android app, Cboe’s move into crypto margin futures trading, and Disney’s upcoming non-fungible token (nft) platform.
Uniswap launches Android wallet app with built-in swap feature
Uniswap Labs has publicly launched a mobile wallet app for Android on the Google Play Store. The new app allows users to make trades via the decentralized exchange from within the app, eliminating the need for a separate web browser extension, Uniswap Labs vice president of design Callil Capuozzo told Cointelegraph. Uniswap added support for new languages and now supports English, Spanish, Japanese, Portuguese, French and Chinese (both Traditional and Simplified) and added a setting that allows users to see the value of their cryptocurrencies in their local currency. The iOS version of the app was released in April.
Disney launches nft platform with Dapper Labs
Disney and blockchain company Dapper Labs have partnered to create a non-fungible token (nft) platform. According to an announcement, Disney will tokenize its iconic cartoon characters from the last century in its upcoming nft marketplace, Disney Pinnacle. The platform will also include Pixar icons and heroes and villains from the Star Wars galaxy, uniquely styled as collectible and tradeable digital pins. The nft platform will launch later in 2023 for iOS, Android, and on the web.
Cboe to launch btc and eth margin futures trading in January with support from 11 companies
Cboe Digital has announced the launch of bitcoin (btc) and Ether (eth) margin futures trading on January 11, 2024. The regulated crypto exchange and clearinghouse will become the first in the United States to offer trading of both spot and leveraged derivatives. on a single platform, he said in a statement. Eleven companies, including traditional and crypto financial companies, will support the new capability upon launch. They include B2C2, BlockFills, Cumberland DRW, and Talos, among others. Cboe Digital offers trading operations for individuals and institutions. It received approval for futures trading on margin from the US Commodity Futures Trading Commission in June.
Goldman Sachs leads $95M funding round for blockchain payments company Fnality
Global investment bank Goldman Sachs and French bank BNP Paribas have reportedly led a new funding round for Fnality, a blockchain-based wholesale payments company backed by Nomura Group. Fnality has reportedly raised £77.7 million ($95.09 million) in a second round of funding. Other investors included global exchange-traded fund firm WisdomTree and current Fnality investor Nomura. The new capital will be used to establish a 24-hour global liquidity management network for new digital payment models in wholesale financial markets and emerging tokenized asset markets, Fnality said. Fnality was founded in 2019 as a blockchain project led by UBS with the goal of creating digital versions of major currencies for wholesale payments and digital securities transactions.
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