Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Orbit Bridge Plunges into Chaos with A Reported $82M Hack

Orbit Bridge, the cross-chain bridging service for Orbit Chain, suffered a sophisticated hack just before the new year, resulting in an $82 million loss. The incident's impact is magnified due to Orbit Bridge's close connection to the Klaytn ecosystem, where nine out of the top ten tokens are wrapped assets from Orbit Bridge, affecting the broader blockchain community.

Read the full story here.

SEC Will Reject Spot Bitcoin ETFs in January: Report

Matrixport's latest report warns of a potential rejection of all Bitcoin spot ETFs by the Securities and Exchange Commission (SEC) in January. The study notes the SEC's predominantly Democratic leadership and Chair Gensler's cautious stance on crypto. Matrixport anticipates a rejection in January, citing an unfulfilled critical requirement for approval. 

Get the full details in the article.

Binance Labs Invests In Memeland (MEME) Project

Binance Labs has invested in Memeland's ecosystem token ($MEME), a project blending SocialFi and meme culture. The investment amount is undisclosed; however, it marks a notable diversification for Binance's investment portfolio. Memeland was introduced as the 39th Binance launch pool project on October 27, 2023. 

Learn more in the article.

Grayscale And VanEck Files For Exchange Registration Form For Spot Bitcoin ETF

Major investment firms, including Grayscale, Fidelity, and VanEck, have filed Form 8-A with the SEC, a key step for trading on an exchange pending regulatory approval. Fidelity initiated the filings on January 3, with Grayscale following suit, expressing commitment to convert GBTC into a spot Bitcoin ETF. 

More details here. 

Nigeria Set to Pioneer cNGN Stablecoin in Financial Innovation

Nigerian financial consortium ASC plans to launch the compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024, utilizing the Central Bank of Nigeria's Regulatory Sandbox. The stablecoin is expected to play a key role in transforming financial transactions within the country.

Find more information in the article.