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.

SEC Approves Multiple Spot Bitcoin ETFs: Recent Developments

The SEC has given the green light to 11 spot Bitcoin exchange-traded funds (ETFs), signaling a significant shift in its approach to cryptocurrency-related financial products. Industry giants like Bitwise, Grayscale, BlackRock, and Fidelity are among the approved proposals, marking a milestone in crypto acceptance by regulatory authorities.

Learn more in the article.

Binance's 14th Proof of Reserves Report Reveals Surging User Assets and Growth

Binance's latest Proof of Reserves (PoR) report, released on January 1, reveals significant growth in user assets. Bitcoin holdings increased by 2.65%, reaching 575,000 BTC, Ethereum holdings rose by 2.9% to 4 million ETH, and Tether assets saw a 4.45% surge, totaling 16.8 billion USDT. The PoR report, initiated by Binance founder Changpeng Zhao after the FTX bankruptcy incident, aims to enhance transparency and trust in the cryptocurrency industry.

Details here. 

SkyArk Chronicles Secures $15 Million in Funding Led by Binance Labs

AAA gaming platform SkyArk Chronicles has secured $15 million in a funding round led by Binance Labs, with support from VividThree, GuildFi, Jambo, BreederDAO, and notable individuals like LayerZero CEO Bryan Pellegrino, Tangent Ventures co-founder Wangarian, and Story Protocol CEO S.Y. Lee. The funding follows Binance's earlier selection of SkyArk Studios to represent Singapore in Binance Incubation Season 3 from a pool of over 1000+ applicants in late 2021.

Read the full story here.

Coinbase Partners with Yellow Card to Expand Into African Market

Coinbase has partnered with Yellow Card, a leading crypto on-and-off ramp service in Africa, to expand its services to 20 African countries. Through Yellow Card's payment infrastructure, Coinbase aims to provide millions of users with access to Circle's USDC stablecoin on its Base layer-2 network. 

Find more information in the article.

Ripple Labs Announces Massive $285 Million Buyback of its Shares

Ripple Labs plans a $285 million share buyback from early investors and employees, boosting its valuation to $11.3 billion. Investors can only sell 6% of their stakes in the tender offer. The privately held company allocates $500 million for the buyback, addressing stock unit conversion and tax obligations. 

Find details here.