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.

Tether Acquires Majority Stake in Blackrock Neurotech with $200M Investment

Stablecoin issuer Tether has made a significant move by investing $200 million through its venture capital arm, Tether Evo, to acquire a majority stake in Blackrock Neurotech. The investment aims to support the rollout of Blackrock's medical devices and enhance its research and development in the brain-computer interface (BCI) field.

Get the full details in the article.

CZ Vows to Remain Passive Crypto Investor Post Prison Time

Binance co-founder Changpeng Zhao has vowed to maintain a passive approach to crypto investments following his four-month prison sentence for compliance breaches. His sentencing in Seattle, resulting from guilty pleas to anti-money laundering violations, includes a four-month jail term and a $50 million fine, despite prosecutors' recommended three-year sentence.

Read the full story.

Nigeria to Ban P2P Crypto Trading: Report

According to a report from TechCabal on May 3, Nigeria is set to ban P2P cryptocurrency trading, citing national security threats. The decision comes after the National Security Adviser (NSA) flagged crypto trading as a risk. The impending regulation will directly affect fintech firms facilitating crypto transactions. Prominent Nigerian fintech startups like Moniepoint, Paga, and Palmpay are already instructed to halt account operations linked to cryptocurrency trading.

Read more here.

Coinbase Integrates Bitcoin's Lightning Network to Enhance Transaction Speed and Reduce Costs

Crypto exchange Coinbase has partnered with Lightspark to integrate the Bitcoin Lightning Network, enabling faster and cheaper BTC transactions for users across the US, except New York. This collaboration allows for instant processing of transactions at lower costs compared to traditional methods.

Find more information in the article.

BNP Paribas, Europe's Second-Largest Bank, Acquires Shares in BlackRock's Bitcoin ETF

BNP Paribas, Europe's second-largest bank, has acquired shares in BlackRock's iShares Bitcoin Trust ETF (IBIT), according to recent SEC filings. The bank purchased 1,030 shares of IBIT for $40.47 each, totaling an investment of $41,684.10. While this investment is relatively small compared to the bank's substantial assets, it marks a significant move as one of the first instances of a major European bank gaining exposure to Bitcoin through an ETF. 

Details here.