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.

Binance Lay-offs Not a Cost-Cutting Measure - CZ Dismisses Rumors

Binance CEO Changpeng Zhao (CZ),  responded to rumors of layoffs at the company, dismissing them as FUD (Fear, Uncertainty, and Doubt) and reaffirming Binance's dedication to talent and profitability. CZ explained that Binance implements a "bottom-out" program, regularly parting ways with individuals who may not fit the company's culture or circumstances.

Get all the details here. 

Telecommunications Giant Deutsche Telekom Joins Forces with Polygon as Validator

Leading global telecom company, Deutsche Telekom has partnered with Polygon as validator. As only one of the 100 validators on the network, Deutsche Telekom will fully leverage the power of blockchain technology while contributing to the network's security. 

Learn more in this article.

Huobi HK Expands Services with Spot Trading and Virtual Assets Custodian in Hong Kong

Crypto exchange Huobi recently announced its expansion in Hong Kong. Huobi HK unveiled the availability of spot trading and managed services for professional and retail customers in the region. The exchange also confirmed the submission of an application to obtain a virtual asset exchange license from the Hong Kong Securities Regulatory Commission.

Learn more here. 

Jimbos Protocol Suffers Security Breach, Records $7.5 Million in Losses

Arbitrum-based Decentralized finance (DeFi) protocol Jimbos Protocol was recently hacked, resulting in the loss of 4090 ETH (worth about $7.5 million). Jimbos has acknowledged the exploit and confirmed that they are taking immediate action by collaborating with law enforcement and security experts to resolve the issue. 

More details here.

Hong Kong-based First Digital Launches USD Stablecoin FDUSD

Hong Kong-based company First Digital has launched a new stablecoin called FDUSD. The stablecoin is backed by either one U.S. dollar or an equivalent asset held in regulated financial institutions in Asia. FDUSD provides diversification from other stablecoins and is currently available on Ethereum and BNB Chain, with plans for future blockchain support.

Find more information in this article.