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 to Cease BUSD Support in 2024 Amid Legal Turmoil

Binance is discontinuing support for its stablecoin, BUSD, by 2024 due to legal battles and regulatory changes. Earlier in the year, the United States SEC took action against Paxos Trust Company for issuing BUSD without proper registration, causing Paxos to stop issuing new BUSD tokens in February.

Get all the information in this article.

SEBA Bank Secures Nod in Principle for Crypto Services in Hong Kong

Swiss bank SEBA Bank is one step closer to offering virtual asset services in Asia as it receives an approval-in-principle from Hong Kong's securities regulatory body. Final licenses are pending upon meeting specific conditions, allowing the bank to engage in securities transactions, crypto-related services, and digital asset management.

Learn more in the article.

​Bitwise Shocks Markets with ETF Application Withdrawal

Asset management firm Bitwise has unexpectedly withdrawn its application for a Bitcoin and Ether Market Cap Weight Strategy ETF with the SEC. This decision follows their initial filing on August 3, where they had been actively pushing for the approval of spot Bitcoin ETFs in the United States.

Find details here.

Nexo Introduces Crypto-Backed Mastercard Exclusive to EEA Residents

Nexo, a decentralized crypto lending platform, launched a crypto-enabled Mastercard for European Economic Area (EEA) residents on August 31. The Nexo Card allows users to use their stablecoins (euro, U.S. dollar, and British pound) for debit transactions at over 100 million global merchant terminals. 

Learn more about Nexo’s new card here. 

Lufthansa Unveils Innovative NFT Loyalty Program on Polygon Network

European airline Lufthansa has taken a bold step into the digital era with its NFT loyalty program on Polygon Network. Travelers can now turn their trips into NFTs, gaining access to rewards like free miles, business lounge passes, and traveler status upgrades. This move aligns Lufthansa with companies like Adobe, Stripe, and Robinhood building on Polygon.

Find more information here.