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 Faces Transparency Issues with its US Dollar Reserves: Report

Consumers’ Research has accused Tether, the issuer of stablecoin USDT, of lacking transparency in backing its tokens with U.S. dollar reserves. In a report published on September 12, the group claimed Tether has yet to provide a full audit from an independent firm, raising doubts about the company's 1:1 reserve claims. Tether has only released “attestations” rather than comprehensive audits, prompting concerns over its financial transparency.

Read the full story.

eToro Limits U.S. Crypto Offerings to BTC, ETH, and BCH After $1.5M SEC Settlement

eToro has reached a settlement with the U.S. SEC, reducing its crypto offerings for U.S. customers to Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). The SEC accused eToro of operating as an unregistered broker and clearing agency. As part of the settlement, eToro will pay a $1.5 million fine without admitting or denying the allegations.

Learn more in the article.

Standard Chartered Enters UAE Crypto Market with Custody Services for Bitcoin and Ethereum

Standard Chartered has launched a digital asset custody service in the UAE, offering secure storage for Bitcoin and Ethereum. Licensed by the Dubai Financial Services Authority (DFSA) and based in the Dubai International Financial Centre (DIFC), the service targets institutional clients, with plans to expand to other digital assets soon.

Details here. 

Ether.Fi Partners with Scroll to Launch Crypto-Backed Visa Credit Card

EtherFi’s restaking platform is set to launch the EtherFi Cash Visa credit card in partnership with Scroll, an Ethereum Layer 2 network. According to The Defiant, the card allows users to manage crypto, earn rewards, and make purchases without converting to fiat. It also enables users to secure loans against their crypto assets, allowing them to keep earning yields while using crypto as collateral.

Read the full story. 

a16z Crypto Selects 21 Startups for Fall 2024 Accelerator Cohort

Andreessen Horowitz (a16z) has revealed the 21 startups selected for its Fall 2024 Crypto Startup Accelerator (CSX). Each startup will receive at least $500,000 in funding, along with mentorship and resources from a16z's experts. The global cohort, representing 11 countries, will participate in an 8-week program to help scale their crypto projects for market readiness.

Find out the notable projects in the article.