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Quick Take

•  Yearn.Finance has recently announced a series of “mergers” with other DeFi protocols — namely Pickle.Finance, Cover, Akropolis, and Cream
• For now, these are simple partnership announcements. Resources are shared, but they are not mergers enforced by smart contracts
• Still, they are the first steps to what could be real M&A activity between protocols. Whether those are a good idea depends on your view of how protocols should be governed

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U.K.-based SpaceChain beat 13 other national applicants to secure the funding.

The city council member in Kramatorsk, Ukraine, bought 185,000 XMR in 2015 when the cryptocurrency’s price was well below $1.

Singapore’s largest bank DBS has officially announced it will set up a digital asset exchange and the country’s stock exchange will take 10% stake in the new trading platform.

In a release on Thursday, DBS confirmed it will set up a digital exchange that opens to only institutional and accredited investors.

The platform, called DBS Digital Exchange, will be a regulated venue for the issuance and trading of security tokens. Further, DBS Digital Exchange will support crypto asset trading pairs for fiat currencies including SGD, USD, HKD and JPY against four crypto assets: BTC, ETH, BCH and XRP, which can begin as early as next week.

“The exponential pace of asset digitalization provides immense opportunities to reshape capital markets. For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading,” Piyush Gupta, Group CEO of DBS, said in the announcement.

In addition, the Singapore Stock Exchange (SGX) will take a 10% stake in DBS Digital Exchange. The two entities will work together to deepen the liquidity and grow Singapore’s capital markets in the developing space of digital assets and cryptocurrencies.

“We are excited to apply our strengths in market infrastructure and risk management to this venture. There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space,” said Loh Boon Chye, CEO of SGX.

The announcement follows reports in October that DBS is launching a digital asset exchange. The banking giant made public a webpage with details about the digital exchange offerings but deleted it shortly after the page drew wide public attention.

The two parties said in the Thursday release that the plan follows the in-principle approval by the Monetary Authority of Singapore for DBS Digital Exchange to be a Recognized Market Operator. 

In addition to crypto trading, DBS will offer digital asset custody under regulatory standards to meet the increasing demand for secure digital assets custodial services.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The DBS Digital Exchange is 10% owned by Singapore’s SGX stock exchange.

FTX exchange has listed an Airbnb derivatives product ahead of the home rental giant’s initial public offering today.

“Bruno Brock” is alleged to have avoided tax on sales of the pearl cryptocurrency as well as minting free tokens for himself.

Quick Take

• It’s often said that every tech company wants to be a bank. But it hasn’t fully materialized, yet.
• While crypto companies are rapidly pushing the boundaries of market structure and wanting to be banks themselves, so far only Wyoming special state charters have offered early forms of success.
• The recent break-neck pace of crypto banking developments paired with latest U.S. regulatory rhetoric suggests 2021 is setting up for a potential collision course among crypto national bank charter hopefuls.

This research piece is available to
members of The Block Genesis.
You can continue reading
this Genesis research on The Block.

Our Panelists:

Michael Wu – Founder & CEO, Amber Group

Sam Bankman-Fried – CEO, FTX & Alameda Research

Rishi Ramchandani – Director of Business Development, Asia, BlockFi

Qian Xiong – COO, Poolin Finance

This event is brought to you by BlockFi. BlockFi is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi’s platform manages more than $2 billion in assets and has generated tens of millions in interest for clients. The company continues to expand its presence in the US and across international markets, with offices in New Jersey, London, Singapore,Argentina and Poland. Learn more about BlockFi here.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Reps. Warren Davidson, Tom Emmer, Ted Budd and Scott Perry urged Steven Mnuchin to rethink his rumored self-hosted wallet regulations in an open letter Wednesday which warned such rules might “crush a nascent industry.”