RABIT Weekly News (W4 July 2022)
- Singapore plans to broaden and strengthen cryptocurrency-related regulations as a series of business failures and bankruptcies are jeopardizing the whole market and investors. The country had been known for a crypto-friendly atmosphere, but it is now mulling over ways to safeguard the general public.
- French Bank BNP Paribas (BNP) is entering the cryptocurrency custody space, making partnerships with Swiss digital asset safekeeping firm Metaco. What makes the deal particularly significant is that BNP Paribas is one of the largest banks worldwide with almost $13 trillion in assets under custody.
- According to a report from Bloomberg, FTX may acquire Bithumb, a South Korean crypto exchange platform with more than 8 million registered users. The conversations have been in progress for several months, and FTX seems to be acquiring crypto companies as a means of stabilizing the crypto industry amid unprecedented turmoil.
- While there has been a rally ahead of the Ethereum Merge, the cryptocurrency market is still stuck with the rise and falls of NASDAQ.
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