Uniswap Competitor Maverick Protocol Raises $9M in Funding

Crypto.com’s Dubai-based subsidiary secures crypto licenseCRO DAX Middle East, the Dubai-based subsidiary of Singapore-headquartered cryptocurrency exchange platform Crypto.com, has achieved a significant milestone by obtaining a license from the emirate’s Virtual Assets Regulatory Authority (VARA) to provide specified virtual asset services.Photo by Timo Volz on UnsplashExpanding product offering in DubaiThe approval, announced by the firm via a press release published to its website on Tuesday, marks a pivotal moment for the Singapore-based Crypto.com, allowing it to offer regulated virtual asset services in Dubai, including exchange services, broker-dealer services, management and investment services as well as lending and borrowing services.The virtual assets service provider (VASP) license is contingent upon CRO DAX Middle East meeting specific conditions and localization requirements outlined by VARA. Once these conditions are satisfied and the operational approval notice is received from the regulator, the company will be poised to commence operations. These services will be made accessible to both retail and institutional users through Crypto.com’s app and exchange platform.Kris Marszalek, CEO of Crypto.com, expressed his enthusiasm for Dubai’s regulatory approach, stating: “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.”Dubai’s virtual asset sector developmentThe regulatory framework for virtual assets in Dubai was established under the Dubai Virtual Asset Regulation Law in March 2022, leading to the creation of VARA. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, founded VARA with the aim of developing an advanced legal framework to safeguard investors. Furthermore, the objective was to set international standards for the governance of the virtual asset industry, while fostering responsible business growth.VARA issued regulations in February to provide clarity and certainty on the expected level of operator responsibility and to mitigate market risks. This move aligns with the broader context of global cryptocurrency regulations, aiming to create a safe environment for investors in the wake of recent collapses of major platforms.Crypto.com is working to become one of the first virtual asset exchanges to implement its VASP license in accordance with VARA’s specialized regulations issued earlier this year. The company had previously received its minimum viable product provisional license in June 2022 and the MVP preparatory license in March of the current year. The operational license, which follows the preparatory and provisional stages, grants virtual asset service providers permission to conduct activities in seven specified categories.Adapting to the marketThe company has also been working on licensing in other markets. In Singapore, where it is headquartered, the company received a Major Payment Institution (MPI) trading license from the Monetary Authority of Singapore (MAS) in June. The company has also re-calibrated its offering based on market shifts. Earlier this year, it halted its institutional exchange service in the United States due to a downturn in institutional demand stateside.In March 2022, Crypto.com declared Dubai as its regional hub for the Middle East and North Africa (MENA), solidifying its commitment to expanding its presence and contributing to the growth of the cryptocurrency ecosystem in the region.

BC Card Launches Innovative Card Payment NFT ServiceSouth Korean credit card issuer BC Card announced Wednesday (local time) that it has launched a non-fungible token (NFT) issuance service linked to card payments — the first of its kind in the country — marking a significant step in the financial industry’s adoption of blockchain technology.Photo by rupixen.com on Unsplash“The digital finance market is an area of technology and imagination, and it will continue to grow in various ways,” said BC Card Director Lee Sang-jun. “We are pioneering the industry by introducing payment-linked utility NFT services for the first time.”Revolutionizing the use of NFTsTypically, NFTs are primarily used to prove the uniqueness of digital assets based on their non-replicability, but the card issuer has now integrated them into card payments. This service offers customers proof of payments in the form of NFTs along with various other benefits.BC Card has been preparing for the NFT market to pick up momentum since 2021. After rigorous internal testing, it first developed and opened its own NFT wallet dubbed “NFTbooc” on the private Ethereum network in April last year. Since then, the NFT wallet has been improved to be more user-friendly. Notably, it was integrated into BC Card’s financial platform PayBook in order to provide customers with a more convenient means to check their personal NFT holdings and participate in events.The credit card company also issued limited edition NFTs through NFTbooc to celebrate the 40th anniversary of its foundation last year, making them available for both customers and employees. Even during the ongoing crypto winter, the company has continued efforts to integrate NFTs into customer services by facilitating NFT-based payments and emphasizing their technological value.Boosting customer engagementTo celebrate the launch of the newest service, BC Card is also holding a special event for customers until December 31. Each participant will receive random missions, such as using their card within a specific time slot or at a specific store and engaging in a minimum number of transactions. Those who complete the challenges will be airdropped certificates of completion minted as NFTs after the event is closed with the chance to win cashback rewards of up to 100% of the amount of money that they spent during the challenge.The card issuer plans to hold two additional events, which will be outlined on the PayBook and NFTbooc event pages.The card company has also applied for three NFT-related patents this year, including one for issuing NFT receipts for secondhand transactions and asset certification NFTs that can be used to prove asset details in the event of a system failure at a given financial company.

DigiFT Unveils First Fully Regulatory-Compliant US Treasury TokenDigiFT, a pioneering decentralized exchange (DEX) for digital assets with a Singapore-based project team, has made waves in the financial landscape with the official launch of the DigiFT US Treasury Token.Photo by Karolina Grabowska on PexelsTradFi and blockchain convergenceThe company announced the launch of the Treasury token, known as “DUST,” via a press release on Thursday. It’s the first-ever fully regulatory-compliant US Treasury token issued on a public blockchain, signaling a powerful convergence of traditional finance and blockchain technology.DUST has the potential to be a game-changer in the crypto space, offering accredited and institutional investors an unparalleled opportunity to seamlessly invest in US Treasuries through a secure and transparent on-chain channel. One of its standout features is its backing by a single US Treasury note with a specific maturity date, instilling confidence and reassurance in investors seeking stable and reliable assets.Regulatory complianceThere are other tokenized treasuries in existence already. However, DigiFT differentiates its product through adherence to rigorous regulatory standards, ensuring that the tokenization process aligns with established financial norms.Henry Zhang, CEO of DigiFT, expressed his enthusiasm about this groundbreaking achievement:“The launch of DigiFT US Treasury Token represents our commitment to bring the best of both decentralized finance (DeFi) and traditional yield to investors.”He emphasized that DUST not only bridges the gap between DeFi and real-world assets (RWAs) but also upholds the highest standards of regulatory compliance.DUST’s innovative structure offers investors the flexibility to participate using US dollars or US dollar stablecoin (USD Coin). The product is accessible to all, given that it facilitates a minimum investment amount of 1 USD or USDC. To enhance accessibility further still, DUST ensures same-day settlement for investments below USD 50,000, contingent on liquidity conditions.Zhang emphasized the transformative potential of DUST, stating: “We believe that tokenization of RWAs is poised to become the future of investing, and DUST will support the wider adoption of digital tokens with its compliant features.”Rapid progressThe issuance of DUST tokens is overseen by Red Cedar Digital Pte. Ltd., an affiliate of DigiFT, with a yield to maturity (YTM) of 5.40% as of August 3, 2023. DigiFT’s journey began in 2020 when it became the first and only DEX to be accepted into the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox.Since then, DigiFT’s list of achievements has grown exponentially. The platform successfully listed a tokenized corporate note from Diners Club (Singapore), which achieved full subscription at its initial offering.Additionally, a tokenized bond, backed by a Barclays 8% Perpetual Bond and custodied with a licensed global financial institution, reinforced DigiFT’s reputation for innovation. The platform’s regulatory-compliant access to Matrixdock’s Short-term Treasury Bill Token (STBT) further solidified its role in pioneering secure and transparent investment avenues.DigiFT’s product offering demonstrates that we are likely to see an ongoing blurring of the lines between blockchain-based innovation and traditional products in conventional finance over the next few years. As DigiFT continues to champion regulatory compliance and innovation, investors can anticipate even more transformative solutions that harmonize the best of both worlds.