Decentralized finance (DeFi) on a public blockchain was successfully used by multinational financial corporation JP Morgan to complete its first ever cross-border transaction. The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.” The pilot, which included the participation of Oliver Wyman Forum, SBI Digita

Deribit, a cryptocurrency exchange, has been attacked, and an estimated $28 million from a hot wallet has been taken. Client funds have not been impacted, the business tweeted; however, withdrawals have temporarily been suspended while the exchange conducts security checks. "It's company procedure to keep 99% of our user funds in cold storage to limit the impact of these type of events. The hack is isolated & quarantined to our BTC, ETH and USDC hot wallets," Deribit wrote on Twitter. Accord

Japan has begun to apply the metaverse in therapeutic and educational activities. Toda, the city in Saitama, has implemented a metaverse-schooling program to motivate students, particularly those who live far from school, to attend classes. The program was developed by an NGO last year with the intention of allowing students to explore virtual worlds. With the program, students can wander around the campus and learn in virtual classrooms to get ready for returning to regular classes. At least,

Bank of America, a major provider of financial services, is now searching for a crypto policy specialist to assist the company with compliance. The Bank is seeking a crypto policy and insights manager to monitor regulatory hearings by federal and state authorities and offer crucial insights into their ramifications, according to a recent job offering on LinkedIn. The bank claims that the ideal applicant would have proven expertise in blockchain, fintech, and related technologies as well as per

In what appears to be a surprising coincidence, three financial services giants, PayPal, Visa, and Western Union, have filed new trademark applications involving crypto and Web3-related products and services in the past week. Western Union focusing on digital currency On October 18th, Western Union submitted three trademark applications citing intentions for managing electronic wallets, virtual currency exchange and transfer, trading and brokerage of cryptocurrencies, issuing value tokens, an

Following Huobi's announcement on Friday that it has delisted the asset, the once-popular HUSD stablecoin has dropped precipitously from its $1 peg and to a low of 28 cents. Users may still trade HUSD tokens for tether (USDT), the biggest stablecoin in the market based on market capitalization, according to Huobi. The value of other assets, often fiat currencies like the dollar, pound sterling, or euro, is mirrored by stablecoins. The collapse of terraUSD (UST), which led to the downfall of th

By originally only allowing listings of ETFs connected to Bitcoin and Ether futures, the Securities and Futures Commission gave the impression that it would follow the CME's lead. For organizations proposing a public offering of an exchange-traded fund (ETF) linked to cryptocurrency futures, the Securities and Futures Commission of Hong Kong has established regulations. According to a circular issued by the SFC on October 31, management companies in Hong Kong would also need to "have a good tr

NFT Tweet Tiles, a new blockchain feature, was introduced by the Twitter team less than 24 hours after Tesla CEO Elon Musk completed his $44 billion acquisition of this social media. According to the announcement by Twitter Dev, users of NFT Tweet Tiles will be able to display information about their digital collectibles, such as the NFT title and creator name, in a dedicated panel via tweets that link to a listing on a marketplace. The feature is still under testing and working with four NFT

Last Friday, Binance announced that it had contributed shares to the acquisition of Twitter by billionaire internet entrepreneur Elon Musk. "We're excited to be able to help Elon realize a new vision for Twitter,” Binance founder Changpeng Zhao said in an emailed statement. “We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology." In a tweet, Zhao claimed that Binance had sent $500 million as part of the tra

The social media platform was successfully acquired by the richest man in the world, bringing Twitter into a new era. Elon Musk is said to have finalized his $44 billion purchase of Twitter, making him the richest man in the world and giving him control of one of the most important social media platforms. According to two persons with knowledge of the decision, Musk fired two top executives, including the CEO Parag Agrawal. Twitter opted not to respond. The deal's completion lifts the uncerta