Crypto Weekly Roundup: Grab Integrates Web3, Wallet, And More

The “Uber of Southeast Asia” Grab has announced the integration of Web3 services, allowing users to win blockchain rewards, pay using NFTs, and set up their own Web3 wallet, along with a host of other features. Let’s find out more. 

Bitcoin

Mined Bitcoin to the tune of £165 million found its way into a council tip. A decade later, the owner’s legal team has asked for legal access to the site in order to start searching for the lost Bitcoin hard drive.

Former chairman of the SEC, Jay Clayton, has said that he cannot see any further rejections of the current Bitcoin Spot ETF submissions.

Ethereum

Cathie Wood’s Ark Invest and asset manager 21Shares made a significant move in the ETF space after applying for the first spot Ethereum ETF in the US. 

DeFi

Crypto lending firm Compound has announced that its borrowing and lending protocol is now live on Base, the Layer 2 solution developed by Coinbase.

A consortium of industry-leading DeFi companies has announced the formation of the Tokenized Asset Coalition (TAC) with the initiative of driving and bringing asset tokenization to a better standard.

Ethereum co-founder Vitalik Buterin has sold all his MakerDAO (MKR) tokens for 353 ETH ($581,000), generating speculation among the crypto community on the motivation to do so. 

Altcoins

Layer One blockchain Solana is continuing to lose momentum, with the daily active addresses declining to around 204,000 on the 31st of August. 

Elon Musk had considered possibly developing a social media platform based on blockchain technology and was heavily involved with the cryptocurrency Dogecoin. 

Technology

A recent research paper co-authored by Ethereum founder Vitalik Buterin delves into the challenges of ensuring privacy in blockchain transactions while meeting regulatory compliance.

Story Protocol has successfully raised over $54 million in a funding round led by Andreessen Horowitz’s crypto arm, a16z crypto.

As per an article in the British-based Telegraph, a group of Pennsylvanian forward-thinkers is eyeing a tire incineration plant to leverage energy for Bitcoin mining. 

DEX platform dYdX has announced plans to migrate its entire ecosystem from the Ethereum network to Cosmos while simultaneously introducing a decentralized order book strategy.

Business

Grab, a hugely popular ride-hailing super app in Southeast Asia, has announced the integration of Web3 services to its platform.

In an escalating internal conflict, co-founders of blockchain gaming platform Gala Games, Eric Schiermeyer and Wright Thurston, have filed dueling lawsuits against each other. 

JPMorgan Chase & Co., the largest bank in the US, is developing a new type of digital currency that can accelerate settlements and international payments. 

Genesis Global Capital has taken legal action against its parent company, Digital Currency Group, and DCG International Investments, demanding the repayment of overdue loans totaling over $620 million.

The blockchain analytical firm Arkham Intelligence has Grayscale’s Bitcoin Trust as the second largest holder of Bitcoin, distributed among over 1700 addresses. 

FTX’s Solana wallet has seen considerable activity, transferring $10 million worth of crypto tokens to Ethereum through the Wormhole bridge since the 31st of August. 

Regulation

Leaders of the world’s 20 major economies, known as the G20, are advocating for the rapid implementation of an international framework for crypto assets.

South Korea is looking to significantly strengthen sanctions against North Korea by introducing a revised bill first announced in November 2022. 

FTX founder Sam Bankman-Fried is currently evaluating his discovery materials in prison. However, his lawyers have claimed that prison protocols hamper productivity in the discovery process. 

In a recent letter, Grayscale’s law firm, Davis Polk, is firmly urging the SEC to green-light a Bitcoin Spot ETF.

Alex Mashinsky, the former CEO of Celsius, has had his assets frozen by a United States court, including bank accounts and property. 

Blockchain-based file-sharing and payment network LBRY has decided to fight back against the SEC after a previous decision to wind down after a federal judge ruling that favored the regulator. 

Faruk Fatih Ozer, the founder of Thodex, a defunct crypto exchange based in Turkey, was sentenced to 11,196 years in prison by a court in Istanbul.

France has introduced a new training program specifically tailored for crypto and finance influencers to instill better understanding and compliance regarding advertisement disclosures.

Web3

ConsenSys is preparing to introduce a decentralized version of Infura by the close of this year, a move that could significantly reshape the way Web3 applications access blockchain data.

ConsenSys is also preparing to release MetaMask Snaps, a feature that aims to transform the popular crypto wallet into a cross-chain decentralized application (DApp) store.

Security

According to blockchain security experts, the highly popular crypto betting platform Stake has fallen victim to a major exploit, losing over $40 million in funds. 

FloorDAO, an NFT-Fi liquidity layer, has fallen victim to a major exploit, losing around 40 WETH, valued at around $65,000, to hackers. 

Disclaimer: 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.