Web3 🌘 Thursday Highlights: CBDCs, Crypto, DeFi, and Cross-Border Payments

The world of digital assets is constantly evolving, with new developments and innovations. In this blog post, let's explore developments in the crypto and blockchain space: the need for legal frameworks to accommodate Central Bank Digital Currencies (CBDCs), the expansion of cryptocurrency exchanges into traditional asset markets, the growth of decentralized finance (DeFi), and the potential of blockchain technology to revolutionize cross-border payments.
Stay tuned for more updates on the latest developments in the rapidly evolving world of crypto!

1/ CBDCs: The Law Must Evolve to Make Them Possible. ⚡️

Central Bank Digital Currencies (CBDCs) have the potential to revolutionize the global economy, but outdated legal frameworks are holding the world back from issuing them. The Chief of the Bank for International Settlements (BIS) highlights a critical aspect of the ongoing digital currency revolution: the need for legal frameworks to accommodate Central Bank Digital Currencies (CBDCs). As the world explores the potential of CBDCs, regulatory and legal structures must evolve to ensure their safe and effective integration into the financial system.

Carstens called for governments to begin working on modernizing their legal frameworks immediately, in order to avoid a fragmented system and legal framework in which different digital currencies don't interoperate.

The Law Must Evolve To Make CBDCs Possible, Says BIS Chief - Decrypt

People want CBDCs that can be transferred “quickly, cheaply, and safely,” said BIS General Manager Agustin Carstens.

DecryptAndrew Throuvalas

2/ Crypto Exchange Kraken Exploring Stock Trading. 💠

Kraken, a well-established cryptocurrency exchange, is gearing up to expand its services by offering trading in U.S. stocks, entering the domain traditionally dominated by platforms like Robinhood. Kraken's decision to diversify its offerings demonstrates the increasing demand for a comprehensive financial ecosystem where users can access both crypto and traditional assets seamlessly.

Kraken plans to launch the service as soon as 2024 using a service built by a new division, Kraken Securities, which already acquired the necessary regulatory permits in the U.K. and is still awaiting approval in the U.S.

Crypto Exchange Kraken Plans to Offer Trading in US-Listed Stocks

Kraken plans to offer trading in US-listed stocks and exchange-traded funds, marking the 12-year-old company’s first foray outside its cryptocurrency roots.

BloombergAnna Irrera

3/ Uniswap Foundation Seeks $62M to Fuel DEX Growth. 💰

The Uniswap Foundation has set its sights on securing an additional $62 million in funding to support the development and growth of its decentralized exchange (DEX) platform. This ambitious fundraising effort underscores the continued expansion of the DeFi ecosystem and the pivotal role that Uniswap plays within it. The additional capital aims to enhance the platform's features, security, and user experience, cementing its position as a leading DEX. With DeFi gaining momentum and attracting substantial investments, Uniswap's pursuit of further funding exemplifies its commitment to maintaining a competitive edge in the rapidly evolving decentralized finance landscape.

Uniswap Foundation targets $62M in additional funding

The DEX previously budgeted $74 million for this initiative.

CointelegraphZhiyuan Sun

4/ Chainlink Targets Cross-Border Payments Revolution.🌐

Chainlink's ambitious plans to revolutionize the payments market by connecting various blockchain networks, including Bitcoin, Ethereum, Ripple, and IOTA, with SWIFT, hold significant promise for the world of cross-border payments. By harnessing the power of smart contracts and decentralized oracles, Chainlink aims to enhance the speed, transparency, and cost-efficiency of global transactions, potentially transforming the way we conduct international payments.

Chainlink to Revolutionize Payments Market by Linking Bitcoin, Ethereum, Ripple, IOTA, and More with SWIFT

Explore how Chainlink’s CCIP Standard is setting a new benchmark in cross-chain security, ensuring a robust onchain economy while minimizing the risk of bridge hacks that have cost the industry billions.

ETHNewsJack Williams

Conclusion:
The digital asset space is rapidly evolving and presents both challenges and opportunities. As this space continues to mature, it is important to stay informed about the latest trends and developments. By doing so, you can be better positioned to capitalize on the opportunities and mitigate the risks.

Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.

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