Crypto Weekly Roundup: Kraken and Tether Make Bank, & More

This week in crypto, Kraken announced the completion of a $500 million funding round at a $15 billion valuation. Meanwhile, Tether is also exploring a major fundraising as it eyes a $500 billion valuation in a deal that could make it one of the most valuable companies in the world. Meanwhile, the US Senate has scheduled a hearing to examine the subject of taxation of crypto assets. Here are some of the biggest developments of the week.

Business

Cryptocurrency exchange Kraken has completed a $500 million funding round at a $15 billion valuation. The raise comes amid rumors that the exchange is preparing for an initial public offering (IPO). The funding round saw participation from several firms and investors, and did not have a lead investor.

Naver Financial is set to acquire Dunamu, the entity operating Upbit, one of South Korea’s most prominent cryptocurrency exchanges. The acquisition will be completed via a share-swap deal and will make Dunamu a wholly-owned subsidiary of Naver Financial.

Tether, the entity behind USDT, the world’s largest stablecoin, is in talks to raise $20 billion at a $500 billion valuation. If the deal goes through, it would make Tether one of the world’s most valuable companies alongside OpenAI and SpaceX.

Web3

Water150, a project developed by the Longhouse Foundation to reserve access to premium spring water through a transparent, blockchain-based ecosystem of natural water springs, has introduced its first natural water well, Satra Brunn.

Bubblemaps, an on-chain blockchain intelligence platform, has announced the launch of Intel Desk, designed to reward community members for identifying scams, rug pulls, and suspicious activity across the crypto ecosystem.

peaq, a blockchain network for the Machine Economy, has launched the world’s first tokenized vertical robo-farm. The robo-farm, developed in partnership with KanayaAI and tokenization platform DualMint, brings AI-driven automation and real-world assets together in a new model for sustainable, community-driven agriculture.

Security

CoinStats has integrated the Glider Token Risk, a breakthrough scanning technology from cybersecurity firm Hexens. The new integration brings advanced token analysis tools to traders worldwide. It also gives them instant access to over 22 smart contract risks before they buy.

Regulation

The United States Senate has scheduled a high-profile hearing on October 1 to examine the taxation of crypto assets. The hearing will involve several industry experts, including representatives from Coinbase and Coin Center.

Canada’s FINTRAC has imposed a C$19.6 million ($14.09 million) penalty on Peken Global Limited, the entity operating KuCoin. FINTRAC states the platform failed to comply with Canadian anti-money laundering policies. However, KuCoin has appealed the decision in court.

Senator Elizabeth Warren, along with several Democrats and ethics lawyers, has called for an investigation into potential ethics violations related to deals with the United Arab Emirates. The Trump administration has recently relaxed restrictions on the sale of sensitive national security technology to the United Arab Emirates.

The Commodity Futures Trading Commission (CFTC) plans to allow tokenized assets, including stablecoins, to be used as collateral in derivatives markets.

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