Things you Might have Missed!

This crypto weekly roundup provides you with an insight into the latest happenings in the market

This week, Telegram, the popular messaging app with 800 million monthly active users, Telegram has finally unveiled a crypto wallet, nearly three years after it first revealed plans to build a Web3 ecosystem. Deutsche Bank is collaborating with Swiss startup Taurus, known for its expertise in cryptocurrency security, to develop digital asset custody and tokenization services, as confirmed by both firms on Thursday. We’ll explore recent happenings, like Genesis ceasing all trading operations, Deutsche Bank collaborating with Swiss startup Taurus, and more.

Genesis ceased all trading operations

Genesis, the crypto-trading business walloped by last year’s collapse of Three Arrows Capital and FTX, has ceased all trading operations, according to a spokesperson. It emerged last week that the company was shutting its U.S. desk, but the international spot and derivatives trading operations are also closing, the spokesperson said.

“Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI),” the statement reads. “This decision was made voluntarily and for business reasons. With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities.”

Telegram Introduces Self-Custodial Crypto Wallet

Telegram, the popular messaging app with 800 million monthly active users, Telegram has finally unveiled a crypto wallet, nearly three years after it first revealed plans to build a Web3 ecosystem. This move aims to strengthen its position within the thriving crypto community that has evolved from its chat platform, potentially serving as a catalyst to introduce a broader audience to the world of cryptocurrencies. The wallet’s debut occurred at the ongoing Token2049 event held in Singapore, where Telegram and TON Foundation jointly announced the new self-custodial wallet, called TON Space, which boasts more than 10,000 attendees.

Deutsche Bank join hands with Tauru

Deutsche Bank is collaborating with Swiss startup Taurus, known for its expertise in cryptocurrency security, to develop digital asset custody and tokenization services, as confirmed by both firms on Thursday. In June, Germany’s largest bank, Deutsche Bank, submitted an application for a cryptocurrency custody license to the country’s financial regulator, BaFin. The bank’s interest in cryptocurrency custody has been public since early 2021 when information about a digital asset custody prototype was mentioned in a report by the World Economic Forum.

G20 and Crypto

The joint declaration adopted by G20 leaders at the recently concluded summit in New Delhi covered a host of issues, including digital public infrastructure, gender equality, money laundering, and financial sector reforms for strong, sustainable, balanced, and inclusive global growth. One of the major highlights of the joint declaration is the G20’s call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the ‘Common Reporting Standard’ (CRS).

Binance CEO on ‘100 million users into cryptocurrencies’

At Token2049 — a crypto event in Singapore that Insider attended — Binance CEO Changpeng “CZ” Zhao was asked about the challenges in bringing the next 100 million users into cryptocurrencies. “Today, to be very frank, it’s actually fiat ramps,” he responded. Fiat ramps refer to a service that exchanges fiat currency like the US dollar into cryptocurrency — like Bitcoin and Ethereum. “With tightening regulations in the earlier part of this year, we’re seeing a lot of traditional institutions that used to provide fiat ramp channels pull away,” said Changpeng.

FTX gains court authorization for asset disposal

A U.S. court has granted approval to bankrupt cryptocurrency exchange FTX to liquidate its crypto assets, enabling the repayment of customers in U.S. dollars while mitigating the risks associated with crypto market volatility. U.S. Bankruptcy Judge John Dorsey gave the green light to FTX’s proposal during a hearing in Wilmington, Delaware. The approval allows FTX to sell up to $100 million in cryptocurrency weekly and engage in hedging and staking agreements to manage price volatility risk and generate passive income from mainstream cryptocurrencies like bitcoin and ether. FTX’s request had support from the official committee representing its customers in bankruptcy, as well as an ad hoc committee representing non-U.S. customers with deposits on FTX.com’s international exchange.