Earlier on Tuesday, the US Securities and Exchange Commission (SEC) announced that it will be hiring an additional 20 enforcement staff to the Crypto Assets and Cyber unit, ramping up its efforts to curb fraudulent activity in crypto markets and the wider digital space.
"By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity," SEC Chair Gary Gensler said.
According to a report by CNBC, the move will almost double its staff responsible for protecting investors in cryptocurrency markets, increasing the headcount to a total of 50 positions.
US-based crypto exchange Kraken will be rolling out its own non-fungible token (NFT) marketplace in the coming months, offering zero gas fees for trades on Kraken NFT.
However, gas fees will be incurred when transferring the NFTs and other crypto assets on and off the Kraken platform, the exchange clarified. Kraken has opened a waitlist for its NFT marketplace on Tuesday.
South Korean digital bank KakaoBank announced on Tuesday that it is reviewing a partnership with a local cryptocurrency exchange, according to a report by Yahoo Finance.
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
“As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets in services or in the form of a business in a favourable light,” says Yun Ho-young, CEO of KakaoBank.
KakaoBank is currently South Korea’s largest digital bank with 18 million customers.
Singapore-based decentralised finance (DeFi) platform provider Cake DeFi has launched its new product “Borrow”, which allows crypto owners to use their cryptocurrencies as collateral to borrow funds in the form of another digital asset.
See also: Ex-Grab executive joins Winklevoss twins crypto firm Gemini as head of APAC
Users can borrow decentralised USD (DUSD) with their existing bitcoin, Ether, Tether, USD Coin and DFI as collateral at a preset collateralisation ratio of 200% and 5% annual percentage rate. The DUSD can then be used to purchase items or for investment purposes such as staking and liquidity mining.
Photo: Reuters
