Regulation, Interchange
Regulation (Cross-border globalization)
Interchange
Lending (Incentivization)
- FCA crypto regulators will take the best from TradFi and DeFi, says exec
- Robinhood Q1 crypto trading surges 224% — SEC action ‘disappointing’
- Crypto lending platform Nexo allocates $12M for ecosystem incentives
Crypto lending platform Nexo allocates $12M for ecosystem incentives
The rewards will be active until July 7 and will incentivize users to trade, earn, deposit, and borrow on the platform.
Crypto lending protocol Nexo is allocating 10 million NEXO tokens, worth $12.5 million at the time of publication, to its users.
"Stack points, multiply your gains, and unlock more surprises. The Nexonomics-inspired hunt is designed to reward new and existing users for exploring the Nexo ecosystem."
From now until July 7, Nexo users can receive up to 0.01 points per $1 of asset top-ups, 10 points per Nexo Card activation, 0.04 points per $1 in fiat borrowed through Nexo protocol, 0.03 points per $1 invested in Nexo Earn products, and 0.05 points per $1 of boosted trading on Nexo Exchange. The point-to-NEXO-token conversion ratio will be determined at the end of the event.
"Keep in mind that certain actions can reduce your points balance. For instance, withdrawing crypto assets from your Nexo account will result in a loss of 0.01 points for each $1 withdrawn. Withdrawing BTC will result in a loss of 0.001 points for each $1 withdrawn."
"Suppose you haven't funded your account yet and want to buy $2,000 worth of BTC during the first week of the hunt. In this case, you will receive 450 points (2,000 purchase value x 0.03 points for each $1 purchased x 1.5 Weekly Multiplier x 5 New User Multiplier)."
Due to regulatory restrictions, U.S., U.K., and Canadian citizens and residents are not eligible for the campaign.
Since its launch six years ago, the popular decentralized finance lending platform has attracted $537.56 million in total value locked (TVL). On March 6, the platform received UAE regulator approval for its local entity Nexo Services FZE for virtual asset lending and borrowing.
https://cointelegraph.com/news/defi-lending-protocol-nexo-allocates-12m-incentives
Robinhood Q1 crypto trading surges 224% — SEC action ‘disappointing’
Robinhood’s crypto services contributed to nearly 40% of the firm’s transaction-based revenue and helped the firm produce a net profit for the second straight quarter.
Robinhood’s crypto-related services contributed to nearly 40% of its transaction-based revenue of $329 million, helping the firm record its second straight profitable quarter with a net income of $157 million.
But the strong quarter earnings results come in light of a Wells notice handed to the firm by the United States securities regulator last week, which targets Robinhood’s crypto listings and custodian operations.
...the firm has adopted a conservative approach toward its coin listings and services and holds its crypto business to the same legal and compliance standards as its brokerage business.
Aside from the dilemma, Robinhood’s first quarter performance surpassed industry expectations, with its reported revenue of $618 million beating a $534.5 million estimate by investment research firm Zacks by 15.6%.
Robinhood shares rallied as high as 7.3% to $19.15 in after-hours trading but has since cooled off to $18.55, according to Google Finance.
Robinhood’s share price is now up 44.3% year-to-date.
Robinhood reported custodying $26.2 billion worth of crypto for users, marking a 78% rise from last quarter.
https://cointelegraph.com/news/robinhoods-first-quarter-crypto-trading-surges-but-secs-action-disappointing
FCA crypto regulators will take the best from TradFi and DeFi, says exec
When it comes to regulating cryptocurrencies like Bitcoin (BTC), financial authorities in the United Kingdom aim to take the best of traditional finance (TradFi) and decentralized finance (DeFi), according to an executive at the Financial Conduct Authority (FCA).
According to *FCA director of payments and digital assets Matthew Long*, the right way to regulate the industry is to combine different approaches and see which one works best.
...*the FCA is exploring opportunities to keep good actors in the crypto industry while making it “cleaner, safer and better.”*
In August 2023, the FCA reported that the authority had approved the registrations of 38 crypto firms since 2020, out of a total of 300 applications.
https://cointelegraph.com/news/fca-crypto-regulators-tradfi-defi
