Kategorie: Crypto News

• Lotte has tapped the Arbitrum blockchain to power its Caliverse platform.
• Caliverse aims to introduce crypto payments and on-chain gaming with ARB token support.
• Arbitrum’s 250ms block times ensure seamless performance in virtual environments.

South Korea’s Lotte Group, a leading multinational conglomerate, has partnered with Arbitrum, the largest Ethereum Layer-2 network, to power its AI-driven metaverse platform, Lotte Caliverse.

Announced during the ongoing CES 2025 in Las Vegas, this strategic collaboration aims to enhance blockchain integration within the metaverse, leveraging Arbitrum’s high-performance technology to deliver seamless virtual experiences.

Lotte Caliverse to enable crypto payments and on-chain in-game transactions

Lotte Caliverse platform, launched in 2024, serves as a hub for exploring emerging technologies like artificial intelligence, virtual reality, and blockchain. The platform offers users an immersive 3D environment where they can participate in virtual shopping, attend live concerts, play interactive games, and engage with branded content from global names like 7-Eleven and Tomorrowland.

With the integration of Arbitrum’s blockchain, Lotte Caliverse will soon enable crypto payments and on-chain in-game transactions, elevating the user experience.

Arbitrum’s industry-leading 250ms block times make it an ideal choice for powering virtual environments and gaming applications. Steven Goldfeder, CEO of Offchain Labs, the developer behind Arbitrum, described the platform as a “home ground for high-quality performance.”

The integration will not only reduce latency but also provide a user-friendly experience, setting new standards for blockchain interactions within virtual worlds.

As part of this partnership, the Arbitrum Foundation has awarded Lotte its largest-ever developer grant, issued in ARB tokens. While the exact value of the grant remains undisclosed, this milestone highlights Arbitrum’s commitment to fostering innovation in the web3 gaming and metaverse sectors.

John Park, Head of Korea at the Arbitrum Foundation, expressed pride in collaborating with Lotte, emphasizing the alignment of their shared vision for advancing blockchain-based virtual worlds.

The collaboration also solidifies Arbitrum’s position as a key player in the blockchain gaming space.

In 2024, Arbitrum experienced a 72% year-over-year growth in gaming adoption and now hosts 119 game titles and 23 gaming-focused blockchains through its Orbit stack, a customizable toolkit that allows developers to create tailored blockchain solutions, driving innovation across the ecosystem.

Bridging blockchain and retail expertise using Arbitrum

Lotte’s venture into the metaverse began in 2022, with its partnership with Arbitrum announced in 2024.

By merging blockchain efficiency with its extensive retail and entertainment portfolio, Lotte aims to redefine virtual interactivity.

As Caliverse evolves, its partnership with Arbitrum is expected to rekindle corporate interest in the metaverse, a concept that has seen fluctuating popularity in recent years.

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• Behnam’s last day at the Commission will be February 7
• The CFTC obtained a $12.7 billion judgment against the now-defunct FTX exchange and Alameda Research in 2024

Rostin Behnam, the US Commodity Futures Trading Commission (CFTC) Chair, will step down on January 20 as President-elect Donald Trump enters the White House.

In a statement released by the agency, Behnam added that his last day at the Commission will be February 7. Behnam, who has been a Democratic commissioner at the CFTC since 2017 and as Chair since 2021, said:

“Over the past several years, a multitude of domestic and global events tested the resilience of all financial markets. I am proud that the Commission consistently made deliberate and intentional decisions to ensure continued strength. We worked to address regulatory gaps and uncertainty. We also responsibly engaged new entrants to support innovation.”

Unlike the tougher stance taken by the US Securities and Exchange Commission (SEC) against the crypto market, the CFTC has taken a lighter approach. This despite the fact that it obtained a $12.7 billion judgment against the now-defunct FTX exchange and Alameda Research last year.

Behnam, who has advocated for crypto regulation, said that regulation in the crypto market is lacking, calling for a need to “fill this gap,” given the increasing adoption seen by traditional financial institutions and retail and institutional investors.

No successor named yet

Trump has yet to name Behnam’s successor; however, a December report from Bloomberg indicated that Brian Quintenz, a former CFTC Commissioner, is in the running to lead the agency.

Quintenz currently leads policy at a16z Crypto, the digital asset arm of venture capital Andreessen Horowitz.

Behnam’s resignation comes amid a number of other agency officials resigning ahead of Trump’s reappointment to the White House. Yesterday, it was reported that the US Federal Reserve’s vice chair for supervision Michael Barr is stepping down on February 28.

Gary Gensler, Chair of the SEC, is preparing to leave the agency on January 20.  Commissioner Jaime Lizárraga will also be stepping down later this month.

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• Coinbase can now seek guidance from the Second Circuit Court of Appeals to determine if the SEC’s complaints against it are valid
• The SEC first filed a complaint against Coinbase in 2023, arguing that it operated as an unregistered brokerage in violation of federal securities laws

Coinbase has been granted an interlocutory appeal, temporarily pausing its ongoing court case against the US Securities and Exchange Commission (SEC).

According to a filing, Judge Katherine Polk Failla of the Southern District of New York granted the crypto exchange’s motion.

Filing a complaint on June 6, 2023, the SEC argued that Coinbase amounted “to the operation of an unregistered brokerage, exchange, and clearing agency in violation of federal securities laws.”

This latest filing means Coinbase can now proceed to the Second Circuit Court of Appeals to receive guidance and to determine if the SEC’s complaints against it are valid.

Taking to X, Paul Grewal, Coinbase’s chief legal officer, wrote: “Over the strenuous objection of @SECGov, Judge Failla has GRANTED our motion for leave to pursue an interlocutory appeal and STAYED the district court litigation. We appreciate the Court’s careful consideration. On to the Second Circuit we go.”

Over the strenuous objection of @SECGov, Judge Failla has GRANTED our motion for leave to pursue an interlocutory appeal and STAYED the district court litigation. We appreciate the Court’s careful consideration. On to the Second Circuit we go. pic.twitter.com/FuZ2jcYvfF

— paulgrewal.eth (@iampaulgrewal) January 7, 2025

The SEC vs. Coinbase

With this latest motion, it seems the back and forth between the two may finally be coming to an end.

Following the 2023 SEC complaint, Coinbase filed its answer in late June seeking to dismiss the lawsuit for lack of merit.

In a 177-page report, Coinbase argued that the SEC’s accusations were based on claims that 12 of the listed crypto tokens trading on the exchange were securities. However, when the SEC authorized Coinbase to go public, six of the 12 crypto assets were already trading.

As a result, Coinbase claimed that the lawsuit should be dismissed because the agency didn’t classify any of the crypto assets as securities.

In December 2023, the SEC denied a rulemaking petition by Coinbase. According to SEC Chair Gary Gensler, “existing laws and regulations apply to the crypto securities markets.” However, SEC Commissioners Hester Peirce and Mark Uyeda said they “disagree with the Commission’s decision.”

This was followed by a March report that Judge Failla ruled that the SEC’s case against Coinbase would move forward on most of the claims against it, denying the exchange’s motion to dismiss the case.

In September, the SEC then filed a motion for an extension from the court giving it more time to provide Coinbase with key documents. More recently, Coinbase pushed for court intervention to obtain SEC documents on how securities laws apply to cryptocurrencies.

Now, with the latest judge ruling, this is a “big legal win” for Coinbase, according to Fox Business News reporter Eleanor Terrett.

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• Ripple and Chainlink partner to bolster RLUSD adoption.
• RLUSD will leverage Chainlink’s standard to enhance the stablecoin’s utility and accessibility across DeFi.

Ripple is teaming up with Chainlink to bring its recently unveiled stablecoin RLUSD to more users across the decentralized finance ecosystem.

The RLUSD issuer, which is also behind the XRP cryptocurrency, announced this collaboration with Chainlink on Jan. 7.

Ripple and Chainlink partner

Ripple said its tapping into Chainlink’s price feeds to enable high-quality pricing data for RLUSD, with this standard providing verifiable data on Ethereum. This means enhanced utility and accessibility for RLUSD across DeFi, support that broadens the stablecoin’s adoption across an ecosystem expected to grow rapidly.

Stablecoin adoption, currently dominated by Tether’s USDT and Circle’s USDC as the top two USD-pegged tokens, is also poised to see significant traction.

“The adoption of tokenized assets such as stablecoins will continue to accelerate in the coming years and having access to critical onchain data will accelerate the process,” – Johann Eid, chief business officer at Chainlink Labs, noted.

The integration will see RLUSD used to power DeFi applications across trading, lending and other key segments of the market. DeFi developers will easily integrate the stablecoin into applications as the Chainlink standard offers a unified solution.

“As RLUSD scales across DeFi ecosystems, reliable and transparent pricing is essential to maintaining stability and building trust in its utility within decentralized markets. By leveraging the Chainlink standard, we bring trusted data onchain, further strengthening RLUSD’s utility across both institutional and decentralized applications,” Ripple SVP, stablecoin, Jack McDonald, said.

Ripple launched its stablecoin, pegged 1:1 to the US dollar, in December 2024.

Initial issuance is on the XRP Ledger and Ethereum blockchains, and currently has a market cap of $53.09 million, with about $21.8 million in daily volume in the past 24 hours.

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• HashKey has secured a VASP license in Ireland.
• The license allows crypto trading and custody services.
• The licensing aligns with the EU’s MiCA regulations requirement.

In a move towards global expansion, Hong Kong-based cryptocurrency exchange HashKey has successfully obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland.

This milestone was announced on January 7, 2025, through HashKey Europe Limited, a subsidiary under the HashKey Group umbrella.

This new license allows HashKey to engage in a variety of cryptocurrency-related activities within Ireland, including the facilitation of fiat-to-crypto and crypto-to-crypto trading. Additionally, the company can now provide custodial wallet services and manage the transfer of virtual assets on behalf of its clients.

This regulatory approval marks HashKey’s entry into the European market, expanding its operational reach beyond its established bases in Hong Kong, Singapore, Japan, and Bermuda.

HashKey’s VASP license in Ireland aligns with the EU’s MiCA regulations

The acquisition of the VASP license aligns with the European Union’s Markets in Crypto-Assets (MiCA) Regulation, which mandates that all crypto service providers operating within the EU must secure such licenses by December 30, 2024. This regulatory framework aims to ensure a standardized approach to crypto operations across the EU, focusing on consumer protection, market integrity, and financial stability.

HashKey’s strategic move into Ireland is viewed by the company as a “critical step toward strengthening its presence in key international markets.” This expansion not only signifies HashKey’s commitment to compliance with international standards but also positions it alongside other notable entities like Ripple, Paysafe, MoonPay, Gemini, and Coinbase, which have also been approved by the Irish Central Bank.

Under MiCA, VASPs are subjected to rigorous checks, including Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements. They must also demonstrate robust operational resilience, secure protocols, and the integrity of their management teams. Furthermore, exchanges are bound by enhanced reporting obligations, particularly concerning large transactions, to promote transparency and adherence to regulatory norms.

Notably, HashKey’s licensing comes after Irish Central Bank Governor Derville Rowland emphasized Ireland’s dedication to fostering innovation while ensuring security within the crypto sector. Her comments, made in September of the previous year, highlighted Ireland’s ambition to maintain its status as a secure and innovative financial hub in the era of digital assets.

With this license, HashKey not only broadens its service offerings but also strengthens its position as a key player in the global cryptocurrency market, ready to navigate the complexities of the European regulatory landscape.

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