Schlagwort: crypto business

• Ondo Finance integrates LayerZero for multi-chain transfers of USDY tokenized assets.
• USDY, backed by US Treasuries, has over $600M in total value locked (TVL).
• The integration ensures secure, seamless cross-chain transactions with LayerZero.

Ondo Finance, a leading platform in tokenized real-world assets (RWAs), has announced its integration with LayerZero, an interoperability protocol designed to facilitate secure and seamless multi-chain transfers.

This collaboration will allow Ondo to expand the reach of its flagship yield-bearing product, USDY, a tokenized US Treasuries asset, across multiple blockchains, including Ethereum, Arbitrum, and Mantle.

USDY, which has rapidly gained traction in crypto, currently boasts a market capitalization of over $452 million, making it the third-largest tokenized US Treasuries product.

With over $600 million in total value locked (TVL), Ondo’s suite of RWA products is now the largest in the crypto industry, offering investors yield backed by US Treasuries.

By integrating LayerZero’s Omnichain Fungible Token Standard (OFT), Ondo can facilitate frictionless, cross-chain transactions for USDY holders without the need to mint new tokens on different networks.

The use of LayerZero’s technology ensures that each RWA transfer is secured with institutional-grade security, bolstered by a diverse set of decentralized verifier networks (DVNs) such as Axelar Network, Polyhedra Network, and LayerZero Labs. This robust security infrastructure is designed to give institutional investors the confidence to move their tokenized assets across interconnected blockchains seamlessly.

The integration also allows USDY holders to move their tokens easily between chains using Ondo’s native bridge, which is powered by LayerZero and Stargate Finance.

With plans to expand the integration beyond Ethereum, Arbitrum, and Mantle, Ondo aims to further broaden access to tokenized US Treasuries and enhance the efficiency of decentralized finance (DeFi).

As Ondo continues to innovate in the RWA space, the partnership with LayerZero sets a new standard for secure, cross-chain interoperability, paving the way for further growth in tokenized real-world asset markets.

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• Kraken will shut down its NFT marketplace, transitioning to withdrawal-only mode in Nov. 27.
• Users can withdraw NFTs until February 2025, but can’t list or trade after Nov. 27.
• The closure follows declining NFT market volumes and Kraken’s focus on new ventures.

Kraken, one of the leading global cryptocurrency exchanges, has decided to shut down its NFT marketplace, just over a year after its official launch.

According to an email shared with users, the NFT marketplace, which debuted in beta in November 2022, will enter withdrawal-only mode on November 27, 2024, with full closure set for February 27, 2025.

Users will no longer be able to list, bid, or sell NFTs after November 27, but they can withdraw their assets to Kraken Wallets or self-custodial wallets until the final shutdown in February.

As the exchange shuts down the NFT marketplace, it has assured users that support will be available to help them transition their assets before the marketplace’s full closure.

Why is Kraken closing its NFT marketplace?

The closure of Kraken’s NFT platform marks a significant retreat from the once-booming NFT market. Launched with high hopes, the marketplace aimed to capitalize on the growing popularity of non-fungible tokens (NFTs), offering users the ability to buy, sell, and trade digital assets.

The NFT platform, notable for its lack of gas fees, had attracted a diverse range of NFT collections, reaching over 250 in total.

Kraken’s decision to close its marketplace is part of a broader trend among platforms reevaluating their positions in the sector.

Despite the initial enthusiasm, the NFT market has faced ongoing struggles throughout 2024. NFT trading volumes have failed to surpass $200 million per week since April 2024, with the market seeing a sharp decline from its 2022 peak.

In addition to the market downturn, Kraken has also faced increased competition from established NFT marketplaces like OpenSea and Blur.

So-callled news: @krakenfx is shutting down its NFT marketplace 😳

Wait, they had an NFT marketplace? 👀😂

How many of you are hearing about this for the first time?@KrakenNFT has never been in the NFT marketplace premier league, so this is probably the best decision! pic.twitter.com/0mNR1b524o

— Ofernan9000 (@Ofer_Nan) November 26, 2024

While the NFT market’s future remains uncertain, Kraken’s pivot suggests the company is preparing to focus on other innovative projects.

For many users, the closure signals the end of an era, with hopes that the NFT market may once again experience growth in the future.

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• XRP and Solana fell 11% respectively as top altcoins mirrored Bitcoin’s decline.
• BTC touched $91,700, down over 6% in 24 hours.
• While DOGE also fell, analysts say it’s not panic-worthy.

XRP, Solana and Dogecoin have retraced more than 10% each as top altcoins mirror Bitcoin’s pullback from near $100k.

With the top digital asset falling 6% to below $93k, the prices of XRP, SOL and DOGE followed suit with dips of more than 11% for XRP and Solana and over 12% for the top meme coin Dogecoin.

BTC retraces as momentum fades

The flagship cryptocurrency rose sharply in November and nearly pushed to the coveted $100,000 level. Trump’s win, spot ETFs interest and interest rates cut added to the upside momentum. MicroStrategy’s BTC buying spree has been another huge catalyst.

However, despite MicroStrategy’s staggering $5.4 billion buy on Monday, Bitcoin price continued lower since failing to break $100k. This came as the market saw a huge $430 million liquidation, with ETFs recording over $438 million in net outflows. It ended the market’s five-day streak.

Commenting on the market outlook, analysts at QCP Capital noted:

“No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.”

BTC had touched lows of $91,700 at the time of writing.

It’s not a crash

While Bitcoin’s downside has caution for volatility cascading to the broader market, analysts say its “not panic-worthy”

“It’s not just BTC. ETH’s implied volatility skews toward puts, signaling broader caution. Growing downside risks have many bracing for more volatility in the coming days. But is this panic-worthy? Not quite. This isn’t a crash—it’s a retracement to last week’s levels. The market is taking a breather after a strong rally,” the analysts said.

XRP traded near $1.32, while Solana had dipped to $225 and DOGE to $0.37.

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• Funding for Cantor’s program will start at $2 billion, but could reach tens of billions of dollars
• Cantor has a 5% ownership interest in Tether, valued as much as $600 million
• Howard Lutnick is to step down as Cantor’s CEO when his position as US Commerce Secretary is confirmed by the US Senate

Cantor Fitzgerald is reportedly planning a multi-billion dollar program, which could see it receiving support from Tether.

According to people familiar with the matter, the planned program would enable the financial services company’s clients to lend dollars using Bitcoin as collateral, reports Bloomberg. Funding for the program will start at $2 billion, but could reach tens of billions.

While lending has yet to start, if Tether takes part, it would be one of many financial contributors to the program. Cantor already manages most of Tether’s assets through its custody business, bringing in tens of millions of dollars to Cantor each year.

More recently, Cantor struck a deal with Tether, with it receiving 5% in ownership interest in the stablecoin, valued as much as $600 million, reports The Wall Street Journal. According to the report, a statement was issued before Howard Lutnick’s, CEO of Cantor, selection as US Commerce Secretary was announced.

A Tether spokesperson said that its “relationship with Cantor is entirely professional” and that “Lutnick’s involvement in a transition team somehow translates to influence over regulatory actions is laughable.”

“Show me the money”

News of Cantor’s plans comes as Lutnick was nominated as Commerce Secretary last week as President-elect Donald Trump gets ready to enter the White House in January.

In a bid to comply with “government ethics rules,” Lutnick plans to step down from Cantor once the US Senate confirms his position. Presently, Lutnick controls his firm’s relationship with Tether; however, once he removes himself, he will hand this over to colleagues.

Lutnick met Giancarlo Devasini, the owner of Tether, in the Bahamas in 2021 to determine whether Tether had the assets it claimed to have. Speaking at a crypto conference in July, Lutnick said:

“I basically told him the move line. I said, ‘Show me the money.’ And we found every penny, and they had every penny, but they had it in what I would call pretty godforsaken places.”

In January, Tether challenged a United Nations report that identified USDT as widely used in money laundering. Tether said it was “disappointed in the UN’s assessment,” which ignored what the stablecoin issuer was doing by helping developing countries in emerging markets.

In its response, Tether reiterated its collaboration with law enforcement and stated that Tether transactions are traceable on the blockchain, making it an “impractical choice for illicit activities.”

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