Several companies in the cryptocurrency sector have experienced massive growth in recent years and are now considering becoming publicly traded entities.
Blockchain.com plans to go public within two years
Blockchain.com, a leading provider of cryptocurrency trading platforms and wallets, has announced its intention to become a publicly traded company. Macrina Kgil, Chief Financial Officer of Blockchain.com, told Fortune in a recent interview that the company is targeting an initial public offering by 2023.
The company has seen explosive growth in recent years. Kgil revealed that Blockchain.com processed more than $1 trillion in cryptocurrency transactions over the past decade. Blockchain.com joins a list of prominent industry players exploring IPOs. Major exchanges and crypto firms, including Binance, Kraken, and stablecoin issuer Circle, have all indicated plans to pursue public listings within the next one to three years.
Cream Finance is the latest DeFi protocol to suffer an attack
Another decentralized finance (DeFi) protocol was hit this week. Cream Finance announced it lost $18.8 million in a flash loan attack. The lending protocol said the attacker exploited a vulnerability in the $AMP token contract to carry out the exploit. Cream Finance joins a long list of DeFi projects targeted in recent months, with users losing millions on the emerging market.
Cream Finance’s team said it will replace the stolen ETH and AMP tokens to ensure users do not face liquidity issues. Developers plan to allocate 20% of protocol fees to reimburse affected users and to ensure everyone receives what they lost. The DeFi market is still relatively new, and significant work remains to provide adequate security for investors and participants.
Twitter developing Bitcoin tipping and other crypto features
Jack Dorsey’s companies, Twitter and Square, have been heavily involved in the cryptocurrency space—especially Bitcoin—over the past several years. Twitter is working on a new tipping feature that would allow users to send tips in BTC. A beta test of the social network suggests the development team is building this capability. The Bitcoin tipping service is expected to use the Lightning Network (LN) to handle small BTC payments and to support both custodial and non-custodial Bitcoin wallets.
In a separate report, Twitter appears to be testing an interface that would let users add their Bitcoin and Ether addresses to their profiles. This would make it easier for others to copy BTC or ETH addresses and send payments. The goal is to let Twitter users receive crypto tips via its Tip Jar feature.
Singapore’s central bank issues warning about Binance.com
Binance, the world’s largest digital asset exchange by volume, has faced intense scrutiny in recent months. Singapore is the latest jurisdiction to raise concerns. The Monetary Authority of Singapore (MAS) placed Binance.com on its investor alert list.
The alert list names individuals and financial entities that investors should avoid because they provide financial services without the necessary MAS licenses, posing a risk to Singapore residents. This development is a blow to Binance, which has been hiring former regulators and enhancing compliance efforts to operate within legal boundaries.
FTX.US agrees to acquire LedgerX and FTT hits a new all-time high
FTX is one of the fastest-growing digital asset exchanges globally, having expanded rapidly over the last year. FTX.US, the exchange’s U.S. arm, announced this week it has agreed to acquire LedgerX. The deal is significant because LedgerX is a regulated derivatives platform and clearinghouse for digital currency futures and options overseen by the CFTC.
By acquiring LedgerX, FTX.US will be better positioned to offer regulated derivatives trading to U.S. customers, reducing potential regulatory friction with the CFTC. The acquisition helped push FTX’s native token FTT to a new all-time high, trading at $66 yesterday and reinforcing its standing among top exchange tokens. FTT is the second-largest exchange token, trailing only Binance’s BNB.
El Salvador launches $150 million trust to support Bitcoin adoption
Bitcoin (BTC) will officially become legal tender in El Salvador on September 7. To support the rollout, the government created a $150 million Bitcoin trust to facilitate adoption. Part of the fund will be used to give citizens $30 to download and use the Chivo Bitcoin wallet. The government has also installed 200 Bitcoin ATMs across the country to make buying and selling BTC easier for residents.
MetaMask surpasses 10 million monthly active users
Popular cryptocurrency wallet MetaMask has exceeded 10 million monthly active users. The Ethereum-focused wallet grew by 1,800% over the past year as interest in decentralized finance surged. The growing popularity of non-fungible tokens (NFTs) has also been a major factor driving the sharp increase in MetaMask’s active user base.
Vast Bank becomes the first U.S. national bank to offer Bitcoin services
Vast Bank is the first U.S. national bank to offer customers Bitcoin purchase and custody services. CEO Brad Scrivner told Forbes that rising client demand prompted the bank to add Bitcoin services. Vast Bank received approval from the Office of the Comptroller of the Currency (OCC) and has engaged with the Federal Reserve about the initiative.