October 17, 2022 - 3 min read
It’s been another choppy week for financial markets in terms of asset prices, but man oh man, there’s a lot of bullish news taking place in the background. While it’s impossible to catch up on every story, we’ve accumulated a few top headlines to help get you caught up on this week’s biggest crypto-related stories. So, this is in case you missed it for the week of October 10-17:
Uniswap Labs has closed a $165 million Series B funding round, one of the largest amounts of money secured by any company in decentralized finance. In an interview with Fortune Magazine, Adams said the company would be using its latest Series B raise to expand its product offerings and become more financially sustainable.
The DeFi protocol has also been flirting with the idea of implementing a fee switch, where Uniswap would receive 10% of the liquidity pool fees from three trading pairs between ETH and the stablecoins DAI, USDT, and USDC, cutting into the revenue of liquidity providers. However, looming uncertainty regarding regulation could cause delays in implementing the switch since the move could cause its UNI token to violate the Howey Test, and make it a security according to the SEC.
Big names are getting into Web3, suggesting that mainstream adoption is picking up steam. Payments giant Mastercard launched its new Crypto Secure product after partnering with CipherTrace, a blockchain data security firm.
Crypto Secure allows credit card issuers to determine if their respective cardholders are making cryptocurrency transactions at authorized crypto vendors. KYC will be an issue to watch going forward as exchanges and their developers devise ways to protect the privacy of crypto users while also following regulatory guidelines.
Fidelity Investments is offering an Ethereum Index Fund to their users. This is a major move in terms of institutional access to ether (ETH), the world’s second-largest cryptocurrency by market cap. The index fund’s launch by Fidelity follows Ethereum’s long-awaited “Merge,” perhaps most bullish narratives to persist during a bit of a bearish streak for global markets, and what some have begun calling crypto winter.
News content is subject to evolve over time, and content selections do not reflect any endorsement of individuals or organizations, as they are for educational purposes only. Furthermore, none of the content shared should ever be construed as financial advice.
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