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Heading into 2024, there's a ton of excitement about blockchain and crypto. A lot of folks are betting on DeFi to take off, driven by more real-world stuff getting tokenized and more people jumping on the blockchain bandwagon. But, making all this happen is gonna depend a lot on getting some clear rules in place.
🤔 What is DeFi and why is it important?
DeFi, short for decentralized finance, means using blockchain technology to create financial services without intermediaries. It lets people or businesses deal directly with each other, making things fairer than the old-school finance system.
Even jurisdictions without regulatory frameworks for crypto, like the United States, are making progress, as evidenced by the Commodity Futures Trading Commission’s (CFTC) DeFi report.
Ripple and TRM Labs teamed up to host a roundtable at the Singapore Fintech Festival, where regulators and industry folks got together to talk about how to regulate DeFi better. Everyone agreed that DeFi needs a clear definition everyone can agree on, more sharing of info between different regulatory setups, and smarter compliance built right into the smart contracts.
💡 The benefits of compliance by design
The roundtable participants agreed on one thing: compliance by design.
This means putting compliance rules into the code of DeFi protocols, using smart contracts.
Compliance by design could reduce regulatory burden, lower costs, and facilitate better financial products for end users.
Ripple's Monica Long predicts that 2024's big game-changer will be setting up compliance rules for DeFi right from the start.
🔭 The future of blockchain and crypto
With a global regulatory framework for DeFi in place, we can envision a fast-approaching tipping point for DeFi. It would also make crypto more useful in the real world.
Crypto is not just a speculative asset, but a powerful tool for innovation and social good.
Crypto can enable faster, cheaper, and more accessible payments, remittances, lending, and investing.
DeFi's all about making finance fair and giving power to the people with blockchain and crypto. To really nail it, though, we need rules that protect us without killing the vibe. That’s why we at This Week In Web3 are committed to bringing you the latest news and insights on DeFi and blockchain. 🪄
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💰 Available pool of grant: Up to $50K/quarter This program will provide you with strategic support and funding to help you grow your influence and reach. You can receive up to $50,000 per quarter to work on Bitgert related projects and outreach.
💰 Available pool of grant: Share of $25M fund For projects or a developer building on the Casper Public Mainnet. Supports growth & security, with access to Casper ecosystem & features. Ideal for DeFi, Gaming, NFTs, & crypto research.
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MercureDAO, a leading Web3 Incubator, has raised$1.5M as a private fund to support crypto projects worldwide. MercureDAO offers a range of services, from incubation and marketing to mentorship and funding, to help projects succeed in the web3 space. MercureDAO is also an official partner of MetaMask, Cosmos, Litecoin, and others.
Analog, a web3 blockchain interoperability platform, has raised $16 million from a group of investors, including Balaji Srinivasan, Tribe Capital, and Wintermute. Analog aims to enable seamless cross-chain data and interactions with its Timechain and other protocols. Analog has also launched its Launch Partners Program to support cross-chain projects and prepare for its Testnet launch in Q1 2024.
Accept crypto payments effortlessly, suitable for all business sizes. Offers API, WooCommerce plugin, POS app, etc. Convert crypto to fiat or withdraw to wallets. Perfect for companies aiming to enter the crypto market.
Aptos and Jambo Technology have teamed up to launch the JamboPhone, a blockchain smartphone that aims to bring web3 education and access to emerging markets. The device costs only $99 and runs on the Aptos network, offering users various web3 applications and opportunities.
Chromia, a relational blockchain platform, has announced a strategic partnership with RSTLSS, a platform that enables users to create and trade digital wearables and accessories. The partnership will integrate RSTLSS with Chromia’s games, such as My Neighbor Alice, and enhance the accessibility and ownership of web3 assets.
Japan has approved a proposal to let local investment limited partnerships acquire or hold cryptocurrencies, opening the door for venture capital firms to invest in web3 startups. The move is part of Japan’s efforts to foster its web3 industry and support innovation.
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