Crypto Scoop: Coinbase joins DeFi Alliance, BNB moons
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May, 24 2022
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In this update, BTC passes $61k again, BNB on a bull run that sees it gain over 40%, DeFi Alliance welcomes Coinbase ahead of its publc listing...
On this week’s episode of Crypto Scoop, we looks at
- Kava Labs to offer institutional DeFi lending
- DeFi Alliance welcomes Coinbase as new member
- Meitu adds $10M worth of bitcoin to its portfolio
But first, it is worth noting that bitcoin crosses $61k this week and ether reaches new ATH. Binance Coin (BNB) also gains significantly as it nears a scheduled token burn.
Kava Labs to offer institutional DeFi lending
Kava Labs, owner of DeFi platform Kava has started looking into offering institutional lending. This week, the company announced a protocol upgrade coined 'Kava 5' that will enable both users and institutions alike access certain features. The new version upgrade will allow users to earn more interests on their cryptocurrency, receive rewards for staking their crypto and would also allow them to borrow against several crypto assets.
In a previous post, we mentioned Kava as one of the top 5 DeFi projects already making waves in 2021 and with the latest feature, the company is expected to make more strides
Kava’s new features will allow institutions to earn up to 45%APR on their bitcoin holdings. This move is a huge deal because despite DeFi’s growing industry which is now worth over $50 billion, bitcoin continues to play a very minimal role in it but with innovations like Kava’s DeFi platform, the use of bitcoin on DeFi platforms will be promoted. According to the company, the new upgrade is only targeted at institutional investors and corporate treasuries.
DeFi Alliance welcomes Coinbase as new member
DeFi Alliance, a group that offers funding and mentorship to DeFi companies in the early stages has added Coinbase to its list of members. The crypto exchange company first announced this via a tweet on Thursday. Earlier in the week, the CEO had made it known that Coinbase would be making the access to DeFi apps a priority.
A representation of the company has stated that the partnership with DeFi Alliance does not involve any form of investment or financial support and according to DeFi Alliance’s partner Jacob Franek, “We share the same mission of creating an open financial system within and see DeFi playing a critical role so it was natural to want to work together to educate and support DeFi startups and institutions.”
Meitu buys $10M worth of bitcoin
Chinese app development company, Meitu has purchased an additional 175.6 bitcoin at $10M contributing to a total of $100M that the company has spent on both bitcoin and ether totaling the holdings of both coins to 940 BTC and 31,000 ETH. The Hong Kong listed company bought the crypto assets in an open market completing all transactions on Wednesday. The company also mentioned that the purchases were made under terms of an investment plan approved by the board and were being held securely on renowned crypto trading platforms.
Read also: Top NFTs to Look Out For In 2022