Web3 Diaries-Circle Launches Euro Stablecoin
According to a Sept. 26 announcement, stablecoin issuer Circle has released a Stellar-based version of their EURC stablecoin, which is backed by the euro. Until recently, only the Ethereum and Avalanche networks supported EURC.
Stablecoins, or crypto tokens backed by fiat currency, have proven crucial to the Web3 ecosystem. On blockchain networks, they let users to send payments, borrow money, lend it out for interest, and carry out other fiat-currency-related tasks.
By market cap, USD Coin, which is backed by the dollar, and Tether are presently ranked sixth and seventh, respectively. According to Etherscan, the Tether contract is Ethereum’s third-largest gas fee user.
Gemini Invests $24 mn For Expansion In India
Cryptocurrency exchange Gemini is allocating 2 billion rupees worth $24 million for its expansion in India.
According to the Sept. 26 announcement, the funds will be used to grow Gemini’s development center in Gurgaon.
Since its initial launch in May, the Gemini Gurgaon Development Center has expanded to over 70 staff, with active hiring for software engineers, technical product managers, talent acquisition, finance, support and compliance. In supporting the expansion, Gemini cited the Indian government’s “robust support framework that allows startups to thrive.” The site also acts as a developer for the exchange’s new features in non-fungible tokens and asset marketplaces.
Kraken Strengthens Foothold In EU Region; Gets Key Registrations In Ireland, Spain
Cryptocurrency exchange Kraken has strengthened its foothold in the European Union region by receiving an Electronic Money Institution (EMI) license from the Central Bank of Ireland and a virtual asset service provider (VASP) registration from the Bank of Spain.
According to the Sept. 26 announcement, the EMI license enables Kraken to expand euro-to-crypto trading services to 27 European Union member states and European Economic Area countries. Meanwhile, the VASP registration in Spain allows Kraken to offer exchange and wallet custodial services to Spanish residents. The firm is also registered as a VASP in Italy and Ireland.
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