Web3 Diaries- OKX’s Dubai Unit Wins VASP License
OKX, the second largest cryptocurrency by trading volume, has received a shot in the arm further boosting its global presence.
OKX’s Dubai-based subsidiary, OKX Middle East Fintech FZE, has received a license from the Dubai Virtual Assets Regulatory Authority (VARA), which will be put into full operational use within the next few weeks, the firm said on Tuesday.
The Dubai virtual assets services provider (VASP) license will enable fiat transactions and allow the firm to provide spot services and spot pairs to institutional and qualified retail customers via the exchanges and its app.
Hashkey Becomes Crypto Unicorn After Closing $100 mn Raise
The company that runs the cryptocurrency exchange located in Hong Kong, HashKey Group, said on Tuesday that it had “nearly” reached its fundraising goal of $100 million.
In August, HashKey made the announcement about the financing round, not long after receiving approval from Hong Kong’s security authority to provide retail cryptocurrency trading. The company has a $1.2 billion post-raise valuation and is now considered a “unicorn” because it did not reveal the identity of the investors in the round.
Unicorn is a term used to describe private companies with a valuation of $1 billion or more.In October, crypto fundraising in the third quarter of 2023 reached a three-year low of $2.1 billion across 297 deals, the smallest since Q4 2020, amid an industry downturn exacerbated by FTX’s collapse, with a shift in focus towards early-stage and infrastructure projects.
TrueUSD Stablecoin Depegs As Holders Dump $330 mn In TUSD
TrueUSD (TUSD), a stablecoin associated with Justin Sun, has dropped below its $1 fixed due to rumors that owners have been exchanging hundreds of millions of TUSD for rival stablecoin Tether.
Around 11:00 am UTC on January 15, the TUSD began a sharp decline below its peg, reaching a low of $0.984 around 11:15 pm. According to CoinMarketCap statistics, TUSD is now trading for $0.988, 1.3% less than its targeted $1 peg.
The depegging occurrence takes place in the midst of an excessive amount of TUSD sales on the cryptocurrency exchange Binance.
You need to login in order to Like
