December 16, 2024
Over the past week, some events and news have had a major impact on the cryptocurrency market. Read on for a roundup of the week’s top news!
Over the past week, a number of events have taken place that have directly and clearly affected the direction of the cryptocurrency market. In this article, we will review the most important news in the crypto market during this week.
Top Cryptocurrency News You Shouldn't Miss This Week
Overall, it was an eventful week... Here's some crypto industry news this week:
- First Abu Dhabi Bank partners with Lipper to launch tokenized asset-backed lending
First Abu Dhabi Bank (FAB) has signed a Memorandum of Understanding (MoU) with Libre Capital, a financial asset tokenization technology company, to launch secured lending services using real-world asset-based tokens on blockchain platforms.
The initiative is based on the concept of using digital assets as collateral in lending transactions, an approach that has gained popularity among crypto investors. Lipper previously explained the concept on the MakerDAO forum in September, noting that blue chip RWAs could be a safe way to collateralize lending.
- Chainalysis Report: Hayat Tahrir al-Sham Rebels Received Cryptocurrency Donations
In a new report, Chainalysis claims that Hayat Tahrir al-Sham (HTS) received cryptocurrency donations before its victory over the government of Bashar al-Assad.
Blockchain analytics firm Chainalysis reported these findings in a report last week. It essentially claimed that HTS saw a significant increase in crypto donations on November 27, the day it launched a new offensive in the Syrian civil war. These donations continued throughout HTS’s blitzkrieg, which quickly toppled the Assad government.
During the meeting, His Royal Highness the Crown Prince affirmed the Kingdom of Bahrain’s commitment to developing the financial services and digital technology sectors, considering them as priorities that contribute to supporting the Kingdom’s comprehensive development under the leadership of His Majesty King Hamad bin Isa Al Khalifa. The Prince also stressed the importance of digital transformation in driving progress in key economic sectors, in order to achieve the Kingdom’s aspirations.
- South Korean authorities open an investigation after the MOVE coin rose by about 46 thousand times
South Korea’s Financial Supervisory Service has opened a major investigation into cryptocurrency exchange Coinone over the sudden and unprecedented surge in the price of the MOVE (Movement) coin, raising concerns about potential trading manipulation.
According to a report by the Korean news agency MTN, the Financial Supervisory Service, which is responsible for supervising and regulating financial institutions, is looking into whether there were any unfair transactions on the CoinOne platform when the price of the MOVE coin jumped 46,000 times before quickly falling.
On December 9, the Movement Network Foundation announced the launch event of MOVE, a token built on the MOVE blockchain and written in the MOVE programming language.
- Abu Dhabi Finance Week 2024: Capital of Capital
With the wide participation of financial sector leaders and global experts, the Abu Dhabi Finance Week (ADFW) 2024 was held between December 9 and 12. The event, which included dozens of activities, confirmed Abu Dhabi’s position as the capital of capital.
Discussions at the landmark event also focused on traditional and emerging financial technologies, including financial technology (FinTech), as a driving force for radical economic transformation.
The week will feature panel discussions, workshops, and interactive exhibitions aimed at fostering collaboration and knowledge sharing among participants. Abu Dhabi Finance Week 2024 is expected to contribute to consolidating Abu Dhabi’s position as a global financial center, and promoting innovation and sustainability in the financial sector. It will also showcase how digital payment solutions are being redefined to provide fast and secure experiences, and bridge the gap between businesses and customers across markets.
- Abu Dhabi Global Market forges strategic partnerships to boost financial industry in region
Abu Dhabi Global Market (ADGM), the leading international financial centre in Abu Dhabi, has announced a strategic partnership with Polygon Labs, an international software development and blockchain network builder, on the AggLayer platform.
The partnership also aims to foster innovation in the blockchain space by developing international disclosure standards that ensure transparency, security and trust within the Web3 ecosystem and the broader blockchain ecosystem.
Chainlink Labs, a leading developer and contributor to the cross-chain finance, verifiable data and interoperability standard, also announced the expansion of its presence in the MENA region by establishing a new office and establishing an entity under the registration authority of the Abu Dhabi Global Market.
With its local presence in the UAE, Chainlink Labs aims to expand its network of strategic partnerships with infrastructure and financial institutions in the region, with a focus on supporting the growing demand for tokenized assets and providing innovative solutions that serve the global blockchain ecosystem.
Binance and Circle Announce Large-Scale Partnership on USDC
Circle and Binance have entered into a strategic partnership that will accelerate the adoption of stablecoin USDC and cryptocurrencies globally. Circle CEO Mark Zuckerberg announced the partnership via a lengthy tweet on Twitter (X).
Binance, a global cryptocurrency exchange, and Circle, the issuer of dollar-denominated stablecoins, are teaming up to work on the next phase of stablecoin and crypto adoption. As a result, USDC is set to gain more prominence on the exchange on several levels.
Google unveils 'Willow' quantum computing chip, sparks debate over cryptocurrency security
Google on Monday unveiled its new quantum chip, Willow, which offers computing speeds far outpacing the world’s best supercomputers. The company benchmarked its speed against Frontier, one of the world’s fastest supercomputers to date. In five minutes, Willow was able to perform a calculation that Frontier was estimated to take 10^25 years to solve.
The news has raised concerns among some prominent figures in the cryptocurrency community. In fact, Ethereum co-founder Vitalik Buterin discussed concerns about strong computational software cracking passwords and encryption algorithms in late October, unveiling “The Splurge” to bolster Ethereum against these threats.
