Author: Jeremy Ryan

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.The backlash from the Terra implosion still haunts the crypto world, with the now-shuttered stablecoin yield platform Stablegains being sued for customer losses. The plaintiffs allege that the platform funnelled customer funds into Anchor Protocol without users’ knowledge or consent.Platypus, the DeFi protocol that was exploited for over $8 million, is working on a compensation plan to recover some of the funds. Florida’s Cogent Bank is proposing a $100 million participation in loans to MakerDAO’s…

DraftKings, the popular online sports betting and fantasy sports platform, is set to revolutionize the world of fantasy sports with Reignmakers PGA Tour, an NFT-based fantasy golf game. The Polygon-based game, created in partnership with the PGA Tour, promises to add an exciting new layer of gameplay to fantasy sports by allowing players to collect and trade NFTs representing their favorite golfers.Using NFTs on the Reignmakers PGA Tour adds a new level of strategy and decision-making. Players must now consider the real-world skills of the golfers they select, as well as their interoperability with the attributes of their NFTs. With…

The Financial Action Task Force, or FATF, has reported that its delegates have come to an agreement on an action plan “to drive timely global implementation” of global standards on cryptocurrencies.In a Feb. 24 publication, the FATF says the plenary for the financial watchdog — consisting of delegates from more than 200 jurisdictions — met in Paris and reached a consensus on a roadmap aimed at strengthening the “implementation of FATF Standards on virtual assets and virtual asset service providers.” The task force says that in 2024, it will report on how FATF members have moved forward on implementing the crypto…

A Colombian court recently hosted its first legal trial in the Metaverse, with the court magistrate saying it felt “more real than a video call,” according to a recent report.According to a Reuters report published on Feb. 24, Colombia’s Magdalena Administrative Court held a court case in the Metaverse on Feb. 15, involving participants in a traffic dispute.The case, which went on for two-hours, was brought by a regional transport union against the police, which will progress “partly” in the metaverse, with a potential for the verdict to also be given in the metaverse.The participants appeared as avatars in a…

Even as the crypto market continues to forge an impressive recovery from the 2022 bear market, the industry continues to attract the wrath of regulators worldwide, especially in the United States. Three U.S. financial watchdogs recently issued stern warnings to individuals looking to invest in retirement funds offering exposure to digital assets.The U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy, the North American Securities Administrators Association and the Financial Industry Regulatory Authority (FINRA) warned investors that individual retirement accounts (IRAs) that include cryptocurrencies could potentially be classified as “securities,” unless they are registered with the SEC…

The International Monetary Fund (IMF) recently made another anti-crypto move, opposing crypto becoming a legal tender. In response, crypto community members quickly fired back and expressed disagreement on Twitter. The IMF’s executive board recently endorsed a crypto asset policy framework that did not grant crypto assets an official currency or legal tender status. The executives agreed with the framework and highlighted that it’s a necessary move to safeguard monetary stability.The best #Bitcoin promotion. https://t.co/vwW6YdzBhJ— Dennis Parker (@Xentagz) February 23, 2023 From expressing their support for Bitcoin (BTC) to comparing the situation to other technological advancements, various community members fired back at…

Web3 gaming and music come together in a partnership between Mini-Royale and Audius. Mini-Royale players can now listen to music streamed from Audius, a decentralized music streaming platform, while in-game! Mini-Royale and Audius team up to create a cross-app, cross-chain collaboration. Streaming music and web3 gaming meetup as players can now stream tracks from the Audius platform via a built-in player on the Mini-Royale site! It’s cool to see these partnerships develop as the web3 space starts to become more integrated. I can forsee a future where players are driving around a virtual world in their vehicle of choice, choosing…

Binance Australia Derivatives sent an abrupt message to a select group of users on Feb. 23, saying it would be immediately closing their accounts due to a false classification of some users as “wholesale clients.” This incident caused a flurry of responses from users on social media, and the next day, the Australian Securities and Investments Commission (ASIC) announced it would be conducting a “targeted review” of Binance’s local derivatives operations.According to a statement from a spokesperson of the regulator on Feb. 24, the review of Binance Australia Derivatives will include the company’s “classification of retail clients and wholesale clients.“The spokesperson…

The options in Planet IX, a game about restoring life to a devastated world, continue to grow. With Cargo Drop 3, Planet IX opens another layer of expansion for player’s Mission Controls, and adds Rovers, automated vehicles that assist players in harvesting their tiles. The latest drop from Planet IX, Cargo Drop 3, includes a number of NFTs and packs within it. Inside of each Cargo Drop 3 pack, players will find a Rover, an Avatar Pack, and a Large pack. Rovers come in three varieties and assist players with collecting resources, and they can also find M3ta-M0ds, which allow…

6. Are there any blockchain-based ridesharing platforms? Ridesharing applications like Arcade City, DAV Network, Ridecoin, and Jolocom are a few examples of platforms using peer-to-peer ridesharing technology. They demonstrate the potential of blockchain technology to revolutionize the ridesharing industry and create a more efficient, transparent and secure platform for riders and drivers. Arcade City Arcade City is a decentralized ridesharing platform that uses blockchain technology to connect riders and drivers. The platform enables payments between passengers and drivers via smart contracts and offers post-ride customer ratings. DAV Network Using this blockchain-based platform, anyone may create and manage their own transportation…