Derivatives exchange CME Group has launched new Ethereum micro futures to facilitate investors’ exposure to ether, while Zara is entering the Metaverse with its first digital fashion collection on Zepeto. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍CME Group integrates new crypto derivatives products to offer a wide range of options to its investors. CME Group, the world's largest derivatives exchange, announced the launch of micro futures contracts for Ethereum, the second most important cryptocurrency in the industry. Through its Twitter account, CME reported that the new ethereum micro futures have been available on its platform since yesterday. Investors can now gain exposure to Ethereum efficiently and profitably through these micro futures, the exchange explained.
CME Group's micro futures contracts allow investors interested in Ethereum to gain exposure to the cryptocurrency at a fraction of the size of futures contracts, thereby offering lower spreads, allowing investors to better manage ether price risk and add diversification to their portfolios, he explained.
NFT and DeFi Markets
📍Zara launches its first digital fashion collection on the popular Korean metaverse Zepeto. Spanish fashion retailer Zara has launched its first digital fashion collection for avatars in the Zepeto metaverse, which has nearly 200 million active users worldwide. The Spanish fashion company created an exclusive fashion collection with Ader Error, inspired by simultaneous experiences in the digital and virtual worlds. The collection, called AZ Collection, is being sold in several physical stores selected by the company and on Zepeto’s virtual marketplace.
📍Digital land in the Metaverse is a very lucrative business these days. According to data from the NonFungible monitoring platform, the Metaverse Decentraland sold nearly $3 million worth of 9 plots of digital land last week. The digital plot EST # 1965 was the most expensive of these sales, worth 110.000 MANA or $758.250 dollars. The Sandbox, the first metaverse by sales volume, virtual land plots reached a value of $68.800 dollars; while in Cryptovoxels y Somnium space, virtual land reached a value of $58.712 and $33.060 dollars, respectively.
Development and Technology
📍The Exodus crypto wallet integrates the Lightning Network to scale its transactions. Exodus users can now set up their wallets to enable the function of Lightning Network, which will allow them to make transactions in an ultra-fast, secure manner and with very low commission fees. The Exodus developers also reported that transactions with LN offer greater privacy to the wallet users.
Rules and Regulations
📍Japan prepares to impose new restrictions on stablecoin issuers. The Financial Services Agency (ASF) and the Central Bank of Japan plan to regulate the market of stablecoins next year and impose new restrictions on the issuers of these stablecoins. The proposal The regulatory body, cited by Japanese newspaper Nihon Keizai Shimbun, notes that only commercial banks and electronic payment platforms will be authorized to issue stablecoins within the country.
Japanese regulators want to curb the rise and dominance that stablecoins like Tether (USDT) and USD Coin (USDC) are gaining within their territory. In the past, the country's regulators have expressed concerns about the rapid growth and the implications that these currencies may have on its financial stability and monetary sovereignty. In July of this year, Japan strengthened its diplomatic relations with international organizations in order to effectively regulate the stablecoin market. In its view, these currencies are proliferating as a new form of private money that could disrupt the stability of its current financial system.
📍Kotak Mahindra Bank, the first bank in India to open its doors to cryptocurrencies. Despite the lack of regulatory clarity on cryptocurrencies in India, Kotak Mahindra Bank, the country's largest private bank, has decided to open its doors to this growing digital financial ecosystem. According to reported ISBF via its Twitter account, the bank celebrated a partnership with a local cryptocurrency exchange to become the first major financial institution in India to participate in the cryptocurrency and digital assets market.
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