Telecommunications company Telefónica has joined Celo as a transaction validator to ensure network consensus and boost the growth of its DeFi ecosystem. This 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.
The strategic alliance between Telefónica and Celo
📍Telefónica announced a strategic alliance with blockchain company Celo to boost the growth of the DeFi financial ecosystem. In a Press releaseThe company explained that it will collaborate with the blockchain network to accelerate the growth of its digital ecosystem.
Telefónica has joined other companies as a member of the NGO Celo Alliance for Prosperity to help increase financial inclusion, sustainability, and adoption of the network’s use cases. Other companies such as Coinbase Ventures, Anchorage, Chainlink, Mercy Corps Ventures, Grameen Foundation, and Equity Alliance are part of the nonprofit organization. Telefónica will also play a key role in the network’s consensus, joining the network as a transaction validator. According to the company, this will allow it to reinforce the stability and security of Celo while participating in the governance of the blockchain.
Through this alliance, Celo will be able to take advantage of Telefónica's experience and infrastructure to promote innovative projects that strengthen and empower its community and facilitate the construction of an "equitable global financial system that serves both individuals and companies," the company said.
Ripple invests in Futureverse
📍Ripple Labs has invested in metaverse company Futureverse. Ripple President Monica Long revealed in a statement that the company behind the XRP token has participated in the $54 million investment round of Futureverse, a platform that leverages artificial intelligence and metaverse technology to accelerate the development of the virtual world.
The funding round was led by 10T Holdings, but the participation of Ripple Labs, which is focused primarily on payments, marks an important milestone in the company’s expansion. According to Long, Ripple will continue to support Futureverse’s vision to “contribute to the fundamental infrastructure layer and provide real utility to end users of the open metaverse.”
Futureverse was created in 2022 after the integration of 11 companies and projects. This platform “acts as an AI technology provider, metaverse infrastructure builder, layer 1 architect, creative studio and digital community all in one”, manifested Dan Tapiero, CEO and Investment Director of 10T Holdings.
Sapphire, the Oasis Network privacy layer
📍Oasis Network developers have launched a privacy-focused network. Called Sapphire, the new network will make it easier for Ethereum-compatible decentralized applications to integrate privacy features, which will help build Web3.
FSB presents new regulations for the crypto industry
📍The Financial Stability Board has proposed stricter regulations for the cryptocurrency industry. The FSB wants to create a global regulatory framework that allows it to supervise cryptocurrencies and digital assets in general. To this end, the international body recently presented two proposals of regulations applicable to the crypto industry.
The first of these regulatory proposals seeks to oversee cryptocurrency-related activities in general and subject exchanges and crypto-asset service providers to new regulations that require these companies to segregate customer funds, to avoid fiascos like those that occurred with FTX and Celsius Network.
On the other hand, the second proposal for regulation by the FSB is aimed at stablecoins and their issuers. The international financial organization wants companies issuing stablecoins, such as Circle and Tether Limited, to guarantee by law that each circulating unit of their digital currencies is backed 1:1 by the fiat currency in reserve. The FBS also recommends that a government agency be responsible for stablecoins, to ensure the security and stability of investors and users.
The FSB stressed that its regulatory proposals and supervisory recommendations for cryptocurrencies are based on lessons learned in the industry from the events that took place last year.
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