The Weekly Wrap-Up - 17th December 2021

Binance Cancels Plans to Launch Singaporean Exchange Platform  

Binance has Withdrawn its Application Provide Crypto Services in Singapore

(Image: Coingape)

The most popular crypto exchange by volume, Binance has announced that it will be abandoning its plans to launch a crypto exchange platform based in Singapore. The company had applied to the Monetary Authority of Singapore for authorisation to provide crypto services, but has since withdrawn its application. 

The decision was reportedly made on a ‘strategic and commercial basis’, and the company has stated that it will have completely ceased all operations in Singapore by the 13th of February 2022.

Avalanche Adds Native USDC 

Rising Layer-1 Chain Adds Native Version of Popular Stablecoin

Rival to Ethereum, Avalanche (AVAX) has added a native version of the stablecoin UDSC, in a new effort to encourage DeFi usage. Previously, USDC would have to be bridged from Ethereum to Avalanche. The move is believed to have contributed to the recent price increase of AVAX - which has risen by more than 28% to around $102 since the announcement. 

Circle, the fintech firm which operates USDC, has stated that chains that add USDC compatibility typically experience volume increases. Last week, Avalanche was also chosen for Mastercard’s ‘crypto accelerator’ group and is now counted amongst the top five chains by TVL (total value locked).

Adidas Announces Exclusive Collaboration With BAYC

‘Bored Ape Yacht Club’ NFT Collection Partners with Sportswear Giant 

Adidas has announced that it will be entering an exclusive partnership with popular Ethereum NFT collection BAYC (Bored Ape Yacht Club). As part of the company's push into the metaverse, Adidas stated they will be releasing exclusive clothing drops (both physical and virtual) through the brand. The BAYC range of NFTs will also be used as entrance tickets to exclusive in-person Adidas events. 

Adidas has additionally purchased 144 plots of land in the play-to-earn metaverse game The Sandbox, which the company has stated will be used to bring their community new ‘virtual experiences’. 

Solana DeFi Project Receives $3.6M in Funding 

Hubble Protocol Seed Round Closes Successfully    

Solana (SOL) DeFi project Hubble Protocol has secured $3.6M in funding after a seed round. The project’s most significant venture is its Solana-native stable coin USDH, which will be collateralised by user-deposits. The platform’s backers included Three Arrows Capital, Spartan and DeFiance.

The platform also allows users to borrow and lend cryptocurrencies with zero-interest, with its governance token set to launch some time in 2022. One of its seed round investors, DeFiance Capital stated that Hubble is going to build “one of the most important Solana stablecoins.”

Melania Trump Announces NFT Collection 

Ex-FLOTUS Launches NFTs on Solana    

Ex First Lady of the United States, Melania Trump has announced that she will be releasing a series of NFTs on the Solana (SOL) blockchain. Mrs. Trump stated she will be releasing NFTs at “regular intervals” which “embody [her] passion for the arts.”

The first NFT of the series will be a watercolour painting of “Mrs Trump’s cobalt blue eyes” painted by Marc-Antoine Coulon. She has also stated that there will be an additional NFT auction between Jan 4th and Jan 11th, with a portion of the proceeds going to charities supporting children in foster care.