The Crypto Compass Issue #37

Hello to our dear readers and crypto enthusiasts!

Welcome back to another edition of The Crypto Compass! As the global landscape continuously shifts, the crypto world remains an epicenter of innovation, resilience, and evolution. From the latest socialFi app embrace to the unexpected turns in Telegram-based projects, the past week has once again highlighted the dynamism of the digital asset realm. Dive in with us as we unravel the key happenings that shaped the crypto conversation this week.

Friend.tech a surprise hit among crypto investors at Token2049

An emerging name in the crypto sphere, Friend.tech made significant waves at TOKEN2049, one of the industry's leading conferences. It is one of the super apps that is growing rapidly now in both Total Value Locked (TVL) and adoption rate.

Friend.tech has effectively introduced new users to Web3 not by targeting their specific interest in digital assets, but by seamlessly integrating crypto into the allure of a novel social media framework.

While there are much controversies surrounding its term of service, it's undeniable that Friend.tech has struck a chord with a segment of the user base. The platform's unique integration of Web3 functionalities within a familiar social media setting has garnered both admiration and criticism. We are keen to see how the platform evolves and addresses these concerns.

Promoted - Please email [email protected] for sponsorship enquiries.

Come down and take a look at the widest assortment of hardware wallets and related products in SG! We are located at Ang Mo Kio, opens from 9-5pm. Do drop us a text or email to make an appointment!

Japan revises regulatory framework to allow startups to raise capital via digital assets

In a recent landmark decision, Japan has overhauled its regulatory framework, now allowing startups to raise capital via digital assets. This progressive move not only showcases Japan's forward-thinking approach but also provides a beacon of hope for many startups in the country looking to leverage the power of blockchain and digital assets. With regulatory clarity now in place, the Land of the Rising Sun seems poised to witness a new dawn in the blockchain and crypto startup ecosystem.

Hyped Telegram bot Banana Gun's team dumps treasury after token bug

In an alarming turn of events, the team behind the hyped Telegram bot "Banana Guns" has dumped its treasury following a token bug. The incident underscores the need for rigorous scrutiny and due diligence before diving into new crypto projects, especially as the rapid evolution of the DeFi space brings both opportunities and threats. Remember: Not all that glitters in the crypto world is gold.

Happenings of the week

• Malta updates crypto guidelines to match MiCA

• Citi debuts deposit and trade services on blockchains for institutional clients

• New York crypto regulator removes Ripple and Dogecoin from token ‘greenlist’ in latest update

• ABN Amro issues 5M euro digital green bond through Polygon-powered Tokeny

• German Finance Heavyweights Develop Fully-Insured Crypto Staking Offering, Plan 2024 Release

Deutsche Bank to hold crypto for institutional clients

Deutsche Bank has teamed up with Swiss cryptocurrency company Taurus to offer custody services for institutional customers' digital currencies and tokenized assets. This collaboration marks the first instance where Deutsche Bank will hold a select range of cryptocurrencies and tokenized conventional financial instruments for its clients. Although the bank doesn't have immediate plans for cryptocurrency trading, it had expressed interest in offering such services in a 2020 World Economic Forum paper.

If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!