The Past Week In Crypto News: September 30th to October 6th

Michael Caloca / ONE37pm

Welcome to the new edition of “The Past Week in Crypto News," a weekly recap of companies, institutions, organizations, and individuals who are beginning to adopt crypto as a payment/work platform. With the crypto industry becoming more and more dynamic, this weekly report is meant to help you stay in the loop. The last few days saw crypto becoming more mainstream, implemented by some of the world’s most prominent organizations across different industries.

1. Visa announces plan to build “universal payments channel” on Ethereum

2. Twitter is working on a new NFT verification feature

3. TikTok enters the NFT space with its first NFT influencer collection

4. The first volcano-powered Bitcoin has been officially mined

5. Société Générale, one of France’s largest banks, is using its Ethereum based bonds as collateral for a DAI loan application

Société Générale (SocGen) has applied for a loan from MakerDAO, asking that its Ethereum-based tokens will be accepted as collateral. SocGen is asking for a $20 million loan. This was announced by MakerDao in its forum. This could be a historical agreement because it represents a large traditional financial institution collaborating with a large De-Fi (Decentralized Finance) institution on a significant transaction. 

Here's a quick blurb from the forum:

Dear MakerDAO Community,

We submit to you, on behalf of European investment firm Societe Generale-Forge, this MIP6 application for discussion and approval of Security Tokens refinancing. This first experiment at the crossroads between regulated and open source initiatives, as described below, is intended to refinance a Covered Bond Token that has been issued last year on the Ethereum public blockchain. We let you take into consideration all the details, and we look forward to receiving your feedback. Thank you.

Read the full post here.

Did you like this article?
Thumbs Up
Thumbs Down