Weekly Summary

• Vitalik Buterin Suggests Improvements On Ethereum Network Payment Experience
• Coinbase to Delist BUSD Amid Regulatory Scrutiny; TUSD Becomes 5th Largest Stablecoin as Binance Mints
• Game Engine Unity Adds MetaMask, Solana, Dapper Labs For Web3 Toolbox
• Polygon Partners with Lotte Group, South Korea’s Conglomerate, for Global NFT Drive
• UAE Emirate to Launch World’s First Free Zone for Digital and Virtual Asset Firms

Industry Stories

Vitalik Buterin Suggests Improvements On Ethereum Network: Ethereum co-founder Vitalik Buterin, recently shared his experience with cryptocurrency payments, suggesting that it needs improvements. He added that the long confirmation times and high fees are "problems that need to be solved." While he praised Ethereum Improvement Proposal 1559 for reducing gas fees, Buterin thinks more is needed to be done to scale Ethereum to the point where its fees are low enough to support large-scale usage, such as DeFi and NFTs.

Coinbase to Delist BUSD Amid Regulatory Scrutiny; TUSD Market Cap Grows: Coinbase has announced that it will remove Binance USD (BUSD) from its platform on March 13, citing the "evolving regulatory landscape" as the reason for the delisting. Users of Coinbase will still be able to withdraw BUSD to an external address until April 1st.

Following BUSD’s compliance issues, Binance appears to be increasingly focusing on TrueUSD (TUSD), as data from Nansen showed that the company has minted $130m worth of the stablecoin in a week, making TUSD the 5th largest of its kind by market cap.

Game Engine Unity Adds MetaMask, Solana, Dapper Labs For Verified Web3 Toolbox: Unity Technologies, the world's largest game engine maker, announced on Tuesday that it will integrate “13 verified solutions”, such as MetaMask and Solana, to provide blockchain development tools for game developers. The integration aims to enable game developers to easily create blockchain-based games and NFTs without the high gas fees on Ethereum mainnet. The move is part of Unity's broader Web3 strategy, which seeks to bring blockchain technology to the gaming industry.

Polygon Partners with South Korea’s Lotte Group for global NFT drive: South Korean conglomerate Lotte Group has partnered with Polygon to launch a global NFT initiative, which aims to enhance NFT adoption and growth in the Asian market. The initiative will leverage Polygon's blockchain infrastructure to create an NFT marketplace and help Lotte Group expand its existing digital asset offerings. This partnership will also see Lotte Group exploring Polygon's layer-two scaling solution, which can reduce gas fees and make NFT transactions faster and more efficient.

UAE Emirate to Launch World’s First Free Zone for Digital and Virtual Asset Firms: The United Arab Emirates' emirate, Ras Al Khaimah, is set to launch a free zone to support digital and virtual asset firms, Cointelegraph reported. The new free zone, dubbed "Rakaa Digital Valley," aims to provide a conducive environment for companies to operate and will include regulations to facilitate the growth of the digital asset industry. It is part of a broader plan to develop a fintech hub in the emirate, with the goal of becoming a leader for innovation in the region.

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Matrixport News:

Matrixport is honored to be recognised as 'Best New Solution Provider' by Hedgeweek's community. The award validates our commitment towards consistently delivering innovative solutions in various market environments, based on a widespread survey of more than 100 fund managers and other key industry participants.

This week, our team will be onsite Hedgeweek's Hedgefund US Digital Assets Summit to update on our recent developments. Omid Zadeh, Matrixport’s Head of Business Development EMEA, will share in our roundtable session “Right-sizing risk through prime brokerage” some ways to reduce risk while accessing PB service in the crypto market.

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