Analyses
Daily News Summary 21/7
July 21, 2024
Galaxy Digital Expands Ethereum Staking Capabilities
Galaxy Digital Holdings (GLXY), led by Michael Novogratz, announced the acquisition of blockchain node operator CryptoManufaktur (CMF), including all its assets, as well as its operational and engineering teams. This acquisition aims to enhance Galaxy Digital’s role in Ethereum staking, part of a broader effort to become a leading player in the blockchain infrastructure business.
South Korea's First Crypto Law Takes Effect
South Korea’s first crypto regulatory framework has fully come into effect after a one-year grace period. Local crypto trading platforms are now required to hold at least 80% of user deposits in cold wallets, separate from their own funds. Cash deposits must be delegated to licensed banks, and platforms must maintain crypto-asset reserves equivalent in amount and type to customer deposits. Additionally, crypto businesses operating in the country must now have adequate insurance or create a reserve fund to prepare for hacks or liquidity crises.
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