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Daily News Summary 22/10

The Failed Rebrand of Sky

MakerDAO, the decentralized autonomous organization that rebranded itself as Sky this September, is now considering further rebranding efforts. The rebrand included the option to exchange MakerDAO’s MKR governance token for SKY tokens at a 1:24,000 ratio, which did not go smoothly. Many community members expressed concerns about the utility of the SKY token, leading many to retain their MKR tokens. The project is holding a community meeting this Friday, where they may consider reverting to the original brand identity.

Komainu Strengthens Presence in Singapore

Komainu, the crypto custodian backed by Nomura, announced plans to acquire the Singapore-based custodian Propine Holdings Pte Ltd, pending regulatory approval. The company hopes this acquisition will strengthen its presence in Singapore by complying with the highest regulatory standards, meeting the growing demand for secure and reliable custody solutions.

BitFuFu Expands Capacity Again

BitFuFu, the world’s leading cloud-based bitcoin mining company affiliated with Bitmain, has announced a definitive agreement to purchase an 80-megawatt bitcoin mining facility in Ethiopia. Once the transaction is completed, BitFuFu’s total hosting capacity will exceed 600 megawatts. Most of BitFuFu’s mining infrastructure is currently located in the United States, and the new facility will account for approximately 13% of its operational capacity.

UAE Introduces DAO Regulations

The Ras Al Khaimah (RAK) region in the United Arab Emirates has announced the launch of a regulatory framework for decentralized autonomous organizations (DAOs). The regulation, called the DAO Association Regime (DARe), will be enforced in the RAK Digital Assets Oasis free zone. The framework will allow DAOs to open bank accounts and own both on-chain and off-chain assets.
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