GSR Expands in the U.S. Amid Crypto Market Growth
GSR, a prominent cryptocurrency liquidity provider and market-making firm based in Asia, is significantly expanding its operations in the United States. The company plans to increase its headcount from 25 to over 200 employees. This expansion comes as GSR seeks to establish a stronger foothold in the U.S. market, having recently hired Trey Griggs, a former Goldman Sachs managing director, to lead its U.S. operations. GSR is also in the process of obtaining various regulatory approvals, including a broker-dealer license and a BitLicense. This move is part of a broader strategy to capitalize on the anticipated growth in the crypto market despite recent price volatility.
OANDA Launches FCA-Registered Crypto Trading Platform in the UK
OANDA, a well-known online forex and CFD broker, has launched a new crypto trading platform in the UK, registered with the Financial Conduct Authority (FCA). This new platform offers trading in over 63 cryptocurrency pairs, including Bitcoin and Ethereum, providing UK traders with a secure and regulated environment for crypto trading. This initiative follows OANDA’s acquisition of a majority stake in FCA-registered crypto firm Coinpass, highlighting OANDA’s commitment to expanding its crypto services and enhancing its market presence in the digital asset space.
Modular Blockchains and Layer-2 Solutions Gaining Traction
The concept of modular blockchains is becoming increasingly popular within the crypto community. These blockchains separate core functions such as data availability, consensus, settlement, and execution into distinct layers. A notable development in this area is the launch of Celestia, which provides a plug-in data availability layer that other networks can use. Additionally, layer-2 (L2) scaling solutions like OP Stack, Polygon CDK, and Arbitrum Orbit are evolving rapidly, allowing developers to build and customize their rollups more efficiently. Despite this growth, activity on Ethereum mainnet remains robust, with L2 solutions enhancing the overall ecosystem rather than diverting traffic from Ethereum.
The Road to De-Dollarization
The topic of de-dollarization continues to be a significant discussion point in 2024, particularly given the shifting global monetary landscape. While the US dollar remains dominant in international finance, there is a growing movement towards reducing dependence on the USD for global transactions. Countries like France and Brazil are exploring alternatives, such as settling trades in Chinese renminbi. This shift is partly driven by geopolitical tensions and the desire for more diversified and resilient financial systems. Moreover, the rise of central bank digital currencies (CBDCs) is seen as a potential game-changer in this ongoing transformation.
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