Robinhood Launches DeFi Wallet, BitMEX Launches Spot Exchange, Do Kwon Summoned To South Korean Parliamentary Hearing

Written by Lindi Miti

May 18, 2022

Robinhood Launches DeFi Wallet

Robinhood CEO, Vlad Tenev, announced the launch of a DeFi wallet at the Permissionless DeFi Conference in Miami, Florida. A DeFi wallet is a non-custodial wallet, which means users have complete control over their cryptocurrency, interact with DeFi protocols and store NFTs. 

Robinhood, a trading platform, launched a custodial cryptocurrency wallet earlier this year. The wallet has popular cryptocurrencies such as Bitcoin, Ethereum, Solana, and Shiba Inu. It uses the Bitcoin Lightning Network for faster and cheaper transactions and has over 22 million users. 

The Robinhood non-custodial wallet will operate as a standalone app with a user-friendly design. KYC is not required for setting up, and Robinhood will not charge fees. The rollout will start at the end of the summer. Robinhood plans to have the wallet available to all users across the globe by the end of 2022.

BitMEX Launches Spot Exchange

BitMEX, one of the largest cryptocurrency derivatives exchanges, launched its spot trading platform on Tuesday. The spot trading exchange will initially have seven trading pairs available for retail and institutional investors. 

The BitMEX spot trading platform will list USDT trading pairs for Bitcoin, Ethereum, APE Coin, Polygon Matic, UniSwap, Chainlink, and Axie Infinity. BitMEX plans to add more trading pairs later on in the year. The cryptocurrency trading platform also announced the launch of a spot trading cryptocurrency app soon.

BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. The co-founders all faced legal charges for violating U.S. anti-money-laundering laws in 2020. After pleading guilty, the court ordered a penalty of $30 million from the three co-founders in March 2022. 

Do Kwon Summoned To South Korean Parliamentary Hearing

A representative from South Korea’s ruling People Power Party, Yun Chang-Hyun, has called for a parliamentary hearing on the TerraUSD (UST) collapse. 

“We should bring related exchange officials, including CEO Do Kwon of Terra, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors,” said Chang-Hyun.

Local financial regulators, Korea’s Financial Services Commission (FSC), and the Financial Supervisory Service (FSS) have asked crypto exchanges to share information on transactions linked to UST and Luna, reported local news outlet Yonhap News Agency.

Written by Lindi Miti © Crypto University 2022      

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