eBay has acquired non-fungible token (NFT) marketplace KnownOrigin for an undisclosed amount. The Manchester-based NFT platform was founded in 2018 and has since facilitated $7.8 million in volume.

Banking powerhouse Citigroup has selected Swiss cryptocurrency custody firm Metaco to develop the bank’s digital assets custody solution. The bank, which holds about $27 trillion in assets under custody, is set to integrate Metaco’s “Harmonize” crypto custody platform into its infrastructure.

Derivatives-focused decentralized cryptocurrency exchange dYdX (DYDX) has announced plans to develop its own blockchain using the Cosmos SDK and Tendermint Proof-of-Stake consensus protocol.

Top stories in the Crypto Roundup today:

• eBay Acquires NFT Marketplace KnownOrigin
• Citi Partners With Swiss Firm Metaco to Develop Digital Asset Custody Solution
• Crypto Exchange dYdX to Launch its Own Blockchain

eBay Acquires NFT Marketplace KnownOrigin

eBay has acquired non-fungible token (NFT) marketplace KnownOrigin for an undisclosed amount. The Manchester-based NFT platform was founded in 2018 and has since facilitated $7.8 million in volume.

The deal is seen as an “important step in eBay’s tech-led reimagination, ushering in a new era of digital collecting to the world’s top destination for collectibles.” KnownOrigin allows artists and collectors to create, buy, and sell NFTs via blockchain-based transactions. Jamie Iannone, eBay’s CEO, said:

“eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”

The acquisition comes shortly after eBay released its debut collection of NFTs in partnership with Tezos- and Polygon-based NFT platform OneOf last month. eBay notably started letting users buy and sell NFTs on its platform back in May 2021.

Last year, the American multinational revealed it was considering accepting cryptocurrency payments.

Citi Partners With Swiss Firm Metaco to Develop Digital Asset Custody Solution

Banking powerhouse Citigroup has selected Swiss cryptocurrency custody firm Metaco to develop the bank’s digital assets custody solution. The bank, which holds about $27 trillion in assets under custody, is set to integrate Metaco’s “Harmonize” crypto custody platform into its infrastructure.

The move will allow Citi to develop a platform that allows clients to store and settle digital assets “seamlessly and securely.”

Okan Pekin, Global Head of Securities Services at Citi, was quoted saying:

“We are witnessing the increasing digitization of traditional investment assets along with new native digital assets. We are innovating and developing new capabilities to support digital asset classes that are becoming increasingly relevant to our clients.”

The announcement concerns Citi’s Securities Services team, meaning the focus will be on things like tokenized securities, which are representations of assets like stocks and bonds on a blockchain.

Metaco has provided crypto custody support for a number of banks, including Spain’s BBVA and GazpromBank in Switzerland.

Crypto Exchange dYdX to Launch its Own Blockchain

Derivatives-focused decentralized cryptocurrency exchange dYdX (DYDX) has announced plans to develop its own blockchain using the Cosmos SDK and Tendermint Proof-of-Stake consensus protocol.

These technologies would see dYdX join the Cosmos ecosystem, an interconnected system of application-specific blockchains that can easily communicate and trade assets between them.

The new blockchain would allow validators to stake the platform’s DYDX token to secure the network under a Proof-of-Stake consensus mechanism, and for transaction fees to be payable in DYDX.

The new blockchain would also accompany the introduction of the fourth version of the dYdX exchange, with previous versions having been on the Ethereum blockchain. dYdX cited performance and centralization concerns surrounding Ethereum layer-2 solutions as reasons to create its own blockchain.

State of the Crypto by Top Tier Exchange Volume

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