Financial services giant Plaid has announced the launch of its first cryptocurrency-native product, Wallet Onboard. The product is similar to Plaid Link, which allows users to connect financial accounts to apps.

Tether’s stablecoins are set to become available at more than 24,000 ATMs across Brazil early next month, thanks to an integration with Brazilian payment solution startup SmartPay.

The CEO of popular cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), has written a set of standards for the cryptocurrency industry “while waiting for full federal regulatory regimes,” in which he outlined a plan for treating assets in the U.S.

Top stories in the Crypto Roundup today:

• Financial Services Giant Plaid Launches First Crypto Product
• Tether to Become Available at 24,000 ATMs in Brazil
• FTX to Filter Assets That Could Be Securities From US Listings
• Crypto Market Movers – QNT, HT, MKR

Financial Services Giant Plaid Launches First Crypto Product

Financial services giant Plaid has announced the launch of its first cryptocurrency-native product, Wallet Onboard. The product is similar to Plaid Link, which allows users to connect financial accounts to apps.

Wallet Onboard helps developers connect cryptocurrency wallets such as MetaMask to decentralized applications. While the firm has in the past worked with crypto companies to integrate its offerings, Wallet Onboard is its first Web3-focused product.

Clay Allsopp, Plaid’s crypto product lead, noted consumers want hundreds of available wallets to interact with Web3 applications, instead of having to integrate them one at a time. Wallet Onboard is a way to simplify that integration.

The product allows users to connect wallets such as MetaMask or Coinbase Wallet to apps, via a Plaid-branded interface as part of the onboarding process. Each onboarded wallet goes through Plaid’s compliance review, which to the firm means it can bolster security and trust in the ecosystem.

Tether to Become Available at 24,000 ATMs in Brazil

Tether’s stablecoins are set to become available at more than 24,000 ATMs across Brazil early next month, thanks to an integration with Brazilian payment solution startup SmartPay.

In Brazil, Tether’s USDT stablecoin will become available at local anco24Horas ATM machines, allowing users to convert USDT into Brazilian reais. Banco24Horas ATMs are common throughout the country and are located in high-traffic areas.

Tether has calculated that Brazil-based cryptocurrency users moved over $1.4 billion in USDT transactions in August. Brazil saw nearly 80,000 USDT operations that month. SmartPay has already provided users with a connection between the stablecoin and the country’s widely-used instant payment system Pix.

FTX to Filter Assets That Could Be Securities From US Listings

The CEO of popular cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), has written a set of standards for the cryptocurrency industry “while waiting for full federal regulatory regimes,” in which he outlined a plan for treating assets in the U.S.

SBF wrote that the FTX legal team will analyze assets in the U.S. using the Howey test, case law and guidance to determine whether an asset may be considered a security or a commodity. SBF wrote:

“If we do find an asset to potentially be a security, we will not list it in the US unless/until there is a process for properly registering it.”

SBF also devoted some time to the need for consumer protection and argued for knowledge-based investor qualification, as opposed to the income/asset-based qualifying system being used.

Crypto Market Movers – QNT, HT, MKR

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Huobi Token (HT) - The Huobi token allows users to receive a discount for any fees on the Huobi exchange. It’s described as a “blockchain-powered loyalty point system,” and is the only token Huobi officially launched.

Quant (QNT) - Quant is a cryptocurrency project that launched in June 2018 that aims to connect blockchains and networks on a global scale without sacrificing efficiency. It aims to allow applications to operate on multiple blockchains through the creation of the first blockchain operating system.

Maker (MKR) - Maker DAO is a decentralized autonomous organization on the Ethereum blockchain. The DAO is behind technology for borrowing, savings, and a crypto-collateralized stablecoin called DAI.

State of the Crypto by Top Tier Exchange Volume

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