The European Central Bank (ECB) has revealed that it is analyzing options to integrate decentralized ledger technology (DLT) into existing payment settlement systems during a speech from Fabio Panetta, an ECB executive board member.

Cryptocurrency exchange FTX has won the bidding war to buy the assets of bankrupt Voyager Digital. The agreement, valued at about $1.4 billion, comprises an ”additional consideration” worth about $111 and the $1.3 billion market value of all cryptoassets on the platform.

State securities regulators in eight U.S. states took action against Nexo Group, the parent company of cryptocurrency lender Nexo, calling the company’s Earn Interest Product an unregistered security.

Top stories in the Crypto Roundup today:

• ECB Wants to Prepare for Broad Crypto Adoption ‘Scenario’
• FTX Wins Bid to Buy Bankrupt Firm Voyager’s Assets
• Crypto Lender Nexo Hit with Enforcement Actions in Eight U.S. States
• Top-Tier Exchanges’ Market Share Keeps Rising

ECB Wants to Prepare for Broad Crypto Adoption ‘Scenario’

The European Central Bank (ECB) has revealed that it is analyzing options to integrate decentralized ledger technology (DLT) into existing payment settlement systems during a speech from Fabio Panetta, an ECB executive board member.

The central banker suggested the ECB will not be the first in the space, however, and will monitor how widely stablecoins and central bank digital currencies are adopted. If they’re widely adopted, the ECB will look at creating bridges between European payments systems and its own digital euro.

Panetta noted that bankers see the most potential for stablecoins in large daily wholesale transactions between banks across borders, over existing complications of cross-border and cross-currency payments. Major blockchain networks existing outside of Europe, Panetta said, raises “concerns about strategic autonomy.”

The central banker said that “despite the uncertainties surrounding DLT’s potential, we want to be prepared for a scenario where market players adopt DLT for wholesale payments and securities settlement.” Per his words, the ECB must “ensure that, in such a scenario, central bank money would still retain its role as the settlement asset for wholesale transactions."

FTX Wins Bid to Buy Bankrupt Firm Voyager’s Assets

Cryptocurrency exchange FTX has won the bidding war to buy the assets of bankrupt Voyager Digital. The agreement, valued at about $1.4 billion, comprises an ”additional consideration” worth about $111 and the $1.3 billion market value of all cryptoassets on the platform.

Customers will be able to transfer to the FTX.US platform assets after the conclusion of the bankruptcy process, Voyager said, adding that the agreement will be presented for approval in court on October 19.

The purchase follows several other attempts from FTX to acquire Voyager, which filed for bankruptcy protection in July after a failed attempt by Alameda Research – a trading firm affiliated with FTX – to bail it out with a revolving line of credit.

Crypto Lender Nexo Hit with Enforcement Actions in Eight U.S. States

State securities regulators in eight U.S. states took action against Nexo Group, the parent company of cryptocurrency lender Nexo, calling the company’s Earn Interest Product an unregistered security.

In a press release, the California Department of Financial Protection and Innovation wrote:

“These crypto interest accounts are securities and are subject to investor protections under the law, including adequate disclosure of the risk involved.”

The document mentions that Nexo’s interest rates of up to 36% are significantly higher than the rate on short-term, investment-grade, fixed-income securities or bank savings accounts. Nexo’s CEO has said the firm has been working with federal and state securities regulators to make its Earn Interest products compliant.

Top-Tier Exchanges’ Market Share Keeps Rising

Top-Tier cryptocurrency exchanges have seen their spot trading volume rise 41.6% to $1.79 trillion in August, the highest monthly volume recorded so far this year.

Meanwhile, spot trading volume fell 12.3% to $108 billion on Lower-Tier exchanges, marking the third month in a row of declines.

Read CryptoCompare’s most recent Exchange Review for a more detailed analysis.

State of the Crypto by Top Tier Exchange Volume

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