This week in crypto: Blockchain.com and Coinbase secure Singapore licences

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This week in crypto: Blockchain.com and Coinbase secure Singapore licences

By Hassan Maishera - min read

Two of the leading cryptocurrency exchanges gained regulatory approval to operate in Singapore as Coinbase announced a major partnership with Google.

Blockchain.com and Coinbase secure Singapore licences

Earlier this week, Blockchain.com, one of the leading crypto trading platforms, announced that it had gained regulatory approval to offer its services in Singapore. The crypto exchange said it had secured approval from the Monetary Authority of Singapore (MAS). 

Blockchain.com explained that the in-principle approval is for the Major Payment Institution Licence for Digital Payment Token services.

US-based crypto exchange Coinbase also announced earlier this week that it had received preliminary regulatory approval from Singapore’s monetary authority (MAS) to offer crypto services in Singapore.

Coinbase and Google Cloud announced a strategic partnership

Coinbase, one of the leading crypto exchanges in the world, announced earlier this week that it had partnered with Google Cloud. According to the terms of the partnership, Google Cloud will serve as Coinbase’s strategic cloud provider to develop advanced data and exchange services.

Coinbase said it would process blockchain data using Google Cloud’s powerful computing platform. The crypto exchange would also enhance global cryptocurrency service reach using Google Cloud’s top-grade fiber optic network.

DeFi platform Mango hit by $100 million exploit

Last week it was Binance, this week, it was Mango Markets. Earlier this week, Solana-based DeFi platform Mango Markets revealed that it suffered an exploit, with the attacker carting away $100 million from the protocol. 

The attacker manipulated the oracle prices on the protocol. However, the Mango Decentralised Autonomous Organisation (DAO) said it is now focused on preventing any further unnecessary losses on the network.

Uniswap raises $165 million in its latest funding round

Uniswap, one of the leading decentralised exchanges in the space, announced earlier this week that it had raised $165 million in a Series B funding round. 

The DEX said the investment round was led by Polychain Capital and while investors such as a16z crypto, Paradigm, SV Angel, and Variant also participated. Uniswap said it intends to use the funds to invest in its web application.

Crypto.com launches its European headquarters in France

Crypto.com, one of the leading cryptocurrency exchanges, announced earlier this week that it had launched its European headquarters in France.

The crypto exchange revealed that it had spent $145 million on this project, which included other strategic investments in France. Crypto.com said the investment would help ensure its long-term commitment to France as it would focus on the hiring of local talent to drive the company’s efforts across the region. 

Crypto.com added that the French office would focus on some aspects of its business, such as compliance, business development, and product.

Tron becomes the national blockchain of the Commonwealth of Dominica

To wrap up the week, Tron announced that it had become the National Blockchain of the Commonwealth of Dominica.

This means that Tron would play a vital role in the development and issuance of the Dominica Coin (DMC), a blockchain-based fan token.