Over the past week, there have been several major announcements concerning new financial infrastructure and services in the cryptoassets industry. The technology's potential to more closely link the blockchain and traditional financing worlds makes these developments worth following. Some of the most pertinent events observed this week include:
- Blockchain.com became the latest entrant to the retail cryptoasset lending market. The wallet and exchange provider plans to offer stablecoin lending products that will be collateralized by users’ Bitcoin holdings. The company joins other market participants Binance, BitGo, Babel and BlockFi in the increasingly competitive lending sector. The news follows other service announcements from the company, including the opening of its exchange and institutional lending services as it broadens its target market.
- On a similar note, BlockFi, a cryptoasset lending provider that also offers yield-generating accounts to customers announced that it will now offer interest-bearing accounts for USD deposits. Due to a partnership with Silvergate Capital, the company has extended its services beyond cryptoassets in a response to persistent customer demands for fiat on-ramps according to comments from BlockFi’s CEO, Zac Prince.
- Circle announced that it plans to sell its crowdfunding platform, SeedInvest, as part of a broad restructuring and refocus its interests on its stablecoin products. Jeremy Allaire, Circle’s CEO explained that the company will now redouble its efforts to build its stablecoin products with which it will target enterprise customers. Circle in combination with Coinbase is part of the CENTRE consortium, responsible for the USD-pegged USDC stablecoin. Allaire stated that CENTRE will be launching new stablecoins while also integrating said assets with other blockchains, aside from Ethereum.