Overview
- Alibaba will prohibit sales of cryptocurrency mining equipment starting October 8.
- dYdX records $9.15B 24-hour trading volume, capturing 65% market share.
- Yellow Card, an African crypto exchange, raises $15M with Coinbase Ventures participating.
- Facebook commits $50M over two years to develop the metaverse.
Key Developments
1. Alibaba's Crypto Mining Equipment Ban
Alibaba.com announced it will ban the sale of cryptocurrency mining hardware and related software effective October 8. Prohibited items include:
- Bitcoin miners and accessories.
- Tutorials/software for mining virtual currencies.
Impact: This follows China’s crackdown on crypto mining, eliminating a major sales channel for mining equipment.
2. dYdX Dominates DEX Market
CoinMarketCap data reveals:
- dYdX: $9.15B daily volume (65% market share).
- Uniswap V3: $1.18B.
- PancakeSwap V2: $555M.
Trend: dYdX’s leverage trading features drive its lead in decentralized exchanges.
3. Facebook’s $50M Metaverse Fund
Facebook’s initiative includes:
- Funding XR programs and research.
- Partnerships with global institutions to build the metaverse responsibly.
👉 Learn how metaverse investments are shaping digital futures.
Project Updates
Cardano Ecosystem Growth
- EMURGO invests $100M to boost DeFi, NFTs, and education.
- COTI to launch algorithmic stablecoin Djed on Cardano.
Global CBDC Progress
- Nigeria: eNaira pilot launches October 4.
- Tajikistan: Partners with Fantom for CBDC infrastructure.
Regulatory Adjustments
- Binance restricts Singapore users from spot trading (effective October 26).
- F2Pool ceases services for Chinese users.
Funding Highlights
| Company | Amount Raised | Key Investors |
|---|---|---|
| Yellow Card | $15M | Coinbase Ventures, Valar |
| Blofin | $12M | KuCoin Eco Fund, Matrix |
| Revolut* | - | Exploring platform token |
Revolut plans a BNB-like token pending regulatory approval.
FAQ Section
Q: Why is Alibaba banning mining equipment sales?
A: To comply with China’s broader crypto restrictions and environmental policies.
Q: How does dYdX achieve such high trading volume?
A: Its leveraged trading features attract users seeking advanced derivatives tools.
Q: What’s Facebook’s goal with the metaverse fund?
A: To support ethical development of immersive digital spaces through research and partnerships.
👉 Explore crypto regulation updates worldwide.
Conclusion
The crypto landscape faces tighter regulations but continues to innovate, with DeFi growth, metaverse investments, and regional adaptations like Africa’s Yellow Card leading the charge. Stakeholders must navigate evolving compliance frameworks while capitalizing on emerging opportunities.