In today’s briefing:
- SG Exchange Gets Nod from MAS to Offer Crypto Services
- NFT Bear Market and Impact on NFT Lending on BendDAO
SG Exchange Gets Nod from MAS to Offer Crypto Services
- Bhex, a Singapore-based crypto exchange, has secured a standard payment institution license from the Monetary Authority of Singapore (MAS)
- The approval will allow the company to offer digital payment token (DPT) services in the city-state.
- Founded in 2018, Bhex is operated by its parent firm, Bhop Consulting. It provides crypto trading services with an emphasis on compliance and reliability
NFT Bear Market and Impact on NFT Lending on BendDAO
- BendDAO has been negatively impacted by the NFT bear market that led to a bank run due to the lack of liquidity in the collateral liquidations.
- We look at how the auction mechanism has been stalled and how this bank run occurred. The DAO has since proposed a new governance mechanism aimed at improving the liquidity.
- The proposal is likely to pass, and we could see potentially a slew of liquidations on the platform that could be good opportunities to pick up NFTs below floor price.
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