Scenius Sync (Issue # 191)
Polymarket files trademark for POLY & $POLY, Danske Bank offers BTC & ETH ETP, BlackRock buys UNI tokens, Stripe adds x402 integration for USDC, & Robinhood’s ETH Layer-2 Network Enters Public Testnet
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Essential News 🗞
Polymarket Files for Crypto Token Trademarks as Legal Battles Mount
Polymarket has filed trademark applications for “POLY” and “$POLY” with the U.S. Patent and Trademark Office, signaling concrete steps toward launching its long-anticipated native token, even as the prediction market faces mounting regulatory challenges. The filings, submitted Thursday by Polymarket’s parent company Blockratize Inc., cover trademark protection for “cryptocurrency services, financial trading platforms, and blockchain-based payment systems.” Both applications describe services for “providing a digital currency or digital token for use by members of an on-line community via a global computer network” and list cryptocurrency trading, financial exchange services, and portfolio management among their intended uses.
Relatedly, Polymarket parent firm files trademark applications for ‘POLY’ amid token launch plans
Franklin Templeton and Binance have launched a program aimed at solving a persistent problem for large crypto traders: how to deploy capital on exchanges without leaving assets parked on trading platforms. Under the new setup, institutional clients can use tokenized shares of money market funds issued through Franklin Templeton’s Benji platform as collateral when trading on Binance, while the assets themselves remain held off-exchange in regulated custody. Instead of transferring cash or crypto onto the exchange, clients pledge tokenized fund shares held with a custodian. Binance then mirrors the collateral value within its trading environment, allowing clients to trade while the underlying assets stay outside the exchange.
Blockchain.com wins UK registration nearly four years after abandoning FCA process
Cryptocurrency exchange and wallet provider Blockchain.com has won regulatory approval in the U.K nearly four years after seemingly giving up.
Blockchain.com was added to the Financial Conduct Authority’s (FCA) registry of licensed crypto companies on Tuesday under its trading name “BC Operations.” The London-based company elected to withdraw its application for FCA licensing in March 2022 having not won approval ahead of an impending deadline. Blockchain.com pivoted to its registered business in Lithuania. Registration in the U.K. allows Blockchain.com to carry out certain crypto-related activities in the U.K. on the basis that it complies with money laundering and counter-terrorist financing rules. “Blockchain.com is now operating under the same rigorous standards as traditional finance and banks in the U.K.,” the company said in a post on X on Tuesday.
Danske Bank Offers Bitcoin, Ethereum ETPs to Investors, Ending Eight-Year Crypto ‘Ban’
Denmark’s Danske Bank is now giving users of its Danske eBanking and Danske Mobile Banking the opportunity to invest in Bitcoin and Ethereum ETPs. The rollout of crypto-related products represents a turnaround for the Danish bank, which in previous years had explicitly ruled out offering any kind of crypto services. But while the lender accepts that the cryptocurrency market has matured in recent years, it still underlines that it does not recommend crypto as an asset class.
South Korean Crypto Exchange Accidentally Gave Away $43 Billion in Bitcoin
A South Korean crypto exchange accidentally credited users with billions of dollars’ worth of Bitcoin this week, triggering a flash crash in the platform’s listed value of the token. Instead of airdropping users 2,000 won (a sum worth $1.37 at writing), the exchange, Bithumb, reportedly sent 2,000 BTC apiece, users said. That massive sum was worth some $142 million at writing, with Bitcoin trading around $71,000 as of Friday when the issue was first disclosed. According to local reports, the accidental transfers were made as part of a “Random Box” giveaway, where 96% of recipients were poised to receive the lowest-value prize (presumably, the 2,000 won).
Innovation & Adoption 💡📈
BlackRock offers DeFi trading for the first time, buys Uniswap tokens
In the latest sign of the rapid convergence of Wall Street and crypto, the world’s biggest asset manager is moving into decentralized finance or DeFi. BlackRock on Wednesday revealed it will be bringing its Treasury-backed digital token BUIDL onto Uniswap, a leading DeFi platform, where it will be bought and sold by institutional traders. As part of the tie-up, BlackRock is also purchasing an undisclosed amount of Uniswap’s own UNI token.The new arrangement, which is being undertaken with the tokenization firm Securitize, is a significant milestone for the DeFi sector, which many view as one of the most useful applications in crypto. Unlike traditional trading, which relies on centralized intermediaries to record and settle trades, platforms like Uniswap rely on smart contracts to match buyers and sellers via liquidity pools and automated market makers.
See related news here.
Privacy-preserving USAD stablecoin launches on Aleo Layer 1 mainnet via Paxos Labs partnership
Privacy-focused Layer 1 network Aleo is launching a native stablecoin for its ZK-powered chain through a partnership with Paxos Labs.
The move comes amid a wave of interest in institutional-grade privacy solutions as businesses look to leverage the advantages of blockchain-based assets without sacrificing certain business details by transacting on fully transparent payment rails. Notably, rival stablecoin issuer Circle also tapped Aleo to pilot a privacy-preserving version of its flagship USDC token, called USDCx. “Working with Aleo, we are bringing digital dollars into an environment where privacy and programmability are built in from the start, giving enterprises a way to embed money they can trust,” Paxos Labs co-founder Bhau Kotecha said.
Stripe adds x402 integration for USDC agent payments on Base
Stripe has unveiled a preview of machine payments on its platform, integrating the x402 protocol to enable developers to charge AI agents directly using the USDC stablecoin on the Base network. Jeff Weinstein, product lead at Stripe, wrote on X on Tuesday that the deployment would eventually expand to include additional protocols, currencies, and blockchains. The system utilizes the PaymentIntents API to allow businesses to programmatically charge AI agents for API usage, Model Context Protocol calls, and HTTP requests. The x402 protocol, an open payment standard developed by Coinbase, repurposes the previously dormant HTTP 402 “Payment Required” status code to enable onchain payments directly within a standard web request.
LMAX debuts Omnia Exchange connecting FX, crypto and blockchain settlement
LMAX Group announced Tuesday the launch of Omnia Exchange, a new platform it said is designed to bridge foreign exchange, cryptocurrency, and digital asset trading with optional blockchain settlement. The exchange is positioned as a wholesale infrastructure layer, providing a single API for institutions to convert assets across those markets in real time, according to a statement. Omnia is built on LMAX Group’s existing exchange technology and liquidity pools. LMAX said the platform allows users to trade any asset directly against another 24 hours a day and to settle transactions either on traditional financial rails or on a blockchain. It is aimed at payment firms, wealth managers, custodians, and similar institutions seeking to move value across borders and asset classes.
Robinhood’s Ethereum Layer-2 Network Enters Public Testnet Phase
Robinhood said on Tuesday that developers will begin experimenting with applications on its Ethereum layer-2 network, alongside the debut of a public testnet for Robinhood Chain. That will create a low-stakes environment for developers to assess the network’s technical merits as it’s folded into the retail brokerage’s business, according to a press release. Robinhood’s vision for embracing decentralized finance is broad, but the company is particularly interested in how compatible so-called stock tokens are with traditional workflows, according to Johann Kerbrat, senior vice president and general manager of Robinhood Crypto.