In what is perhaps the biggest news of the week, Berlin-based fintech startup, Unstoppable Finance, announced it will be launching the first compliant ‘DeFi-Native Bank’ in Europe. This platform will be accompanied by a fiat-backed, Euro-pegged stablecoin that adheres to the European Union’s new Markets in Crypto Assets (MiCA) bill.
In other news, HegdeUp (HDUP) has attracted more Shiba Inu (SHIB) holders to its presale. Experts are saying this is thanks to the project’s strong ecosystem.
Unstoppable Finance to launch Europe’s first ‘DeFi-native bank.’
Just a few weeks after the European Parliament passed the landmark Markets in Crypto Assets (MiCA) bill, Unstoppable Finance has announced plans to launch the continent’s first compliant DeFi bank and a Euro-pegged stablecoin following the new guidelines.
The stablecoin will be legally classified as an “e-money token.” The term refers to a stablecoin that indexes its value to the fiat currency it references.
Unstoppable Finance’s co-founder and CTO Peter Grosskopf told Decrypt that the startup’s DeFi banking arm will ensure that the stablecoin is 100% backed by reserves as outlined by the legislation.
He also mentioned the liquidity crisis that hit several banks earlier this year and briefly de-pegged USDC. This, he said, is because Circle, the organization behind USDC, holds part of its reserves in different bank accounts.
According to Grosskopf, Unstoppable’s DeFi bank will deposit its fiat reserves in a European Central Bank (ECB) account. This will help it avoid facing the same troubles as Circle. He also added that they trust fiat as the most stable form of money currently available.
It’s unclear when the fintech company plans to launch the DeFi-native bank. However, a spokesperson said it all depends on how fast they acquire all the necessary licenses.
HedgeUp (HDUP) increases holders from Shiba Inu (SHIB) due to Defi ecosystem
As the DeFi space awaits its first MiCA-compliant bank, HegdeUp (HDUP) continues to secure its position as one of the hottest projects in the market.
HedgeUp (HDUP) has been running a presale for its native token, HDUP. The highly successful presale has attracted investors worldwide. And according to recent on-chain information, more Shiba Inu (SHIB) holders are moving to accumulate the presale token.
Crypto experts say that the token is attractive to investors because of the utility provided by its robust ecosystem. HDUP will serve as the internal currency of HedgeUp’s investment ecosystem, which consists of a platform for investing in alternative assets, a decentralized autonomous organization (DAO), and an online education platform.
HegdeUp (HDUP) will be the first Web3 marketplace for trading in alternative asset classes. Here, users can buy and sell products like gold, diamonds, paintings, jewelry, and more for as low as $1. HDUP holders will also enjoy discounts on fees and services on the platform, among other benefits.
This is a stark contrast to Shiba Inu (SHIB). SHIB is a meme coin with little utility. Therefore, investors aren’t really sure how it will perform in the long run. This is pushing Shiba Inu (SHIB) holders to invest in tokens with real utility, like HedgeUp (HDUP).
HegdeUp (HDUP) tokens can be bought at a discounted price of $0.020 via the presale.
Click the links below for more information about HedgeUp (HDUP) presale:
- Website: https://hedgeup.io/
- Presale: https://app.hedgeup.io/sign-up
- Telegram: https://t.me/HedgeUpChat
- Twitter: https://twitter.com/HedgeUpOfficial
