Sberbank Stablecoin and the development of the DeFi sphere

Last week proved that the adoption of cryptocurrencies in the world is steadily expanding. Sberbank, the largest bank in Russia, has applied for permission to issue its own cryptocurrency. IT-company Sequoia Holdings is going to pay salaries in bitcoin, and MicroStrategy keeps buying BTC.

MicroStrategy bought another $10 million worth of BTC, despite a significant slump in the exchange rate. This brings the total value of all bitcoin assets it owns to more than $2.3 billion at this point, and MicroStrategy’s unrealized gain from asset trades to about $1.2 billion.

The DeFi sphere continues to evolve. Synthetix, a synthetic asset protocol, launched its L2 Optimistic Level 2 solution for Ethereum network this week. Users can now do SNX token stacking using the new service. The target audience for the upgrade consists of minor SNX holders who are not interested in working with the Tier 1 network directly because of the high gas price.

The Securities and Exchange Commission (SEC) added eight cryptocurrency projects to its blacklist, deeming them potentially dangerous to the investors. Five of them offer cryptocurrency trading and investment services, as well as legal assistance to victims of fraud, while the other three are currently unavailable.

The Ministry of Labor and Social Protection of the Russian Federation has obliged officials to get rid of any cryptocurrencies they have by April 1. Earlier in December, president Vladimir Putin signed a decree requiring officials to declare information about the cryptocurrencies and tokens they own by June 30, 2021.

Meanwhile, the American IT company Sequoia Holdings offered its employees to receive a share of their salaries in cryptocurrency (BTC, ETH or BCH). These digital assets would be stored in an electronic wallet and accumulate capital. Company director Richard Strope said that cryptocurrency today is an important alternative to classic investments.

Sberbank has applied to the Central Bank of Russia for registration of a blockchain platform. It plans to issue a stablecoin named Sbercoin tied to Russian ruble. Anatoly Popov, deputy chairman of the bank, said that technological tests have already been carried out inside the bank with good results. If the application is approved, the project may be launched this spring.