Crypto Biz: Binance Connect goes dark, Prime Trust is bust and PayPal unveils Crypto Hub
It’s been another week of mixed developments in the crypto industry, with established players winding down operations while newcomers introduce new crypto features and services.
Binance’s buy-and-sell crypto arm was shut down on Aug.16, with the crypto exchange remaining under widespread regulatory scrutiny, affecting key partnerships for its operations worldwide. Crypto custodian Prime Trust filed for bankruptcy protection following months of uncertainty regarding the state of its finances.
Meanwhile, in better news, BitGo raised millions of dollars in a fundraising round backed by a new group of investors. Some fresh capital also flocked to ZetaChain, with the chain-agnostic protocol securing $27 million in an equity round backed by over ten investors.
Lastly, PayPal made another bold move in the space, announcing a hub for selected crypto users despite the still uncertain environment within the United States. On Aug. 16, the company announced a partnership with crypto hardware wallet manufacturer Ledger, allowing U.S. residents to buy Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) with fewer steps.
Read more about these stories and get a glimpse into the constantly evolving crypto industry on this week’s Crypto Biz.
Binance Connect, the regulated buy-and-sell crypto arm of Binance exchange, was shut down on Aug. 16 after losing its card payments services provider. The platform launched in March 2022 as Bifinity to act as a fiat-to-crypto payments provider connecting crypto firms with the traditional finance system. At its launch, the platform supported 50 cryptocurrencies and fiat payment methods, including Visa and Mastercard. In the past months, Binance and its subsidiaries worldwide have fought to
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