Kraken denies USDT delisting, crypto custody on the rise, and more

2024-05-25

In this week's Crypto Biz, we delve into several interesting topics related to the cryptocurrency industry. Let's start with Kraken, a popular cryptocurrency exchange, which has denied rumors of delisting Tether (USDT), a stablecoin pegged to the US dollar. Kraken's European expansion plans for USDT are still underway, according to the exchange.

Another significant development is the departure of Michael Sonnenshein, the CEO of Grayscale Investments, the world's largest digital asset manager. Sonnenshein is leaving the company to pursue other opportunities, and his departure comes at a time when Grayscale is facing increased competition and regulatory scrutiny.

Prometheum, a digital asset securities platform, has launched an Ether custody service that treats ETH as a security. This move could potentially pave the way for more institutional adoption of Ethereum, as it addresses concerns about custody and compliance.

Lastly, the crypto custody sector is on the rise, with more players entering the market. This trend is driven by increasing institutional interest in digital assets and the need for secure storage solutions.

Overall, the cryptocurrency industry continues to evolve, with new developments and challenges emerging regularly. It will be interesting to see how these trends unfold in the coming weeks and months.