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Nasdaq listed in SOFI Taps Bitcoin Lightning for remittances

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Welcome to the protocol, CoinDesk’s weekly wraps of the most important story of cryptocurrency tech development. We are Margaux Nijkerk & Jamie Crawley, CoinDesk journalists.

In this issue:

Nasdaq listed in SOFI Taps Bitcoin Lightning for remittances
The Bitcoin Defi project enters Solana with BTC supported by the YBTC token
Valantis captures the sthype, the expansion of liquid seizure to hyperliquid
Hyperbeat gets a $ 5.2m backing from Ether.fi, electric capital

Network news

The Sofi Taps Bitcoin Lightning for Remittances: SOFI technologies will allow remittance payments to the top of the Ligo-2 Lightning network of Bitcoin through a collaboration with Lightspark, which aims to bring real-time international money transfer to its members. SOFI’s remittance product, which is expected to be released later this year, will allow users to send us dollars through the SOFI app, with recipients receiving local money deposits abroad, using the universal LightSpark Currency Money address (One). LightSpark Uma provides access to a global payment rail designed for speed and size. Transfers will display upfront exchange rates and fees, addressing prolonged pain points in traditional remittance services. The launch follows Sofi’s reentry in crypto, after stopping services in 2023 during its transfer to a national bank. Earlier this year, it announced plans to offer international remittances through blockchain and stablecoins and allow users to invest in crypto. – Jamie Crawley Read more.

Bitlayer enters Solana with YBTC: The Bitcoin Defi Project Bitlayer cooperated with Kamino Finance and Orca to bring token supported by Bitcoin, YBTC, in Solana’s ecosystem. This integration was intended to combine Bitlayer’s security with Solana’s speed and scalability, which aligned with the Bitlayer’s goal of expanding the Bitcoin Defi sector. It will provide Bitcoin holders of folk exposure to BTC and harvest opportunities, says Charlie Hu, Bitlayer co-founder. The YBTC, which is PEG 1: 1 along with the BTC, is centered on the Bitvm Bridge of Bitlayer, designed for shifts of trust minimized Bitcoin by removing centralized mediators. The token serves as a direct representation of the locked BTC of users within the Bitlayer ecosystem, which enables seamless interoperability between Bitcoin and decentralized financial applications. By handling the YBTC, Solana users can maximize yields through institutional grade kamino revenue, providing automatic and optimized BTC-denominated return, which helps assets grow effortlessly. – Omkar Godbole Read more.

Valantis captures sthype: Valantis, a decentralized exchange (Dex) Protocol, got staked hype (Sthype)the second largest largest liquid staking token (Lst) in hyperliquid. The financial terms of the deal are not disclosed. Stype, launched as the first LST in Hyperevm, currently holds nearly $ 180 million in total amount locked (TVL)According to Sthype’s website. Following the deal, the operations, development, and sthype scalers are managed by Valantis Labs. Addison Spiegel, founder of Thunderhead, the team behind the sthype, will serve as a counselor to Valantis. Liquid staking became a central column within the hyperliquid ecosystem. According to DeleteLiquid staking accounts for more than half of Hyperliquid L1’s $ 2.26 billion on Defi TVL. The Acquisition builds on the earlier launch of Valantis of pools that are definitely LST for both Sthype and Hhype, which together attracts nearly $ 70 million on TVL and processed more than $ 500 million in trading volume. – Oliver Knight Read more.

Hyperbeat gets $ 5.2m in seed: Hyperbeat, a protocol power infrastructure that provides infrastructure to Hyperliquid decentralized exchange, closes a $ 5.2 million oversubscribe led by ether.FI ventures and electric capital. The increase will be used to develop their yield infrastructure for merchants, protocols, and institutions tapped by the hyperliquid ecosystem. Rotation also draws investments from Coinbase Ventures, Chapter One, Selini, Maelstrom, Digital anchorage, and community supporters through hypercollective. Hyperbeat serves as a native yield layer for hyperliquid, building without permission financial infrastructure that allows anyone to earn, stake, and spend directly from their on-chain portfolio. It opens the yield generated by hyperliquid funding rates – can only be accessible to sophisticated market participants – and fired it with simple, tokenized vaults. The news of the seed increases came as Hyperliquid’s Total amount that is locked exceeds $ 2.1 billion, and As the institutions begin to develop more interest in its ecosystem. – Margaux Nijkerkk Read more.

In other news

Skybridge Capital, Anthony Scaramucci’s investment company management company, is planning to pokenize $ 300 million worth of its fence funds on the avalanche network. The firm carries the digital macro master fund and legion strategies on-chain in collaboration with tokenization provider tokeny and its parents, Apex Group, who manages more than $ 3.5 trillion on the property, according to a statement shared with CoinDesk. Apex obtained Tokeny earlier this year. The initiative uses the ERC-3643 token standard with operating support from the APEX’s digital 3.0 platform, which holds the release, administration, and distribution. – Kimzian Sandor Read more.
Thumzup media, which counts Donald Trump Jr as a large shareholder, says it will get mukehash technologies, Inc. In an all-stock deal, pivoting from digital marketing to industrial-scale crypto mining. Under the agreement, musehash shareholders will receive 30.7 million shares of Thumzup, According to a release of TuesdayTransaction appreciation at $ 153.8 million, based on the price of sharing closure. The combined company will rebrand as Dogehash Technologies Holdings, Inc. and list at NASDAQ under the ticker XDOG, pending the shareholder approved this year. The company said it would also use Dogecoin’s Dogeos Layer 2 to stake in Defi products, aimed at boosting miners’ returns beyond the usual rewards. – Sam Reynolds Read more.

Regulation and policy

The crypto industry is mounted on a counteroffensive against the bid of bankers on Wall Street at Rewrite US ‘new stablecoin law. In a letter to the leaders of the Senate Banking Committee dated on August 19, the Crypto Council for Innovation and Blockchain Association urged lawmakers to reject proposals from the American Bankers Association, Bank Policy Institute and State Banking Groups to call for the removal of section 16(d) of the law and prohibition of yield programs offered by the affiliates of Stablecoin’s readers. Section 16(d) The subsidiaries of state-charter institutions are allowed to conduct money delivery throughout the state lines in support of stablecoin-provided activities, ensuring that holders can redeem their tokens across the country without the need for separate state licenses. Banking groups have warned earlier this month that allowing states that have been charter, uncertain institutions to issue stablecoins and operate nationwide will be worth the regulatory arbitration, by avoiding state licensing regimes. – Sam Reynolds Read more
The latest Vice Chair of the US Federal Reserve that oversees Wall Street Banking, Michelle Bowman, made A Crypto Speech on Tuesday That can be pronounced by one of the industry’s own policies, which promotes that banks are behind the digital assets surge and that the Fed provides sector policies that are not available in the crypto way. In the Wyoming Blockchain SymposiumBowman warned banks not to embrace the move toward the crypto “will play a decreased role in the financial system wider,” and he further underlined what became a clear change in crypto sentiment from US banking regulators. “Your industry has experienced significant frictions with bank regulators applying vague standards, conflicting guides, and uneven regulation interpretations,” he said. “We need a clear, strategic regulatory framework that will facilitate the adoption of new technology, recognized that in some cases, it may not be enough and inappropriate to apply existing regulatory guidance to address the emerging tech.” – Jesse Hamilton Read more.