The stablecoin issuer Paxos partnered with the crypto exchange Kraken, the retail trading giant Robinhood and a handful of other digital asset firms to launch a new stablecoin network for enterprises.

The new “Global Dollar Network” is an open network that aims to increase stablecoin usage around the globe, according to a new press release from Paxos.

The new network’s native stablecoin is the Global Dollar (USDG), which Paxos issues out of Singapore. The stablecoin firm notes that the asset is designed for enterprises and will be compliant with the Monetary Authority of Singapore’s upcoming stablecoin framework.

Explains Charles Cascarilla, the chief executive and co-founder of Paxos,

“Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal-wide adoption of this technology.”

The crypto investment giant Galaxy Digital, the digital asset infrastructure provider Anchorage Digital, the exchange Bullish and the payment tech firm Nuvei also serve as partners on the project.

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This week, crypto exchange Kraken stole the show with its $42.5 million grant raise from Optimism.

Kraken has disclosed its latest decision to launch Ink, a layer-2 on the Optimism (OP) blockchain. As a part of the deal, Optimism has announced that they will offer $42.5 million, or 25 million OP tokens.

This has brought the exchange’s funds raised to date to $164.8 million. Crypto.news dug deeper into the firms that raised the most capital from Oct. 27 to Nov 2.

Here are the firms that bagged million-dollar amounts during this period, according to data from Crypto Fundraising.

Glow Labs, $30 million

• Glow Labs is a community-powered platform that aims at ramping up global solar energy adoption.
• The firm raised $30 million from Framework and Union Square Ventures.

Kraken has expanded its offshore with a new derivatives trading venue in Bermuda, licensed by the Bermuda Monetary Authority.

Kraken, a major global cryptocurrency exchange, has launched a new derivatives trading platform in Bermuda after securing a digital asset business license from the Bermuda Monetary Authority, according to a company press release.

The move comes as the U.S. Securities and Exchange Commission increases scrutiny on crypto exchanges, pushing firms like Kraken to seek offshore opportunities.

With the BMA license, Kraken can now offer its clients a range of crypto derivatives, including perpetual and fixed-maturity futures, using various types of collateral, such as fiat currencies and over 30 cryptocurrencies, the release said.

Derivatives are financial contracts that allow users to speculate on or hedge against the future value of assets. They have become a key feature in crypto trading and account for most of the trading volume globally. Offering derivatives helps clients manage risk efficiently while capitalizing on market opportunities.

Kraken in Bermuda

Bermuda has become an attractive destination for crypto businesses due to its clear regulatory framework. Kraken joins other major players like Coinbase and HashKey Global, which have also received BMA licenses. 

Kraken’s new platform enables round-the-clock trading, reflecting the 24/7 nature of the crypto market, and aims to attract clients looking for a regulated venue with a broad range of derivatives products.