Crypto-Blockchain Buzz: Asian Crypto cum DeFi Industry On Fire

There is an increasing trend of using Decentralized Finance (DeFi) in Asian origin. While Ripple Labs is trying to ensure mass adoption of its XRP in Asia and joined hands with Wainchain – a DeFi oriented business venture. Meanwhile, local law enforcement agencies such as Hong Kong police have raided and apprehended crypto scammers.

Similarly, an Asian bank namely which is more like a mobile bank has wished to become part of DeFi ecosystem.

These are all prominent developments that have taken place subsequently at the same time in the Asian crypto space.

Ripple’s XRP is the fourth most popular and largest cryptocurrency in the world. However, its status as a “cryptocurrency” is a matter of dispute between Ripple Labs and the Securities & Exchange Commission of the US. But due to Ripple Labs’ expansion and growing popularity in the Asian region, its value is surging a great deal. It has been confirmed by Ripple Labs that since the past week, XRP’s value has soared over 40%. Instant hikes were seen when XRP’s value gone above US$ 1 to a maximum of US$ 1.47 in a week’s time only.

Now the company has executed a deal with a DeFi oriented business venture called Wanchain. Ripple has suggested that the mutual cooperation between the newly formed partnership will further boost DeFi sector in Asia. It explained that DeFi is a unique crypto product that is meant for all and is a ground-breaking invention within the crypto industry.

Similarly, a famous commercial mobile bank of Asia too has shown its willingness to integrate DeFi within its mainstream system. However, for the purposes of maintaining secrecy and confidentiality, the name of the bank hasn’t been disclosed so far. The official announcement from the bank is expected very soon, until no name has been mentioned.

While on one hand the overall crypto sector is flourishing in the Asian markets but the law too is also tightening its grip against scammers.

Earlier it was noted by the local Hong Kong police that there were several crypto fraud schemes running in the region. The police also noticed that many new fraud schemes too were established by crypto scammers. In an effort to culminate the establishment of fraudulent schemes and for shutting down active schemes, police too action.

The action was comprised of a full-fledged police raid operation wherein several raids were carried out. Successfully the police managed to identify the scammers and during raids apprehended several scammers.

Police told the local media that the arrested scammers were involved in hosting crypto Ponzi schemes. It was pointed out that they were enticing people to invest on the pretext of false promises and commitments. However, before much damage could be caused upon the victims, the police took an action. Several scammers have been arrested which will be present to the concerned authorities for the imposition of charges against them.

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