Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and heavily impacting the payments industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space. 

This week, Revolut has made a significant step in the crypto market by launching the Revolut X crypto exchange, whilst there is now light at the end of the tunnel for those affected by the FTX collapse. 

Compliance-first for Revolut X

The launch of Revolut’s dedicated cryptocurrency exchange marks a significant advancement for UK crypto according to Coincover

Regulatory talks may have bolstered Revolut’s position to launch the cryptocurrency exchange ahead of the impending bill, with Alex Saleh, Head of Partnerships at blockchain protection firm Coincover, praising Revolut X’s ‘compliance-first’ strategy. 

He explained: “It’s really positive to see Revolut place a lot of emphasis on its “compliance-first” strategy. With robust compliance and security measures, it sets an example for a mature approach to crypto trading that aligns with institutional norms and should help to build trust in the market.”

Restitution plan confirmed for victims of FTX collapse

After 17 months since the notorious collapse of FTX, those affected will now be able to pay back as part of a restitution plan. 

FTX forecasted that a total value of funds between $14bn-$16bn was collected and is available after a recent bankruptcy hearing at the US Bankruptcy Court for the District Court of Delaware. 

John J. Ray III took over as the crypto exchange’s CEO after his disgraced predecessor, Sam Bankman-Fried, was arrested in his residency in the Bahamas in December 2022. 

US sports stars settle Voyager lawsuit 

Former New England Patriots player Rob Gronkowski has agreed to pay $1.9m to those affected by the collapse of cryptocurrency brokerage firm Voyager Digital

Gronkowksi, alongside NBA player Victor Oladipo and US motosports racer Landon Cassill, agreed to settle the lawsuit lobbied against them by victims of the Voyager collapse.

Robinhood falls under the US SEC scope

Trading platform Robinhood Crypto (RHC) has received a Wells Notice from the US Securities and Exchange Commission (SEC).

This followed RHC receiving subpoenas from the SEC in February regarding its cryptocurrency listings, custody and platform operations. Responding to the notice, the company wrote in a blog that it has made difficult choices not to list certain tokens or provide products, such as lending and staking.

Blockchain ticketing part of Knaken & Feyenoord partnership

Knaken has debuted its product ‘Settle’ in the world of sports as part of a season ticket renewal deal with Dutch football club Feyenoord.

Although Settle is currently used specifically for season ticket renewals at Feyenoord, the pair have shared plans to further integrate this technology into other aspects of the online customer experience.