Blockchain Industry Weekly Report: Key Developments in Cryptocurrency, DeFi, and CBDCs

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The global blockchain and cryptocurrency landscape continues to evolve rapidly, driven by innovation in decentralized finance (DeFi), central bank digital currencies (CBDCs), enterprise adoption, and regulatory developments. This comprehensive overview captures the most significant events shaping the industry—from major tech players entering the space to governments testing digital currency frameworks.

Major Tech and Financial Players Expand Blockchain Initiatives

ByteDance Files Patent for Digital Currency Wallet and Payment System
Beijing Zitiao Network Technology Co., Ltd., a subsidiary of ByteDance, has publicly disclosed a patent titled "Methods and Devices for Generating Digital Currency Wallets and Conducting Digital Currency Payments." The patent, published on January 19 under number CN112241885A, outlines technical solutions for creating and using digital wallets compatible with central bank digital currencies (CBDCs). This move signals ByteDance’s strategic interest in integrating blockchain-based payment systems into its vast ecosystem of apps, including TikTok and Douyin.

👉 Discover how blockchain is transforming digital payments and fintech infrastructure.

NetEase Advances Blockchain Privacy with New Patents
NetEase (Hangzhou) Network Co., Ltd. has unveiled two blockchain-related patents: one for "Asset Verification Based on Blockchain" (CN112347516A) and another for "Transaction Packaging Methods Using Blockchain Technology." The asset verification method enhances user privacy by minimizing exposure of personal financial data during verification processes. These innovations reflect growing corporate interest in leveraging blockchain not just for transparency, but also for secure, privacy-preserving applications.

Regulatory and Governmental Developments in Digital Currencies

International Central Banks Accelerate CBDC Pilots
According to the Bank for International Settlements (BIS), 62% of central banks are now conducting practical experiments or pilot programs for central bank digital currencies (CBDCs)—a significant increase from 42% the previous year. Countries like China are leading the charge, with pilot programs already underway in multiple cities.

In Europe, Sweden’s Riksbank has extended its e-krona CBDC trial by 12 months, now running until February 2022. The project, supported by Accenture, explores how a digital version of the krona could serve as a complement to physical cash.

Meanwhile, Russia is moving toward a two-tiered digital ruble system, where commercial banks would act as intermediaries between the central bank and the public. Central Bank Governor Elvira Nabiullina confirmed that most financial institutions favor this model, which balances control with scalability.

China Moves Forward with Digital Yuan Integration
Alibaba's MYbank and Tencent's WeBank are reportedly set to join the digital yuan pilot program. Although not yet active, their inclusion in the official digital RMB app suggests imminent integration. Once live, users may be able to link accounts directly through these platforms, enabling seamless peer-to-peer transactions and merchant payments using China’s sovereign digital currency.

Enterprise Adoption and Strategic Partnerships

Geely Holdings Launches Blockchain Joint Venture with Concordium
Chinese automotive giant Geely Holding Group has formed a joint venture with Swiss blockchain foundation Concordium, holding an 80% stake. The collaboration aims to deliver blockchain-powered business models and decentralized applications (DApps) tailored for the automotive industry and beyond. With a focus on identity verification and supply chain transparency, the platform will leverage Concordium’s privacy-preserving blockchain technology.

Binance Research Partners with INSEAD for Blockchain Education
Binance Research has partnered with INSEAD, one of the world’s top business schools, to launch a Chinese version of Don Tapscott’s renowned "Blockchain Revolution" course. This initiative aims to bridge knowledge gaps in blockchain technology among executives and entrepreneurs, promoting wider understanding of its transformative potential across industries.

DeFi, Security, and Infrastructure Advancements

CertiK Completes Second Audit of 88mph’s ERC-20 Zero-Coupon Bonds
DeFi protocol 88mph has passed its second security audit conducted by CertiK, a leading blockchain security firm. The review found no critical vulnerabilities—only two minor issues—confirming the robustness of its fixed-rate yield generation mechanism. Transparency in auditing remains crucial as DeFi protocols handle increasing volumes of user funds.

The Graph Expands Support to Polkadot, Solana, NEAR, and Celo
The Graph, a decentralized protocol for indexing blockchain data, has announced integration with four new layer-1 blockchains: Polkadot, NEAR, Solana, and Celo. This expansion increases developer access to real-time data across ecosystems, accelerating dApp development and cross-chain interoperability.

ONTO Web Wallet Launches with Cross-Chain Functionality
ONTIO’s browser extension wallet, ONTO Web, is now live, supporting Ontology, Ethereum, and Binance Smart Chain—with Tron, Polkadot, Bitcoin, and others planned for future rollout. Users can manage assets across chains, interact with dApps, and store NFTs securely. The wallet emphasizes user data protection and ease of use.

Cryptocurrency Market Trends and Institutional Moves

PayPal Rules Out Corporate Investment in Bitcoin
Despite offering retail crypto purchasing services, PayPal has clarified it has no plans to invest corporate treasury funds into Bitcoin or other cryptocurrencies. CFO John Rainey emphasized the company’s focus on enhancing platform features rather than holding digital assets on its balance sheet—a stance contrasting with firms like MicroStrategy and Tesla.

BCB Group Launches BCB Treasury for Institutional Crypto Exposure
UK-regulated crypto firm BCB Group introduced BCB Treasury, an enterprise-grade solution allowing companies to integrate Bitcoin into their financial strategies. The service handles custody, banking relationships, and transaction execution—making it easier for corporations to treat digital assets as part of their treasury management.

👉 Learn how institutions are integrating cryptocurrency into treasury operations.

Mining, Hardware, and Network Upgrades

NVIDIA Launches CMP Series for Ethereum Mining
In response to GPU shortages caused by mining demand, NVIDIA unveiled its Cryptocurrency Mining Processor (CMP) line, designed exclusively for Ethereum mining. By separating gaming GPUs from mining hardware, NVIDIA aims to stabilize supply for gamers while meeting miners’ needs. The first two models launched in Q1 2021.

Mars Cloud Mining Reports $10 Million in Ethereum Miner Purchases
Mars Cloud Mining disclosed it has acquired over $10 million worth of Ethereum mining equipment, with 70% allocated to joint mining ventures with clients and 30% retained internally. The company also launched its own branded mining rigs ahead of the Chinese New Year.

Global Adoption and Taxation Policies

Zug, Switzerland Accepts BTC and ETH for Tax Payments
The Swiss municipality of Zug—often called "Crypto Valley"—now allows residents and businesses to pay taxes using Bitcoin and Ethereum, up to 100,000 CHF (~$109,700). This initiative reinforces Switzerland’s position as a crypto-friendly jurisdiction with supportive regulatory policies.

Bermuda Launches Digital Currency Pilot with Stellar Network
With government backing, Canadian fintech Bidali launched a pilot program enabling locals to purchase Gosling Rum using digital Bermudian dollars on the Stellar blockchain. This project is part of a broader effort to build an integrated crypto payment system using a digitized version of the national currency.

Frequently Asked Questions (FAQ)

Q: Is China’s digital yuan already in use?
A: Yes, China has been conducting extensive pilot tests of its digital yuan (e-CNY) since 2020 in cities like Shenzhen, Suzhou, and Beijing. It is being used for retail payments, government subsidies, and public transportation.

Q: What is a two-tier CBDC system?
A: A two-tier CBDC system involves the central bank issuing digital currency to commercial banks or payment providers, who then distribute it to the public. This model maintains financial stability while leveraging existing banking infrastructure.

Q: Why are companies investing in blockchain privacy technologies?
A: Blockchain offers transparency but can expose sensitive data. Privacy-preserving methods—like zero-knowledge proofs or secure asset verification—allow organizations to benefit from decentralization without compromising confidentiality.

Q: How do cross-chain bridges work?
A: Cross-chain bridges enable communication and asset transfer between different blockchains (e.g., Ethereum to Polkadot). They use smart contracts or oracles to lock assets on one chain and mint equivalent tokens on another.

Q: Are more banks entering the crypto space?
A: Yes—banks like Sygnum (Switzerland) and services like BCB Treasury are emerging as regulated gateways for institutional crypto adoption. Japan’s SBI invested millions in Sygnum, signaling growing confidence in crypto banking.

Q: What risks does USDT pose to Bitcoin markets?
A: As noted by JPMorgan analysts, over 50% of Bitcoin trades are paired with Tether (USDT). Since USDT lacks full audits and regulatory oversight compared to traditional banking instruments, a loss of confidence could trigger liquidity shocks across crypto markets.

👉 Stay ahead of market trends and understand emerging risks in crypto trading.

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