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Elon Musk's X Ventures Expands into Financial Services and PacWest Emergency Rescue

Elon Musk’s X Ventures Expands into Financial Services and PacWest Emergency Rescue

This week’s Crypto Biz delves into Elon Musk’s plans for the rebranded social media platform X, the Italian central bank’s foray into DeFi, PacWest’s merger with Banc of California, and the shifting preferences of crypto investors towards Ether and XRP. Here are the key points:

– Elon Musk envisions X as an “entire financial world” and plans to incorporate financial services on the platform. He hints at the inclusion of cryptocurrencies, with Dogecoin potentially playing a role. X’s expansion could have significant implications for the future of money in the Western world.

– The Italian central bank has chosen a decentralized finance (DeFi) project, developed by Cetif Advisory in collaboration with Polygon Labs and Fireblocks, to assist financial institutions in exploring DeFi and tokenized assets. This move reflects growing interest in security tokens within the crypto industry.

– PacWest bank experienced a flash crash, with its stock plummeting 27% before recovering following its merger with Banc of California. The merger aims to strengthen both banks in the aftermath of industry turmoil.

– Bitcoin investment products saw outflows for the first time since June, while Ether and XRP investment products recorded inflows. Altcoins Solana and Polygon also saw some inflows, potentially benefiting from Ripple’s legal victory against the SEC. Despite this, Bitcoin remains the dominant digital asset investment product.

In summary, this week’s Crypto Biz explores Elon Musk’s ambitious plans for X, the Italian central bank’s embrace of DeFi, PacWest’s merger with Banc of California, and the shifting investor preferences within the crypto market.

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