Welcome to the February 19, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realm of Web3 and finance can be a challenge. However, we are here to provide you with a concise overview of the most significant news you might have overlooked today.
February 19, 2024 Genfinity News Recap
Apple faces criticism for slow response to fake apps
A fake Rabby Wallet app is tricking users on the Apple App Store. The situation was summarized nicely by CoinTelegraph, with the outlet reporting that the real Rabby Wallet app is still under review. Yet, the fake app is stealing money from users while Apple conducts the review process for the official developer, DeBank Global Pte. Ltd.
This isn’t the first time a fake crypto wallet app has appeared on the App Store, and similar scams have happened on other app stores as well. Notably, CoinTelegraph reports that this type of scam also occurred recently with a fake Curve wallet application.
It’s particularly alarming that the Apple Store is also slow to remove fake applications, as previously reported by AppleInsider.com. Be careful when downloading crypto wallet apps, and only download the official app from the developer’s website or a trusted app store.
Digital asset record inflows continue
CoinShares’ aggregated data highlights that record inflows continue for digital assets, with Bitcoin leading the way. Digital asset investment products experienced a record-breaking week with inflows of $2.45 billion, pushing year-to-date inflows to $5.2 billion. This surge, primarily driven by the US market, brought total assets under management back to December 2021 levels at $67 billion, despite any recent outflows from blockchain equity ETFs.
Stablecoins — Y Combinator is seeking investment
CoinDesk reported that Y Combinator, the startup incubator to companies like Airbnb and Coinbase, is seeking investment opportunities in stablecoin finance. Their annual request for startups list highlights areas they’d like to see entrepreneurs focus on, and this year, stablecoins are a key area of interest.
YC believes stablecoins have immense potential due to their ease of use and growing adoption by traditional financial institutions. They see opportunities for B2B and consumer products, tools and platforms related to stablecoins, and even new stablecoin protocols themselves. Nasdaq is also in agreement with YC, noting in a January 2024 prediction article that financial services like remittances and payroll could be use cases for crypto to go more mainstream.
We hope you enjoyed our February 19, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
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