Tag: Blockchain

Arkham Launches Perpetuals Exchange with On-Chain Auditing and Rewards

In brief

According to a release from Arkham Intelligence, the Arkham Perpetuals Exchange, a platform for trading spot and perpetual futures, will launch on Wednesday. The proof of reserves and on-chain auditing elements of the exchange will provide transparency for users. Arkham will also have a point-based rewards system that lets users trade points for the ARKM token, but access may vary by region.

Arkham Perpetuals Exchange: Transparent, On-Chain Auditing

The new Arkham Perpetuals Exchange is built for spot and perpetual futures trading, focusing on transparency with on-chain auditing and verifiable proof of reserves. This setup aims to meet demand for secure, accountable trading environments, providing users with insights directly from Arkham’s blockchain-based verification tools.

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Integrated Analytics for Enhanced Trading

Arkham’s platform integrates seamlessly with its existing analytics suite, offering users research and investigative tools to support trading decisions. This combination allows traders to access data-driven insights and track trends without leaving the platform, creating a more robust trading experience.

Point-Based Incentives and Restriction by Jurisdiction

Arkham Points, which are obtained through trading volume and exchanged for ARKM tokens after 30 days, are being introduced by Arkham in an effort to increase involvement. VIP accounts are rewarded much more. However, regulatory limitations limit distribution in some areas, like as the U.S., highlighting Arkham’s dedication to operating in a compliant manner in the crypto arena.

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MANTRA and Libre Capital Partner to Launch Tokenized Money Market Funds

Summary

Using MANTRA’s blockchain and Libre’s tokenization capabilities, MANTRA and Libre Capital have partnered to provide institutional and accredited customers with on-chain access to tokenized real-world asset (RWA) investments, such as money market and hedge funds.

Institutions’ Tokenized Investment Access

The partnership between UAE-based Libre Capital and Layer-1 blockchain MANTRA aims to offer tokenized investment options in hedge funds, money market funds, and private credit to MANTRA’s accredited and institutional customers. In order to increase on-chain investment access, our collaboration integrates Libre’s issuance capabilities with MANTRA’s RWA-focused blockchain.

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The Libre Gateway DeFi Solution

The Libre Gateway DeFi dApps, developed by Libre, will serve as the integration tool to allow eligible institutional investors on MANTRA access to top-tier, tokenized money market funds. This compliant access will bring institutional-grade finance to the blockchain ecosystem.

Statements from Executives at MANTRA and Libre

John Patrick Mullin, co-founder and CEO of MANTRA, highlighted the collaboration, saying it will provide users with the tools they need to grow the RWA economy. Dr. Avtar Sehra, the CEO of Libre, expressed optimism about expanding Libre’s tokenized asset offering by utilizing MANTRA’s RWA infrastructure.

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RWA Expansion with MANTRA’s Accelerator Initiative

Since MANTRA Chain’s mainnet became live in October, the network has partnered with Google Cloud as an infrastructure partner and validator. The accelerator program, which is scheduled to begin in early 2024, is intended to support MANTRA’s RWA market.

Kraken, Galaxy Digital, and Robinhood Back New USDG Stablecoin via Global Dollar Network

Summary

Paxos created USDG, a regulated stablecoin that is supported by well-known cryptocurrency companies Kraken, Galaxy Digital, and Robinhood. As a member of the Global Dollar Network, the stablecoin is expected to face competition from big heavyweights like Circle and Tether.

USDG Launch with Industry Support

Prominent crypto companies including Kraken, Galaxy Digital, and Robinhood are supporting USDG, a newly launched dollar-backed stablecoin from Paxos. According to a Nov. 5 announcement, the Global Dollar Network—a consortium of firms backing USDG—has been formed, with partners like Anchorage Digital, Bullish, Nuvei, and DBS Bank. USDG is regulated by the Monetary Authority of Singapore and backed by liquid U.S. dollar reserves.

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Compliant and Globally Expandable

USDG began operations on the Ethereum blockchain on October 31 and intends to spread to other networks as stablecoin laws change. Managed by DBS Bank in Singapore, the stablecoin is redeemable for fiat currency and is compliant with Singapore’s regulatory framework.

Addressing Market Gaps

In order to assist the stablecoin market reach its full potential, the consortium intends to solve “the lack of competition,” according to Kraken co-CEO Arjun Sethi. Sethi believes USDG will foster mainstream adoption and “accelerate new use cases” for digital assets.

Growth Driven by Consortiums

The USDG reserve yields will be used to reward consortium members, promoting worldwide adoption. Exchanges, banks, fintech companies, and payment providers are among the areas the network plans to onboard partners from, even though it is presently in an invite-only phase.

Going up against Circle and Tether

Since USDG is Paxos’s second stablecoin, it can rival well-known stablecoins like Tether and Circle’s USDC. With the planned entry of new players like Ripple with RLUSD and Stripe through its acquisition of stablecoin provider Bridge, the competition is anticipated to get more fierce.

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JPMorgan to Launch Dollar-Euro FX Settlements on Kinexys Blockchain

An overview

Using its digital token JPM Coin, JPMorgan Chase will soon launch quick dollar-euro foreign exchange settlements on its Kinexys blockchain. The bank wants to advance blockchain-based financial products and access FX revenue.

Instant Dollar-Euro FX Settlements

JPMorgan Chase & Co. is set to roll out blockchain-based foreign exchange settlements for dollar-euro transactions via its Kinexys platform. According to a Nov. 6 Bloomberg report, Kinexys—formerly known as Onyx—will use JPM Coin, JPMorgan’s dollar-pegged digital token, to process FX transactions instantly. After regulatory approval, the bank intends to launch sterling settlements.

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Generating Revenue through FX Spreads

Naveen Mallela, JPMorgan’s global co-head of Kinexys, shared the bank’s goal to open new revenue streams through FX spreads on its blockchain platform. Launched in 2020, Kinexys was designed to facilitate digital payments and streamline currency exchanges with JPM Coin, adding efficiency and speed to traditional banking services.

The Cautionary Approach of Institutional Traders

Institutional traders are still wary of blockchain’s potential despite JPMorgan’s blockchain projects. According to a recent JPMorgan study of more than 4,000 institutional traders, only 7% believe blockchain will be a valuable asset in the next three years. This outcome demonstrates the general reluctance of the industry.

JPM Coin’s Growing Achievement

In mid-October 2023, JPMorgan released a report highlighting JPM Coin’s increasing use in digital settlements and the potential of blockchain technology to transform financial infrastructure. The report indicated that JPM Coin handles more than $1 billion in transactions every day.

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Standard Chartered and Ant International Settle SGD Transaction on Blockchain

Summary

Standard Chartered and Ant International successfully completed SGD liquidity transfers via Ant’s Whale platform, enhancing cross-border transaction efficiency and transparency. The companies aim to expand their blockchain partnership in Singapore.

Blockchain-Based SGD Settlement Completed

British banking giant Standard Chartered and Ant International, a division of Ant Group, have completed an SGD-denominated liquidity transfer using Ant’s blockchain-powered Whale platform. The transaction aims to improve the transparency and efficiency of fund transfers between bank accounts, according to a Nov. 5 report by The Asian Banker.

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Enhanced Liquidity Management

The integration of Standard Chartered with Ant’s Whale platform optimizes intra-group liquidity management for cross-border transactions. Mahesh Kini, global head of cash management at Standard Chartered, highlighted blockchain’s transformative impact, stating, “The technology is revolutionizing treasury management, and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits.” Kini emphasized the goal of providing real-time, transparent liquidity flows.

Expanding Collaboration to Singapore

Following successful tests in Hong Kong, Kelvin Li, head of platform tech at Ant International, revealed plans to extend blockchain-based settlements to Singapore. “We hope to build on the momentum of our previous collaboration and continue developing new solutions to make global liquidity management even more seamless and secure,” said Li.

Participation in Ensemble Sandbox Project

Both Standard Chartered and Ant International are active in the Hong Kong Monetary Authority’s Ensemble Sandbox, where they explore various tokenization use cases. Standard Chartered’s Hong Kong branch has been involved in Project Ensemble since May, working to establish industry standards for tokenized transactions with Ant International’s Whale platform supporting two use cases.

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Internet Computer Reports 1,230% Surge in Cross-Chain Activity with Chain Fusion Protocol

To put it briefly

The DFINITY Foundation’s 2024 Ecosystem Report highlights the growing importance of blockchain in interoperability, citing a 1,230% increase in cross-chain activity on the Internet Computer’s Chain Fusion protocol. Despite difficulties in the Web3 labor market, the study also reveals a rise in developer excitement.

Major Growth in Cross-Chain Interoperability

The Swiss-based DFINITY Foundation has reported significant growth in cross-chain activity on its Internet Computer (ICP) blockchain platform. ICP’s Chain Fusion protocol, which allows smart contracts to directly connect with other blockchain networks like Bitcoin and Ethereum, saw a 1,230% increase in activity over the past year, according to a press release. The report also shows an increase in developer excitement despite challenges in the Web3 labor market.

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The Chain Fusion Protocol’s Impact on Developer Activity

ICP’s Chain Fusion handled 2,040% more messages in the past year, in addition to the 1,230% increase in activity, suggesting a spike in developer interest and adoption. As seen by the report’s 150% rise in overall network activity and 30% growth in full-time developers on the platform, ICP is positioned as a strong development environment during a slowdown in employment in the Web3 industry.

Direct Bitcoin Integration Increases the Allure of ICP

One of ICP’s most notable characteristics is its direct interaction with Bitcoin, which enables developers to incorporate the security of Bitcoin into decentralized applications without the need for risky “bridges.” Projects like Rainbow Protocol and Tap Protocol have been able to leverage ICP’s smart contract functionality to safely and effectively expand the use cases of Bitcoin by bringing sophisticated financial applications to the network.

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Bybit is fined $2.4 million by the Dutch Central Bank for a regulatory violation.

In brief

De Nederlandsche Bank (DNB) fined cryptocurrency exchange Bybit $2.4 million for operating in the Netherlands without requiring registration. The fine is an example of how anti-money laundering regulations are strictly enforced in order to prevent illegal financial activities in the bitcoin industry.

X (formerly Twitter) post about Dutch Central Bank

Bybit’s breach of Dutch legislation resulted in their punishment

De Nederlandsche Bank (DNB), the central bank of the Netherlands, fined Bybit €2.2 million ($2.4 million) for providing bitcoin services in the country without the necessary registration. The Anti-Money Laundering and Anti-Terrorist Financing Act requires cryptocurrency providers to register with the DNB in order to prevent illicit financial activity, and Bybit was fined on October 22 for breaking this law.

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In order to prevent illicit money transfers, registration is required

Bybit’s noncompliance, according to DNB, made it more difficult for the business to record odd transactions, which is a crucial legal requirement in the Netherlands. Given that “Bybit was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance,” DNB emphasized the dangers associated with the absence of regulatory control in the cryptocurrency sector.

Consideration of Severity and Mitigation Measures in Fine

The fine amount, according to the central bank, is indicative of the “severity, extent, and duration of Bybit’s non-compliance.” However, DNB pointed out that Bybit’s efforts to resolve the matter resulted in a minor reduction in the punishment, since the company moved its Dutch clients to SATOS B.V., a local partner that possesses the required registration to serve Dutch clients.

Bybit’s Response and Committed Adherence

In reaction to the penalties, Bybit reaffirmed its commitment to regulatory compliance and acknowledged DNB’s ruling. The firm stated in a news release that “remediation efforts were initiated in 2022 to minimize potential financial damage.” Bybit CEO Ben Zhou emphasized the company’s dedication to “responsible growth” within the EU regulatory framework, saying, “We remain committed to working closely with European regulators to build a responsible and transparent ecosystem.”

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STAKING AI Unveils No-Cost Crypto Staking, Bringing Staking Opportunities to Everyone

Summary

STAKING AI just dropped a game-changer with its new Free Crypto Staking Plan. This lets everyone from newbies to crypto pros in on earning staking rewards without risks of pushing any cash down. This daily, zero deposit staking option will make crypto more accessible to normies and even to the ones that don’t know crypto.

STAKING AI, one of the big names in PoS infrastructure space announced the release of its brand new Free Crypto Staking Plan. This plan provides crypto users with a risk-free entry into the staking world, where zero deposits are made which means it allows users to earn without any upfront investment. This plan mostly enhances new players’ staking experience and it is also beneficial for seasoned crypto users.

In short, this free crypto plan offers daily staking opportunities that doesn’t require any deposits, this makes it an ideal choice for anyone new to staking. STAKING AI says this mission will help expand blockchain’s access through its secure infrastructure and unique staking solutions.

Users require to sign up with their respective email, username and optional referral code to start accessing STAKING AI’s staking network which covers major assets and various staking plans. With such simple sign up users can enjoy Crypto Staking without risks. The company’s top tier setup guarantees non-stop access, worldwide reach and full time node support.

The platform also gives non-custodial delegation services, which basically means users have full control over their staked assets throughout the staking process. Additionally they use high quality PoS networks managed by a big international teams who work round-the-clock ensuring platform’s security.

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Bhutan Turns to Bitcoin Mining for Economic Self-Reliance

Bhutan, a small kingdom in south asia, is using bitcoin mining as a part of its strategy to obtain economic self-reliance. Bhutan famous for hydropower, has been secretly building a mining infrastucture using its renewable energy. This project has placed Bhutan on the global stage alongside El Salvador as one of the few countries officially mining bitcoin.

Hydro Power Meets Bitcoin

Hydroelectric power projects have provided Bhutan with vast energy resources, this excess energy initially used to support neighbouring country India, is now being used to mine Bitcoin. This move highlights Bhutan’s intention to secure nation’s future in digital economy.

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Significant Bitcoin Holdings

Bhutan is the fourth largest government holder of Bitcoin globally with over 13,000 BTC. Bhutan has surpassed El Salvador with an appropriate holding of 0.122 BTC per citizen. Meanwhile, Bhutan’s reserve amounts to nearly $8,000 per citizen. This tactical investment has given Bhutan a Financial support as it continous to grow its Crypto mining capabilities.

A Future Bitcoin Standard?

Experts have speculated that Bhutan could adopt a blockchain standard. This would mean pegging Bhutan’s Currency Ngultrum, to Bitcoin. This would offer a stable decentralized alternative to national currencies.

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Bhutan’s Global Economic Role

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By expanding its Bitcoin mining Infrastucture, Bhutan has put itself on a favourable position for future decentralized finances (DeFi). As the world shifts away from fiat currencies, bhutan’s Bitcoin Reserves could serve as a blueprint for other nations. This could enhance Bhutan’s economic sector despite it’s small size and population.

Blockchain Democracy App Released by Georgia Opposition Party Prior to Elections

In brief The United National Movement has introduced United Space, a blockchain-based application intended to encourage civic engagement and voter turnout by providing incentives for participation, ahead of Georgia’s parliamentary elections. The app, which is powered by Rarimo, presents a liquid democracy paradigm and allows anonymous voting.

Blockchain Voting with United Space

In a move to address low voter turnout, Georgia’s United National Movement, an opposition party, has launched United Space, a blockchain-powered identity app. United Space leverages the Rarimo zero-knowledge protocol to reward citizens for participating in democratic processes and enable anonymous voting. The party plans to better link United Space with the country’s Public Service Hall in order to investigate experiments with Universal Basic Income and other digital governance alternatives if elected.

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Voting Security and Anonymity

Rarimo’s Freedom Tool, a zero-knowledge proof technique for confirming citizenship, is the foundation upon which the app is based. Voters can take part in the democratic process with unparalleled privacy by uploading their encrypted identification documents onto a safe, on-chain registry. Given Georgia’s political unrest stemming from authoritarian worries, this degree of anonymity is essential.

Civic Involvement and Benefits

Through a points system, United Space promotes greater civic engagement in addition to voting. By participating, citizens can accrue points and become stakeholders in strategic assets and public services. While Kitty Horlick of Rarilabs highlights the app’s function in transforming citizens into direct stakeholders in public resources, Giorgi Vashadze, MP and head of the United National Movement, views United Space as a tool to strengthen democracy in Georgia and beyond.

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