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The forthcoming multi-chain system will use ZK proofs to transfer assets between networks. Polygon Labs, creator of the Polygon (MATIC) network, has proposed an architecture for its forthcoming “Polygon 2.0” project. The team suggested in a June 29 blog post that the new project should be made up of four different ‘layers,’ which will combine to create a web of networks ultimately connected to each other through Ethereum. If approved by validators, Polygon 2.0 will also feature an aggregator that makes bridge transactions “near-instant and atomic” the team said. 1/ Today, we are excited to propose the Polygon 2.0 architecture , designed to provide unlimited scalability and unified liquidity, thus transforming Polygon into the Value Layer of the Internet! Read the blog or keep scrolling https://t.co/sShy6R1E6R pic.twitter.com/BTdwkri4nI — Polygon (Labs) (@0xPolygonLabs) June 29, 2023 The team first announced Polygon 2.0 on June 12, claiming that the new project would establish “the...

The court also rescheduled the pre-trial conference to a pre-motion conference, shifting it to July 13 from its original date of Aug. 24. The United States Securities and Exchange Commission (SEC) will present its response to Coinbase’s first legal defense on July 13, according to a court order issued on Thursday, June 29. In a legal document filing, the SEC submitted a request to the court for a three-business-day extension. This extension was sought to provide the SEC adequate time to prepare a response to the letter submitted by Coinbase, the defendant. The defendants have agreed to the request. The previous deadline for the SEC to file its response to Coinbase’s letter was July 3, 2023, according to Rule 4(A) of the court’s individual rules. However, Judge Katherine Polk Failla approved the SEC’s request for more time and set the new date of July 13. In addition, the court rescheduled the pre-trial conference to a pre-motion conference, bringing it forward to July 13 at 2:00 p...

LayerZero CEO Bryan Pellegrino is optimistic about the future of the blockchain industry and the “really important plumbing” LayerZero provides for it. The outlook for the crypto industry is bright. As a matter of fact, the present isn’t even all that grim, Bryan Pellegrino, CEO of cross-chain interoperability protocol LayerZero, told Cointelegraph at the Collision conference in Toronto. “2015 was basically unbearable. […] Nobody cared; there was nothing. This really doesn't seem that bad to me,” Pellegrino said. LayerZero has seen surging use of its protocol, from 10,000 messages a day six months ago to 650,000 a day now, Pellegrino told Cointelegraph U.S. news editor Sam Bourgi. Its market is rapidly evolving. Pellegrino said: “Historically, it’s been largely DeFi [decentralized finance]. Probably 70% of our overall volume is real DeFi use cases, […] but probably 80% of our inbound is split between gaming and NFTs.” “I think the 36 months moving forward are going to look a lot ...

Join Our Telegram channel to stay up to date on breaking news coverage Popular crypto exchange Coinbase will now start providing the Coinbase Card to its customers in the US with lucrative cashback offers. The card was initially launched in the UK in April last year. A new debit card offering The Coinbase Card is a debit card that could be used to spend a user’s cryptocurrency holdings on the exchange directly without converting it to fiat in a bank account. The card will now be available in the US after receiving all the regulatory greenlights. The card was first launched in the UK market in April 2019, after which it was made available in other European markets. It is currently available in Romania, Liechtenstein, Croatia, Hungary, Poland, Bulgaria, Iceland, Sweden, Norway, and Denmark as well. The card can be integrated with Google Pay before the physical card arrives. This allows users to make contactless payments, PIN payments, Chip payments, and make withdrawals at an A...

The world’s largest stablecoin Tether recently confirmed that a significant portion of its reserves were in commercial paper and other securities connected to banks and entities in China. But Tether’s connections to China run far deeper than this commercial paper. Since the very beginnning, China has been an important part of Tether’s history — from the experiences of its executives to the assets which make up the reserves, and to the real world use-cases that Tether has found. Tether founders and China Brock Pierce is a founder of Tether. Before that, he ran a company called Internet Gaming Entertainment (IGE) which sold virtual goods for Everquest, World of Warcraft, and other online games. IGE relied on workers across China who would mine digital gold and then sell it to IGE who would then re-sell it into the primarily Western market. This business was run (with various legal disputes) together with Jonathan Yantis, another Tether co-founder. William Quig...

Troubled cryptocurrency trust Prime Trust has been accused of using customer funds and venture capital to cover lost deposits, according to court documents filed by Nevada’s Financial Institutions Division (FID). Attorneys filed the petition on Monday to impound Prime Trust assets, appoint a receiver for rehabilitation, and bar Prime execs and employees from accessing accounts. The cryptocurrency trust is currently licensed as a money transmitter in 15 US states. Most major customers claim to have stopped using the custodian over the last few weeks — which has exacerbated its financial woes to the extent that regulators are worried the firm will do “irreparable harm” if a receiver doesn’t step in. “Prime is in an unsafe financial condition and/or is insolvent,” the FID warned in its petition. “ Prime condition will only progressively worsen as customers continue to withdraw.” The FID filed a cease and desist against Prime Trust on June 21, ordering i...

Shiba Inu, a meme coin, has experienced a notable surge in popularity over the past few years. Within the Shiba Inu community, there has been active involvement in diverse projects and advancements, one of which is the Shibarium network. Now, it appears that Shiba Inu NFTs are getting an update. In 2022, the Shiba Inu team unveiled a number of initiatives. THese include the Shiba Eternity game and the SHIB metaverse, which generate significant anticipation among enthusiasts. However, the launch of Shibarium has encountered delays for various reasons. Also read: Optimism Network Transactions Skyrocket by 67% after Bedrock Upgrade, Reports Nansen Source: The Cryptonomist Shiba Inu’s Kusama teases something lovely coming to Shiboshis Shytoshi Kusama, the lead developer of Shiba Inu, has tweeted that exclusive SHIB-generated non-fungible tokens (NFTs) may be on the horizon. This brings something delightful for Shiboshis. Yesterday, our tech frens @badideaai mentioned a new Shiboshi use cas...

Blockchain security provider Fireblocks has partnered with cloud service giants AWS, Google Cloud, and Alibaba Cloud to expand accessibility and serve a wider range of businesses. Fireblocks, known for its robust infrastructure support in the crypto industry, has teamed up with leading cloud service providers, including Amazon Web Services (AWS), Google Cloud, and Alibaba Cloud. The collaboration aims to improve accessibility and meet the evolving needs of financial institutions with both on-premise and cloud-based IT infrastructure solutions. With support for AWS, Google Cloud Platform, and Alibaba Cloud, Fireblocks aims to expand its market share in the cloud industry. By integrating these cloud platforms into its infrastructure, Fireblocks consolidates various aspects of crypto management onto a unified platform. This streamlines operation and simplifies digital asset transactions, allowing businesses to navigate the crypto space easily. You might also like: Fireblocks I...

Institutional MPC wallet company Fordefi will integrate its native wallet solution with applications and protocols built on Solana. Unlike wallet s owned by individual accounts, institutional wallet s must be able to provide access to multiple different stakeholders.   MPC stands for multi-party computation and is a type of wallet security that allows multiple parties to have access to the same wallet without revealing any personal information to one another.  “As tokenization continues to proliferate and mature, it will be imperative to have infrastructure products like the Fordefi platform that enable institution s to efficiently and intuitively manage their assets,” Ben Sparango, head of business development at Solana Foundation, said in a press release reviewed by Blockworks. Although Solana already has different types of MPC wallets integrated with its ecosystem, Dima Kogan, Fordefi co-founder and chief technology officer, told Blockworks that simply being an MPC wallet is n...

Join Our Telegram channel to stay up to date on breaking news coverage December of 2020 marked the beginning of a showdown between the Securities and Exchange commission in their bid to prosecute Ripple labs for selling $1.3 Billion worth of XRP which they have determined as a security. The initial announcement of the case against them was met with incredible distaste from the crypto community and is still ongoing today.  It’s important to note that the SEC have been dubbed to fail in persecuting Ripple labs and they’ve already set their sights on other exchanges in similar cases. Both Coinbase and Binance, two of the US’s biggest central crypto exchanges have now been confirmed to be on the receiving end of a lawsuit for selling what’s considered, but not registered as a security.  Crypto is not a new venture by any means, with its endless real-life applications and payment gateways. Many who have not dipped their toes into the crypto market yet have been fed a narrative of cr...

The long-standing legal disagreement between the U.S. Securities and Exchange Commission (SEC) and Ripple has attracted considerable public interest for a duration of over two years. The SEC asserts that Ripple promoted its digital currency, XRP, as a security, thereby raising potential implications for its future worth and expansion. Also read: Shiba Inu: On-Chain Data Shows Disturbing Activity The resolution of this case carries substantial importance for the cryptocurrency sector and the regulatory issues it faces. David Schwartz, the CTO of Ripple, recently spoke out regarding the rumors about Ripple and the allegations that it will be buying back 10 billion XRP. According to the current price, 10 billion XRP is worth almost $5 billion. We do sometimes buy XRP. But I don't know of anything specific that this could be referring to. And there's no official source mentioned. — David "JoelKatz" Schwartz (@JoelKatz) June 25, 2023 Ripple CTO dismisses rumors about XRP b...

Tobias Adrian, a financial counselor at the International Monetary Fund (IMF), recently discussed ways to revolutionize money with the global equivalent of a central bank digital currency (CBDC) system. In a speech at a roundtable on CBDCs this week, Adrian explored the underlying infrastructure of money and shared a blueprint for enhancing cross-border and domestic payments, saying it could usher in a new era of financial transactions. He discussed the difficulties cross-border payments face, including high costs, slow processing and need for more transparency. Adrian noted the IMF, World Bank, Bank of International Settlements and the Financial Stability Board have been working together on this issue. A potential solution would involve a trusted ledger to provide a secure and reliable electronic system where property rights can be recorded. “Expressed in today’s language, the vision is for a trusted ledger , which is essentially an electronic document representing property rig...

On-chain data and ETH price charts are beginning to hint at a possible rally to $3,000. Ethereum’s on-chain movements indicate bullish pressure building around Ether as its exchange balances reached an all-time low and staking deposits keep surging.  Ether’s (ETH) technical charts suggest that the asset can reclaim $3,000 if buyers are able to push above the resistance between $1,900 and $2,000. ETH held on exchanges hits an all-time low Exchange balances for ETH reached a new low of 12.6%, dropping sharply in the last 30 days, according to Glassnode data. Reduced supply on exchanges is usually a bullish sign, as it means fewer tokens are readily available for selling. Percentage of ETH’s supply on crypto exchanges. Source: Glassnode The netflow volume of deposits and withdrawals from exchanges shows a steep surge in withdrawals at the start of June amid a regulatory crackdown on Binance and Coinbase. The data should be taken with a grain of salt, as withdrawals were caused by inv...

Bitcoin Price and the Key Triggers At the time of writing, Bitcoin is changing hands at a price of $31,065.02, after soaring by 3.48% in the past 24 hours. This price point is the best the cryptocurrency has recorded since the start of this year. The gains accrued thus far have seen Bitcoin grow by an additional 20% in the Week-to-Date (WTD) period. advertisement One crucial sentiment driving the growth of the cryptocurrency at this time is hinged on the newly approved leveraged Bitcoin ETF product by the United States Securities and Exchange Commission (SEC). The Bitcoin ETF product was filed by Volatility Shares Trust and the timing of the approval has stirred the positivity that the industry might be closer to securing approval for a spot BTC ETF in no time.  This Bitcoin ETF product comes off as the SEC ond unique ETF the SEC is approved for when its approval of Futures Bitcoin ETF from ProShares pioneered a wave of such approvals more than a...

The latest regulatory approval for the crypto exchange comes within weeks of getting a MPI license from regulators in Singapore Singapore based cryptocurrency exchange service provider Crypto.com has obtained a virtual asset service provider (VASP) registration from the Bank of Spain. The regulatory approval would allow the exchange to offer a range of crypto-focused services to customers in Spain, a country which has shown a positive crypto stance in recent times. The crypto exchange platfrom had to undergo a comprehensive review of its Anti-Money Laundering Directive (AMLD) compliance and adhere to other financial crimes laws before getting the nod. The latest regulatory approval in Spain comes within weeks of obtaining a major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS). We're excited to share our latest regulatory achievement in Europe! We have obtained our Virtual Asset Provider Registration in Spai...

The US Securities and Exchange Commission (SEC) is fining JP Morgan Chase after the bank “accidentally” deleted 47 million banking records. Moreover, Reuters reports that the fine is worth $4 million after emails related to retail banking groups were terminated. The emails occurred in 2018, between the months of January and April, and were deleted in 2019. Additionally, the report notes that the records were deleted from nearly 8,700 mailboxes, with 7,500 of those belonging to the bank’s employees. JUST IN: SEC fines JPMorgan after 47 million banking records were "accidentally" deleted. — Watcher.Guru (@WatcherGuru) June 22, 2023 JP Morgan Faces SEC Fine for Deleted Emails One of the largest financial institutions in the industry is facing harsh penalties from a US regulator. Specifically, the SEC has fined JP Morgan after the bank “accidentally” and permanently deleted 47 million banking records from its system.  The specific deleted records come in the form of tens of mill...