Axelar joins forces with Microsoft to connect public and private blockchains
Axelar, a cross-chain protocol, has partnered with Microsoft (NASDAQ:MSFT) to connect public and private blockchains. Axelar will be listed on Microsoft’s Azure marketplace, allowing it to reach thousands of companies using the Azure cloud service. The collaboration aims to integrate established Internet technologies with public blockchains, offering meaningful products to users. Developers will have access to the AxelarJS SDK and general Axelar message passing, making it easy to integrate functionality across different blockchains. In addition, companies will explore integrating blockchains to support artificial intelligence applications, increasing confidence in AI models. Axelar currently supports 43 blockchains and raised $35 million in Series B funding last year.
Buffett and Gates choose to invest in farmland over cryptocurrencies
Warren Buffett and Bill Gates prefer investing in farmland over cryptocurrencies. Companies like Walmart (NYSE:WMT), Unilever (NYSE:UL) and Carrefour use blockchain to track food, while AgriDigital, IBM Food Trust (NYSE:IBM), AgriLedger and others are leading the way in implementing the technology in agriculture. Investing in farmland offers long-term stability, with average returns of around 6%. Investors can participate through stocks, agricultural funds or platforms such as AcreTrader. Blockchain brings benefits in the agricultural sector such as supply chain transparency, traceability, smart contracts and food safety.
Former SEC Chair provides spot Bitcoin ETF approval under certain conditions
Jay Clayton, former chairman of the Securities and Exchange Commission (SEC), has said that approval of a Bitcoin (COIN:BTCUSD) exchange-traded fund (ETF) is likely if it can be shown that the Bitcoin spot market offers the same “efficacy” as the futures market. Clayton expressed skepticism about Bitcoin trading during his tenure, but acknowledged that the existence of products based on futures contracts makes it difficult for the SEC to argue against a spot market-based ETF. The recent solicitation by BlackRock (NYSE:BLK) and other companies in the asset management industry has renewed optimism regarding the approval of a spot market-based Bitcoin ETF in the US.
ConsenSys integrates partners into the Linea network to optimize the Ethereum ecosystem
ConsenSys is integrating partners into its Linea network, a layer 2 scaling solution for the Ethereum ecosystem. Linea, a zero-knowledge proof-based scaling network, allows developers to build or migrate decentralized applications to Ethereum. During testing, the network demonstrated improvements in performance, transaction costs, and user experience. The gradual alpha rollout began on July 11th, offering faster throughput and transaction fees 15 times lower than on the Ethereum mainnet. Linea also integrates with MetaMask, providing users with access to additional features. ConsenSys launched the Linea Ecosystem Investment Alliance, engaging venture capital firms to provide support to ecosystem builders. Full network opening is anticipated after careful evaluation of performance and security during the early stages of the alpha rollout. The Linea initiative is part of a broader trend of Layer 2 scaling solutions in the Ethereum ecosystem.
European Commission seeks to set standards for the metaverse
The European Commission has revealed its plans for the metaverse, seeking to establish new standards and governance for virtual worlds. While there are no proposed new laws or details on funding, European policymakers are eager to take advantage of this technology, which they see as having economic and ethical relevance. The EU plans to invest considerable financial resources to maintain its competitiveness, potentially through the Horizon Europe funding program and EU regional funds. There is political interest in addressing legal issues related to the metaverse, such as copyright and data protection. The EU recognizes the importance of acting now to avoid past mistakes in Web 2.0.
UK Treasury proposes sandbox for DLT-based digital securities
The UK Treasury has proposed implementing a “sandbox” for digital securities based on distributed ledger technology (DLT), with lighter regulations over a period of up to five years. This initiative aims to make markets more efficient, transparent and resilient. The government is seeking to utilize recently enacted new rules to allow after-hours securities trading and offer immediate settlement. Proposals cover digital stocks, bonds and money market instruments, excluding derivatives and unbacked cryptocurrencies. The Treasury is gathering opinions on the plans through Aug. 22.
UK FCA shuts down most cryptocurrency ATMs over irregularities
The UK Financial Conduct Authority (FCA) has shut down 26 of the 34 cryptocurrency ATMs inspected since early 2023 for operating illegally. The FCA issued an ultimatum in February requiring cryptocurrency operators to comply with regulations. The FCA and law enforcement agencies investigated 36 crypto ATMs in relation to money laundering. FCA Deputy Executive Director Steve Smart warned that using these ATMs could expose people to scams and criminal activity.
Dubai suspends BitOasis exchange license for non-compliance with conditions
The Dubai Virtual Assets Regulatory Authority has suspended the conditional license of BitOasis exchange and initiated enforcement action due to its failure to meet certain conditions. BitOasis received the license in April, but did not meet the mandatory conditions within the established deadlines. The exchange stated that it is working to meet the conditions and that the suspension does not affect its services to existing customers, but new customers will not be onboarded until the requirements are fully met.
Aave proposes launch of GHO stablecoin on Ethereum network
Aave Companies, a major contributor to the Aave DeFi decentralized lending protocol, has proposed launching the stablecoin GHO as an ERC-20 token on the Ethereum network. The proposal aims to allow Aave V3 users to mint GHO using their collaterals. If approved, the introduction of the GHO would make stablecoin lending on the Aave protocol more competitive and generate additional revenue for the Aave DAO. Voting on the proposal is scheduled to begin shortly. Additionally, Aave Companies is considering a multi-chain strategy following the launch of GHO on Ethereum.
Crypto game Axie Infinity suffers user and transaction drop
The popularity of crypto game Axie Infinity appears to be waning, with a drop of more than 6,000 users in the last 30 days, according to Activeplayer data. Statistics from DappRadar also indicate a decline, with a decrease of around 19% in the number of digital wallets involved with the game. The volume of transactions and trades has also dropped by approximately 30% in the last month. While the game has launched in new territories, growth has been meager, with less than 7,000 registered players. The launch of the game ‘Axie Infinity: Origins’ on Apple’s App Store (NASDAQ:AAPL) in selected countries in Latin America and Southeast Asia was seen as an important step towards attracting more users and reducing reliance on Sky Mavis of the Philippines. Although there is no specific data on users, Axie Infinity NFT trades dropped from $2.1 million in May to $1.4 million in June, according to CryptoSlam!. During the height of the pandemic, the game’s monthly trade exceeded $700 million.
The importance of bug bounties in systems and software security
Bug bounties are programs that encourage security researchers and ethical hackers to find and report vulnerabilities in systems and software. These bounties aim to improve overall security by identifying and fixing weaknesses before they are exploited. Organizations establish guidelines and rules for programs, defining the types of vulnerabilities and the rewards offered. Researchers look for vulnerabilities, which are reported to the organization. Collaboration between the community and organizations fosters a collaborative environment and results in improvements in security. However, trusting only white hat hackers and skipping proper security audits can lead to significant risks. Therefore, it is recommended to combine professional audits with bug bounty programs.
Algofi, DeFi protocol on Algorand blockchain, announces shutdown
Algofi, the leading decentralized financial protocol on the Algorand blockchain, has announced that it will be shutting down due to a series of events that made it unsustainable to maintain it at its previous level. The platform, which offers lending and trading, will soon enter withdrawal-only mode. The fall in value of the ALGO token (COIN:ALGOUSD) and regulatory restrictions from the SEC have affected the growth of DeFi projects on Algorand. The total blocked amount (TVL) on the platform dropped to US$59 million, a significant reduction from the more than US$200 million in February. Algofi still represents more than half of the total value on the Algorand blockchain.
Leak of customer data puts blockchain analytics firm Arkham in trouble
After the revelation that Arkham, a blockchain analytics platform, leaked private information of its customers, the company faces problems. The leak was due to Arkham’s referral program, where referral URLs shared by users contained easily decodable information such as the user’s email address. Privacy advocate m4gicpotato raised the issue on Twitter, and other users have also claimed to have previously alerted Arkham. So far, Arkham has not issued an official statement about the incident.
Exploitation of vulnerability results in $1.53 million loss for Rodeo Finance
On July 11th, the DeFi Rodeo Finance protocol fell victim to an exploit that resulted in a loss of $1.53 million. The exploit took advantage of a vulnerability in the protocol’s Oracle, leading to the theft of over 810 Ether (COIN:ETHUSD). The exploiter transferred the stolen funds to Ethereum and performed exchanges using the mixing service Tornado Cash to hide his transactions. This exploit was the fifth major recorded on the Arbitrum Network in 2023, which has already seen 21 similar incidents.
Young man accused of stealing $450,000 worth of cryptocurrencies and NFTs
Soufiane Oulahyane, 25, was charged by the US Department of Justice with participating in the theft of approximately $450,000 worth of cryptocurrencies and NFTs. He is accused of creating a fake OpenSea website and tricking victims into providing their private keys. Oulahyane is in custody in Morocco and faces charges of wire fraud and identity theft, among others. This case highlights the risks in the crypto space and authorities’ efforts to hold cybercriminals accountable.
Gondi launches protocol to capitalize value of NFT collections on Ethereum
The Gondi protocol, which allows users to capitalize the value of their NFT collections on the Ethereum blockchain, was launched following an initial $5.35 million funding round led by Hack.vc. Lenders can place their NFTs on the platform in exchange for a flat fee, while borrowers can use NFTs as collateral or in NFT-based financial applications. Gondi offers instant refinancing and interest based on the term of the loan. The NFT collections included in the Gondi launch are CryptoPunks, AutoGlyphs, Bored Ape Yacht Club, Chromie Squiggle, and Fidenza, among others.