CoinDCX Expands Okto To 155 Countires 🌎💥

PLUS: Kraken eyes European expansion. Hong Kong crypto VC opens $100M fund for Asian blockchain startups.

Author

Manan Vora
October 06, 2023

Snapshot Web3

October 6, 2023

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Regulatory and Legal News

The judge presiding over a class suit by EMAX token investors gave them a final chance to file their claims against celebrities who allegedly promoted it.

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Innovation and Launches

Indian cryptocurrency exchange CoinDCX is expanding the global reach of its self-custody wallet, Okto, by integrating with the major on-ramp platform, Transak. This integration allows Okto to support users from 60 to 155 countries, offering the ability to buy cryptocurrencies like Bitcoin directly on the platform using various fiat currencies. Transak is the first on-ramp solution introduced on Okto, providing users with a seamless way to convert fiat to crypto within the app. Okto allows storage of over 1,000 tokens across multiple chains, including Polygon, Fantom, and Avalanche.

Kraken, a major U.S.-based exchange, is poised to acquire the Netherlands-based cryptocurrency exchange, Coin Meester B.V. (BCM), as part of its expansion plans into Europe. The move follows the European Union's implementation of the Markets in Crypto-Assets (MiCA) regulatory framework. Kraken has obtained virtual asset service provider licenses to operate in Ireland, Italy, and Spain. The acquisition aims to strengthen Kraken's position in the Dutch market and offer BCM's clients a more comprehensive product suite. The deal is subject to regulatory approval, including clearance from the Dutch central bank.

Wirex has unveiled W-Pay, a noncustodial crypto debit card service that uses zero-knowledge proofs (ZK-proofs) and is built on Polygon's Chain Development Kit (CDK). This decentralized solution enhances scalability and security, enabling noncustodial wallets and decentralized applications (DApps) to issue crypto debit cards while eliminating third-party risks. W-Pay supports swift and secure transactions through ZK technology, Ethereum Virtual Machine (EVM) compatibility, and account abstraction for streamlined transaction processes. Wirex, known for pioneering crypto-enabled payment cards, has over six million customers. This development comes after challenges with Wirex's card partner UAB PayrNet.

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Funding

Hong Kong-based venture capital firm CMCC Global has successfully raised $100 million for its Titan Fund, aimed at supporting blockchain startups in Asia. The fund will focus on areas such as blockchain infrastructure, consumer applications (including gaming and NFTs), and financial services like exchanges and lending platforms. Notable investors include Block.one, Pacific Century Group, Winklevoss Capital, and Animoca Brands founder Yat Siu. This fund launch coincides with Hong Kong's growing status as a crypto-friendly hub, especially in light of regulatory shifts and crackdowns in other regions.

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NFT, Gaming and Metaverse

Mythical Games, known for games like Blankos Block Party and NFL Rivals, has released Nitro Nation World Tour (NNWT), a mobile drag racing game featuring licensed car NFTs from luxury brands like McLaren, Aston Martin, and Jaguar. In NNWT, players can compete in real-time races or progress through the campaign mode after customizing and upgrading their cars. Electronic musician Deadmau5, known for his involvement with NFTs, is endorsing the game and will feature NNWT visuals in his upcoming tour. He's also contributing a themed in-game car, which players can win in a Deadmau5 racing event. The NFTs will be on Mythical's Mythos blockchain.

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Scams and Hacks

Stars Arena announced that attackers were draining funds through a loophole, but the contract has been patched to prevent further damage.

A scammer has managed to steal approximately $385,000 worth of Ether within 24 hours in a series of SIM-swap attacks targeting Friend.tech users. This individual pilfered 234 ETH from four different users. The victims reported the attacks on platforms like Twitter, highlighting that the scammer was able to perform the SIM swap from an Apple store, switching the number to an iPhone SE. Friend.tech allows users to buy "keys" for private chat rooms. The platform is urged to enhance its security, including implementing two-factor authentication (2FA), to protect users' accounts.

Blockchain security firm CertiK reported a significant decrease in crypto exit scams in September, with only 17 recorded compared to 45 the previous month. This marks a drop of over 62% in exit scams month-over-month. The average loss per exit scam in September was $111,000, the lowest for the year. The total losses due to exit scams last month were estimated at $1.9 million. Notable exit scams in September include DUO ($352,000), Memans VIP ($264,000), DKP ($204,670), and BitGo ($194,688). CertiK Alert also issued warnings about fake crypto airdrops, including ArchimedesFi and Tip Coin.

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Interesting Reads

Central bank digital currencies (CBDCs) are being touted as a financial solution, but they come with risks. CBDCs create a detailed record of financial transactions and can be controlled by governments, potentially leading to surveillance and restrictions. This could be used for political oppression, restricting transactions and defunding dissent. The author advises careful consideration of these risks before implementing CBDCs.

A survey from crypto exchange Bitget featured more than 1,500 respondents across 20 countries.

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Quick Links

According to Pal, the Bitcoin halving cycle coincides with the macro cycle, which means every halving so far has taken place in a similar macroeconomic environment: monetary expansion and low interest rates.

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Miscellaneous

Ledger, a major hardware crypto wallet manufacturer, is reducing its workforce by 12% due to economic challenges affecting revenue generation. The decision follows market difficulties and the struggles of firms like FTX and Voyager Digital. This move may result in approximately 88 employees losing their jobs out of Ledger's estimated 734-person workforce. This development comes seven months after Ledger raised over $109 million in a funding round, valuing the company at $1.4 billion. Many other crypto firms have also announced staff cuts in response to market uncertainties and regulatory changes.

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Resource of the Day

Wrapped tokens are digital assets backed by another cryptocurrency or asset. They facilitate cross-chain interoperability and decentralized finance (DeFi) applications, allowing assets from one blockchain to be used on another. Wrapped tokens can represent various assets like cryptocurrencies, stablecoins, and NFTs. For instance, Wrapped Bitcoin (wBTC) on Ethereum represents Bitcoin and allows interaction with Ethereum-based DeFi protocols while preserving Bitcoin's value. They work by locking a specific amount of a native coin, using it as collateral to generate a wrapped token on another blockchain. This enables free trading of wrapped tokens on the second blockchain. They enhance cross-chain compatibility, liquidity, and asset functionality in the cryptocurrency ecosystem. However, wrapped tokens have limitations including centralization risks, complexity, regulatory concerns, and restricted asset compatibility. Users should exercise caution and be informed while using them.

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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.

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