Snapshot Web3

August 10, 2023

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Regulatory Updates

Supreme Court Says Apple App Store Rules Can Stand—For Now

A Supreme Court justice has temporarily blocked a ruling by the Ninth Circuit Court of Appeals in the Epic Games vs. Apple case. This pause allows Apple to appeal the decision and maintain its current App Store rules that restrict external payment methods. The Ninth Circuit found Apple violated California's law but upheld its 30% in-app purchase fee. If the appeal fails, the Ninth Circuit ruling will apply, affecting NFT sales and external marketplaces in iOS apps.

XRP Removed from SEC’s Securities List; Crypto Community Celebrates

XRP has been removed from the SEC's list of securities, delighting the crypto community. Pro-XRP lawyer John Deaton and Ripple's CTO David Schwartz welcomed the news. Speculation continues about the SEC's future actions and a potential appeal. XRP's price increased by 3.08% after the announcement.

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Innovation and Launches

Bank of Russia to Test Digital Rubles; XRP’s Success in Prior Tests Noted

The Bank of Russia will begin testing digital rubles on August 15 as part of its CBDC initiative. This follows the successful testing of XRP by the Central Bank of Russia. The testing phase aims to assess feasibility, security, and impact on the financial ecosystem, reflecting global interest in digital currencies and Russia's efforts to modernize its financial systems through digital innovation.

Tether To Launch New Mobile App Enables Easy Payments With USDt And XAUt

Tether is creating a mobile app for global transactions with USDt and XAUt payments, offering direct payments, escrows, and dispute resolution. The app is in beta testing and expected to launch soon, generating excitement in the crypto community. This comes as Tether faces challenges in maintaining its peg, with imbalances observed in USDT pools on platforms like Curve and Uniswap V3.

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NFT and Metaverse

Y00ts NFT Collection is Migrating to Ethereum After Accepting $3M Grant From Polygon

Y00ts NFT collection, previously on Solana and then Polygon, is now migrating to Ethereum, aiming to unite its community with DeGods. The $3 million grant received from Polygon will be returned. The migration date will be announced soon, alongside DeGods' Season III release. This shift follows their departure from Solana due to scaling issues. Despite this, Polygon and y00ts maintain a positive partnership, with Polygon reallocating $1 million of the grant to support its creators and projects.

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Interesting Reads

Bitcoin Lightning Network is growing, but 3 major challenges remain

The Bitcoin Lightning Network aims to solve scalability issues, but challenges remain. Liquidity and balancing channel funds pose problems for users. Security risks and merchant adoption also hinder mainstream use. As the technology matures, efforts to address these issues are underway, potentially leading to broader acceptance and adoption.

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Quick Links

SEC vs Ripple: Jury Trial Scheduled for Q2 2024; SEC Misses Appeal

The SEC vs Ripple legal battle's jury trial is scheduled for Q2 2024, as per a Pretrial Scheduling Order from Judge Torres. Ripple's dispute with the SEC regarding unregistered securities sales continues to draw attention. The SEC's apparent missed appeal opportunity could impact the case's direction. This milestone provides clarity to the timeline and carries implications for US cryptocurrency regulations. Investors, regulators, and experts closely monitor the case's outcome. The trial stage gains focus, with both parties presenting arguments before a jury.

Fireblocks discloses massive vulnerability affecting crypto wallets

Digital asset infrastructure firm Fireblocks has disclosed a significant vulnerability called BitForge affecting over 15 widely-used crypto wallet providers. This flaw targeted wallets using multi-party computation (MPC) technology, potentially allowing attackers to drain funds from millions of wallets. Notably, Coinbase, Zengo, and Binance were affected, but the vulnerabilities have been resolved. MPC wallets encrypt private keys and share them among parties, but this incident exposed weaknesses in the system. Fireblocks is identifying other affected firms and emphasizing the need for robust security measures in the industry.

Web3 Cybersecurity Firm Zyber 365 Raises $100M in Funding

Web3 cybersecurity firm Zyber 365 has raised $100 million in funding from SRAM & MRAM Group, valuing the startup at $1.2 billion. Founded by Indian entrepreneurs, Zyber 365 offers decentralized and eco-friendly cybersecurity solutions. The investment will fuel its expansion and development of Web3 and AI products. The startup's wide-ranging portfolio includes blockchains, decentralized identities, data analytics, NFT marketplaces, and more. The funding underscores its potential to shape the cybersecurity landscape and innovate in the Web3 space.

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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.