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1inch plugs into KuCoin Wallet to improve token swaps

Cryptocurrency exchange KuCoin will introduce native token swap functionality to its in-house wallet after integrating decentralized finance (DeFi) market maker 1inch’s application programming interface.1inch’s Pathfinder algorithm will increase the functionality of KuCoin Wallet, the exchange’s recently launched decentralized wallet platform, which features cross-chain trading, DeFi and nonfungible token (NFT) support.The algorithm will aggregate liquidity from over 250 sources from automated market makers (AMM) and proactive market makers (PMM) across the DeFi ecosystem. 1inch plugs into liquidity sources running on nine different blockchain networks, providing a wide range of tradable asset pairs.Related: DeFi market has room for growth in Korea: 1inch co-founder — KBW 2022The partnership will also afford KuCoin Wallet users access to 1inch’s Limit Order Protocol functionality. These orders are filled at a predetermined price once it is reached. This includes gasless limit orders for ETH, RFQ and other tokens that require permits rather than transaction approval.KuCoin Wallet head Jeff Haul noted that 1inch has established itself as a leader in the DeFi aggregator space and its functionality should improve KuCoin Wallet’s offering to its users:“Swap is a high-frequency feature of the wallet and 1inch is one of the most popular DEXes in the Web3 industry, so we’re working together through native integration to provide a smooth and cost-effective trading experience for our users.”KuCoin rolled out its browser-based self-custodial wallet in June 2022 and hinted at imminent support of DeFi, NFT and GameFi support. The original NFT functionality was powered by KuCoin’s proprietary NFT marketplace Windvane. The exchange earmarked a $150 million pre-series B fundraising round in 2022 to bankroll the development of Web3, DeFi and NFT services and offerings within its ecosystem.1inch continues to expand its footprint across the cryptocurrency ecosystem, sealing a pivotal partnership with South Korea’s burgeoning metaverse blockchain Klaytn in August 202.

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Interlay launches trustless BTC stablecoin bridge on Polkadot

Interlay, a London-based blockchain firm, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot (DOT). Named interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers and nonfungible tokens (NFTs), among others.interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO’s DAI token, a stablecoin on the Ethereum blockchain. The iBTC vaults use mixed-asset collateral to insure BTC reserves, making iBTC redeemable 1:1 with BTC over the Bitcoin blockchain. As a preventive measure during unforeseen vault failure, the collateral is programmed to get slashed and reimburse the BTC depositors. Sharing the thought process behind the initiative, Interlay co-founder and CEO Alexei Zamyatin stated:“Bitcoin is the driving force behind global crypto adoption, while Polkadot, Ethereum & co. is where technological innovation is happening. With interBTC, we combine the best of both worlds while preserving the trustless nature of Bitcoin.”Interlay’s announcement also highlighted Ethereum co-founder and Polkadot inventor Gavin Wood’s vision of creating a fully decentralized Bitcoin bridge on Polkadot, which was made possible by interBTC. Acala and Moonbeam will be the first DeFi hubs to host iBTC’s debut, which will be supported by a $1 million liquidity program offered by the Interlay network treasury and partner projects. The roadmap for iBTC involves being available on other major DeFi networks, including Ethereum, Cosmos, Solana, and Avalanche. Related: DeFi market has room for growth in Korea: 1inch co-founder — KBW 2022Echoing Interlay’s interest in serving the DeFi and other crypto markets, DeFi aggregator 1inch Network eyes geographical expansion in newer jurisdictions. Speaking to Cointelegraph, DeFi aggregator 1inch Network co-founder Sergej Kunz revealed plans to expand its reach in Asia.Kunz disclosed that 1inch is actively looking to partner with Asia-based Web3 companies despite the small DeFi market in Korea and Asia, adding that:“Here, there are a lot of people who like gaming and a lot of things like that, so I think the DeFi market can grow a lot in South Korea.”1inch’s primary use case as a decentralized exchange (DEX) aggregator involves identifying pools with the largest liquidity, lowest slippage and cheapest cryptocurrency exchange rates.

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The Philippines halts virtual asset provider license applications

While many believe that the Philippines can become a new crypto hub, that dream may be shattered in the meantime as the country’s central bank announced a thre-year hiatus from accepting new virtual asset service provider (VASP) applications. According to a memorandum signed by Chuchi Fonacier, a financial supervision official at the Banko Sentral ng Pilipinas (BSP), they aim to balance the promotion of innovation in finance and managing the risks associated with virtual assets (VAs). She wrote: “The Bangko Sentral recognizes that as VAs offer opportunities to promote greater access to financial services at reduced costs, they also pose varied risks that may undermine financial stability.”Because of this, the normal application window for new VASP licenses will be closed for three years, beginning on Sept. 1, 2022. According to Fonacier, this will be subject to change depending on developments in the market. However, applications that have already passed the second stage of the process before Aug. 31, 2022, will continue to the next assessment steps. Despite this, those with incomplete requirements before the set date will be rejected. Meanwhile, entities that are classified as BSP Supervised Financial Institutions are still able to apply for a VASP license if they are rated as stable. Related: Philippine SEC cautions the public not to invest with BinanceBack in June, Binance CEO Changpeng Zhao expressed that the crypto exchange is seeking to get the VASP license from the BSP so that the crypto platform can expand its services in the country. Apart from this, the executive highlighted that they are also looking to get the e-money issuer (EMI) license in the Philippines. In a recent interview with Cointelegraph, Binance’s head of Asia-Pacific, Leon Foong, said that they have already submitted the relevant paperwork to acquire the licenses but cannot provide any other details as they may be confidential. Foong noted that they are optimistic about their entry into the country.

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Web3 helps Taiwan secure information against cyberattacks

The Taiwanese Ministry of Digital Affairs (MODA) plans to implement decentralized technology into its web portal in an effort against cyberattacks. InterPlanetary File System (IPFS) is a Web3 technology that government officials will employ for decentralized file sharing. IPFS identifies content through file hashes, which allows files stored by multiple parties to be found anywhere and can be accessed by simple HTTP. This development comes after the controversial visit of United States House Speaker Nancy Pelosi to Taiwan, despite warnings from mainland China. Since the visit, government websites have faced multiple attacks sourced from the mainland. This includes a distributed denial-of-service (DDoS) attack rendering the sites inaccessible. Pelosi’s visit to Taiwan not only rocked the boat geopolitically speaking but also made waves in the crypto market. Bitcoin rose to its daily resistance of $23,500 on Aug. 3, the following day. Related: ‘Nobody is holding them back’ — North Korean cyber-attack threat risesHowever, the new MODA site is getting a makeover through the implementation of Web3 technology and currently has files and the original site index available on IPFS. Taiwan’s Digital Minister Audrey Tang told official state media that until now, the MODA site has not been attacked since it debuted on the same day the Chinese military began its drills. Tang said the site uses a combination of Web3 and Web2 tools. “It uses a Web3 structure, which is tied to the global blockchain community and the global Web2 backbone network. So if it can be taken down, everything from Ethereum to NFTs will be taken down, which is unlikely.”According to officials in Taipei, Taiwan saw nearly 5 million daily cyberattacks or at least scans for system vulnerabilities last year.The implementation of Web3 technology is a positive step toward emerging technology implementation. Though Tang did highlight the risks of other Web3 assets like crypto in activities such as money laundering. Related: Decentralized finance faces multiple barriers to mainstream adoptionTaiwan’s relationship with crypto ebbs and flows. Recently, the country indirectly banned buying cryptocurrencies with credit cards after the chief financial regulator compared cryptocurrencies to online gambling. Nonetheless, the country, like many others around the world, is piloting its own central bank digital currency (CBDC). Currently, it’s distributing its digital currency to five Taiwanese banks for distribution.

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