Autor Cointelegraph By Zhiyuan Sun

Circle selects BNY Mellon as custodian for USDC reserves

Circle selects BNY Mellon as custodian for USDC reserves

Uverejnil používateľ | mar 31, 2022 |

On Thursday, USD Coin (USDC) operator Circle announced that it had selected financial institution BNY Mellon as the custodian of its USDC reserves. Founded in 1784, BNY Mellon is one of the oldest banks in America and possesses over $46.7 trillion in assets under custody or administration worldwide. It serves as a single point of contact for clients looking to manage their investments. With the new partnership, BNY Mellon said it will also explore the possibility of using digital cash for settlement purposes. Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, gave the following remarks: “We are at a point in the evolution of our industry where the digitization of assets presents new and exciting opportunities to a broad range of market participants. As a custodian for USDC reserves, our role supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.”Meanwhile, Jeremy Allaire, co-founder and CEO at Circle, added:”As we continue to see exponential growth in USDC, the opportunity to work with BNY Mellon is one way we build bridges between traditional financial services and emerging digital asset markets without sacrificing trust.”USDC is one of the fastest-growing dollar digital currencies globally with over $52 billion in circulation as of March 2022. As previously reported by Cointelegraph, the total supply of stablecoins hit $180 billion last month. The United States is one of the most regulatory-friendly countries regarding stablecoins, with Fed Governor Waller previously voicing skepticism as to the adoption of a central bank digital currency, saying that it would potentially stifle innovation in the private stablecoin sector. 

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Omnichain developer LayerZero Labs raises $135M

Omnichain developer LayerZero Labs raises $135M

Uverejnil používateľ | mar 30, 2022 |

On Wednesday, LayerZero Labs, a firm that develops protocol to enable omnichain decentralized applications, or dApps, to span multiple blockchains, announced that it raised $135 million in its latest funding round. The deal values LayerZero Labs at $1 billion and will accelerate the development of its namesake protocol.The round was led by notable venture groups and investors such as Sequoia Capital, FTX Ventures, Andreessen Horowitz, and with participation from Coinbase Ventures, PayPal Ventures, Tiger Global, Uniswap Labs, and more.It aims to unite applications such as gaming, nonfungible tokens, or NFTs, marketplaces, media apps, etc., so they are operable across multi-chain realms. Potential new use cases via LayerZero include: decentralized finance applications utilizing trading, borrowing, and lending across multiple blockchains; games and media dApps having high-throughput transactions relocated to one blockchain while buying and selling NFTs onto other blockchains with the most liquid markets.Following the beta launch of LayerZero, the firm recently launched Stargate, a cross-chain liquidity transfer protocol. In just 10 days post-launch, LayerZero says that Stargate has surpassed $3.4 billion in assets secured, with over $264 million in transfers over LayerZero. The developers’ next steps involve integrating the LayerZero protocol with non-Ethereum Virtual Machine blockchains such as Solana (SOL) and Terra (LUNA). Ryan Zarick, CTO and co-founder of LayerZero Labs, gave the following remarks:”Users will interact with omnichain dApps that exist on multiple blockchains, which will seamlessly communicate over LayerZero without the user even realizing it.”Meanwhile, Ramnik Arora, an investor at FTX Ventures, added:”LayerZero allows smart contracts on one chain to seamlessly and securely leverage the network of another chain, increasing the value of the entire blockchain ecosystem. The team is a rare combination of vision and technical execution.”Related: Cross-chain bridge tokens moon as crypto shifts toward interoperability

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DeFi Technologies subsidiary Valour surpasses $274 million in AUM

DeFi Technologies subsidiary Valour surpasses $274 million in AUM

Uverejnil používateľ | mar 30, 2022 |

On Wednesday, DeFi Technologies announced that its subsidiary Valour reached $274.2 million in assets under management. The company offers various cryptocurrency-denominated exchange-traded products, or ETPs, listed on European exchanges.Cointelegraph previously reported that Valour launched two such ETPs involving Uniswap (UNI) and Polkadot (DOT) last year. For each exchange-traded product of Valour that is bought and sold on the stock exchange, Valour purchases or sells the equivalent amount of the underlying digital assets. Some of the ETPs do not charge management fees.The firm’s ETPs include $95.2 million in BTC Zero, $67.4 million in ETH Zero, $43.4 million in ADA Valour, $24.4 million in Valour DOT, $38.5 million in SOL Valour, and a small number of funds in Uniswap (UNI), Terra (LUNA) and Avalanche (AVAX). The total sum represents a growth of 91% compared to its total AUM of $143.5 million in May of last year. Regarding the development, Russell Starr, CEO of DeFi Technologies, commented:”Our team has done a tremendous job of planting seeds for future growth by launching eight ETPs across several exchanges in Europe that enable individuals and institutions to invest in digital assets. […] We are very excited about the company’s growth trajectory.”DeFi Technologies seeks to facilitate investors’ access to namesake decentralized finance via its ETPs, venture investment and infrastructure arm, which provides governance for blockchain networks to run independent nodes. Its shares are publicly traded on Canada’s NEO Exchange.

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Dubai school will welcome tuition payments in Bitcoin and Ethereum

Dubai school will welcome tuition payments in Bitcoin and Ethereum

Uverejnil používateľ | mar 29, 2022 |

According to local news outlet Arabian Business, Citizens School, located in Dubai, will accept tuition payments denominated in Bitcoin (BTC) or Ethereum (ETH). Payments using digital assets are facilitated via an unnamed processing platform and are automatically converted into United Arab Emirates Dirhams (AED). Dr Adil Alzarooni, the founder of Citizens School, commented: “We look forward to enhancing the role of young generations in achieving the UAE’s digital economy. As more people embrace the era of digitalization, today’s children will become the entrepreneurs and investors of tomorrow.”Meanwhile, Hisham Hodroge, CEO of Citizens School, added: “Introducing the ability to pay tuition fees through cryptocurrencies goes beyond just providing another payment option. It is a means to drive further interest in the applications of blockchain — a technology that Citizens School intends to deploy, in time, across several aspects of its academic and administrative operations.”The school, set to open in September of this year, is located at the heart of Dubai and appears to be structured as an international school. It is available to students ages 3 to 11. On its website, Citizens School lists its tuition cost as 45,000 AED to 65,000 AED per year ($12,250 to $17,700) before VAT, school lunches, a mandatory iPad for learning, field trips, extracurricular activities and transport. The UAE has become a digital asset proponent in the Middle East with an increasing number of crypto-friendly regulations. Both Binance and FTX have recently received their operational licenses in Dubai. Meanwhile, regulators in Abu Dhabi are rolling out draft recommendations for the trading of nonfungible tokens. 

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Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi

Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi

Uverejnil používateľ | mar 29, 2022 |

On March 29, centralized cryptocurrency exchange Binance announced the rollout of Binance Bridge 2.0. The feature enables users to bridge assets from any blockchain, including from tokens not listed on the Binance app, to the BNB Chain. Bridged tokens listed on Binance will be stored in the Funding or Spot Wallet, while unlisted bridged tokens will be transferred to the Funding Wallet only.Users can bridge-in or bridge-out tokens between their native blockchains and BNB Chain via regular deposit and withdrawal functions. In the future, Binance also plans to create a better version of its mobile app to allow users to facilitate such conversion via a single click. Regarding the development, Mayur Kamat, head of product at Binance, said:”With Binance Bridge 2.0, we can make decentralized finance accessible to a larger audience worldwide while still providing the seamless user experience that centralized finance offers. We are already seeing this via the tremendous adoption of the PancakeSwap Mini-app.Binance has also implemented a brand new automated token circulation control system in Binance Bridge 2.0. The exchange will not maintain a surplus of pegged tokens, also known as wrapped assets, except for a buffer size in hot wallets. Instead, it will print additional tokens when users withdraw pegged tokens onto the BNB Smart Chain.The company indicated that all other circulation will be backed by the native tokens deposited by the users from the original blockchains. When users want to switch from the pegged tokens back to the original tokens, they can deposit the pegged tokens into Binance and withdraw the original tokens. Simultaneously, the excessive tokens will be swept to the cold wallet and burnt automatically.

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