Georgetown, Cayman Islands, July 12th, 2023, Chainwire
Kava, a Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos has launched the Kava 14 upgrade. This upgrade deploys ‘internal bridge’ technology to seamlessly convert native Cosmos assets to and from Ethereum’s ERC20 token standard.
Kava 14 is one of a cluster of milestones in the making. In early July, Tether announced its decision to make Kava the gateway for issuing native USDt on Cosmos. With the launch of Kava 14, USDt can now be minted and easily converted on Cosmos, to — and from — USDt on every other L1 with native USDt including the: Bitcoin (Omni & Liquid protocol), Ethereum, TRON networks, and more.
“Within the first few days of Kava launching the official Tether integration, more USDt has been issued on Cosmos than on Polkadot and Near combined,” said Scott Stuart, Kava Co-Founder. “It’s clear that people want USDt on the interchain. I’m optimistic that having a native stablecoin and a safe, reliable way to convert it across chains via the Kava 14 upgrade will finally unlock the incredible tech the Cosmos ecosystem has built.”
Kava Gains Momentum
Following Tether’s July announcement, Kucoin now supports Kava’s Cosmos and EVM networks, providing a reliable CEX for user transactions within the Cosmos ecosystem. Meanwhile, Curve Finance’s launch of a USDt liquidity pool offers a decentralized alternative for experienced users. In parallel, Stargate, a top omnichain liquidity layer, is set to launch on Kava, anticipating increased usage and liquidity. This expansion comes after a governance proposal that plans to widen the scope of the Kava Rise incentive fund.
The Kava 14 upgrade is a leap forward for Cosmos DeFi builders and users providing a safer, more secure, and more reliable method for converting assets to and from the Cosmos ecosystem.
Follow @KAVA_CHAIN on Twitter for more information and updates on Kava 14’s mainnet launch.
About Kava
Kava is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava is a trusted choice for developers and users worldwide.
For more updates, follow Kava on Twitter.
Disclaimer
This press release is not an offer to sell or the solicitation of an offer to buy USDt or KAVA tokens.
Contact
Media Manager
Guillermo Carandini
Kava
[email protected]
The European Commission has predicted that “extended reality” (XR) technology, which allows users to engage with virtual worlds, could generate up to 860,000 jobs in Europe by 2025.
XR encompasses virtual reality, augmented reality, and mixed reality, and is considered a key facilitator of virtual worlds, according to the Commission’s statement on July 11.
The Commission emphasized the significant impact on employment that XR is expected to have, with an additional 1.2 million to 2.4 million jobs created either directly or indirectly in various sectors by 2025.
However, it also noted that the majority of innovation in the metaverse is currently concentrated in the United States, China, and South Korea.
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Unlike these countries, the EU lacks tech giants that can spearhead investments in virtual world development in the coming decade.
Although Europe’s AR/VR market primarily focuses on gaming, media, and entertainment, there is ample potential for its expansion into other areas such as retail, healthcare, military and defense, and manufacturing.
The Commission further highlighted that XR-powered virtual worlds represent a fundamental component of the “next generation” of the internet, known as Web 4.0.
In this evolution, physical and digital objects converge in real-time within virtual environments.
The potential of virtual worlds to revolutionize people’s daily lives and create diverse opportunities across business and industrial ecosystems is a key driver behind the transition to Web 4.0.
Several examples were provided to illustrate the breadth of possibilities offered by virtual worlds, including training surgeons for complex procedures, preserving cultural heritage buildings using “digital twins,” and utilizing 3D models to address global warming.
In a working document presented to the European Parliament, the Commission outlined its plan to position itself as a global leader in Web 4.0 and the metaverse.
Thierry Breton, the European Commissioner for Internal Market, expressed Europe’s ambition to become a frontrunner in these domains.
The Commission proposed ten actions to achieve this objective, including attracting specialized talent in virtual world development, establishing regulatory sandboxes for testing innovative ideas, and formulating global standards for interoperable metaverses.
Europe possesses the necessary elements to lead this technological transition, including innovative start-ups, a wealth of creative content and industrial applications, a strong role in setting global standards, and an innovation-friendly and predictable legal framework, Breton added.
In conclusion, the European Commission is actively positioning Europe to capitalize on the potential of XR and virtual worlds, aiming to foster job creation, drive technological advancements, and establish itself as a world leader in Web 4.0.
London, England, July 12th, 2023, Chainwire
cheqd, a startup that allows users and organizations to gain control and portability of their data, introduces Credential Service, empowering organizations with an easy-to-use, plug-and-play solution for issuing and managing digital credentials.
cheqd’s Credential Service is a ready-made, software-as-a-service offering or “Credential-as-a-Service” that can easily be integrated into any organization. With its Credential Service, cheqd provides a simple solution for organizations to issue and verify decentralized credentials with ease. It removes all of the complexity and technical knowledge required to build or integrate Decentralized Identity within existing applications, allowing organizations to issue and verify trusted credentials in a few simple steps. Application developers can effortlessly issue and manage credentials by using simple API services. It supports features such as Credential Payment, Verifiable Credentials and Presentations, Decentralized Identifiers and Identity Keys, and Revocation Registries. This provides cheqd partners with the option to use a simple set of API services rather than needing to integrate more complex and nuanced Software Development Kits (SDKs).
As part of cheqd’s ultimate vision, Credential Service will be a route for anyone to access upcoming payments functionality – cheqd first-of-its-kind feature enabling on-chain payments for off-chain trusted data. Payment functionality offers opportunities for anyone to create entirely new business models – Trusted Data Markets.
With Credential Service organizations can access cheqd’s Decentralized Identity (DID) framework in the simplest and most efficient way, with no technical skills required. DIDs are a foundational technology for enabling self-sovereign identity (SSI) that gives users control over the information they use to prove who they are to websites, applications and services on the Web. Users can store all of their data in digital wallets that protect their privacy and keep their personal data more secure while limiting risk and simplifying the process of verification.
The Credential Service is built atop cheqd’s blockchain technology, a robust, public and permissionless network that’s fully compliant with Europe’s GDPR. As it’s based on self-sovereign identity technology, it is closely designed with the upcoming EU eIDAS regulation in mind that governs electronic identification and trust services for electronic transactions. As with all cheqd products, no personally identifiable information is stored on its network. Instead, the user’s personal data resides off-ledger, where it remains private and secure. The information is signed and verified by trusted identifiers on-chain, and any credential can be checked and verified in seconds.
cheqd’s Credential Service is sector-agnostic and applicable for a wide range of use cases, including Know Your Customer (KYC) checks, verification of educational qualifications and online reputations. It also supports payments for digital credentials with full regulatory compliance.
“We are removing the barriers for those wanting to leverage the decentralized or self-sovereign identity and digital credentials through introducing the Credential Service,” said cheqd’s Co-founder and Chief Executive Officer, Fraser Edwards. “It is especially relevant for those who have never interacted with decentralized identity and want to access payment rails without needing to use anything technically complex. Its built-in payment infrastructure, combined with a simple set of APIs, will allow developers to fully leverage credential payments in the easiest possible way.”
For further questions or interview requests, please contact Avishay Litani at [email protected].
About cheqd
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organisations to gain control and portability of their data. cheqd builds upon Decentralised Identity, Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category. Put simply, you can now issue credentials and get paid to do so.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as lending markets in Web3, preference data markets, and others where the user is at the centre. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a cutting-edge payment network that prioritises individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organisations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming and other sectors.
cheqd.io
Contact
Avishay Litani
MarketAcross
[email protected]
Tortola, British Virgin Islands, July 12th, 2023, Chainwire
In its ongoing journey to reshape the crypto investing landscape, Struct Finance, a DeFi platform that enables investors to engage with tailored interest rate products linked to digital assets, is thrilled to announce the launch of the BTC.B-USDC Vaults.
The tranche-based BTC.B-USDC Interest Rate Product was made possible by effectively leveraging Avalanche’s BTC.B (Bridged Bitcoin) for DeFi applications. The new vault beautifully complements Struct Finance’s Genesis USDC Vaults, heralding an exciting era in DeFi yield opportunities. Struct Finance built the new vault on top of GMX’s Liquidity Provider Token (GLP) to generate predictable yields for BTC in the form of fixed returns, and USDC in the form of variable returns, while still leveraging a secure asset and minimizing volatility and exposure to other risks.
“Our BTC.B-USDC Vaults represent an innovative application of Bitcoin in DeFi. We’re taking full advantage of Avalanche’s Bridged Bitcoin (BTC.B) to bring about a fresh wave of opportunities in the digital asset space,” said Ersin Dalkali, the Co-founder of Struct Finance.
While Bitcoin continues to dominate the market, its inherent lack of a DeFi layer has traditionally made native yield generation quite challenging. Avalanche has unlocked new possibilities for Bitcoin in DeFi with BTC.B (Bridged Bitcoin). Unlike WBTC that relied on centralized bridges, BTC.B is minted via Avalanche Core — a decentralized bridge — and can be trustlessly bridged across networks using the Layer Zero bridge.
At present, Bitcoin investments in prominent lending pools yield between 0.2–0.5%. Even the stable swap pools offering wBTC-BTC.B products only manage to deliver returns of about 2%. Struct’s BTC.B-USDC product shatters these limitations, offering significantly higher yields.
The purpose of BTC.B is to empower BTC holders to explore DeFi opportunities on the Avalanche blockchain, without the need to acquire secondary tokens or rely on centralized bridges. BTC.B represents BTC coins transferred to the Avalanche blockchain in the form of ERC-20 tokens. With over 6000 BTC bridged and a fully diluted value of $180 million, BTC.B is carving a niche for itself in the crypto arena.
The Bitcoin ETF applications by BlackRock, WisdomTree, and Invesco – three of the world’s leading asset managers – are not just a mere submission. It is a signal that the traditional financial realm is ready to embrace Bitcoin on a new level. Recently, the US Securities and Exchange Commission (SEC) gave the green light to a 2X leveraged Bitcoin ETF, sparking an enthusiastic wave of speculation and anticipation for approval of a spot Bitcoin ETF.
Delta hedging
Amid the highly volatile crypto industry, Struct Finance’s Interest Rate Products allow anyone to split and repackage the risk of any yield-bearing DeFi assets in different parts to fit their risk profile through an innovative process called “tranching.” Every Interest Rate Product is a single vault split into two portions, or tranches that have different return configurations:
- A Fixed-return Tranche for conservative investors looking for consistent returns
- A Variable-return Tranche for investors with a higher risk appetite seeking superior returns
The yield from the underlying asset flows into the fixed tranche first to ensure predictable returns. The remainder is then allocated to the variable tranche, which gets enhanced exposure to the underlying yield-bearing asset. Compared to the fixed tranche, the variable tranche might accrue more yield, less yield, or no yield.
As part of its BTC.B-USDC Vaults, Struct Finance has implemented a unique approach to managing investment risk: delta hedging. While the fixed tranche takes center stage with its high yield, the variable side of the product offers an additional layer of intriguing complexity and potential.
Upon deployment of funds into the vault, the BTC.B in the fixed tranche gets converted into GMX’s GLP token, setting up a position that’s short Bitcoin against GLP and contributing a negative delta. In contrast, the USDC on the variable side is converted into GLP, which inherently carries a positive delta.
This innovative delta-hedged product design achieves a fine balance between the positive and negative delta forces. It results in a robust strategy that allows investors to confidently navigate the crypto market’s inherent volatility.
This artful interplay of the fixed and variable sides within the vaults opens the doors for investors to tap into the potential of Bitcoin investments like never before. By catering to a diverse range of risk appetites, Struct Finance ensures that both retail and institutional investors can tailor their strategies to maximize their returns, regardless of market conditions.
About Struct Finance
Struct Finance is at the forefront of the DeFi revolution, with a vision to transform the design and utility of financial products. It empowers users to design their own financial instruments, harnessing the power of tokenized, yield-bearing positions to unlock a world of diverse investment opportunities. Moreover, its cutting-edge financial products adopt a tranche-based system, smartly distributing yield between different investor classes. This balanced approach guarantees a steady yield for risk-averse investors while also offering the prospect of heightened returns to the more adventurous. Initially available on Avalanche, Struct Finance plans to go multichain in the near future.
For more information, visit: Website | Twitter | Discord | Telegram
Disclaimer: This release is for informational purposes only and should not be construed as financial promotion.
Contact
Miguel Depaz
[email protected]
The cryptocurrency community is abuzz with discussions about the upcoming Bitcoin halving in 2024, but there’s another significant event on the horizon this year. Mt. Gox, the hacked Bitcoin exchange, is set to repay its creditors by the end of October 2023, according to the trustee overseeing the process.
This repayment has the potential to significantly impact the cryptocurrency market in various ways.
Mt. Gox, founded in 2010, was once the largest Bitcoin exchange, handling around 70% of all BTC transactions before its collapse.
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In 2014, the exchange suffered a security breach, resulting in the loss of 850,000 BTC, equivalent to 4% of all Bitcoin to be issued.
This made Mt. Gox one of the largest cryptocurrency bankruptcies ever, and creditors have been waiting for repayment for nearly a decade.
Industry observers believe that the repayment of Mt. Gox will have a notable impact on the market. Jacob King, the founder and CEO of WhaleWire, anticipates that most creditors, who lost their Bitcoin nearly ten years ago, will sell at least a portion of their BTC upon receiving it.
This influx of sell orders could create downward pressure on prices and potentially lead to a market downturn.
The prolonged delays in the repayment process have already caused disillusionment among investors, eroding their confidence in the market.
While some creditors expect to continue holding their Bitcoin, there are concerns that the news of the coins being released will lead other non-claimant holders to sell due to fears of price decline.
Mt. Gox aims to repay over 10,000 crypto creditors worldwide, totaling 142,000 BTC ($4.3 billion) and 143,000 Bitcoin Cash (BCH) worth around $40 million, along with 69 billion Japanese yen ($510 million) in fiat currency.
Payments will be made individually, using a combination of fiat and cryptocurrencies.
The repayment of Mt. Gox funds is anticipated to be a significant event, but its impact on the market will depend on factors such as the manner of fund release and media coverage.
Whale Alert co-founder Frank Weert believes that while some may cash out, it is unlikely to cause a massive sell-off.
This event, on such a large scale, is unprecedented in the crypto industry.
Although skeptics downplay the potential effects, comparing the amount of Bitcoin to be repaid to the holdings of Bitcoin advocate Michael Saylor, the market can absorb this repayment within a relatively short timeframe.
On-chain and exchange volumes are substantial, making the event manageable.
Furthermore, the distribution of Mt. Gox’s Bitcoin to numerous individuals could have a positive impact on the network as a mass-distribution event, reactivating long-term holders and strengthening self-custody practices.
Overall, the long-awaited repayment of Mt. Gox’s creditors is expected to have a significant impact on the cryptocurrency market.
While some foresee a potential market downturn due to sell-offs, others believe it will be absorbed quickly.
Regardless, the event marks the end of an era plagued by Mt. Gox-related uncertainty and is seen as a positive step forward for the industry.
The Financial Conduct Authority (FCA), the financial regulator of the United Kingdom, has taken action against cryptocurrency ATMs, disrupting 26 out of the 34 machines it visited and inspected since the beginning of 2023.
On February 14th, the FCA issued an ultimatum to all crypto ATM operators in the country, stating that they must comply with regulations or cease their illegal operations.
In response to this warning, the FCA, along with other law enforcement agencies, conducted investigations into 36 crypto ATM locations using their authority under money laundering regulations.
Steve Smart, the joint executive director of enforcement and market oversight at the FCA, spoke out against the use of all crypto ATMs, highlighting the risks involved.
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He emphasized that using a crypto ATM in the UK means utilizing a machine that is operating illegally, and users may unknowingly be handing their money over to criminals.
Smart further clarified that victims of scams involving these ATMs, specifically those related to cryptocurrencies like Bitcoin (BTC), will not receive government protection or assistance from the ATM operators.
Between May and June, the FCA inspected 18 of these locations, coinciding with their public announcement about the initiation of their inspection campaign.
It is worth noting that all crypto exchanges and ATMs in the UK are required to register with the FCA and comply with the country’s money laundering regulations.
On July 8th, the Clive Police Department released a report detailing a crypto scam in which a fraudster posed as a law enforcement representative and managed to steal $6,000 from an unsuspecting victim while threatening them with an arrest warrant.
Scammers often employ fear tactics and impersonate law enforcement officials to deceive individuals into transferring funds through crypto ATMs.
However, it is important to remember that legitimate law enforcement agencies never demand payments over the phone or through cryptocurrency.
The FCA’s efforts to disrupt illegal crypto ATM operations and raise awareness about the risks associated with them are aimed at safeguarding the public and preventing financial crimes.
Individuals are urged to exercise caution and verify the legitimacy of any communication or transaction involving cryptocurrency to protect themselves from falling victim to scams.
Cboe Global Markets, a prominent exchange operator, has made significant changes to five spot Bitcoin Exchange-Traded Fund (ETF) applications by including a surveillance-sharing agreement (SSA) with Coinbase.
Invesco, VanEck, WisdomTree, Fidelity, and the joint fund by ARK Invest and 21Shares are among the ETFs that had their filings amended with the United States Securities and Exchange Commission (SEC) on July 11.
Cboe confirmed that it had recently reached an agreement with Coinbase regarding the terms of the SSA, which was finalized on June 21.
The initial filings for the ETFs had indicated that the parties were anticipating entering into an SSA prior to potentially offering the ETFs.
READ MORE: Bitcoin Attempts Fresh Breakout as Battle for Yearly Highs Intensifies
The inclusion of SSAs in the filings is an attempt to meet the SEC’s requirements, which aim to prevent fraudulent conduct and safeguard investors.
The regulator outlined these standards on March 10, emphasizing the need for a comprehensive surveillance-sharing agreement with a regulated market that deals with significant amounts of the underlying or reference bitcoin assets.
Spot Bitcoin ETF applications have been a significant focal point for the industry in recent times.
Fidelity, Invesco, WisdomTree, and Valkyrie have all submitted filings, following the footsteps of BlackRock, a $10 trillion asset management firm, which also filed an ETF for SEC approval.
Additionally, on June 29, the U.S. stock exchange Nasdaq resubmitted its application to list BlackRock’s ETF, also incorporating an SSA with Coinbase.
The amended filings made by Cboe had a positive impact on the share price of Coinbase (COIN), with a nearly 10% increase observed on June 11.
This surge took Coinbase’s shares to their highest value since August 16, as reported by Google Finance.
However, despite its involvement in Bitcoin ETF applications, Coinbase is currently engaged in a legal dispute with the SEC.
The regulatory body has accused Coinbase of offering cryptocurrencies that it deems to be unregistered securities, leading to a lawsuit between the two parties.
In conclusion, Cboe Global Markets’ decision to amend the spot Bitcoin ETF applications to include a surveillance-sharing agreement with Coinbase reflects the industry’s efforts to comply with SEC standards.
This development has generated positive market sentiment, as demonstrated by the increase in Coinbase’s share price.
Nonetheless, Coinbase faces legal challenges from the SEC regarding the alleged offering of unregistered securities.
Imperium Comms, a Dubai-based crypto marketing and PR agency, has announced the launch of its crypto newswire.
The newswire will provide coverage in leading crypto and mainstream news publications, including Cointelegraph, Bloomberg, Yahoo Finance, and AP.
This will allow clients to publish press releases that will reach hundreds of relevant journalists and thousands of readers, including active crypto investors and executives.
This latest offering strengthens Imperium Comms’ existing suite of services that are available to crypto and blockchain projects.
Some of their other services include earned/organic media coverage, search engine optimization (SEO), and crypto ads management/media buying.
About Imperium Comms
Imperium Comms was founded in 2019 and has helped hundreds of blockchain and Web3.0 projects achieve their strategic marketing objectives.
Additionally, they have worked with several PR agencies which outsource to them to deliver targeted, organic placements for their clients.
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In a recent development, a collector of nonfungible tokens (NFTs) shared an intriguing story about how a decentralized finance (DeFi) loan was secured using a luxury watch, facilitated by an NFT representing the asset.
The incident took place on July 11 and was revealed by CirrusNFT, a pseudonymous advisor to a DeFi project.
According to CirrusNFT, a user managed to borrow $35,000 from another individual by utilizing an NFT that symbolized a physical item as collateral for the loan.
The borrower sent a prestigious Patek Philippe luxury watch to 4K Protocol, an escrow firm specializing in NFTs backed by tangible assets. In return, the company issued an NFT that granted ownership rights to the watch.
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To proceed, the NFT was listed on the DeFi lending platform known as Arcade. Once listed, lenders submitted their loan offers to the borrower, who then accepted the most favorable one.
Subsequently, the NFT was transferred to an escrow wallet, where it would remain until the loan was repaid in full or in the event of a default.
In the unfortunate case of non-payment, the NFT would be transferred to the lender, who could then claim the watch by destroying the NFT.
CirrusNFT highlighted that this process enables lending and borrowing while ensuring complete anonymity.
Participants are not required to disclose their identities to one another during the transaction.
Furthermore, the executive expressed the belief that this lending system provides individuals with access to global liquidity, potentially leading to more competitive interest rates.
The Web3 lending process, which incorporates NFTs as collateral, received positive feedback from the community.
A Twitter user shared their enthusiasm, stating that their father found the story fascinating. However, not everyone welcomed this new approach to lending and borrowing.
Critics argue that the system is centralized and that the inclusion of NFTs is unnecessary in certain cases.
While opinions vary, it is evident that the use of NFTs as collateral for loans presents a novel and intriguing concept within the world of DeFi.
It remains to be seen how this approach will evolve and whether it will gain wider adoption in the financial ecosystem.
Space and Time, a blockchain indexing startup, has announced a new feature it calls Prompt-to-SQL, which allows its users to perform blockchain data analysis without any formal knowledge of the SQL language, all thanks to an AI chatbot.
SQL, short for Structured Query Language, is an industry-standard domain-specific language for interacting with databases. It’s a powerful way for programmers to express how they want to read or change the data inside many types of database architectures. Because of its relative complexity, data analysts must be proficient in the language to perform their job well.
Less technical people who want to create unique visualizations or analysis will often be unable to work with the databases directly, relying on other people or fairly limited visual tools. Space and Time, which specializes in providing advanced historical and current blockchain data, saw AI as the solution to this natural friction in its product.
The company has now built the OpenAI-based Houston chatbot, which specializes in translating natural language into well-made SQL requests that can be used to interact with Space and Time data troves. The bot is accessed through the Space and Time Studio interface, which offers a full kit to create data pipelines, dashboards and ML/AI models.
“AI-powered SQL is a game-changer for businesses that run a lean analytics team,” said Scott Dykstra, CTO and Co-Founder of Space and Time. He explained that Houston makes it possible to “generate SQL or Python scripts from prompts, ask natural-language questions about data and get back an accurate visualization of the answer, and load in new datasets.”
“Whether the focus is indexed blockchain data or off-chain data from your business, discovering, querying and building on that data is just a few prompts away,” Dykstra concluded.
AI has been tremendously promising in popular perception after the release of OpenAI’s ChatGPT. And though some believe it won’t be at least a few decades until AI is able to replace programmers, most agree that it is a valuable tool for small or repetitive tasks.
SQL queries are a good example of a fairly straightforward operation that often just requires knowing the language itself. AI can be extremely helpful to programmers and non-programmers alike, either augmenting their existing capabilities or providing basic capabilities in a pinch.
The Houston bot has been built in partnership with ChainML, a startup helping Web3 companies integrate AI. Though its models are based on OpenAI technology, they are not just “ChatGPT wrappers” like some other popular AI integrations in crypto.
“We are excited to enable Houston with our open-source framework for building applications using AI agents that provides intent detection,” said Ron Bodkin, CEO and Founder of ChainML.
Space and Time is a blockchain startup backed by Microsoft’s venture arm M12. It offers data indexing for most popular blockchains such as Ethereum, Polygon, BNB, Sui, with verification offered by its custom Proof-of-SQL zero knowledge proof scheme.
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