Bithumb Burrito Wallet teams up with Yooldo to expand blockchain gaming network

Hong Kong and Israel Collaborate to Expand CBDC Access Beyond BanksIn a collaborative effort, the Hong Kong Monetary Authority (HKMA), the Bank of Israel (BoI), and the Bank of International Settlements (BIS) Innovation Hub have jointly released a comprehensive report on Project Sela, a central bank digital currency (CBDC) initiative.Photo by POURIA 🦋 on UnsplashBroadening the role of intermediariesThe report was published to the BIS website on Tuesday. In keeping with the trend of many CBDC projects, Project Sela is characterized by a robust public-private partnership. However, its particular focus lies in broadening the spectrum of intermediaries, aiming to offer retail CBDC services through a more diverse array of service providers, thereby reducing dependency on traditional banks and major payment providers.Andrew Abir, Deputy Governor of the Bank of Israel, emphasized the importance of fostering a dynamic and open ecosystem with a wide variety of service providers. He stated:“Competition and innovation require a flourishing and open ecosystem with many different types of service providers. This was our initial goal in Project Sela as a proof-of-concept, and the project proved the feasibility of the model we had in mind.”Involving retail banksIn a previous model explored through Hong Kong’s Project Aurum, retail banks were entrusted with customer-facing tasks while maintaining the central bank’s operation of the wholesale ledger for the eHKD. In contrast, Project Sela introduces a novel approach where the central bank operates the retail ledger — a model akin to Israel’s digital shekel.The primary actors in Project Sela, known as Access Enablers (AEs), notably do not have control over CBDC balances, distinguishing them from conventional payment providers. Moreover, AEs are not required to maintain liquidity to support CBDC services. Their role encompasses facilitating user onboarding and CBDC access, fulfilling know-your-customer (KYC) and compliance obligations, and routing payments. The role of banks and other “funding institutions” primarily revolves around enabling the conversion of cash and deposits into CBDC.The rationale behind this approach is rooted in the emergence of technological advancements in open banking and DeFi, which have demonstrated the potential to disentangle financial services by granting users greater access to their financial data and control over their own funds.Enabling participation among the unbankedProject Sela envisions the unbanked population utilizing ATMs to convert cash into CBDC. A similar approach has recently been taken by the Chinese authorities. In the resort city of Sanya, authorities have introduced e-CNY ATMs in order to enable e-CNY access for foreign tourists.However, it is noteworthy that in many countries, the primary function of ATMs is to dispense cash rather than accept it. Consequently, the inclusion of AEs could pose challenges to traditional banking institutions, as CBDC adoption could potentially impact bank deposits.Privacy and cybersecurity considerations are implicated within Project Sela. As the central bank operates the retail ledger, ensuring the confidentiality of personal information becomes imperative. To safeguard privacy, AEs employ a hashing mechanism to obfuscate personal identifiers, although the report does not delve into the subject in detail.While Bank of Israel Governor Amir Yaron admitted that a CBDC can never be anonymous, he claimed that “if we choose to issue a digital cash shekel, it will provide at least as much privacy as other digital means of payment.”

Sleek Secures $5M seed funding to propel Web3 social networking offeringHong Kong-based startup Sleek has successfully raised $5 million in seed funding to advance its Web3 social networking platform, aiming to further the ownership economy and introduce blockchain-powered social media accessible to a broad audience.Photo by micheile henderson on UnsplashIncentivized networking through ‘SocialFi’Officially launched in April of this year, Sleek aspires to reshape human connections by simplifying networking, infusing a sense of fun and fostering productivity. The platform provides users with an expansive environment where they can exchange information, connect with new contacts and participate in incentivized networking through innovative Web3 social finance (SocialFi) business models.In essence, SocialFi employs blockchain technology with the objective of monetizing social interactions. The concept has come to broader attention in recent months as a consequence of the emergence of Friend.tech, a novel way for creators to monetize content, by way of tokenizing attention. Sleek enables users to directly monetize their content and social capital, emerging as a new generation of creators within the Web3 landscape. Sleek Co-Founder Chase Guo explained to The Block how it differs from other Web3 social networks:“Most of the time, this strategy [bootstrapping a platform using tokens or incentives] does not result in unique content generation and sustainable growth. People are here for the airdrop and leave once they cash out. Sleek took a very different approach — build a real use case first with die-hard fans.”Sleek CardAt the forefront of Sleek’s offerings is its flagship product, Sleek Card, specifically designed to empower Web3 professionals in face-to-face networking. Each Sleek Card generates a blockchain wallet and a decentralized identity for users, streamlining the onboarding process into the Web3 space.Utilizing NFC technology and a proprietary messaging bot, Sleek Card allows users to capture data and manage contacts, resulting in robust on-chain social graphs. Notably, Sleek Card has facilitated over 300,000 connections, establishing itself as a key player in the Web3 landscape. The platform has also formed strategic partnerships with prominent entities such as Solana Hacker Houses, Coinfest, Digital Art Fair and NFTNow, bringing innovative event experiences to life.Both of the startup’s founders spoke about the body of work Sleek is involved in. Co-Founder Tania Tse stated:“We are launching monetization models in our platform that are only possible through the blockchain, so talented creators from various verticals who don’t have a full team supporting them can earn sustainably.”Chase Guo added: “Leveraging our own experiences and lessons learned, we are building applications alongside our users to power the future of Web3 social.”Looking ahead, Sleek plans to unveil an open marketplace in the first half of 2024, empowering domain experts to become creators by tokenizing their knowledge into liquid and accessible assets. This strategic move aligns with Sleek’s vision for a more equitable, user-centric and transparent digital social landscape.Broad industry backingSleek’s investor roster includes well-known names such as Shima Capital, Spartan Group, Symbolic Capital, Genblock Capital, Big Brain Holdings, Market Across, Emirates Consortium, Arkstream, Perridon, GBV and various angel investors. Notably, Binance Labs, the venture capital arm of Binance, invested in Sleek through the Binance Labs Incubation Program in 2022.

Bybit Overhauls Institutional Trading Platform Bybit InstitutionalDubai-headquartered crypto exchange Bybit has announced the launch of its newly revamped institutional trading platform, Bybit Institutional.Bybit outlined details of the refreshed product offering which the company hopes will provide institutional clients with an elevated trading experience, via a blog post published to its website on Wednesday.The revamped Bybit Institutional platform claims to have introduced a host of new features that it hopes will distinguish it from competitor offerings:Photo by Gerd Altmann on PixabayLiquidityThe platform claims to be one of the largest in terms of open interest for crypto derivatives trading. This position allows for high trading volumes, creating frequent opportunities for clients to enter and exit positions. This heightened trading activity allows clients to execute orders without causing significant market price fluctuations.Asset safetyFollowing the spectacular failure of a number of crypto platforms in 2022, a lot of emphasis is being placed on client asset safety in 2023. Proof of reserve audits has been adopted by some platforms as a direct response to these failures. Bybit Institutional is offering that fail-safe in an effort to demonstrate that it maintains cryptocurrency reserves to cover all client holdings.Between routine audits, the use of robust security frameworks, multi-factor authentication, encryption, and other measures, the platform feels that it is prioritizing the security of client assets. Moreover, clients are also offered the option to utilize third-party custodial services for off-exchange settlement of trades and long-term asset storage.Fee structure optimizationThe platform is offering a fee structure that it claims to have tailored to maximize cost-efficiency for institutional traders. A customized fee schedule has been incorporated, based on trading volumes and strategies, and aimed at supporting institutions’ objectives of reducing trading costs while optimizing their returns.Eugene Cheung, Vice President and Head of Bybit Institutional, expressed his enthusiasm for the platform’s refreshed product offering, stating:“We are thrilled to introduce the new Bybit Institutional page, designed to cater specifically to the needs of our institutional clients. With our deep liquidity, commitment to asset safety, and cost-efficient fee structure, we aim to provide a seamless trading experience for institutions of all sizes.”Bybit Institutional has partnered with significant players within the industry in bringing its offering to market, such as Fireblocks, Copper, and Circle.Blockchain LifeThe United Arab Emirates-based exchange is also a participant in next week’s Blockchain Life 2023 event in Dubai, the 11th international forum on cryptocurrencies, blockchain, and mining. Cheung will participate as one of the panelists at the event on October 24. Titled “Crypto Market Outlook: Insights and Forecasts From Top Crypto Exchanges,” the panel of industry experts will delve into the current crypto landscape, emerging trends, and future forecasts.Bybit’s launch of the enhanced Bybit Institutional trading platform is indicative of the interest that exists between a range of market participants in cornering institutional business. UK bank Standard Chartered, through its Singapore-based subsidiary Standard Chartered Ventures and portfolio companies Zodia Custody and Zodia Markets, is also making a concerted effort to muscle in on this market segment.