CoinGecko Report Points to Q3 Market Contraction

Safeheron, a Singapore-based provider of digital asset self-custody solutions for institutions, has released the world’s first open-sourced trusted execution environment (TEE) related to Intel Software Guard Extensions (SGX).  The Intel SGX is a hardware-based security technology integrated within some Intel processors. It enables application developers to run application code within a secure isolated environment, while preventing access to that code or modification of it by other applications or by the operating system running on that hardware.Photo by Shubham Dhage on UnsplashAddressing Web3 security & scalability challengesThe Intel SGX enables a TEE, creating a black box for computation. In a blog post published by Safeheron on May 6, the company claimed that its open-source framework “addresses fundamental security and scalability challenges within blockchain and Web3 ecosystems, offering broad potential for deployment across critical scenarios.” The company asserted that the enabling of off-chain TEEs as achieved by its framework, provides for robust blockchain layer-2 scaling, together with privacy-preserving computation. In this way, layer-1 blockchain load can be minimized while enhancing network throughput and verifiability. Safeheron further claimed that this all paves the way for the evolution of a trusted “second execution layer” for decentralized applications. Overcoming Intel SGX complexitySafeheron developed the TEE framework using C++, a high-level object-oriented programming language. The firm open-sourced the SGX framework due to the significant challenges that developing with Intel SGX poses, arising from its complexity and its engineering overhead. On X, the company claimed that the new framework reduces SGX TEE development complexity, enabling developers to build applications securely for blockchain, cloud security and privacy computing. The framework optimizes advanced cryptographic support, enhanced testing capabilities, high-level API design and secure and encrypted file input and output. Moving beyond closed and opaque systemsSafeheron added that it open-sourced the framework as it had seen concern expressed within the Web3 sector regarding the development of closed and opaque systems, with that concern elevated in relation to ongoing security failures related to Web3 platforms. Safeheron CEO Wade Wang told Cointelegraph that in open-sourcing the framework, the firm is “not threatened by competitors,” but that it is concerned about “slow innovation due to closed systems.” The Singaporean firm was established in 2021. It counts HashKey Capital, Bixin Ventures, Antalpha Ventures, M77 Ventures and Kryptos among its investors. Back in 2022, it raised $7 million in a pre-Series A funding round. At the time, the project’s mission was to make private keys, which individuals use to control and self-custody their digital assets, safer. In terms of products offered, the company markets its MPC Node Suite, a white-label solution that allows clients to build out multi-party computation (MPC) wallet-based applications. It also offers Keyless Wallets that facilitate the development of wallets that don’t require traditional keys.  In February crypto exchange platform BYDFi partnered with Safeheron, leveraging its MPC technology and TEE to build out a key management system.

International Holding Company (IHC), based in the United Arab Emirates, has green-lit the launch of 2PointZero, a holding company encompassing a diverse array of companies, marking a significant stride into various industries, including the burgeoning crypto ecosystem. Photo by Kevin Villaruz on PexelsIHC announced the launch of 2PointZero via a press release published to its website recently. The new holding company boasts a combination of entities with a cumulative asset value exceeding $27 billion, pending completion after securing all necessary regulatory approvals. IHC is one of the Middle East and North Africa’s (MENA) largest conglomerate companies. Founded in 1998 in Abu Dhabi, it contains 422 subsidiary companies with eight of them listed on the Abu Dhabi Stock Exchange Market (ADX). Business interests span sectors such as real estate, healthcare, food and beverage, industrial, IT and communications and agriculture.Tahnoon bin Zayed Al Nahyan, Chairman of IHC, expressed pride in announcing the formation of 2PointZero, positioning it as a next-generation holding company at the forefront of pioneering advancements across multiple sectors. The new holding company will concern itself with sectors that include private equity and alternative investments, venture capital operations, asset management, micro financing and insurance. Digital and cryptocurrency ecosystems is another sector that 2PointZero will invest in. Crypto mining interests2PointZero Holding will incorporate entities such as Chimera Investments, Lunate, Beltone, International Resources Holding (IRH), and Sagasse Investments. Within Lunate, one of Abu Dhabi’s newest funds, lies Citadel Technologies. Citadel stands as a key player in the cryptocurrency mining sector, operating a state-of-the-art crypto mining facility in Abu Dhabi. Specializing in Bitcoin mining, Citadel is committed to sustainable and efficient mining practices, benefiting from its strategic location in the UAE and leveraging the region's advanced infrastructure. In the fiscal year 2022, Citadel reported a revenue of AED 100 million with assets totaling AED 2.7 billion. IHC recently acquired a 10% stake in Phoenix Group, the manager of the "Citadel Project," solidifying Citadel's position as the largest crypto-mining facility in the Middle East. Potential to expand crypto-related investmentsBack in 2022, IHC had outlined its strategy to expand into new growth areas and to grow its digital assets portfolio. In December, an IHC subsidiary, Sirius International Holdings, formed a partnership with Indian infrastructure company Adani Group with a view towards developing AI, internet of things (IoT) and blockchain-based services and solutions. This recent development is encouraging in terms of the potential for far greater crypto-centric investment, given the size of the UAE-based entity. The press release states:”The 2PointZero portfolio, which is expected to surpass AED 100 billion in assets, reflects its commitment to excellence and strategic growth in the digital and crypto ecosystems, resource management, and beyond.” Al Nahyan emphasized 2PointZero's commitment to transformative global impact, particularly in areas such as technology, artificial intelligence (AI), financial services, investment banking and resource management. The vision extends beyond boundaries, with a mission to build sustainable ecosystems that empower communities, foster technological excellence and ensure financial resilience.

NH Bank announced today that Korean banks and fractional investing companies have teamed up to establish a consortium with the aim of building an ecosystem for security tokens. Consortium between banks and fractional investorsThe consortium comprises NH Bank, Suhyup Bank, and Jeonbuk Bank as well as six fractional investing companies, including Seoul Auction Blue, Tessa, and Galaxia Moneytree.The banking sector will contribute to the security token industry by building infrastructure for distributed ledger technology, conducting research on promoting security tokens, and bolstering investor protection. Korean banks’ crypto initiativesNH Bank has been in partnership with domestic Korean crypto exchanges Bithumb and Korbit to provide them with real-name registered bank accounts, demonstrating continued interest in crypto services. Under current law, crypto exchanges in Korea are obliged to hold real-name bank accounts if they want to provide Korean won trading services.This move led by NH Bank shows that traditional banks, which have been more conservative compared to securities companies, are actively striving to secure a position in the security token market.