Animoca Brands Secures Funding to Expand Web3 Identity Project

Anboto Labs Reveals $3M Funding and Platform LaunchHong Kong-based crypto trade execution specialist Anboto Labs has successfully secured $3 million in funding and unveiled an institutional-grade non-custodial trading platform.Investors who participated in the funding round included Kronos Ventures, Cherry Crypto, Mechanism Capital, XBTO, and Singaporean digital assets financial services platform Matrixport, contributing to this funding round during the third quarter of this year. Anboto Labs, known for its crypto trading execution tools, has been on a steady growth trajectory, having raised $1.9 million last year, elevating its valuation to $35 million, according to Guillaume Forcade, the company’s co-founder.Photo by Csaba Nagy on PixabayCrypto trade executionFrom its inception, Anboto Labs has consistently generated revenue, and now it’s ready to introduce its execution platform to a broader audience of experienced traders. The public launch of the platform will enable Anboto to scale up to support thousands of traders simultaneously.The newly released platform underwent an extensive 18-month closed beta phase, during which it processed $4 billion in trading volume across 20 exchanges and blockchain networks. Anboto Labs is attempting to distinguish itself in the market with its execution algorithms, including TWAP, VWAP, and iceberg, which are designed to optimize pricing and execution quality.TWAP, or time-weighted average price, can be incorporated into a trading algorithm with a view towards optimizing a trade’s average price while executing the trade over a predefined time period. In recent days, the project’s Head of Quantitative Research, Suren Markosov, took to blogging site Medium to outline how Anboto’s TWAP algorithm is geared up to save on trading costs. According to Markosov, the firm’s approach could lead to traders saving between two and eight basis points in costs.VWAP, or volume-weighted average price, can be used to filter out the “noise” in the market to determine the real buy/sell price that exists within the market within a given period. Meanwhile, an iceberg order is executed such that it is sliced up into smaller orders. In this way, the impact cost of overall trade execution is minimized.Focus on securityAnboto Labs also places a strong emphasis on security. It allows users to sign up without the need for a time-consuming Know Your Customer (KYC) process, offering a streamlined experience. Additionally, the platform provides multi-factor authentication and the option to whitelist IP addresses, further enhancing security measures.Brett Sun, an investor with Cherry Crypto, took to X (formerly Twitter) to recognize Anboto’s platform launch. Sun stated:“Big strides from @guiviaje and the team at @anboto_labs. They’ve come out of beta to democratize access to professional-grade trading tools for all traders.”WOO Network integrationEarlier this week, Anboto announced the integration of Taipei-based liquidity provider WOO Network into its platform. Forcade said that the integration will enable the firm to offer even more efficient trading tools to its users.In the coming months, Anboto Labs plans to expand its trading features with the aim of democratizing access to institutional-grade execution tools for all crypto traders. With a track record and fresh funding behind it, Anboto Labs is setting itself up to potentially make a significant impact in the cryptocurrency trading space, offering traders the tools they need for success in the crypto market.

STX Token Debuts on Korean Exchange BithumbSTX, the native token of the Stacks network, made its debut on the KRW market of Bithumb, a renowned Korean cryptocurrency exchange, at noon (Korea Standard Time) on Tuesday. The listing price is 828.5 KRW per unit.Photo by Jonathan Borba on UnsplashBitcoin scalability solutionStacks is a Bitcoin scalability solution that addresses the challenge of transaction latency through the use of microblocks. It utilizes the programming language Clarity and benefits from the security of Bitcoin by employing its unique consensus algorithm called Proof of Transfer (PoX). This mechanism enables Stacks to settle transactions on the Bitcoin network.Stacks is one of the most anticipated projects associated with Bitcoin, and its token was approved by the U.S. Securities and Exchange Commission in 2019.STX token usageThe STX token serves multiple purposes within the Stacks blockchain ecosystem. Users can utilize it for stacking, participating in governance activities, and paying transaction fees.

CoinFLEX Effects Partial Repayment of SmartBCH DebtCoinFLEX, a Seychelles-based crypto yield platform that operated the BCH to sBCH cross-chain bridge, has taken a significant step towards its restructuring plans by partially repaying its debts to SmartBCH Alliance.Photo by Towfiqu barbhuiya on PexelsBitcoin Cash sidechainAs part of the repayment, SmartBCH, a Bitcoin Cash sidechain compatible with Ethereum, received distributions from CoinFLEX, including approximately 4.28 million rvUSD ($750,000), 652,000 USDC ($652,000), and 6,834 BCH ($1.6 million). Notably, 80% of the received USDC has been swapped into Bitcoin Cash, while the remaining portion has been reserved to cover legal and operational expenses. SmartBCH currently holds a total of 10,758 BCH.The repayment to SmartBCH comes amidst a significant surge in the price of Bitcoin Cash, which has witnessed a remarkable increase of over 110% in the past seven days. This surge has positioned Bitcoin Cash as a top performer among major currencies in the crypto market, according to data from CoinGecko.Bitcoin Cash, along with other Bitcoin forks, has been benefiting from the overall rise in the cryptocurrency market. The increased interest can be attributed to the flurry of spot Bitcoin ETF filings that have taken place recently.The positive developments surrounding CoinFLEX and Bitcoin Cash have also had a ripple effect on associated tokens. $FLEX and $OX, tokens connected to CoinFLEX, have experienced notable increases in value, rising by 53% and 65% respectively over the past week.CoinFLEX itself has been undergoing a significant restructuring process that was approved by the Seychelles Courts on March 6. The exchange initially suspended withdrawals in June 2022, citing extreme market conditions and uncertainty related to a counterparty.CoinFLEX was one of several crypto firms affected by the collapse of the Terra ecosystem in May 2022, resulting in the loss of over $40 billion in investor value within a short period. In September, the company revealed its restructuring proposal, which involved offering over 65% of its equity to creditors and allocating 15% to employees.OPNX rebrandLast March, CoinFLEX rebranded itself as Open Exchange (OPNX) following the approval of its restructuring plan. The founders of CoinFLEX, Mark Lamb and Sudhu Arumugam, are collaborating with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), on the new Dubai-based venture.SmartBCH has announced its intention to open an account on OPNX and gradually convert rvUSD into Bitcoin Cash through the exchange. It is worth noting that, as part of the restructuring terms, SmartBCH is entitled to common equity in CoinFLEX and one board seat, although it has not received these benefits at present.Additionally, SmartBCH has burned 33,365.67 sBCH tokens, returning them to the old bridge address. As a result, the total sBCH in circulation on the sidechain now amounts to 67,756.766.To further enhance stability, SmartBCH has entered into an agreement with CoinFLEX to assume responsibility for maintaining the 1:1 peg between sBCH (the sidechain’s native token) and BCH.