Rotonda Launches iOS Version of Web3 Bithumb Burrito Wallet

Coti plans transition to Ethereum layer-2 network in 2024Israeli blockchain developer Coti plans to introduce a scalable, privacy-focused Ethereum layer-2 protocol in 2024. This strategic move aims to extend Coti’s privacy-centric features to a wider audience within the Ethereum ecosystem.Photo by Zoltan Tasi on UnsplashIncorporating ‘garbled circuits’Taking to the X social media platform on Wednesday, Coti unveiled its plan to transition from a standalone protocol to an Ethereum layer-2. The centerpiece of the project, which Coti has termed “Coti v2: a privacy-centric Ethereum L2,” is a cryptographic method known as “garbled circuits.”Garbled circuits are a cryptographic primitive that enables two or more parties to evaluate an arbitrary Boolean circuit securely, without revealing any information beyond the output, all while using a constant number of communication rounds. This innovative approach enables the processing of transactions without exposing sensitive information and data, aligning with the platform’s commitment to privacy.Having originated in the 1980s, garbling protocols have evolved into a crucial element of privacy-preserving technologies, excelling in scenarios where confidential data needs to be part of a computation without revealing the information itself.Focusing on privacyCoti CEO Shahaf Bar-Geffen emphasized the significance of this privacy-oriented protocol, stating:“Sensitive data transmitted as public information on a blockchain is a bug, not a feature.”Bar-Geffen highlighted the protocol’s ability to prevent sensitive data from being exposed to competitors, partners and clients engaged in transactions on Coti’s chain. The CEO elaborated on how garbling protocols differentiate Coti v2 by facilitating transactions and smart contract executions where details remain private between involved parties.The Coti CEO emphasized the critical role of such privacy features in decentralized finance applications, where transaction confidentiality is as essential as transaction integrity. Coti claims that other platforms focusing solely on anonymity for privacy may face regulatory challenges and might not provide a compliant foundation for the broader ecosystem.Targeting specific use casesCoti envisions its protocol catering specifically to use cases demanding advanced privacy provisions in finance and healthcare. Currently designed for enterprises, Coti’s existing protocol enables the management of blockchain-based products such as custom-branded tokens, wallets, website integrations and fiat on-and-off ramps.In a blog post on Medium, the blockchain startup outlined that in addition to privacy, v2 will enable smart contracts, EVM compatibility and Solidity programming, alongside the features currently offered by v1. Notwithstanding these new features on the v2 product, the company confirmed to The Block that in respect of Coti’s original Cardano-based product, “Coti’s work with Cardano continues. We have a project built there called Djed, and that will continue to remain on Cardano.” Djed is an ADA-backed stablecoin pegged to the U.S. dollar.The anticipated release of Coti v2’s developer net in the second quarter of 2024 signals a move towards realizing the potential in advancing Ethereum’s privacy standards. As a layer-1 protocol, Coti presently contributes to Web3 applications by providing digital infrastructure, including tools for wallets, tokens and payment modules, with a total value locked of $31 million.The upcoming integration as a privacy-centric layer-2 positions Coti as a key player in enhancing Ethereum’s capabilities and fostering a more secure and confidential blockchain experience.

Hong Kong last week entered the pilot phase of Project Ensemble, an initiative focused on developing infrastructure for a tokenized market and creating a sandbox where institutions can test blockchain systems in real business environments. Set to run through 2026, the pilot involves the Hong Kong Monetary Authority (HKMA), several banks, and other industry participants. Its early work will examine how tokenized deposits can be used in money market fund transactions and how these tools might support real-time liquidity and treasury management. Interoperability key to tokenizationCommenting on the development, Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung said, “To scale tokenisation of investment products, interoperability is key.” She added that the measure announced on Nov. 13 by the HKMA “will gradually allow interbank settlement of tokenised deposits in real time 24/7.”Photo by Ibrahim Rifath on UnsplashFollowing the HKMA’s announcement, Ant International, the global arm of Ant Group, revealed that it is joining Project Ensemble’s Architecture Community. As part of this digital finance effort, Ant International will help design and advance the tokenization ecosystem in the special administrative region, contribute to defining industry standards, and support broader industry adoption. Corporate initiatives in digital financeSeparately, Ant International also signed a memorandum of understanding with Swiss bank UBS to explore new opportunities in tokenized deposits, leveraging Ant’s blockchain platform Whale. Under this partnership, UBS Digital Cash, a blockchain-based payment solution developed by UBS, will be used to support Ant International’s global treasury operations. Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore, said the collaboration with Ant aims to achieve “a real-time, multi-currency payment solution that sets standards for transparency and efficiency.” Hong Kong has been seeing a noticeable pickup in crypto-related activity more broadly. According to a post on X by Unfolded, AMINA, a Swiss-regulated institution, is now the first international banking group to roll out full crypto trading and custody services in Hong Kong. Adding to this momentum, companies are stepping up their Bitcoin accumulation. In its third-quarter results announcement, Boyaa International, a Hong Kong–listed firm specializing in online card and board games, reported a quarter-over-quarter increase of 738 Bitcoin. As of Sept. 30, its total holdings stood at 4,091 Bitcoin at an average cost of about $68,114 per coin. Adoption trends and market contractionThis push into the crypto sector aligns with broader digital asset adoption across Asia. A recent survey by CoinDesk and Protocol Theory of 4,020 individuals aged 18 to 64 in 10 Asian countries found potential crypto ownership of around 25% among respondents with internet access. The survey also noted that roughly half of adults familiar with crypto plan to use it within the next year or so. Despite the uptick in activity and interest, the market itself is currently in a downturn, with Bitcoin falling below the $90,000 mark on Nov. 18 for the first time since April 22. Analyzing the move, CoinDesk’s Omkar Godbole said Bitcoin looks oversold, as the 14-day relative strength index (RSI) has slipped under 30, indicating the drop may be steep enough to trigger a pause or a possible rebound. Godbole drew a parallel with price action earlier in the year, noting that February was the last time the RSI fell below 30, when Bitcoin was trading under $80,000. After that decline, the market bottomed out at around $75,000 in April, a pattern that traders may be watching closely as they assess the current pullback. At the time of publication, Bitcoin was trading around $90,400 against USDT on Binance. 

3D Avatar Platform GoodGang Labs Joins Finschia as Joint Mainnet OperatorGoodGang Labs, a Singapore-based metaverse platform developer, is set to become a joint operator of the public blockchain mainnet Finschia, as reported by South Korean news agency Yonhap.The Finschia mainnet was launched by Line Tech Plus, a blockchain business subsidiary of Tokyo-based messaging app developer Line Corporation. It has been operated by the Finschia Foundations, a non-profit organization established in March in Abu Dhabi, United Arab Emirates.Photo by GuerrillaBuzz on UnsplashAdvancing Finschia’s governanceGoodGang Labs’ participation as a joint operator of the mainnet came as part of the Finschia Foundation’s establishment of a new consortium to advance its governance structure. Along with GoodGang Labs, many esteemed companies have joined as governance members to collaborate on operating the mainnet. These companies include Japanese telecom giant SoftBank, NFT platform operator LINE NEXT, blockchain infra-service provider A41, crypto firm AhnLab Blockchain Company, CeDeFi protocol Neopin, quantitative trading firm Presto Labs, and GameFi-oriented platform MARBLEX.GoodGang Labs specializes in developing technology that utilizes artificial intelligence (AI) to translate users’ facial expressions and behaviors into real-time 3D avatars. Leveraging this technology, the company is currently piloting Kiki Town, a 3D avatar communication platform.Finschia-based NFT projectsWith its involvement in Finschia, GoodGang Labs will allow various Finschia-based NFT projects to have access to the company’s services including the Kiki Town platform. FNSA, the base coin of the Finschia ecosystem, is currently listed on cryptocurrency exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto data tracking website CoinMarketCap.Ahn Doo-kyung, Co-Founder and CEO of GoodGang Labs, said that this partnership demonstrates the company’s capabilities during times of limited investment opportunities. He stated that GoodGang Labs will showcase a profit-generating platform that enables users to express their emotions through avatars and share their knowledge and experiences.The members of GoodGang Labs have acquired their tech expertise from notable entities such as SNOW, a subsidiary of South Korean tech behemoth Naver, and Meta, the parent company of Facebook. The company has received investments from Naver D2 Startup Factory, a startup accelerator; Naver Z, the operator of metaverse platform Zepeto; and Kakao Investment, the venture capital subsidiary of another Korean tech giant, Kakao.