BitKeep Changes Name to Bitget Wallet Following Acquisition

p0x Labs Secures $25M Funding to Propel Manta Network Into Asiap0x Labs, the development team behind Manta Network, has successfully raised $25 million in a Series A funding round that will see the project expand into the Asian market.Photo by Towfiqu barbhuiya on Unsplash$500 million valuationThe funding round, led by Polychain Capital and Shanghai-headquartered Qiming Venture Partners, has resulted in a valuation of $500 million for p0x Labs, according to a blog post published by the project on Wednesday. This equity-based investment demonstrates a growing interest in not only the project’s token but also the team behind it.Manta Network aims to leverage zero-knowledge (ZK) technology to address the scalability challenges and privacy concerns prevalent on the Ethereum network. By harnessing zero-knowledge proofs, Manta enables users to verify the authenticity of information without disclosing the underlying data.This approach provides individuals with complete control over their identities while mitigating the risks of surveillance. Consequently, Manta Network is seeking to attract users who have reservations about utilizing DeFi protocols due to the transparent nature of transactions on public blockchain networks.At the recent EthCC event held in Paris, the project unveiled the testnet for its Layer 2 network, known as Manta Pacific. This testnet operates in an environment with low gas fees, fostering cost-effective transactions for users. Manta Pacific is designed to complement the existing Layer 1 solution, Manta Atlantic, which focuses on achieving compliant on-chain privacy.VC supportLuke Pearson, an investor at Polychain Capital, expressed his enthusiasm for Manta Network’s expansion within the Ethereum ecosystem and confirmed Polychain’s continued support through this Series A funding round. Meanwhile, Yi Tang, Principal at Qiming Venture Partners, believes that their contribution will not only help Manta Network penetrate the Asian market but also attract the attention of Web2 brands.With the additional funding, p0x Labs aims to establish a global presence for Manta Network. Kenny Li, a core contributor at Manta Network, emphasized the significance of partnering with one of China’s largest investors to gain a stronger foothold in Asia, particularly China. The team is enthusiastic about the opportunities this collaboration will bring.Industry partnershipsManta Network has already witnessed substantial demand for its offerings, with partnerships with projects such as Arbitrum and Linea resulting in the creation of over 300,000 zero-knowledge soulbound tokens. These tokens enable the verification of on-chain identities without compromising data confidentiality. Additionally, the native Manta Wallet has garnered more than 200,000 installations, and innovative features like email-based notifications have contributed to a collective user base exceeding 1.5 million users.Looking ahead, the newly launched testnet with its plug-and-play functionality is expected to streamline the development process for Manta Network’s ecosystem. Developers will be able to allocate their time and resources more efficiently toward building their core products, driving innovation within the zero-knowledge space.The successful funding round and the launch of the Layer 2 testnet mark significant milestones for Manta Network and p0x Labs. With continued support from prominent investors, Manta Network appears to be setting itself up to unlock the true potential of zero-knowledge technology and drive adoption across various industries.

Crypto.com unlocks regulated expansion through UK FCA licensing awardSingapore’s Crypto.com has obtained an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom. The approval complements the platform’s existing status as a registered crypto-asset business, a milestone achieved in August 2022.Photo by Robert Tudor on UnsplashSet to expand product offeringIn a press release published to its website on Monday, the company outlined that the EMI license represents a pivotal step for the firm, empowering the exchange to issue and manage electronic money. This expansion goes beyond its initial crypto-asset business focus, which concentrated primarily on compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.The regulatory nod came after Crypto.com underwent a comprehensive examination of its business and compliance practices, ensuring alignment with the stringent AML and CTF requirements in the UK.With this authorization in hand, Crypto.com is poised to introduce a range of e-money products tailored for the UK market. This move aligns the company with other cryptocurrency firms like Coinbase and Gemini, which have previously secured similar licenses.Notwithstanding that, while some other well-known platforms have struggled with recently introduced rules related to the marketing of crypto products and services in the UK, Crypto.com’s UK subsidiary company, FORIS DAX UK LIMITED, had successfully registered with the FCA in October.Building out global expansionWhile a trend has emerged in 2023 for crypto platforms to expand within regional markets around the world beyond the United States, Crypto.com has been following a global strategy for some time already. Last month, CRO DAX Middle East, a subsidiary company of Crypto.com, secured a license from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer regulated virtual asset services.Earlier this year, Patrick Yoon, General Manager of Crypto.com’s Korean business outlined plans for expansion within that market, including the aspiration to obtain the banking relationship required in order to conduct virtual asset trading business in South Korea.Dutch licensing successEarlier in July, Crypto.com received approval from the Dutch central bank, De Nederlandsche Bank (DNB), to extend its cryptocurrency services in the Netherlands.This recognition places Crypto.com among the 36 cryptocurrency-related businesses approved by the Dutch central bank, joining major industry players like Coinbase Europe, eToro and Bitstamp. Notably, this approval followed Binance’s inability to secure registration in the Netherlands, leading to its exit from the country.Expressing enthusiasm about this achievement, Kris Marszalek, CEO of Crypto.com, emphasized the importance of the UK market for their business. He stated:“The UK has and continues to be a hugely important market for our business and the greater industry. We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”Crypto.com’s global expansion strategy includes regulatory approvals in Singapore, France, Italy, Dubai and Australia. However, in a strategic shift, the platform discontinued its institutional exchange service for professional customers in the United States in June. Citing a decline in demand, this move aligns with the broader market conditions in the U.S., influenced by ongoing legal actions against major exchanges such as Binance and Coinbase.

Japan's institutional embrace of blockchain technology is accelerating on multiple fronts, with a flurry of developments in the first week of May signaling that the country's financial establishment is moving to bring digital asset infrastructure into mainstream markets.Photo by Paris Bilal on UnsplashGovernment bonds go on-chainCiting Nikkei, Nada News reported on May 7 that a group of major Japanese banks and brokerages plans to tokenize Japanese government bonds by the end of 2026. The project would issue JGBs as security tokens on a blockchain and use stablecoins for settlement, potentially allowing 24-hour trading and same-day settlement. The project is expected to focus first on the repo market, where financial institutions use government bonds as collateral for short-term lending. Japan represents roughly 10% of the global repo market. Progmat, a digital asset infrastructure company, will coordinate the industry group behind the project. Participants include Japan’s three megabanks (Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank), Daiwa Securities, SBI Securities, Tokio Marine Holdings, BlackRock Japan and State Street Trust & Banking. The group plans to publish a report on legal and tax issues by October. SBI moves to acquire bitbankSeparately, financial conglomerate SBI Holdings said on May 1 that it submitted a letter of intent to acquire a controlling stake in bitbank, one of Japan’s largest crypto exchanges, and make it a consolidated subsidiary. The announcement followed SBI’s merger of BitPoint Japan into SBI VC Trade in April. SBI said the proposed acquisition comes as Japan considers bringing digital assets under the Financial Instruments and Exchange Act. On April 10, the cabinet approved an amendment bill that would for the first time regulate crypto assets as financial products, including a ban on insider trading based on undisclosed information. In payments, Aptos signed a memorandum of understanding (MOU) with NETSTARS, the Tokyo-based operator of the StarPay cashless payment platform. Aptos will participate as a blockchain partner in NETSTARS’ StarPay-X project, which aims to add stablecoin and other Web3 payment options to existing point-of-sale infrastructure.