CoinGecko expands data offering through Zash acquisition

NADA Protocol, a blockchain content platform and operator of the Play-to-Earn (P2E) NFT game Slime World, has forged a global investment partnership with IT investment firm Algorithm X, according to an article published by South Korean online news site Interview 365.Photo by Chris Liverani on UnsplashStrategic alliance"Through this partnership with AIgorithm X, we will accelerate our efforts to attract global investments. Also, by leveraging Algorithm X's infrastructure, we will expand our presence in the global market and create more partnerships with various companies in the future," NADA Protocol explained. Revolutionizing the blockchain industryNADA Protocol is a platform specializing in the production of blockchain content. It is most known for Slime World, which runs on the NADA Protocol Token – a Hedera-based reward token that is currently priced at approximately $0.03 on CoinMarketCap. The game surpassed one million global downloads in less than a month after the release of the updated version.  Meanwhile, Algorithm X is a company led by a group of financial experts from JPMorgan and professionals in the blockchain industry that manages global digital assets through proprietary trading. The company specializes in discovering and fostering promising projects and companies through global investment consultations and marketing campaigns.

Backpack crypto wallet secures VASP license for crypto exchange in DubaiThe Dubai Virtual Assets Regulatory Authority (VARA) recently granted a Virtual Asset Service Provider (VASP) license to the Backpack crypto wallet project. This development has paved the way for the launch of Backpack Exchange, a crypto trading platform.Details of the licensing approval and exchange launch were provided via a press release published by Backpack on Tuesday. The VASP license obtained by the fledgling startup is specific to crypto exchange services within the Dubai jurisdiction. Although it restricts Backpack from offering other virtual asset products and services, the company is embracing the opportunity via the newly launched exchange.Photo by Wael Hneini on UnsplashBackpack ExchangeThe new exchange, Backpack Exchange, incorporates cutting-edge technologies such as zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for custody and low-latency order execution, among other features. These technologies are poised to enhance the security, privacy and efficiency of the exchange in an effort to set it apart in the competitive crypto market.By all accounts, this will not be the last licensing announcement from Backpack. Over the past five months, Backpack Exchange has been working to secure operational licenses across multiple jurisdictions worldwide. This global expansion showcases the company’s interest in taking its product offering in the form of a secure and transparent trading experience further afield.Fiat-to-dApp bridgeWhile the wallet currently operates without specific regulatory oversight, it serves as a bridge for users to transition seamlessly from fiat to on-chain applications. Armani Ferrante, CEO and Co-Founder of Backpack, expressed his ambition to bring greater transparency to the crypto exchange sphere. He emphasized the importance of trust and verification in a sector often shrouded in opacity.Ferrante believes that leveraging cryptographic techniques such as zk-proofs, MPC, and state machine replication can elevate industry standards. Backpack Exchange aims to set a precedent by providing users with the tools and knowledge to verify transactions, ultimately fostering trust and confidence within the crypto community.Dubai’s VARA regulator has been actively enhancing its crypto-friendly regulatory environment. In February 2023, the regulator issued guidelines for VASPs operating within the emirate, emphasizing the importance of adhering to marketing, advertising, and promotion regulations. Violators may face fines ranging from 20,000 UAE dirhams ($5,500) to 200,000 dirhams, with repeat offenders potentially incurring fines as high as 500,000 dirhams.Solana ecosystem projectBackpack is very much a Solana-centric project. As a lead developer of the layer one blockchain, Ferrante is bullish in terms of future development on the Solana blockchain. His Mad Lads NFT project is the top-rated collection by market cap within the Solana ecosystem.In a podcast earlier this year, he outlined that the prospects for the blockchain are bright going forward. Backpack was first established by crypto infrastructure firm Coral, the creator of Anchor, one of the most popular smart contract developer frameworks for Solana.For existing Backpack and Mad Lads users (Mad Lads is a collection of 9,966 NFTs created by Ferrante), exciting prospects are on the horizon via the new exchange. Initial access to Backpack Exchange will be granted starting in November, with full public availability anticipated in Q1 2024. During this interim period, Backpack plans to introduce various trading functionalities, including derivatives, margin trading and cross-collateralization.

Singapore High Court Embraces NFTs for Financial InvestigationsA recent decision by the Singapore High Court has seen it embrace non-fungible tokens (NFTs) in financial investigations. Financial investigation firm Intelligent Sanctuary, also known as iSanctuary, has been granted permission to attach NFTs containing legal documents to cold wallets linked to a hacking incident.This innovative approach, similar to the one used in Italy and the United States to deliver court summonses recently, signals a new departure in the application of NFT technology in the legal and financial world.Photo by Choong Deng Xiang on UnsplashMoving towards tokenized legal ordersLondon-based iSanctuary set out details of the court decision in a blog post published to its website recently. A pivotal moment in this scenario was the court’s issuance of a global freezing order encapsulated within soulbound NFTs, securely linked to the specified wallets. Soulbound NFTs are special types of NFTs which are tied to a user’s account. They cannot be transferred or traded.Although these NFTs do not halt transactions, they serve as powerful deterrents, notifying counterparties and exchanges about the wallets’ dubious past involvement in a hacking event.Monitoring fund movementsFurthermore, iSanctuary has unveiled an ingenious strategy to actively monitor funds leaving these wallets through the NFTs. This innovative method ensures a permanent and unbreakable connection between the NFTs and the wallets.iSanctuary recounted on its website that it was employed by a businessperson who had lost $3 million in crypto assets and was able to track the stolen funds successfully. Their method, which combines both on-chain and off-chain evidence, was presented by an iSanctuary senior investigator to the Singapore High Court. This led to the issuance of a worldwide injunction.iSanctuary’s financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime, and the court approved their use of NFTs for service delivery.Mintable collaborationiSanctuary accredited Singaporean NFT marketplace Mintable as the creator of the NFTs. As reported by local news media outlet The Straits Times last week, this case revolved around a stolen private key and the alleged involvement of Singapore-based crypto exchanges in laundering the stolen assets. The fraudsters, purportedly from Singapore, are alleged to have orchestrated this saga that spans countries from Singapore to Spain, Ireland, Britain, and other European territories.Taking to X (formerly Twitter) to comment on the saga, Mintable founder Zach Burks stated:”Happy to help clean up the crypto space and move the NFT ecosystem into a realm of utility and away from the speculation of jpegs!”In a subsequent post, Burks highlighted further NFT-related innovation when pointing to a central bank digital currency (CBDC) pilot program led by Mastercard that implicated the use of NFTs to stamp out fraud. Mintable supported that particular use of the technology within that project.iSanctuary’s founder, Jonathan Benton, emphasized the impact of the recent initiative, calling it a “game changer.” The approach enables swift action, allowing for the identification of illicit asset holders and expediting the issuance of civil or criminal orders, even red flags, within hours if necessary. It also demonstrates that NFTs can be put to good use, above and beyond speculative trading.