BitGo secures in-principle MPI license approval in Singapore

Cronos Labs launches zkEVM chain testnetCronos Labs, the developer behind the Cronos blockchain ecosystem, is charting a new path in the blockchain space by launching a zkEVM chain.From Cosmos to EthereumThe Cronos zkEVM chain is being launched in the first instance as a test network. The layer-2 blockchain will rely upon ZK Stack, the software kit developed by Matter Labs. In this way, the project will be extending its scaling roadmap from Cosmos to Ethereum. As Matter Lab’s SVP of Business and Operations, Marco Cora put it:“When we introduced the ZK Stack, we opened up the door for anyone wanting to build on top of Ethereum to do so by deploying hyperchains. Whether you’re building a specialized Rollup or a general purpose one, hyperchains allow you to tap into Ethereum’s extensive userbase base and liquidity while preserving its robust security and decentralization.”The journey began with the creation of the first chain in the Cronos ecosystem — a Cosmos appchain developed in collaboration with Singapore-headquartered crypto platform Crypto.com and launched in 2021. Subsequently, Cronos introduced an EVM-compatible chain in 2022, built using the Cosmos SDK. Notably, these new endeavors complement, rather than replace, the earlier established chains.Photo by Kanchanara on UnsplashThe product of collaborative effortsA significant development in Cronos’ evolution is the introduction of zkEVM, a result of collaborative efforts involving Cronos Labs, Matter Labs and engineering teams from stakeholders Crypto.com and existing dApp developers. The zkEVM testnet is a breakthrough, utilizing Ethereum’s Sepolia testnet and incorporating zkSync’s open-source prover, Boojum — a STARK-based zero-knowledge proof system known for its efficiency in the layer-2 rollup space, with low hardware requirements and fees.The decision to launch a native Ethereum chain stemmed from challenges in bridging EVM chains and bridging between Cosmos and Ethereum, according to Ken Timsit, Managing Director at Cronos. Timsit emphasized the richness and robustness of the Ethereum developer ecosystem for building DeFi and NFT applications.Native account abstractionHyperchains within the ZK Stack share components, including a native bridge to the Ethereum mainnet and zkSync’s trustless bridging mechanism, ensuring assets remain secured by Ethereum. The implementation of zkSync’s native account abstraction allows transaction fee payments in various cryptocurrencies, including Cronos’ native token (CRO).Cronos’ zkEVM is anticipated to progress to the mainnet in the second quarter of 2024, marking a pivotal moment in the evolution of hyperchains.The landscape of hyperchains is expanding, with projects like GRVT and Tradable utilizing the ZK Stack. GRVT, a derivatives exchange, and Tradable, a tech firm focused on bringing private credit on-chain, exemplify the diversity and specialization within this emerging sector. Tradable aims to establish an institutional-focused hyperchain, potentially forming a decentralized chain alongside other institutional partners.Matter Labs views the zkSync hyperchain as a superior option compared to app-specific chains in Cosmos, emphasizing the scalability and security benefits. Hyperchains, a potential alternative to private blockchain frameworks like Hyperledger or Corda, offer technical scalability with the benefits of Ethereum. However, practical scalability remains a challenge due to cost considerations and the social coordination problem.

Infinite Block Selected For Tech Startup Incubator ProgramSouth Korean blockchain fintech company Infinite Block announced Monday that it has been selected to participate in the Tech Incubator Program for Startups (TIPS) program.“Being selected for TIPS as the first domestic custodial services company to do so carries significant importance, as it acknowledges our technological capabilities and business viability on an international scale,” said the company’s CEO Jeong Gu-tae.Photo by Mimi Thian on UnsplashPaving the way for an innovative futureTIPS is a private investment-led technology entrepreneurship program organized by the Korea Business Angels Association and Korea Institute of Startup and Entrepreneurship Development (KISED) — two affiliated institutions under the Ministry of SMEs and Startups — to foster startups that possess innovative technology.The program appoints and designates venture founders to serve as angel investors and leaders of technological enterprises as a given startup’s incubator and/or accelerator. Throughout the two-year duration of the program, the startups can take advantage of angel investor networking and mentoring and receive KRW 500 million (approximately $370,000) in research and development (R&D) funding from the government. They can also receive an additional KRW 200 million in commercialization funds.Infinite Block, which specializes in custody services tailored to corporate-owned virtual assets, was selected for TIPS by attracting investment from the fintech innovation fund operated by venture company Infobank. This is part of a series of strategic investments that it secured within just six months of its establishment, including those from leading domestic financial institutions like banks and securities companies.Pioneering fintech developmentThe company has consistently been boosting efforts to expand into a prominent fintech platform, starting by receiving approval from Korea’s Financial Services Commission (FSC) to become a virtual asset service provider (VASP) and later on obtaining ISO 27001 certification for the information security management system of its blockchain platform. More recently, it launched a custody-based Ethereum staking service for corporate clients.“We will strive to provide trustworthy digital asset infrastructure by implementing a fintech platform that not only offers innovation through blockchain and cyber security technology but also meets regulatory requirements assigned by financial authorities,” Jeong stated.

Binance Japan Sets Out Market VisionDuring a virtual business discussion recently led by Takeshi Chino, the Head of Binance Japan, the firm provided insights into its vision within the Japanese market.Photo by David Edelstein on UnsplashIntegrating international version featuresSince its recent launch, Binance Japan has primarily been offering cryptocurrency spot trading and its “Simple Earn” crypto lending service. Expansion into leverage trading is on the horizon, aligning with the international version once regulatory requirements are met.Other key services that Binance has been offering on an international basis include its Initial Exchange Offering (IEO) platform “Launchpad” for emerging projects, staking services, and an NFT marketplace. While the exact timeline for introducing these services in Japan remains undisclosed, Chino assured attendees that there would be a gradual roll-out in compliance with local regulations.The vision that has been set out will see a particular focus being placed on potential collaborations involving stablecoins. Elaborating further on the company’s plans, Chino outlined that domestic expansion would encompass equities management, leverage trading, and the integration of features present in Binance’s global version.In reporting on the event, local crypto media outlet Coinpost explained that Chino further expressed Binance Japan’s ambition to establish connections between its ecosystem and Japanese private entities and government bodies, going beyond the scope of crypto transactions.Focusing on stablecoinsCentral to this vision is the integration of stablecoins into the existing financial infrastructure, with active partnerships leveraging Binance’s technology stack and track record.Chino recognizes the recent regulatory developments regarding yen-based stablecoins as a positive development for business expansion. While Japan’s stablecoin issuance framework remains stringent, collaborations for joint developments are being considered. The potential of yen-backed stablecoins for trade settlements and programmable payments is also being explored.Expanding crypto asset offeringBinance Japan has already made a significant mark by managing 34 equities since its inception, establishing itself as a leader in the Japanese equities landscape. Notably, Binance’s native BNB (Build and Build) token and the Algorand ALGO token have made successful entries into the Japanese market.In its take on the online briefing, Bloomberg outlined that Chino has an initial target of one hundred crypto assets. The global version of the company offers in excess of 350 assets to its users. In adding new assets, a focus will be placed on those particular digital assets that resonate with Japanese market preferences.Other short-to-mid-term goals include facilitating Security Token Offering (STO) payments through stablecoins, merchant onboarding for “Binance Pay,” educational initiatives, among others.Binance Japan emerged following the acquisition by Binance of Sakura Exchange Bitcoin (SEBC), a local crypto exchange, in November of last year. A regulatory backlash following a number of high profile crypto platform failures in 2022 led to Japanese regulators issuing Binance with a warning letter for failing to attain full registration.A response to past difficulties in Japan, in particular relative to the failure of Mt.Gox in 2014, meant that crypto market traders were protected better by comparison with market participants overseas.