Blockchain research startup Four Pillars snags $527k investment

MARBLEX Partners with Aptos to Expand Its Multichain EndeavorsMARBLEX, a blockchain subsidiary of South Korean gaming developer Netmarble, has made an announcement today about its new collaboration with Aptos Foundation, a layer-1 blockchain company.Designed with key principles such as scalability, safety, and upgradeability, the Aptos blockchain aims to address prevalent issues within the blockchain sphere, including frequent outages, high costs, throughput limitations, and security concerns.Photo by Shubham Dhage on UnsplashMARBLEX WARP BridgeThrough the strategic partnership between the two companies, MARBLEX plans to leverage the MARBLEX WARP Bridge, a technology connecting diverse blockchain ecosystems, to introduce the MBX ecosystem’s games, non-fungible tokens (NFTs), and other services to Aptos users.MARBLEX’s multichain collaborationsThis partnership is part of MARBLEX’s effort to expand its multichain endeavors. MARBLEX has already established collaborations with renowned entities such as global cryptocurrency exchange Binance and blockchain project NEAR Foundation.Moon Jun-ki, Business Division Director of MARBLEX, said that this partnership will create synergy, particularly in terms of enhancing scalability and fostering interactions among users of both networks.Bashar Lazaar, Ecosystem and Grants Lead at Aptos Foundation, noted that this collaboration will drive innovation in Web3-based gaming experiences, benefiting global users.

Myanmar Government in Exile Backs Crypto Bank LaunchMyanmar is on the cusp of a financial revolution as the National Unity Government (NUG), the country’s exiled shadow government, introduces the Spring Development Bank (SDB), a crypto-based financial institution.With a mission to bestow long-awaited financial freedom and digitized sophistication upon the nation’s citizens, the SDB aspires to reshape Myanmar’s financial landscape.Built on PolygonThe bank derives its name from the Spring Revolution, an opposition movement that bravely challenges the ruling military junta. The goal of the SDB is to bring “freedom and democracy to the 55 million citizens of Myanmar,” a lofty ambition that reflects the NUG’s determination to empower its people through innovative means.Constructed on the Polygon Network, the SDB aims to revolutionize domestic and international payments, making them faster and more efficient. But the bank’s vision extends beyond just payments. Following a recent press conference, bank officials revealed plans to offer a diverse range of financial products, including fixed deposits, currency exchange services, cross-country remittances, and even digital gold savings options.Reaching the Burmese diasporaNotably, the SDB’s reach extends beyond Myanmar’s borders to the two-million-strong Burmese diaspora residing abroad. This diaspora frequently sends money back to their homeland, but the current remittance fees can soar as high as 30%. The bank intends to alleviate this burden, reducing the costs associated with sending money back to Myanmar.The Spring Development Bank operates under the licensing and regulation of the Interim Central Bank of Myanmar, which is under the control of the NUG. U Calvin, the bank’s CEO, emphasized that this launch marks the initial step towards restoring financial independence to Myanmar.The bank’s emergence comes amid Myanmar’s complex relationship with cryptocurrencies. While there is no specific legislation addressing cryptocurrencies, the Central Bank of Myanmar issued a ban on them in 2020, and the military junta later proposed a cybersecurity law that criminalized their usage in January 2022.Photo by Dan Gold on UnsplashJuly soft launchA soft launch of the SDB is scheduled for July 22, with 1,000 private beta users and 100 relationship managers. The bank expects to achieve a full launch in late August, with the goal of attracting 100,000 active users within the first six months of operation.Despite these regulatory challenges, Myanmar’s people have turned to cryptocurrencies as an escape from their dire financial situation. Since the February 2021 coup, the country’s economy has suffered significantly, with the World Bank estimating an alarming 18% annual contraction. Fading trust in the traditional banking system, controlled by the military, has further crippled the financial market.The Myanmar kyat (MMK) plummeted to an all-time low of 2,200 against the US dollar (USD) in September 2021, down from 1,330 in February 2020 (currently 1 USD = 2,100 MMK).The SDB’s arrival signals a glimmer of hope amidst these trying times, offering a beacon of financial opportunity for the citizens of Myanmar. With the support of the NUG, the bank is looking to take an innovative approach to better serve Burmese citizens, both at home and abroad.

Upbit upgrades matching engine to process KRW 1 quadrillion trading volumeSouth Korea’s largest cryptocurrency exchange Upbit has enhanced its matching engine — which matches buy and sell orders from users on the exchange — to be able to handle a daily trading volume of KRW 1 quadrillion (approximately $757.3 billion), according to local news outlet Kyunghyang Games.Photo by Maxim Hopman on UnsplashBecause the crypto market operates nonstop without limits to time or borders, having a solid infrastructure that can seamlessly handle large amounts of data is crucial. Upbit has thus been working on its so-called “Stairway to Heaven” project for the past two years to upgrade its trading infrastructure, including its matching engine.Constant upgradesThe Stairway to Heaven is a long-term project in which Upbit’s operator Dunamu has invested a total of KRW 10 billion (approximately $7.6 million) to adjust to the rapidly advancing crypto industry and improve the performance of the entire market system. The upgradesThe main goal of the project is to upgrade Upbit’s matching engine to be cloud-native and horizontally scalable. The engine is now capable of supporting more than 40,000 transactions per second — a 25-fold increase from the previous version of the engine — allowing it to respond efficiently to surges in user traffic. In the event of a traffic spike, the system can handle more than 100,000 transactions per second with additional servers, the exchange said.“Unlike the way traditional finance approaches ledger management, our cloud-native architecture allows us to flexibly respond to surges in traffic,” Upbit said. “We will continue to make various system improvements to offer a stable investment environment.”Elevating the user experienceIn addition to upgrading its matching engine, Upbit has recently revamped its UI/UX to include price chart updates by second increments and an overview of profits and losses. The exchange plans to continue its multifaceted efforts in service quality, security and investor protection to become a domestically and globally recognized exchange.