HKX latest exchange to drop out of Hong Kong market

ZkLink Snags $10M Funding Ahead of Mainnet LaunchZkLink, a layer 2 multi-chain blockchain network project based out of Singapore, has secured $10 million in funding in advance of its mainnet launch which is scheduled for Q3, 2023.Photo by Markus Winkler on UnsplashStrategic funding roundThe Singaporean project offers a blockchain infrastructure layer that enables the ability to trade digital assets across various disparate blockchain networks. Coinbase Ventures, the investment arm of US cryptocurrency exchange Coinbase, focuses its attention on early-stage cryptocurrency and blockchain projects.That’s precisely why it has now participated in a $10 million investment in the Singaporean start-up, given that the ZkLink network doesn’t launch on mainnet for a number of months yet. Other participants in the funding round included Ascensive Assets, SIG DTI, BigBrain Holdings, Efficient Frontier, among others.In posting news of the funding to social media, ZkLink confirmed that the fresh strategic funding round has brought total funding to date to $18.5 million. “The funds raised take zkLink a step further to envision a multi-chain future with unified liquidity and seamless multi-chain user experience while remaining fully trustless and self-custodial,” the project stated.Its previous $8.5 million funding round was completed in October 2021. Among the early investors on that occasion were Arrington Capital, DeFi Alliance, Huobi Ventures, Ascensive Assets, Morningstar Ventures, GSR, Marshland Capital, Skynet Trading, ZBS Capital, and others. New York-based blockchain financing and investment platform, Republic Crypto, was the lead investor at that time.Bridging assets securely acrossZkLink uses zero knowledge technology in order to connect various layer one and layer two networks. A zero knowledge proof is the core innovation that the approach relies upon, with the proof presenting as a cryptographic technique that ensures that no data is revealed during a transaction, save for the exchange of some known value already evident to both prover and verifier.That approach makes for efficient cross-chain bridging, guaranteeing strong security without external trust assumptions. By connecting various layer one and layer two networks, zkLink claims that it empowers the next generation of decentralized trading products.Developers can access ZkLink application programming interfaces (APIs) in order to create order book decentralized exchanges (DEXs), NFT marketplaces, among other use cases. The project is harnessing zero knowledge technology to abstract away all the complexity of multi-chain trading while keeping it ultra secure and true to the ethos of crypto.A multi-chain futureWith blockchain networks being highly fragmented, the concept of a multi-chain future is one that is being increasingly embraced within the crypto space. Various projects have been launched in an effort to effect such a scenario. However, the first generation of bridging solutions have proven to be weak from a security perspective. Zero knowledge technology is seen as a potential solution to this issue.Effecting a seamless multi-chain will also bring about greater efficiencies. As a case in point, currently USDT-Ethereum and USDT-Solana exist as separate assets on distinct blockchains representing the very same USDT stablecoin. With seamless bridging, there would be no need for the duplication.In recent days, the ZkLink project team has been busy working on safety features related to securing decentralized finance protocols. In a press release associated with that work, ZkLink Co-Founder Vince Lang stated: “It is unacceptable that billions of dollars are lost each year due to custody fraud or cross-chain bridge exploits, so we encourage other DeFi protocols to conduct the same test to prove self-custody of user’s funds.”

Tokenpost, a South Korean media outlet covering news on blockchain and crypto, launched the open beta version of its Web3 news polling service jointly developed with PUNKPOLL – a voting and polling platform based on the MINA protocol – that provides random surveys based on daily news for readers to participate in.Photo by Element5 Digital on UnsplashProviding the backbone for digital democracyThe polling service utilizes MINA's zero-knowledge blockchain (zkBlockchain) technology to protect personal information and operate an independent news polling system free from centralized management. It aims to realize the core values of direct democracy in the digital realm by enabling readers to express their opinions through polls. Users’ identities are verified through PUNKPOLL’s Social Graph Authentication, a decentralized method where multiple users mutually verify each other’s identities. The service is most easily accessible through the KakaoTalk messaging app. Readers who participate in the survey will be rewarded with Tokenpost Tickets and PUNK tokens. Tokenpost Tickets can be used to enter prize sweepstakes via the Ticket Store, and PUNK tokens can be exchanged for MINA tokens at a 1:1 ratio starting from a minimum of 5 PUNK tokens.  This collaboration between Tokenpost, PUNKPOLL and MINA Protocol is expected to be an important step in introducing a new model of direct democracy for the digital age. About Tokenpost and PUNKPOLLTokenpost was founded in February 2017 as the first blockchain-focused media outlet in South Korea. It has been providing key information on the blockchain and cryptocurrency market. In 2018, it was the first media enterprise in the world to introduce a news platform that offers user rewards, and in 2019, it preemptively released a system for blockchain notarization of news articles, leading the way in utilizing Web3 technology in the media industry. PUNKPOLL is known for its secure and transparent decentralized voting platform that leverages distributed technology and the MINA protocol, allowing users to participate anonymously and reap the benefits of direct democracy. The company aims to resolve the problems of the existing voting system in an innovative way.

Bitcoin Miners Likely Selling at $28K Level, Says MatrixportAccording to a report by Singapore-headquartered digital asset financial services provider Matrixport, Bitcoin (BTC) is facing selling pressure at the $28,000 price level, possibly due to miners offloading their newly mined coins.The report, cited by CoinDesk on Friday, suggests that miners are being compelled to liquidate their inventory as profit margins have contracted in recent weeks.Photo by Pixabay on PexelsHashrate all-time highMining has become an intensely competitive and often unprofitable endeavor due to the ongoing rise in Bitcoin miner difficulty. The hashrate, or measure of how easily miners can discover a new block of Bitcoin reached an all-time high earlier this week. Markus Thielen, Head of Research at Matrixport, noted that given the current input cost and potential revenue expectations, most machines produced before 2022 appear to be unprofitable.“At the current input cost and potential output revenue expectations, most of the machines produced before 2022 appear to be unprofitable,” Thielen wrote.Forced sellingConsequently, miners are forced to sell their inventory at the current level rather than holding out for higher prices, which Matrixport anticipates. The report highlights the significant upside potential for miners if Bitcoin prices were to increase by 10% or more, as profitability could quadruple.The narrowing profit margins for miners reflect the challenges they face in a highly competitive market. As mining difficulty continues to rise, miners must allocate more resources and computing power to mine new coins, reducing their profitability. The situation is particularly tough for miners operating older machines, which are less efficient and more costly to run.The selling pressure exerted by miners can have a short-term impact on Bitcoin’s price. However, Matrixport’s analysis suggests that if Bitcoin experiences a notable price increase, miners could see a substantial improvement in their profitability. This potential upside convexity creates an incentive for miners to continue their operations and withstand the current market conditions.Ordinals bring increased feesOn the other hand one recent development that is assisting miners is the increase in transaction fees, with the development of Bitcoin Ordinals and BRC-20 tokens over the course of the past six months. That interest seems to be ongoing, and if anything we’re likely to see further development of tokens running on top of the Bitcoin blockchain. On Thursday, Seychelles-based crypto trading platform OKX proposed a new BRC-30 token standard which would enable staking of those tokens, alongside staking of bitcoin.Singapore-based Matrixport is a portfolio company of crypto investment venture capital firm Foresight Ventures, which is also headquartered in Singapore. The firm provides a suite of products that it is positioning to be innovative and easy to use, offering an all-in-one crypto financial services platform, enabling users to earn, invest, loan, and trade digital assets.The Matrixport report indicates that miners are likely selling their Bitcoin at the $28,000 level due to squeezed profit margins. While this selling pressure may affect short-term price dynamics, the potential for increased profitability if Bitcoin prices rise significantly provides miners with an optimistic outlook for the future.