OKX launches in UAE with full operating license

Parachain Fork Sees Transition to Enjin BlockchainEnjin, a Singapore-headquartered non-fungible token (NFT) platform, has announced its transition to a new mainnet named Enjin Blockchain, with the goal of further advancing Web3 adoption. As part of this transition, Enjin has forked its Polkadot parachain, Efinity, to the new blockchain.The project made the announcement via a blog post published to its website on Thursday.Photo by Shubham Dhage on UnsplashIntegrated functionalityAccording to the team at Enjin, the Enjin Blockchain distinguishes itself from other blockchain solutions by integrating functions such as NFT creation and transfer directly into the foundational code of the blockchain, eliminating the reliance on smart contracts. This integration aims to streamline and simplify the process of creating and transferring NFTs.In addition to this fundamental change, the Enjin Blockchain introduces several new features. One notable feature is “Fuel Tanks,” which enables developers to subsidize user transaction fees, making it more cost-effective for users to interact with the blockchain. Another feature is “Discrete Accounts,” which allows users to engage with blockchain-based projects without the need to download specific wallet software.Fork to Efinity MatrixchainAlongside the transition to the Enjin Blockchain, the team has also forked Efinity, the Polkadot parachain, to the new mainnet. This rebranded version will be known as the Efinity Matrixchain and will facilitate a smooth transition for existing users.Witek Radomski, the Co-Founder and Chief Technology Officer of Enjin, emphasized that the launch of the Enjin Blockchain aims to support creativity by making the creation and distribution of NFTs more accessible and affordable. Radomski stated: “Enjin Blockchain makes the creation and mass distribution of NFTs affordable and accessible to everyone. Our aim is nothing short of revolutionizing gaming, ownership, and online identity.”Enjin’s chief financial officer, Oscar Franklin Tan, expressed his belief that NFTs and digital ownership will be pivotal in the future of gaming, particularly with advancements in artificial intelligence, augmented reality, and virtual reality. Tan emphasized Enjin’s commitment to supporting this next wave of gaming and the resulting “explosion of content.”Enjin believes that it sets itself apart from the competition due to the fact that it’s built on top of the open-source Substrate framework, a mechanism that facilitates the development of customized blockchains that may be run on an entirely autonomous basis.Using this unique approach, Enjin Blockchain doesn’t depend upon the use of smart contracts. Instead, critical functions such as creating, using, and transferring NFTs are integrated directly into the core, foundational blockchain code.NFT lending stabilityIn related news, the stability of NFT lending has been aided by the use of blue-chip collateral. Paraspace, an NFT protocol, recently reported that despite facilitating NFT loans totaling over $280 million, it experienced no bad debt and only 16 NFT liquidations. This success can be attributed to the protocol’s requirement that only blue-chip NFTs can be used as collateral, ensuring the value and stability of the assets involved.As Enjin embraces its new mainnet and the Efinity Matrixchain, the platform positions itself as a key player in the evolving NFT and blockchain landscape. With a focus on accessibility, affordability, and the support of creative endeavors, Enjin aims to drive innovation in gaming, ownership, and online identity.

Zettai Pte Ltd., the Singapore-based holding company that controls Indian crypto exchange WazirX through its subsidiary Zanmai India, has filed an application for a moratorium with the Singaporean High Court, under section 64 of the Insolvency, Restructuring and Dissolution Act 2018. Six months requestedIn the filing (HC/OA 861/2024), the company has pleaded with the court to be granted a six-month moratorium, which would give the firm the space and time needed to restructure its liabilities. The company laid out details of its moratorium application in a blog post published to its website on August 28. The firm outlined that a moratorium represents “ the most efficient way to address users’ cryptocurrency balances on the Platform and facilitate recovery for users.” An automatic moratorium of 30 days has effectively been granted as a consequence of the application itself, and it is up to the court if it approves the six-month moratorium that is being sought. A date for the hearing of that matter has yet to be scheduled.Photo by Palu Malerba on Pexels$234 million hack falloutWazirX has been dealing with the fallout from a $234 million hack which occurred in July. One key entity that is owed funds is Indian crypto app CoinSwitch. In an effort to get its funds back, the company has sued WazirX. Taking to the X social media platform, CoinSwitch outlined why it felt the need to take legal action. It stated: "From the day of the incident, we have tried to be in constant touch with the WazirX team, seeking recovery of the funds that are stuck on their exchange. However, our efforts have not come to fruition." In a follow-up tweet, CoinSwitch assured its own users that its exposure to WazirX has no impact on user balances. The company has WazirX exposure that amounts to 2% of its overall user funds. That exposure is reduced further if WazirX’ claim that only ERC-20 tokens were affected is taken on board, accounting for 1% of CoinSwitch user deposits. White KnightWazirX co-founder Nischal Shetty spoke to the notion of a “white knight” in an affidavit submitted under the Zettai name to support the application. He outlined that WazirX is in talks with 11 crypto exchanges and has signed three non-disclosure agreements (NDAs). The company has also received offers for financing and for partnering with Zettai, the WazirX parent company. WazirX has outlined that it has set aside $12 million in digital assets to cover legal and associated costs that the company anticipates incurring as part of its restructuring efforts. Matters are further compounded by the fact that a cloud hangs over the ownership of the company. Shetty has claimed that he is no longer an owner of the exchange. In 2022, he wrote that Binance had acquired WazirX. Around the same time frame, Binance’s Changpeng Zhao (CZ) outlined that Binance didn’t control WazirX systems.  India’s economic intelligence agency, the Enforcement Directorate, has claimed in the past that Shetty has gone out of his way to obscure the ownership structure by way of a complex chain of companies in Singapore.

Anboto Labs Reveals $3M Funding and Platform LaunchHong Kong-based crypto trade execution specialist Anboto Labs has successfully secured $3 million in funding and unveiled an institutional-grade non-custodial trading platform.Investors who participated in the funding round included Kronos Ventures, Cherry Crypto, Mechanism Capital, XBTO, and Singaporean digital assets financial services platform Matrixport, contributing to this funding round during the third quarter of this year. Anboto Labs, known for its crypto trading execution tools, has been on a steady growth trajectory, having raised $1.9 million last year, elevating its valuation to $35 million, according to Guillaume Forcade, the company’s co-founder.Photo by Csaba Nagy on PixabayCrypto trade executionFrom its inception, Anboto Labs has consistently generated revenue, and now it’s ready to introduce its execution platform to a broader audience of experienced traders. The public launch of the platform will enable Anboto to scale up to support thousands of traders simultaneously.The newly released platform underwent an extensive 18-month closed beta phase, during which it processed $4 billion in trading volume across 20 exchanges and blockchain networks. Anboto Labs is attempting to distinguish itself in the market with its execution algorithms, including TWAP, VWAP, and iceberg, which are designed to optimize pricing and execution quality.TWAP, or time-weighted average price, can be incorporated into a trading algorithm with a view towards optimizing a trade’s average price while executing the trade over a predefined time period. In recent days, the project’s Head of Quantitative Research, Suren Markosov, took to blogging site Medium to outline how Anboto’s TWAP algorithm is geared up to save on trading costs. According to Markosov, the firm’s approach could lead to traders saving between two and eight basis points in costs.VWAP, or volume-weighted average price, can be used to filter out the “noise” in the market to determine the real buy/sell price that exists within the market within a given period. Meanwhile, an iceberg order is executed such that it is sliced up into smaller orders. In this way, the impact cost of overall trade execution is minimized.Focus on securityAnboto Labs also places a strong emphasis on security. It allows users to sign up without the need for a time-consuming Know Your Customer (KYC) process, offering a streamlined experience. Additionally, the platform provides multi-factor authentication and the option to whitelist IP addresses, further enhancing security measures.Brett Sun, an investor with Cherry Crypto, took to X (formerly Twitter) to recognize Anboto’s platform launch. Sun stated:“Big strides from @guiviaje and the team at @anboto_labs. They’ve come out of beta to democratize access to professional-grade trading tools for all traders.”WOO Network integrationEarlier this week, Anboto announced the integration of Taipei-based liquidity provider WOO Network into its platform. Forcade said that the integration will enable the firm to offer even more efficient trading tools to its users.In the coming months, Anboto Labs plans to expand its trading features with the aim of democratizing access to institutional-grade execution tools for all crypto traders. With a track record and fresh funding behind it, Anboto Labs is setting itself up to potentially make a significant impact in the cryptocurrency trading space, offering traders the tools they need for success in the crypto market.