Metaplanet surpasses 4K Bitcoin following stock split

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.

Regulatory Pressure Sees Binance Cease Card Offering in the Middle EastLeading global crypto exchange Binance has announced the discontinuation of its card services in the Middle East.Users hailing from the region will have until September 21 to maximize the utility of their Binance cards before the product will no longer be available to them. Latin America is another region which will be similarly affected by the decision. Binance Customer Support stated: “The Binance Card will regrettably no longer be accessible to users based in Latin America and the Middle East.”Photo by rupixen.com on UnsplashEnabling crypto spendingDistinct from conventional debit cards, these Binance cards have offered users the convenience of settling day-to-day expenses with crypto assets. However, this unique feature is now set to become a relic as the exchange shifts its strategy in response to evolving regulatory dynamics.It’s worth noting that this product curtailment will only impact less than 1% of users situated in these regions. Other Binance services around the world will continue unimpeded. That said, products like this one are significant as they help to bridge the gap between the crypto sphere and conventional commerce.As a substitute, Binance is actively championing its “Binance Pay” platform, touting it as “an advanced cryptocurrency payment solution that is both contactless and internationally accessible.”Checkout.com setbackFinancial pundits are speculating that this strategic move could be closely intertwined with recent realignments in Binance’s corporate partnerships. Notably, the UK-based payment processor, Checkout.com, severed its connections with Binance earlier this month amidst mounting regional regulatory interventions and concerns.Responding to this severed partnership, Binance has indicated a contemplation of legal recourse against Checkout.com’s decision. The backdrop of this collaboration has been problematic since its inception in 2020. Initial troubles surfaced when the absence of the 3-D Secure system facilitated a criminal syndicate to conduct a $10 million transaction spree on Binance.Clash with global regulatorsRecent months have seen Binance find itself entangled in a web of legal battles. The US Securities and Exchange Commission (SEC) leveled allegations against Binance, accusing the exchange of deceiving regulatory bodies and mishandling customer funds.Meanwhile, French authorities have intensified their scrutiny, suspecting Binance of potential involvement in money laundering activities. As a domino effect, Binance had to exit numerous markets due to its inability to meet the stringent compliance criteria. Over the course of just three months, the company has lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus.Asian pivotAs the company comes under pressure in Western markets, it has focused on furthering its offering in the Asian region. In May, its subsidiary, Gulf Binance, successfully acquired a trading license in Thailand. Later that month, the company announced plans for a dedicated platform for Japanese customers.Parrot Capital, a decentralized hedge fund, has issued a direct recommendation to Binance Card users in response to the news:“Check your daily limits. Withdraw via ATM all your funds or spend them ASAP or risk losing them for good.”This sustained and pervasive scrutiny underscores the formidable challenges faced by the leading crypto exchange. As the regulatory landscape evolves, exchanges like Binance are being forced to re-calibrate in order to navigate an ever-changing environment.

LINE NEXT Inc, a U.S.-based Web3 subsidiary of messaging app giant Line Corporation, has made a strategic partnership with ReadON, a global Web3 content provider running a “Read to Earn (R2E)” app called “ReadON DAO.” The service helps users develop routine reading habits by providing tokens as rewards. Photo by GuerrillaBuzz on UnsplashThis partnership will enable LINE NEXT to feature various digital products on its “DOSI,” a global digital commerce platform where users can freely create and trade digital items including NFTs.  In cooperation with ReadON in the marketing and business sectors, LINE NEXT plans to offer a number of innovative products to over one million users of ReadOn.  Various digital collaborative merchandise On Feb. 21, the two companies are scheduled to roll out digital collaborative merchandise inspired by “Catto,” the brand character of ReadOn, with a plan to introduce DOSI x ReadON pass tickets that benefit users of both platforms. Limited edition items offering exclusive perks and tokens that can be used on ReadOn will also soon be available for purchase. ReadOn’s previous digital items have proven to be popular: items introduced in January were sold out within just 10 seconds after they were released, with other items also selling out within 30 minutes over four consecutive days. LINE NEXT is committed to collaborating with ReadON to launch more services that can reach a broader audience. Initiative to make Web3 more accessible to the publicIn a related development, LINE NEXT launched the official web and mobile versions of DOSI in January. Under the initiative to make Web3 more accessible to the public, LINE NEXT strives to expand the range of products available on DOSI.