Rotonda Launches iOS Version of Web3 Bithumb Burrito Wallet

Global crypto exchange platform Binance has launched “Sharia Earn,” a crypto staking product that has been certified as being Sharia-compliant. Sharia-compliant financial products adhere to Islamic law, with sharia law being Islamic canonical law based upon the teachings of the Koran. The product incorporates multi-token staking featuring BNB, Ether (ETH) and Solana (SOL). The product has been built on top of existing infrastructure which Binance had already used to offer “Simple Earn Locked Products” relative to BNB and liquid staking in the case of ETH and SOL. Users of the product can earn staking rewards on crypto assets, while secure in the knowledge that they are investing in compliance with Islamic finance principles.Photo by Kanchanara on Unsplash‘Most meaningful product yet’The new product was announced by the company during a Binance Square Webinar. Binance CEO Richard Teng described it as the firm’s “most meaningful product yet.” He referred to the launch of the product as a defining moment both for Binance and the broader crypto sector. Teng said that “a truly inclusive financial system must respect the values and needs of every community, and that’s the vision behind Sharia Earn.” He added that “Islamic finance’s core tenets—transparency and shared prosperity—are universal,” asserting that these same values are at play in driving Binance. The platform contracted Amanie Advisors, a Dubai-based global Islamic finance advisory service, in order to obtain Sharia-compliant certification for its latest product. Bader Al Kalooti, Binance’s Head of Operations, Marketing & Growth for the Middle East & North Africa (MENA) region, said that “crypto adoption has surged in many Muslim-majority countries, but yield-generating products have remained largely inaccessible due to compliance concerns.” He claimed that the arrival of “Sharia Earn” addresses this issue. While this is Binance’s first Sharia-compliant product, it’s not the first major exchange to enter this market. Last year, Bybit, a Dubai-headquartered global crypto exchange, engaged with ZICO Shariah Advisory Services in order to obtain certification for the trading of Sharia-compliant digital assets. At the time, Bybit claimed to have launched the world’s first crypto Islamic account. Growing Islamic finance sectorIslamic law prohibits interest-based transactions. Crypto staking can be structured in such a way as to avoid interest. Staking is considered to be acceptable as rewards are not fixed. Staking rewards are seen as profit-sharing, with the staker retaining ownership of the asset and being open to the risk of potential losses. Some forecasts suggest that the overarching Islamic finance sector could reach $4 trillion in the years ahead. That represents a market opportunity for crypto platforms to cater to this market by taking the time to acquire Sharia-compliant certification for their crypto products. Binance and Bitget are not the only entities to spot this market opportunity. A new crypto trading platform called BurjX, founded by Canadian entrepreneurs Adam Ferris and Omar Abbas, has been established in the United Arab Emirates (UAE) with a vision of developing Sharia-compliant and regulatory-compliant crypto products.  While no definitive timeline has been established, Abbas told the UAE English language daily newspaper, the Khaleej Times, that his company “will partner with the appropriate Sharia boards, and when we do launch, it’s going to be approved by the appropriate regulators.”

Ubisoft Joins Cronos as a Network ValidatorUbisoft, a world-renowned video game publisher, distributor, and creator, has entered into an exclusive partnership with Cronos, a prominent blockchain inter-operating with the Cosmos and Ethereum blockchain ecosystems. Cronos and its native CRO token were established by Singapore’s Crypto.com.According to a blog post published by Cronos Labs on Tuesday, the collaboration aims to explore the potential of blockchain technology, with Ubisoft becoming a new node validator on the Cronos network through its Strategic Innovation Lab.Photo by Ketut Subiyanto on Pexels27 node operatorsAs part of this initiative, Ubisoft joins a pool of 27 other node operators on the open-source Cronos blockchain. By doing so, the company aims to contribute to the network’s security and stability. Each node actively participates in the decentralized validation of transactions, ensuring the timely development of new blocks at intervals of 5 to 6 seconds.Cronos’ strategic approach focuses on collaborating with open-source validators and contributors who have a strong technical track record. Ubisoft’s expertise in developing immersive and engaging gaming experiences through the adoption of cutting-edge technologies aligns perfectly with Cronos’ vision. Notable existing contributors to the Cronos blockchain include Allnodes, Dora Factory, Blockdaemon, and Crypto.com, among others.Contributing towards governanceAs a validator, Ubisoft will play a vital role in the blockchain’s governance and the authorization of network updates. This partnership is a natural progression of the long-standing relationship between the two companies. Ubisoft has been actively involved in the Cronos Accelerator project as a venture mentor, fostering a strong foundation for their collaboration.Commenting on the partnership, Ken Timsit, Managing Director of Cronos Labs, revealed that Cronos Labs has had ongoing communications with the Ubisoft team for years. He emphasized Ubisoft’s unparalleled understanding of the blockchain sector’s potential and limitations, particularly in connecting gamers and creators.With Ubisoft’s involvement as a validator, Cronos blockchain is set to strengthen its security, enhance network governance, and open up new possibilities for the integration of gaming and blockchain technology. This strategic collaboration is expected to propel both companies towards innovative advancements in the ever-evolving world of blockchain and gaming.Positive developmentThe partnership between Ubisoft and Cronos holds promise for the future of blockchain technology in the gaming industry. It’s a shot in the arm for blockchain and Web3, given Ubisoft’s standing in the gaming industry, and considering that Ubisoft itself and many other headline firms in gaming seemed to have cooled their interest in the emerging space.In a recent interview, the Co-Chief Operating Officer of video gaming behemoth Sega, had described blockchain gaming projects as “boring” while outlining that the company was scaling back its interest in Web3 and blockchain.In this instance, however, as both Cronos Labs and Ubisoft leverage their expertise and resources, the potential for groundbreaking innovations and seamless integration between gaming and blockchain is within reach.This collaboration underscores the growing recognition of blockchain’s transformative power in revolutionizing various industries, including gaming. Together, Ubisoft and Cronos are poised to make significant contributions to shaping the future of blockchain technology and its applications in gaming.

Japan’s Mt.Gox to commence creditor repayments shortlyCreditors of Mt. Gox, the Japanese Bitcoin exchange that suffered a devastating hack in 2014, have received a glimmer of hope with an announcement from the administrators of the Mt.Gox estate that repayments are imminent.The recent announcement from Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s estate was made on Tuesday when Kobayashi initiated the distribution of emails to rehabilitation creditors, hinting at the commencement of repayments. Social media reports have fueled optimism, suggesting that creditors may start receiving repayments in cash in 2023.Photo by Manuel Cosentino on UnsplashFirst round repayments in 2023The email, sent in both Japanese and English, outlined Kobayashi’s plan to initiate the first round of repayments in 2023, with the process extending into 2024. The email highlighted the complexity of the task, citing the large number of rehabilitation creditors, diverse types of repayments and varied processing times required. Despite the lack of specific timelines for individual creditors, the email conveyed a cautiously optimistic tone about progress.Cash vs. bitcoinReaction within the Mt. Gox community has been mixed. Some commentators view Kobayashi’s email as “cautiously promising,” interpreting it as a positive sign that repayments are finally on the horizon. Long-suffering creditors had been informed of a one-year extension to the repayment deadline in September. Additionally, some observers have raised concerns, noting that the email specifically references cash payments, whereas many victims of the Mt. Gox hack anticipate the return of large amounts of bitcoin.The Mt. Gox trustee currently holds 135,890 BTC across known addresses, valued at nearly $5 billion. An additional 3,795 BTC (worth $130 million) are held on unknown addresses.While the email signals progress, questions remain about the nature and extent of the repayments, with the community keenly observing developments. The email stated:“The specific timing of repayment to individual rehabilitation creditors is undetermined, and therefore, it will not be possible to provide advance notice to each rehabilitation creditor regarding the specific timing of their repayment.”Deadlines were also pushed back on other occasions, including March of this year when creditors were sent a “change of deadline“ notification.Redemption of trust assetsThis news coincided with the Mt. Gox trustee’s announcement on Wednesday regarding the redemption of trust assets. A substantial sum of 7 billion Japanese yen (equivalent to $47 million) was redeemed, intended for funding the repayment of claims. Following the redemption, the remaining trust assets stood at 8.8 billion yen, or approximately $59 million. The trustee, as per the official statement, is actively preparing for the base repayment, early lump-sum repayment and intermediate repayment.The recent events surrounding Mt. Gox have sparked discussions within the broader crypto community about the potential for a bitcoin sell-off. It’s long been speculated that the sudden release of bitcoin to creditors could lead to the market being flooded with sellers. However, as it appears that cash is being distributed as well as bitcoin, this should soften any potential bitcoin sell-off.Despite the optimism in some quarters, skepticism lingers due to the history of delays in Mt. Gox repayments. Creditors remain cautiously hopeful for the most part, awaiting further updates and tangible progress in the rehabilitation process.