Uzbekistan’s New Private Bank Joins National Crypto Card Initiative

Disagreement has emerged within the Bitcoin blockchain community, revolving around the BRC-20 token standard. Domo, the pseudonymous developer behind the creation of the token standard, has publicly expressed his opposition to an upcoming upgrade proposed by the Hong Kong headquartered project, UniSat Wallet.Photo by Kanchanara on UnsplashDue diligence concernsOn Tuesday Domo took to the X social media platform (previously Twitter) to articulate his concerns. He voiced apprehensions about hastily implementing updates in BRC-20, asserting that such a rush could potentially harm the broader BRC-20 user community. Domo's resistance is rooted in his belief that UniSat Wallet's proposed updates lack due diligence and are being introduced precipitously without considering potential repercussions. He wrote:”Recognizing the serious implications and valuations involved, I believe rushing these updates in BRC20 is reckless, disregards their peer indexers, and could potentially harm the broader community of BRC20 users.” ‘Split’ rather than ‘fork’Conversely, UniSat Wallet has declared its intention to “follow the Ordinals Jubilee upgrade, to confirm that BRC-20 is still on Ordinals without splitting into an isolated protocol." Described as a "split" rather than a "fork," UniSat Wallet's approach adapts to the Ordinals Jubilee upgrade, a transformative change in how the Bitcoin blockchain manages tokenized assets. In mapping the way forward its proposing to take, UniSat outlined that it would publish a whitepaper on Jan. 31, describing it as “the most significant present we are able to deliver” for BRC-20, Ordinals and Bitcoin. The crux of the matter lies in the method and pace of implementing these changes. Domo's concerns reflect a broader sentiment within the crypto community, where the rapid pace of advancements often collides with the need for stability and thorough vetting. UniSat Wallet's proposed changes, though innovative, may be viewed as potentially destabilizing by certain community members, especially those deeply entrenched in the current BRC-20 standard. Striking a balanceThis development is pivotal, highlighting the dynamic and occasionally contentious nature of blockchain technology and cryptocurrency standards. Web3 project incubator and investor TrustlessLabs summed up the matter in a social media post on Wednesday, drawing the following conclusions:”This situation encapsulates a critical challenge in blockchain protocol development: finding the right balance between preserving stability and embracing technological advancements.” As technology evolves, divergent opinions on the trajectory of these advancements are inevitable. The ongoing debate between Domo and UniSat Wallet serves as a microcosm of the larger conversations transpiring in the crypto space about how to strike the right balance between progress and stability. The BRC-20 token standard, an experimental fungible token standard on Bitcoin, draws inspiration from Ethereum's ERC-20 standard. It allows the creation of fungible tokens using Bitcoin’s Ordinals protocol, constituting a significant breakthrough in cryptocurrency by enabling novel forms of tokenization on the Bitcoin blockchain. This disagreement not only spotlights a critical debate in the crypto realm but also emphasizes the delicate equilibrium between innovation and stability.  

LINE Xenesis and Crypto.com Unite Efforts to Explore Global Blockchain Business OpportunitiesLINE Xenesis, a blockchain developer of Tokyo-based messaging app giant LINE Corporation, has signed a memorandum of understanding (MOU) with Singapore-based cryptocurrency exchange Crypto.com to explore new global business opportunities in the blockchain industry.With the establishment of LINE Blockchain Lab in April 2018, LINE Corporation has conducted research and development on blockchain-based decentralized applications (dApps), peer-to-peer networking systems, and cryptographic techniques. Thanks to this endeavor, LINE not only developed the Finschia blockchain and its native token FNSA, but also launched crypto exchange LINE Bitmax and non-fungible token marketplace LINE NFT.Photo by Shubham Dhage on UnsplashSynergistic goalsThrough this partnership, the two entities will bring together their respective expertise to advance and innovate crypto-related business solutions in Asia and beyond. They will collaborate to increase the liquidity of LINE Bitmax, strengthen crypto payment functions, and promote NFT initiatives.Founded in 2016, Crypto.com has been expanding its services worldwide. In a recent interview, Patrick Yoon, General Manager of Crypto.com Korea, shared the company’s plan to launch its services in South Korea this year. Thus far, Crypto.com has achieved virtual asset service provider registration from the Bank of Spain and secured a major payment institution (MPI) license from the Monetary Authority of Singapore. Meanwhile, despite global progress, the company ceased its institutional offering in the United States last month due to insufficient demand.Asia and beyondCommenting on this agreement, LINE Xenesis CEO Lim Inkyu said, “LINE Xenesis is exploring various ways to collaborate with the world’s leading companies in the virtual asset industry. We are excited to see the synergies created by our partnership with Crypto.com, which has more than 80 million enthusiastic users worldwide, with LINE Xenesis’ blockchain business in Japan. Starting with this collaboration in the Japanese market, we hope to work towards new business opportunities globally based on the technology and knowledge of our two companies.”Crypto.com CEO Eric Anziani echoed this sentiment, saying, “We are excited to partner with such an established and innovative brand in the APAC market and a leader in blockchain technology development in Japan. Enabling real-world utility is critical to our mission of mainstreaming crypto. Through our collaboration with LINE Xenesis, we will facilitate this utility by leveraging our respective expertise with a highly tech savvy base throughout the APAC region.”

Crypto.com, the Singapore-headquartered cryptocurrency exchange platform, has outlined that it has seen significant growth thanks to high-profile sports sponsorship and advertising. Reaping the rewardsThe company has established advertising partnerships with Formula 1 (F1) motor racing and the Ultimate Fighting Championship (UFC). These lucrative sponsorship deals have propelled the exchange into the spotlight of two massive fan bases, contributing to its expansion. In an interview with Cointelegraph last week, Eric Anziani, president and chief operating officer of Crypto.com, discussed the company's successful advertising campaigns with F1 and the UFC, as well as its naming rights deal for the Crypto.com Arena in downtown Los Angeles. In 2021, what was then the Staples Center was renamed to the Crypto.com Arena in a $700 million naming rights deal. Anziani expressed gratitude for these partnerships, emphasizing the importance of staying top of mind for users in the competitive cryptocurrency market.  That same year, the company signed a multi-year partnership deal with leading French football club Paris Saint-Germain (PSG), rolling out various PSG-related marketing activities since then.Photo by Austin Loveing on UnsplashBrand recognition benefitsMarket surveys conducted by Crypto.com indicate a high level of global awareness and brand recognition among retail cryptocurrency users. The exchange's logo prominently displayed during F1 races and UFC events has helped it reach millions of fans worldwide. ESPN reports an average of 1.11 million viewers per race for the 2023 F1 season in the United States alone, with global viewership exceeding one billion over the entire race calendar. Similarly, the UFC boasts a global audience, with some of its biggest fights attracting millions of pay-per-view viewers. Anziani highlighted the effectiveness of these partnerships in bringing people into the cryptocurrency space.  User base approaching 100 millionThese partnerships have significantly contributed to Crypto.com's growing user base, which is approaching 100 million users in 2024, up from an estimated 80 million in the previous year. Anziani discussed the factors that drive users' choice of exchange platforms, emphasizing the importance of compliance, security, convenient access to cryptocurrency and competitive fees. He noted that different users prioritize different aspects based on their trading preferences and requirements. The firm is not alone in pursuing high-profile sports sponsorship deals. Rival platform OKX has an ongoing sponsorship deal in place with Manchester City Football Club in the English Premier League (EPL). It also has doubled down recently on the sponsorship of F1 racing team McLaren. Other notable partnerships include crypto gambling platform Stake.com’s sponsorship of Sauber F1, crypto exchange platform Kraken’s deal with Williams F1 and BingX’s sleeve sponsorship agreement with Chelsea football club in the EPL. High-profile marketing initiatives are alive and well, although in a much more sober way than in 2022 when six crypto companies featured in Super Bowl advertising in the United States. Kraken’s chief marketing officer, Mayur Gupta, recently stated that the Super Bowl is no longer an effective means of promotion for crypto companies.