Crypto.com launches institutional trading platform in the U.S.

Cartesi Launches Inaugural dApp on Ethereum MainnetSingapore-based Cartesi, the app-specific roll-up protocol with a virtual machine running Linux distributions, has introduced its inaugural dApp.The decentralized application, aptly named Honeypot, has been designed to serve as a platform for developers and ethical hackers to rigorously scrutinize the security of the Cartesi protocol’s underlying codebase, all in exchange for lucrative bounties.Photo by Michael Förtsch on UnsplashHoneypot deploymentAccording to a press release published on Tuesday, Honeypot is set to fulfill the vital role of stress-testing Cartesi’s foundational code on the Ethereum mainnet. The successful deployment of Honeypot will pave the way for Cartesi’s technology to be employed in a multitude of other dApps. Notably, a unique aspect of Honeypot is the tempting incentive it offers. The first individual to successfully hack it will be entitled to drain the sum of 1.77 million Cartesi tokens, equivalent to $220,000, after one year without any constraints.Embedded within the Honeypot dApp’s backend code is an algorithm that only permits the Cartesi Foundation’s depositor account to make fund withdrawals. Participants who dare to take on this code-breaking challenge must successfully navigate the intricacies of the algorithm to claim the reward.Developer Advocacy contributor to Cartesi, Gabriel Barros, stated: “We want to welcome all developers to test Cartesi’s Rollup infrastructure — but in a gamified challenge.”Aiding dApp developmentCartesi stands as a Layer 2 network specifically designed to streamline the development of intricate and powerful dApps. Its mission is to bridge the gap between conventional development practices and blockchain-based solutions, attempting to offer a seamless transition for developers.At its core, Cartesi introduces a mechanism that enables dApps to execute resource-intensive computations off-chain within a Linux environment. Crucially, these off-chain computations are verifiable by the blockchain, ensuring that the final results remain consistent across all nodes. This approach empowers developers to harness existing software and tools while ensuring compatibility with the blockchain.Linux insideThe choice of a Linux environment is pivotal to Cartesi’s framework. Linux enjoys widespread usage worldwide, particularly in server environments, making it a familiar and well-adopted platform. This familiarity extends to the extensive array of tools and libraries available within the Linux ecosystem, which are leveraged by developers for a myriad of traditional web applications.Gabriel Barros underlined Cartesi’s mission, stating:“Cartesi’s goal is to eliminate the limitations Web3 developers face by enabling them to import decades of familiar programming tools, libraries, and languages to the blockchain. By doing so, Cartesi unlocks a new realm of possibilities, allowing developers to surpass what was previously imaginable with earlier web3 applications.”Cartesi’s introduction of the Honeypot dApp on the Ethereum mainnet signifies a significant step towards ensuring the security and robustness of its protocol. Furthermore, it demonstrates Cartesi’s intentions in attempting to foster a vibrant and innovative ecosystem for developers in the blockchain space.

Strategic Shift Sees Wintermute Expand Singapore BaseCrypto market maker Wintermute is making a strategic shift towards Asia, specifically in Singapore, following the digital asset industry’s growing interest in the region’s growth opportunities.Photo by Hu Chen on Unsplash4% of staff moving to SingaporeIn an interview with Bloomberg last week, Wintermute Co-Founder Yoann Turpin said he will move from London, where the company is currently headquartered, to Singapore in the coming months. Additionally, approximately 4% of the company’s workforce, which currently comprises around 85 staff members, will also relocate to the city-state, where Wintermute conducts its derivatives business.At the time of publication, the company was also actively recruiting for an open position in the city-state. In further publicizing Wintermute’s developing presence in Singapore, Turpin took to social media recently to invite people to meet Wintermute’s Singapore-based team in September at Token 2049 Singapore. Evgeny Gaevoy, Wintermute Co-Founder and CEO, is scheduled to appear as a speaker at the event.Turpin emphasized the company’s focus on Asia and highlighted the significance of having a co-founder based in the region to drive the business forward. The move comes as the crypto industry faces the aftermath of a crackdown in the United States, triggered by bankruptcies at platforms like FTX and Celsius Network.Exploring global opportunitiesIn response, crypto businesses are exploring opportunities in Asian markets, with countries like Singapore, Hong Kong, Japan, and the United Arab Emirates vying to attract companies while ensuring robust regulatory frameworks in the wake of the market turbulence in 2022.Although tokens like Bitcoin and Ether have partially recovered from the crash experienced last year, spot digital-asset trading volumes and volatility have remained low, indicating reduced investor engagement. That said, demand for crypto futures and options has proven to be more resilient.Possible Dubai expansionWintermute established an office in Singapore in 2021, adding to its existing base in London. Turpin also confirmed to Bloomberg that the company is weighing up the possibility of establishing a third office in Dubai as part of its expansion plans. Dubai, like Singapore and Hong Kong, has been actively trying to attract crypto businesses over the course of the past twelve months.During the 2021 crypto bull market, the company reported trading volume worth $1.5 trillion and generated $1.05 billion in revenue. However, the market maker also faced challenges during the market turmoil, including exposure to around $55 million of assets on FTX. Moreover, in September of the same year, Wintermute experienced a hack that resulted in a loss of about $160 million from its decentralized finance operations.Despite the hurdles faced in 2022, Turpin expressed confidence in the company’s resilience and stated that they do not have immediate plans to raise funds. The company just celebrated six years in business, and has executed 8.4 million OTC trades over the course of the past twelve months.By relocating key personnel and expanding its presence in Singapore and possibly Dubai, the company aims to strengthen its foothold in the Asian market and navigate the challenges and opportunities that lie ahead.

Hana Securities to Accelerate Security Token Platform DevelopmentHana Securities, the securities arm of South Korean financial holding company Hana Financial Group, said Monday it will build a security token platform starting next month to expand its network and capabilities in digital assets in line with the ever-changing financial landscape.Photo by Shubham Dhage on UnsplashPursuing market dominanceThe company revealed that it will choose an external firm by this month to commission the construction of the platform. It also plans to dominate the market by applying to get the platform approved as an innovative financial service by the end of this year. The Innovative Financial Services system, operated by the Fintech Center Korea, is a system that offers special exemptions from regulation for unique and innovative financial services.This strategic move is poised to position Hana Securities as a pioneering force in offering financial services that circumvent conventional regulations, exemplifying its dedication to fostering innovation and originality.Cultivating collaborative synergiesHana Securities is also pursuing partnerships with digital asset enterprises to work on security token projects and platforms that allow for fractional investment in underlying assets. The firm has already entered into business agreements with key companies such as art gallery Print Bakery, tech solution provider ITCEN, and content distributor DANAL Entertainment to collaborate in various sectors, including art, precious metals like gold and silver, and mobile content.This multifaceted approach not only underscores Hana Securities’ versatility but also its commitment to fusing traditional and modern assets in the realm of security tokens.It will also expand collaboration models with companies running new asset platforms, such as those related to real estate funding for small businesses and digital content distribution.“Companies with various underlying assets are showing high interest in the issuance and distribution markets for security tokens,” said Choi Won-young, Head of Hana Securities’ Digital Division.“Through the enhancement of our business model and rapid platform development, we aim to connect various assets to security token products, supply them to the market, and provide customers with new investment experiences.”