Hot Wallet Exploit Results in $23M Bitrue Loss

At the World Trade Organization’s (WTO) 13th Ministerial Conference (MC-13) in Abu Dhabi, a consortium of major global institutions including distributed ledger project IOTA came together to ink a landmark pact aimed at enhancing digital trade, including the tokenization of real-world assets. The agreement, termed the Teaming Agreement, signifies a collective effort to propel digital trade forward, emphasizing the creation of an open, non-profit and inclusive digital infrastructure for trade data sharing. The initiative involves IOTA’s recently-formed Abu Dhabi-based IOTA Ecosystem DLT Foundation.Photo by Belinda Fewings on UnsplashCapital pledgeThe Foundation has pledged an investment of $10 million towards early-stage startups focusing on digital trade and the tokenization of real-world assets (RWAs). These investments, to be unveiled publicly over the next few weeks, will support TradeTech or trade finance technology ventures and provide assistance to startups utilizing IOTA through an accelerator program. The signatories to the Teaming Agreement include esteemed organizations such as the World Economic Forum (WEF), the Institute of Export and International Trade, the Tony Blair Institute for Global Change (TBI), the IOTA Foundation, TradeMark Africa and the Global Alliance for Trade Facilitation (GATF). This collaboration brings together a diverse range of expertise and resources, blending tech and trade proficiency to streamline supply chains and customs procedures. More efficient cross-border tradeThe primary objective of the agreement is to foster collaboration and information sharing across global supply chains, with the aim of reducing barriers and enhancing inclusivity in international trade. By leveraging digital infrastructures, the coalition aims to minimize the time and cost associated with cross-border trade, thus promoting greater participation in global commerce. The timing of this agreement is particularly pertinent, given the multitude of challenges facing global supply chains. Threats such as attacks on shipping routes and the potential rise of protectionist policies underscore the necessity for enhanced information sharing and cooperation across trade networks. Trade Logistics Information Pipeline (TLIP)At the core of this initiative lies the Trade Logistics Information Pipeline (TLIP), a public global trade infrastructure developed by TradeMark Africa in collaboration with the IOTA Foundation. Leveraging open-source technology, TLIP facilitates seamless information exchange in international trade, promoting transparency and inclusivity while empowering participants to retain control over their data. The implementation of TLIP is expected to address challenges such as document loss, information discrepancies and fraud, thereby fostering a more efficient and secure global trade ecosystem. Commenting on the development, IOTA Co-Founder Dominic Schiener stated:"By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem. Our collaboration with leading organizations through the TLIP is a testament to our commitment to innovation and excellence in this field." In a separate positive development for the IOTA project on Feb. 29, Jelle Millenaar, the co-founder of Impierce Technologies and a former IOTA software engineer, outlined that his company intends to develop a digital identity wallet on top of the IOTA Identity framework. The intention is to build a wallet that is compliant with digital identity regulation within the European Union.

Netmarble’s MARBLEX Bolsters Partnership with Bisonai to Elevate MBX EcosystemSouth Korean gaming company Netmarble said today that its blockchain subsidiary, MARBLEX, is reinforcing its strategic partnership with blockchain infrastructure company Bisonai to help bolster the MARBLEX gaming finance (GameFi) ecosystem.Revolutionizing gaming with blockchainNetmarble released the MARBLEX Playground in February of this year, which aims to optimize game enjoyment and benefits for players by incorporating NFTs, GameFi, decentralized finance (DeFi), and more that collectively run on a blockchain ecosystem revolving around its governance token, MBX.Photo by ELLA DON on UnsplashAs a company that specializes in building blockchain products for its clients in a wide range of sectors, including gaming, Web3, NFTs, and DeFi, Bisonai has directly contributed to the development of MARBLEX’s MBX ecosystem. In particular, it played a significant role in building MBX Marketplace — a platform for unrestricted NFT transactions within the ecosystem — which went live in November of last year, as well as MBX Explorer, a token scanning site.Following this venture, Bisonai is planning to provide further technical consultations and solutions for the blockchain infrastructure that will be potentially required within the MARBLEX ecosystem.Advancing transparency and accessibility of MBXMeanwhile, MARBLEX disclosed plans on June 27 to overhaul the token system within the MBX ecosystem. As part of its commitment to improving transparency, it announced that it burned approximately 670 million MBX that have not been designated for use within the ecosystem out of its total supply of one billion MBX.The MBX token also received a landmark whitelist approval in Japan last month, becoming the first token from a Korean blockchain gaming project to do so.

Cronos Labs $100 Million Accelerator Program Enters Hiring PhaseCronos Labs, a Web3 startup accelerator, is embarking on the hiring phase of its accelerator program with the objective of nurturing early-stage projects through financial support and mentorship. The endeavor has been bolstered by a substantial $100 million investment commitment aimed at fostering the growth of crypto startups.In an official announcement published to its website on Tuesday, Cronos Labs underscored the accelerator’s primary mission: to cultivate startups poised to “shape the future of Web3.” Moreover, the program seeks projects with a pragmatic focus on creating use cases that can drive the adoption of decentralized applications (DApps) genuinely, with a preference for authentic user engagement over bot-driven interactions.Photo by Shubham Dhage on UnsplashStartup selectionThe recruitment phase for the program officially kicked off on Monday, coinciding with the commencement of Korea Blockchain Week, scheduled to run until September 10. Cronos Labs will select eight startups to partake in a 12-week remote program laden with mentorship, master classes, marketing and financial support, and introductions to strategic partners. This rigorous journey culminates in a demo day designed to initiate discussions around fundraising opportunities.Charlotte Kapoor, the Head of Innovation Programs at Cronos, remarked on the immense interest previous accelerator iterations garnered, describing the number and quality of applicants as “overwhelming.” Kapoor emphasized the hunt for groundbreaking proposals capable of tackling real-world challenges while showcasing innovative applications of AI, blockchain, and decentralized technologies.Kapoor stated: “The number and quality of applicants to our previous accelerator program was overwhelming, and it’s going to be tough whittling the entrants for cohort three down to a final shortlist. With the Cronos Accelerator Program poised to open to applicants, we extend an open invitation to builders with original concepts and the willingness to turn them into a working product. We’re looking for novel proposals that solve real problems while demonstrating ingenious uses for AI, blockchain, and decentralized technology.”Heavyweight mentorsCronos has enlisted the expertise of a diverse array of industry leaders to serve as mentors and partners within the program. Among the notable contributors are technology titans like Google Cloud and Amazon Web Services (AWS), as well as blockchain security experts CertiK and PeckShield. Additionally, companies such as Protocol Labs, Hacken, and Covalent have also thrown their weight behind the accelerator program.Cronos, which was originally established by Singaporean crypto platform Crypto.com, recently received a further boost when world-renowned video game publisher Ubisoft became a Cronos network validator. Ubisoft has also been involved with the Cronos Accelerator project as a venture mentor.State funding for Web3In parallel, funding support for Web3 technology has been gaining steady momentum. Just last month the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, committed a significant $150 million Singapore dollars ($112 million) to support various financial technology solutions, including Web3. This initiative aims to nurture innovation by providing backing to projects harnessing cutting-edge technology.The development of the crypto and blockchain ecosystem has been non-linear and imperfect, but accelerator programs like this one are likely to result in the emergence of pioneering startups that will shape the future of Web3 while fostering genuine adoption and practical use cases.