SafePal invests in & partners with Switzerland’s Fiat24

OmniBOLT to Support BRC-20 Tokens on LightningSingapore’s OmniBOLT, a project that’s developing technological solutions within bitcoin’s layer two network environment, has outlined that it will support BRC-20 tokens on Lightning Network.Before we consider precisely what OnmiBOLT's decision to support BRC-20 tokens means, let’s cover the backstory.Photo by Sander Weeteling on UnsplashBRC-20BRC-20 is an experimental token standard which was created by an anonymous developer with the handle “Domo”, and username ‘@domodata’ on Twitter. A token standard governs how and where a cryptocurrency can be used. The approach has been pioneered by developers on the Ethereum blockchain who created the ERC-20 standard a number of years ago, relative to the Ethereum network.A bitcoin evolutionIn this instance, BRC-20 is a fungible token standard designed for the bitcoin blockchain. Bitcoin development is very slow and conservative, and deliberately so, in an effort to put network security first. However, it has had two major upgrades over the course of the last few years, namely SegWit and Taproot.Many in crypto have been critical of the bitcoin project on the basis of it being a pet rock that lacked features and the flexibility to use it in other ways aside from as a store of value or means of exchange. However, those protocol upgrades have led to further development that is expanding bitcoin’s use case and versatility.SegWit and Taproot enabled the development of Bitcoin Ordinals in January 2023. Ordinals provide a means to create Bitcoin non-fungible tokens (NFTs), by attaching data to individual satoshis, the smallest denomination of Bitcoin. NFTs created this way are immutable as they’re not created on side chains but on the bitcoin blockchain itself.In a fast moving scenario, the development of Ordinals led two months later to the emergence of the BRC-20 standard. BRC-20 tokens can be stored on the bitcoin base-chain, built with the assistance of Ordinals. BRC-20 is an exciting development as it stands to enable smart contract capabilities relative to bitcoin.Solving the bitcoin fee issueMany see this development as a solution for the longer term fees issue that the bitcoin blockchain will have to overcome. Bitcoin miners are compensated in mining rewards but the level of rewards is being cut in half every four years. The concern is that in the longer term, there may not be enough revenue for miners to continue to secure the network effectively.With the development of Bitcoin Ordinals, more fees are generated, and so this is seen as a means through which the network can sustain itself over the longer term.Mempool backlogSo what’s not to like? The issue that has arisen over the past few days is that bitcoin transaction fees have hit a two year high. Over the past few days, there have been in excess of 400,000 unconfirmed bitcoin network transactions sitting in the mempool. The mempool is a mechanism within the bitcoin protocol that stores the data relative to a queue of transactions that are waiting to be confirmed.Relieving pressure on bitcoinThat brings us back to the significance of the Singaporean team of developers at OmniBOLT deciding to support BRC-20 tokens on the lightning network. That move can relieve the pressure on the bitcoin mainnet. The project is being backed by Waterdrip Capital, Danhua Capital, Redline DAO and others.Bitcoin has been a boring protocol and many have celebrated that fact as a feature and benefit for a network that serves a couple of vitally important use cases exceptionally well. However, development never stops and it’s fascinating to see another side to the protocol unfold, and all the while, it’s not entirely clear where it will end.

Full operating license approval for Hex Trust in DubaiIn yet another instance of progress for the cryptocurrency sector, Hex Trust MENA FZE, the Dubai-incorporated subsidiary of Hong Kong-headquartered institutional-grade crypto custodian Hex Trust, has successfully secured an operating license from the Dubai regulator, the Virtual Assets Regulatory Authority (VARA).Photo by Mohammed Nasim on UnsplashExtending regional presenceThis regulatory milestone, acknowledged by the firm in a statement it made public on Wednesday, not only solidifies Hex Trust’s presence in the Middle East but also marks a strategic move to extend its crypto custodial services to institutional clients and sophisticated investors in Dubai. While based in Hong Kong, Hex Trust has offices in Dubai, Singapore, Vietnam and Italy.This full operating license signifies the successful conclusion of the approval process within VARA’s regulatory framework for crypto service providers, which came into effect earlier this year. Initially granted a minimum viable product (MVP) operational license in February, Hex Trust’s latest achievement grants it the official authorization to continue its operations in the region, marking a pivotal moment in the company’s expansion strategy.With an increased footprint in Dubai, Hex Trust is now poised to deliver comprehensive crypto custodial services to both institutional clients and sophisticated investors. This strategic move is in line with the company’s aspiration to meet the escalating demand for secure and regulated digital asset storage solutions in the Middle East.Filippo Buzzi, Hex Trust’s MENA regional director, underscored the company’s dedication to expanding its reach in the Middle East, stating:“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”This statement not only highlights the favorable regulatory environment but also emphasizes the increasing interest in cryptocurrencies within the Middle Eastern market.$88 million funding roundHex Trust’s recent success in Dubai comes on the heels of its $88 million Series B funding round last year, showcasing the company’s proactive approach to securing regulatory approvals on a global scale.In August, the firm received regulatory clearance in France, enabling it to offer a spectrum of services, including digital asset custody, purchasing, selling and trading. These regulatory triumphs position Hex Trust as a reputable and compliant entity in the competitive crypto custodial space.Series of approvalsWhile Hex Trust has demonstrated its adept navigation through regulatory processes in Dubai, it’s one of many companies to obtain licensing in the emirate in recent weeks.It emerged yesterday that CRO DAX Middle East, the Dubai-registered subsidiary company of Singapore-headquartered Crypto.com, received a trading license from VARA.Last week, Korean Web3 company CarrieVerse clarified that it had joined the Dubai Multi Commodities Center (DMCC) as a metaverse service provider. The DMCC is a United Arab Emirates (UAE) government agency which has developed into a hub for investors and Web3 startups. CarrieVerse and the DMCC have not as yet revealed details regarding the roadmap for the partnership.At the start of this month, VARA awarded Singapore’s WadzPay, a business-to-business (B2B) technology firm that focuses on enabling digital asset-based transaction processing and settlement, a license to trade within the emirate. Meanwhile, on Nov. 1, it emerged that crypto wallet project Backpack had received a license from the Dubai regulator.

As the 2024 F1 season gears up for its launch on March 2, leading NFT marketplace and crypto exchange OKX is set to take center stage by showcasing its logo on McLaren F1 cars.Photo by Jesper Giortz-Behrens on UnsplashThe move, outlined in a recent press release, will see the OKX brand on the side of McLaren’s cars in 20 high profile races. Going beyond a mere branding endeavor, the sponsorship initiative has been put together in an effort to energize the blockchain-centric world of F1, enhancing track-side aesthetics and elevating the visibility of the Web3 company. ‘Stealth Mode’The collaboration will see OKX's branding appear on various elements of McLaren cars, from side pods and rear wings to mirrors, drivers' helmets and team apparel. OKX's logo will be prominently featured during 20 out of the 24 races in the upcoming F1 season. The primary 2024 livery of the vehicle draws inspiration from the OKX-McLaren "Stealth Mode" design showcased during the Singapore and Japan Grand Prix races in 2023. According to Haider Rafique, the Chief Marketing Officer at OKX, the decision to expand the sponsorship deal with McLaren aligns with the increased brand awareness achieved through their partnership. Building upon existing sponsorship dealThe collaboration between McLaren and OKX isn't new. OKX's initial partnership with McLaren commenced in May 2022 as a primary partner to its F1 team and laid the foundation for this continued collaboration. The crypto platform’s livery featured on McLaren MCL60 F1 cars at the Singapore and Japan Grand Prix races in 2023.  Surveys conducted post-event revealed that 80% of attendees expressed interest in learning more about the exchange, indicating a curiosity within McLaren's fan base about Web3 and digital finance. This resonance with the audience aligns with OKX's mission to make the crypto economy accessible to everyone and educate the public about the benefits and opportunities within this space. Looking ahead, Rafique expresses OKX's intent to pursue a long-term partnership with McLaren, emphasizing the value derived from longevity and growth over time. He envisions the McLaren-OKX partnership as potentially spanning decades, fostering generational associations akin to his own fondness for Ayrton Senna and McLaren from his youth. Broader crypto sector marketingThe broader trend of the cryptocurrency sector's increased involvement in F1 is evident, with partnerships like Crypto.com creating NFTs for every lap and Kraken's marketing collaboration with the Williams Formula One racing team. Earlier this month, crypto gambling platform Stake signed a sponsorship deal with the Sauber F1 team. Crypto.com has been a prominent sponsor of Formula 1 since 2021, showcasing its logo at Grand Prix circuits globally and sponsoring the Aston Martin Aramco Cognizant F1 team. The other high profile sports sponsorship forum for crypto businesses appears to be the English Premier League (EPL). In this arena too, OKX has been active, having an ongoing deal in place with Manchester City which it strengthened last year. Singapore-based crypto trading platform BingX recently followed suit, securing a sponsorship deal with Chelsea Football Club.