Kuwait Implements Full Ban on Crypto Activities

Aevo Launches Novel Index Perpetual ContractAevo, the layer-2 derivatives platform launched by Singapore’s Ribbon Finance earlier this year, has introduced a new index perpetual contract.The contract allows traders to engage in long or short positions based on the market capitalization of accounts within the social application Friend.tech.Photo by Compare Fibre on UnsplashFRIEND-PERPThe FRIEND-PERP market is now live according to The Block, and it has gained significant traction, boasting a daily trading volume of $501,824 and a current trading price of $7.14. This market operates on a unique premise — a perpetual contract, which, unlike conventional futures contracts, does not adhere to an expiration date. This feature is particularly appealing to the crypto trading community, enabling them to seize opportunities without the constraints of time-bound contracts.Surge in interestFriend.tech, the social app at the center of this Aevo product offering, has integrated with Ethereum layer-2 network Base, a blockchain incubated by Coinbase earlier this year. This network, which officially welcomed the public on August 9, has been the center of attention within the crypto sector over the past couple of weeks.The social app enables market participants to buy shares of individuals who hold accounts on X (formerly Twitter). Since its launch earlier this month, the Friend.tech app has grown rapidly. It attracted over 100,000 daily users within 24 hours of its launch.Each user stands to benefit financially from the purchase and sale of their shares, a pioneering approach that has lured prominent figures, including venture capitalist Garry Tan, NBA star Grayson Allen, and celebrated YouTuber FaZe Banks, to the platform.Boost for BaseUS crypto platform Coinbase has embraced Friend.tech as it marks the first major breakthrough use case for its Base blockchain network. This collaborative effort has propelled the Base network to new heights, positioning it among the top cryptocurrency projects by user fee revenue. With $1.4 million in fees generated over the last 24 hours alone, Friend.tech ranks among industry giants, trailing only Ethereum and Lido Finance in this metric, according to data from DeFiLlama.While the app has risen at a phenomenal pace, there are concerns relative to the degree of privacy it affords its users. The public availability of the Friend.tech API used to convert X usernames into wallet addresses has raised the alarm for potential data exposure.A Yearn Finance developer, known by the pseudonym Banteg, used this API to compile a list of Ethereum addresses linked to X accounts. While the community has reassured users that access can be revoked, the implications of this exposure for privacy and security cannot be understated.The Aevo project was first announced by Ribbon Finance in September 2022 and subsequently launched in June. The goal of the project is to convert users from centralized exchanges, bringing them over to the decentralized exchange (DEX) platform.

CPLABS and Protocol Capital to collaborate on blockchain-enhanced autonomous driving in QatarKorean blockchain development firm CPLABS (formerly known as Coinplug) announced on Wednesday (local time) that it has signed a memorandum of understanding (MOU) with Qatar-based company Protocol Capital to collaborate on blockchain-driven ventures in the Middle Eastern country.Protocol Capital is known for partnering with institutional clients and delivering bespoke solutions to investors in sectors such as real estate, energy, construction, and manufacturing.Photo by Lucca Belliboni on UnsplashBlockchain and autonomous drivingThrough this agreement, the two companies aim to execute projects that leverage and champion blockchain technology, with initiatives including an autonomous driving pilot project. They also plan to register with Qatar’s Tasmu Digital Valley, established by the Ministry of Transport and Communications (MoTC) and the Qatar Free Zones Authority (QFZA), as part of their collaborative efforts towards Qatar’s National Vision 2030.CPLABS plans to integrate its blockchain platform and upcoming 2024 Web3 portal into the autonomous driving pilot project. This move will grant the Korean firm an avenue to offer identity verification and payment services, further broadening its footprint in the finance and information communications technology (ICT) sectors.”As a dedicated Web3 tech firm, CPLABS possesses around 320 blockchain patents both domestically and internationally. Its projects encompass areas such as decentralized identifiers (DIDs), decentralized finance (DeFi), security token offerings (STOs), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).Commenting on this joint effort, Uhr Joon-sun, CEO of CPLABS, stated that the company aims to deliver Web3 platforms that connect Korea with the global community.

Avalanche Blockchain Developer Expands into IndiaAva Labs, the company behind the layer one Avalanche blockchain, is setting its sights on a significant expansion in India.Seeking out state agency partnershipsThe move by the New York-based blockchain development firm reflects the growing interest in blockchain technology within the world’s most populous country. Ava Labs outlined that it is actively seeking partnerships with Indian government agencies and institutions to facilitate the development of applications on the Avalanche (AVA) blockchain, according to a blog post published by the firm on Thursday.While government and state agencies have not been terribly progressive when it comes to decentralized cryptocurrencies in India, they have been more receptive in terms of developing the underlying blockchain technology.Earlier this year, the Royal Bank of India (RBI) highlighted the importance of adopting blockchain technology. Last month, an RBI-led initiative emerged through India’s National Payments Corporation of India (NPCI) to further explore blockchain technology relative to payment systems.Indian government’s initiatives, such as launching a Centre of Excellence in Blockchain Technology, align with Ava Labs’ expansion strategy. Moreover, Indian states like Goa and Telangana have demonstrated a proactive approach to leveraging blockchain for real-world use cases, including land records and vehicle registrations.Photo by Studio Art Smile on PexelsRecruiting local talentAs part of its plans, Ava Labs has made a few pivotal hires to lead its operations and business development in India. Devika Mittal, formerly the Head of Token Listings for OK Group company Okcoin, and Kamakshi Arjun, who has held leadership positions at Polygon (MATIC) India and Tech Mahindra, have joined the team. Both individuals bring extensive experience in the blockchain industry to their new roles.Mittal expressed her excitement about the opportunity, stating:“I am so excited to help Ava Labs expand its reach and impact in the region, and am confident that Ava Labs is well-positioned to meet the demands of India’s large and growing population of tech-savvy individuals and businesses.”Equally Arjun, with her understanding of the blockchain market, is expected to play a critical role in Ava Labs’ expansion strategy.Business development fundMittal said in an interview with The Block that Ava’s operations in India would focus on several sectors, including ticketing, certification, and supply chains. She also highlighted the innovative features of Avalanche subnets. Notably, Ava Labs has a specific business development fund earmarked for India.There’s a lot of activity within India’s blockchain ecosystem, with projects like Loco, an esports and live-streaming platform, leading the way. Loco is developing a range of Web3 products and pioneering innovative fan experiences using a custom Avalanche Subnet.While Polygon Labs, the founder of Ethereum scaling network Polygon, operates on a fully remote basis, its origins can be traced back to India through its founders. One community member responded to this latest news, stating that the Avalanche development team has a lot of ground to make up by comparison with the progress recorded by Polygon in India in terms of partnerships and business development.Ava Labs is actively engaging with various prominent institutions and has already secured a partnership with a government agency, although specific details have not been disclosed.