Singapore Will Help Crypto Company Set Up Local Bank Accounts 2434

Singapore’s financial regulator is willing to lend a hand to cryptocurrency firms having problems setting up local bank accounts, but doesn’t plan to loosen its rules to lure more crypto startups to the country.

“We should not be trying to create an extremely lax regulatory environment in order to attract that kind of business,” Monetary Authority of Singapore Managing Director Ravi Menon said Tuesday when discussing the crypto industry in an interview with Bloomberg News. “What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach.”

Singapore has been pushing to develop its financial technology sector as a way of creating jobs and diversifying the economy, while taking a cautious approach to exchanges and other aspects of the cryptocurrency industry. Some crypto firms have complained that there’s a regulatory vacuum that hampers their Singapore operations because they are unable to open local bank accounts, or have had their accounts closed.

“The nature of this business is a bit different, so banks may need to employ other ways in which they can establish bona fide,” Menon said. “I hope we can bring minds together on this so that we can get over this hurdle.”

However, he warned that many aspects of the crypto industry remain obscure and dangerous for investors, and so it’s right for local financial firms to exercise caution. “Some of these activities are indeed quite opaque. I would not blame the banks for not opening the bank accounts,” he said.

Lenders around the world have often steered away from providing services to crypto firms because of worries about the use of digital coins in money laundering and financial crime.

Singapore’s regulatory system for crypto lies somewhere between Japan, which has taken a welcoming approach, and China, which has issued an outright ban on exchanges and initial coin offerings. Among those attracted to Singapore this year are Tokyo-based Line Corp., Japan’s biggest messaging service, and Dunamu, which operates Korean cryptocurrency exchange Upbit. Line, which started its Bitbox exchange in July, has seen trading volumes amounting to more than $10 billion in the first two months, according to a Bitbox spokesman.

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Rooch Network releases v0.7.0, enhancing performance and security ahead of pre-mainnet launch 99

Rooch Network, the native application layer for the Bitcoin ecosystem, announces the release of Rooch v0.7.0, a pivotal update packed with enhancements aimed at improving performance, security, and developer experience. This release marks a significant milestone as the network prepares for its pre-mainnet launch.

Rooch v0.7.0 introduces a range of updates and enhancements across various components of the network, including Bitcoin-related improvements, framework upgrades, performance and security enhancements, and developer experience optimizations. This update represents a major leap forward in Rooch Network’s evolution, providing a stronger foundation for developers building on the platform.

As Rooch Network gears up for its pre-mainnet launch, a series of incentivized campaigns will soon be rolled out, inviting developers and users to experience the latest upgrades.

Website: https://rooch.network/
Github: https://github.com/rooch-network
Twitter: https://x.com/RoochNetwork
Discord: https://discord.com/invite/rooch

Zilliqa launches Jasper Proto-Testnet for Zilliqa 2.0, the blockchain built for mass adoption 118

Zilliqa, the established layer-1 blockchain platform that pioneered sharding technology, is excited to announce the launch of the Jasper proto-testnet for Zilliqa 2.0, the first release on its roadmap for its new, upgraded network designed to drive mass adoption of Web3.

This significant milestone sees the first Zilliqa 2.0 proto-testnet become available to the public, marking a crucial first step in the rollout of its new network, which promises to deliver an efficient and scalable blockchain designed to make Web3 as easy to use as the internet. The release of Jasper is the first step on the roadmap for Zilliqa 2.0, each of which will see the network expanded with further functionality according to the protocol’s whitepaper.

The Jasper proto-testnet introduces Zilliqa 2.0’s new Proof-of-Stake consensus mechanism, which delivers lightning-fast transactions at low cost, all while remaining energy efficient and capable of scaling to the needs of businesses and developers globally. This early version of the Zilliqa 2.0 network allows developers and validators to explore the new network’s enhanced capabilities and experiment with running a validator node and earning rewards for helping to secure the network.

The proto-testnet offers other foundational features such as EVM (Ethereum Virtual Machine) compatibility and support for Scilla smart contracts, and the network will continue to undergo active development as work progresses on Zilliqa 2.0. The Zilliqa tech team will work closely with developers and validators to discuss their feedback and mitigate the impact of any bugs or downtime they encounter when testing this early, proto-testnet version of the Zilliqa 2.0 network.

Future milestones include the release of the Zilliqa 2.0 mainnet and the progressive introduction of features such as x-shards and smart accounts, which will deliver unprecedented customisation and accessibility.

A core feature of Zilliqa 2.0’s design is to be able to adapt to the scaling and security needs of the applications running on it, allowing businesses and developers to build on a platform that works for them while being seamlessly integrated with the global Web3 ecosystem and audience. Zilliqa 2.0’s simplicity and powerful customisation positions it as the ideal white-label solution for businesses looking to leverage the benefits of Web3.

Whether a company or developer wants to launch their own digital assets, build decentralised applications (dApps), or create new digital experiences, Zilliqa 2.0 will provide the infrastructure to do so efficiently and at scale.

Commenting on the release of the Jasper proto-testnet for Zilliqa 2.0, Zilliqa Head of Research Zoltan Fazekas said: “This launch marks a significant step forward in realising our vision for Zilliqa 2.0. The Jasper proto-testnet is not just a test environment – it’s the beginning of a new era in blockchain technology, where speed, efficiency, and user-friendliness converge. We invite developers and businesses to join us in exploring the possibilities of this groundbreaking network.”

With the launch of Jasper, Zilliqa is calling on potential new validators worldwide to onboard and test the network as pioneers of Zilliqa 2.0. This is an opportunity to play a key role in the future of the network and earn sustainable rewards by contributing to its security and resilience. Developers and potential validators are encouraged to read the docs for Zilliqa 2.0 to get started with the Jasper proto-testnet.

About Zilliqa

Zilliqa is the industry-recognised layer-1 blockchain founded in Singapore in 2018. The blockchain serves as a versatile foundation that facilitates a broad array of Web3 applications and services across a multitude of sectors including luxury and entertainment, providing a robust platform for emerging startups and established enterprises alike.

The next evolution of the network, Zilliqa 2.0 offers a user-centric and customisable layer 1 infrastructure designed to drive the mass adoption of Web3. Currently rolling out testnet with the mainnet launch in Q4’2024.

For more information, visit roadmap.zilliqa.com.

Paxos Expands to Arbitrum with Plans to Bring Tokenization Platform to the Network 123

The Arbitrum Foundation today announced that Paxos, a regulated blockchain infrastructure and tokenization platform, will integrate with Arbitrum, the leading Layer 2 (L2) scaling solution on Ethereum. Arbitrum is the first L2 network that Paxos will enable, joining one of the largest on-chain ecosystems in the space and expanding its presence in the Ethereum ecosystem.

This partnership is a crucial development for facilitating further institutional integration onto the Arbitrum network and bringing real-world assets on-chain. Via Arbitrum, Paxos will tap into Etherum’s deep liquidity, at higher speeds and low cost, and engage Arbitrum’s active DeFi ecosystem. Enterprises and institutions will leverage these capabilities to enable innovative financial products and services.

Luke Xiao, Fintech Partnership Lead at Offchain Labs commented on the news, “We are excited that Paxos has decided to bring their stablecoin issuance and regulated tokenization platform to Arbitrum. Arbitrum’s high performance network and robust ecosystem makes it a natural home for Paxos’ tokenization platform. This collaboration brings together Paxos’ industry-leading infrastructure and Arbitrum’s robust onchain ecosystem. We’re excited to see the transformative impact this will have on DeFi and the broader Arbitrum ecosystem.”

Paxos’ highly regulated approach ensures that its tokenization offerings comply with financial regulations in each region of operation. With trust and credibility built into its platform, Paxos supports leading enterprises and institutions that will now be able to leverage Arbitrum’s highly-scalable and efficient network.

Walter Hessert, Head of Strategy at Paxos, added “We are excited to partner with Arbitrum to bring more real-world assets on-chain. Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries. In the next three years, the adoption of stablecoins by both retail and institutional user will explode and Paxos will drive that paradigm shift. “

About The Arbitrum Foundation

The Arbitrum Foundation, founded in March 2023, supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum. Arbitrum One—a leading Ethereum Layer-2 scaling solution initially developed by Offchain Labs—offers ultra-fast, low-cost transactions with security derived from Ethereum through Optimistic Rollup technology. Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 54%+ TVL in the L2 segment. 2000+ DeFi and NFT projects are live in the ecosystem to date. In August 2022, Arbitrum One upgraded to Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.

About Offchain Labs

Offchain Labs is a venture-backed, Princeton-founded company that has dedicated over five years to blockchain research and development. As the original contributors to Arbitrum, Offchain Labs has been instrumental in revolutionizing the industry through this leading network scaling solutions. The team continues to build upon this foundation by innovating and enhancing products such as Prysm, Arbitrum Orbit, Stylus, and Arbitrum Nitro. In October 2022, Offchain Labs acquired Prysmatic Labs, the leading consensus client for Ethereum, further cementing Offchain Labs alignment with Ethereum.

About Paxos

Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

Paxos partners with leading global enterprises to tokenize, custody and trade assets. Its blockchain solutions are used by leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Its affiliate company Paxos International issues the yield-bearing regulated stablecoin Lift Dollar (USDL). Prudentially regulated by the NYDFS in the US, the MAS in Singapore and FSRA in Abu Dhabi Global Market, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures.

Zeus Dex launches bridgeless multi-chain platform, addressing DeFi fragmentation with $4.5M liquidity on launch 427

Zeus Dex has officially launched its innovative multi-chain decentralized exchange (Dex). Built with Layer One X’s innovative multi-chain X-Talk technology. X-Talk enables seamless cross-chain trading without the need for traditional bridges. In 2022 alone, over $2.6 billion was lost to bridge hacks, highlighting the security vulnerabilities of existing cross-chain solutions. Moreover, liquidity fragmentation has been a significant pain point for DeFi users, as liquidity is often dispersed across multiple ecosystems, making it difficult for users to access the best rates and maximize returns. Zeus Dex aims to solve these issues by offering a unified decentralised trading platform where users can effortlessly trade assets across EVM and Non-EVM chains like Ethereum, Solana, Arbitrum, Binance Smart Chain, Tron and more.

Zeus Dex’s key features include Multi-Chain Balancer Pools, allowing users to create or participate in pools with assets from EVM and Non-EVM chains like ETH-SOL, ETH-BNB, and more, providing deep liquidity across networks. Additionally, the platform offers a user-friendly zapping feature, simplifying the process of moving funds between different blockchain ecosystems, making multi-chain DeFi more accessible than ever.

With $4.5 million in initial liquidity, Zeus Dex is set to provide users with enhanced trading capabilities, secure transactions, and a seamless experience across multiple chains. Single staking Liquidity pools for multiple networks are in place to provide liquidity for swaps and the fees are distributed back to the token holders. ~30% of the liquidity in DeFi is fragmented and Zeus Dex aims to market to users on all chains as well as other De-Fi Projects. Additional features will be rolled out, including multi-chain lending and borrowing, auto compounding and Omni-Chain user credit score building systems in partnership with other DeFi protocols.

Zeus Dex’s Tokenomics have been structured to ensure sustainability, and incentivize long-term platform growth:

  1. Team allocation: 20% of the total supply is reserved for the core team and advisors.
  2. Initial sale and incentives: 35% is allocated initial token sale and liquidity provisioning across various pools. 
  3. Public distribution: 10% will be made available through a public sale.
  4. Treasury & development fund: 15% is set aside for futured development and ecosystem incentives.
  5. Marketing & partnerships: 20% is reserved for marketing efforts and strategic partnerships.

Zeus Dex has an innovative two-phase token sale. In Phase B (Sept24 to Oct24), tokens are available for purchase at $0.03 each, with the sale lasting for two months. After Phase B, 25% of the participants’ tokens will be unlocked, and these will have priority for sale to Phase C (Nov24 – Dec24) participants at a price of $0.075. Additionally, during Phase B, participants will benefit from a 165% APR, which will be distributed daily, incentivizing continued liquidity provision and staking in the platform. This unique structure ensures a balanced reward system and supports liquidity growth across the Dex. For the timeline of phase B and C, ZDX holders will be able to stake their ZDX into a single staking pool that will provide SZDX as rewards, that can be traded with L1X, ETHUSDC and BSCUSDT.

Zeus Dex has created a global liquidity pool that projects from any network can access by integrating with its cross-chain contracts, secured by the X-Talk infrastructure. This setup enhances trading volumes for liquidity providers, allowing them to earn fees not only from the Zeus Dex platform but also from external applications that connect to it. The objective is to provide a global liquidity infrastructure enabling Zeus to be a powerhouse of cross-chain liquidity management and provisioning solutions. Zeus has already commenced integrating with multiple applications to provide its initial and incoming liquidity to generate fees. Zeus Dex is aiming to leverage Bitcoin Integration into cross-chain capabilities to be powered by X-Talk infrastructure from Layer One X.

Compared to bridges, X-Talk uses less contracts and is more secure with cross-chain contract calls making transactions done with Zeus lower in fees, secure and faster. With more than $10 billion being paid in liquidity mining across DeFi protocols and ~30% of the TVL (Total Value Locked) being fragmented, Zeus Dex aims to target this market promoting bridgeless multi-chain liquidity movement and management.

Zeus Dex is live at https://www.zeusdex.pro/

Unlimit partners with Alchemy Pay to streamline fiat-to-crypto purchases worldwide 2991

Global fintech company Unlimit today announced the expansion of its long-standing partnership with Alchemy Pay, the leading fiat-crypto payment gateway, aimed at enhancing its growth in key target markets, like the EU, SEA and LatAm, with the support of Unlimit’s extensive payment method portfolio.

Alchemy Pay facilitates fiat-to-crypto purchases across 173 countries, with strong coverage in Europe, Latin America, and Southeast Asia. The company is dedicated to providing accessible, user-friendly payment solutions that promote the global adoption of cryptocurrency by seamlessly connecting fiat and crypto economies.

Through this partnership, Alchemy Pay will streamline settlements and offer a wide range of global and local payment methods, including Visa, Mastercard, SEPA, and Google Pay, to consumers worldwide, guaranteeing a high level of security and service for individuals. It will also allow Alchemy Pay to expand its presence in key markets, reduce customer churn, and enhance customer loyalty by providing preferred payment options.

Irene Skrynova, the Chief Customer Officer at Unlimit, said: “We are excited to support Alchemy Pay on their mission to connect the world of traditional payment methods with the world of crypto. At Unlimit, we believe in ‘borderless payments’ and have dedicated over 15 years to making this a reality for our customers globally. This partnership brings us closer to an ‘omnipayment’ future, bridging the gap between Web2 and Web3.”

Alchemy Pay’s Ecosystem Lead, Robert McCracken said: “Our partnership with Unlimit will provide massive benefit to end users, by allowing Alchemy Pay to offer wider global coverage, lower costs, and improve transaction success rates. Their global payment experience and expertise will bolster our rapidly expanding suite of services which continue to be mainstream-friendly while ensuring security and stability in all areas. This is a great step forward.”

About Unlimit

Founded in 2009, Unlimit is a global fintech company that offers a large portfolio of financial services, including payment processing, banking as a service (BaaS), and an onramp fiat solution for crypto, DeFi, and GameFi. The company’s mission is to deliver solutions that eliminate financial borders, enabling businesses to operate both locally and internationally with ease across Europe, the UK, LATAM, APAC, India and Africa. Unlimit has 700 employees across 16 offices and five continents, including London, Singapore, São Paulo, Hong Kong, and Mexico. For further information, please visit: www.unlimit.com.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.

Major Advancement for MNT Node Holders 3357

Minutes Network Token team are pleased to announce two new initiatives that significantly upweight their Node holder rewards program.

First, the share of Epoch rewards allocated to Node holders has been increased from 60% to 70%, and this additional 10% is excluded from the algorithmic burn process.

Second, all Node holders will share from a specific 37.5million MNT reward pool which will be distributed over the first twenty-four months.

With Switch Nodes requiring a minimum stake of 50,000 MNT and Validation Nodes 10,000 MNT, the holder of each type of node can receive incremental rewards of 37,500 and 7,500.

This means each Node is set to potentially return up to 75% of Node holders initial token stakes over the first two-years which are additional to the monthly epoch MNT rewards.

The MNT Head of Token said “We listened very carefully to the interests of Node holders as they are critical stakeholders to the success of the project. These innovations significantly enhance the rewards available to node holders and provide a compelling reason for people to own as many nodes as they can.”

The full details can be found in the MNT Whitepaper accessible at minutesnetworktoken.io/whitepaper.

There are 119 Switch Nodes and 1069 Validation Nodes available for staking. Purchase nodes can be done by visiting portal.minutesnetworktoken.io.

About Minutes Network Token

Minutes Network Token (MNT) is a product of Minutes Network Token LLC, a company incorporated in St. Vincent and the Grenadines, Company Number 095LLC2022.

Minutes Network Token is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.