Coinspeaker Ava Protocol Acquires Openstory on a Strategic Move

The latter is a blockchain data startup, largely recognized for its industry-leading data streaming platform for on-chain data and analytics. Per details shared with Coinspeaker, the acquisition is focused on improving Ava Protocol’s ability to provide precise and timely insights into Ethereum Virtual Machine (EVM) chain activities.

Ava Protocol to Improve Blockchain Automation

It plans to leverage real-time data streaming and analytic capabilities to achieve this feat. In the long run, Ava Protocol expects that the strategic acquisition translates to improved decision-making, scalability, and performance for blockchain apps that utilize its powerful autonomous transaction infrastructure.

According to Chris Li, CEO of Ava Protocol, this marks a significant milestone for the Web3.0 automation-focused company. Li highlighted Ava Protocol’s growing interest in transforming blockchain automation. He cited that the new deal afford it the opportunity to meet the industry’s growing demand for “private, autonomous, and composable transaction solutions.”

The acquisition was completed in cash and Ava Protocol’s yet-to-launch AP tokens. Ava Protocol CEO claimed that the token will be launched after about 2-3 months.

Meanwhile, Ava Protocol has made a name for itself before now as one of the pioneers of blockchain automation. It is deployed on Ethereum’s Holesky testnet. Currently, it boasts of a growing ecosystem encompassing 30 Decentralized Application (DApp) partners and a testnet that processes as many as 1,000 automated transactions daily across more than 10,000 unique wallets.

At the moment, Ava Protocol supports Ethereum blockchain as an EigenLayer AVS and Polkadot as a parachain.

New Job Appointment on Ava Protocol

As part of the restructuring mandated by the acquisition, Openstory founder Vinh Nguyen will serve as the Systems Architect for the new company. Ava Protocol believes that his appointment will be instrumental to achieving the company’s innovative objectives, considering his vast experience in building cutting-edge data protocols. Noteworthy, Nguyen is a Polkadot core developer and a former key contributor to InfluxData.

Nguyen expressed his excitement on the new appointment stating that his vision for a lasting impact in the Web3.0 ecosystem aligns with Ava Protocol’s push for private and composable autonomous transactions.

Similarly, Sam Shev, who had previously worked with Google and Postman, will join the team as the Head of Marketing. He brings more than ten years of experience and expertise which he would use to drive awareness and adoption of Ava Protocol’s vision. There is also Scott Staton who will serve as Ava Protocol’s new Research and Content Lead.

Staton boasts of many years of editorial experience at The New Yorker and Vice Media. He was also the Content Lead for the decentralized computing startup Dfinity. As the new Content Lead for Ava Protocol, his responsibility will primarily be to educate the industry about Ava Protocol’s mission.

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Ava Protocol Acquires Openstory on a Strategic Move

Coinspeaker Blast Network Announces Community Claim within the Blast Token Airdrop

The Blast network, an Ethereum (ETH)-based layer two (L2) network that incorporates native yields, has announced that its community can claim the $BLAST token airdrop in the next 30 days. The Phase 1 of the BLAST airdrop will be facilitated by the Blast App developed by Arcade Research.

As a first step, Arcade Research has released the Blast App, which community members can use to claim their Phase 1 airdrop.

After claiming, community members can claim ongoing Phase 2 rewards through the app, and in 4 months, full wallet functionality will go live. pic.twitter.com/VWu5FV6nAw

— Blast (@Blast_L2) June 26, 2024

The Blast network will distribute 17 billion BLAST tokens in the first phase of the airdrop. Out of this 17 billion, approximately 7 percent will be allocated to the users who helped bootstrap the network’s liquidity through bridging Ether and its native stablecoin USDB.

The Blast network has allocated 50 percent of the total 100 billion supply to the community, with more airdrops set to take place in the  next three years. The core contributors of the Blast network received a whopping 25.5 percent of the total supply. Meanwhile, the Blast Foundation and early investors received a total of 8 percent and 16.5 percent of the total tokens supply.

The Blast network has grown to a vibrant layer-two ecosystems on the Ethereum blockchain with more than $2 billion in total value locked. According to the Blast network, it has accumulated more than 1.5 million users and registered over 200 decentralized applications (dApps).

Remarkably, Blast network’s USDB stablecoins are the 5th most used and 4th most held stablecoin globally. Despite being an EVM-compatible chain, the Blast network is highly reliant on its native Dapps led by Thruster DEX, Juice Finance, Hyperlock Finance, and Ring Protocol, among others.

Other Major Airdrops

As Coinspeaker previously reported, Notcoin (NOT), a Telegram-based tap-to-earn meme project, distributed 11.5 million tokens to its users. Remarkably, the Notcoin project allocated over 90 percent of the NOT total supply to the community through in-game mining, launch pools, and trading activities. The project has grown to a midcap altcoin with around $1.6 billion and over $600 million in daily average traded volume.

The LayerZero project recently announced its airdrop that allocated 38.3 percent of the 1 billion total supply to the community members. The LayerZero team allocated 32.2 percent of the total ZRO tokens to strategic partners within three years of unlocking. The remaining 25.5 percent was allocated to core contributors with three years of vesting.

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Blast Network Announces Community Claim within the Blast Token Airdrop

Coinspeaker Oasys Partners with Vortex Gaming to Expand Presence in South Korea

This move marks an important step in blockchain gaming in South Korea, opening up Vortex players to countless new games and proprietary data like tokenomics on Oasys.

As a kickoff to this partnership, Ubisoft’s “Champions Tactics” will launch a campaign, leveraging Vortex Gaming’s services. Hosted from June 26 to July 7, players who complete specific tasks will win a Champions Tactics NFT that enters them into a drawing where 50 random participants are chosen as winners.

According to the official press release, Oasys wants to incentivize blockchain gaming technology and user acquisition within the Land of the Morning Calm. The agreement will also extend the number of blockchain-based games that Vortex players will have access to, including leading desktop and mobile titles featuring blockchain to enrich and support gameplay.

This significant expansion plan would be effective as Oasys taps Vortex Gaming’s extensive reach through Inven, which holds an impressive 80% market share in South Korea’s gaming webzine sector.

Vortex Gaming, a web3 subsidiary of Inven, runs a social media-style gaming platform and guild infrastructure. It aims to adopt web3 games on a large scale and provide professional content about game information and token economy. It is a great place for global gamers looking for connection, blockchain games discovery, and rewards through missions.

Interestingly, Vortex Gaming has established robust partnerships with prominent web3 companies, including NEAR Protocol, IoTrust, MARBLEX, METABORA SINGAPORE, and Kroma. This network enables the gaming media platform to offer a service optimized for web3 games, further solidifying its position as a key player in the country’s gaming landscape.

Oasys’ Existing Success

Oasys is committed to facilitating the onboarding of additional web3 users and making it simpler for players to discover the unique aspects of blockchain gaming that have garnered popularity in East Asia.

The partnership underscores Oasys’ existing success in the Korean market, following the launch of XPLA Verse, a layer 2 solution on the Oasys chain developed with South Korea’s Com2uS Group. The XPLA team will kick off the launch of the Web3 games with “The Walking Dead: All-Stars” (an NFT collectible game) and “Summoners War: Chronicles” (a Play-to-Earn trading card game) powered by the strong IP and brand recognition of Com2uS Group.

Meanwhile, Oasys’ native token, OAS, is currently trading at around $0.04865, boasting a market capitalization of $108 million. Despite this valuation, OAS remains down by 66% from its all-time high of $0.1442, which it reached on February 13. This decline is representative of the challenges faced by the broader cryptocurrency market this summer.

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Oasys Partners with Vortex Gaming to Expand Presence in South Korea

Coinspeaker Polygon (MATIC) Struggles Below $0.60, Eyes Potential $0.50 Low in July

The crypto marke­t has started to show signs of stability after a wee­k of relentless be­arish sentiment, offering a glimme­r of hope for investors. Howeve­r, top altcoins continue to struggle. Ethere­um (ETH), the leading altcoin, remains locke­d in a battle to breach the $3.4K re­sistance level, dragging down othe­r altcoins like Polygon (MATIC).

MATIC price has shown a downward trend, dropping 2.03% in the last 24 hours, according to TradingView. This de­cline is even more­ worrying when considering the 37% drop in trading volume­, indicating a significant decrease in inve­stor interest. MATIC has lost 22.40% in the past month and 42.76% ye­ar-to-date.

MATIC Price Nears Breakout

The MATIC price has been stuck in a triangle pattern on the daily chart since mid-March. This pattern is getting close to breaking out, but the direction still remains uncertain. If the token breaks out the triangle pattern, it could indicate a bullish reversal. Conversely, if it breaks down, MATIC might drop to new lows.

Despite the recent slump, MATIC maintains a respectable position in the cryptocurrency market. With a trading price of $0.5559, a circulating supply of 9.87 billion tokens, and a market capitalization of $5.49 billion, it holds the 19th spot globally.

Interestingly, technical indicators offer mixed signals. The Moving Average Convergence Divergence (MACD) displays a declining red histogram, suggesting continued bearish pressure.

However, a bullish convergence in the near future is possible, hinting at a potential price reversal. Additionally, the Simple Moving Average (SMA) is approaching a positive crossover, indicating a rise in buying and selling activity.

Bullish or Bearish Scenario

If the marke­t recovers momentum, MATIC could bre­ak above the triangle patte­rn’s resistance trendline­ and trade in bullish territory. Sustaining this upward trajectory could se­e MATIC test its upper re­sistance level of $0.690 in the­ coming weeks.

Howeve­r, if the bears maintain control, MATIC’s price could plumme­t towards its critical support level of $0.50 in July. This scenario would be­ a significant setback for the project and its inve­stors.

The direction of the MATIC price­ hinges on the broader marke­t sentiment and its ability to overcome­ the technical hurdles. While­ the current outlook is uncertain, close­ly monitoring market forces and technical indicators will be­ essential to dete­rmine MATIC’s future trajectory.

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Polygon (MATIC) Struggles Below $0.60, Eyes Potential $0.50 Low in July

Coinspeaker Frax Finance Expands Multi-Chain Vision with NEAR Protocol Partnership

This partnership aims to leverage NEAR’s robust blockchain infrastructure and Frax Finance’s expertise in stablecoins and DeFi to introduce innovative solutions across diverse blockchain networks.

Advancing AI on NEAR Protocol

NEAR Protocol stands out for its chain abstraction technology, which helps developers create scalable apps that can serve billions of users across different blockchains. This design enables seamless transactions across chains, promoting interoperability and scalability in decentralized networks. NEAR’s sharding technology also boosts performance by allowing parallel processing.

Founded by a former Google AI researcher, NEAR Protocol leads in integrating decentralized AI apps into cryptocurrency. The platform aims to give crypto users AI-driven insights and tools, demonstrating NEAR’s commitment to blending AI with blockchain technology.

According to Frax Finance, “decentralized AI works best with decentralized money”, hence the new partnership. Frax Finance has already bridged over $5.5 million of FRAX stablecoins into top NEAR DeFi projects like Burrow Finance and Finance Ref. This liquidity injection will support these platforms’ growth, enhancing the DeFi ecosystem on NEAR Protocol.

In addition, Frax aims to integrate NEAR’s data availability into Fraxtal, establishing it as a central hub for cryptocurrency liquidity.

Introducing frxNEAR: A New Era in Stablecoin Innovation

The collaboration unveiled plans to launch frxNEAR, a stablecoin and liquid staking derivative, on NEAR Protocol. Similar to the successful ETH Liquid Synthetic (sfrxETH), frxNEAR aims to provide users with a stable and flexible assets within NEAR’s ecosystem. This innovation will allow users to participate in liquid staking to earn yields.

Frax Finance and NEAR Protocol are also teaming up to issue FRAX and sFRAX directly on the NEAR blockchain. This will simplify access to Frax Finance’s assets on NEAR, offering users more opportunities to engage in DeFi activities while benefiting from the stability and reliability of Frax Finance’s stablecoins.

Frax Finance’s Future Prospects: $100 Billion TVL Incoming?

As part of its multichain vision, Frax Finance recently unveiled its singularity roadmap. The roadmap highlights its vision to propel the total dollar value of crypto assets locked in its layer 2 blockchain, Fraxtal, to an impressive $100 billion by the close of 2026. To achieve this goal, Frax Finance plans to launch 23 layer 3 protocols within the next year.

These layer 3s will introduce new assets such as frxNEAR, frxTIA, and frxMETIS alongside existing assets like FRAX, sFRAX, and frxETH. All these assets will be issued and integrated into the Fraxtal ecosystem, further expanding its utility and accessibility. The crypto community eagerly awaits these developments, anticipating Frax Finance to continue pioneering innovative solutions in the DeFi space.

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Frax Finance Expands Multi-Chain Vision with NEAR Protocol Partnership

Coinspeaker USDT Net Circulation Crosses 500 Million on TON Blockchain

According to official Tether data, the USDT stablecoin has now surpassed 500 million in net circulation on TON blockchain. As of publication, there were 519.27 million tokens on the TON chain, but what’s even more impressive is that this is coming barely two months after USDT actually launched on the same blockchain.

Sending Digital Dollars Like Text Messages with Tether’s USDT

The figures highlight the growing popularity of the TON network as a platform for fast and convenient digital dollar transactions. So far, the unfolding events have not really been surprising. Especially for the TON team, which shared via its official Telegram channel, that the growing demand for USDT-TON was very much expected. The team emphasized the ease of sending USDT-TON while also comparing it to sending a text message. This real-world use case sets USDT-TON apart as a user-friendly option for transferring money globally, they said.

Beyond USDT’s success, the TON blockchain itself is experiencing explosive growth. The total value locked (TVL) on TON doubled in just three weeks, reaching over $670 million as of today. That is, according to DefiLlama data. This goes to show that the rate at which investors are depositing various cryptocurrencies and locking them into DeFi protocols on TON is also very high.

However, it might be worth noting that several factors are contributing to TON’s rise. Notably, Telegram, the popular messaging app with over 900 million users, has chosen TON as its preferred solution for Web3 integration. Expectedly, this integration is poised to open doors for seamless Web3 experiences within the Telegram platform.

Moreover, there is also the growing popularity of crypto mini-games like Hamster Kombat, Dotcoin, and Catizen on Telegram. These bite-sized games allow users to earn in-game currencies that could potentially translate into real token rewards for users. This gamified approach to crypto is also playing a huge part in attracting new users to the TON ecosystem.

TON Benefits

TON’s native cryptocurrency, Toncoin, has also benefited from this surge in activity. It currently ranks as the ninth largest cryptocurrency globally with a market capitalization exceeding $18.5 billion.

Overall, a major takeaway from the success of USDT on TON is how it shows that there is a growing demand for real-world use cases within the cryptocurrency space.

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USDT Net Circulation Crosses 500 Million on TON Blockchain

Coinspeaker LDO Jumped Leaps and Bounds as Jump Crypto’s President Announces Departure, Why?

Jump Crypto has acted as an evil presence for the price action of the LDO token, and members of the crypto sector believe Kariya to be the source of the malevolence. Some crypto influencers also blamed Kariya for being the person behind the collapse of the Terra ecosystem in 2022, which resulted in the onset of the crypto winter and wiped off $40 billion worth of investors’ money.

As per a report from DLNews, at least two dozen people on social media were elated following the announcement from Kariya that he would leave Jump Crypto to focus on personal relationships and be a “patient for inspiration”:

“As for what’s next, I plan to stay engaged with the portfolio companies I’ve been most involved with and hopefully take some time to process the unbelievably eventful few years we’ve had.”

Zach Rynes, Community Liaison at Chainlink, said that Kariya’s departure was a “good riddance” because, under his guidance, Jump Crypto caused the Terra collapse, profiting more than $1 billion in the process. The profits will be used to “fund legal fees” in the firm’s battle with the United States Commodity Futures Trading Commission (CFTC) “instead of going back to TerraUSD victims”:

“These are the wolves in sheep clothing that have leeched themselves onto crypto, extracting billions from retail and attempting to vertically integrate the transaction processing pipeline to their benefit. Being the fall guy doesn’t absolve you of liability.”

Jump Crypto and the LDO Token

The LDO token rallied on Monday after the announcement from Kariya, with the Lido community expressing joy because Jump Crypto sold more than 5 million LDO tokens during the collapse of the Terra ecosystem in May 2022, DLNews said while citing Arkham Intelligence data. By September 2022, the Web3 firm had 6 million LDO, but as of Tuesday, June 25, it had less than 500,000 LDO tokens, implying a significant sell-off.

Jump Crypto sold most of its LDO holdings throughout 2022 and 2023, which resulted in the Lido DAO community turning its back on the firm. According to the data from DefiLlama, Lido is one of the most profitable decentralized finance protocols and currently has a total value locked (TVL) of $32 billion. In the past 30 days, the protocol has generated over $100 million in fees while generating $3 million in the last 24 hours.

On Monday, the day Kariya announced his departure, the daily candle for LDO opened at $2.071 and went as high as $2.479, gaining almost 20%. However, the LDO/USDT pair closed the day at $2.348. In the past 24 hours, the token has dropped 4.04%, wiping off some of the gains from Monday, and is currently priced at $2.35.

Photo: TradingView

As per the chart above, the RSI indicator reads a value of 56.68, which means that the LDO token is currently bullish. However, the token is down 7.67% in the last 30 days and up only 21.35% since June 2023, being outperformed by almost every major altcoin in the market.

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LDO Jumped Leaps and Bounds as Jump Crypto’s President Announces Departure, Why?

Coinspeaker 32,916 Traders Liquidated in Crypto Market as Market Slump Continues

In the past 24 hours, over 32,000 traders, who speculated on the prices of Bitcoin (BTC), Solana (SOL), Notcoin (NOT), and PEPE, were liquidated. This wiped out approximately $85 million from the market.

These liquidations occurred exclusively on centralized exchanges, with OKX taking the lead. According to data from blockchain analytics company CoinGlass, the largest liquidation order took place on the Seychelles-based exchange founded in 2017. The exchange lost $4.24 million in an ETH/USDT pair.

Users trading on Binance, Bybit, and HTX (formerly Huobi Global) in the last 24 hours collectively suffered losses of around $45 million. Each of these exchanges, including OKX, contributed approximately 44%, 36%, 10%, and 5% of the total liquidations in a single day.

These liquidations can be attributed to several factors, including the ongoing market downturn that saw Bitcoin price drop below $60,000 to $58,000 on Monday, marking its lowest point this month. Bitcoin has shed up to 6% of its value within the past week, marking the second-worst weekly decline of 2024. Its market cap has decreased from $1.3 trillion to the current value of $1.22 trillion, impacting the global digital assets market.

Currently, the total cryptocurrency market stands at $2.28 trillion, according to CoinMarketCap.

Analysts Predict Further Decline

Despite the current market panic triggered by Bitcoin’s sudden drop, analysts foresee more potential downward movement before any chance of recovery.

Earlier this week, Markus Thielen, founder of the respected crypto research firm 10x Research published a new research highlighting Bitcoin’s struggle to surpass key resistance levels . According to him, the bitcoin’s inability to break this level has formed a “double-top price pattern”, which could  drive the crypto asset lower, possibly down to $50,000.

He explained that Bitcoin might transition from its current trading range of $60,000 to $70,000 into a formation indicating further declines before potentially rallying.

“Bitcoin could shift from its current range trading (60,000-70,000) into a topping formation, potentially leading to a steeper decline,” he said.

Despite potential positive factors such as the upcoming US presidential elections and the Consumer Price Index (CPI) expected later in 2024, Bitcoin could still experience a “steeper correction”, which would pose risks for retail investors. Thielen emphasized that such topping patterns historically expose average retail investors to vulnerability, often resulting in significant drops across various alternative cryptocurrencies.

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32,916 Traders Liquidated in Crypto Market as Market Slump Continues

Coinspeaker Iranian Government Slams Hamster Kombat as Google Searches Surpass Bitcoin

As Iranians grapple with high inflation, unemployment, and Western sanctions, the allure of Hamster Kombat’s crypto rewards has captivated a broad audience. As per a report from the Associated Press, local users were attracted by the simple gameplay. Due to its origins in the crypto sector, the rising popularity of the game raised eyebrows of the authorities.

Iran’s deputy military chief, Rear Adm. Habibollah Sayyari, shared concerns over the game’s impact, adding that it represents a part of an unwanted “soft war” against the country. In an interview with the IRNA news agency, Sayyari said that the “enemy” might be using the game to distract Iranians from the upcoming presidential election.

The Iranian presidential election, scheduled for this Friday, follows the tragic death of President Ebrahim Raisi in a helicopter crash in May.

The state-run newspaper JameJam has also criticized the game’s growing popularity, arguing that it promotes “shortcuts and windfalls” to gain wealth without effort. According to JameJam, this could impact entrepreneurship in the society.

Hamster Kombat’s Increasing Popularity

Despite the governmental pushback, Hamster Kombat’s adoption in Iran has skyrocketed. Interestingly, since May, Hamster Kombat has consistently outpaced Bitcoin in search queries in the country, as shown by Google Trends data.

More notably, the game surpassed Bitcoin in global search interest for the first time earlier this week. Although Bitcoin quickly regained the top spot due to a flurry of news, Hamster Kombat’s brief but impressive breakthrough highlights the growing influence of gaming tokens around the world.

Hamster Kombat, which mainly requires tapping the screen to manage a fictional crypto exchange led by a hamster CEO, has attracted a vast number of players. The game has amassed over 20% of Telegram‘s estimated 900 million users worldwide, totaling 200 million participants, according to the developers’ recent announcement.

Notably, the Hamster Kombat team also revealed their plans to roll out a native token on The Open Network (TON) next month. This move mirrors the earlier success of Notcoin, a similar Telegram-based clicker game that launched in May.

Before the token NOT token launch, Notcoin amassed 35 million worldwide. The token saw a meteoric rise, achieving a peak market cap of over $2 billion within weeks of its launch. However, the NOT token’s price has since declined by 43% from its all-time high, currently trading around $0.01634.

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Iranian Government Slams Hamster Kombat as Google Searches Surpass Bitcoin

Coinspeaker Rich Dad Poor Dad Author Backs Bitcoin ‘Banana Zone’ Prediction

Popular author Robert Kiyosaki agrees that Bitcoin (BTC) will soon spike and enter into a phase called the “Banana Zone”. Kiyosaki explained his thoughts in an X post early Wednesday morning, June 26, predicting that Bitcoin will enter the zone, typically described as a period of considerably rising price increase.

Kiyosaki Believes Raoul Pal’s Bitcoin Banana Zone Forecast

In the post, Kiyosaki was responding to a forecast from former Goldman Sachs hedge fund manager, Raoul Pal, highlighting the Banana Zone for Bitcoin. Pal is credited with creating the term.

Kiyosaki explains that he believes the Banana Zone prediction because of Pal’s professional experience. The ‘Rich Dad Poor Dad’ author added that Pal once advised him to buy Bitcoin, beginning his foray into the crypto. Kiyosaki says he purchased 30 BTC at $6,000, which has now grown to $60,000. The author also noted that he has continued buying more Bitcoin monthly.

Kiyosaki also predicts that Bitcoin’s rise will make people wish they had bought BTC or bought more than they had. Explaining why Bitcoin is entering The Banana Zone, he wrote:

“Simply said: Bitcoin is ‘rules based money’. Government’s fake fiat money is ‘debt based’ money. ‘Rules based money’ makes you richer. Government’s fake ‘debt based’ money makes you poorer. Hang on tight as Bitcoin lifts off into the ‘Banana Zone’.”

Pal had expressed views in an interview with Scott Melker on an episode of his “The Wolf of All Streets” podcast. According to him, cryptocurrencies will likely perform better during the last quarter of a presidential election year. He is also bullish on Ether (ETH) and Solana (SOL). Pal said:

“The backend quarter of an election year is a true banana zone for all assets. It always is. So you know that you’ve got a very, very, very high probability that by autumn things are utterly ripping. I mean, how long before ETH, Bitcoin [and] SOL break their recent high?”

Kiyosaki Urges Investors to Buy the Dip

Kiyosaki, who is a longtime Bitcoin advocate, urged investors to buy more Bitcoin in an X post a day before. According to the author, members of the Bitcoin community should see the current market fall as a great opportunity for people to buy, instead of panicking about the price. On June 24, the world’s largest cryptocurrency by market cap fell below $60,000. Currently, Bitcoin is at $61,500, according to data from CoinMarketCap.

Kiyosaki’s post states that market crashes should not scare investors. Nonetheless, he said he is “waiting to buy more” as others are selling. His strategy is to “buy and hold on forever”.

“If crashes terrify you, sell and hang on tight to your job, which is what most ‘employees’ should do. Simply said entrepreneurs and employees are opposite sides of the same coin.”

Kiyosaki explained that all markets go up and down, which could be positive for investors who understand market movements. In addition, the author explained that investors usually earn big by trading assets, by buying at low prices and hoping to sell high.

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Rich Dad Poor Dad Author Backs Bitcoin ‘Banana Zone’ Prediction

Coinspeaker VanEck Takes Spot Ethereum ETF Competition a Notch Higher

Investment asset management firm VanEck is not perturbed by the losses that it might incur from a step that it is about to take on its spot Ethereum ETF.  According to Matthew Sigel, the Head of Digital Assets Research at VanEck, the firm will waive fees for its potential spot Ethereum ETF once it receives approval from the United States Securities and Exchange Commission (SEC) to begin trading.

VanEck Expects Massive Volume from Spot Ethereum ETF

VanEck is making this decision as a strategy to stay competitive in the market amongst other issuers. Foreseeing that there would be losses, the financial institution says it would make it up with Decentralized Finance (DeFi) volume in this case. In light of this move, Sigel encouraged more investors to “explore the potential role Ethereum can play within their investment portfolio”.

It is worth noting that VanEck is putting effort into its potential spot Ethereum ETF even while it awaits the securities regulator’s approval for trading. The fund manager filed a Form 8-A for its Ethereum product on Tuesday. This filing marks a registration that allows issuers to trade on an exchange once the product bags the needed approval. It also reflects the progress towards spot Ethereum ETF trading.

Senior Bloomberg ETF analyst Eric Balchunas pointed out that VanEck’s move to file Form 8-A was “just part of [the] process”. He also noted that in the case of spot Bitcoin ETF, VanEck filed its Form 8-A exactly 7 days before the US SEC gave its approval for the product.

VanEck just filed 8-A form for spot Eth, which is just part of process, but.. should be noted that they filed their 8-A for spot bitcoin exactly 7 days before launch. Good sign for our July 2nd over/under (7 days from now). But again, anything poss. Sure we’ll hear more soon.. https://t.co/2BlkDnWhrz

— Eric Balchunas (@EricBalchunas) June 25, 2024

Spot Ethereum ETF Fees War Progresses

In terms of completion amongst spot Ethereum ETF filers, Franklin Templeton also did a thing with its sponsor fee. In its updated S-1 amendment filing, the asset manager disclosed that it would only charge 0.19% as a sponsor fee, setting a precedent in the spot Ethereum ETF market. VanEck’s fee was initially capped at 0.2%.

Other spot Ethereum ETF applicants are yet to reveal their sponsor fees but the position of VanEck and Franklin Templeton on the matter may likely compel them to go lower than they planned to. Judging by how high it went for its spot Bitcoin ETF (1.5%), Grayscale Investment might choose to repeat history.

However, it may also decide to consider the consequences of adopting such high fees. For GBTC, Grayscale recorded huge outflows that surpassed the outflows from other Bitcoin ETFs combined. The investment management firm saw outflows of up to $17 billion in outflows. It is therefore, very likely that the firm may have a rethink to adopt a lower fee but it is not yet certain how low Grayscale will be willing to go.

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VanEck Takes Spot Ethereum ETF Competition a Notch Higher

Coinspeaker Anti-Crypto Stance Proves Costly in 2024 US Election Rally as Jamaal Bowman Loses Primary

The 2024 US elections process has continued to heat up, with the primaries already kicking out those who have a stance against crypto. One person who has been affected by this is Jamaal Bowman, the representative of New York’s 16th congressional district. The politician has been a critic of crypto, and some believe his stance could have affected the primary result in some ways.

Crypto-Critic Jamaal Bowman Loses New York Primary

Bowman, known for opposing key crypto legislation such as the FIT 21 bill, the CBDC Anti-Surveillance State Act, and efforts to overturn the pro-Gary Gensler SAB 121, was defeated by Westchester County Executive George Latimer.

The loss of Bowman sends a clear message that taking an anti-crypto stance may not be beneficial for lawmakers in the upcoming election. The position of political leaders on crypto could potentially influence their ambitions. The Fairshake group, a political action committee (PAC) supported by major players in the crypto industry, such as Ripple and Coinbase, spent over $2 million on ads opposing Bowman.

According to Fairshake spokesman Josh Vlasto, the crypto community will continue to back candidates who believe in innovation and job creation, stating that Jamaal fought against crypto and blockchain. Vlasto said:

“Jamaal Bowman fought against setting clear rules of the road for the crypto and blockchain industry, and tonight he’s looking for a new job. The crypto and blockchain community will continue to support candidates who believe in innovation and job creation, and reach across the aisle to get things done.”

Crypto Industry Flexes Political Muscle with $175 Million War Chest

The cryptocurrency industry Super PAC Fairshake has raised a war chest of $175 million and is ready to deploy $100 million to campaign for candidates who support crypto. This move suggests that the big players within the crypto sector are prepared to cause a change in the political industry in their favor.

The race between Bowman and Latimer drew the sum of $25 million in ad spending, this is according to Ad tracking firm, AdImpact. Nearly $15 million of it has come from the United Democracy Project, a super PAC associated with the American Israel Public Affairs Committee.

Presidential Candidates Embrace Crypto to Woo Tech-Savvy Voters

Candidates running for the presidential office have started using digital currencies to get support from the crypto community. Former President Trump, who used to criticize Bitcoin, is now a strong supporter and even accepts campaign donations in crypto. Additionally, it’s reported that Joe Biden is talking with crypto leaders about accepting crypto donations through Coinbase.

Jamaal Bowman, who was against crypto, lost the primary election for the 16th District in New York, showing that being against crypto may not be a good political position for the 2024 US elections. As the election gets closer, crypto fans will be watching closely to see what happens, as the outcome could have a big effect on the future of cryptocurrency.

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Anti-Crypto Stance Proves Costly in 2024 US Election Rally as Jamaal Bowman Loses Primary

Coinspeaker Metallica Becomes Latest Celebrity Victim in Crypto Token Scam

The hackers used Metallica’s account to post tweets, including a Twitter Spaces audio call and replies to other users, to promote the METAL token. These tweets falsely claimed partnerships with major companies like Ticketmaster and crypto payments platform MoonPay, suggesting that the token could be used for discounts on tickets and merchandise.

Although these posts were deleted within 90 minutes, the damage was already done. The METAL token saw over $10 million in trading volume before its value crashed. The token was reportedly launched on the popular Solana-based token deployer pump.fun.

It’s still unclear how Metallica’s account was compromised. The band and their management team are yet to comment on the issue.

Community Reaction and Immediate Responses

Crypto Twitter users were quick to identify the scam, and MoonPay President Keith Grossman immediately responded, stating that MoonPay did not support the METAL token. The scammers, attempting to cover their tracks, falsely claimed to be in contact with MoonPay.

🚨 Pls be careful. 🚨

MoonPay does NOT support $METAL on @solana. https://t.co/oEd5Pzmdn9

— Keith A. Grossman (@KeithGrossman) June 26, 2024

MoonPay later issued a warning on Twitter, cleverly referencing Metallica’s famous song by saying anyone offering the METAL token is “not the master of puppets, they’re the master of scams”. In response, the hackers blocked MoonPay’s account from Metallica’s hacked account.

During the short-lived scam, the METAL token experienced significant trading volume, with over 30,000 transactions. The token’s price peaked at $0.003 but quickly plummeted to below $0.00007.

At its peak, the token achieved a market capitalization of $3.37 million, highlighting the rapid and devastating impact of the scam. Now, the total market cap of the token stands at around $50,000.

Recent Trends and Previous Incidents

This incident is part of a worrying trend where celebrities’ social media accounts are hijacked to promote fraudulent schemes. Just a week prior, rapper 50 Cent’s followers were targeted in a similar scam, and earlier this month, legendary pro wrestler Hulk Hogan was also victimized.

The recent incident remains a cautionary tale for the broader digital asset ecosystem. Though it was swiftly contained, many investors lost their money as a result of the token’s collapse. As the popularity and value of digital assets continue to rise, so does the importance of protecting these platforms from malicious actors.

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Metallica Becomes Latest Celebrity Victim in Crypto Token Scam

Coinspeaker US DOJ Sentences Former Executives for Multimillion-Dollar Crypto Fraud

Shane Hampton, a 32-year-old resident of Philadelphia, and Michael Kane, a 39-year-old from Florida, have received prison sentences of 11 months and three years and nine months, respectively. Both men were top executives at Hydrogen Technology Corporation. Kane, who is also the co-founder of the company, served as its CEO until his arrest for fraud in 2022, while Hampton, a software engineer, was the head of financial engineering at the firm.

Manipulating the Market

According to a recent announcement, both men were involved in market manipulation that defrauded multimillion dollars from investors who trusted the company’s vision and invested in HYDRO, its native crypto.

Between October 2018 to April 2019, the duo enlisted the help of a South African crypto company dubbed Moonwalkers Trading Limited to manipulate the price of HYDRO on an unnamed crypto exchange registered in the United States. Kane and Hampton then used an automated trading bot to create fake orders and flood the market with fraudulent trades designed to deceive investors and artificially inflate the value of HYDRO. The two men along with their co-conspirators conducted about $7 million in “wash trades” and placed over $300 million in “spoof trades” for HYDRO using the bot. These deceptive trades aimed to trick retail investors into buying HYDRO by inflating its price artificially.

As a result, they earned approximately $2 million in profits from selling HYDRO over a period of about 10 months. However, their cup were filled when the US Securities and Exchange Commission (SEC) caught wind of their operations and subsequently sued the company’s former executive for fraud in 2022.

Guilty Pleas and Convictions

Following the SEC’s lawsuits in September of 2022, Kane pleaded guilty in November 2023 to one count of conspiracy to commit securities price manipulation, one count of conspiracy to commit wire fraud, and two counts of wire fraud.

Before he took the guilty plea, Kane and his company were ordered to pay $2.8 million in remedies and civil penalties in April 2023 by a New York court.

His partner Hampton was convicted by a federal jury earlier this year in February of one count of conspiracy to commit wire and securities fraud in violation of the US federal law. During the trial for his conviction, the jury “unanimously found that the defendants’ sales of HYDRO constituted investment contracts,” making the token a security.

First Criminal Case

The case was the first criminal jury trial in which a cryptocurrency, in this case HYDRO, was found to be a security under American law.

“In this case, for the first time, a jury in a federal criminal trial found that a cryptocurrency was a security and that manipulating cryptocurrency prices was securities fraud,” said Principal Deputy Assistant Attorney General Nicole Argentieri.

He also stated that sentencing of both Kane and Hampton should serve as a warning to other bad actors in the crypto economy, adding that the law enforcement will continue to fight to protect consumers and would stop at nothing until the criminals are brought to justice.

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US DOJ Sentences Former Executives for Multimillion-Dollar Crypto Fraud

Coinspeaker Cardano Successfully Mitigates a DDoS Attack Targeting Staked ADA

On late Tuesday, June 25, the Cardano blockchain network faced a distributed denial of service (DDoS) attack in an attempt to steal the ADA tokens staked on the Cardano blockchain. However, the attack was unsuccessful as the Cardano team was able to mitigate the impact at the early stage without causing any further damage. Currently, the Cardano blockchain is functioning absolutely normal and safe.

A DDoS attack is a common tactic where an attacker overwhelms a server (or a blockchain) with excessive traffic, disrupting access to online services and websites for legitimate users.

Fluid Token chief technology officer @ElRaulito_cnft shared details of the DDoS attack. In his post on the X platform, he said that the attack began on block 10,487,530 wherein each transaction was executing 194 smart contracts. Reportedly, the attacker spent a total of 0.9 ADA per transaction while filling each block with several transactions in an attempt to stress the Cardano blockchain.

On Block 10,487,530, an attack on the Cardano network began.

🐛 Each transaction executes 194 smart contracts. 🐛 The attacker is spending 0.9 ADA per transaction. 🐛 They are filling each block with many of these transactions. 🐛 The smart contracts used are of type REWARD.

In… pic.twitter.com/QUVm0pq0Q8

— elraulito (@ElRaulito_cnft) June 25, 2024

Philip Disarro, founder of Cardano development firm Anastasia, stated that the DDoS attack could be halted immediately by deregistering the stake credential used by the attacker. Shortly after Disarro’s post, the attack was successfully stopped. He said:

“DDOSer halted his attack after reading my tweet in an effort to protect his funds. Alas, they were too late and the pillaging of their funds is already in progress.”

Cardano (ADA) Price Action

As of press time, Cardano’s native cryptocurrency ADA is trading flat at $0.39 with a market cap of $13.9 billion. However, crypto market analysts are predicting a meteoric rally for ADA going ahead. Cryptocurrency analyst Fiery Trading suggested that if ADA continues to trade within its current channel, it could soon reach an explosive all-time high. He noted, “There’s a possibility of ADA going for the top of the channel in the coming bull cycle.” As per the below image, the top of this trading channel comes out at $40.

However, Cardano’s ADA must first breach the level of $1 to trigger any mega bull run ahead.

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Cardano Successfully Mitigates a DDoS Attack Targeting Staked ADA

Coinspeaker Spot Bitcoin ETFs Draw $31M Net Inflows, Reversing Seven-Day Outflow Trend

US spot Bitcoin exchange­-traded funds (ETFs) finally reverse­d course on Tuesday, June 25th, 2024, attracting a ne­t inflow of $31 million, according to data from SoSoValue. The trend reve­rsal comes after a wee­k-long stretch of net outflows that had some que­stioning the short-term viability of these­ recently launched financial products.

Photo: SoSoValue

Fidelity and Bitwise Leads the Charge

Fidelity‘s FBTC led the inflow movement with $49 million, showing strong institutional interest in gaining exposure to Bitcoin through a regulated vehicle. Bitwise’s BITB followed closely, attracting $15 million, further confirming the presence of established players in the industry. VanEck’s HODL also contributed $4 million in net inflows.

However, not all funds maintained a positive trend. Grayscale‘s long-standing GBTC trust continued to see outflows, this time losing $30.3 million. Ark Invest and 21Shares’ ARKB also faced a net outflow of $6 million, suggesting a more cautious stance from some investors.

Meanwhile, BlackRock‘s IBIT, currently the largest spot Bitcoin ETF by net asset value, stayed neutral on Tuesday, June 25. Despite a daily trading volume of $1.1 billion, the fund recorded zero net inflows. Similar inactivity was seen with offerings from Invesco, Galaxy Digital, Valkyrie, and Franklin Templeton.

Despite the mixed performance of spot Bitcoin ETFs, the overall outlook remains positive. As of Tuesday, June 25, the combined net inflows for these 11 funds since their January launch reached $14.42 billion, showing significant investor appetite for regulated Bitcoin exposure.

Spot Ether ETFs Gaining Momentum

As Bitcoin ETFs begin the­ir journey, attention is quickly moving to spot ethe­r ETFs. In May, the Securities and Exchange­ Commission (SEC) gave a cautious approval, prompting US issuers to hurry in finalizing their offe­rings. Last week, amende­d S-1 registration statements we­re filed. Industry expe­rts like Eric Balchunas, a senior Bloomberg ETF analyst, e­xpect a launch as soon as next wee­k.

Matt Hougan, the Chief Information Officer at Bitwise­, predicts a phenomenal re­ception for spot ether ETFs. He­ foresees a pote­ntial net inflow of $15 billion in the first 18 months after the­ir US debut, indicating strong investor intere­st in Ethereum, the world’s se­cond-largest cryptocurrency.

The re­cent inflow for Bitcoin ETFs has been mode­st but hints at a potential revival of investor confide­nce. The real challe­nge, however, might be­ the launch of spot ether ETFs. Analysts are­ forecasting significant growth, suggesting that the upcoming we­eks could be crucial for the cryptocurre­ncy ETF market in the US.

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Spot Bitcoin ETFs Draw $31M Net Inflows, Reversing Seven-Day Outflow Trend

Coinspeaker Ethereum Inflation Concerns Rise After 73 Consecutive Days of Supply Growth

Ethereum (ETH) might be losing its “deflation dream” after seeing its longest inflationary spell since transitioning to a proof-of-stake model (the Merge) in September 2022. Since mid-April, over 112,000 ETH have been added to the overall supply of the world’s second-largest cryptocurrency. That is, according to Ethereum data dashboard ultrasound.money. This has left users scratching their heads about the network’s long-term sustainability.

Ethereum Supply Inflation: EIP-4844’s Impact on Layer 2 Networks Under Scrutiny

So far, accusing fingers are pointing towards the Dencun upgrade that took place in March. As it were, the upgrade introduced nine Ethereum Improvement Proposals (EIPs), most notably the EIP-4844.

This specific EIP, which introduced “blobs”, a mechanism that separates and temporarily stores transaction data, ultimately reducing fees on Ethereum’s layer 2 networks like Arbitrum and Optimism, is believed to be the reason for the inflation.

While EIP-4844 became very successful in the area of reducing transaction fees, that success may have come at a cost. The reality is that, ever since, the total amount of ETH burned on the mainnet has significantly decreased.

Traditionally, Ethereum’s proof-of-stake mechanism burns a portion of transaction fees, effectively reducing the total supply over time. The new data storage method, however, seems to have disrupted this burning mechanism, leading to the current inflationary trend.

Overall Supply

Despite the growing supply trend, it might be important to maintain a positive perspective by looking on the bright side. Notably, the total ETH supply has actually decreased significantly since the Merge. More than 1.5 billion ETH have been burned, with only 1.36 billion added. This means that there has been a net reduction of roughly 345,000 ETH (over $1.1 billion). That is, going by the prices as of publication.

It is not exactly clear what the long-term impact of EIP-4844 on Ethereum’s supply dynamics might be. However, it will be safe to expect that developers may likely implement adjustments to the burning mechanism in subsequent upgrades.  That is to see to it that there is a healthy balance between transaction fees and supply control.

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Ethereum Inflation Concerns Rise After 73 Consecutive Days of Supply Growth

Coinspeaker SEC Chair Doesn’t Reveal Timeline for Spot ETH ETF Approval, Refuses to Talk About Elections

The SEC recently approved the 19b-4 filings for spot Ethereal (ETH) ETF applications submitted by leading asset management firms like VanEck, BlackRock, and Fidelity. However, the agency has yet to approve the S-1 filings for these products. “I don’t speak about elections,” Gensler said at the Bloomberg Invest Summit in New York.

Gensler noted that “it’s really about the asset managers making the full disclosure so that those registration statements can go effective,” adding:

“It’s something our Division of Corporation Finance handles hundreds if not thousands of times over anybody’s career,” Gensler added. “It’s smoothly functioning — it’s really up to the asset managers to make the proper disclosures.”

On the other hand, Senior Bloomberg ETF analyst Eric Balchunas recently took to social media platform X to predict the approval of spot ETH ETFs by July 2nd. Interestingly, the ETF issuers filed amended registration statements last week, and as per Balchunas, the SEC sent comments on their filings. However, the comments were “light” and “nothing major”, said the analyst.

Further, Gensler shared concerns regarding the classification of cryptocurrencies as securities and how many digital asset firms are not complying with its policies. The SEC Chair added that “the American public is not getting the proper disclosure that they are required to get by law, but they need.”

“My role as a securities regulator – as chair of this great 5,000-person agency that oversees $120 trillion capital markets – is to look out for investors, look out for issuers and, where appropriate, to be a cop on the beat,” Gensler said.

SEC Chair Refuses to Talk About Upcoming Elections

The SEC Chair refused to comment on the upcoming 2024 United States presidential elections and the role played by the digital asset sector. “I don’t speak about elections,” Gensler said when asked about the potential impact that cryptocurrencies might have on the elections.

He said that the primary focus of his job as the Chair of the SEC is “protecting the investors, looking after issuers’ access to markets”, unwilling to answer if the regulator’s crypto policies might hurt the campaign of current US President Joe Biden.

On the other hand, major Republican candidate and former US President, Donald Trump, has won over the digital asset community by expressing his support for Bitcoin (BTC) and other digital assets. Trump has stated that he would completely ban the creation of a central bank digital currency (CBDC) in the US. The billionaire also announced that he would accept crypto for campaign donations.

ARK Invest’s Cathie Wood, a major supporter of Bitcoin, said that she would vote for Trump and not Biden. Also, the Winklevoss twins, the founders of crypto exchange Gemini, said that they would vote for Trump.

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SEC Chair Doesn’t Reveal Timeline for Spot ETH ETF Approval, Refuses to Talk About Elections

Coinspeaker Metaplanet Floats Offshore Entities to Double Down on Bitcoin

Tokyo-based investment firm Metaplanet Inc recently announced the launch of a subsidiary entity in the British Virgin Islands to focus on its Bitcoin bets. With this move, the company aims to ramp up its Bitcoin (BTC) holding management strategy, as revealed in a post on social media platform X.

Metaplanet Inc’s Bitcoin Expansion Move

According to the announcement, the BVI subsidiary was named Metaplanet Capital Ltd in agreement with Metaplanet’s Board of Directors. Metaplanet Capital Ltd will hold Bitcoin directly and conduct businesses related to the leading digital asset. Metaplanet sees a future where Bitcoin will make up a greater part of its balance sheet over the long term.

*Metaplanet establishes wholly-owned BVI subsidiary to enhance strategic $BTC management* pic.twitter.com/plmQ3xp72W

— Metaplanet Inc. (@Metaplanet_JP) June 25, 2024

Scheduled for launch in July, Metaplanet’s CEO Simon Gerovich will act as a representative for the new firm. The company stated that by establishing its new subsidiary, it intends to take advantage of development prospects for its operations abroad.

Additionally, Metaplanet noted that the move permits it to leverage the favorable regulatory environment in the BVI to optimize financial strategies. Moreover, Microplanet sets a precedent for other firms regarding what is possible for Bitcoin’s global expansion.

According to the details, Metaplanet Capital Ltd holds an initial capital of $10,000. Notably, the parent company, Metaplanet Inc is acting as the major shareholder. While the offshore subsidiary holds promise for Metaplanet, the firm anticipates limitations on its FY2023 financials.

It is worth noting that the announcement comes only a day after Metaplanet Inc. said its Board has signed agreements for a 1 billion yen ($6.26 million) BTC purchase. As disclosed in a Coinspeaker report, the capital for the BTC purchase will be raised through an upcoming round of bond issuance. This is going to be the second series of ordinary bonds with guarantees.

At the moment, the company now holds approximately 1.45 billion yen worth of Bitcoin. While this figure is only a far cry from MicroStrategy Inc’s (NASDAQ: MSTR) Bitcoin holdings, it represents a bold move into crypto integration. MicroStrategy’s Bitcoin began almost four years ago in 2020 when the Covid-19 pandemic hit the world.

The company recently bought an additional 11,931 BTC for $786 million, bringing its Bitcoin chest to 226,331 BTC.

Why Traditional Firms Are Purchasing Crypto

There are several factors contributing to the growing interest in Bitcoin adoption by traditional institutions. First, unlike fiat currencies prone to inflation due to central bank policies, Bitcoin has a finite supply capped at 21 million coins. This scarcity makes it attractive as a potential hedge against inflation, similar to gold.

As economic uncertainties loom, institutions are constantly seeking assets that can retain value over time. Bitcoin’s limited supply offers a compelling proposition in this regard.

Furthermore, traditional institutions are seeking ways to diversify their portfolios and mitigate risk. With the launch of spot Bitcoin ETF, more institutions are now seeing Bitcoin as an alternative asset class. This asset class comes with the potential for high returns.

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Metaplanet Floats Offshore Entities to Double Down on Bitcoin

Coinspeaker Linux Foundation to Roll Out LF Decentralized Trust in a Move to Propel Blockchain Innovations

This trust will be designed to spearhead advancements in blockchain and digital identity technologies in response to the growing demand for decentralized systems.

The Linux Foundation already has a history of promoting the growth of open-source software projects and creating sustainable ecosystems around open-source technologies.  Now, it focus is on blockchain technology and decentralised innovations.

A Hub for Open Development

According to a shared press release, LF Decentralized Trust will integrate the Linux Foundation’s extensive portfolio of blockchain and digital identity projects.

The move aims to support the hosting of new open-source softwares and communities, as well as standards, and specifications critical to fostering a decentralized ecosystem of distributed trust. The initiative will help industries transition to more transparent, secure, and efficient infrastructures.

“With LF Decentralized Trust, we are expanding our commitment to open-source innovation by embracing a wider array of decentralized technologies. This new foundation will enable the community to build a more robust ecosystem that drives transparency, security, and efficiency in global infrastructure,” said Jim Zemlin, the executive director of the Linux Foundation.

The trust will serve as a central hub for the development of a wide range of technologies, including ledgers, identity systems, security protocols, interoperability solutions, and scalability enhancements.

It aims to foster innovation and collaboration, leveraging the strengths of the existing Hyperledger projects while introducing new initiatives to address the broader needs of the decentralized technology landscape.

Supporting Innovation and Collaborations

The Linux Foundation has already achieved significant success in advanced projects in various domains, including cloud computing, networking, and now, its focusing on decentralized technologies.

The shift towards decentralized technologies is expected to revolutionize multiple sectors including asset tokenization. The Foundation cited a research conducted by the Boston Consulting Group which predicted that asset tokenization will reach $16 trillion by 2030.

In line with this, the nonprofit group plans to position LF Decentralized Trust to play a pivotal role in helping the sector reach the predicted outcome within the stipulated time frame.

In addition, the initiative will modernize core infrastructures in finance, trade, government and healthcare sectors. LF Decentralized Trust will also foster collaboration and innovation, supporting the creation of technologies that underpin a digital-first global economy.

Commenting on the new development, Daniela Barbosa, the general manager of blockchain and identity at the Linux Foundation, echoed the same sentiment as Zemlin. She disclosed that the planned introduction of “LF Decentralized Trust will gather and grow an expanded community and portfolio of technologies to deliver the transparency, reliability, security, and efficiency needed to upgrade critical systems worldwide.

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Linux Foundation to Roll Out LF Decentralized Trust in a Move to Propel Blockchain Innovations