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ZetaChain Raises $27M for Interoperable Layer-1 Blockchain That Connects All Chains, Including Bitcoin, Cosmos, and Ethereum

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Upcoming mainnet launch will end fragmentation in the blockchain sector through support for chain-agnostic and universal smart contracts that access and manage all blockchains such as Ethereum, Polygon, BSC, and even non-smart contract blockchains such as Bitcoin and Dogecoin.

SAN FRANCISCO, Aug. 17, 2023 /PRNewswire/ — ZetaChain, the layer-one blockchain that brings universal interoperability to crypto, has closed a $27 million equity funding round from a range of top participants. The participants in the equity round include Blockchain.com, Human Capital, VY Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, Krust, and others.

ZetaChain started in 2021 and has close to 150 contributors from all over the world. Some of the core contributors include Ankur Nandwani (ex-Coinbase, Brave, 0x, and co-founder of Basic Attention Token), Panruo Wu (early contributor to THORchain), and Brandon Truong (ex-BuzzFeed, Udacity, Yada). Other core members include former employees of Cosmos, Ignite, Consensys, and multiple other blockchain projects.

ZetaChain’s mission is to establish a new standard for blockchain interoperability and enable users to manage all of their assets and data from a single platform, regardless of the blockchain they were created or stored on and without the need for bridges or wrapped tokens. This includes non-smart contract chains like the Bitcoin network and Dogecoin. Standardized interoperability provides developers with significant advantages as they can manage a single contract for all chains and reduce the attack surface. ZetaChain’s Ethereum Virtual Machine compatible smart contract layer and omnichain toolkit empower developers to seamlessly implement Bitcoin smart contracts. This unlocks a whole world of users who were previously solely in Bitcoin, enabling them to utilize their Bitcoin within the broader DeFi ecosystem.

The ZetaChain ecosystem is thriving, with more than 27,000 dApp contracts currently deployed on the platform. These represent a diverse range of third-party decentralized applications, including cross-chain DeFi, NFTs, universal web3 social, identity, and gaming protocols. Already, more than 1.7 million users have participated on the ZetaChain testnet, which has seen over 13 million transactions completed to date.

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“ZetaChain’s purpose is to simplify managing assets and data across multiple blockchains, which remains a complicated and fragmented process that’s hindering hundreds of millions of new users joining the web3 ecosystem,” said Ankur Nandwani, ZetaChain core contributor. “Our EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralized app developers to build services that are faster, more secure, and easy to use.”

Built on top of the Cosmos SDK and Tendermint Consensus, which provide fast block time and instant finality, ZetaChain aims to overcome the limitations of traditional cross-chain solutions like bridges that rely on centralized trust models, making them susceptible to security breaches. Instead, ZetaChain operates as a transparent Proof-of-Stake blockchain, ensuring complete transparency, verifiability, and trust-minimized functionality for all transactions and activities, including cross-chain transactions.

 

View original content:https://www.prnewswire.co.uk/news-releases/zetachain-raises-27m-for-interoperable-layer-1-blockchain-that-connects-all-chains-including-bitcoin-cosmos-and-ethereum-301903595.html

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Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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