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Multicoin Capital invests in Wormhole to enhance crypto interoperability

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Multicoin Capital leads $225 million funding round for Wormhole, a leading multichain solution with over $41 billion assets and 30 chains, focusing on user experience and zero-knowledge verification technology.

Multicoin Capital, a prominent venture capital firm specializing in blockchain and cryptocurrency investments, has revealed its participation as a co-lead investor in a $225 million funding round for Wormhole, a key player in the multichain space. The funding round was completed late last year but has only been officially announced now, coinciding with the launch of Wormhole’s native token, W token.

Wormhole is widely recognized for its full-stack interoperability platform, which goes beyond being just a bridge. It serves as a development platform that enables various applications across different categories to leverage its capabilities. These include multichain decentralized finance (DeFi) protocols and applications such as Aave, Circle USDC, Hashflow, Pike, and Magpie, as well as multichain governance solutions like Uniswap. Wormhole also supports token bridges, multichain oracle feeds, in-wallet bridging, and multichain non-fungible tokens (NFTs), among others.

The diversity of applications built on top of Wormhole is a major factor that excites Multicoin Capital. Despite its early stage, Wormhole has already facilitated the bridging of over $41 billion in assets. This achievement, coupled with its support for nearly 30 disparate chains, positions Wormhole as an extremely robust and versatile bridging solution. The platform is compatible with major Ethereum Virtual Machine (EVM) chains, as well as Near, Move-based chains, and Solana.

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Wormhole’s commitment to providing an exceptional user experience (UX) is evident in its offerings. One of its crucial use cases is asset-pegging, which is facilitated through front-ends like Portal. In addition, Wormhole Connect, a front-end widget developed by Wormhole, simplifies the acceptance of deposits and withdrawals from any asset on any chain. This feature enables derivatives decentralized exchanges (DEXs) like Drift to offer a UX comparable to centralized exchanges (CEXs) such as Binance, OKX, Bybit, and Coinbase International. Users can easily deposit any asset into Drift as collateral, regardless of the chain it originated from. This frictionless cross-chain UX sets Wormhole apart in the industry.

Recently, Wormhole introduced Native Token Transfers (NTT), a framework that allows tokens to seamlessly move across chains using a burn-and-mint mechanism instead of the traditional locking mechanism. This innovation reduces gas costs, lowers latency, and enhances security for end-users. Notably, NTT-enabled tokens seamlessly integrate with Wormhole Connect, eliminating the need for users and application developers to worry about the underlying mechanics.

Another noteworthy feature of Wormhole is its support for Circle’s Cross-Chain Transfer Protocol (CCTP), enabling the movement of USDC across chains. By supporting asset-pegging, native-token transfers, and CCTP, Wormhole covers all three configurations for moving assets across chains. Its single software development kit (SDK) makes it easy for developers to integrate and support all asset configurations.

Looking ahead, Wormhole is fully committed to enhancing verification processes in bridging systems. Historically, bridging systems have relied on varying degrees of trust to facilitate multichain verification. However, Wormhole is taking a different approach. The platform recently announced its focus on zero-knowledge (ZK) verification technology, aiming to eliminate the need for trust in the verification process. This move will bring numerous benefits, including improved UX, developer experience (DevEx), and overall security.

Multicoin Capital has expressed its admiration for the Wormhole team, praising their meticulous approach in building what they believe to be the leading asset bridge and multichain development platform. The firm is confident in Wormhole’s potential and is grateful for the opportunity to support the team’s vision.

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In conclusion, Multicoin Capital’s investment in Wormhole signifies the growing importance of secure and flexible interoperability platforms in the crypto industry. With Wormhole’s diverse range of applications, extensive chain support, commitment to UX, and adoption of ZK verification technology, the platform is well-positioned to drive the multichain revolution forward.

Source: blockchain.news

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Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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