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Lambda256 Launches NFT Bridge Connecting Luniverse to the Ethereum

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Lambda256, the blockchain arm of a South Korean fintech leader Dunamu and an operator of a blockchain service platform Luniverse, has announced the launch of “Luniverse Multichain NFT Bridge” service along with the upgrades on NFT-related services on April 12. Luniverse is playing a key role in Lambda256’s competitiveness in Asian NFT market, by providing a technical base for NFT services of Lambda256 such as Upbit NFT. Through Luniverse Multichain Bridge service, Lambda256 aspires to expand Luniverse ecosystem to multichain environment such as Ethereum.

The new Luniverse Multichain NFT service provides NFT features including the NFT bridge service connecting Luniverse and Ethereum, IPFS, APIs dedicated to NFT, and a carbon-neutral blockchain environment.

Lambda256 expects to expand the utility of Luniverse NFT with the Bridge service, which will enable Luniverse-based NFTs to be transferred to the Ethereum chain. The Bridge enables Luniverse-based NFTs sold on both Luniverse and Ethereum NFT markets such as Upbit NFT and OpenSea. Luniverse Bridge is provided without the transaction fee temporarily for the expansion of its user base. Users can claim the fee from Faucet platform on the Luniverse Bridge website. Another merit of Luniverse NFT is multichain scalability at reasonable cost, intensified by the recent upgrade on the NFT API with the functions such as bulk minting, Ethereum minting, and IPFS metadata management. The metadata management system using IPFS, a feature to be supported soon, will be a foundation of decentralized and a developer-friendly environment.

According to Lambda256, “the Luniverse Multichain NFT service with a stronger API and the Bridge service together have built a convenient and highly utilized development environment. By connecting to the Ethereum chain, and other mainnet protocols in the future, the services will contribute to the expansion of the Luniverse ecosystem. Luniverse now provides easy and pleasant development for developers and an affordable NFT business model for contents creators and entrepreneurs.”

Lambda256 will unveil the Luniverse Multichain NFT Bridge on April 12. Detailed information on the service could be found on Luniverse Community and Luniverse Medium after the reveal.

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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