Jump Trading Launches Crypto Division to Build the “Plumbing” Necessary for Widespread Adoption

Jump Trading Launches Crypto Division to Build the “Plumbing” Necessary for Widespread Adoption of Crypto & DeFi

Secretive Wall Street firm Jump Trading has officially announced the launch of Jump Crypto; a dedicated team focused on the growth and development of cryptocurrencies and blockchain ecosystems.

After more than six years of “deep involvement” across the crypto space, Jump Crypto has been introduced, which will be headed by the 25-year old Kanav Kariya.

“We believe that current DeFi applications are only the tip of the iceberg. These new, open rails have the capacity to enable innovation and product models that stretch far beyond the realms of traditional financial systems.”

Kanav Kariya President of Jump Crypto

He further said that Jump Trading Group, which is a data and research-driven trading business, will be bringing its decades-long experience to crypto with an aim to “contribute to the construction of the ‘plumbing and the railroads’ necessary for widespread adoption of crypto.”

With its crypto division, the idea is to venture beyond trading and delve into venture capital investments, decentralized finance (DeFi), and on-chain governance.

Jump Crypto is already a founding code contributor to Solana-based Pyth Network, an oracle for real-time on-chain market data, and Wormhole, which is an interoperability protocol.

Last month, the company also announced the acquisition of blockchain development firm Certus One as part of its expansion into crypto.

Jump Trading has a team of more than 90 people and has deployed billions of dollars of capital across the crypto ecosystem.

Along with the launch, Jump Capital closed a new $350 million fund, the seventh since inception, which will focus on crypto and has already invested in PayPal acquired Curv and BitGo, which is to be acquired by Galaxy Digital.

“The finance industry is undergoing one of the biggest paradigm shifts in its history propelled by innovations in decentralized ledger technologies that will significantly enhance legacy systems and facilitate connectivity across financial service firms, and institutional and retail investors globally.”

Dave Olsen President and CIO of Jump Trading Group

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Author: AnTy

Fantom Sees an Avalanche of New Activity to Hit Records, Announces Rewards to Build on the Platform

Fantom Sees an Avalanche of New Activity to Hit Records, Announces Rewards to Build on the Platform

The layer-1 platform is processing more than a million transactions and recording 16.5k FTM in fees as TVL hits $750 mln and FTM token nears $0.95 peak.

Layer 1 platform Fantom (FTM) is following the footsteps of Polygon (MATIC) and Avalanche (AVAX) as it announced ecosystem-wide liquidity mining.

Like very recently, AVAX benefited immensely from its program by pumping more than 500% in just over a month; FTM has now taken to rallying.

In a matter of just four days, FTM has surged over 110% to above $0.88. As of writing, FTM is trading at $0.83, still down 12% from its all-time high in early May at roughly $0.95.

The rally came as the project announced a 370 million FTM incentive program for builders. “If you’re a protocol team, we’ll reward you for sustaining and increasing your TVL on Fantom,” it said.

With liquidity mining getting popular, the Fantom team notes that they have been asked to provide rewards to its users willing to deploy on top of the chain. They noted,

“We believe that playing by the book doesn’t warrant different results. Therefore we have decided to introduce a different kind of program to better align incentives between users, builders, and the network.”

Starting this Monday, the protocol has committed 370,000,000 FTM to the program. A protocol can apply to avail of the rewards if their TVL on the protocol stays above a time-weighted average of $5-$100 million for an extended period.

Since Friday, the total value locked (TVL) on the protocol has gone from just under $440 million to $750 million on Monday. At the beginning of May, the TVL on Fantom was under $2.9 mln which has now reached just above $683 mln, according to DeFi Llama.

SpookySwap accounts for 29.5% of this TVL, followed by Curve, Scream, and SpiritSwap, with Cream Finance at 8th place, while Sushi has deployed $5.3 mln as well.

The liquidity mining program and the subsequent surge in FTM prices have resulted in the platform recording more than 1 million in daily transaction count.

The number of transactions on Fantom has exploded to a peak of 1,169,019 transactions on August 30, from just over 263k last week.

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The same is the case for transaction fees on the platform, which kept around 5k FTM every day when it posted a massive increase to 67,588 FTM on Monday. The ATH before that was 16,582 FTM on May 23, 2021, according to FTMScan.

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Author: AnTy

Japan’s SBI Holdings Says XRP Ledger Can Be Used To Build NFT Markets

Japan’s SBI Holdings Says XRP Ledger Can Be Used To Build NFT Markets

Japanese financial group, SBI Holdings believes the XRP token and XRP Ledger can be used alongside non-fungible tokens (NFTs).

Tokenization Could Be An Opportunity For XRP Ledger

In a new report titled “Current Management Information Briefing,” SBI listed reasons why it thinks XRP could be great for NFTs. The group argues that XRP has extremely low transaction fees and is an asset that settles transactions instantly. The company stated,

“The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets and has extremely low transaction fees that can be settled instantly with a very low environmental impact because it does not use mining and has decentralized trading capabilities.”

Citing a blog post on Ripple’s website dubbed “Building a More Sustainable, Scalable, and Accessible Future for NFTs with XRPL”, SBI said NFTs can be issued on the XRP Ledger.

The firm added that XRP community members have already proposed a model for NFTs showing that Ripple is thinking in that direction. The model will be formally adopted upon review and voting by the XRP community, SBI disclosed.

NFTs are digital assets that are established as unique contracts on a blockchain to indicate the true owner of a digital product.

The company’s Fintech arm subsidiary, SBI Remit announced plans to collaborate with the bank to build a RippleNet-based international remittance platform.

This partnership would SBI Remit which already uses RippleNet to join hands with Hamamatsu Iwata Credit Bank to create a RippleNet-based international remittance platform.

RippleNet is aimed at tackling the high demands of rapid, low-cost payments while changing the landscape of cross-border international payments.

RippleNet has a host of banks and money services businesses on its network that use its solutions to provide a frictionless experience to send money globally.

Ripple’s Focus On Expanding RippleNet

Ripple is continuing its plan on expanding the RippleNet network. SBI Ripple Asia, the joint venture between SBI Holdings and Ripple, is part of Ripple’s efforts in extending RippleNet’s use.

In May, the joint venture introduced Cambodia’s first international remittance service using blockchain rails. The partnership is aimed at delivering the money-transfer service between Cambodia and other countries using RippleNet.

Ripple is also broadening RippleNet in Europe. The firm just hired a Managing Director to head its European operations.

The new managing director Sendi Young would oversee strategy and champion the expansion of the RippleNet technology.

Ripple has previously described the European market as a critical one for the company. The company has experienced high transactions and customer growth in the region. In addition, a quarter of its customers currently are based in Europe.

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Author: Jimmy Aki

“I Would Leave Twitter or Square for Bitcoin,” says Jack Dorsey At the Bitcoin 2021 Conference

His life goal at the moment is to “remove” the corporate-ness of his companies and build a Bitcoin-inspired social media that will have “none of the restrictions” of Twitter.

Twitter co-founder Jack Dorsey being extremely bullish on the future of Bitcoin isn’t anything new. He has always been a Bitcoiner through and through.

Earlier on Friday, as we reported, Dorsey took to Twitter to share that his payment company Square is also considering making a Bitcoin hardware wallet. But he doesn’t want to “compete” with the hardware wallets already in the market, rather takes it to the next level and “do it sometime very soon.” Later in the day, Dorsey doubled down on his love for the largest cryptocurrency at the Bitcoin 2021 Conference, saying,

“I don’t think there is anything more important in my lifetime to work on.”

“If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”

Bitcoin, according to him, “changes absolutely everything,” and it has the potential to create a new financial infrastructure that is more inclusive.

“I don’t think there is anything more enabling for people around the world.”

No Need for Banks

Bitcoin is a way to protect against currency devaluation, he said, and that’s why Dorsey is partnering with rapper Jay-Z to create a multimillion-dollar fund to further bitcoin development in India and Africa.

“Jay loves Bitcoin,” said Dorsey.

“He goes very deep on what he loves, he believes in it, and he also believes in this idea of making sure if we’re going to create this money for the world, it has to be developed around the world.”

During the 30-minute fireside chat with the Human Rights Foundation’s Alex Gladstein, Dorsey then discusses there is no need for banks and financial institutions that we have today.

“We have one that is thriving, that is sound, that is owned by the community, and that is driven by the community, that has this incredible and amazing consensus that always manages to do the right thing over time. It’s noble, and it’s so rare and so unique. Anything that we can do to build it and protect it, we’re down to do.”

But there’s much work to do around education and accessibility, he said.

Bitcoin Exclusive

While some like far-right activist Laura Loomer, who has been banned from Twitter and called Dorsey the “king of censorship,” feel that he is not the right one to talk about the censorship-resistant Bitcoin, Dorsey said, they have “evolved” the Twitter policies that a lot of people disagree with.

“My goal, in my life at this moment, is to remove—as much as I can—the corporate-ness of our companies,” he said, pointing to Twitter’s Blue Sky initiative to build a decentralized standard for social media, which will have “none of the restrictions that you see on Twitter.”

“Inspired entirely by Bitcoin, we want to do the same thing for social media.”

“I’m going to prove it to you. And then we can have another conversation later.”

Dorsey, however, is all about Bitcoin and is in no way interested in other cryptocurrencies. The crypto asset that achieved a trillion-dollar market cap during this year’s price action, he said, will be the native currency for the internet, and “the only reason Square got involved with bitcoin is to that end.”

This is how his companies will do everything to make bitcoin accessible to everyone and how Dorsey plans to “spend the rest of his life.”

Additionally, “That’s why we don’t deal with any other ‘currencies’ or ‘coins’ because we’re so focused on making bitcoin the native currency for the internet,” Dorsey said.

“All of the other” altcoins like Ethereum and Dogecoin simply “don’t factor in at all” for him.

As for central bank digital currencies (CBDCs), they are “bullshit” and just “bumps in the road,” according to him.

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Author: AnTy

Twitter CEO Jack Dorsey Wants to Build An Open-Source Non-Custodial Bitcoin Hardware Wallet

Twitter CEO Jack Dorsey Wants to Build An Open-Source Non-Custodial Bitcoin Hardware Wallet

The Bitcoin proponent is planning community collaboration on the app that “works without Square and maybe also without permission from Apple and Google.”

Bitcoin proponent and Twitter CEO Jack Dorsey is considering making a hardware wallet for bitcoin and kicked it off by sharing his views with the community.

On Friday, Dorsey took to Twitter to share his plans for this wallet which, if built, would be “entirely in the open, from software to hardware design, and in collaboration with the community.”

The idea is to have an including product that brings a non-custodial solution to millions of people all over the world.

Addressing the biggest blocker to this, “not your keys, not your coins,” Dorsey said custody doesn’t have to be all-or-nothing, and it can probably be simplified through “assisted self-custody.” He wrote,

“Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.”

Such assisted solutions must provide an excellent experience when using mobile, but of course, it comes with its own dangers of blend availability and security — funds spendable with phone-only permissions with more secure controls. But safety is “complicated.” Here, layer 2 is essential for growth, said Dorsey adding,

“The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’”

And of course, Cash App integration to it is obvious, but while a custom-built app, it doesn’t need to be owned by Square, he added.

“We can imagine apps that work without Square and maybe also without permission from Apple and Google,” concluded Dorsey with the promise that they will “listen and continue the conversation.” The team will also set up a dedicated Twitter and GitHub account if they decide to build a hardware Bitcoin wallet, he said.

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Author: AnTy

Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot

Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT)

Enjin announces a multi-million dollar funding round to build Efinity, a Polkadot-based platform. Investors in the round include Crypto.com capital, DFG Group, and Hashed Ventures. The platform will launch later in the year.

Popular NFT-focused blockchain firm, Enjin announced an $18.9 million funding raise led by Crypto.com capital, DFG Group, and Hashed to develop a Polkadot-based NFT blockchain dubbed Efinity. The platform aims to increase scalability and reduce the high gas costs currently being experienced on Ethereum, ensuring NFTs are “usable and accessible to everyone, everywhere.”

The firm raised funds via a sold-out private sale of its native Efinity tokens (EFI) with other investors participating in the sale, including BlockTower, Blockchain.com Ventures, Hypersphere, LD Capital, HashKey Capital, Arrington XRP Capital, and DeFi Alliance, among others.

Despite being the largest NFT network, Ethereum ETH 3.33% Ethereum / USD ETHUSD $ 1,977.28
$65.843.33%
Volume 30.91 b Change $65.84 Open $1,977.28 Circulating 115.29 m Market Cap 227.97 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
is facing high gas costs and congestion – in line with the growth of DeFi – forcing participants to look for cheaper options elsewhere. Supported by Parity Technologies, Efinity is a cross-chain NFT token highway designed to allow NFTs to be moved from one chain to the next.

“Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.”

Witek Radomski Enjin CTO

Explaining the new NFT blockchain’s technical specifications, Efinity will complete transactions in less than six seconds while providing a throughput of over 1000 transactions per second – improving on Ethereum’s 15 TPS.

According to a post, Enjin chose to build on Polkadot DOT 3.67% Polkadot / USD DOTUSD $ 37.67
$1.383.67%
Volume 2.81 b Change $1.38 Open $37.67 Circulating 925.06 m Market Cap 34.85 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
, Ethereum’s decentralized competitor, to provide users with enhanced interoperability, speed, and low-cost transactions. On the launch of Efiity, “paratokens” will also be available to deliver cross-chain transfers and interoperability of NFTs. These “paratokens” allow users to bridge any NFT on any blockchain to Efinity directly.

Notwithstanding, Efinity also introduces staking through its native EFI token. Users can stake Enjin Coin (ENJ), which has surged over 1,700% year-to-date, on nodes (or “collators”) to receive EFI tokens which are used as fuel to process transactions. The token also powers governance and voting on the platform.

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Author: Lujan Odera

Pakistani Province Planning to Build Two Hydroelectric-Powered Crypto Mining Farms

Pakistani Province Planning to Build Two Hydroelectric-Powered Crypto Mining Farms

It’s just the government not participating right now; people are all over trading and mining cryptocurrencies.

In order to capitalize on the cryptocurrency market, the Pakistani province of Khyber Pakhtunkhwa is planning to build two hydroelectric-powered pilot “mining farms.”

The cost of the mining project hasn’t been determined yet, reported Reuters, citing a minister overseeing a new government crypto policy.

The country has also formed a federal committee to prepare a new crypto policy.

“People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well,” said Zia Ullah Bangash, an advisor to the local government on science and technology.

Federal authorities, however, have to first legalize the sector before it could be formally opened to investors.

Back in 2018, the State Bank of Pakistan said cryptos weren’t legal tender and that they had not authorized anyone to deal in them.

“It’s really just our government that is not participating right now; people all over Pakistan are already working on this, either mining or trading in cryptocurrencies, and they are earning an income from it,” Bangash said.

The idea is to bring this to the government level so that things can be better controlled and online fraud and scams can be prevented.

Pakistan is on the grey list of the global Financial Action Task Force, and cryptocurrency is one of the areas the global money-laundering watchdog has asked them to better regulate.

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Author: AnTy

Matic Network Strategically Rebrands to ‘Polygon’ in a Bid to Build the Best Ethereum Layer 2 Solutions

Matic Network Strategically Rebrands to ‘Polygon’ in a Bid to Build the Best Ethereum Layer 2 Solutions

  • Matic Network rebrands to ‘Polygon’ and expands their strategic technological mission of providing faster layer 2 solutions for Ethereum blockchain.

Polygon, formerly Matic Network, announced its pivoting in a shift to enable Ethereum to compete with its rival, Polkadot, by building robust, fast and efficient multi-chain solutions.

According to a blog post, the Indian-based startup will incorporate a layer 2 aggregation software development kit (SDK), allowing projects to host multiple projects at once. This will allow developers to connect to any of their preferred scaling solutions, reducing the burden on Ethereum, as well.

Polygon introduces a new secure layer 2 scaling solution that relies on Ethereum for security purposes and sidechains that completely deal with their own security. The former allows startups to focus on their craft rather than worry about safety and ensure the projects attain the highest security levels. The standalone sidechains also have their benefits for companies, such as sovereignty and speed of transactions.

“The Polygon SDK is built to accommodate [and] aggregate all such kinds of solutions, rollups being one of them. Currently, the Polygon SDK will enable the creation of standalone chains like Polkadot’s substrate.”

Sandeep Nailwal Polygon Co-Founder

Polygon, adding to the Plasma chains already available on Matic, will “support other major Layer 2 solutions such as Optimistic Rollups, zkRollups, Validium, etc., thus basically becoming one-of-a-kind “Layer 2 aggregator”, the report reads.

“Polygon SDK will support and offer several auxiliary solutions and products which will extend Polygon functionalities, improve the developer experience and introduce support for specific use cases.”

The Polygon network aims to overpower other scalability solutions such as Avalanche (AVAX), Polkadot (DOT), and Cosmos (ATOM). Having built on the Ethereum (ETH) Network, Polygon could enjoy greater security levels and become more open and robust, feeding off the second-largest blockchain.

The old Matic Network version will remain fully functional, and the MATIC token will continue to be the native token of the network.

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Author: Lujan Odera

BIS to Build Proof of Concept Network for Testing Cross-Border Payments Using CBDC’s

BIS to Build Proof of Concept Network for Testing Cross-Border Payments Using CBDC’s

The Bank of International Settlements’ Innovation Hub (BISIH) announced this week that one of its highest priorities is the continued research and testing of Central Bank Digital Currencies (CBDCs), along with five other areas of focus.

This news is according to this year’s annual work program, which lays out its intention to “explore the feasibility of faster and cheaper cross-border payments” using central bank digital currencies. The BISIH further added that it would dedicate its work this year to exploring prototypes in the creation of “tiered retail CBDC distribution architectures” along with “tokenized green bonds to retail investors.”

To drive these priorities forward, they will be headed up by the company’s Innovation Hub Centres in Hong Kong, Singapore, and Switzerland while also coordinating with local central banks. The BISIH’s Innovation Center in Singapore, for example, has its sights set on the development of an ‘International Settlement Platform’ where regulated banks and payment entities can conduct and settle transactions using a range of CBDCs.

Meanwhile, Hong Kong’s Innovation Center will be working on green bonds, specifically with the intent of tokenizing green bond assets for retail investors. Additionally, Hong Kong’s center will work on building a bridge to enable foreign exchange transactions of approved CBDCs, along with stablecoin issuance.

Switzerland’s BISIH Center is one of the furthest ahead in terms of development. It has already completed two functional proofs-of-concept for linking payment systems to test out payment settlements using tokenized assets and wholesale CBDC. This was done through its initiative dubbed ‘Project Helvtica.’ Discussing the details of BISIH’s work program, Innovation Hub’s Head, Benoit Coeure, said the following:

“This work programme shows our commitment to exploring in the most practical ways how best to harness technological change for the benefit of central banks and create public goods to support the global financial system.”

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Author: James Fox

OpenZeppelin Launches Defender Developer Suite Allowing DApp Building In ‘Minutes’

OpenZeppelin announced the launch of Defender, a developer suite aiming to help developers build smart contracts in “minutes,” on Tuesday. The suite aims to enhance and automate the development and the building of decentralized finance (DeFi) applications on Ethereum. Allowing developers to concentrate on creative inventions instead of spending time rewriting “fundamental code.”

So far, four of the top DeFi platforms – including Aave, dYdX, Compound, and Balancer – are using the product to automate the development operations when building DeFi products.

OpenZeppelin is an Ethereum focused development group providing a secure standard for decentralized applications on the blockchain. Doubling up as one of the top Ethereum smart contract audit firms, OpenZeppelin’s Defender suite will make it faster (development in minutes) to build dApps on a “secure self-secure infrastructure.”

Moreover, OpenZeppelin’s chief technology officer, Jonathan Alexander – speaking to Cointelegraph – stated that easing the process of creating DeFi apps could help reduce the risks of hacks and attacks on smart contracts.

Recently, the Harvest Finance smart contract was exploited as liquidity providers lost $25 million in staked funds. This has been a recurring problem across the decentralized finance ecosystem, including Balancer, YAM Finance, Uniswap, etc. – a problem Alexander believes “could have been avoided or reduced by following a careful security process.”

However, most startup teams lack a transparent security audit due to cost and a “comprehensive system that fully informs them on security best practices and how to assess risk,” he continued.

Props, a blockchain firm using OpenZeppelin’s Defender suite, CEO Peter Watts praised the ease-of-use and enhanced security it offers. He stated,

“Working with high-value smart contracts can be stressful. OpenZeppelin Defender relieves that stress by dramatically reducing the room for human error, making smart contract management simple and safe – it’s a no brainer that will improve the security and efficiency of any team.”

The Defender suite is open source, free, and available for any developer to use Ethereum test nets, including Ropsten, Rinkeby, Kovan, and Goerli.

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Author: Lujan Odera