Filecoin (FIL) Launches Free Decentralized Storage Solution for NFT Markets

The solution leverages IPFS and Filecoin blockchain for long-term security of the NFTs.

Released Tuesday, NFT.Storage, a decentralized file storing system, will allow developers and collectors to ‘protect their non-fungible token (NFT) assets.’ According to the statement, the platform lets developers and NFT holders store their assets on the Inter-Planetary File System (IPFS) via Filecoin to ensure NFTs last for the long term.

The solution is a service created by Filecoin and backed by Protocol Labs and Pinata to provide unique solutions to the NFT marketplace. Additionally, users can also store metadata associated with the NFTs individually in an effort to keep NFTs ‘accessible in the long-term’, the report further states.

Mikeal Rodgers, Engineering Manager at Protocol Labs, believes NFTs – digital art pieces, music, trading cards, photos, tweets, etc. – are “part of humanity’s cultural legacy.” These assets require to be stored safely in the long term to allow the future generations accessibility of the assets, he added.

“Content addressing and distributed storage networks ensure that digital artwork, basketball cards, and virtual real estate are guaranteed to stay secure and available long-term.”

“NFT.storage makes it completely frictionless to mint NFTs following best practices through resilient persistence on IPFS and Filecoin.”

The core of NFT.Storage service to NFT holders is content addressing, which is simply marking content with hashes. Once you place an asset on NFT.Storage, a hash is assigned to the content – giving it a unique “fingerprint” that can be used to search, find and reference it anywhere on the platform. This produces a secure, unique, and verifiable content and files for NFT users.

Although Filecoin (FIL) is planning to make the storage solution free, there has been no communication on how long the “free storage” will last. The Terms of Service states NFT.Storage will be free for all participants on IFPS “for as long as Protocol Labs, Inc. continues to offer free storage for NFT’s.” All rights to terminate the free storage also reserves with NFT.Storage project.

Finally, NFT.Storage will offer data storage on the NFT solution “ad infinitum or until Protocol Labs decides to conclude the NFT.Storage project.”

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Author: Lujan Odera

Layer 2 Scaling Solution Polygon (MATIC) Sees Nearly $4B in TVL as QuickSwap Gains Traction

Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction

Increasing use of Ethereum, leading to extremely high fees on the network, has been resulting in BSC and Solana (SOL) getting traction. But it is not only layer 1 chains that are gaining support, but layer 2 solutions are getting just as much usage.

Polygon, previously known as Matic, is one such project that is working on transforming Ethereum (ETH) into a multi-chain ecosystem with secured Layer 2 chains and standalone chains. ETH 15.91% Ethereum / USD ETHUSD $ 3,425.84
$545.0515.91%
Volume 49.15 b Change $545.05 Open $3,425.84 Circulating 115.73 m Market Cap 396.46 b
4 h Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio 5 h eBay CEO says Company Is Looking at Crypto as Payment Option & Selling NFT on the Platform 6 h Ethereum Co-Founder Vitalik Buterin is Now a Billionaire, Holding Over 333,520 ETH
BNB 8.83% Binance Coin / USD BNBUSD $ 676.92
$59.778.83%
Volume 5.28 b Change $59.77 Open $676.92 Circulating 153.43 m Market Cap 103.86 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 9 h Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million 2 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum
SOL -2.45% Solana / USD SOLUSD $ 45.71
-$1.12-2.45%
Volume 609.8 m Change -$1.12 Open $45.71 Circulating 272.64 m Market Cap 12.46 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 6 d BadgerDAO & RenVM Launch A ‘Bridge’ to Bring Bitcoin to Ethereum in ‘One Click’ 6 d USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap

Currently, the side chain has $3.88 billion of value locked in it, the highest among any other side chain. Next in line is ZKSwap, with under $600 million in value locked. Sidechain xDAi has under $200 million, while Optimism has just under $100 million locked on it.

image1

Polygon’s Proof of Stake sidechain also sees a significant increase in its transaction volume, so much so that it is exceeding Ethereum’s transaction count by nearly 20%.

“Polygon is currently doing ~1M daily txs and has onboarded numerous DeFi blue chip projects, including AaveAave, which has >$2B in liquidity there — disproving the “Ethereum can’t scale” narrative,” noted Spencer Noon, general partner at Variant.

Compared to Ethereum’s 150 million unique addresses and BSC’s 61 million, Polygon still has only about 400k unique addresses. And top 3 addresses sent 573,000 transactions last week, with arbitrage trades making up a large majority of it, as per Nansen. Also, only 25% of all Polygon addresses ever sent transactions on Ethereum.

One of the primary reasons for the growth in transactions can be attributed to its native DEX Quickswap, which is accounting for half of those transactions.

A big increase was seen at the end of last month, seeing as much as $260 million in volume and over half a billion dollars in liquidity on QuickSwap.

image2

As a result of this growth, the tokens are also enjoying an uptrend. Quick is currently trading at $1,053, near its all-time high of $1,590 hit on Friday, presenting a 500% gain in the last week.

The same day, Matic hit a new ATH of $0.937. Currently, at $0.8118, MATIC is up from $0.3 at the beginning of last month and $0.0176 at the start of the year.

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Author: AnTy

Indexing and Querying Protocol, The Graph (GRT), Launches A Micro-Transaction Solution, Scalar

Indexing and Querying Protocol, The Graph (GRT), Launches A Micro-Transaction Solution, Scalar

The Graph, a decentralized indexing and query protocol, announced the launch of Scalar, a micro-transaction scalable solution for fast and cheap fees on the network.

Announced Wednesday, Scalar, built on the Connext Vector protocol, will provide micro-transaction solutions on The Graph network to reduce the fees and increase scalability when querying on the protocol. Additionally, Scalar introduces incentives – paid in its native GRT token – for The Graph’s node operators and data providers.

The micro-transaction solution is developed by The Graph Foundation and Edge & Node, a software development company specialized in building and using Connext, which is a  peer-to-peer, cross-chain liquidity network specializing in micro-transactions.

Billed as the “indexing and querying layer of the decentralized web,” The Graph connects decentralized finance (DeFi) applications to different blockchains. The platform’s querying service allows users (DApps) to get data from other blockchains to enhance their functionality – especially DeFi projects. Top DeFi projects such as Uniswap (UNI), AAVE, and Synthetix (SNX) and blockchains such as Solana (SOL) have turned to the platform to link data from other blockchains.

The Graph’s indexing and querying service has grown exponentially over the past year as the DeFi, and non-fungible token (NFT) market took center-stage in the crypto universe. According to the post, The Graph hosted query service has exceeded 14 billion queries in February alone and 19 million in March – representing a 10,000% increase from last year as the crypto world turns to Ethereum-based DApps.

With the rising number of queries, The Graph turned to Scalar micro-transactions to reduce the average load time for DApp users, which could blow out of proportion on current systems. A statement from the dev team reads,

“Using Scalar, node operators have a new way to monetize their infrastructure through query fees paid in GRT, and data providers can be paid directly for making useful data available for apps without paywalls and ads.”

The scalar solution uses state channels to aggregate and compress transactions before being finalized on-chain. In the post, The Graph Foundation states they have been working and researching heavily on how state channels work before starting the development of Scalar two years ago.

“This is the first time state channels will be used in broad-scale production,” Tegan Kline, co-founder and business leader at Edge & Node, stated.

“Scalar is this major new building block for infrastructure in the decentralized applications space. We’ll be using this within The Graph ecosystem to be able to handle the billions of queries that we’ve seen on The Graph’s hosted service, in The Graph’s decentralized network.”

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Author: Lujan Odera

Largest Stablecoin, Tether (USDT), is Now Live on Ethereum Scalability Solution, Hermez Network

Largest Stablecoin, Tether (USDT), is Now Live on Ethereum Scalability Solution, Hermez Network

  • The solution will lower the rising gas and transaction fees on Ethereum.
  • Competition for Tether is on the rise.

Tether’s stablecoin, USDT, is now live on Hermez, a scaling solution on Ethereum based on the ZK-rollup solution. Announced on Monday, the move to Ethereum Layer 2 is set to reduce the hiking gas fees, which have been rising as the DeFi and NFT space grew on the blockchain.

Hermez zk-rollup solution launched earlier this year to ease the load on Ethereum. Rollups provide a solution by batching up many transactions into one transaction, reducing the blockchain fees and data storage costs. The key to rollups is the concept of having a small fraction of data on the L2 chain (Hermez) represent all important data on Ethereum.

In this case, every Tether transaction completed, balance, and user accounts on the Hermez rollup will be available on the Ethereum network despite only a fraction of the information being broadcasted on the second-largest blockchain. Hermez leverages the zk-SNARK rollup solution that allows bundling transactions into one single transaction.

Speaking on the move to a nascent layer 2 solution, Paolo Ardoino, Tether’s CTO, said the solution would “solve the issues of scalability and high transactions on the Ethereum network.” Tether became the first stablecoin to launch on Hermez. He added,

“Tether takes its pivotal role in the digital token ecosystem seriously. We’re committed to overcoming technical hurdles while doing our utmost to make manifest the many great projects that developers are working on in our space.”

Tether’s move to Hermez will help free up storage on the blockchain, effectively reducing ETH fees. Data from Ycharts shows that the average fee for a single transaction on ETH is $22, as of writing, locking out users with small amounts of funds from using the platform. Hermez promises over 90% reduction of the average tx fee, which would lower the transaction fee to less than $2.

Tether’s move to Hermez follows the integration of Tether on Polkadot blockchain and Kusama networks earlier this month.

Competition for Tether

The rising gas fees on Ethereum are causing many exchanges and users to move to better solutions and cheaper blockchains. Tron, the 18th largest blockchain, has grown to become the leading competitor to Ethereum on the value of USDT transferred across networks.

Data from Coinmetrics confirms USDT transferred on Tron has reached parity with Ethereum raising concerns for the largest smart contract network.

Tether, which represents about 70% of the total stablecoin market, has significantly grown to a $48 billion market cap placing itself sixth on Coingecko rankings.

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Author: Lujan Odera

CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions

CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements

Because Chainlink is already used widely in the DeFi space, it will make “integrating compliance data as simple as possible for DEX and other protocols.”

Cryptocurrency intelligence company CipherTrace has announced the release of decentralized finance (DeFi) compliance solution.

CipherTrace DeFi Compli is the solution that enables decentralized exchanges (DEXs) like Uniswap, Sushiswap, and other DeFi applications to abide by the Office of Foreign Assets Control (OFAC) sanctions requirements.

This solution is using Chainlink (LINK), which is used widely in the DeFi space to provide real-world data.

Daniel Kochis of Chainlink Labs pointed to the lack of compliance tools in the DeFi sector and that this solution would make “integrating compliance data as simple as possible” for decentralized protocols, including DEXs.

As per the official announcement, the regulatory spotlight is on DeFi because of the growing number of hacks on DeFi protocols.

The company further cites the use of DeFi to launder the funds stolen from the centralized exchanges, such as the $281 million KuCoin hack, as the reason for launching a DeFi compliance oracle service that makes for easy integration with existing DeFi frameworks.

“This oracle delivers CipherTrace’s source-signed compliance data directly on-chain to your smart contract,” reads the description. It covers Ethereum Mainnet, Ethereum Kovan Testnet, Binance Smart Chain Mainnet, and Polygon (MATIC) Mainnet.

“The $40B locked in DeFi protocols puts an even bigger target on DeFi exchanges and protocols.”

“Ensuring that sanctioned addresses cannot use DeFi to fund weapons of mass destruction programs should be among DEXs’ chief concerns right now. CipherTrace’s DeFi Compli regulatory compliance oracle on Chainlink can support DeFi protocols in achieving the compliance needed to ensure crypto’s long-term viability.”

Dave Jevans CipherTrace CEO

Jevans points to Valerie Szczepanik, Head of Strategic Hub for Innovation and Fintech at US SEC’s call for DeFi structures to be subject to various laws, saying, “The time for DeFi to adopt compliance solutions is now, or risk facing the consequences.”

“Szczepanik’s statements suggest imminent enforcement of sanctions as well as AML and CTF laws.”

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Author: AnTy

Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity

Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity

As the decentralized finance ecosystem, popular as DeFi, continues to grow at a winged pace, Ethereum gas costs are surging to the roof, forcing investors to look for new faster, and cheaper blockchains. Polygon, an Ethereum layer two solutions, is emerging as the preferred solution as two major DeFi platforms – Aave and Zapper – joined the platform on Wednesday.

Decentralized lending firm, Aave AAVE 0.52% Aave / USD AAVEUSD $ 376.95
$1.960.52%
Volume 343.06 m Change $1.96 Open $376.95 Circulating 12.46 m Market Cap 4.7 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 2 d Ethereum Wallet, Dharma, Integrates with DeFi Blue-Chips for Direct Access to Bank 6 d SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading
, will integrate scalable sidechains with Polygon, formerly Matic Network, to address the rising congestion and high gas fees experienced on Ethereum. The team plans to integrate a soon-to-be-released smart contract allowing users to seamlessly port assets across blockchains.

“High transaction fees are a feature of a successful public blockchain, as they define actors ready to pay the market price to use and secure decentralized services.”

Stani Kulechov Aave Founder

The DeFi field has in the past favored those with thousands of dollars to invest while effectively locking out the small spenders. In a blog post on the Aave Medium page, Kulechov states the recent integration with Polygon will bring “inclusivity in the DeFi space,” allowing investors with only hundreds of dollars to participate as well.

“That being said, DeFi was always intended to create a sustainable and more inclusive alternative to traditional finance,” he added. “If DeFi is great but only limited to portfolios of five figures and up, DeFi will be falling short of its mission to finance for everyone.”

At launch, Aave will introduce seven assets available for lending and borrowing on the platform.

Zapper, portfolio management, and batched transaction network is also joining the Polygon network, a statement confirmed on Wednesday. Polygon will be the first in line with Ethereum scalability solutions with plans to integrate Optimism, Binance Smart Chain, and Arbitrum on the way.

With Polygon’s integration, Zapper will enable Ethereum-to-Polygon transfers allowing cross-chain “zap” transfers — its term for multi-transaction, single-click deposits, and withdrawals.

The new partnership will also enhance sending funds from Aave to Polygon, DeFi Dad of Zapper stated in a tweet.

Earlier in February, Matic Network rebranded to Polygon to enable Ethereum ETH 2.97% Ethereum / USD ETHUSD $ 1,972.51
$58.582.97%
Volume 30.55 b Change $58.58 Open $1,972.51 Circulating 115.29 m Market Cap 227.42 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
to compete with its rivals such as Polkadot. DOT 4.05% Polkadot / USD DOTUSD $ 37.69
$1.534.05%
Volume 2.81 b Change $1.53 Open $37.69 Circulating 925.06 m Market Cap 34.86 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
The sidechain scalability solution enables significant throughput increase while reducing the fees incurred on Ethereum transactions.

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Author: Lujan Odera

Ethereum Layer 2 Solution, Hermez Network, Mainnet is Live; Using ZK-Rollup’s For Cheap Payments

Ethereum Layer 2 Solution, Hermez Network, Mainnet is Live; Using ZK-Rollup’s For Cheap Payments

Hermez Network, a layer 2 blockchain scaling solution on the Ethereum network, is now live on the mainnet. Hermez’s launch on Ethereum hopes to solve some of the transaction bottlenecks that have plagued the network.

Cheaper and Faster Transaction Speed

This is a major relief for developers who rely on Ethereum to run their applications.

Hermes uses the Zk-rollup, which compiles hundreds of transactions into a single transaction while eliminating data storage and gas fees for verifying transaction blocks.

Hermez’s zk-rollup is set to address this issue with the off-chain aggregator and promises to increase transaction speed 100 times over.

Jordi Baylina, head of tech at Hermez, said this latest release would see users save around 90% in gas fees.

With each transaction on the Ethereum network costing roughly $17, a 90% discount would see developers pay a meager $1.60 per transaction.

The first set of digital assets supported by Hermez includes Tether, Ether, Wrapped Bitcoin, Dai, and Hermez’s token HEZ.

The development team says other crypto-assets will be added as time goes by.

The Ethereum blockchain has witnessed network congestion and higher gas fees in recent months.

This is due to many reasons. Chief of which includes the popularity of the decentralized finance (DeFi) of 2020 and the non-fungible token (NFT) frenzy of 2021.

These bottlenecks have seen gas fees climb as high as $40 per transaction making the Ethereum network unfavorable for users.

Gas fees are not the only issues that have plagued Ethereum. The transaction speed or throughput, as experts call them, is also a major problem. Ethereum presently averages 15 transactions per second (TPS) which is slow compared to Polkadot’s 1000 TPS.

Layer 2 blockchain solutions using rollups have helped Ethereum stay in the DeFi game despite its challenges. Rollups are of two types zero-knowledge proof (zk-rollup) and optimistic rollup (ORU).

Ethereum co-founder Vitalik Buterin has spoken highly of zk-rollups being the future as the world waits for the deployment of Ethereum 2.0. Buterin said zk-rollups would win in all use cases, both in the medium and long-term scenario.

In speaking of the sister scaling solution, Buterin said ORU would address short-term computational needs.

Hermez Pursuing Full Decentralization

The Hermez zk-rollup is a big win for the Ethereum community, which is seriously challenged in the DeFi market by blockchain projects like Polkadot and Cardano. The layer 2 scaling solution is just an overlaying blockchain on the Ethereum mainnet and is a nested blockchain.

Operating mostly off-chain and consuming as little as 10 bytes per smart contract transaction, Hermez’s zk-rollup solution is touted as a major plus for the Ethereum network. In contrast to the optimistic rollup offering, funds are easily withdrawn from the network without a lockdown window.

Pol Lanski, lead of ecosystem development Hermez, said there are still some parameters the development team is working on to make it a fully decentralized network. The company said 40% of all gas fees they receive would be channeled towards building more decentralized software.

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Author: Jimmy Aki

Badger DAO, a Bitcoin DeFi Solution, Raises $21 Million from Top Crypto Venture Capital Firms

Badger DAO, a Bitcoin DeFi Solution, Raises $21 Million from Top Crypto Venture Capital Firms

Top crypto venture capital firms invest $21 million in Bitcoin-focused decentralized finance (DeFi) platform, Badger DAO, to kick off a new era on the platform. The move aims to diversify some of the BADGER tokens held on the platform’s DAO treasury as a “backstop” to huge bearish market movements.

Reported on Thursday, Badger DAO, a Bitcoin on Ethereum DeFi solution, announced the sale of $21 million worth of its Treasury assets to four top crypto VC firms, including Polychain Capital, Parafi Capital, Blockchain Capital, and an unnamed whale wallet, 0xB1.

The idea first popped up in the Badger Improvement Proposal, BIP-37, under the “Treasury Diversification through Strategic Partnerships” plan, which aims to diversify a portion of the BADGER tokens stored in the Treasury to stablecoins managing the risk.

While it’s uncommon in the DeFi space, as most projects select to raise funds through the market on their AMMs, BIP 37 suggests funding from VCs offers better benefits for Badger DAO. Raising VCs funds will help Badger DAO reduce the market risks of selling through AMMs while gaining strategic value from the investors.

Chris Spadafora, the founder of Badger DAO, supported the current change in the system that is seeing more VCs invest in decentralized finance platforms.

“DAOs should embrace large investment players based on their willingness to participate in governance and open their network to push the protocol forward,” Spadafora said. “Doing it right for VCs is about becoming a community member vs. an investor.”

Badger DAO Treasury currently holds nearly $700 million worth of its native assets – $BADGER and $DIGG. According to Chris Spadafora, the sale involved an exchange of staked BADGER tokens (bBADGER) for USDC tokens which will be used to create a “backstop” insurance pool for users’ funds.

The proposal suggests the community take a “barbell strategy,” but a clear path on how the stablecoins will be used is yet to be determined. One idea is to hold the tokens as part of the Treasury while the USDC tokens can also be staked to earn yields to help the DAO during bear market conditions.

The VCs will also be “getting involved in governance to help the protocol grow, providing long-term liquidity and building more bridges with institutional ecosystem partners,” Spadafora added.

Badger currently sits on $1.40 billion in total locked value (TVL), according to DeFi Pulse, placing it as the tenth-largest DeFi protocol.

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Author: Lujan Odera

Vitalik Proposes Cross Rollups Solution to Help Layer 2 Protocols Communicate with Each Other

Vitalik Proposes Cross Rollups Solution to Help Layer 2 Protocols Communicate with Each Other

  • Ethereum co-founder Vitalik Buterin proposes cross-rollups scaling as a solution to the burgeoning Ethereum gas fees while creating a unified crypto ecosystem.

In a post on Ethereum developers’ GitHub channel, Vitalik wrote a proposal to allow platforms using rollups to communicate with each other. He proposes cross-rollup scaling solutions that will ease the rising Ethereum fees while maintaining interconnectivity and composability across the platforms.

Rollups are layer 2 scaling smart contract solutions on blockchains that store and process most of the information off-chain, which allows for faster and cheaper transactions on the blockchain. However, platforms that use different kinds of rollups, including zero-knowledge and optimistic rollups, cannot share this off-chain information with other rollups.

Vitalik’s proposal focuses on two projects that have integrated roll-up scaling but cannot communicate. One of the projects, “Rollup A,” has full smart contract support while another, “Rollup B,” can only perform simple transactions.

In an example of how the cross rollup solution will happen, Vitalik gives a hypothetical example of two platforms – an intermediary, named Ivan – who has funds on platforms on both Rollup A and Rollup B. Ivan fully controls his funds on Rollup A account, IVAN_A, and also has funds in his account on Rollup B, IVAN_B.

Vitalik proposes that the smart contract, IVAN_B, can be programmed to accept “memos” that hold data on anyone sending funds to it to connect the two accounts. This will keep a copy of any future transactions to the Rollup B.

The transactions history (memo) between the two rollups creates a layer that connects the two rollups allowing Rollup A and Rollup B to exchange information. Vitalik explained,

“The expected behavior is simple:

1. Alice sends a transaction to IVAN_A with N coins and a memo ALICE_B

2. Ivan sends a transaction sending TRADE_VALUE * (1 – fee) coins through IVAN_B to ALICE_B.”

Buterin further said the second step could also be executed immediately after the first, adding “contract can even have rules that allow the fee to be greater if Ivan shows proof that the timestamp difference between the second transaction and the first is very low.”

According to the post, the worst-case scenario happens when IVAN_A does not send the coins to ALICE_B. This can easily be solved by Alice waiting until the transaction on Rollup A to confirm, find a way to pay fees on Rollup B, and claim the funds owed to her directly.

The fees can be directly paid on Rollup B; Vitalik explained whether Alice would need to interact with L1 blockchains to reclaim her funds.

“All you need is for rollup B to have access to block hashes of the L1 chain before the previous batch (this can be done safely).”

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Author: Lujan Odera

Diem’s New Payment Solution With FireBlocks & First DAG Hints at a Possible Late 2021 Launch

Diem’s New Payment Solution With FireBlocks & First DAG Hints at a Possible Late 2021 Launch

Diem, formerly known as the Libra Association, announces a partnership with Fireblocks and the Israeli-based First Digital Asset Group (DAG) to launch a payment solution for institutions, merchants, and payment networks. The network is expected to power Diem into the largest payment network, allowing global financial institutions to connect to the system directly.

In a joint release from a crypto custodian, Fireblocks and First DAG, the new payment solution will be launched in the coming six months. It will allow financial institutions, banks, PSPs, merchants, and e-wallets to connect and facilitate transactions on the Diem network as soon as it launches.

The Facebook-led Diem Network was unveiled back in 2019, offering a multi-currency-backed stablecoin and global payment system. However, regulators worldwide are skeptical of Diem’s role in the global monetary policies – given the 2.8 billion customers that Facebook and WhatsApp have on their platforms.

The new project will be integrated on First DAG and Fireblocks, giving access to payment stations and merchants who will use Diem. According to First CEO, Ran Goldi the payment solution will allow merchants to accept stablecoins and Diem without ever interacting with the tokens. First will deal with the payment backstage details while the merchant receives their payment in their local currency. Goldi said,

“So if you are a merchant and you are already working with a payment service provider (PSP) that we have integrated with, you will able to accept Diem without any integrations.”

Notwithstanding, the platform will be fully compliant and collect any customer information needed – similar to regulated payment services such as PayPal and Visa. The platform will follow a strict onboarding process for custodians, wallets, exchanges, PSPs, and other VASPs operating on Diem, Michael Shaulov, Fireblocks’ CEO, said.

Spotify, a member of the Diem Network, moves to integrate the Diem payment solution in the near future. In December, the popular streaming app announced a vacant position of “Payment Strategist” in the Diem and Crypto space.

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Author: Lujan Odera