Binance Web3 wallet launches

Binance Web3 wallet launches

Key Points

  • Binance crypto exchange has launched a Binance Web3 wallet for its 150 M registered users.
  • The Binance Web3 Wallet has been launched within the primary Binance app and is predominantly used for trading cryptocurrencies.

Binance has announced the launch of the Binance Web3 Wallet, which will be used for crypto trading and be harbored in the main Binance trading App.

Binance excites its users with a new Web3 solution

The new wallet was introduced at the Binance Blockchain Week conference in Istanbul and is set to be made available to all users via the official international platform for the exchange. During the launch, CEO Changpeng Zhao explained that the exchange is tapping into the innovation as Web3 wallets represent more than just the storage of digital assets as they empire sovereignty of personal finances.

“Web3 wallets represent more than just storing digital assets — they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.”

According to the released notes on the innovation, the application utilizes a multi-party computation mechanism (MPC), which is used to break the user’s private keys into three smaller parts called Key shares. Two of the keys are controlled by the user at all times, allowing for self-custody. 

The three shares of the keys will be held at three different places, with the first one being held with Binance, the second part stored locally on the user’s mobile phone and the third being encrypted by the user’s recovery password and backed up to their personal cloud storages like iCloud or Google Drive.

The announcement explains that having the keys split across three different locations reduces the chances of vulnerability and mitigates the possibility of the keys falling into the hands of third parties. 

According to the head of regional markets at Binance, Richard Teng, the MPC technology removes fears of losing the seed phrase.

“We want our users to be assured that they interact with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology and Binance’s trusted security infrastructure within the Web3 Wallet,” Teng said.

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Ethereum Community Conference (ETHcc Paris 2023) week to take place from July 17 to 20

Ethereum Community Conference (ETHcc Paris 2023) week to take place from July 17 to 20

Key Points

  • The Ethereum Community Conference (ETHcc Paris 2023), the latest annual European Ethereum event, has kickstarted and eyes a July 20th ending.
  • The event, formerly known as ASSETH, has over 4000 attendees, with only 2500 tickets available. 
  • ETHcc Paris 2023 focuses on innovation and growth in the Ethereum community.

ETHcc Paris 2023 began on July 17 in Paris with over 250 speakers worldwide, featuring side events, meetups, panels, and parties as the community reflects on its ecosystem. The event’s venue will be at the Maison de la Mutualité for all 4 days from 9 am to 6 pm. And Collège des Bernardins will be accessible from 10 AM to 6 PM Monday, then from 09 AM to 06 PM the next 3 days.

ETHcc Paris 2023 week takes off with a bang

According to ETHcc’s official website Ethereum France (formerly ASSETH) is a French non-profit organization mainstreaming blockchain and Ethereum in all French-speaking countries so everyone can assume ownership of this technology.

The event has taken off with a bang as several Ethereum projects announced new variations, and speakers expressed deep concerns about the Ethereum ecosystem and the crypto industry in general. Some of the notable developments from the first day of the event include

  • BitDAO-backed Mantle Network launched mainnet
  • Polygon’s Mudit Gupta addressed the loss of address keys resulting in fortunes going missing
  • Arianee Protocol V2 was announced
  • Lens protocol V2 was announced

To learn more about the event, please visit the official website here. Keep watching Fintech Express for more updates on the ETHcc Paris 2023 event. 

Belarus to ban peer-to-peer crypto transactions

Belarus to ban peer-to-peer crypto transactions

Key Points

  • Belarus has cited high crypto crimes as a motivation for a regulatory decision that might see peer-to-peer crypto transactions banned in the country.
  • Belarusian Ministry of Foreign Affairs is already working on legal recommendations to ban peer-to-peer crypto transactions

Belarus is seeking to ban peer-to-peer crypto transactions, putting it on an extended list of countries that are unsatisfied with an unregulated crypto industry. The country’s Ministry of foreign affairs is working on a recommendation to prohibit some crypto activities there.

Rising crypto crimes pushing Belarus to ban peer-to-peer transactions

A July 2 report from the Belarusian Ministry of Foreign Affairs indicates that the Ministry is working on recommendations that might see the government curtailing some crypto use cases like peer-to-peer crypto transactions. The legislation is motivated by increased crypto crimes in the country and globally.

The Ministry cited a spike in the cybercrime rate in Belarus, prompting it to take extra steps to protect its citizens. The report cited that local prosecutors have suppressed the activity of 27 citizens for providing “illegal crypto exchange services. It alleged that the group of citizens had amassed over $27 million in illegal revenues.

An excerpt from the report reads.

“Crypto P2P services are in demand among fraudsters who cash out, convert stolen funds, and transfer money to organizers or participants in criminal schemes.”

The regulator added:

“The MFA is working on legislative innovations prohibiting crypto exchange transactions between individuals. For transparency and control, citizens will be allowed to conduct such financial transactions only through the HTP exchanges.”

The regulator also added that it plans to introduce such measures for free exchanges. It stated that these efforts would make withdrawing money from illicit activities impossible, making it unprofitable for fraudsters to operate in Belarus.

The actions by Belarus to ban some crypto activities like peer-to-peer transactions come at a time when other nations are increasing their oversight of the industry for similar concerns. However, it doesn’t go without noticing that these countries lack designated regulatory frameworks for the crypto industry.

Countries like the US are cracking down on crypto, while others like Belgium and Canada are pushing away virtual assets providers for not registering with them. 

However, it is notable that while these countries are increasing their oversight of crypto, they are working on crypto regulations. The US has been calling crypto industry stakeholders to talks directed to developing good regulations while the EU countries are waiting for the effection of the MiCA legislation.

Keep watching Fintech Express for more updates on crypto and other fintech-related developments.

Hong Kong’s largest bank HSBC to offer Bitcoin and Ethereum ETFs to customers

Hong Kong’s largest bank HSBC to offer Bitcoin and Ethereum ETFs to customers

Key Points

  • Hong Kong’s HSBC is set to offer its customers Bitcoin and Ethereum Exchange-Traded Funds.
  • Hong Kong has been asking banks to warm up to crypto customers more and be vigilant in scouting for such emerging markets and supporting them.
  • The development comes as a race by TradFi institutions in the US to offer similar products begins.

Hong Kong is spearheading crypto adoption in Asia as banks increasingly support the crypto industry. HSBC has now announced that it will offer customers Bitcoin and Ethereum ETFs.

Crypto adoption and regulation accelerates in Hong Kong

Hong Kong is taking the front in the regulation and adoption of crypto assets in the world. It has been asking its banks to support and offer crypto clients financial services. In June, It called out several banks, including Standard Chartered and HSBC, for gating their banking infrastructure from crypto organizations in the region.

It called a meeting asking all banks to be more active in the scouting and enabling of emerging technologies like the crypto industry. In that meeting, Hong Kong’s central bank explained that emerging industries like crypto mostly take a good market share. Also, it sensitized the banks that crypto may be here to stay, making it prudent to associate with it.

HSBC has announced that it would look forward to introducing Bitcoin and Ethereum Exchange Traded Funds to its customers. This move is a hallmark as other regions have yet to allow such from big banks. However, traditional finance companies have started a race to offer similar products and services. 

This move is expected to broaden access to crypto assets for Hong Kong residents. These residents can only explore ETFs like the CSOP Bitcoin Futures ETF, CSOP Ethereum futures ETF, and the Samsung Bitcoin Futures Active ETF. 

HSBC was among the banks the Hong Kong regulators questioned for not offering crypto services last month. However, it has been in the process of gearing up for it. It has launched the Virtual Asset Investor Education Centre for investors to read and confirm the risks associated with the virtual asset industry. 

It will also allow its users to go ahead and use the HK Easy Invest app, HSB CHK Mobile Banking app, and the Online banking infrastructure to access its ETF products. However, no more official information is yet to be offered regarding the timeline of the product’s availability and other products that could be added in the future.

Keep watching Fintech Express for more updates on crypto and other fintech-related developments.

Layer 2 Polygon to upgrade Polygon PoS Chain compatible with zkEVM

Layer 2 Polygon to upgrade Polygon PoS Chain compatible with zkEVM

Key Points

  • Polygon Labs proposes an update to zkEVM validium, a Layer 2 network on Ethereum to bear its flagship PoS sidechain.
  • The plan is to bring the network’s PoS chain in line with its Polygon 2.0 goal, which seeks to increase security and efficiency in the network.

On June 20, Polygon Labs, the company behind the Ethereum scaling solution Polygon network, published a pre-proposal post seeking to make its primary chain compatible with zero knowledge of Ethereum Virtual Machine technology.

Polygon to adopt zero-knowledge proof technology

Zero Knowledge proof technology has been gaining traction and attention in the crypto industry due to its promising ability to improve the security of blockchain networks. As such, it has seen growing adoption by notable networks and projects.

On June 20, Polygon, an Ethereum network scaling solution, expressed that it had tabled a proposal to connect the present PoS chain with its Polygon 2.0 concept. The network’s V2 concept is the future version of the network, which employs zkEVM validium, a zero-knowledge scaling technology.

This integration will increase the network’s immutability while lowering its transaction fees, thus increasing efficiency. The validium update varies from another proposed ZK rollup that seeks to employ an off-chain data availability architecture. The ZK rollup was introduced in the network in March 2023.

Per a post by the network’s co-founder Mihailo Bjelic, the network will become more “future-proof” if the community accepts this proposal. He added that the updated PoS chain would co-exist with old zkEVM in its ecosystem. If approved, the update will be deployed on the mainnet by the end of 2024.

This update would be the first time an existing blockchain network has included ZK proofs and advances to its layer 2. As such, it would be a remarkable event to create a benchmark for other networks. Keep watching Fintech Express for updates on blockchain technology and other crypto-related developments.