Bitfinity Network has officially launched its Bitcoin Layer 2 (L2) solution, fortified by $12 million in funding, aimed at integrating Ethereum-compatible decentralized finance (DeFi) functionalities into Bitcoin. This initiative seeks to expand Bitcoin’s role beyond merely a store of value by enhancing its scalability and cross-chain compatibility. Expansion of Bitcoin’s Role Beyond Store of Value Funding and Development Initially, Bitfinity
In the ever-evolving world of Web3 gaming, Hamster Kombat has seen highs and lows in its journey to maintain a robust user base and drive growth. After experiencing a significant drop in monthly active users, the game still retains a core group of loyal players and aims to re-engage with its audience through strategic efforts and future planning. The challenge
PayPal’s subsidiary, Xoom, has begun leveraging its stablecoin, PayPal USD (PYUSD), to streamline cross-border payments, especially targeting efficiency improvements in Asian and African markets. Introduced in 2023, PYUSD is an Ethereum-compatible ERC-20 token backed 1:1 by US dollars and issued by Paxos Trust Company. This initiative allows PayPal to conduct transactions outside traditional banking hours, offering increased flexibility and accessibility
Recent bullish activity and increased interest in Solana’s blockchain have led to speculation that Solana (SOL) could surpass Bitcoin (BTC) in the realm of decentralized applications (DApps). The energy backing Solana has become impossible to ignore, fueled by its recent price rally and remarkable trading volumes. According to recent data, Solana’s DApps have significantly contributed to its higher overall fee
Wirex, a prominent Web3 money app, has embarked on a significant global alliance with Banking Circle, a top provider of next-generation banking services. This strategic partnership aims to vastly improve Wirex’s global financial operations, benefiting millions of users with advanced banking solutions. Key services offered by Banking Circle include global bank accounts to optimize Wirex’s treasury operations, new payment services
In a revealing disclosure to the US Securities and Exchange Commission (SEC), iLearningEngines, an AI automation firm headquartered in Bethesda, Maryland, admitted to a severe cybersecurity breach with far-reaching financial and operational repercussions. This breach not only resulted in the misdirection of a significant $250,000 wire payment, but it also led to the deletion of numerous emails within the company’s
In a groundbreaking move for the domain name industry, 3DNS has secured U.S. Patent Number 12,147,978 for its innovative blockchain-based domain name registrar and management system. This advanced system converts domain names and associated DNS records into on-chain assets, enabling the secure management of domain registrations and transfers through blockchain technology. By leveraging the Ethereum network and smart contracts, 3DNS
In a bid to revolutionize trade finance and optimize supply chains, particularly focusing on cross-border agricultural commodity transactions, the Central Bank of Brazil (BCB) has embarked on the second phase of its Drex Central Bank Digital Currency (CBDC) pilot project. This phase sees key players like Microsoft, Banco Inter, Chainlink, and 7Comm joining forces to modernize Brazil’s financial infrastructure, with
As the digital landscape rapidly evolves, the introduction of innovative blockchain platforms continues to shape the future of finance. In a move to revolutionize memecoin trading, DegenLayer has launched its testnet ahead of an anticipated mainnet release. Designed to provide seamless access to the thriving memecoin market, DegenLayer’s integration with a $20 billion liquidity pool within the Optimism Superchain ecosystem
In the fast-paced world of blockchain and cryptocurrencies, any disruption can send ripples throughout the entire ecosystem. Recently, the Sui blockchain network experienced a major outage that halted block production for over two hours, causing a significant drop in the value of its native token. The outage, which began at 09:15 UTC, remains clouded in mystery as the development team
On November 19, 2024, a cryptocurrency trader achieved a remarkable financial feat by turning an initial investment of $1,900 into $3.67 million in just two hours through ELIZA, a meme-inspired token on the Solana blockchain. This dramatic success has captured both admiration and skepticism within the crypto community. The trader’s journey began by purchasing 89.19 million ELIZA tokens with 7.84
In a groundbreaking move, Securitize has introduced the sToken on the Ethereum blockchain to unlock liquidity for real-world assets (RWAs), aiming to bridge the gap between traditional finance and decentralized finance (DeFi). This innovative initiative leverages the ERC-4626 standard, allowing institutional investors to pool yield-bearing assets and convert them into deUSD, Elixir’s decentralized U.S. dollar token, while maintaining their yield
