This Week in Crypto (Through October 20)
Scroll Launches on Mainnet, EU Prepares for MiCA Law in 2024, and Google Cloud Partners with MultiverseX
Blockchain Infrastructure
News about: Layer 1s & Layer 2s, Interoperability Consensus Mechanisms, Data Storage & IPFS
Ethereum L2 Scroll Launches on Mainnet
Blockworks | Bessie Liu
“Scroll is a general-purpose zkEVM roll-up intended to marry Ethereum’s network security with lower fees and latency. Scroll co-founder Sandy Peng told Blockworks in an interview that existing Ethereum projects will be able to directly deploy their projects onto Scroll and utilize its zkEVM technology.”
Coinbase Open Sources Code for Layer-2 Network Base
CoinTelegraph | Tom Mitchelhill
“A core part of the decision to open-source its code is the goal of providing developers with increased transparency into the project’s development. Base said all of its smart contracts and scripts are now publicly available on GitHub.
This means that developers can now assess and experiment with the code responsible for deposits and withdrawals on Base, allowing access to increased tools for developers looking to spin up similar functions.”
Digital Assets & Financial Innovations
News About: NFTs, DeFi, Real World Assets (RWA), DAOs, Token Standards
Tokenized RWAs Could Grow to a $10T Market by 2030 as Crypto Converges to TradFi: Report
CoinDesk | Krisztian Sandor
“21.co's forecast joins a slew of recent reports and predictions about the potential of tokenizing real-world assets (RWA), crypto's buzzword for placing traditional financial products such as private equity, debt and real estate to blockchain rails.
Bank of America, for example, said in a report that tokenization could transform the existing financial infrastructure, increase efficiencies, reduce costs and optimize supply chains. A Boston Consulting Group report earlier this year estimated that the market for tokenized assets could mushroom to $16 trillion.”
Web3
News About: Web3 & DWeb, Decentralized Identity
Circle Launches Web3 Development Platform for Web2 Developers
CoinTelegraph | Tom Blackstone
“Called ‘Smart Contract Platform,’ the new tool allows developers to deploy smart contracts using a set of pre-vetted code templates and either a console or REST APIs, making it potentially easier for traditional Web2 programmers to use. Circle also released a Gas Station tool that lets developers pay for their users’ gas fees, which they claim may make onboarding users easier.”
UAE Emirate Launches New Free Zone for Digital Assets, Web3 and AI
CoinTelegraph | Hermi De Ramos
“RAK DAO joins the United Arab Emirates’ list of Web3-friendly free zones — areas where entrepreneurs have 100% ownership of their businesses and have their own tax schemes and regulatory frameworks, except for the UAE’s criminal law — including the Abu Dhabi Global Market, Dubai Multi Commodities Centre and Dubai International Financial Centre, among others.”
Enterprise & Adoption
News About: Corporate Adoption & Public Markets
MetaMask Expands Crypto On-Ramp Options with Stripe Integration
CryptoSlate | Mike Dalton
“That addition will allow users to deposit fiat and receive cryptocurrency through a new on-ramp. MetaMask said that the Stripe on-ramp feature is available through its mobile app, browser add-on, and multifeatured Portfolio service.”
Kraken Establishes Global Partnership with Formula 1 Team Williams Racing
CryptoSlate |
“The Kraken logo will be prominently displayed on the halo and rear wing of Williams Racing’s FW45 race car during the Formula 1 Rolex Australian Grand Prix 2023. As part of their commitment to promoting cryptocurrency adoption, the collaboration plans to create unique digital collectible experiences to engage crypto and motorsport communities.”
Gaming/Metaverse
News About: Gaming & Metaverse
Sega Exec Says Blockchain Gaming an 'Unknown World' Worth Exploring
Decrypt | Kate Irwin
“‘Within blockchain games, owning assets and, in some cases, earning money, could become player wants that haven’t existed before,’ Utsumi said in an interview first published as a sponsored post with Dengeki Online last month and translated into a blog post this week.”
Google Cloud Teams Up With MultiversX Amid Blockchain Firm’s Focus on Metaverse
CoinTelegraph | Prashant Jha
“MultiversX claims that the partnership between the two firms has the potential to immediately streamline the execution of large-scale, data-first blockchain projects. This should help developers easily access data about addresses, transacted amounts, smart contract interactions and increased on-chain analytics, the company said.”
Regulation & Compliance
News About: Regulation, Tax Implications, AML/KYC
Crypto Shareholder Requirements Set Out by EU Banking Regulators
CoinDesk | Jack Schickler
“New European Union laws known as the Markets in Crypto Assets regulation, MiCA, due to take effect in December 2024, require prospective crypto license holders to show owners and executives have a good reputation. MiCA authorizations – which will allow crypto companies to operate across the 27-nation bloc – can be withdrawn if executives don't meet the grade, added the consultation, which is open for comment until January.”
Citing Hamas, the US Wants to Officially Treat Crypto Anonymity Services as Suspected Money Launderers
WIRED | Andy Greenberg
“The US Treasury’s Financial Crimes Enforcement Network (FinCEN) today released a set of proposed rules that would designate foreign cryptocurrency “mixers”—services that blend users’ digital funds to offer more anonymity and make them harder to trace—as money laundering tools that pose a threat to national security and would thus face new sanctions and regulations.”