Octopus, a decentralized exchange (DEX) platform that allows users to trade tokens across different blockchains, has announced a new feature that enables direct exchanges between Cosmos and Ethereum Virtual Machine (EVM) compatible chains. This means users can now exchange tokens from networks like Terra, Binance Smart Chain, Polygon and others without going through intermediaries or bridges.
Squid’s direct swap feature is based on the Inter-Blockchain Communication (IBC) protocol, a standard that allows different blockchains to communicate with each other and transfer value. IBC is the core innovation of the Cosmos network, which aims to create an internet of blockchains that can work together seamlessly.
By integrating IBC, Squid can provide users with a fast, secure, and cost-effective way to exchange tokens across different ecosystems. Users can simply connect their wallets to Squid and select the tokens they want to exchange from a list of supported chains. Squid then automatically routes the swap through the IBC protocol and executes it in a single transaction.
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Squid claims that its direct swap feature is the first of its kind in the DEX space and that it will open up new opportunities for cross-chain liquidity and interoperability. Squid also plans to add more chains and tokens to its platform in the future, as well as other features such as liquidity pools, governance and staking.
According to Gracy Chen, CEO of Bitget, a global cryptocurrency exchange platform, the regulatory environment for crypto assets is likely to become stricter in the near future. She believes the Know Your Customer (KYC) process, which requires crypto users to verify their identity and source of funds, will be more stringent and comprehensive as governments seek to curb money laundering, tax evasion and other illegal activities related to cryptocurrencies impede.
Chen says Bitget has complied with the KYC standards of various jurisdictions and worked closely with regulators to ensure a safe and transparent trading environment for its customers. She also advises crypto investors to be aware of the potential risks and challenges that may arise from the changing regulatory landscape and to choose a reliable and compliant exchange platform that can protect their interests and assets.
Mountain log, a decentralized platform for creating and managing synthetic assets, has announced the launch of its high-yield stablecoin MTS. The stablecoin is backed by a basket of cryptocurrencies and can be minted or burned by users via the protocol’s smart contracts. MTS holders can also earn passive income by staking their tokens in the protocol’s liquidity pools.
In addition to the launch of MTS, Mountain Protocol also announced that it has raised $10 million in a private funding round led by prominent investors and funds in the crypto space. The fundraising will help the protocol expand its team, develop new features and integrations, and grow its user base and community. Mountain Protocol aims to become a leading platform for creating and trading synthetic assets, providing users with access to a wide range of assets across different markets and sectors.
Celsius, the leading digital asset acquisition and lending platform, has announced the formation of a new board to oversee global expansion and governance. The board includes prominent figures in finance, technology and blockchain, including former Algorand COO Sean Ford, former WeWork CFO Artie Minson and former UBS Group Americas CEO Robert Wolf. The board also includes Celsius founder and CEO Alex Mashinsky, as well as two independent directors to be appointed in the near future.
FTX, The cryptocurrency exchange founded by Sam Bankman-Fried has disclosed some of its assets in a recent filing with the Securities and Exchange Commission (SEC). According to the document, FTX owns $1.2 billion worth of SOL, the native token of the Solana blockchain, one of the fastest-growing platforms in the crypto space. FTX also owns an $8 million property in the Bahamas that serves as its headquarters. The filing shows that FTX has a diversified portfolio of digital and physical assets that reflect its vision and strategy in the crypto industry.
Polygon Labs, a leading blockchain technology company, has sent a letter to the US Senate Finance Committee asking it to reconsider its proposed tax legislation for cryptocurrency transactions. The letter argues that the bill would stifle innovation and economic growth in the emerging sector, comparing the situation to the early days of the internet, when lawmakers supported the development of online platforms and services.
The letter also uses an apple orchard analogy to illustrate the difference between cryptocurrency and traditional assets. It explains that while an apple orchard produces apples that can be sold for income, a cryptocurrency network produces tokens that are used to power the network and enable transactions. Therefore, taxing cryptocurrency tokens as income would be tantamount to taxing apples before harvest, which would hinder investment and orchard maintenance.
Polygon Labs hopes that senators will consider their letter and amend the bill to provide greater clarity and fairness for the cryptocurrency industry. The company believes that blockchain technology has the potential to transform various areas of the economy and society and that the US should not miss this opportunity to become a global leader in this area.
The cryptocurrency market experienced a sharp decline on Tuesday as Bitcoin fell below $25,850 for the first time in almost a month. The decline was triggered by speculation that FTX, one of the largest crypto exchanges, may sell some of its shares to fund its recent acquisitions and expansion plans. FTX has denied any plans to sell its crypto assets, but investors remain cautious about the potential impact of such a move on market liquidity and sentiment.
Instacart IPO valuation. Instacart, which was valued at a whopping $39 billion in a 2021 fundraising round, is now seeking a more modest valuation of $8.6 billion in its upcoming IPO. This is according to the Wall Street Journal, which notes that the online delivery app’s upcoming listing on the Nasdaq Stock Exchange (under the ticker symbol CART) will still be “an indication of the IPO market.” (Assets)
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