NEW YORK and LONDON and SINGAPORE, Nov. 11, 2024 /PRNewswire/ — Taiko, Ethereum‘s first based rollup network, has just enabled multiple Zero-Knowledge (ZK) proofs powered by Succinct and RISC Zero. This enhanced multi-proof architecture, that currently includes SGX proofs, will help secure the network’s 5 million daily transactions.

As ZK-tech is still early in its development, Taiko’s multi-proof approach aims to address any possible bugs or concerns brought by a single proving system. The implementation of multiple provers allows for more oversight and strengthened security.

“We still appreciate SGX proofs but we have to acknowledge that they have the potential to be buggy. Now with ZK proofs, we can override this concern with them acting as another level of security. We’re aiming to add more ZK proofs when they become available, or even combine different types of ZK proofs into a single proof. Until ZK systems are fully mature and audited, the multi-proof setup is very important for us,” said Yue, Taiko’s proving-system engineer.

Taiko will now require 3% of all blocks proposed by its fallback proposer Taiko Beats to have either Succinct or RISC Zero proofs. This limited requirement is implemented to allow community proposers time to prepare. Taiko’s goal is to extend ZK proof requirements to all proposers in the near future.

In 2025, the percentage of blocks proven by ZK will ramp to 100%, positioning Taiko as a fully ZK-based rollup.

“Taiko is on the right path to scaling Ethereum the right way,” said Daniel Wang, Taiko cofounder.

Multi-proof designs are key in ensuring security for based rollups, especially when their contracts on Ethereum are immutable and cannot be swiftly upgraded or reconfigured by a controlling party.

With ZK proofs adding assurance without reliance on trusted parties, this multiple prover approach aligns with Ethereum‘s evolving vision for a trustless, secure ecosystem. This was even recently highlighted as the future of ZK technology by Vitalik Buterin, Ethereum‘s founder.

View original content to download multimedia:https://www.prnewswire.com/news-releases/taiko-enables-multiple-zk-proofs-on-mainnet-for-enhanced-security-302301147.html

SOURCE Taiko Labs

Featured Image: depositphotos @ jirkaejc

Disclaimer

Key development reinforces QCP Trading’s commitment to regulatory excellence in Singapore.

SINGAPORE, Nov. 11, 2024 /CNW/ — QCP Trading Pte. Ltd. (“QCP Trading”), has received an In-Principle Approval (“IPA”) for a Major Payment Institution (“MPI”) License from the Monetary Authority of Singapore (“MAS”). The IPA represents an essential step toward full licensing, allowing QCP Trading to prepare to offer regulated spot trading services for digital payment tokens.

The IPA reinforces QCP Trading’s dedication to Singapore’s high regulatory standards, marking a key step towards the eventual goal of providing compliant, innovative, and efficient solutions for clients. QCP Trading aims to provide spot trading for a wide range of stablecoins and major digital tokens supported by its comprehensive on/off ramping services in multiple currencies. Leveraging 24/7 support, seamless API integration, dedicated voice trading capabilities and same-day settlement through its local banking partners, QCP Trading aspires to build a leading spot franchise and position itself as one of the most price-competitive players in the digital asset space.

“As we pursue the full MPI license, we remain focused on supporting Singapore’s growing reputation as a leader in digital asset regulation,” said Darius Sit, Founder of QCP Trading. “We take pride in our ability to remain agile and responsive to both global and local market conditions, which is the key to success in this rapidly evolving sector. This latest milestone for QCP Trading reinforces our belief in the importance of a strong regulatory foundation for sustainable growth and positioning ourselves to be a trusted partner of choice in the digital asset space.”

“QCP Trading aims to champion robust governance frameworks and our early recognition of the critical role of regulation has proven to be a strategic foresight,” Melvin Deng, Chief Executive Officer of QCP Trading added. “We reaffirm our dedication to fostering strong partnerships in Singapore and look forward to working closely with the MAS to achieve the MPI license.”

With Singapore at the core of its strategy, QCP Trading aims to grow the local team, prioritizing the recruitment of exceptional talent to facilitate its ongoing growth and ensure adherence to local regulations. QCP Trading is dedicated to delivering institutional-grade solutions in digital assets spot trading, positioning itself as a trusted partner in Asia and beyond.

About QCP Trading

QCP Trading is the dedicated OTC spot trading arm of QCP Group, providing institutional clients with secure, compliant, and efficient spot trading solutions. QCP Trading offers a wide array of services such as on/off ramping, seamless API integration, and personalized voice trading channels, ensuring a smooth and tailored trading experience with quick settlement times.

QCP Trading has received the IPA from MAS for an MPI License to provide digital payment token services for OTC spot trading in Singapore.

More information can be found at www.qcpgroup.com.

Media Contact

Elisha Thiara – elisha.thiara@qcp.capital 

View original content:https://www.prnewswire.com/news-releases/qcp-trading-receives-in-principle-approval-for-major-payment-institution-license-in-singapore-302300849.html

SOURCE QCP

Featured Image: depositphotos @ merznatalia

Disclaimer

SINGAPORE, Nov. 8, 2024 /PRNewswire/ — Alchemy Pay, a world-leading fiat-crypto payment solutions provider, is excited to announce that it has secured 4 additional U.S. Money Transmitter Licenses (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming. These new licenses bring Alchemy Pay’s total to 8 U.S. state licenses, following its earlier approvals in Arkansas, Iowa, New Hampshire, and New Mexico. This accomplishment further underscores Alchemy Pay’s dedication to regulatory compliance and building a trusted infrastructure in the U.S. market.

With these 4 new licenses, Alchemy Pay can now expand its secure and regulated crypto services to residents and businesses across these states, enhancing accessibility for users looking to seamlessly transact between fiat and cryptocurrencies via its on and off-ramp service. This development aligns with Alchemy Pay’s dedication to setting high standards for compliant growth in Web3—a landscape now seen as especially promising under the recent pro-crypto sentiment in the U.S. market.

“Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy,” said Romeo Luo, Chief Revenue Officer at Alchemy Pay. “Securing MTL licenses in Minnesota, Oklahoma, Oregon, and Wyoming strengthens our foothold in the U.S. market, where the crypto economy is poised for tremendous potential. We’re proud to be setting high standards in the evolving Web3 landscape, especially in the U.S., a market with vast opportunities for growth.”

Alchemy Pay’s compliance-first approach ensures its services meet each state’s regulatory framework, building a foundation of trust for its partners and users alike. Already trusted by over one million registered users globally, Alchemy Pay has processed millions in transaction volume yearly and is recognized by leading payment giants Visa and Mastercard as an authorized third-party service provider. Additionally, Alchemy Pay is registered as a Money Services Business (MSB) in Canada, further solidifying its commitment to global compliance. The company continues to pursue additional licenses across key regions, including Hong Kong, Australia, South Korea, Singapore, and Europe, with a target of securing 20 new licenses globally to further its vision of a connected, compliant crypto economy.

With its growing regulatory network, Alchemy Pay is positioned to empower Web3 projects, exchanges, and wallets across the U.S. to confidently expand their operations and drive crypto adoption. The acquisition of these MTLs underscores Alchemy Pay’s commitment to a secure, accessible, trustworthy and scalable crypto payment ecosystem that thrives in both the U.S. and the global market.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.

Website Twitter LinkedIn Medium YouTube Telegram Discord

View original content to download multimedia:https://www.prnewswire.com/news-releases/alchemy-pay-expands-us-compliance-with-four-new-money-transmitter-licenses-302299977.html

SOURCE Alchemy Pay

Featured Image: depositphotos @ artefacti

Disclaimer

DUBAI, UAE, Nov. 8, 2024 /CNW/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in partnership with Block Scholes, today released its latest post-election crypto derivatives analytics report. The report dives deep into the market behavior following the conclusion of the 2024 U.S. election, revealing a clear shift towards renewed bullishness and a strong appetite for leveraged long positions.

Market Behavior in Focus

With election uncertainty now behind, the report shows that traders are leaning strongly toward leveraged long positions, especially in perpetuals and futures contracts. Short-term volatility has decreased, and BTC’s price structure has leveled out, suggesting a more stable market. The steady trading activity over the weekend further highlights the ongoing strong interest in crypto assets.

Key Findings:

• Sharp Decline in Short-Term Volatility: As election uncertainty cleared, short-term implied volatility for both BTC and ETH witnessed a significant drop.
• Flattening of BTC Term Structure: While the term structure for BTC flattened, ETH‘s evolved into a steeper curve, potentially reflecting increased long-term uncertainty surrounding Ethereum.
• Resurgence of Leveraged Positions: Following a pre-election reduction, leveraged positions have bounced back strongly. Open interest in both perpetuals and futures contracts has climbed, indicating a willingness to embrace risk once again.
• Record High Positioning: Despite the election risk subsiding, positioning across all markets is near all-time highs, showcasing a keen interest in maintaining leveraged long exposure as BTC reaches new records.
• Robust Trading Volumes: Trading volumes remained robust throughout the week, even over the weekend, highlighting sustained market activity.
• Renewed Interest in Directional Bets: Perpetual swap open interest mirrored the trend seen in futures contracts. A decline during pre-election turbulence was followed by a sharp rise as the election outcome became clear, suggesting renewed focus on directional bets to capitalize on positive post-election movement.
• Increased Options Interest: Despite subdued option trading volumes, open interest for BTC options has surged. This points towards a growing interest in positioning for potential long-term volatility in the aftermath of the election.

Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: https://learn.bybit.com/crypto-insight/bybit-x-block-scholes-crypto-derivatives-analytics-report-nov-6-2024/ 

#Bybit / #TheCryptoArk /#BybitResearch

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

View original content to download multimedia:https://www.prnewswire.com/news-releases/bybit-and-block-scholes-uncover-post-election-bullish-sentiment-traders-lean-into-leveraged-longs-amid-stabilized-market-302299964.html

SOURCE Bybit

Featured Image: depositphotos @ piter2121

Disclaimer

In the aftermath of the 2024 election, the cryptocurrency industry has solidified itself as a key player in the U.S. political arena. With the GOP now controlling the presidency and the Senate, crypto PACs (Political Action Committees) have successfully backed candidates who support crypto regulation reform. The election results reveal a notable gap in the Democrats‘ approach to crypto regulation, highlighting missed opportunities that could have given the party an edge in managing the rapidly expanding blockchain and digital asset sectors.

Crypto’s Call for Regulatory Clarity

For years, leaders in the crypto industry have been pushing for clear, fair regulations. While industry insiders held bipartisan discussions and encouraged transparency, many Democratic leaders dismissed digital assets as risky, associating them with scams or criminal activity. This resistance hindered efforts to create a balanced crypto regulatory framework that would foster innovation and protect consumers.

Crypto advocates hoped that Democrats would consider the broader economic benefits of blockchain, but instead, the Democrats’ stance left a vacuum in policy. This gap allowed conservative-backed candidates, especially those aligned with the pro-crypto movement, to emerge as champions of crypto innovation, promising a friendlier regulatory environment.

Crypto’s Shift to the GOP

As Democrats held back, crypto leaders found support in MAGA-aligned GOP candidates, who endorsed a more hands-off approach to financial regulation. With a GOP-controlled Congress, the industry is now positioned to push for reforms like FIT21, a proposed policy that could move crypto oversight from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). This shift would reduce SEC’s stringent controls over digital assets, a move that many crypto companies believe will help the industry flourish.

However, while a GOP-led administration may favor deregulation, it also comes with potential downsides. The GOP’s Project 2025, a conservative blueprint that promotes executive power consolidation, could have unintended impacts on individual rights. With Trump and his supporters pushing a robust deregulatory agenda, financial freedom might expand for crypto, but at the possible expense of other freedoms.

The Impact on Marginalized Communities

One of the most significant concerns about the Democrats’ missed opportunity in crypto regulation is its impact on marginalized communities, particularly Black Americans. For many Black investors, crypto has been a gateway to financial independence, allowing them to bypass traditional financial barriers. Studies reveal that around 23% of Black Americans own cryptocurrency, a higher percentage than other demographic groups.

Crypto offers an accessible entry point for these communities to begin investing and building wealth. However, the GOP’s approach to financial regulation and its stance on social policies could undermine the progress these communities have made. Project 2025, for instance, promotes restrictive social policies that may clash with the values of diverse crypto users who view digital assets as tools for empowerment.

Crypto PACs and Their Rising Influence

The 2024 election cycle saw crypto PACs like Fairshake, Defend American Jobs, and Protect Progress investing millions to support pro-crypto candidates. These PACs, backed by major crypto players like Coinbase (NASDAQ:COIN) and Ripple Labs, channeled funds to candidates who promised to create a favorable regulatory landscape for digital assets. Fairshake alone became the largest single-issue PAC in history, spending over $40 million on candidates like Bernie Moreno, who unseated Democratic incumbent Sherrod Brown in Ohio.

Such investments underscore the crypto industry’s dedication to influencing policy. However, some observers worry that massive spending on political campaigns could drown out the voices of communities that depend on crypto for financial freedom, shifting power to large corporations and diluting crypto’s promise as a democratizing force.

A Missed Opportunity for the Democrats

The Democrats’ reluctance to engage meaningfully with the crypto industry has not only cost them a foothold in financial innovation but also a chance to foster inclusion. Surveys by organizations like Paradigm show that Black Americans are more likely to view crypto as a tool to bridge the racial wealth gap. Democrats could have leveraged this sentiment, aligning with crypto advocates to support policies that balance innovation with protection.

By dismissing crypto, the Democrats have given up an opportunity to shape a regulatory framework that aligns with their values of fairness and inclusion. Now, under a GOP-led administration, crypto may see a friendlier regulatory climate, but it remains to be seen how much of this will benefit the communities who initially found financial hope in digital assets.

What Lies Ahead for Crypto and the Democrats

With Trump back in office and a crypto-supportive Congress, Democrats must reassess their stance if they want to regain influence over this sector. Crypto PACs have demonstrated their power, showing that financial empowerment can be a persuasive political tool. To stay relevant, Democrats may need to approach crypto with an open mind, engaging with industry leaders to create policies that foster innovation without sacrificing consumer protection.

Crypto’s journey in the U.S. political landscape is far from over. As Project 2025 gains momentum, the very communities that turned to crypto for financial freedom may face new challenges under the GOP’s conservative agenda. The question now is whether the crypto industry will rise to fulfill its promise of financial inclusion or prioritize corporate gains.

For Democrats, the lesson is clear: innovation cannot be ignored. By sidelining crypto, the party has missed a crucial moment in economic transformation—one with the potential to empower millions.

Featured Image: Freepik

Please See Disclaimer