September 27, 2023
Welcome to Morning Blockchain, where we serve up a can of knowledge to power you through the week. In today’s edition, we explore Fhenix’s privacy-focused smart contract platform, Kraken’s gratitude for supportive regulations, and Cartesi’s practical dapp launch. Plus, we discuss the importance of crypto advocacy in Washington D.C., Immunefi’s decentralized bug bounty system, and the ongoing debate over regulatory oversight. So crack open an energy drink and let’s dive into the world of blockchain and cryptocurrency!
Fhenix raises $7 million in seed round led by Multicoin Capital Blockchain platform Fhenix has raised $7 million in a seed round to develop its privacy-focused smart contract platform, using fully homomorphic encryption to enable computation of encrypted data without exposing the underlying information, addressing the lack of encryption for commercially sensitive data in the Ethereum ecosystem and providing users with the confidence to put sensitive data on public blockchains while maintaining privacy. Kraken Pushes Forward on Expansion in Spain, Ireland With Key Regulatory Steps Kraken, a major cryptocurrency exchange, expresses gratitude for the supportive regulatory environment in Europe, particularly in Ireland and Spain, which enables them to confidently expand and invest in the vibrant fintech sectors of these countries. Cartesi rollup network goes live with first app Honeypot Cartesi, a Layer 2 network, has launched its first decentralized app (dapp) called Honeypot on the Ethereum mainnet, allowing developers and ethical hackers to test the security of Cartesi’s base code in exchange for a bounty reward, demonstrating the practicality and potential of its app-specific rollup protocol for blockchain and cryptocurrency applications. Celestia is airdropping 60 million tokens in bid to build its network Celestia is conducting a Genesis Drop by distributing 60 million tokens to developers and onchain addresses, allowing them to purchase blobspace and launch their own blockchain using Celestia’s modular blockchain architecture, which separates consensus from execution, making it easier for developers to create decentralized blockchains. This article is relevant to blockchain and cryptocurrency because it discusses the token distribution and the technology behind Celestia’s mission to empower developers and scale blockchain networks. Ripple taps former Obama White House official to head U.S. public policy Lauren Belive, a former White House employee, has joined Ripple as the head of U.S. public policy and government, highlighting the increasing importance of crypto advocacy in Washington D.C. as the industry seeks regulatory clarity and support to prevent activity from going offshore, and Ripple itself is currently involved in a lawsuit with the SEC over the classification of its XRP token. Immunefi launches on-chain vaults in effort to decentralize bug bounties Immunefi is decentralizing the web3 bug bounty space by launching an on-chain vaults system, which allows crypto projects to deposit assets into their own sovereign vault to pay bug bounty rewards to security researchers, fostering transparency and trust within the community and improving the bug-hunting experience, with the goal of boosting participation and providing a frictionless payment experience for bounty programs. Lawmakers urge Gensler to allow spot bitcoin ETFs ‘immediately’ A group of lawmakers from both the Republican and Democratic parties are urging SEC Chair Gary Gensler to approve the listing of a spot bitcoin exchange-traded fund (ETF) following a court ruling that stated the SEC must re-review its bid for a spot bitcoin ETF; the lawmakers argue that a regulated spot bitcoin ETF would increase investor protection and make access to bitcoin more transparent and safer, and they believe the SEC’s current differential treatment of spot bitcoin ETFs and bitcoin futures ETFs is untenable moving forward. Gensler calls for crypto compliance ahead of Wednesday hearing SEC Chair Gary Gensler reaffirmed his position that most cryptocurrencies and crypto firms are subject to federal securities laws, citing the need for regulation to address noncompliance and protect investors, which is relevant to blockchain and cryptocurrency as it highlights the ongoing debate and potential implications of regulatory oversight on the industry. Circle launches EURC stablecoin on Stellar network Circle has launched a euro-backed stablecoin on the Stellar blockchain, allowing for low-cost, near-instant transactions and potential enhancements to European remittance corridors, cross-border payments, treasury management, and aid disbursement, with the stablecoin also being integrated into aid disbursement and cash assistance systems and available in Ripio’s in-app crypto wallet in Spain. Alchemy acquires blockchain data indexing platform Satsuma Alchemy, a web3 developer infrastructure firm, has acquired Satsuma, a blockchain data indexing platform, to help developers build apps faster by extracting and transforming blockchain data, making it relevant to blockchain and cryptocurrency as it addresses pain points for developers in the industry. IRS Proposed Rule on Digital Asset Broker Reporting Could Kill Crypto in America The IRS has been slow in providing clear and informed guidance on tax matters for the digital asset ecosystem, and their recent guidance on taxing staking rewards fails to consider the complexities of staking, highlighting the need for timely and accurate information in the blockchain and cryptocurrency space.