• The California DMV has digitized 42 million vehicle titles on the Avalanche blockchain.
• The new system allows Californians to manage and transfer vehicle titles digitally through a mobile app.
• This digital process reduces the need for in-person DMV visits and aims to prevent lien fraud.
• The project was developed in collaboration with Oxhead Alpha and Avalanche.
• California residents will be able to access their digital car titles starting early next year.

The California Department of Motor Vehicles (DMV) has taken a big step into the digital age. The agency has put 42 million vehicle titles on the Avalanche blockchain. This move aims to make it easier for California’s 39 million residents to manage their car titles.

The DMV worked with tech company Oxhead Alpha and the Avalanche blockchain to create this new system. It will allow people to claim, manage, and transfer their vehicle titles through a mobile app. This is the first time a U.S. state has done something like this.

Andrew Smith, President of Oxhead Alpha, said that people today want to do more things online. He believes that using blockchain technology can make this possible in a secure way. The new system will let Californians handle their “pink slip” vehicle titles without having to go to the DMV or post office.

One big benefit of the new system is that it will speed up title transfers. With the old method, transferring a vehicle title could take up to two weeks. Now, it can be done in just a few minutes. This could save a lot of time for car buyers and sellers in California.

The blockchain system also aims to prevent fraud. The technology creates a clear, unchangeable record of who owns each vehicle. This makes it harder for people to commit lien fraud, where someone lies about whether a vehicle has a loan against it.

John Wu, President of Ava Labs, which helps develop the Avalanche ecosystem, said that blockchains are great tools for making things more efficient and protecting consumer data. He thinks these are important for government services.

The DMV plans to launch the mobile app for residents to access their digital titles early next year. They are still working on building the app and the system behind it.

This project is part of a bigger plan by California Governor Gavin Newsom to use blockchain in government operations. The state wants to use new technologies to make public services work better and be easier to use.

California’s move to digital vehicle titles could set an example for other states. If it works well, we might see more states using blockchain for government records and services.

The DMV’s use of blockchain is different from how the technology is often used. Many people associate blockchain with cryptocurrency or financial services. But this project shows how it can be used for everyday government services too.

California is known for being a leader in technology. The state has the largest tech workforce in the U.S., with 1.88 million workers. It has also added more tech jobs than any other state since 2010. This DMV project continues that tradition of tech innovation.

The digitization of vehicle titles is just one way blockchain is being used by governments. For example, Deloitte and Ava Labs are working on a system to help the U.S. government handle disaster relief applications more efficiently.

The post California DMV Digitizes Millions of Vehicle Titles on Avalanche (AVAX) Blockchain appeared first on Blockonomi.

• 21Shares has integrated Chainlink’s Proof of Reserve system for its Ethereum ETF (CETH).
• The integration aims to increase transparency of the ETH reserves backing the ETF.
• Chainlink’s system provides real-time reserve data and history, pulled directly from Coinbase.
• This follows 21Shares’ earlier integration of Chainlink PoR for its Bitcoin ETF.
• The move comes shortly after the launch of the first spot Ethereum ETFs in the US.

21Shares, a major crypto investment product provider, has taken a step to boost transparency for its Ethereum exchange-traded fund (ETF). The company announced it has integrated Chainlink’s Proof of Reserve (PoR) system for its 21Shares Core Ethereum ETF, which trades under the ticker CETH.

This integration allows investors to see real-time data about the Ethereum reserves that back the ETF. The PoR system pulls data directly from Coinbase, where the ETF’s assets are held. This means anyone can check the current amount of Ethereum held by the fund, as well as its reserve history.

Exciting news! 21Shares has integrated @Chainlink Proof of Reserve (PoR) on Ethereum to increase the transparency of the 21Shares Core Ethereum ETF’s (CETH) reserves.

This integration of Chainlink's Proof of Reserve ensures investors have real-time visibility into the Ethereum… pic.twitter.com/OivK5OASPS

— 21Shares US (@21shares_us) July 29, 2024

21Shares chose Chainlink for this task because of its strong track record. Chainlink has helped secure over $12 trillion in value for various blockchain markets. The company sees this integration as a way to build trust with investors.

Ophelia Snyder, co-founder and president of 21Shares, explained the decision:

“Chainlink Proof of Reserve has already been helping to enhance the transparency of our spot Bitcoin ETP since its initial launch, making the decision to leverage Chainlink’s industry-standard reserves verification service for our spot Ethereum ETP, CETH, a no-brainer.”

This move comes at an important time for crypto ETFs. Just last week, the first spot Ethereum ETFs were approved in the United States. These funds allow investors to gain exposure to Ethereum without directly owning the cryptocurrency. 21Shares’ CETH was one of nine such ETFs to start trading.

The launch of Ethereum ETFs is seen as a big step for crypto adoption. Snyder commented, “US approval of a spot Ethereum ETF serves as further evidence of crypto’s global momentum and adoption, bringing us one step closer to our mission to bridge the gap between traditional finance and decentralized finance.”

Johann Eid, chief business officer of Chainlink Labs, also highlighted the importance of this development:

“21Shares is playing an important role in supporting the adoption of digital assets, and the Chainlink platform is helping financial institutions realize the vision of seamless tokenization on a global scale.”

The integration of Chainlink’s PoR system isn’t new for 21Shares. In February, the company announced a similar integration for its Bitcoin ETF, which trades as ARKB. That fund has grown to manage over $3 billion in assets since its January launch.

These moves towards greater transparency come as the crypto industry faces increased scrutiny and demand for accountability. By making reserve data easily accessible, 21Shares aims to build confidence among investors who might be wary of crypto-based financial products.

The initial reception of Ethereum ETFs has been mixed. While eight of the new funds saw over $1 billion in net inflows, Grayscale’s ETHE experienced $1.5 billion in outflows. This suggests that investors are still adjusting to these new investment options.

The post 21Shares Adds Chainlink Proof of Reserve to Ethereum ETF appeared first on Blockonomi.

• Telegram has reached 950 million monthly active users, up from 900 million in spring.
• The surge in users is largely attributed to the popularity of crypto games on the platform.
• Games like Notcoin and Hamster Kombat have attracted millions of players.
• These games often use The Open Network (TON) blockchain, which Telegram originally created.
• Many new crypto games are emerging on Telegram, with some planning to launch their own tokens.

Telegram, the popular messaging app, has seen a significant increase in its user base, reaching 950 million monthly active users.

This growth, announced by Telegram’s founder and CEO Pavel Durov, represents a jump from 900 million users earlier this spring. The rapid expansion is largely due to the rising popularity of crypto games on the platform.

The surge in Telegram’s user numbers coincides with a boom in blockchain-based games that use the app as their primary platform.

These games often utilize The Open Network (TON), a blockchain system that Telegram initially developed but later handed over to external developers as an open-source project.

One of the first games to kick off this trend was Notcoin, a simple tap-to-earn game that allowed players to collect virtual coins with the promise of future cryptocurrency rewards. Notcoin attracted millions of users who hoped to convert their in-game earnings into real crypto tokens.

In May 2024, this promise was fulfilled when Notcoin launched its NOT token on the TON blockchain, supported by major cryptocurrency exchanges like Binance and OKX.

Following Notcoin’s success, another game called Hamster Kombat quickly gained traction. With cute hamster characters and various ways to earn rewards, Hamster Kombat became a global phenomenon.

By June, it had amassed 100 million users, and recent reports suggest the game now boasts over 250 million players worldwide.

The game’s popularity even caught the attention of the Iranian government, which expressed concerns about it potentially distracting citizens from an upcoming presidential election.

The success of these games has sparked a wave of new crypto games on Telegram. Titles like Yescoin, TapSwap, Catizen, PixelTap, W-Coin, and Musk Empire have emerged, each hoping to replicate the success of their predecessors.

Some of these games are planning to launch their own tokens, either on the TON blockchain or other networks like Ethereum.

Interestingly, while Telegram had distanced itself from TON in 2020 due to regulatory concerns, the company has since found ways to reintegrate the network. For example, Telegram now uses TON to share ad revenue with channel owners on the platform.

The crypto gaming trend on Telegram has also attracted investment interest. The Open Platform (TOP), a prominent developer in the TON ecosystem, recently invested in Pluto Studio, the creator of the Catizen game. Catizen has already attracted 25 million players, showcasing the ongoing popularity of these Telegram-based crypto games.

As Telegram approaches the milestone of 1 billion users, it’s clear that the platform’s embrace of crypto gaming has played a significant role in its growth. The combination of easy-to-play games, the promise of cryptocurrency rewards, and Telegram’s large, existing user base has created a fertile ground for these games to flourish.

The post Telegram Reaches 950 Million Users as Crypto Games Gain Popularity appeared first on Blockonomi.

Understanding QuickNode Functions

At its core, QuickNode Functions is a serverless computing platform specifically designed for Web3 applications. It allows developers to deploy lightweight, scalable code without the need to manage complex infrastructure.

This innovative approach brings the benefits of serverless architecture to the blockchain space, enabling developers to focus on writing code rather than worrying about server management and scaling issues.

Key Features and Benefits

1. Blockchain Optimization: Functions is built from the ground up with Web3 in mind. It comes with built-in access to popular blockchain development packages like ethers.js, web3.js, and the QuickNode SDK. This integration ensures that developers have the tools they need right at their fingertips.
2. Seamless Integration: Functions works in harmony with other QuickNode products like Streams and Key-Value Store. This integration allows for the creation of powerful blockchain ETL (Extract, Transform, Load) pipelines, enhancing data processing capabilities.
3. API-Ready: Every function deployed on the platform is automatically exposed as an API. This feature makes it incredibly easy to call functions from front-end applications or other services, streamlining the development process.
4. Global Performance: QuickNode’s infrastructure is globally balanced and auto-scaling, ensuring smooth operation even during peak loads. This robust backend support allows developers to build applications that can handle high traffic without worrying about server crashes or slowdowns.
5. Flexible Storage: Functions can seamlessly access and manage data stored in QuickNode’s Key-Value Store, providing a convenient solution for data persistence and retrieval.
6. Cost-Effective: With a pay-as-you-go model, QuickNode Functions offers a cost-effective solution for developers. Users only pay for the computing resources they actually use, with no upfront costs or long-term commitments.

Getting Started with Functions

Creating and deploying a function on QuickNode is a straightforward process. Developers can write their code directly in the Functions UI or upload it as a zip file.

At launch, Functions supports Node.js and Python, with plans to add support for other languages like Go, PHP, Ruby, Swift, Java, and even Docker containers in the future.

The platform provides a user-friendly interface where developers can set various parameters for their functions, including timeout limits, concurrency limits, and memory allocation.

Once deployed, functions can be activated manually through the QuickNode Developer Portal, set as a destination for a Stream, or called via API.

Functions Library: A Treasure Trove of Templates

One of the most exciting aspects of QuickNode Functions is the Functions Library. This growing collection of pre-built templates allows developers to quickly implement common Web3 functionalities with just a few clicks. Some notable examples include:

1. Estimate Gas Price: A function that provides real-time estimates of gas prices across multiple chains.
2. Compute Block Metrics: This template fetches comprehensive block analytics data, including active addresses, transaction counts, and more.

As the community grows, developers will have the opportunity to publish, share, and even monetize their own function templates, fostering a collaborative ecosystem of Web3 solutions.

Use Cases and Applications

The versatility of QuickNode Functions opens up a wide range of possibilities for blockchain developers. Some potential use cases include:

1. Real-time data processing and analysis
2. Custom API endpoints for dApps
3. Automated smart contract interactions
4. Token balance monitoring across multiple chains
5. Gas price optimization for transactions
6. Event-driven workflows triggered by blockchain activities

Pricing and Accessibility

QuickNode has structured its pricing model to be competitive and predictable. All QuickNode plans come with an included amount of GB-seconds, allowing users to start using Functions for free. For higher-tier plans (Discover+ and above), additional usage is billed at $0.0000159 per GB-second of compute.

QUICKNODE PLAN	DISCOVER	DISCOVER+	BUILD	SCALE	ENTERPRISE
Included GB-sec	300	500	1,000	3,000	Custom, tiered pricing*
Price per GB-sec	n/a	$0.0000159	$0.0000159	$0.0000159	Custom, tiered pricing*
API Datasets	Blocks, Transactions, Logs, and Receipts	Blocks, Transactions, Logs, and Receipts	Blocks, Transactions, Logs, and Receipts	+ Traces and all-in-one datasets	Custom datasets
Activate via Streams
Activate via API

This pricing structure ensures that Functions remains accessible to developers at all levels, from hobbyists to enterprise-scale operations. The pay-for-what-you-use model optimizes resource allocation and eliminates waste, making it a highly cost-effective solution for blockchain development.

The Future of Web3 Development

QuickNode Functions represents a significant step forward in the evolution of Web3 development tools. By abstracting away the complexities of server management and providing a blockchain-optimized environment, Functions allows developers to focus on what truly matters: building innovative decentralized applications.

As the Web3 ecosystem continues to grow and mature, tools like QuickNode Functions will play a crucial role in lowering the barriers to entry and accelerating the pace of innovation. The platform’s focus on ease of use, performance, and cost-effectiveness positions it as a potential game-changer in the blockchain development landscape.

Conclusion

QuickNode Functions is poised to revolutionize how developers approach Web3 projects. By combining the power of serverless computing with blockchain-specific optimizations, QuickNode has created a platform that addresses many of the pain points traditionally associated with decentralized application development.

The ability to rapidly deploy, scale, and iterate on Web3 projects without getting bogged down in infrastructure management will undoubtedly lead to faster development cycles and more robust decentralized solutions.

For developers looking to stay at the forefront of Web3 technology, QuickNode Functions offers an exciting opportunity to streamline their workflow and push the boundaries of what’s possible in the world of blockchain development.

As the platform continues to evolve and expand its capabilities, it may very well become an indispensable tool in the Web3 developer’s toolkit.

The post QuickNode Functions: Revolutionizing Web3 Development with Serverless Computing appeared first on Blockonomi.

• Telegram is launching a mini app store and an in-app browser with web3 support by the end of July 2024.
• The platform has become popular for tap-to-earn crypto games like Hamster Kombat, which gained 239 million users in 81 days.
• Telegram aims to combat scams by displaying registration info for public accounts and allowing third-party verification.
• The TON blockchain, associated with Telegram, has seen significant growth in total value locked, reaching over $760 million.
• Telegram has about 900 million monthly active users globally and ranks among the top 10 most downloaded apps.

Telegram, the popular messaging app with around 900 million monthly active users, is set to launch a mini app store and an in-app browser with web3 support by the end of July 2024. This move comes as the platform experiences a surge in blockchain-related activities, particularly in the form of tap-to-earn crypto games.

Pavel Durov, Telegram’s founder and CEO, announced these plans in his personal Telegram channel. He stated,

“2024 will go down in history as the year when hundreds of millions of people became familiar with blockchain. We’re proud that Telegram is at the epicenter of this societal transformation.”

The platform has recently become a hub for simple crypto games that utilize The Open Network (TON) blockchain. Games like Hamster Kombat, Notcoin, and Yescoin have gained massive popularity.

Hamster Kombat, for instance, attracted 239 million users in just 81 days, highlighting the potential for blockchain games to supplement players’ income.

These games have contributed to significant growth in the TON blockchain ecosystem. The total value locked (TVL) in TON has surpassed $760 million, up from $300 million in May. The network’s native token, Toncoin, has also seen substantial price increases, rising from about $2.30 at the start of the year to over $7.00.

However, the rapid growth and popularity of these games have also attracted scammers. To address this issue, Telegram plans to implement new security measures.

Durov announced that the app will soon display the month of registration and principal country for public accounts, similar to Instagram. Additionally, organizations will be able to use their mini apps to issue labels for channels, creating a decentralized marketplace for third-party verification.

The introduction of the mini app store is expected to further boost the development of blockchain-based applications on the platform. Telegram Mini Apps allow projects to deploy crypto applications directly within Telegram, accessible across various devices without additional installations.

In response to the growing interest in blockchain gaming on Telegram, Notcoin and Helika Gaming have announced a $50 million gaming accelerator program.

The post Crypto Gaming Boom: Telegram to Launch Mini App Store and Web3 Browser in July 2024 appeared first on Blockonomi.

• Polygon will migrate from MATIC to POL tokens on September 4, 2024.
• The upgrade is part of Polygon’s 2.0 roadmap to enhance its layer 2 ecosystem.
• POL will become the native gas and staking token for Polygon PoS.
• MATIC holders on Polygon PoS will be automatically upgraded to POL.
• Users on other platforms may need to manually migrate their tokens.

Polygon Labs has announced the migration from MATIC to POL tokens, scheduled for September 4, 2024.

This upgrade is a crucial step in Polygon’s 2.0 roadmap, aimed at enhancing its zero-knowledge-based layer 2 chains ecosystem and expanding the utility of its native token.

The POL token, introduced through an Ethereum contract on October 25, 2023, is designed to “power a vast ecosystem of zero knowledge-based layer 2 chains.”

In its initial phase, POL will replace MATIC as the native gas and staking token for the Polygon proof-of-stake (PoS) network. However, the Polygon community envisions a broader role for POL in the future.

According to current community consensus, POL will support expanded functionalities in the upcoming Polygon staking hub, slated for 2025.

These functions include block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs). This expansion aims to make POL a “future-proof native token” capable of supporting Polygon’s growing network of aggregated blockchains, known as the AggLayer.

To ensure a smooth transition, Polygon Labs launched the POL upgrade on its testnet on July 17, providing the community with approximately six weeks to identify and address potential issues before the mainnet migration.

This testnet phase is crucial for users, developers, and infrastructure providers to prepare for the upcoming changes.

For MATIC holders on the Polygon PoS network, the transition will be seamless.

Their tokens will be automatically upgraded to POL without any required intervention.

However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to take specific actions. Depending on their situation, they may need to bridge their tokens, update smart contracts, or use a migration contract for a manual upgrade.

Polygon Labs has provided detailed instructions for users to update their wallet settings for the most accurate view of on-chain assets during the MATIC-POL upgrade.

The company warned, “If users don’t update RPC settings in a wallet (MetaMask, Rabby, Zerion, etc.), the wallet may still display ‘MATIC’ instead of ‘POL’ as the token symbol for the native gas token for the Polygon PoS chain.”

This migration is part of a larger strategy outlined in Polygon’s “Polygon 2.0” roadmap, announced in 2023. The upgrade aims to make POL the main token for all Polygon networks, enhancing the ecosystem’s overall functionality and interoperability.

Polygon Labs is working on other initiatives to expand its ecosystem. The company recently announced a collaboration with the TON Application Chain (TAC) to bring Ethereum Virtual Machine (EVM) functionality to the TON ecosystem.

This integration aims to enable EVM-compatible decentralized applications (DApps) on TAC, further expanding Polygon’s reach and utility.

The post Polygon Announces MATIC to POL Token Migration for September 4 appeared first on Blockonomi.

• The Open Network (TON) is launching a trustless Bitcoin bridge called TON Teleport BTC.
• This bridge will allow users to bring Bitcoin to the TON blockchain for DeFi purposes.
• TON’s DeFi ecosystem has grown significantly in 2024, with total value locked reaching $745.96 million.
• TON is closely linked with Telegram and has seen growth in social gaming and DeFi applications.

The Open Network (TON), a blockchain platform closely associated with the Telegram messaging app, has announced plans to launch a new Bitcoin bridge. This development aims to expand the utility of Bitcoin within the growing TON ecosystem.

The bridge, called TON Teleport BTC, will allow users to transfer their Bitcoin to the TON blockchain in a trustless manner. This means that the process will be executed through smart contracts and verified by TON blockchain validators, without relying on a centralized authority.

Each Teleport BTC will be backed 1:1 by native Bitcoin, ensuring that users can maintain the security of their original assets while gaining access to new opportunities on TON.

Want to unlock new potential for your Bitcoin ₿ on #TON?

Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON!

Dive into this thread to learn more pic.twitter.com/M9gmUElvaJ

— TON (@ton_blockchain) July 17, 2024

Anatoliy Makosov, TON’s technical lead, explained,

“Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient.”

This bridge is expected to open up new possibilities for Bitcoin holders, allowing them to participate in decentralized finance (DeFi) activities on TON, such as using decentralized exchanges and lending platforms.

The announcement comes at a time when TON is experiencing significant growth. The network, which was initially created by Telegram for internal use but later abandoned and picked up by the community, has seen increased adoption and development in 2024. Telegram has re-established its connection with TON, using the network to power its ad reward system, which pays channel owners in TON’s native cryptocurrency for traffic and views.

Beyond its connection with Telegram, TON has been making a name for itself in the world of social gaming.

Tap-based casual projects like Notcoin and Hamster Kombat have gained popularity on the platform.

These games have attracted millions of players, with Telegram founder and CEO Pavel Durov claiming that Hamster Kombat alone had amassed over 239 million players by early July.

TON’s DeFi ecosystem has also experienced substantial growth. According to data from Defillama, a leading on-chain finance data provider, the total value locked on TON has risen from $22 million at the end of February 2024 to $745.96 million as of mid-July. This rapid increase indicates growing interest and investment in TON’s DeFi offerings.

The launch of the TON Teleport BTC bridge is expected to further boost this growth by bringing Bitcoin’s liquidity and user base into the TON ecosystem. The TON Foundation plans to launch the bridge later this year, although a specific date has not been announced.

The post New TON Teleport BTC Bridge to Connect Bitcoin with Telegram-Linked Blockchain appeared first on Blockonomi.

• TON Application Chain (TAC) is launching a new layer-2 network for the TON Blockchain ecosystem
• TAC will use Polygon’s Chain Development Kit (CDK) and AggLayer technology
• The layer-2 network will be Ethereum Virtual Machine (EVM) compatible
• This integration aims to bring EVM-based decentralized applications (DApps) to the TON ecosystem
• The project is backed by The Open Platform, an investor focused on the TON blockchain ecosystem

The TON (The Open Network) blockchain, known for its affiliation with the popular messaging app Telegram, is set to expand its capabilities with a new layer-2 network.

The TON Application Chain (TAC), announced on July 9 at the Ethereum Community Conference (EthCC) in Brussels, aims to bridge the gap between the TON ecosystem and Ethereum-based applications, potentially opening up new possibilities for Telegram’s vast user base.

TAC, backed by The Open Platform, an investor focused on the TON blockchain ecosystem, will leverage technology from Ethereum-focused layer-2 developer Polygon.

Specifically, TAC will utilize Polygon’s Chain Development Kit (CDK) and AggLayer interoperability protocol. This collaboration brings together the strengths of TON’s large user base and Polygon’s technical expertise in scaling solutions.

A key feature of the TAC project is its compatibility with the Ethereum Virtual Machine (EVM), which is akin to Ethereum’s operating system.

This compatibility is crucial as it allows developers who have built applications under the widespread Ethereum standard to easily port their projects to the new TAC layer-2 network within the TON ecosystem.

Pavel Altukhov, founder of TAC, emphasized the importance of this feature, stating,

“We chose to build on the Polygon ecosystem for its EVM compatibility, seamless availability of liquidity from EVM chains via AggLayer, comprehensive deployment support, and Polygon’s EVM expertise.”

The integration of EVM functionality is expected to significantly expand the range of applications available to TON network users. Potential use cases highlighted by the team include decentralized finance (DeFi) applications, gaming, and decentralized identity solutions.

Altukhov expressed particular optimism about the potential for DeFi and GameFi applications following the integration.

This development comes at a time when the TON ecosystem is experiencing significant growth. According to data from Messari, the number of daily active addresses on the TON network surpassed Ethereum during June 2024.

The expansion of the mini apps ecosystem within Telegram has driven the growth to 5.8 million monthly active on-chain wallets, a number that TAC’s integration is expected to amplify further.

The timing of TAC’s launch aligns with a broader trend of major blockchain companies pursuing their own layer-2 networks. Over the past year, companies like Coinbase, Celo, Worldcoin, and OKX have all announced or launched layer-2 solutions, primarily atop Ethereum. TAC’s approach is unique in that it aims to connect the TON ecosystem with the broader Ethereum landscape.

TAC’s founding team brings significant expertise to the project. It includes Michael Egorov, the founder of Curve Finance, a leading DeFi protocol. Egorov highlighted the potential impact of the collaboration, saying, “TAC can connect hundreds of millions of Telegram users with DeFi, possibly driving the next wave of DeFi adoption.”

Looking ahead, TAC is seeking to raise an additional $5 million in an external funding round to support its development and expansion.

The success of this layer-2 solution could have significant implications for both the TON ecosystem and the broader blockchain landscape, potentially bringing decentralized applications to Telegram’s estimated 800 million monthly active users.

The post TON Blockchain Expands with New Polygon-Powered Layer-2 Network appeared first on Blockonomi.

• Stobox, a tokenization company, has announced a strategic partnership with Stasis (EURS), a euro stablecoin issuer
• Stasis is a European Web3 fintech company that has issued EURS since 2018
• EURS is a stablecoin pegged to the Euro, available on 7 blockchains, and backed 1:1 with liquid euro balances
• Stobox will integrate EURS into its Stobox 4 tokenization platform, set for beta release in Q4 2024
• EURS complies with the EU’s Markets in Crypto-assets (MiCA) regulation
• This partnership aims to provide Stobox clients with a stable and compliant EUR token option

Stobox, a leading tokenization company, has announced a strategic partnership with Stasis, the issuer of the EURS stablecoin. This collaboration aims to integrate the euro-pegged stablecoin into Stobox’s ecosystem, providing users with a stable and compliant option for transactions and security token offerings.

Stobox, known for its innovative approach to tokenization, has been in the market for five years. With a portfolio of over 60 clients and more than $300 million in tokenized assets, the company has established itself as a key player in the digital asset space. Their upcoming Stobox 4 tokenization platform, developed using Fireblocks technical solutions, is set to enter beta testing in the fourth quarter of 2024.

Stasis, the partner in this venture, brings seven years of experience in the crypto market to the table. As a European Web3 fintech company, Stasis has positioned itself as a transparent and reliable euro stablecoin issuer. Their flagship product, EURS, has facilitated over €6 billion in on-chain value transfers since its launch in 2018.

EURS offers a digital alternative to the conventional euro, combining the benefits of cryptocurrency technologies with the stability of a major fiat currency.

Available on seven different blockchains, EURS provides users with robust security and immediate transaction capabilities. Importantly, all EURS assets are backed on a 1:1 basis with liquid euro balances or cash, with reserves held at the Lithuanian Central Bank.

One of the key advantages of this partnership is the compliance of EURS with the European Union’s Markets in Crypto-assets (MiCA) regulation. In today’s increasingly regulated cryptocurrency environment, this compliance provides an additional layer of confidence for users.

It ensures that transactions involving EURS operate within a clear and secure regulatory framework, addressing concerns about the stability and legality of digital transactions.

The integration of EURS into the Stobox ecosystem, particularly within the Stobox 4 platform, is expected to significantly enhance the company’s product offerings.

Stobox clients will have access to a reliable EUR stablecoin for various transactions and security token offerings. This not only broadens the financial tools available to Stobox users but also underscores the company’s commitment to providing top-tier, compliant, and innovative financial solutions.

Gene Deyev, CEO of Stobox, commented on the partnership:

“Our collaboration with Stasis represents a significant step forward in our mission to provide comprehensive and compliant tokenization solutions. The integration of EURS into our ecosystem will offer our clients a stable and regulated option for their digital asset transactions.”

Gregory Klumov, CEO of Stasis, added:

“We’re excited to partner with Stobox and bring EURS to their platform. This partnership aligns perfectly with our goal of making stable, compliant digital assets more accessible to a wider range of users and use cases.”

As the beta release of Stobox 4 approaches in Q4 2024, the industry will be watching to see how this partnership unfolds and what new possibilities it might unlock for digital asset management and tokenization.

The post Stobox and Stasis Announce Partnership to Integrate EURS Stablecoin appeared first on Blockonomi.

• EMURGO announced the launch of Anzens USDA stablecoin under new ownership by Encryptus
• USDA is a fully-backed stablecoin native to the Cardano blockchain
• Encryptus is an institutional-grade trading desk with off-ramping capabilities in over 80 countries
• The launch coincides with the EU’s Markets in Crypto-Assets (MiCA) regulation coming into force
• EMURGO will continue to support USDA as a technology provider

EMURGO, a founding entity of the Cardano blockchain, has announced the launch of the Anzens USDA stablecoin.

This fully-backed stablecoin, native to the Cardano network, will now be under the ownership of Encryptus, an institutional-grade trading desk.

The launch of USDA comes at a crucial time in the cryptocurrency market. Just last week, the European Union’s Markets in Crypto-Assets (MiCA) regulation came into effect, marking a new era of financial stability, consumer protection, and increased transparency in the stablecoin market.

This regulatory framework is expected to influence global standards, particularly in the $162 billion stablecoin market.

Encryptus, founded in 2021, brings valuable experience to the table. The company specializes in empowering high-volume users with secure and efficient crypto transactions, offering large-scale crypto pay-ins and payouts.

With a European license, VASP status in Lithuania, and off-ramping capabilities in over 80 countries, Encryptus is well-positioned to ensure regulatory compliance and user confidence.

One of the key features of USDA is its ability to provide users with autonomous asset management and seamless, affordable transactions.

This is particularly significant for users in frontier markets, as USDA aims to bridge the gap to critical financial services for both businesses and individuals. The stablecoin will offer access to these markets through affordable liquidity and simplified access to Web3 solutions.

EMURGO’s decision to launch USDA under new ownership comes after facing significant challenges in bringing the stablecoin to market last year. The company had promised to explore alternative ways to launch, and this partnership with Encryptus represents the fulfillment of that promise.

While Encryptus will take over ownership of USDA, EMURGO will continue to play a crucial role as a technology provider. The company will leverage its expertise in developing tokenization platforms to support Encryptus and assist in the seamless transition of USDA. This collaboration extends beyond USDA, as EMURGO is also positioned to support other businesses seeking to tokenize real-world assets.

The launch of USDA under Encryptus ownership brings several exciting features for users. These include worldwide off-ramps, allowing users to buy USDA against widely used currencies, and off-ramping capabilities in over 80 countries. The stablecoin also aims to connect emerging economies to developed ones by providing affordable liquidity and simplifying access to Web3 services.

Encryptus is not new to the Cardano ecosystem. The company has previously partnered with EMURGO, working with the Yoroi Wallet team to integrate an off-ramp solution for ADA-to-fiat conversions in the mobile version of the wallet. This prior experience with Cardano technology should prove valuable in the development and management of USDA.

As the transition period progresses, both EMURGO and Encryptus are actively collaborating to evolve and launch Anzens USDA.

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