| Binance Labs invests in five projects again; EDX Markets, an exchange endorsed by Fidelity and others, will be launched soon (June 21)

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Binance Labs Has Invested in Five Projects in Incubation Program Season 5, Including Bracket Labs, zkPass, and More

headlines

Binance Labs Has Invested in Five Projects in Incubation Program Season 5, Including Bracket Labs, zkPass, and More

Odaily News Binance Labs has invested in five selected projects in the fifth season of its incubation plan, namely Bracket Labs, a leveraged structured product project on the chain, dappOS, a Web3 operating protocol, Kryptoskatt, a fully encrypted network, Mind Network, a decentralized Authentication solution zkPass.

In addition, the sixth season of the Binance Labs Incubation Program will be launched soon, and the application process for the sixth season will be open on a rolling basis.

KuCoin Responds to Rumors: Everything on the Platform Is Normal and User Funds Are Safe

Odaily News In response to the recent rumors in the community that "team members were taken away for investigation", KuCoin responded that it has seen a few rumors recently, and thank you for your concern. Everything on the KuCoin platform is running normally, and users' assets are absolutely safe.

KuCoin also stated that in 2021, KuCoin will withdraw users from mainland China, has no business in mainland China, and its team members are all located overseas. (Block Beats)
EDX Markets, an encrypted trading platform supported by fund giants such as Fidelity and Charles Schwab, will be launched soon
EDX Markets is a non-custodial exchange and does not directly deal with customers' digital assets or serve individual investors directly. EDX Markets said it will offer trading in four cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. It is worth mentioning that these assets are not recognized as securities by the US SEC. (Wall Street Journal)

Industry news

In September last year, Charles Schwab, Citadel Securities, Fidelity Investments, Sequoia Capital, Paradigm and other companies announced the joint launch of the encrypted exchange EDX Markets. EDX Markets will be led by CEO Jamil Nazarali, CTO Tony Acuña-Rohter and General Counsel David Forman.

Industry news
Deutsche Bank Applies to BaFin for License to Provide Custody Services for Digital Assets
Odaily News Deutsche Bank AG has applied for a regulatory license to provide custody services for digital assets such as cryptocurrencies.
“We are building out our own digital assets and custody business,” David Lynne, head of the bank’s commercial banking division, said at a conference on Tuesday. “We have just submitted an application for a digital asset license to the German securities regulator, BaFin.”

Lynne said the move was part of a broader strategy for Deutsche Bank to increase fee income from its corporate banking business. It also reflects efforts by DWS Group, the investment arm of Deutsche Bank, to expand revenue from digital asset-related products.

Deutsche Bank's corporate banking unit initially hinted at plans to launch digital asset custody in late 2020, but never specified when it planned to launch the service. The department was run by Stefan Hoops at the time and Lynne took over a year ago when Hoops joined DWS as CEO. (Bloomberg)
European Investment Bank Issues SEK 1 Billion Blockchain-Based Digital Bond Climate Awareness Bond
Odaily News The European Investment Bank (EIB) has issued Climate Awareness Bond, a blockchain-based digital bond backed by an environmentally incentivized node infrastructure.
It is said to be the first blockchain-based bond registered on the official list of securities of the Luxembourg Stock Exchange and listed on the Luxembourg Green Exchange. The bond will run on So|bond, a recently launched sustainable blockchain digital bond platform.

Binance is integrating the Bitcoin Lightning Network for user deposits and withdrawals

It is understood that So|bond allows the issuance, trading and settlement of digital bonds, and provides environmentally friendly incentives for its node operators. (Cointelegraph)
Binance is integrating the Bitcoin Lightning Network for user deposits and withdrawals
Odaily News Binance tweeted that it is integrating the Bitcoin Lightning Network for users' recharge and withdrawal operations. There is still more technical work to be done and an update will be made when the Lightning Network is fully integrated.

As previously reported, CZ stated in an AMA on May 31 that the Lightning Network cannot pre-generate addresses. If it were to implement the Lightning Network, Binance would have to do something very different security-wise, but it's not as simple as installing and using a wallet, there are many security considerations behind the scenes. However, the team is very familiar with the Lightning Network, so they are working on various solutions.

According to CZ, Binance may first enable small-amount Lightning Network transactions. He doesn't know the exact date, but the team has done a detailed study. “Ultimately, I think every exchange has to support Lightning Network. The sooner we do it, the better. Then users can enjoy the benefits of it, such as cost savings and faster transactions. This will be a beneficial innovation for the future, Especially good for Binance Pay and other wallet services.”
Binance plans to launch the XIRTAM claim contract to help victims recover their losses

Odaily News According to community news, Binance responded to the event that XIRTAM deposited Rug Pul funds into Binance, saying that it is working hard to allow victims of the XIRTAM project to claim their losses directly from the smart contracts deployed by Binance on the Ethereum and Arbitrum networks . Binance expects to have this initiative ready as early as today. We thank users for their patience and understanding during this time. Please continue to monitor the announcement for further information.

Odaily asked Binance for confirmation, and the response was indeed issued by Binance officials.
FTX Paid Over $120M in Legal, Consulting and Financial Services Fees Between February and April
Odaily News According to the expenses and expenses document filed by FTX bankruptcy consultants on June 15, FTX paid $121.8 million in legal, consulting and financial services fees and expenses between February 1 and April 30.

Among them, the law firm of Sullivan & Cromwell collected $37.6 million in fees during the period, accounting for 30.9% of the total fees and expenses. Investment bank Jefferies charged the lowest, at 0.6 percent of total fees and expenses. Alvarez and Marsel's restructuring consultants collected $37 million, with more than $1.1 million in fees including $51,225 for meals, $149,155 for lodging and $1,995 for other miscellaneous expenses.

According to the filing, FTI Consulting spent approximately 686.8 hours on a workflow called "Exchange Reboot" and was charged $761,997.70. (The Block)
Foreign media: Haru Invest partner B&S Holdings will have 0 sales in 2021 and 2022
Odaily News Haru Invest's entrusted operator B&S Holdings will have sales of 0 won in 2021 and 2022. In addition, in 2021 and 2022, B&S Holdings' sales and management expenses will be 1,142,340 won and 162.96 million won, respectively, with a loss of about 1,140,000 won and 181.04 million won, respectively. The capital of B&S Holdings in 2022 is about -143.12 million won, and it is in a state of complete capital loss. (Digital Asset)
As previously reported, digital asset management platform Haru Invest said it was doing its best to expedite a fact-finding investigation into the fraudulent practices of entrusted operator B&S Holdings (formerly known as Aventus).

Haru Invest said it was unable to provide earnings reports for Earn Explore because it was still investigating whether and to what extent investors' assets had lost value. Haru Invest will provide a supplementary report as soon as possible, please be patient.

Also, for Earn Plus, earnings are paid according to their product terms and conditions. However, if losses occur in such circumstances, the actual revenue that users will receive may be reduced.

Crypto Asset Manager Sandbank Has Suspended New Deposits and Investing Features

Odaily News South Korea’s encrypted asset management and investment service company Sandbank issued a document saying that the current withdrawal and asset management functions can be used normally. Until the market stabilizes, new deposit and investment functions have been suspended, and ongoing investment projects can be withdrawn after they expire.

On-chain sleuth ZachXBT claims blackmail threat from Twitter user

Slow Mist: Cryptocurrency Stealer Mystic Stealer Can Target Wallets, Browsers, and Extensions

Project News

Odaily News SlowMist Chief Information Security Officer 23 pds tweeted that a new cryptocurrency theft software Mystic Stealer has appeared recently, which can attack 40 browsers, 70 browser extensions, and cryptocurrency wallets, such as MetaMask and Coinbase Wallet , Binance, Rabby Wallet, OKX Wallet, OneKey and other well-known wallets. Mystic Stealer is currently the most popular malware, please be aware of the risks.

Project News
Arbitrum DAO community proposal proposes activating support for account abstraction endpoints on One and Nova

The Odaily News Snapshot voting page shows that the Arbitrum DAO community initiated a proposal to "activate support for account abstraction endpoints on One and Nova". Voting closes on June 27, and the current approval rating stands at 99.87%.

According to the proposal, as part of the broader development of account abstraction standards and tooling, Ethereum researchers propose a new RPC endpoint eth_sendRawTransactionConditional to adapt the L2 sequencer to the specific needs of the ERC-4337 bundler. Offchain Labs contributed to this new approach by developing, testing, and incorporating the necessary adjustments to support Arbitrum sequencer endpoints into Nitro v.2.0.14. The release is now live on the Arbitrum testnet. The AIP recommends that Arbitrum DAO activate support for this endpoint on the One and Nova mainnets.

Linea Public Testnet Loyalty Program Linea Voyage Extends Week 7 by Two Days

Odaily News Linea, a zkEVM project under ConsenSys, announced that the 7th week of its public testnet loyalty program Linea Voyage will extend the duration of the social and entertainment week by two days. Users have until June 21 at 23:59 EST to perform the task.
The Aave community voted on the popularity of the "GHO Liquidity Pool" proposal
The Odaily News Snapshot page shows that the Aave community is voting on the heat check vote on the proposal of "Aave's native stablecoin GHO liquidity pool".

According to the proposal, GHO is expected to be launched in the near future, thus demonstrating the initial liquidity strategy to the community. The strategy consists of primary and secondary liquidity pools, with the potential to include some liquidity pools in the Aave Security Module (SM) at a later date.

The proposal proposes three main liquidity pools, namely GHO/bb-a-USD, LST/GHO, and GHO/LUSD. Voting will close on June 23.

Decentralized trading platform Slingshot's official tweet was stolen and released false airdrop information

Odaily News Web3 anti-fraud platform Scam Sniffer tweeted that the official Twitter account of the decentralized trading platform Slingshot was hacked by scammer Pink Drainer, who posted a fake website link and claimed that users can claim airdrop tokens. Users should pay attention to risks and do not click on related links.
Blur's mobile terminal already supports functions such as scanning goods, buying first and paying later

Odaily News NFT transaction aggregation platform Blur tweeted that the Blur mobile terminal has supported functions such as scanning, bidding, listing, lending, buy now, pay later, and manage investment portfolios.

In addition, users can browse all NFT collections on Blur without logging in on desktop and mobile.

The NFT trading protocol Sudoswap has fully open sourced the V2 contract

Odaily News NFT trading protocol Sudoswap tweeted that the V2 contract is fully open source and available on GitHub based on the AGPL v3 copyleft license.
Tabi announces compensation for stolen Discord users
Odaily News Recently, Tabi, a BSC-based NFT game service platform, announced that it will compensate users who suffered theft on June 19. All users who reported the theft to Tabi Discord before 3:00 on June 20th, Beijing time can get compensation. In order to verify the stolen amount, the relevant user needs to provide transaction records.
Tabi expressed his apologies for the inconvenience and loss caused by the theft to affected users. Currently, Tabi is actively negotiating with the Discord team on measures to improve its user security protection and jointly maintain user assets.

Investment and Financing

It is understood that the hacker has launched attacks on the Discord of several Web3 projects, and the amount of profit can reach millions of dollars.

Investment and Financing
UK VC firm Illuminate Financial raises $235 million for its third fund
It is reported that the fund is the largest fund under Illuminate Financial and will invest in start-up companies that provide technical services for financial institutions. CB Insights data shows that fintech companies raised $15 billion in the first three months of 2023, down about 50% from a year earlier.

Australian Bitcoin Miner Arkon Energy Raises $26M and Acquires an Ohio Site

It is understood that Illuminate has also invested in several encryption companies, including digital asset market infrastructure company Copper, Blockdaemon, Baton Systems and institutional pledge platform Kiln. (Bloomberg)
Australian Bitcoin Miner Arkon Energy Raises $26M and Acquires an Ohio Site
The data center has a design capacity of 100 megawatts, and the company's computing power is expected to increase to 3.3 EH/s by the end of 2023. Arkon Energy said it hopes the facility will generate a predictable revenue stream by providing server hosting services for bitcoin miners. It is reported that the company uses renewable electricity for bitcoin mining.

DeFi privacy infrastructure Portal Gate completes $1.1 million seed round, led by Apollo Crypto

DeFi privacy infrastructure Portal Gate completes $1.1 million seed round, led by Apollo Crypto
Portal Gate will use this round of financing to expand its core team, accelerate the launch of the privacy pool on the main network, and plan to launch the main network in the third quarter. (PRNewswire)

Odaily News DeFi privacy infrastructure Portal Gate completed a $1.1 million seed round of financing, led by Apollo Crypto, and participated by founders of UpsideDAO, Greythorn Asset Management, Comma 3 Ventures, Gandel Invest, Rebase D. Ventures, Fork Ventures, and Ren Protocol.

EDX Markets announced the official launch and completion of a new round of financing, GSR Markets and others participated in the investment
Products available for trading on EDX include BTC, ETH, LTC, and BCH. Additionally, EDX will launch EDX Clearing later this year to clear trades matched on EDX Markets.
Products available for trading on EDX include BTC, ETH, LTC, and BCH. Additionally, EDX will launch EDX Clearing later this year to clear trades matched on EDX Markets.

Web3 infrastructure provider Parfin receives strategic investment from Accenture

In September last year, Charles Schwab, Citadel Securities, Fidelity Investments, Sequoia Capital, Paradigm and other companies announced the joint launch of the encrypted exchange EDX Markets. EDX Markets will be led by CEO Jamil Nazarali, CTO Tony Acuña-Rohter and General Counsel David Forman. (Business Wire)
Odaily News According to official news, Accenture announced a strategic investment in Web3 infrastructure provider Parfin through Accenture Ventures. The specific investment terms have not yet been disclosed.

global policy

According to reports, Parfin was founded in 2019, initially as a company planning to develop a regulated stable currency, and has now developed into an infrastructure provider that provides digital asset custody, trading, tokenization and management tools for financial institutions in Latin America. Parfin is currently developing Parchain, an EVM-compatible permissioned public chain, that will enable regulated entities to participate in DeFi and asset tokenization. Parfin CEO Marcos Viriato said the company plans to launch a token for Parchain by the end of the second or third quarter of this year

global policy
BIS Proposes Unified Ledger for CBDCs and Tokenized Assets to Enhance Global Financial System
Odaily News A new type of market infrastructure in the form of a unified electronic ledger could strengthen the global financial system, according to a report released Tuesday by the Bank for International Settlements (BIS).
According to reports, the ledger can combine CBDC and tokenized currencies and assets on a single platform, with the help of automated smart contracts, to power blockchain transactions including Ethereum.
“Combining central bank money, commercial money and different assets on the same platform, all tokenized and interacting with each other, will open up an A whole new possibility for the series."
The current monetary system is not seamless, and the new unified ledger will remove "delay and uncertainty," the report said. This envisioned financial system would provide new methods of securities settlement, combining all the individual steps into a single transaction, and provide wholesale CBDC with tokenized deposits with built-in regulatory checks, and could also reduce the cost of trade finance for small businesses.

The scope of this unified ledger could exceed the similar federated platform envisioned by the International Monetary Fund (IMF) for a CBDC. Global CBDC platforms could be more efficient and secure than traditional platforms, Tobias Adrian, director of the IMF's Monetary and Capital Markets Department, said in a speech on Monday.

The unified ledger would also require significant policy coordination across jurisdictions, the BIS report said. Shin said that while the mechanism used to influence transactions could be decentralized, the agency is not considering a permissionless blockchain. The next step would be for a group of central banks to jointly advance the project under a public policy mandate with the help of the private sector, which would handle most of the client-facing activities. (CoinDesk)
Japanese Crypto Exchanges Are Pushing to Loosen Margin Trading Rules to Boost Industry

Odaily News Japan's cryptocurrency exchanges are pushing to loosen restrictions on margin trading. According to the Japan Virtual and Encrypted Assets Trading Association, many in the industry want to allow retail investors to leverage up to 4 to 10 times, while customers can currently borrow up to double.

Genki Oda, the association’s vice-chairman, said in an interview that “reforming leverage rules could make Japan more attractive to cryptocurrency and blockchain companies, a move that would encourage more crypto transactions.” Oda added that Japan The crypto exchanges are in the process of reaching consensus on proposed leverage limits and may submit their proposals to the Financial Services Agency next month. (Golden Ten)
The Legislative Council of Hong Kong issued a summary of the "Development of Web3.0 Technology in Selected Places"
It is reported that this information summary is at the request of Mr. Wu Jiezhuang. The information research team of the Secretariat of the Hong Kong Legislative Council conducts research on the pioneering places that have developed Web3. The experience of Singapore, South Korea and the United Arab Emirates, as these regions are active in the development of Web3.0 technologies, has become a global or regional innovation hub.

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According to the Hong Kong Legislative Council Secretariat Information Research Group, the information brief "Development of Web3.0 Technology in Selected Places" explores the main features, basic technologies and applications of Web3.0, and will provide an overview of the recent development of Web3.0 in Hong Kong.

2. The key to achieving this is cross-chain proofs, and we need to optimize these proofs. ZK-SNARKs, waiting for Verkle proofs, or a custom KZG solution seem to be the best options.

1. To implement a cross-chain social recovery wallet, the most realistic workflow is to maintain a keystore in one location, and wallets in many locations, where the wallet either reads the keystore to update its local view of the authentication secret. key, or read the keystore during the process of verifying each transaction.
2. The key to achieving this is cross-chain proofs, and we need to optimize these proofs. ZK-SNARKs, waiting for Verkle proofs, or a custom KZG solution seem to be the best options.
3. In the long run, an aggregation protocol will be necessary to reduce costs by generating aggregation proofs to package all user-submitted operations. This may require it to be integrated into the ERC-4337 ecosystem, but may require changes to ERC-4337.
4. L2 should be optimized to minimize the latency of reading the L1 state (or at least the state root) from within L2. It is ideal that L2 directly reads L1 state and saves proof space.
5. Wallets can exist not only on L2, but also in systems with a lower level of connection to Ethereum (such as L3, or a separate chain that only agrees to contain the root of the Ethereum state).
6. However, the key repository should be on L1 or a high-security ZK-rollup L2. A lot of complexity can be saved on L1, but it is still likely to be too expensive in the long run, so it is more economical to keep the key repository on L2.
7. In this process, it is also necessary to work on providing privacy-preserving solutions, at least to ensure that the proposed solutions are compatible with privacy-preserving solutions.