Polygon and ETH working towards ETH 2.0, WhatsApp introducing crypto payment inside the app and much more..
Good Morning FinTech, 10 December
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Crypto markets have taken a hit again this week with Bitcoin down 14% and Ethereum 9.7% however S&P500 Index is showing a positive uptrend followed by both NASDAQ and DOW.
Polygon Spends $400M to Scale Ethereum–With ETH2 Around the Corner
Polygon has a war chest of MATIC tokens it's using to acquire Mir, a startup working on zero-knowledge proofs.
Ethereum 2.0 is supposed to solve Ethereum's congestion problem. But that doesn't mean Polygon, which has helped lower fees and ease demand pressure, is going away.
At its ZK Day event today, the scaling platform announced the acquisition of Mir protocol, a platform that uses "zero-knowledge proofs" for building decentralized applications away from the Ethereum network. According to Polygon, the deal will be worth as much as $400 million in MATIC tokens.
The acquisition confirms earlier rumors that the project would spend a sizable portion of the $1 billion it's committed to Ethereum scaling on a Mir acquisition. In August, Polygon merged with ZK-rollup project Hermez in a $250 million deal.
Zero-knowledge proofs are all about privacy—they're a cryptographic way of verifying something without handing over private information. Imagine having $100 in your pocket and being able to prove this without opening up your wallet. Mir takes that concept and runs with it so that developers can build whole applications with in-built privacy.
Meta's Novi, WhatsApp to Trial In-App Stablecoin Payments in US
Novi and WhatsApp are rolling out a trial to send cryptocurrency payments to a "limited number of people in the US," according to reports.
Meta's crypto project Novi announced today that a "limited number of people in the U.S." will be able to send cryptocurrencies through WhatsApp. Novi is Meta's—formerly Facebook's—cryptocurrency wallet.
Marketing materials accompanying the announcement suggest trial users would be able to send and receive the USD-pegged stablecoin Pax Dollar (USDP). In October, Paxos announced that it would be joining Novi by letting users buy USDP through the digital wallet. Tokens bought this way are to be custodied by Coinbase.
Congressional Hearing Spawns a Pack of Mongoose Coins
U.S. Representative Brad Sherman's comments in the crypto hearing have seemingly led to the creation of several meme coins based on mongooses.
Democratic congressperson Brad Sherman of California had some choice words for the crypto industry and his comments about a fictional Mongoose Coin have apparently prompted the creation of several mongoose-themed meme coins.
During the House Committee on Financial Services hearing focused on cryptocurrencies, Sherman said that “the number one threat to cryptocurrency is crypto.” He went to say that “Bitcoin could be displaced by Ether, which could be displaced by Doge, which could be displaced by Hamster Coin.”
“And then there’s Cobra Coin,” said Sherman. “What could Mongoose Coin do to [Cobra Coin]?”
Following Sherman's comments, several Mongoose Coins have gone live on Avalanche, Polygon, and Binance Smart Chain (BSC).
The BSC-based Mongoose Coin rose more than 61,000% since Sherman’s comments and sparked a wave of speculation about what, indeed, could a Mongoose Coin do to its animal-inspired rivals.
Kickstarter Goes Crypto to Compete With DAOs
The crowdfunding platform is creating a decentralized Web3 protocol.
DAOs have been called the new GoFundMe or Kickstarter. Well, what if Kickstarter is the new DAO?
The crowdfunding platform is creating a new organization tasked with building a blockchain-based version of its platform. The new organization, which does not yet have a name, should begin developing the platform early next year. Kickstarter plans to switch over to the new platform when the protocol is ready; it's aiming for 2022, per reporting from Bloomberg.
"We think bringing all that we’ve learned about crowdfunding since 2009 to inform the development of a decentralized protocol will open up exciting new opportunities for creative projects to come to life," founder Perry Chen and CEO Aziz Hasan wrote today. "In the coming weeks, a white paper will be released outlining the technology and plans for the protocol."
Ledger Launches Crypto Debit Card
Ledger's launch of a debit card is part of a broader push to branch out from its core hardware wallet business.
Crypto hardware-maker Ledger announced on Thursday the launch of a debit card that will let users spend their crypto directly or use it as collateral for cash purchases.
The new debit card, which will be available early next year, is part of a broader effort by Ledger to transform itself from a device maker into a crypto platform that revolves around its software application, Ledger Live.
Coinbase Launches High-Interest DeFi Yields to 70 Countries
Crypto exchange Coinbase has announced that eligible customers in over 70 countries can now earn yield with DeFi.
Crypto exchange Coinbase has announced that customers in over 70 countries are able to earn yield with their crypto holdings through the world of decentralized finance (DeFi).
“We are making DeFi more accessible, enabling eligible customers in more than 70 countries to access the attractive yields of DeFi lending on their DAI with no fees, lockups, or set-up hassle,” Coinbase said in a prepared statement.
Alameda, Animoca and More Invest $6.5M in Rainmaker to Boost Play-to-Earn Crypto Gaming
Rainmaker Games aims to connect players with NFT guilds and automate time-intensive processes.
Rainmaker Games is building a platform to connect the rising play-to-earn games industry.
The startup raised a $6.5 million seed round including backers like Animoca Brands and Alameda Research.
Ethereum-based monster-battling sensation Axie Infinity has shown the potential for play-to-earn gaming, but the burgeoning business model may yield many more games, players, and crypto-fueled careers in the years to come. Crypto startup Rainmaker Games aims to provide the infrastructure and connective tissue to power the on-the-rise play-to-earn industry.
Today, Rainmaker revealed that it has raised a $6.5 million seed round to build out a platform around play-to-earn games. It’s designed to connect prospective players with NFT-owning guilds and lending services, introduce gamers to new blockchain-based games, and provide tools for recruiting and managing players.
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