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Animoca Brands “comes to Bitcoin” with OPAL Protocol

  • Animoca Brands says Bitcoin is ready for Web3.
  • The blockchain gaming giant will collaborate with Darewise and OPAL Protocol to launch a new era for gaming, DeFi and Web3 on BTC.
  • BLIF, a new token of the OPAL Protocol, will power the ecosystem.

Animoca Brands, a leading blockchain gaming company with a huge presence across the market, has announced its entry into the Bitcoin ecosystem.

The Hong Kong-based company’s huge announcement came via a post on X on Tuesday.

Among other details, Animoca Brands said it “is coming to Bitcoin” and that the pioneer blockchain network is “ready for Web3.”

In this quest to dominate the new era of Bitcoin gaming, Animoca Brands is tapping into the OPAL Protocol, a new ecosystem on Bitcoin that’s powered by the BLIF token.

“BLIF will be the OPAL Protocol Runes token, powering a true digital life on Bitcoin and beyond,” the company noted on X.

Animoca Brands portfolio companies ready to join project

Animoca Brands and metaverse company Darewise back OPAL Protocol and are poised to collaborate to make this “the largest Web3 ecosystem” built on Bitcoin.

The project will encompass gaming, entertainment, decentralised finance (DeFi), education and culture, according to details the Animoca team shared on Tuesday.

Already, six Animoca Brands portfolio companies have reportedly joined the initiative as genesis members. They include AAA massively multiplayer online (MMO) game Life Beyond, digital collectibles platform Magic Eden, Bitcoin Web3 wallet Xverse and developer platform Horizen Labs.

In addition, Animoca plans to partner with OPAL on all of its upcoming Bitcoin-based projects.

“Animoca Brands’ vision for the #openmetaverse harnesses the power of network effects and this truly resonates with the OPAL Protocol, a truly decentralized Foundation with a Special Council. Any company eager to join the movement can apply to become a member of OPAL and build with $BLIF,” the announcement on X reads.

Members of the special council include Animoca Brands’ Yat Siu, BRC-20 creator Domo and Darewise CEO Ben Charbit. Others are Leah Wald, Herve Larren and David Bailey.

The post Animoca Brands “comes to Bitcoin” with OPAL Protocol appeared first on CoinJournal.

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Samourai Wallet co-founder released on $1M bond after pleading not guilty

  • Samourai Wallet founders have been charged with money laundering and operating an unlicensed business.
  • Keonne Rodriguez, one of the co-founders, was released on a $1M bond after pleading not guilty in NYC court.
  • The legal proceedings raise concerns about the future of non-custodial crypto services in the U.S.

During an appearance at the U.S. District Court for the Southern District of New York on Wednesday, Samourai Wallet co-founder Keonne Rodriguez entered a plea of not guilty to the charges brought against him and his associate William Hill and an assistant U.S. Attorneys agreed to the $1 million bond, with travel restrictions.

The lawsuit against Rodriguez and his associate William Hill alleges that Samourai Wallet facilitated over $100 million in money laundering transactions from illegal dark web markets. The two were arrested on April 24 in different jurisdictions.

Keonne Rodriguez’s bail terms

Despite being released on a $1 million bond, Rodriguez was restricted to only travel to certain areas of New York and Pennsylvania. He will be confined to his residence in Harmony, Pennsylvania, and required to wear a location monitoring device.

Additionally, Rodriguez is prohibited from engaging in any cryptocurrency transactions without prior approval from the court.

Rodriguez’s case is scheduled to proceed in the Southern District Court of New York, with Rodriguez set to appear again on May 14 with the involvement of Judge Richard M. Berman, known for presiding over high-profile cases, adding to the weight of the proceedings.

The outcome of the legal proceedings against could have far-reaching implications for the cryptocurrency industry.

William Hill, the co-accused and chief technology officer of Samourai Wallet, despite being arrested on the same day as Rodriguez has not yet been presented in a any U.S. courtroom. This could be because of Hill having been arrested in Portugal meaning authorities are possibly working through extradition proceedings.

Implications of the Samourai Wallet legal proceedings

The arrests and subsequent legal proceedings against Rodriguez and Hill have sparked debates regarding the definition of non-custodial wallets as money service businesses.

The allegations of Samourai Wallet facilitating money laundering transactions from illegal dark web markets raise questions about the broader implications for self-custodial tools in the cryptocurrency ecosystem.

As reported earlier, Self-custodial crypto wallets like Wasabi Wallet and Phoenix have gone ahead to restrict U.S. users fearing legal proceedings following the arrest and prosecution of the Samourai Wallet founders and a possible Metamask investigation.

The case challenges the interpretation of guidelines issued by the Financial Crimes Enforcement Network (FinCEN) regarding money transmission services with the Department of Justice (DOJ) arguing that the operation of Samourai Wallet’s services, including the broadcasting of transactions and collection of fees, falls within the scope of a money service business.

The indictment also raises concerns about potential efforts to KYC (Know Your Customer) the Bitcoin network, with implications for miners, node operators, and other entities involved in cryptocurrency transactions.

The FBI has already issued a public service announcement urging caution regarding cryptocurrency money service businesses that do not require KYC information.

The post Samourai Wallet co-founder released on $1M bond after pleading not guilty appeared first on CoinJournal.

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Bitget Wallet COO Alvin Kan Is Confident Bitcoin Runes Are Here to Stay

In the wake of the Bitcoin halving on April 19, the price of BTC has failed to maintain its upward trajectory, but the network has continued to generate headlines and transactions in equal measure. Much of this activity has been thanks to Bitcoin Runes, the protocol created by Ordinals imagineer Casey Rodarmor which went live post-halving.

Runes have been responsible for $135M in miner fees in the wake of the halving, proving their ability to subsidize reduced block rewards moving forwards. While it remains to be seen whether the robust interest in Runes can be maintained, the signs are promising so far. One figure who’s predicting a bright future for Bitcoin Runes is Alvin Kan. The Bitget Wallet COO has been following the sector closely due to its integration into the wallet’s dapp browser.

Making Sense of Runes

Runes were designed to support fungible tokens on Bitcoin without clogging up the network. They’re a more efficient and natively integrated solution than BRC20, which has been the dominant fungible token standard up until now. Runes have the potential to do for tokens on Bitcoin what Ordinals did for NFTs.

Unlike other Bitcoin token standards, Rune uses the same UTXO model as BTC itself. This results in more efficient transaction ordering and UTXO management. As a result, bitcoiners can enjoy experimenting with memecoins and other tokens without congesting the network in the process.

Bitget Wallet has long been a supporter of Bitcoin innovation, having been quick to endorse Ordinals and BRC20s. It’s one of the first wallets to have integrated Runes, allowing users of the non-custodial wallet to buy and sell Runes assets using the built-in dapp browser.

According to COO Alvin Kan, there are several reasons why Runes have proven so popular straight out the gate, racking up 300 BTC in trading volume within the protocol’s first 24 hours. He points to Runes’ status as the leading Bitcoin tokenization protocol, prompting a string of platforms and wallets to quickly roll out support. The fact that many Runes projects have airdropped tokens to existing Ordinals holders has also helped onboard bitcoiners in their droves.

Putting a Price on Bitcoin Fees

While the uptick in network activity has been good for miners, who’ve pocketed tens of millions of dollars in additional fees, users have been obliged to pay over the odds to have transactions processed. Alvin notes that fees spiked to as high as 2,000 sats/byte as Runes interest reached fever pitch. The activity was particularly intense due to developers competing to mint inscriptions in the first block published following the halving. Nevertheless, the Bitget Wallet COO believes that these teething problems can be overcome as fees subside and developers take full advantage of Runes’ ability to deliver efficient UTXO usage.

“​​I’m confident of the future of the Runes Protocol,” said Alvin. “This is just the beginning of a global phenomenon that will surely be a prominent sector in web3 for innovation.”

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