Schlagwort: crypto business

Veröffentlicht am

Judge denies Kraken motion to dismiss SEC lawsuit

  • US District Judge William H. Orrick has ruled that the US Securities and Exchange Commission has a plausible case against crypto exchange Kraken.
  • According to the judge, the SEC’s lawsuit against Kraken will proceed.

The US Securities and Exchange Commission’s lawsuit against crypto exchange will proceed, a judge has ruled.

On Friday, August 23, 2024, US District Judge William Orrick denied Kraken’s motion to dismiss SEC’s lawsuit. In court documents filed on Friday, the judge noted that the regulator’s allegations that the crypto exchange had offered unregistered securities were plausible.

“Kraken does not deny it never registered with the agency, but says that it does not need to because the transactions it enables on its platform do not involve securities and do not fall within the SEC’s regulatory purview. But the SEC has plausibly alleged that at least some of the cryptocurrency  transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws,” Judge Orrick wrote in the ruling.

Solana among alleged unregistered securities

In its lawsuit against Kraken, the SEC listed 11 cryptocurrencies it said were sold as investment contracts. These are Cardano (ADA), Algorand (ALGO), Cosmos Hub (ATOM), Filecoin (FIL), Flow (FLOW), and Internet Computer (ICP).

Others are Decentraland (MANA), Polygon (MATIC), Near (NEAR), OMG Network (OMG) and Solana (SOL).

The judge’s opinion, delivered as part of the ruling, is that “all the SEC must do is plausibly allege that at least one of these crypto assets is being traded as an investment contract to make its claims feasible.”

SEC has sued multiple crypto exchanges, including Binance and Coinbase. The regulator filed its lawsuit against Kraken in November 2023.

The post Judge denies Kraken motion to dismiss SEC lawsuit appeared first on CoinJournal.

Veröffentlicht am

Optimism opens Retro Funding 5 offering 8 million OP

  • Optimism’s Retro Funding round 5 is open for applications until September 5, 2024.
  • The Optimism team has also welcomed new Ethereum Layer-2 Soneium to the Superchain.

Optimism has announced that its Retroactive Public Goods Funding (Retro Funding) 5 round is now open for applications.

According to the platform’s announcement on August 23, Optimism (OP) contributors have until September 5 at 19:00 UTC to submit applications.

Eligible projects will win part of the 8 million OP the new round has available to Ethereum core developers, OP Stack research and development teams and OP Stack tooling developers.

Who’s eligible for Retro Funding 5?

The Retro Funding 5 round will offer rewards to projects that have generated impact within the OP ecosystem between October 2023 and August 2024. Ethereum core contributors include smart contract languages, execution clients, EVMs, testnets, and cryptography researchers.

Meanwhile, OP Stack researchers include projects that directly contribute to the OP Stack and the Optimism protocol. These include client Implementations, modules and audits. Integration and load testing infrastructure and RaaS providers are among OP Stack tooling projects eligible for the funding.

Optimism welcomes Soneium

Other news developments for Optimism related to Sony’s launch of the Soneium, an Ethereum Layer-2 chain leveraging the OP Stack. In an announcement following Soneium’s unveiling, Optimism said the L2 was now part of the Superchain.

Soneium will be a general-purpose network that will seek to bridge Web2 and Web3.

“Sony Block Solutions Labs, the joint venture between Sony Group and Startale chose to build with Optimism for its world-class tech, strong builder community, and thriving ecosystem,” Sota Watanabe, director of Sony Block Solutions Labs, said in a statement.

Watanabe is also the CEO of Startale, the platform behind Astar zkEVM and which plans to transition it to Soneium’s L2 network.

The post Optimism opens Retro Funding 5 offering 8 million OP appeared first on CoinJournal.

Veröffentlicht am

WazirX to resume phased INR withdrawals, fees reduced by 60%

  • WazirX will resume INR withdrawals in phases starting August 26, 2024.
  • Users can withdraw up to 66% of INR balances, with fees reduced by 60%.
  • Crypto withdrawals remain suspended as WazirX implements a Singapore Scheme.

Indian cryptocurrency exchange WazirX has announced a phased resumption of Indian Rupee (INR) withdrawals starting August 26, 2024, following a major cyberattack in July that led to a substantial loss of funds.

The hack, which resulted in over $230 million being stolen, prompted the exchange to halt all withdrawals and trading to mitigate the impact and assess the situation.

Crypto withdrawals remain suspended

In a recent update, WazirX revealed that while cryptocurrency withdrawals will remain suspended, INR withdrawals will begin in stages.

Users will be able to withdraw up to 66% of their INR balances, with the process unfolding in two phases.

Between August 26 and September 8, users can withdraw up to 50% of their INR balances. From September 9 to September 22, they will be able to access the full 66% limit.

The exchange has also announced a reduction in withdrawal fees by 60%, from INR 25 to INR 10, to ease the financial burden on its users during this challenging period.

WazirX pursuing a Singapore Scheme of Arrangement

The decision to halt cryptocurrency withdrawals stems from the significant loss of ERC-20 tokens in the cyberattack, leaving WazirX with insufficient assets to meet user liabilities. To address this, the exchange has said that it will pursue a Singapore Scheme of Arrangement, a legal restructuring process aimed at ensuring a fair distribution of the remaining assets.

In the announcement issued on August 23, WazirX stated:

“We will shortly be filing an application in the High Court of Singapore to ensure that the platform has the time and breathing space it needs to pursue a restructuring under a Scheme of Arrangement.”

The proposal, which must be approved by WazirX creditors and the High Court of Singapore, is intended to facilitate an equitable resolution for all stakeholders involved.

While INR withdrawals will soon resume, users with cryptocurrency holdings will need to await further developments as WazirX works towards a comprehensive solution. The phased INR withdrawal plan marks a critical step in the exchange’s recovery process, offering some relief to affected users.

The post WazirX to resume phased INR withdrawals, fees reduced by 60% appeared first on CoinJournal.

Veröffentlicht am

Sony launches Soneium blockchain to drive mainstream web3 adoption

  • Sony launches Soneium blockchain to drive mainstream web3 adoption.
  • Soneium focuses on scalability, built on Optimism’s Superchain.
  • Soneium rollout will be in a three-phase plan: onboarding developers, integrating Sony products, and expanding to enterprises.

Sony has officially entered the blockchain arena with the launch of its own network, Soneium, developed in collaboration with Singapore-based Startale Labs.

The initiative, unveiled on August 23, marks a significant step in Sony’s strategy to push web3 technology into the mainstream.

The Soneium blockchain

Soneium is designed as a public Ethereum layer-2 network, built on Optimism’s Superchain. It aims to overcome some of the most pressing challenges hindering blockchain adoption, such as scalability and efficiency.

The infrastructure for Soneium has been supported by industry leaders, including Circle, Chainlink, Alchemy, Astar Network, and The Graph.

The blockchain will initially target web3 developers and enthusiasts. According to Sota Watanabe, CEO of Startale Labs, the first year will focus on onboarding these core users. In the subsequent year, Sony plans to integrate a range of its own products, such as Sony Music, Sony Pictures, and Sony Bank, into the platform.

By the third year, the company aims to open up Soneium to other enterprises and decentralized applications (dApps), creating a diverse ecosystem that encourages broader adoption.

Soneium testnet

In conjunction with the Soneium blockchain launch, Sony has rolled out a Soneium testnet in partnership with Astar Network. This testnet will provide developers with a fully-featured framework and built-in tools, allowing them to experiment and build applications ahead of the public release.

Astar’s zero-knowledge Ethereum virtual machine (zkEVM) will also be integrated with Soneium, enhancing its capabilities with features like liquidity provision and support for both fungible and non-fungible tokens (NFTs).

Sony wants to achieve internet-level scalability

Sony’s foray into blockchain is not without precedent. The company had previously acquired the Whalefin crypto exchange, which has since been rebranded as S.BLOX.

In 2018, Sony embarked on building a blockchain-enabled rights management system for digital content. In 2023, Sony Network Communications, a business division of The Sony Group, announced a strategic partnership with Astar Network to set up a web3 incubation program.

Sony’s ambitious plans for Soneium reflect its belief in blockchain as a transformative technology capable of decentralizing the internet and empowering users.

With a goal of achieving “internet-level scalability,” Sony is positioning Soneium as a key player in the future of web3.

This move by Sony underscores the growing momentum in the blockchain space, as major corporations increasingly explore and invest in decentralized technologies.

The post Sony launches Soneium blockchain to drive mainstream web3 adoption appeared first on CoinJournal.

Veröffentlicht am

Anchorage Digital adds rewards for PayPal USD holders

  • Anchorage Digital, a federally-chartered crypto bank, has added support for rewards for holders of the stablecoin PayPal USD (PYUSD).
  • PYUSD holders can earn the rewards by custodying their tokens with Anchorage Digital, or through the Porto wallet. 

Anchorage Digital has introduced a stablecoin rewards program, allowing holders of the PayPal USD (PYUSD) stablecoin to earn rewards. 

The program will benefit customers who custody their PYUSD at the crypto bank,  or use the platform’s new institutional self-custody wallet Porto.

Anchorage Digital announced the feature in a blog post published on Aug. 22.

“Crypto innovators want to put their treasury cash to work but cannot compromise on asset security or accessibility. That’s why Anchorage Digital is proud to work with PayPal, a publicly-traded company with a proven track record in crypto innovation to launch Anchorage Digital’s stablecoin rewards program featuring PYUSD,” Nathan McCauley, chief executive officer and co-founder of Anchorage Digital said.

The Anchorage Digital CEO added that the platform will collaborate with protocols, foundations, venture capital firms and startups to support and unlock access to the PYUSD rewards program.

“Anchorage Digital and PayPal share a common vision of providing secure and efficient payment solutions for institutions that maximize the value of their digital assets and expand PYUSD’s utility and benefits for institutional customers,” Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto, and digital currencies at PayPal, added.

Support for Solana, ZKsync

PayPal USD is a 1:1 US dollar-pegged stablecoin that launched in 2023. The Paxos Trust Company, regulated in the US, issues the PYUSD token that’s fully backed by USD deposits, US Treasuries as well as similar cash equivalents. PayPal allows the purchase and sale of the stablecoin on its platform.

Anchorage Digital recently added custody support for zero-knowledge cryptocurrency ZKsync.

The federally chartered crypto bank also announced support for Solana (SOL) and SPL tokens in early August. According to details shared at the time, expansion to Solana allows institutions to securely custody SO and SPL tokens.

PayPal USD went live on Solana in May 2024.

The post Anchorage Digital adds rewards for PayPal USD holders appeared first on CoinJournal.