Mind The Block | November Week 1

Mind The Block: Your Weekly Dose of Web3 News and Insights

Mind The Block Headlines This Week

• LBank and Polkadot host Dubai event
• Samsung secures AI appliances via blockchain
• Immutable receives SEC Wells notice
• Glow Labs raises $30M led by Framework, USV
• Binance CEO focuses on attracting new users
• Alibaba scales back Yuanjing metaverse unit
• Uniswap price may drop 31% as whales sell UNI
• Essential tools for modern investors

News

• LBank and Polkadot hosted “Polkadot Dubai: Soirée Under the Stars,” a networking event in Dubai Harbour.
• Coinbase has discovered over 20 instances where the FDIC has instructed banks to halt or not proceed with crypto-related banking services.
• Tether CEO Paolo Ardoino has denied claims of building an official blockchain, Tether chain.
• The Ethereum white paper, celebrating its foundational layer, has turned 11 years old.
• Deutsche Telekom and Bankhaus Metzler are partnering to test Bitcoin mining infrastructure powered by surplus renewable energy.
• Bitcoin mining becomes more competitive as hashrate reaches new heights, causing more mining machines to join the ecosystem.
• BBVA launches a tokenized fund in Spain’s sandbox, allowing employees to explore blockchain technology’s benefits in existing use cases.
• Agora has launched AUSD, a stablecoin linking TradFi and DeFi on the Injective blockchain.
• VeChain is shifting its focus from legacy developer tools to the new VeChain SDK, aiming to streamline the development process on the VeChainThor.
• Solv Protocol’s Staking Abstraction Layer (SAL) aims to revolutionize Bitcoin staking, addressing complex cross-chain transactions.

Extras By Mind The Block

• Deribit, a centralized crypto derivatives exchange, is partnering with SignalPlus to launch its second Winter Trading Competition 2024.
• ConcentricDAO has registered in Panama, marking a significant milestone in its mission to revolutionize global resource management.
• Privado ID has launched a multi-chain, device-agnostic identity attestation protocol that allows users to verify their credentials across multiple EVM-compatible blockchains.
• Blockchain-Ads has launched its Partner Program, welcoming LeanMarketing-Crypto as a certified agency.
• Biconomy has acquired Klaster, a blockchain abstraction specialist, to develop a Modular Execution Environment (MEE).
• Baking Soda Labs (BSL) has launched a Web3 platform that combines meme culture with startup tokens to support promising startups and content creators.
• BitGPT unveiled its Web3 AI platform at Binance Blockchain Week, aiming to onboard a billion Web3 users and kickstart the AI Agent economy.
• DeepLink Protocol is set to launch the Orion GPU Race, offering miners a chance to participate in network testing and receive 3 billion DLC tokens.
• NiceHash is set to host its first-ever Bitcoin conference in Maribor, Slovenia, aiming to establish Slovenia as a major European crypto hub.
• Swift, UBS Asset Management, and Chainlink have completed a pilot project connecting tokenized assets with a regular payment system.

Major Companies Making Moves

• Samsung is utilizing blockchain to secure AI home appliances, addressing potential security risks associated with data and privacy breaches.
• a16z Crypto has pledged $23M to support US policymakers in establishing a clear regulatory framework for the crypto industry.
• USDC issuer Circle plans to expand into Hong Kong to strengthen its presence in Asia ahead of an upcoming IPO.
• Citigroup and Fidelity International have developed a proof-of-concept for an on-chain money-market fund with real-time FX swaps.
• Bitget has launched a female-centric pitching competition called “Pitch n Slay” during DevCon 24.
• Hong Kong’s OSL Group plans to acquire 80% of Japan’s CoinBest, marking its entry into the rapidly growing crypto market.

Government, SEC & Regulation

• Australian web3 platform Immutable has received a Wells notice from the US SEC, alleging non-specific breaches of US securities law.
• The US Treasury has warned that stablecoins like Tether’s USDT are not money and need strict regulation.
• Victory Securities is set to launch the first SFC-approved virtual asset-structured products in Hong Kong.
• Florida’s CFO, Jimmy Patronis, has requested the State Board of Administration investigate the feasibility of investing some state pension funds in cryptocurrency.
• Kraken introduces licensed crypto derivatives trading in Australia, targeting wholesale investors and institutional clients.
• Singapore’s Monetary Authority (MAS) has published two new frameworks to support further tokenization efforts for funds and fixed-income instruments.
• Legion and Bluprynt have partnered to simplify the EU’s MiCA regulatory pathway for token issuers.
• Bybit has secured a Virtual Asset Service Provider (VASP) license from the National Bank of Georgia, expanding its regulatory footprint.
• Pakistan’s State Bank proposes to regulate cryptocurrency and CBDCs as legal tender, allowing state banks to issue digital currency and imposing penalties.
• The Central Bank of Argentina has hosted a cryptocurrency-themed art exhibition, “Art, Artificial Intelligence and the Future of the Economy.”
• Taiwan’s Financial Supervisory Commission (FSC) plans to enact new rules in January 2025.

Raises & Major Investments rounds

• Glow Labs raised $30M in a funding round led by Framework Ventures and Union Square Ventures (USV).
• Nillion raised $25M in a funding round led by Hack VC, with participation from Arbitrum Foundation, Worldcoin, and Sei.

• Vlayer raised $10M in a Pre-seed funding round from a16z Crypto Startup Accelerator (CSX), Credo Ventures, Zachary Williamson, and Joe Andrews.
• GameBeast, a web3 game platform, has secured a $2 million seed round financing led by Tido Capital and T Labs.

Trends & Narrative

• Binance CEO Richard Teng has revealed a strategy to regain its growth trajectory, focusing on attracting outsiders to crypto.
• Christine Lagarde supports interoperability among payment systems for smoother global transfers.
• Memecoins are a high-risk, high-reward investment trend in the cryptocurrency landscape.
• Alaya AI has unveiled a groundbreaking Open Data Platform (ODP) designed to revolutionize Web3-AI integration.
• American entrepreneur Naval Ravikant believes that most cryptocurrency projects die due to founders getting rich too early.

NFTs, Gaming, Metaverse

• Crypto Rogue Games has rescheduled its open beta launch of the upcoming hack n’ slash RPG Crystalfall for 13th December.
• OpenSea CEO Devin Finzer teases a new ‘from the ground up’ platform for the NFT trading platform, announcing it will launch next month.
• Alibaba Group is scaling back its metaverse operations to boost efficiency, with Yuanjing as its metaverse unit.
• Legend of Arcadia is a card-based RPG aiming to redefine Web3 gaming by introducing a community-driven operational model.
• Kyoto’s Ryuganji Temple offers 1,500 free animated NFTs to promote Japanese Buddhist culture globally.
• MapleStory Universe’s second Pioneer Test, starting November 20, will ensure ecosystem stability and gather user feedback.
• The Financial Industry Regulatory Authority (FINRA) predicts the metaverse to reach $3T by 2031.
• Aavegotchi has launched the mainnet for its game-centric Geist blockchain, offering sub-second latency and minimal fees.

Onchain Data

• Uniswap price could dive 31% as whales dump UNI, potentially leading to a downtrend.
• AVAX price is on the brink of a 25% drop following a bearish signal, and technical indicators indicate further downside.
• Kaspa dropped by 29.90% last month and is predicted to reach $0.142975 by November 09, 2024.
• Dogecoin’s price remains steady, outperforming large-cap coins, as traders focus on the U.S. presidential election.
• SUI’s total value locked (TVL) has seen gains but is now hovering near $1 billion, indicating mixed market sentiment and potential volatility.

Educational Guides and Tips from Mind the Block

• Essential tools for modern investors: A 2024 Guide.
• Pros and cons of using cryptocurrency in online casino transactions.
• Decentralized Prediction Markets: The Next Frontier in DeFi?
• Difference between Crypto Broker and Exchange.
• What is the official Arbitrum Bridge and top 5 alternatives?

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