TLDR CryptoSeptember 19, 2023

TLDR CRYPTO 2023-09-19

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01GENERAL

LIMITED TIME!

Ring 一 Acquired by Amazon for $1.2B Nest 一 Acquired by Google for $3.2B

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02MARKETS & BUSINESS

In the much anticipated hearing yesterday between Binance and the SEC, a US judge refused to grant either side their petitions. Instead, the judge urged both sides to manage discovery requests together rather than coercing the other side to produce documents. The judge asked the SEC to reduce its broad demands for information but granted permission to question certain shareholders. On the other side of the fence, Binance was asked to share further information about its relationship with its service provider, Ceffu.

coindesk.com2 min read

BLOCKCHAIN CAPITAL LAUNCHES TWO NEW FUNDS FOR A TOTAL OF $580M

Blockchain Capital has announced two new funds amounting to $580m. The majority of these funds will go towards an early-stage fund, with the remainder set aside for their first-ever "opportunity fund". The targets for investments out of these funds are DeFi, CeFi, centralized infrastructure, decentralized infrastructure, gaming, and consumer or social sectors. The firm plans to deploy this capital over three years but could move as quickly as two years and as slowly as five years.

techcrunch.com2 min read

03INNOVATION & LAUNCHES

CITIGROUP DEBUTS TOKEN SERVICE IN LATEST FORAY INTO DIGITAL ASSETS

Citigroup has launched a new product called Citi Token Services, which will tokenize customer deposits with the aim of enabling 24/7 transfers. Currently housed under the company's treasury and trade solutions division, the new service employs a private blockchain and eliminates the need for clients to create their own personal digital wallets. It is integrated directly into the bank’s existing infrastructure. The initiative is expected to streamline cross-border payments and settlements, advancing transactions within trade finance.

archive.ph3 min read

CRYPTO STARTUP LED BY FORMER ANDREESSEN EXECUTIVES RAISES CASH

Blockchain startup Bastion has raised $25 million in a funding round led by a16z crypto, an impressive raise in the midst of a brutal bear market and lackluster funding environment. The startup, co-founded by former executives from a16z crypto, is looking to solve problems with wallet custody and compliance in crypto.

archive.ph2 min read

04GUIDES & TUTORIALS

DESIGNING MULTI-DIMENSIONAL BLOCKCHAIN FEE MARKETS

The increasing utilization of blockspace across different chains has sparked the search for dynamic pricing models. Strategies for efficient use and more accurate pricing of resources, such as storage and bandwidth, can prevent mispricing and wastage. The paper "Dynamic Pricing for Non-Fungible Resources" explores the use of multidimensional blockchain fee markets, optimization of fees for system-wide benefits, and appropriate resource pricing to prevent transaction spam attacks. By factoring in the marginal cost of each resource used, the proposed pricing model could herald a new standard in blockchain transaction efficiency.

crypto.mirror.xyz29 min read

SMART ACCOUNTS TAKE OFF IN Q3

Over 730,000 smart accounts have been deployed on Ethereum and Eth L2s, with 53% of those being created in the last month, driven by greater adoption of the ERC-4337 standard. Usage of this new standard has topped 1.6 million transactions, driven by heavy utilization by social network CyberConnect and NFT project ZTX. In addition to simplifying user experiences, dApps using ERC-4337 have also sponsored $430,000 worth of gas fees for users.

alchemy.com6 min read

05MISCELLANEOUS

CANTO TO MIGRATE INTO A ZK-POWERED LAYER 2 ON ETHEREUM

Canto is transitioning to an Eth L2 network, using zero-knowledge proofs for enhanced privacy. The move will rely on Polygon's Chain Development Kit. Canto, which primarily focuses on real-world assets, initially launched as an L1 blockchain with an EVM-compatible execution layer. This transition follows similar moves by other L1 blockchains, focusing increasingly on Ethereum.

theblock.co2 min read

JAPAN TO LET STARTUPS SELL DIGITAL TOKENS TO VENTURE CAPITAL FUNDS

Japan is set to revise its legislation to give startups, particularly those operating in the crypto space, the green light to raise funds through digital assets, such as cryptocurrency, from venture capital firms. The amendment, expected to be presented to parliament in 2024, will diversify the asset range accessible to limited partnerships and boost investment into a relatively underexplored sector in the country. Japan is also considering crypto and token tax exemptions to further encourage investment.

asia.nikkei.com2 min read