Welcome to the latest issue of Datawallet Daily. As always, we are spotlighting the major stories that have influenced the cryptocurrency world in the past 24 hours.
Nil Foundation to Introduce ZK Rollup with Sharding
Nil Foundation is launching a new ZK rollup network called “=nil;” for Ethereum. The foundation states that this upcoming network will be the first ZK rollup on Ethereum to implement sharding, merging two prominent scaling solutions: zero-knowledge proofs and sharding.
According to Misha Komarov, CEO and co-founder of Nil Foundation, they are “trying to deliver the long-anticipated sharding that’s been on the roadmap for some time, aiming to do it in a non-invasive manner.”
ZK rollups have become a new hot trend within the layer 2 space in 2023, allowing for transaction validation before submission to the primary Ethereum network.
Potential Buyers Explore Acquiring and Relaunching FTX
FTX could make a comeback. Lawyers at a bankruptcy court said they are considering offers to buy and maybe restart the exchange.
Despite FTX’s damaged reputation following the recent fraud conviction of its former CEO, the company’s sizable customer database remains a valuable asset. At a recent court hearing, restructuring expert Kevin Cofsky revealed ongoing negotiations with interested parties.
While the future structure of FTX remains uncertain, any rebranding will face the significant hurdle of restoring customer trust.
So, the big question is if people would trust FTX again. It is a bit like trying to fix a car that has had a really bad crash—not impossible, but it is gonna take some serious work.
USDC Issuer Circle Eyes 2024 IPO, Reports Bloomberg
Circle, the creator of USDC stablecoin, is reportedly gearing up for an IPO in 2024, tossing out its previous SPAC merger plans. The company initially agreed to go public in 2021 through a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp, but the deal fell through.
With financial giants like Goldman Sachs backing it, Circle aims to leverage its past $9 billion valuation as a starting point. While they are tight-lipped about the IPO plans, it is clear they are serious about stepping onto the public stage.
Despite USDC’s value dip from its once-mighty $56 billion cap, Circle’s potential IPO move is a clear sign they are pushing forward to fortify their position in the stablecoin space.
Binance Rolls Out Web3 Wallet for 150M Users
Binance has expanded its offerings by launching a Web3 wallet, integrated into its existing app to provide a secure and streamlined user experience for interacting with Web3 and DeFi.
CEO Changpeng Zhao emphasizes the wallet’s role in promoting self-sovereignty in finance and simplifying access to decentralized finance. Although the wallet promises increased security and more control for users, it is important to note that this service will not be available in the U.S.
This strategic expansion arrives as Binance faces a downturn in spot trading volumes, with reports suggesting a decline in market share amidst growing competition from exchanges like Upbit.
Other breaking news
- Report: Kazakhstan Blocks Coinbase Over Digital Assets Law Breach
- Aave to Decide on Restoration Plan After Market Freezes
- Ether May Reach $3,000 Amid Network Activity Shift
- Wintermute: Near Cancels $11M Stablecoin Redemption Deal
- OpenSea Investor Marks Down its Stake in the Company by 90%
And that is a wrap for today’s edition! We delved into the latest on FTX, where there seems to be hope for a relaunch if the right investor steps in to acquire the struggling exchange. There is also a new player in the rollup game, as Nil Foundation explores the uncharted territory of combining sharding with zero-knowledge proofs. Circle is gearing up for its IPO, and it will be intriguing to see its impact on the usage of USDC. Lastly, Binance has introduced its new Web3 wallet. Stay tuned for more updates!