Explore the latest crypto updates with Starknet Appchains launch, UK FCA's digital sandbox, Kuwait's crypto mining ban & more.
Starknet launches Starknet Appchains

Starknet launches Starknet Appchains

Explore the latest crypto updates with Starknet Appchains launch, UK FCA's digital sandbox, Kuwait's crypto mining ban & more.

Last update:
Jul 21, 2023
| Issue

Back with another slice of the Datawallet newsletter for all you crypto enthusiasts. The crypto scene in the last 24 hours had some serious shake-ups, and here are the standouts:

Starknet launches Starknet Appchains

In a leap towards customization and scalability, the Starknet Stack introduces Starknet Appchains, a breakthrough in the zk-based Layer 2 (L2) landscape. Appchains, application-specific blockchains, offer applications better control, reduced costs, heightened scalability, and privacy options. These bespoke environments allow applications to tailor an instance of Starknet, harnessing the power of the platform's unique building blocks such as STARK proofs, the Cairo programming language, and native Account Abstraction. 

Starknet's decentralization is a cornerstone of its innovative drive, resulting in heightened security, resilience, and capacity for unique advancements, thereby optimizing Starknet Appchains. Key contributions, such as the Madara Sequencer and LambdaClass' efforts, further propel the customization of Appchains.

This progress is propelled by a diverse developer community that is actively enriching the Starknet Appchains ecosystem. These contributors are delivering multi-faceted implementations for each Stack component and supplementing this with a variety of essential Appchain services and components. This synergistic approach is fueling the swift evolution and growth of Starknet Appchains.

UK FCA plans to provide access to a digital sandbox

The U.K. Financial Conduct Authority (FCA) has announced its plans to launch a digital sandbox, a testing environment where firms can assess the performance of their products during the early stages of development. The sandbox, which was initially introduced as a trial in 2020, is now open to data providers as well. 

It will grant firms access to data sets, application program interfaces (API), and data security protection. During the pilot phases, the sandbox was used to assess sustainability performance, including a proof-of-stake execution environment for smart contracts. A sandbox offers developers a secure space to test and evaluate their products, ensuring that any unintended consequences are contained within the testing environment and do not affect the live system.

Kuwait bans crypto mining

Kuwait's regulatory authority for capital markets has recently imposed a ban on bitcoin mining, emphasizing their existing restrictions on cryptocurrency-related activities. The ban was officially announced through a circular released on Tuesday. It is important to note that Kuwaiti authorities had previously voiced their disapproval of crypto payments. As far back as 2017, the local regulator had cautioned financial institutions against treating cryptocurrencies as legal tender and prohibited them from engaging in transactions involving digital assets.

FTX administration aims at recovering $71 million 

The administrators of FTX are trying to reclaim a sum of over $71 million from the bankrupt exchange's charitable and life science divisions. FTX Foundation and Sam Bankman-Fried's Latona life sciences fund were granted approximately $71.5 million by FTX and Alameda Research.

Tesla still holds $184 million in digital assets 

Tesla's digital asset holdings remained unchanged in the second quarter, with the electric car manufacturer retaining $184 million on its balance sheet. Despite the increase in the price of bitcoin during the quarter, the value of the holdings remained stagnant. This is because accounting rules do not permit recording of unrealized gains on cryptocurrency.

Other breaking news

  • Polkadot releases the complete version of its 1.0
  • Ankr and Matter Labs partner up to launch dedicated zkSync Era Nodes
  • Arbitrum-based yield protocol GND protocol launches gETH
  • BTC ETFs to bring in $30 billion of new demand
  • Myanmar’s shadow government bank to run on Polygon

Wrapping up

The last 24 hours have been a whirlwind in the crypto universe. We saw Starknet's launch of Starknet Appchains, promising increased customization and scalability for applications, while the UK's FCA gears up to launch a digital sandbox, offering an incubator for fintech innovations. Meanwhile, Kuwait intensified its regulatory stance with a ban on crypto mining, and FTX administration is on a mission to reclaim a substantial $71 million. Tesla remains steadfast in its crypto holdings, maintaining $184 million in digital assets. As we wrap up this edition, we keep our eyes peeled for the next exciting developments in the dynamic world of cryptocurrencies. Until tomorrow, stay tuned and stay informed.