Today in Crypto: BNB Chain Report highlights Web3 growth in a bear market, Beam Wallet utilizes Optimism and Base Launches, Binance withdraws crypto license application in Germany.

Today in Crypto: BNB Chain Report highlights Web3 growth in a bear market, Beam Wallet utilizes Optimism and Base Launches, Binance withdraws crypto license application in Germany.

The Growing Presence of Blockchain in the Industry

Source: AdobeStock / Emre Akkoyun

Blockchain technology continues to thrive and make its mark in various industries, fueling innovation and transforming traditional approaches. In this article, we dive deep into the blockchain industry, providing an overview of recent developments and offering valuable insights into how blockchain is revolutionizing different sectors.

Blockchain News

Let’s start by examining the latest developments in the blockchain sector. BNB Chain, in its quarterly Web3 report, analyzed the growth of smart contracts verified on seven prominent blockchains. The findings revealed a remarkable increase in adoption and utilization, even in the face of a bear market. Here’s a breakdown of the percentages:

  • BNB Chain: Market share rose from 38% at the beginning of Q2 to 45% by the end.
  • Ethereum: Percentages increased from 31% in April to 34% in June.
  • Polygon: Maintained a presence in the range of 10%-12% throughout Q2.
  • Fantom: Verified smart contracts percentages dropped from 3.3% in April to 1.4% in June.
  • Avalanche: Percentages ranged from 2.2% to 2.7% throughout Q2.
  • Arbitrum: Started at 0.9% and reached 4.5%.
  • Optimism: Increased from 1.2% to 1.5%.

These figures illustrate the growing adoption and usage of blockchain technology across different platforms, showcasing its potential for transforming various industries.

Wallet News

The world of cryptocurrency wallets is witnessing exciting developments as well. Fintech company Eco recently announced the launch of Beam, a crypto wallet that leverages Optimism and Coinbase’s Base network to facilitate seamless, decentralized, on-chain payments. With Beam, users can conveniently send or receive crypto using a link or QR code, while paying fixed fees denominated in the asset they are sending. At launch, the wallet supports USDC and ECO, providing users with a secure and user-friendly experience. Eco’s strong backing from prominent investors, including Andreessen Horowitz and Coinbase Ventures, further reinforces its credibility and potential impact.

Another notable development is the introduction of the upgraded variation of SafePal’s flagship hardware wallet, the S1 Pro. Designed with a robust aluminum alloy body, a scratch-resistant screen, and extended battery life, the S1 Pro offers enhanced security and durability. It retains features such as being 100% offline without Bluetooth, WiFi, NFC, or radio frequencies, ensuring airtight protection for users’ digital assets. With its upcoming release in August and an affordable price tag of $99, the S1 Pro is set to elevate the user experience for crypto enthusiasts.

Exchange News

Amidst the evolving landscape, exchange platforms are also making significant moves. Binance, a leading cryptocurrency exchange, withdrew its application for a crypto license in Germany. The decision came in response to the changing global market dynamics and regulatory landscape. Rather than proceeding with outdated information, Binance aims to accurately reflect the current situation when resubmitting its application for appropriate licensing in Germany. This move highlights the importance of adaptability and compliance within the blockchain industry.

KuCoin’s survey of 400 Japanese crypto investors shed light on the growing interest in cryptocurrencies in Japan. The results showed that approximately 3.8 million Japanese adults, constituting 5% of the adult population, actively engage in crypto investments. Notably, young investors demonstrate a strong inclination towards substantial crypto holdings, with 39% holding over ¥10,000 ($70) worth of crypto. Women comprise 29% of young Japanese investors, and 49% of them trade multiple times on a weekly basis. These statistics indicate a burgeoning crypto culture in Japan, paving the way for further adoption and innovation.

Regulation News

With the increased prominence of cryptocurrencies and blockchain technology, regulatory bodies worldwide are taking steps to establish necessary frameworks. Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), recently issued draft guidelines on the regulatory capital and liquidity treatment of crypto-asset exposures. These guidelines are intended for federally regulated deposit-taking institutions (banks) and insurers, and they are set to be effective in fiscal Q1 2025. By providing clear regulations, Canada aims to foster a secure and transparent environment for blockchain-based financial activities.

Investment News

Investments in the blockchain industry continue to fuel innovation and growth. Animoca Brands, a major blockchain gaming company, plans to invest $30 million in hi, a Web3 financial app and ecosystem. Through this collaboration, the focus will be on the hi Protocol, a scalable and Sybil-resistant layer-2 sidechain for Ethereum that implements a Proof of Human Identity (PoHI) solution. The partnership also aims to strengthen the hi App, which enables users to directly spend crypto through the hi debit card. This investment showcases the versatility of blockchain technology and its potential to revolutionize the gaming and financial sectors.

In another significant joint venture, BlackRock, a major global investment company, announced a partnership with Jio Financial Services (JFS), a subsidiary of Indian conglomerate Reliance Industries. With an initial investment of $150 million each, this joint venture aims to capitalize on the vast potential of the Indian market. By leveraging blockchain technology and financial expertise, the collaboration is expected to deliver innovative solutions and solidify BlackRock’s presence in the region.

Conclusion

The blockchain industry continues to evolve rapidly, with blockchain technology proving its versatility and potential across various sectors. From the growing adoption of smart contracts to advancements in wallet security and regulatory frameworks, these developments indicate a promising future for blockchain. As blockchain applications continue to expand and shape industries, it is vital for businesses and individuals to stay updated on the latest trends and embrace the transformative power of this groundbreaking technology.