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FTX Revenue Rises, Mastercard Partners with Binance, CoinDCX Launches De-Fi Mobile App

Layer 3 to access Web3 via Google, Meta, Microsoft accounts?

Is there a way to scale applications on the decentralized internet without risking user data?

ZKX—a startup founded in 2021 by Eduard Jubany Tur, Naman Sehgal and Vitaly Yakovlev— believe it!

The startup relies Zero Knowledge (ZK) tech to create an accessible and user-friendly “layer 3” ecosystem on top of Ethereum.

What is ZK and Layer 3?

Layer 3 protocols are an emerging generation of technologies that enable blockchain networks to transact across different blockchains.

They tend to use ZK rollups, which aggregate multiple data-heavy transactions, enabling block validation in a cheap, fast, and private way, without sharing user data with the third parties involved.

ZKX wants to create an ecosystem where users can access and use Web3 applications using existing Meta (Facebook), Google or Microsoft accounts, without revealing or widely sharing user data with these third parties.

The startup is developing this technology on starware– a platform that uses its native StarkNet ZK-rollup technology to allow decentralized applications to scale. All transactions that occur on StarkNet fall back to Ethereum.

FTX revenue increases 1000% in one year

Crypto exchangeFTX has grown exponentially over the past year, fueled by its global trading business. His income would have increased by more than 1,000% from $89 million to $1.02 billion in 2021.

According to disclosed financial information seen by CNBC, two-thirds of the company’s revenue came from futures trading fees and 16% came from spot trading.

According to several media reports, FTX has generated $270 million in revenue in the first quarter of 2022, and was on track to generate approximately $1.1 billion in revenue in 2022. It is unclear how the company fared amid falling crypto prices in the second quarter of 2022.

What is FTX up to?

Sam Bankman, CEO of the crypto exchange, has been actively making acquisitions. FTX bought a 7.6% stake in Robinhood, a crypto exchange.

FTX also invested in other companies that were on the verge of bankruptcy. BlockFi is one such lending platform that received $250 million from them to help stabilize and improve its balance sheet.

The company also offered to buy crypto lender Voyager in August, but later turned down the acquisition.

Indian crypto exchange, CoinDCX marks its DeFi foray with Okto

Earlier this week, the Indian crypto exchange CoinDCX announced the launch of its DeFi (decentralized finance) and mobile app okto.

The announcement was made by the co-founders Sumit Gupta and Neeraj Khandelwal at the Unfold 2022 event.

“Web3 is complicated for newcomers, the biggest problem for users is managing and safeguarding their private key because cryptographic addresses and long passphrases are only the only way to access their assets. With this launch, we are trying to simplify and enable access and interaction for users,” Neeraj said.

CoinDCX founders Neeraj Khandelwal (left) and Sumit Gupta

What is Okto?

Okto is a keyless self-custodial wallet backed by multiple layers of security, which provides access to more than 100 decentralized applications.

With the app, users can access 20 channels and 100 protocols. The firm also revealed its waiting list for the mobile application and will launch the first version in the coming days.

Mastercard partners with Binance for crypto payments at 90 million stores

Payments Giant MasterCard announced on Wednesday a partnership with Binance– the largest crypto exchange in the world by trading volume. This is to enable crypto payments in 90 million stores that support Mastercard payments.

Moreover, this partnership aims to bridge the gap between crypto and everyday purchases. “We can unlock the full potential of blockchain technology when we make it easier to access + easier to use,” said Michael MiebachMasterCard CEO in a LinkedIn post.

Other similar initiatives:

Mastercard isn’t the only company to partner with a cryptocurrency exchange. Recently, Latin American crypto company Ripio rolled out a prepaid card in partnership with Visa in Brazil.

The card allows payments in fiat as well as 28 cryptocurrencies listed on the Ripio stock exchange.

Patented system to issue, verify digital documents

With the world now increasingly dependent on technology, digital storage must be secure, tamper-proof and transparent. Blockchain technology offers a revolutionary platform for government agencies, the financial industry and educational institutions to ensure the security of sensitive data.

Bengaluru-based Zupple is doing just that with LegitDoc, a blockchain-based application that helps issue tamper-proof digital documents to stakeholders that can be verified from anywhere in the world, in seconds.

Traction so far:

Earlier this year, Zupple linked to the government of Maharashtra and started issuing blockchain “caste certificates” to up to 65,000 tribals in Gadchiroli in a bid to end fraudulent claims for government benefits for the disadvantaged.

The dApp can be used by all document issuers – banks, insurance companies, educational institutions, governments, etc. – to issue tamper-proof digital documents that can be verified instantly from anywhere in the world, he says.