Polygon Hermez to Scale Ethereum, FTX Supports Bitcoin Devs + More News


Blockchain news

Polygon (MATIC), an Ethereum layer 2 scaling solution and Hermez Network(HEZ), an open-source ZK-Rollup that is optimized for token transfers, announced they had agreed to a public network merger as they share the same goal of scaling and bringing Ethereum to the world. Polygon Hermez is integrating the Hermez Network into the Polygon ecosystem. Polygon Hermez will continue to be developed and maintained with the support from Polygon, who will fund the Hermez team operations. They stated that all components of the Hermez project, including technology, live solutions and team, will be integrated into the Polygon ecosystem. The HEZ token will end its existence after a date yet to be determined. MATIC will substitute the HEZ token as the utility token of Polygon Hermez.The maximum amount that will be committed for this merger from the Polygon treasury is 250m MATIC tokens, or roughly USD 250m based on the price at the time of reaching the agreement (August 4, 2021), Polygon said.

Adoption news

FTX, a major crypto derivatives exchange, announced a USD 150,000/year commitment to Brink Technology. This non-profit organization is dedicated to the support of Bitcoin (BTC), through grant programs and developer fellowships. This is Brink’s first commitment over a multi-year period from a crypto exchange.

News about investments

Kryptoin Investment Advisors filed a proposal to the US Securities and Exchange Commission for an ethereum-based exchange-traded fund (ETF). Kryptoin Ethereum ETF Trust intends to issue its common shares via the Chicago Board Options Exchange’s BZX Exchange, under a ticker which will be announced prior to the start of trading.

Exactly Finance, a startup that is developing a decentralized credit protocol, has announced they have raised USD3m in a seed round of funding led by Kaszek Ventures. This was Kaszek’s first investment in decentralized finance (DeFi).

News from Wallets

Ledger, a major hardware wallet manufacturer, has announced that they have partnered with Lido, an ETH liquid staking platform platform to enable users to stake ETH. This allows anyone with an amount of ETH to participate in the network’s security and generate returns through staking.

News from the Exchanges

Binance announced that they will cease offering services to South Korean customers starting today. This includes KRW trading pairs, payment options, peer-2-peer (P2P), merchant applications, website support for the Korean language, and peer-to-peer payments. Binance stated that this was part of their proactive compliance to local regulations.

Markets Insider reported that FTX.US is an affiliate of crypto exchange FTX and plans to offer crypto derivative trading within a year. The US regulatory framework means that spot trading is not available on the FTX.US platform.

Career news

Galaxy Digital, a provider of institutional crypto financial services, announced that Tim Grant (ex-CEO at SIX Digital Exchange (SDX)) will be joining the company as Head for Europe. Grant will oversee operations and client relationships, while expanding Galaxy Digital’s European presence across all business lines.

News about NFTs

Bored Ape Yacht Club #3749, a non-fungible token (NFT), was sold for ETH 400 (USD 1.28m), on OpenSea’s NFT marketplace. Based on rarity, this NFT is 27th out of the 100,000 minted, according to Rarity Tools.

Magazine Fortune announced that they raised ETH 429 (USD 1.38m), in their first NFT auction. A limited edition of 256 NFTs featuring the latest cover art were sold. Each was priced at ETH 1.

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