Monthly Archives: February 2023

SIMBA Chain & Alitheon: End-to-End Authentication & Verification for Products

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• SIMBA Chain and Alitheon have partnered to provide end-to-end authentication and verification services.
• FeaturePrint® from Alitheon is a machine-vision-based solution for authentication and traceability of physical goods.
• SIMBA provides the infrastructure to enable the omnipresent tracking of real-world items through blockchain technology.

SIMBA Chain & Alitheon Partnership

SIMBA Chain, builder of Blocks, an enterprise-grade platform that simplifies blockchain development, has announced a go-to-market partnership with Alitheon, provider of FeaturePrint®, a machine vision based solution for authenticating and tracing physical goods.

Authentication & Verification Services

The agreement enables both companies’ customers to certify authenticity and take ownership of digitized physical products using the FeaturePrint® system facilitated by SIMBA’s blockchain based infrastructure. This will allow users to authenticate and track physical items throughout their commercial lifecycle in order to prevent replication, fraud or counterfeiting.

FeaturePrint® Technology

FeaturePrint® uses advanced optical AI technology to identify objects via smartphone which are then digitized. The system ties each physical item issued by a manufacturer to a unique NFT (non fungible token) which acts as the item’s digital twin. This allows for real time tracking from warehouse to customer or second hand buyer without risk of counterfeiting or fraud.

Blockchain Infrastructure

SIMBA’s Blocks platform abstracts complexities of blockchain development making the innovative technology accessible across multiple blockchains and services while providing secure data transfer through encryption methods including zero knowledge proofs (ZKP). This provides businesses with secure solutions for creating digital assets that can be tracked in real time throughout their journey from creation to delivery.

Benefits To Customers

With this collaboration customers benefit from efficient processes that improve trust between buyers/sellers and manufacturers; allowing them peace of mind knowing their products are genuine as well as reducing costs associated with manual authentication processes such as labor costs, shipping fees or storage expenses.

DBS Records 80% Increase in Bitcoin Trading Despite Bear Market

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• DBS Digital Exchange (DDEx), the crypto trading subsidiary of Singapore banking giant DBS Group Holdings, witnessed an 80% increase in Bitcoin trade volumes and 65% increase in Ethereum trading volumes despite the crypto winter.
• The firm also reported that the number of BTC in DDEx’s custody doubled as of December 31, 2022 and their customer base doubled as well with 1,200 new clients registered on the platform.
• As a regulated digital exchange backed by the DBS Group, it offers unique advantages for investors looking for trust and stability.

DBS Records Significant Growth in Crypto Trading

DBS Digital Exchange (DDEx), the crypto trading subsidiary of Singapore banking giant DBS Group Holdings, recorded an impressive growth in bitcoin and Ethereum (ETH) trading despite the bear market that wiped out billions of dollars from the market.

80% Increase In Bitcoin Trade Volume

According to a report from Bloomberg, DDEx saw an 80% increase in Bitcoin trade volume compared to the previous year. Despite negative sentiments in cryptocurrency markets, DDEx also reported that its number of BTC in custody had doubled as of December 31, 2022.

65% Increase In Ethereum Transactions

The company also saw significant growth in its Ethereum transactions with about 65% on record. This was disclosed by DDEx alongside reports that its user base had doubled as well with 1,200 new clients joining between 2021-2022.

Unique Advantages Offered By Regulated Exchange

As a regulated digital exchange backed by DBS Group Holdings, DDEx offers many unique advantages that investors have come to appreciate. These include trust and stability which is especially important following multiple scandals within the industry.

Conclusion

. Despite bear market conditions wiping out billions from cryptocurrency markets last year, DBS Digital Exchange experienced significant growth across both Bitcoin and Ethereum transactions as well as doubling its user base.

DeSo Unveils MegaSwap: The Stripe for Crypto with $5M+ Volume

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• DeSo recently launched their product, MegaSwap, a Stripe for Crypto with over $5M in volume.
• The platform solves various critical pain points, such as onboarding new users and liquidity to any web3 application across any blockchain ecosystem.
• It offers an alternative and safer solution to the traditional centralized exchange model as users don’t have to log in or provide sensitive personal information.

DeSo Announces Launch of MegaSwap

DeSo is excited to announce the launch of MegaSwap – a revolutionary, cross-chain smart service that enables users to securely and easily swap coins between different blockchains with a frictionless zero-login.

What Does MegaSwap Do?

MegaSwap solves various critical pain points, including onboarding new users and liquidity to any web3 application across any blockchain ecosystem. In its limited release, the platform has already seen more than $5 million in volume, demonstrating its potential to revolutionize the crypto market with cross-chain swaps.

Benefits of Using MegaSwap

MegaSwap offers an alternative and safer solution to the traditional centralized exchange model where users don’t ever have to log in or provide sensitive personal information. Instead of storing their coins on a centralized exchange, users can store them in their own self-custody wallets to mitigate the risk of unforeseen meltdowns, such as those seen with FTX, BlockFi, Celsius or Voyager.

Developers’ Benefits from Using MegaSwap

MegaSwap is also a simple innovative solution for developers seeking to build web3 applications on different blockchains. Developers can install its frictionless zero-login API with a single line of code making their apps chain-agnostic and accessible from any blockchain. For the first time apps on Ethereum can easily compose with apps on Solana or DeSo.

Conclusion

MegaSwap thus makes it easy for developers and end-users alike to access services across different blockchains while maintaining full control over funds stored in self-custody wallets without sacrificing security or usability – all at no additional cost!

US Senators Question Silvergate on FTX Fraud Knowledge

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• A bipartisan group of senators has sent a letter to Silvergate, questioning the crypto bank about its knowledge of the FTX fraud.
• The senators suspect that Silvergate may have played a role in illegally transmitting customer funds to Alameda Research through the trading firm’s accounts with the bank.
• In December, Silvergate declined to answer similar questions due to “confidential supervisory information,” which was not acceptable for the senators.

US Senators Interrogate Silvergate

A bipartisan group of US senators is questioning crypto bank Silvergate about its knowledge of the FTX fraud. The politicians suspect that Silvergate may have played a role in illegally transmitting customer funds to Alameda Research through FTX’s accounts with the bank.

Letter Sent To Bank CEO

The senators sent a letter on Monday to Silvergate Chief Executive Officer Alan Lane, expressing their dissatisfaction with prior responses being “evasive” and “incomplete”. They noted that in December, Silvergate had declined to answer similar questions due to “confidential supervisory information” – an explanation deemed unacceptable by the politicians.

Suspicion Regarding Bank Knowledge

The senators suggested that it was necessary for both Congress and the public to understand any role that Silvergate may have played in FTX’s collapse – particularly given that they had turned to Federal Home Loan Bank as their lender of last resort in 2022. It remains unclear what exactly was known by Silvergate at this time, or if further action will be taken against them by Congress.

FTX & Alameda Research

FTX is a cryptocurrency derivatives exchange founded by Sam Bankman-Fried and Gary Wang in 2019. It offers perpetual swaps, futures contracts, options and spot markets across various digital assets such as BTC, ETH and XRP among others. On the other hand, Alameda Research is an institutional trading firm focused on algorithmic trading strategies across several asset classes including cryptocurrencies like Bitcoin (BTC).

Conclusion

It remains unclear how much knowledge or involvement either party had in this incident but it is yet another reminder of how important it is for organizations dealing with high-risk assets like cryptocurrencies need proper compliance protocols and measures in place at all times.