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Bitcoin Lightning Fintech ZBD Approved to Receive EU MiCA License by Dutch Regulator

Countries like the Netherlands are preparing for MiCA implementation.

ZBD, a payment platform powered by the Bitcoin Lightning network, said the Dutch Authority for the Financial Markets (AFM) approved its application for a European Union MiCA license.

When MiCA takes effect and the license is granted on Dec. 30, ZBD will be able to offer a wide range of crypto custody and crypto exchange services throughout the trading bloc, the company, formerly known as Zebedee, told CoinDesk on Wednesday.

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The company first submitted the application in April. The list of applicants receiving a license will be visible on the AFM’s website once MiCA kicks in, the regulator said.

Countries like the Netherlands are among the nations in the EU that have been getting companies ready for MiCA to take full force. Many others have yet to pass the required legislation for MiCA to take effect in their jurisdictions.

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Binance Abruptly Deletes Alpha Watchlist Tokens, Spurring Unforeseen Pump and Dump

One trader lost $102,000 after getting swept up in the short-lived pump and dump.

Cryptocurrency exchange Binance posted a list of “alpha watchlist tokens” to one of its Telegram channels on Wednesday, causing a spike in the mentioned tokens, however it then clarified that the information was “false” which led to the tokens giving up their newfound gains.

The post read: “Ready to explore early stage crypto projects?” before naming Wise Monkey (MONKY), Happy Cat (HAPPY), Rifampicin (RIF), Zircuit (ZRC) and ai16zeliza (ELIZA) as five projects with “strong fundamentals” and “active communities.”

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Several traders speculated over whether the Telegram group was fake and trying to lure people into a rug pull, but it turns out that it was posted by binance_web3_wallet_community, which is an official Binance channel.

MONKY rose by 38% after the post before dropping by 22% when it was deleted. One trader lost $102,000 in 12 minutes after buying 1.42M ELIZA at $0.1376 before panic selling at $0.09567 whilst the rest of the position was liquidated at $0.01157 when the false news was confirmed.

Binance did not immediately respond to CoinDesk’s request for comment.

WazirX’s WRX Plunges 60% After Binance Delisting, Dampening Hopes of a ‘Fresh Start’

Delisting a token from major exchanges is often perceived as a lack of confidence in its viability or future, triggering negative market sentiment around the affected token.

A Binance delisting decision sent prices of defunct crypto exchange WazirX’s WRX tokens down 60% in an hour, even as the exchange hopes for a “fresh start” of its platform.

Binance said Wednesday that it was delisting WazirX’s WRX, along with Kaon (AKRO) and Bluzelle (BLZ), as part of a regular review of tokens that no longer meet its offering standards.

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Delisting a token from major exchanges is often perceived as a lack of confidence in the token’s viability or future, triggering a negative market sentiment around the affected token. Prices of AKRO and BLZ fell as much as 40% after the announcement, but WRX was the hardest hit.

WRX token exchange hands at 10 cents as of Wednesday, down 98% from a 2021 peak above $5.

The delisting is another blow for the once-darling Indian exchange WazirX. It was the biggest exchange in India by volumes and popularity before a $230 million hack in July, accounting for over 45% of the total user assets reserves cited by the exchange in a June report. The exchange has since filed for a restructuring process in Singapore to clear its liabilities.

The hacker laundered all the stolen funds to various addresses using Tornado Cash to obscure the transactions, as CoinDesk reported in September, further dampening hopes of a full recovery.

WazirX, still reeling from the financial and reputational damage, has worked to recover the funds with limited success. It has faced criticism for its handling of the crisis, especially concerning user communication and fund recovery processes.

https://twitter.com/WazirXIndia/status/1869278034769146040

The exchange is making various efforts to restart operations. The company said in a Wednesday post it plans to restart the business and launch a decentralized exchange, intending to keep the brand alive.

“We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors,” the company said on X. “Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform.

That came a day after WazirX floated the concept of recovery tokens (RTs), which are proposed as a mechanism to compensate users for losses the hack.

These tokens will be airdropped to creditors based on their platform balances, offering recovery through future platform profits, potential buybacks, and trading on open markets, per a post.

Custody Firm Taurus Partners With Temenos Bringing Crypto Wallets to Thousands of Banks

Banks that use Temenos core software can now easily create crypto wallets and have exposure to any type of digital assets they want

Swiss cryptocurrency custody specialist Taurus is collaborating with Temenos, a firm that provides core banking software to many of the world’s largest financial institutions, allowing those banks to quickly and easily create crypto wallets and transfer a wide range of digital assets.

This collaboration is important as the Geneva-headquartered Temenos is quite big: the firm has 67 offices in 40 countries and serves over 3000 banks and financial institutions. Taurus, whose crypto custody clients include the likes of Deutsche Bank and State Street, says it is the first digital asset custody platform to fully integrate with Temenos.

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The integration means banks using Temenos can avail themselves of one-click crypto wallets that seamlessly connect with traditional accounts, as well as automated deposit, transfer, and withdrawals, and real-time booking, reconciliation and regulatory reporting for digital assets, according to a press release.

“It means banks using Temenos can have exposure to any type of digital assets they want,” Taurus co-founder Lamine Brahimi told CoinDesk in an interview. “That could be cryptocurrencies, tokenized securities, stablecoins, even memecoins if they wish and their risk department is open to it.”

It’s good timing, Brahimi said, given the imminent arrival of a pro-crypto administration in the U.S., as well as Europe going live with the markets in crypto assets regulation (MiCA).

“Everybody is preparing for regulatory clarity in the U.S.,” Brahimi said. “America is a big market for Temenos and they have a lot of their C suite there. So, we are making ourselves ready, not just in the U.S., but everywhere; hopefully to start in Q1 of next year.”

RWA-Focused Network Plume Raises $20M from Brevan Howard and Others Ahead of Mainnet Launch

The platform has brought over $4 billion of traditional assets on-chain, ranging from renewable energy projects to mineral rights and private credit.

Plume, a blockchain network focused on real-world assets, raked in $20 million in fresh funds in a Series A fundraising round, the platform told CoinDesk on Wednesday.

Investors participating in the round included Brevan Howard Digital, Haun Ventures, Galaxy Ventures, Lightspeed Faction, Superscrypt, Hashkey, Nomura’s crypto arm Laser Digital, A Capital, 280 Capital, SV Angel, Reciprocal Ventures and others. The fresh investment round followed a $10 million seed fundraising in May led by Haun.

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With the investment, the team plans to speed up the development of its own layer 1 blockchain. Plume’s mainnet launch is slated for early next year, the press release said.

Plume aims to streamline bringing and investing in traditional financial instruments, or tokenized real-world assets (RWA), on blockchain rails with its tokenization engine, and is also developing an Ethereum Virtual Machine (EVM)-compatible blockchain where users can trade assets. RWAs are a rapidly growing class of digital assets, with analysts forecasting to mushroom into a market worth several trillions of dollars over this decade as crypto firms and big financial institutions place assets like bonds, commodities and real estate on blockchains.

Plume said it has onboarded over $4 billion worth of assets to its ecosystem including private credit funds, renewable energy financing and mineral rights. The platform also brought niche products on-chain that often are not widely available to average investors such as graphics processing units (GPU) and carbon credits, noted Will Nuelle, general partner of Galaxy Ventures, one of Plume’s investors.

“RWAs have always had tremendous demand, but historically the infrastructure to bring these assets on-chain just hasn’t existed,” said Chris Yin, co-founder and CEO of Plume. “Through our technology and ecosystem, we plug them directly into our community, ecosystem, and liquidity and all in an open, permissionless and composable way.”

Coinbase Alums Patchwork Take Next Step Toward No-Code Blockchain Development

Patchwork Create is another foundational step towards building no-code applications.

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Patchwork, a startup focused on simplifying blockchain and smart-contract development founded by former Coinbase employees, has released the next version of its low-to-no-code tools for building decentralized applications (dapps).

Currently linked to Coinbase’s popular Ethereum layer-2 network Base and backed by Coinbase Ventures, the “Create-Patchwork” picks-and-shovels approach lowers the barriers to building blockchain applications and attaching data to them.

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Following the trend toward easily generated content, the complex world of blockchains and smart-contract design is on a path to no-code applications, or “text-to-app” experience.

Create-Patchwork is the first of several features the team plans to roll out in early 2025 and a foundational step to enable creators to generate contracts and applications in seconds using natural language inputs.

“Patchwork is an Ethereum protocol that makes it really easy to build dynamic on-chain applications,” co-founder Kevin Day said in an interview. “It lets on-chain things own other on-chain things, and it allows anyone to attach programmable data to on-chain things.”

User-friendly examples of Patchwork’s data modelling include things like attaching on-chain ownership to valuable gaming items such as weapons, or attaching a marker that a particular smart contract has been audited, or perhaps a reputation score to indicate whether something has ever been hacked, Day said.

Prior to creating Patchwork, Day was part of the team that built Paradex, a decentralized exchange crossed with a central limit order book familiar to traditional traders, which was acquired by Coinbase in early 2018. Day and company ended up working on the Coinbase core exchange, but decided to leave after about four years.

“We always had the itch to get back into the real Web3 development space, so we decided to get the band back together,” he said.

Bitcoin’s Memecoin-Like ‘Runes’ Get a Boost With AMM Launch on Stacks

Bitflow’s automated market maker uses Stacks’ Nakamoto upgrade with the aim of addressing some shortcomings inhibiting Runes trading.

Crypto degens have a new – and, if all goes according to plan, faster, cheaper and safer – way to trade Runes, the Bitcoin ecosystem’s answer to memecoins.

An automated-market maker (AMM) for the Runes protocol is being deployed on Stacks. It’s the first AMM for such tokens on that Bitcoin layer-2 network. The AMM went live on Wednesday, following the unveiling of Stacks’ native BTC-backed asset sBTC on Tuesday.

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The teams behind decentralized exchange (DEX) Bitflow Finance and Bitcoin bridge Pontis developed the AMM, a tool that facilitates trading through algorithmic means to improve liquidity. They announced the project Wednesday.

The Runes protocol is a standard for issuing fungible tokens on Bitcoin, building on the work of Ordinals, which allowed data to be inscribed on small denominations of BTC, thus making each one unique and potentially valuable. In the same way that Ordinals could be considered a means of creating the Bitcoin equivalent of NFTs, Runes could be considered a venue for creating memecoins.

Runes launched in April, coinciding with Bitcoin’s fourth halving event, and spurred a flurry of activity, paying 78.6 BTC ($8.18 million) in fees in the 90 minutes after the halving took place.

However, less than a month later, this excitement waned considerably, with fees dropping more than 50%.

Bitflow’s aim is for its AMM to to help Runes scale and address some of the shortcomings holding it back such as slow transaction speeds, high fees and sniping of pending transactions. Sniping is when users exploit the time lag in which a transaction is waiting to be added to a Bitcoin block, by removing them from the waiting room, then adding them back in with their own signature and a higher fee attached.

Bitflow is harnessing Stacks’ Nakamoto upgrade. Stacks is one of several layer-2s that aim to allow smart contracts and other decentralized finance-related functions using Bitcoin as a base layer.

Stacks activated its Nakamoto upgrade in October. It is designed to speed up transaction times considerably by decoupling the L2’s block production schedule from Bitcoin’s.

“Another key feature that Nakamoto unlocks is Bitcoin finality,” Bitflow said. “After a transaction is confirmed, reversing it is at least as hard as reversing a Bitcoin transaction.”

Bitflow is using the Bitcoin bridge Pontis to allow trading between BTC and Runes. Each trade is recorded in one Bitcoin block, which usually takes 10 minutes, and one Stacks block, which takes between five and 10 seconds.

Solana Smashes Record With 66.9M Daily Transactions as Pengu Token Debuts

PENGU’s debut sparked a surge on the Solana blockchain, resulting in more transactions than the combined activity of other leading blockchains.

Solana’s network activity lit up on Tuesday as the Pudgy Penguins NFT project debuted its native token, PENGU, on the programmable blockchain.

The layer 1 blockchain, considered a cheap alternative to Ethereum, registered a total transaction tally of 66.9 million, the highest since its inception in 2020, according to data source Artemis. To highlight how busy it was, Solana’s transaction count eclipsed the total of all other major chains combined.

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Solana also led other blockchains in terms of daily decentralized exchange trading volume and daily active addresses but lagged Base, Ethereum and Tron in the stablecoin transfer volume.

Since the dawn of the ongoing crypto bull run in early 2024, Solana has been a go-to blockchain for retail investors looking to make a quick buck from memecoins, NFTs and other smaller tokens.

Tuesday was no different, as holders of original Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) lined up for the PENGU airdrop, which began at 08:00 ET. The project reported over 100,000 claims in the first hour with over 4.7 million website views.

PENGU debuted at a market cap of $2.3 billion but has since seen the value drop to $2 billion, according to data from Coingecko.

Solana’s SOL token rose 3.2% to $229 on Tuesday, following the market leader bitcoin higher. However, the token has struggled to keep the momentum going today, receding to $217, likely representing caution ahead of the Fed rate decision.

WBTC Episode ‘Reopened Old Wounds’ of Centralized Failures: Bitcoin Builders Association

The venture between BitGo and BiT Global provided a reminder of the distrust many BTC holders still have for centralized custody, according to a new report

Earlier this year, some users of wrapped bitcoin wBTC were dismayed to find its issuer BitGo was sharing custody of their bitcoin (BTC) with BiT Global, a Hong Kong-based crypto custodian partly owned by TRON founder Justin Sun.

The episode “reopened old wounds inflicted by previous centralized custody failure,” even though it did not expose any novel flaws, the Bitcoin Builders Association (BBA) said in a report on Wednesday.

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“These wounds cause BTC holders to be unwilling to trade off their self-custody for trusted solutions,” the report said.

The BBA noted that there’s been signs of growing distrust toward centralized entities. WBTC’s supply has dwindled to 0.74% of the total bitcoin circulating supply from 1.5% over two years ago.

The collapse of numerous crypto entities in 2022 highlighted the risks of ceding custody of one’s coins to centralized custodians, a lesson that many users are not willing to learn the hard way again.

WBTC Dominance

WBTC is an Ethereum-based token tradable 1:1 for BTC, allowing users to put their assets to work in the decentralized finance (DeFi) world which is largely unavailable in the Bitcoin ecosystem.

The token is comfortably the market leader in the tokenized BTC sector, accounting for a 60.4% share, according to the BBA. When added together with distant runner up BTCB (built on BNB), the two tokens have a market share of 87.2%.

However, this consolidation could be in the process of being broken up given the uptick in new tokens emerging of late. Of the 21 different participants in this sector, 40% have launched in 2024 or will do so in the near future, the BBA said.

The BBA listed each of these participants in the report and addressed some of the pros and cons of a select few. For example, wBTC is the most liquid token, is integrated across all the largest blockchains and has been stress-tested for over five years. However, the venture with BiT Global is a concern for many given the counterparty risk it introduces, “especially considering the involvement of Justin Sun, known for controversial practices in the crypto space,” according to the report.

On other hand, a token like Bitcoin layer-2 Stacks’ sBTC has yet to be stress tested (having gone live only this week) and its novel programming language Clarity can make DeFi integration more tricky. On the plus side, it is more decentralized than wBTC and inherits the protection of the Bitcoin network’s security.

The tokenized BTC market represents a mere 1.23% of the total bitcoin market cap, equal to around $25 billion at the time of writing.

“This highlights the immense untapped potential for solutions offering a programmable version of BTC,” the BBA said.

Trump Administration Has Already Unlocked ‘New Era’ for U.S. Crypto: JPMorgan

The worst regulatory environment for crypto markets is behind us, the report said.

Donald Trump’s victory in the November presidential election is already ushering in a new era for crypto in the U.S., JPMorgan (JPM) said in a report Wednesday, noting that the total cryptocurrency market cap has jumped about 65% since his reelection.

“Not only does this new administration bring a sense of crypto friendliness, but it also has shown an eagerness to promote the asset class,” analysts led by Kenneth Worthington wrote.

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The incoming administration has shown a willingness to talk about crypto market regulation and about how to keep future development in the U.S., the report said, adding that the president-elect has already nominated a number of people who will take part in the formulation of crypto policy and enforcement.

This means a floor has been established, in that the “worst regulatory environment for crypto” is in the past, the report said. The ecosystem is now expected to become a “safer, more transparent, and more productive industry (from a regulatory perspective) from this point.”

Still, these positive tailwinds could take some time to have an effect. JPMorgan cautioned that the market might not see policy impacts for at least nine to 12 months into Trump’s term.

Trump’s nomination for the Commodity Futures Trading Commission (CFTC) chair is one piece missing from the administration’s pro-crypto agenda, the Wall Street bank said. The position is important because of its likely role in regulating bitcoin (BTC) and ether (ETH).

A more productive regulatory environment would lead to the listing of more tokens by exchanges and brokers, and would also encourage more product innovation, the report added.