Squid, a decentralized exchange (DEX) platform that allows users to trade tokens across different blockchains, has announced a new feature that enables direct swaps between Cosmos and Ethereum Virtual Machine (EVM) compatible chains. This means that users can now swap tokens from networks like Terra, Binance Smart Chain, Polygon and others without going through intermediaries or bridges.
Squid’s direct swap feature is powered by the Inter-Blockchain Communication (IBC) protocol, which is a standard that allows different blockchains to communicate and transfer value with each other. IBC is the core innovation of the Cosmos network, which aims to create an internet of blockchains that can interoperate seamlessly.
By integrating IBC, Squid can offer users a fast, secure and low-cost way to swap tokens across different ecosystems. Users can simply connect their wallets to Squid and select the tokens they want to swap from a list of supported chains. Squid will then automatically route the swap through the IBC protocol and execute it in a single transaction.
Squid claims that its direct swap feature is the first of its kind in the DEX space, and that it will open up new possibilities for cross-chain liquidity and interoperability. Squid also plans to add more chains and tokens to its platform in the future, as well as other features such as liquidity pools, governance and staking.
According to Gracy Chen, the managing director of Bitget, a global cryptocurrency exchange platform, the regulatory environment for crypto assets is likely to become stricter in the near future. She believes that the Know Your Customer (KYC) process, which requires crypto users to verify their identity and source of funds, will be more rigorous and comprehensive as governments seek to prevent money laundering, tax evasion and other illicit activities involving cryptocurrencies.
Chen says that Bitget has been complying with the KYC standards of different jurisdictions and has been working closely with regulators to ensure a safe and transparent trading environment for its customers. She also advises crypto investors to be aware of the potential risks and challenges that may arise from the changing regulatory landscape and to choose a reliable and compliant exchange platform that can protect their interests and assets.
Mountain Protocol, a decentralized platform for creating and managing synthetic assets, has announced the launch of its yield-bearing stablecoin, MTS. The stablecoin is backed by a basket of cryptocurrencies and can be minted or burned by users through the protocol’s smart contracts. MTS holders can also earn passive income by staking their tokens in the protocol’s liquidity pools.
In addition to launching MTS, Mountain Protocol has also revealed that it has raised $10 million in a private funding round led by prominent investors and funds in the crypto space. The fundraise will help the protocol expand its team, develop new features and integrations, and grow its user base and community. Mountain Protocol aims to become a leading platform for synthetic asset creation and trading, offering users exposure to a wide range of assets across different markets and sectors.
Celsius, the leading platform for earning and borrowing digital assets, has announced the formation of a new board of directors to oversee its global expansion and governance. The board will include prominent figures from the fields of finance, technology and blockchain, such as former Algorand COO Sean Ford, former WeWork CFO Artie Minson, and former UBS Group Americas CEO Robert Wolf. The board will also include Celsius founder and CEO Alex Mashinsky, as well as two independent directors to be appointed in the near future.
FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, has revealed some of its assets in a recent filing with the Securities and Exchange Commission (SEC). According to the document, FTX owns $1.2 billion worth of SOL, the native token of the Solana blockchain, which is one of the fastest-growing platforms in the crypto space. FTX also owns a property in the Bahamas, valued at $8 million, which serves as its headquarters. The filing shows that FTX has a diversified portfolio of assets, both digital and physical, that reflect its vision and strategy in the crypto industry.
Polygon Labs, a leading blockchain technology company, has sent a letter to the US Senate Finance Committee, urging them to reconsider their proposed tax legislation on cryptocurrency transactions. The letter argues that the bill would stifle innovation and economic growth in the emerging sector and compares the situation to the early days of the internet, when lawmakers supported the development of online platforms and services.
The letter also uses an analogy of an apple orchard to illustrate the difference between cryptocurrency and traditional assets. It explains that while an apple orchard produces apples that can be sold for income, a cryptocurrency network produces tokens that are used to power the network and enable transactions. Therefore, taxing cryptocurrency tokens as income would be like taxing the apples before they are harvested, which would discourage investment and maintenance of the orchard.
Polygon Labs hopes that the senators will take their letter into account and amend the bill to provide more clarity and fairness for the cryptocurrency industry. The company believes that blockchain technology has the potential to transform various sectors of the economy and society, and that the US should not miss this opportunity to become a global leader in this field.
The cryptocurrency market experienced a sharp drop on Tuesday, as Bitcoin fell below $25850 for the first time in nearly a month. The decline was triggered by speculation that FTX, one of the largest crypto exchanges, might sell some of its holdings to fund its recent acquisitions and expansion plans. FTX has denied any plans to sell its crypto assets, but investors remain cautious about the potential impact of such a move on the market liquidity and sentiment.