Polygon Hermez to Scale Ethereum, FTX Supports Bitcoin Devs

Blockchain news

Polygon (MATIC), an Ethereum (ETH) layer 2 scaling solution, and Hermez Network (HEZ), an open-source ZK-Rollup optimized for token transfers “on the wings of Ethereum,” announced a public network merger, stating that they “share the common objective of scaling and bringing the globe to Ethereum.” Polygon Hermez is the designation given to the Hermez Network when it begins its integration into the Polygon ecosystem. Polygon Hermez will be supported and developed by Polygon, which will pay the Hermez team’s operations. The Hermez project’s components, including technology, live solutions, the team, and the HEZ token, will be integrated into the Polygon ecosystem, they stated, adding that the HEZ token will cease to exist after a date to be determined. MATIC will use the HEZ token instead of Polygon Hermez’s utility coin.

According to Polygon, the maximum money committed from the Polygon treasury for this merger is 250 million MATIC tokens, or around USD 250 million depending on the price at the time of the agreement (August 4, 2021).

Adoption updates

A major cryptocurrency derivatives exchange FTX announced a three-year commitment of USD 150,000 per year to Brink Technology, a non-profit company dedicated to assisting the Bitcoin (BTC) community through developer fellowship and grant programs. It is the first multi-year commitment from a cryptocurrency exchange to Brink.

Investing news

Kryptoin Investment Advisors has submitted a proposal with the US Securities and Exchange Commission for an ethereum (ETH) exchange-traded fund (ETF) (SEC). The Kryptoin Ethereum ETF Trust intends to list its common shares on the BZX Exchange of the Chicago Board Options Exchange under a ticker that will be announced prior to the start of trading.
A startup is developing a decentralized credit protocol. Exactly Finance has launched a USD 3 million seed investment round lead by venture firm Kaszek. This was Kaszek’s first foray into decentralized finance (DeFi).

News about wallets

Ledger, a major hardware wallet maker, has announced a connection with the ETH liquid staking solution platform Lido, allowing users to stake ETH. This method lets users with any number of ETH (rather than the customary ETH 32) to participate in safeguarding the network and earning profits through staking.

News from the exchanges

Binance has announced the discontinuation of a variety of services for South Korean consumers, including KRW trading pairs and payment alternatives, peer-to-peer (P2P) merchant applications, and website support for the Korean language, effective today. They have also stated that this is part of their proactive adherence to local regulations.
According to Markets Insider, FTX.US, an affiliate of crypto exchange FTX, plans to launch crypto derivative trading in less than a year. Due to the regulatory environment in the United States, the exchange presently only allows spot trading on the FTX.US platform.

Career news

Galaxy Digital, a provider of institutional crypto financial services, announced that Tim Grant, former CEO of SIX Digital Exchange (SDX), will join the company as Head of Europe. Grant will be in charge of extending Galaxy Digital’s existing presence in Europe across all business lines, as well as directing operations and important customer relationships, according to the statement.

NFTs breaking news

On the non-fungible token (NFT) marketplace OpenSea, the non-fungible token (NFT) Bored Ape Yacht Club #3749 sold for a record ETH 400 (USD 1.28m). According to Rarity Tools, this NFT is the 27th rarest of the 100,000 minted.
Magazine Fortune has reported that its first NFT auction raised ETH 429 (USD 1.38 million). They sold a set of 256 limited edition NFTs of its most recent cover art for ETH 1.

Photo Source: Adobe/H_Ko

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