27 May

“The layer 2 solution offers drastically higher transaction throughput than Ethereum, and gas fees that are up to 270 times lower. It’s been live on testnet since 2020. In development since 2018, Arbitrum is the first general smart contract Ethereum layer 2 rollup solution to go live.

Arbitrum, among other differentiating tech breakthroughs, is the only rollup that supports porting Ethereum contracts at the bytecode level without making any code modifications.

In tandem with the launch, Offchain Labs is partnering with developer platform Alchemy to help devs more easily tap into the new network. Alchemy powers 70% of the top Ethereum applications and over $30 billion in on-chain transactions. The Arbitrum-Alchemy partnership drastically lowers the barriers to entry by meeting a large swath of developers where they already are.

High gas fees and slow transaction mining times have been the biggest pain points for Ethereum developers and users for quite some time.

Arbitrum’s layer 2 technology provides a long-needed solution. Over 150 projects have requested launch-day access to Arbitrum.

See Also: Uniswap Holders Consider Arbitrum for Scaling DeFi’s Top DEX

Global payments giant PayPal plans to let users withdraw cryptocurrency to third-party wallets. The company ships new developments every two months on average, he said, though it’s unclear when the withdrawal functionality is coming.

We want to make it as open as possible, and we want to give choice to our consumers. We want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”

See Also: Mastercard Exec Shares Thoughts on Crypto Rewards, Stablecoin and CBDC Plans

Fidelity Investments’ first bitcoin fund has raised $102 million from wealthy investors since launching last August, according to Wednesday regulatory filings. Some 83 investors pooled their bets (at a minimum of $50,000 each).

That’s enough to make Fidelity’s offering one of largest of its kind. Only Pantera, Galaxy and NYDIG, which recently began providing access to Morgan Stanley clients, have reported more than $100 million in sales for a bitcoin-only fund.

Fidelity has moved to launch a more broadly available bitcoin exchange-traded fund (ETF) – also under the “Wise Origin” brand.”

See Also: BlackRock Is ‘Studying’ Crypto, Which Could Someday Play Role Akin to Gold, CEO Says: Report
See Also: SEC Starts Official Review of SkyBridge, Fidelity Bitcoin ETF Applications

“A sparsely populated page on GameStop’s website said the company is welcoming ‘exceptional engineers … designers, gamers, marketers, and community leaders‘ to join the team and includes a link to an Ethereum address. The video-game retailer has already created a token for its NFTs on Ethereum.

While details of the planned platform are so far in short supply, a graphic stating ‘Power to the players. Power to the creators. Power to the collectors,’ may suggest NFTs will be based on gaming.”

Polygon revealed that its SDK was designed to mirror a “Polkadot on Ethereum” approach, which could see the emergence of a multichain network for Ethereum. The Polygon SDK contains several plug-and-play modules with custom-made solutions for parameters like consensus and synchronization.

The Polygon SDK will reportedly exist in two iterations, with the first version allowing developers to create standalone chains that have complete interoperability with the Ethereum network. In the second Polygon SDK iteration, developer teams will be able to create actual layer-two protocols directly connected to the Ethereum mainnet.

With the Polygon SDK, we are solving pressing needs for Ethereum’s multi-chain future, including ease of deployment and inter-L2 communication.”

The authors estimate European security token growth of around 81% per year over the next five years across assets such as real estate, debt and fiat currencies. Upcoming regulations are expected to align with the aim of the European Commission to create a ‘harmonized digital asset market.’

The security tokens market is evolving dynamically and can still be considered to be in its infancy phase.”

Amid power shortages caused by a lack of rain, Iran is again clamping down on cryptocurrency mining.

Iran’s president, Hassan Rouhani, has said mining operations must cease until Sept. 22 due to the load they place on the national power grid. Even authorized miners will have to halt operations.”