This week in Web3: FTX’s revenue surges, Mastercard partners with Binance, CoinDCX launches De-Fi mobile app
After weeks of rough seas, this week saw some new developments in the Web3 space including new launches, surge in revenue and more
Layer 3s to access Web3 through Google, Meta, Microsoft accounts?
Is there a way to scale apps on the decentralised internet without risking user data?
—a startup founded in 2021 by Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev—believes so!
The startup is leveraging Zero Knowledge (ZK) tech to build an accessible and user-friendly ‘Layer 3’ ecosystem on top of Ethereum.
What are ZK and Layer 3?
Layer 3 protocols are an emerging breed of technologies to empower blockchain networks with the ability to conduct transactions across different blockchains.
They tend to utilise ZK rollups, which bundle several data-heavy transactions together, allowing for validation of blocks in a cheap, fast and private manner, without sharing user data with any involved third parties
ZKX wants to build an ecosystem where users can access and use Web3 apps using existing Meta (Facebook), Google or Microsoft accounts, without revealing or sharing user data with these third parties at scale.
The startup is developing this tech on StarkWare—a platform that uses its native tech StarkNet ZK-rollup to allow decentralised apps to scale. All the transactions that happen on StarkNet fall back on Ethereum.
FTX’s revenue surges 1,000% in a year
Crypto exchange saw exponential growth last year, fuelled by its global trading business. Its revenue reportedly soared more than 1,000% from $89 million to $1.02 billion in 2021.
According to leaked financials seen by CNBC, two-thirds of the firm's revenue came from futures trading fees, and 16% came from spot trading.
As per multiple media reports, FTX generated $270 million in revenue in the first quarter of 2022, and was on track to generate roughly $1.1 billion in revenue in 2022. It's unclear how the company performed amid the crypto price crash in the second quarter of 2022.
What is FTX upto?
Sam Bankman, CEO of the crypto exchange, has been actively making acquisitions. FTX purchased a 7.6% stake in Robinhood, a crypto exchange.
FTX also invested in other firms that were on the verge of bankruptcy. BlockFi is one such lending platform that received $250 million from them to assist in stabilising and enhancing its balance sheet.
The firm also offered to buy crypto lender Voyager in August but later turned down the acquisition.
Indian crypto exchange, CoinDCX marks its DeFi foray with Okto
Earlier this week, Indian crypto exchange announced the launch of its DeFi (decentralised finance) and mobile app Okto.
The announcement was made by co-founders Sumit Gupta and Neeraj Khandelwal at Unfold 2022 event.
“Web3 is complicated for newcomers, the biggest problem for users is managing and safeguarding their private key as the crypto addresses and long passphrases are only way to access their assets. With this launch we are trying to simplify and enabling access and interaction for users." said Neeraj.
CoinDCX founders Neeraj Khandelwal (left) and Sumit Gupta
What is Okto?
Okto is a keyless self-custodial wallet backed by multiple layers of security, which allows access to more than 100 decentralised apps.
With the app, users can access 20 chains and 100 protocols. The firm also revealed its waitlist for the mobile app and will launch the first version in the upcoming days.
Mastercard partners Binance for crypto payments at 90M stores
Payments giant Mastercard on Wednesday announced a partnership with —the world's largest crypto exchange by trading volume. This is to enable crypto payments in 90 million stores that support Mastercard payments.
Further, this partnership aims to bridge the gap between crypto and everyday purchases. "We can unlock the full potential of blockchain technology when we make it easier to access + easier to use," said Michael Miebach, MasterCard CEO in a LinkedIn post.
Other similar initiatives:
Mastercard isn't the only company to tie up with a cryptocurrency exchange. Recently, Latin American crypto company Ripio has rolled out a prepaid card in partnership with Visa in Brazil.
The card enables payments in fiat as well as 28 cryptocurrencies listed on Ripio's exchange.
Patent-filed system to issue, verify digital documents
With the world now increasingly reliant on technology, digital storage needs to be safe, tamper-proof, and transparent. Blockchain technology offers a revolutionary platform to government bodies, the financial sector, and educational institutes to keep sensitive data safe and secure.
Bengaluru-based Zupple is doing just that with , a blockchain-based application that helps issue tamper-proof digital documents to stakeholders that can be verified from anywhere around the world, within seconds.
Traction so far:
Earlier this year, Zupple tied up with the Maharashtra government and started issuing blockchain “caste certificates” to up to 65,000 tribals in Gadchiroli in a bid to stop fraudulent claims on government benefits for the disadvantaged.
The dApp can be used by all document issuers—banks, insurance companies, educational institutes, governments etc—to issue tamper-proof digital documents that can be verified from anywhere around the world instantly, he says.
Edited by Kanishk Singh
