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Chainlink unveils SCALE to help fast-track Web3 innovation

Chainlink has unveiled SCALE, an economics program designed to to fast-track smart contract innovation…

The post Chainlink unveils SCALE to help fast-track Web3 innovation appeared first on CoinJournal.

  • Chainlink has unveiled SCALE, an economics program designed to to fast-track smart contract innovation in the blockchain industry.
  • The platform also launched BUILD, another of the Chainlink Economics 2.0 initiatives set to boost Web3 growth.

Chainlink Labs, the platform helping develop Chainlink’s oracle network, is looking to support further innovation across the blockchain ecosystem via its new feature SCALE.

As per an announcement from the platform this Wednesday, Chainlink SCALE represents a program designed to advance the Sustainable Chainlink Access for Layer 1 and 2 Enablement.

We’re excited to introduce Chainlink SCALE as a way to help rapidly accelerate the growth of blockchain ecosystems while putting in place a holistic economic model that is viable for the long-term success of blockchains, dApps, and the Chainlink ecosystem,” Chainlink co-founder Sergey Nazarov said in a press release.

Some of the leading blockchain ecosystems to join the program include Avalanche, Metis, Moonbeam, and Moonriver. Chainlink expects to integrate more networks as they look to turbocharge Web3 growth.

Chainlink Economics 2.0

SCALE is one of the programs in the Chainlink Economics 2.0 initiative that intends to boost blockchain and Layer-2s while increasing Chainlink’s own economic sustainability.

Chainlink SCALE will help fast-track smart contract innovation within these blockchain ecosystems. The program will cover such operating costs as transaction gas fees for Chainlink oracles, opening key oracles services to developers.

This Economics 2.0 initiative, like BUILD that the platform also announced on Thursday at SmartCon 2022, aims at accelerating Web3 growth.

In BUILD, projects commit to provide network fees & other incentives to Chainlink service providers in exchange for enhanced support from the Chainlink ecosystem,” Chainlink tweeted.

SCALE (previously blockchain gas grants) is similarly targeted at generating additional economic value for Web3 participants, including blockchains, dApps, and oracle service providers. 

The project also looks to bring more service providers, like stakers, into the Chainlink ecosystem.

The post Chainlink unveils SCALE to help fast-track Web3 innovation appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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