Connect with us
  • tg


Wormhole integrates native USDC transfers for four blockchain networks

letizo News



Wormhole has integrated Circle’s Cross-Chain Transfer Protocol (CCTP), allowing USD Coin (USDC) to be transferred between Ethereum, Avalanche, Arbitrum and Optimism via Wormhole-based bridges, according to a Sept. 20 announcement.

The new feature is available to end-users via the Portal bridge, and developers can integrate it into their own apps using Wormhole Connect.

Portal USDC bridge. Source: Portal

The Wormhole team claimed that the new integration will reduce liquidity issues and user confusion. “On these new and emerging chains, multiple versions of these bridged USDC tokens can exist,” it stated, “which can lead to fragmented liquidity, poor pricing, and a confusing experience for users and developers alike.” CCTP will help fix this problem by “creating a natively cross-chain USDC that can be burned and minted across connected chains,” it stated.

When Circle first issued USDC, it was only available on Ethereum. If a user wanted to transfer USDC to another chain, they needed to use a bridge to lock up their native USDC on Ethereum and mint a derivative version on the other chain. However, multiple bridging protocols with various derivative versions of USDC could sometimes cause confusion among end-users.

In 2021, Circle launched its stablecoin on a second chain, Stellar. It continued to launch on additional chains afterward, bringing the number of compatible networks to 14 as of Sept. 20.

But for a user to transfer native USDC from one network to another, they still needed to deposit their coins to a Circle partner’s account and then withdraw them to another network using that account. Partially because of this complexity, many users continued to use bridged versions of the coin instead of its native version.

Related: Stablecoin depegging plagued USDC and DAI more than others: Analysts

On April 26, Circle launched CCTP, which is a set of smart contracts and an application programming interface (API) that can be used to burn USDC on one chain and have it be re-minted on another chain without the user needing to deposit to a Circle partner account.

At the time of its launch, CCTP only allowed transfers between Ethereum and Avalanche or vice-versa. Since then, it’s been expanded to support Optimism and Arbitrum networks as well. Circle plans to add additional networks in 2023, according to the protocol’s documents.

The Sept. 20 announcement states that CCTP has now been integrated into the Wormhole bridge interface, allowing Wormhole users to transfer native USDC between CCTP-supported chains for the first time. These networks currently include Ethereum, Optimism, Avalanche and Arbitrum.

Wormhole is not the only bridge that has implemented or intends to integrate with CCTP. Wanchan provides a similar feature, and according to Circle’s April 26 announcement, Celer, Hyperlane, LayerZero and LI.FI have also stated that they intend to implement it soon.


BTC price holds 6% gains as Bitcoin battles for ‘crucial’ $28K support

letizo News



Bitcoin (BTC) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, analysis says.

In an X (formerly Twitter) post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for the BTC price.

Glassnode: “Keep an eye out” for $28,000

After snap volatility, which caused Bitcoin to hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.

At the time of writing, BTC/USD is circling $28,500, per data from Cointelegraph Markets Pro and TradingView — still up around 6% since the weekly open.

For Allemann and Happel, the pair is now at a defining crossroads.

“The crypto market is hinged on BTC’s ability to breach and consistently maintain a value north of $28k,” part of their commentary stated.

$28,000 has formed a battleground ever since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control over long-term trajectory.

Data from the trading suite DecenTrader, among others, confirms that the status quo remains despite recent BTC price moves, with $28,000 lying in a zone between major longs and shorts of varying leverage.

Bitcoin liquidity data. Source: DecenTrader

“While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme,” Allemann and Happel added.

“The rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics. Keep an eye out for the 28k level.”

BTC/USD 1-day chart. Source: TradingView

Road to Bitcoin halving contested

As Cointelegraph reported, predictions over what the future will bring for Bitcoin both before and after its next block subsidy halving in April 2024 differ considerably.

Related: Mining BTC is harder than ever — 5 things to know in Bitcoin this week

In an interview last month, DecenTrader co-founder Filbfilb eyed BTC price galvanizing itself for upside during Q4, possibly reaching $46,000 by the halving.

Some well-known market participants, however, remain risk-averse. Among them, popular trader Crypto Tony and others are betting on a pre-halving return to $20,000 for a final local bottom.

“Many can scream they are long right now and caught that move, but if your not taking profit here at resistance your doing something wrong,” he told X subscribers about the recent surge.

“I personally will not be long unless we flip that $28,500 level into support.”

BTC/USD annotated chart. Source: Crypto Tony/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Continue Reading


Ripple job posting hints at possible IPO, XRP community says

letizo News



Fintech payments company Ripple released a new job posting on Oct. 16 for a shareholder communications senior manager across multiple locations in and outside the United States. The job posting prompted many crypto enthusiasts to label it as an official hint about the company’s plans to go public.

The job posting outlines that the role will require direct communication with shareholders — a concept generally associated with publicly traded companies. The chosen candidate would be responsible for developing and implementing communication and relationship management strategies for “existing and prospective investors, current shareholders, and financial analysts.”

The job description emphasizes the candidate’s need to create strategic plans specifically suited for situations like “M&A [mergers and acquisitions], investments, liquidity events, and other high-impact moments.“

The role includes creating investor-focused materials like “presentations, fact sheets, case studies, and analyses“ to inform and educate potential investors about the company’s prospects and performance — a necessary component of the initial public offering (IPO) preparation process. The responsibilities of the post also include maintaining a shareholder database and managing routine communications like quarterly updates.

Related: How are crypto firms responding to US regulators’ enforcement actions?

Many XRP (XRP) proponents and the pro-Ripple community on X (formerly Twitter) are referring to the job posting as a hint that there may be an IPO. Some key executives from the company have also alluded to the possibility that Ripple might go public but haven’t given any indication of timing.

The crypto-focused payments company has recently been in the limelight due to the U.S. Securities and Exchange Commission’s (SEC) lawsuit alleging XRP is a security. Ripple scored a major win in the lawsuit in July when a judge ruled that XRP is not a security in terms of sale on digital asset exchanges.

Key Ripple executives have claimed that even though the SEC lawsuit has cost them many business opportunities in the U.S., most of its remittance business lies outside America.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Continue Reading


Banks’ crypto exposure must be disclosed — BIS’ Basel Committee

letizo News



The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure.

The Basel Committee comprises central banks and financial authorities from 28 jurisdictions and is a forum for regulatory cooperation on banking supervisory matters. The latest consultation paper is based on the disclosure guidelines in the final prudential standard on how banks should handle their exposure to crypto assets released in December 2022.

The consultation paper aims to set a standardized “disclosure table and set of templates for banks’ crypto-asset exposures,” with a proposed implementation date of Jan. 1, 2025. The Basel Committee has opened the proposal for public comment until Jan. 31, 2024, after which the results will be published on its website.

Under the new proposed regulations, banks would be required to provide quantitative data on exposures to crypto assets and the corresponding capital and liquidity requirements. Banks would also be required to offer qualitative data on their activities linked to cryptocurrencies.

Additionally, banks would be required to offer information on the accounting classifications of their exposure to crypto assets and liabilities. In its proposal, the committee claimed that using a uniform disclosure format will encourage the application of market discipline and lessen information asymmetry between banks and market participants.

Related: Ripple joins BIS cross-border payments task force

The committee also reviewed crypto assets and bank exposure in June. At the time, the committee didn’t delve deeply into the topic, mentioning only that it was focusing on permissionless blockchains and the eligibility criteria for “Group 1” stablecoins.

The BIS has been actively involved in crypto consultations and examining the regulatory aspect of decentralized technology. Recently, the BIS and a handful of European central banks published details of a concept to develop a system to track international flows of cryptocurrencies.

Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

Continue Reading


©2021-2023 Letizo All Rights Reserved