Altcoins at a Glance – Important Weekly News on Tether, Moonbeam, Bitfinex and More

Welcome back to Altcoins at Glance. For this issue, we have some news from Brazil and a couple of Altcoins from the Ethereum Network. We also have another mixer being sanctioned by US regulators.

Let us dive in.

Moonbeam x DUX x Grupo RAO Launches Brazil’s Biggest Web3 Loyalty Program

• Moonbeam, DUX, and Grupo RÃO have collaborated to launch Brazil’s largest Web3 loyalty program
• The collaboration aims to give Grupo RÃO’s food delivery users exclusive perks and rewards.
• The goal is to improve customer retention rates.  It also aims to onboard Grupo Rao’s more than one million customers to the innovative initiative.
• Moonbeam is a platform that supports smart contracts. It allows applications to operate in multiple blockchain networks.
• DUX is a Web3 on boarding company.  It is currently focused on building web3 wallets for Brazil and Latin America.
• Grupo RÃO is the largest Japanese food delivery in Brazil.

Chromia Mainnet to Launch in 2024

• Chromia a blockchain platform by ChromaWay, has announced the launch of its mainnet in 2024.
• The mainnet will have powerful capabilities, including EVM interoperability, relational database architecture, and on-chain file storage.
• Having EVM  (Ethereum Virtual Machine) interoperability is big because Ethereum is the biggest smart-contract network.
• The roadmap leading to the mainnet launch involves preparatory phases, including public testnet runs and an open beta test, aimed at ensuring the platform’s robustness and user-friendliness.

Mantle Launches Liquid Staking Protocol

• Mantle, an Ethereum layer two solutions, has launched a liquid staking protocol (LSP) on the ETH network,
• The protocol allows users to stake ETH and receive rewards in the form of Mantle-stake Ether (mETH).
• The liquid staking protocol aims to counter the concentration of ether stakes within major providers by offering a compelling advantage of freeing up capital from staked assets.
• The positive news had effects on Mantles MNT token with its market cap increasing 4.26% and initially reaching more than $1.7 billion.  The current market cap is nearly $1.9 billion.

Tether and Bitfinex Reached Settlement Regarding FOIL Law

• Tether and Bitfinex have reached a settlement concerning Freedom of Information Law (FOIL) as requested by a group of journalists, including a reporter from Bloomberg.
• The two crypto companies have reiterated their dedication to transparency but insisted that this does not cover an exhaustive disclosure of all their documents.  They stated that this does not align with standard business practices.

• The decision to cooperate with FOIL requests indicates a willingness to share information within specified limitations and with respect to data privacy.

Sinbad.io Sectioned By US Financial Regulator

• The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the cypto mixer Sinbad.io
• It has been flagged for its alleged connection with North Korea’s Lazarus Group.
• The Lazarus Group has been tagged as the one behind numerous hacking and is believed to be sponsored by the North Korean government.
• Crypto mixers or tumbler, like Sinbad.io, is a service wherein it combines identifiable crypto funds with other users to enhance anonymity.  It makes it hard to trace the source of the funds.  Unfortunately, this type of service has also been associated with money laundering

Thank you for joining and see you again next week for the latest news about altcoins.