Welcome back to Altcoins at a Glance, where we distill the most important news about your favorite tokens and serve them up in shot glass-sized servings. We know time is important, so we aim to keep you informed in five minutes or less.
Warner Music Chooses Polygon
- Polygon Labs, the organization behind ETH’s layer-2 Polygon (MATIC), has partnered with the Warner Music Group to power a music accelerator program. It will support developers of music-related projects and dApps.
- The goal is to support projects that offer innovative solutions for the music industry and help them grow, scale, and succeed in the entertainment space.
- Polygon and Warner are looking for candidates involved with decentralized music production and distribution, music merchandise or phygitals, blockchain ticketing, immersive music, and interactive technology and gaming.
Staking your Altcoins Won’t Be Allowed in Singapore and Thailand
- Singapore and Thailand have just recently passed crypto laws that aim to protect investors.
- Both countries won’t allow crypto lending and staking, activities that became popular due to high returns.
- In Singapore, the restriction in staking and lending is directed towards retail investors because it is not “suitable” for this demographic.
- Singapore is also directing crypto companies to set up a trust account with a licensed custodian. The custodian will hold customer assets, thus preventing the crypto service provider from comingling funds. This also protects customers in case of insolvency and fraud.
- Having a third-party custodian is already being practiced by exchanges like EDX Markets.
- These restrictions stem from lessons learned from the FTX collapse, wherein customer assets were allegedly misappropriated since the exchange acted as a service provider, broker, and custodian.
Shibarium Could Launch in August. Will Dog-themed Altcoins Pump?
- Shibarium, Shiba Inu’s much-awaited layer-two, is said to be scheduled to be launched in August, according to lead developer Shytoshi Kusama.
- Shytoshi said that he expects Shibarium to go live after the upcoming Toronto Conference.
- Shibarium aims to solve scalability and speed limitations while pushing down gas fees.
Circle Might Issue Stablecoins in Japan
- Japan’s revised Payment Services Act allows the issuance of stablecoins as an electronic method. The stablecoin needs to be backed by legal tender (fiat).
- This positive development prompted Circle, the issuer of USDC, to consider issuing a stablecoin in the country.
- Other big Japanese financial institutions like Mitsubishi UFJ Trust and Banking Corporation also have plans to issue stablecoins.
Ripple Can Tokenize Real World Assets like Real Estate
- Antony Welfare, CBDC Advisor at Ripple, shared a real-world case for CBDCs.
- He thinks tokenization is the future of real estate.
- A tokenized real estate asset can provide a frictionless experience when used as collateral for loans.
- This solution will use Ripple’s CBDC Platform.
That is it for this week’s edition of Altcoins at a Glance. Join us again next week.
Featured Image from Pixabay
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