BNB Chain Introduces Web3 Verification Tool

In a recent development, BNB Chain has taken a proactive step to combat the increasing threats posed by malicious entities in the Web3 space. On September 14, 2023, the organization announced the launch of a verification tool designed to help users identify and differentiate genuine affiliations from potential threats.

BNB Chain’s official Twitter handle, @BNBCHAIN, shared, “In an effort to fight back against bad actors in Web3, we’ve developed a simple verification tool ✅.” This tool allows users to swiftly verify the authenticity of websites, news publications, or social accounts that claim affiliation with BNB Chain. The verification tool can be accessed via this link. 

Furthermore, in light of the mainnet launch of opBNB, BNB Chain has expressed concerns about the possibility of bad actors leveraging this event to propagate fake bridges, deceptive websites, and counterfeit social media profiles. They emphasized, “Bad actors in Web3 may use this occasion to promote fake bridges, scam websites, and imposter social media accounts.” To ensure users’ safety and to direct them to the legitimate opBNB bridge, BNB Chain provided the official link: (

(Read Exclusive Interview with BNB Chain by Blockchain.News)

It’s essential for users to remain vigilant and utilize the provided verification tool to steer clear of potential threats in the ever-evolving Web3 landscape.

About BNB Chain

BNB Chain, previously known as Binance Smart Chain, represents an evolution in the blockchain ecosystem. It was introduced to underpin the global virtual ecosystem infrastructure through the concept of MetaFi. The name “BNB” stands for “Build and Build.” This rebranding was not just a name change but also an effort to draw a connection to Binance’s BNB token, which serves as the governance token for the chain. The BNB Chain is designed to be a sovereign smart contract blockchain that offers Ethereum Virtual Machine (EVM) compatible programmability. This adaptability allows it to cater to a wide range of decentralized applications and projects.

The BNB Chain has been developed with a focus on consensus mechanisms, with the BNB Beacon Chain and BNB Smart Chain validators operating on different types of consensus. One is based on a Tendermint-like consensus, while the other utilizes Proof of Stake Authority (PoSA).

Throughout its existence, BNB Chain has consistently advanced in the blockchain industry, prioritizing improvements in security, scalability, and decentralization. The launch of resources such as the Web3 security verification tool underscores their dedication to providing a secure and dependable platform for their community.

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Circle Partners With Grab for Web3 Pilot in Singapore

Circle Internet Financial (Circle), a global fintech firm, is joining forces with Grab, Southeast Asia’s leading super app, to pilot Web3 customer experiences in Singapore. This collaboration will see the integration of Circle’s new Web 3 Services platform directly into the Grab app, marking a significant step in the adoption of blockchain technology in the region.

Dubbed the ‘Grab Web3 Wallet’, this feature will be available exclusively to Singapore-based users. It promises a seamless experience where users can establish a blockchain-enabled wallet, paving the way for them to earn unique rewards, collect digital collectibles, and utilize non-fungible token (NFT) vouchers. As a starting point, the Grab Web3 Wallet will support the SG Pitstop Pack NFT vouchers, which can be redeemed at select stores and experiences in Singapore, timed perfectly with the buzz of the upcoming F1 Singapore Grand Prix.

The significance of this pilot goes beyond just a partnership between two tech giants. It aligns squarely with the Monetary Authority of Singapore’s (MAS) Project Orchid initiative. This initiative is a testament to Singapore’s commitment to exploring the potential of digital currencies and blockchain technology in real-world applications, aptly named Purpose Bound Money.

Jeremy Allaire, Co-founder and CEO of Circle, commented on the partnership, emphasizing its broader implications: “Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab’s vast customer base brings us closer to realizing the full potential of responsible digital assets innovation.”

Circle’s Web3 Services are not just a new product offering. They represent a bridge between the current internet ecosystem (Web 2.0) and the emerging decentralized web (Web3). By facilitating the integration of stablecoins, digital assets, and smart contracts into consumer and enterprise applications, Circle is positioning itself as a leader in the transition to Web3.

Singapore has been a focal point for Circle in recent months. In June 2023, the company secured a Major Payment Institution (MPI) License from the MAS, reinforcing its commitment to the region. This was followed by the inauguration of its Singapore office in May. Earlier in the year, Circle made headlines by partnering with Tribe, Singapore’s first government-endorsed blockchain ecosystem developer. This collaboration aimed to foster and upscale the local Web3 developer talent, further solidifying Singapore’s position as a global hub for blockchain innovation.

In an era where digital transformation is more than just a buzzword, collaborations like these underscore the tangible shifts in the financial and tech landscapes. As Circle and Grab venture into this pilot, the eyes of the tech world will undoubtedly be watching, anticipating the ripple effects this could send across the industry.

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BNB and Optimism Synergy: opBNB Mainnet Launches with a Vision for a Billion Web3 Users

The highly anticipated opBNB Mainnet has gone live on September 13, 2023. Founded on the pillars of scalability, security, and cheaper transaction fees, opBNB’s inauguration is poised to bring another one billion users into the realm of Web3.

opBNB is distinguished as an Ethereum Virtual Machine (EVM)-compatible Layer 2 chain rooted in the Optimism OP Stack. This mainnet launch signifies a crucial step towards widening blockchain accessibility through reduced gas fees.

The odyssey to the opBNB Mainnet began with its Testnet launch on June 19, 2023. With over 35 million processed on-chain transactions and connections to more than 435,972 unique wallet addresses, the Testnet phase has been commendable. Other notable Testnet statistics include an average block time of roughly 1 second, processing of over 86,000 daily blocks, a daily transaction range of 100-150K, engagement with an active community of over 6,000 daily users, and the deployment of 150+ dApps.

opBNB’s Mainnet stands out with unique offerings. The Layer 2 gas costs plummet to a mere 0.2 gwei, and transactions can go as low as $0.005 per transfer. Among its security protocols, opBNB adopts a trustless approach that doesn’t make assumptions about the Sequencer. It ensures all transaction data is verified across all full nodes on the BNB Smart Chain. To ensure comprehensive network security, opBNB has already met crucial Mainnet genesis criteria. These include a high availability solution, peak performance of 4K transactions per second, stress testing, and consistent internal and external security audits. The Mainnet launch has been accompanied by over 150 projects pledging integration or development on the opBNB platform.

opBNB’s commitment to its developer community has been unwavering. By partnering with top-tier infrastructure and tooling providers, the user experience on the opBNB network has been notably enhanced. Moreover, community engagement initiatives such as the Hackvolution hackathon brought forth over 500 project submissions on the opBNB Testnet.

Post Mainnet launch, opBNB’s emphasis will be on strengthening network resilience and decentralization. Some of the future-focused initiatives are delving into the OP Stack framework to bolster the efficiency of their fraud-proof system, a strategic move to simplify network interactions, ensuring smooth data transitions and fostering an integrated ecosystem for developers, and a mechanism that intends to boost fairness and mitigate risks associated with centralization.

In conclusion, opBNB’s launch signifies a new chapter in blockchain technology, driven by accessibility and innovation. With a vision to welcome the next billion users to Web3, the opBNB network is set to redefine blockchain’s landscape.

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Coinbase CEO Proposes Web3 Version of LinkedIn

Brian Armstrong, the CEO of Coinbase, took to Twitter on September 6, 2023, to share that the company has received over 150 applications for its inaugural Coinbase Ventures Summit. The summit, scheduled for October in Malibu, California, aims to bring together a select group of crypto entrepreneurs and builders. Armstrong also introduced a novel concept: a Web3 version of LinkedIn.

A Web3 LinkedIn: The Future of Professional Networking?

In a tweet, Armstrong outlined the idea of a decentralized LinkedIn platform built on Web3 technology.

It would be great if companies could issue soulbound NFTs to verify employment or credentials,

Armstrong tweeted. He also suggested building a front-end interface to explore both employee and employer profiles and emphasized the need to “develop a way to bootstrap the network effect.”

The CEO mentioned the challenge of network bootstrapping could potentially be solved by allowing users to mint their own NFTs if they can verify a “.com email from the company, etc.”

The Inaugural Coinbase Ventures Summit

The Coinbase Ventures Summit aims to be a breeding ground for new ideas in the crypto space. Armstrong had previously shared 10 ideas he was excited about in crypto, inviting startups and builders to apply for the summit to discuss these ideas and more. The summit’s application portal is hosted on

Third-Party Perspective

While Armstrong’s idea of a Web3 LinkedIn is intriguing, it also raises questions about the scalability and adoption of such a platform. The concept of using NFTs for employment verification is novel but would require widespread corporate adoption to become a standard. Moreover, the challenge of bootstrapping a network effect for a new platform is not trivial and has been a stumbling block for many startups in the past.


The Coinbase Ventures Summit and Armstrong’s latest tweet indicate a proactive approach from Coinbase in fostering innovation in the crypto space. The idea of a Web3 LinkedIn could be a game-changer for professional networking, but it remains to be seen how the concept will evolve and if it will gain the traction it needs to become a reality.

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Solana Gum Protocol Shuts Down

The Gum protocol on Solana ecosystem announced its shutdown today. The team behind Gum and its associated product, Wordcel, cited challenging market conditions and difficulties in generating revenue as the primary reasons for the decision.

Gum initially gained traction after winning the Web3 track of the 2022 Solana Riptide Hackathon. Launched in February 2022, Wordcel, the team’s first project, had garnered a healthy user base during its beta phase. The protocol aimed to serve as the foundational layer for consumer decentralized applications (dApps) on Solana (SOL) and web3 platforms.

Despite the initial success and community support, Gum faced challenges.

Like many other projects, we too have been affected by the challenging market conditions and negative industry events in recent times,

the team stated in their official announcement. These market conditions led the team to reevaluate their future direction, particularly concerning the adoption of their Session Keys toolset.

Data points to consider include the project’s start date in February 2022, the announcement of its shutdown on September 6, 2023, and its key products, Wordcel and Session Keys. The project also won the Solana Riptide Hackathon in 2022.

The team has made efforts to simplify the migration process for existing users. All software, from frontend to indexers and on-chain programs, will be open-sourced. The Magicblock team will maintain the open-sourced Session Keys protocol going forward. The Wordcel app hosted on will be taken down on or before October 1, 2023. Users can migrate to a self-hosted version of the Wordcel frontend.

The shutdown of Gum raises questions about the sustainability of protocol-layer projects in the Solana ecosystem, particularly those that struggle with revenue generation. However, the team remains “bullish on the future of consumer dApps on Solana,” indicating that while this chapter may be closing, the story of consumer dApps on Solana is far from over.

The shutdown of Gum serves as a cautionary tale for emerging projects in the volatile crypto market. While the team’s work will continue to exist in an open-source format, the challenges they faced highlight the difficulties of transitioning from a community-supported project to a sustainable business.


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C98 News: Coin98 Ventures Rebrands to Arche Fund for Web3 Focus

Coin98 Ventures, originally established in 2021 as the venture arm of Vietnam-based Coin98 Finance, announced a comprehensive rebranding to Arche Fund on August 31, 2023. The move is intended to refocus the firm’s efforts on supporting emerging ideas and businesses shaping the future of the Web3 ecosystem.

A Multi-Tiered Strategy for Web3 Support

The rebrand comes with a revamped operational framework geared toward enhancing the precision of the firm’s investment model and widening the scope of its strategic backing. Established less than three years ago, Coin98 Ventures already has a notable investment record, including a collaboration with the Solana Foundation and investments in over 30 Web3 companies and protocols since 2021.

According to the firm’s official announcement, the newly rebranded Arche Fund will operate around three foundational pillars:

  1. Arche Ventures: A venture capital division focused on early-stage Web3 projects.
  2. Kompass: A Web3-specific acceleration program aimed at guiding nascent Web3 enterprises throughout their development.
  3. Arche Capital: A dedicated source of funding for groundbreaking ideas in the Web3 space.

The fund vows to offer robust financial backing and essential resources, tailored to meet the specific needs of each project.

From Coin98 Ventures to Arche Fund: A Record of Investment

Before its transformation, Coin98 Ventures had an established track record that included a $5 million investment fund in collaboration with the Solana Foundation. The firm’s portfolio also included Web3 projects such as GuildFi, Magic Eden, and Aura Network.

Unveiling the Vision Behind Arche Fund

Inspired by Greek philosophy, Arche—pronounced /a-ki/—signifies the ‘First Principle.’ The name aims to convey the firm’s intent to become a “trustworthy cornerstone for Web3 Builders,” as outlined in the announcement.

Arche Fund’s mission goes beyond mere capital investment. It aims to provide a holistic range of support services that can be customized based on the needs of individual projects. “Depending upon the specific requirements, stage, and scale of the Web3 project, we at Arche provide consultation to choose the most appropriate pillar,” according to the firm’s statement.

The Future of Arche Fund

Arche Fund has committed to fostering mass adoption of Web3 technologies. The rebranded firm envisions its role as an influential participant in the growing Web3 ecosystem, rather than as a controlling entity. “Instead of control, our approach revolves around uplifting ideas and upholding the core values of each project,” the firm clarified in the announcement.

With this comprehensive rebranding and strategic refocus, Arche Fund aims to solidify its position as a key player in the advancement of the Web3 ecosystem.

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Binance Labs Announces ColLabs: A Web3 Investment Community Platform

Key Takeaways

  1. Launch and Exclusivity: Binance Labs announced the launch of ColLabs, an invite-only Web3 investment community, on August 31, 2023.
  2. Features: The platform offers exclusive content, deal-sourcing opportunities, and a channel for co-creation among Binance Labs’ portfolio companies.
  3. Community Channels: ColLabs combines a blog, a newsletter, and an invite-only Telegram channel, aiming to provide a regular flow of weekly content.
  4. Strategic Importance: The launch is a strategic move to foster connections and facilitate investment opportunities within the Web3 venture capital community.

Binance Labs, the venture arm of the global cryptocurrency exchange Binance, announced the launch of ColLabs on August 31, 2023. ColLabs is an invite-only Web3 investment community aimed at bridging the gap between venture capitalists, startups, and investors in the Web3 space. The platform is designed to serve as a hub for knowledge exchange, deal sourcing, and networking within the Web3 venture capital community.

What is ColLabs?

ColLabs is an extension of Binance Labs’ ongoing efforts to foster innovation and growth in the Web3 industry. The platform is exclusive to members and offers a range of features including:

Member-Only Access: Exclusive content, event invites, and select curricula from Binance Labs’ incubation programs.

Deal-Sourcing Opportunities: Direct access to investment opportunities from Binance Labs’ portfolio companies.

Networking: A gateway to connect with venture capitalists and institutional investors.

Insights: Knowledge-sharing from the Binance Labs Investment and Research team.

Co-Creation Channel: A platform for portfolio companies to collaborate and co-create.

How to Get Involved

ColLabs is more than just a community channel; it combines a blog, a newsletter, and an invite-only Telegram channel. Those interested in joining must apply to secure a spot in this exclusive community. Binance Labs promises a regular flow of weekly content aimed at its members.

Implications for the Web3 Community

The launch of ColLabs comes at a time when the Web3 industry is gaining momentum, with increasing interest from venture capitalists and institutional investors. By providing a centralized platform for deal sourcing and knowledge exchange, ColLabs aims to accelerate the growth of Web3 startups and facilitate collaboration among industry stakeholders.


ColLabs by Binance Labs represents a strategic move to consolidate resources and knowledge within the Web3 venture capital community. While the platform is invite-only, its focus on fostering connections and facilitating investment opportunities positions it as a significant addition to the Web3 ecosystem.

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Animoca Brands Reports US$402 Million Bookings for 2022

Animoca Brands, a leading figure in the realms of digital entertainment and blockchain technology, has unveiled its financial performance for the year ending 31 December 2022, providing a comprehensive insight into its achievements and future prospects.

The company’s financial health appears robust, with bookings escalating to a commendable A$594 million (approximately US$402 million). This figure represents a significant uptick from the A$428 million (around US$291 million) reported in the previous year. Such bookings are not just mere numbers; they encapsulate the company’s diverse ventures, including token sales, NFT (Non-Fungible Token) sales, and other activities that don’t necessarily fall under the blockchain umbrella.

Diving deeper into their financial reservoir, Animoca Brands has showcased a strong liquidity position. Their cash and stablecoin reserves are pegged at A$286 million (approximately US$191 million). Furthermore, the company’s liquid digital assets, which comprise reserves of the SAND utility token used predominantly in The Sandbox platform, are valued at a substantial A$690 million (roughly US$469 million). Such figures not only highlight the company’s financial prowess but also underscore its strategic investments in digital assets, which are becoming increasingly pivotal in today’s digital age.

Another noteworthy mention is the off-balance sheet token reserves associated with Animoca Brands’ majority-owned Web3 subsidiaries. These reserves have reached a staggering A$2.4 billion (about US$1.6 billion). This includes an array of tokens such as PROS, ASTRAFER, QUIDD, PRIMATE, REVV, TOWER, GMEE, and several others, reflecting the company’s diversified approach in the rapidly evolving blockchain space.

In terms of business expansion, 2022 was a landmark year for Animoca Brands. The company strategically acquired six firms, broadening its portfolio and fortifying its position in the market. These acquisitions include industry players like Grease Monkey Games, known for its prowess in game development, and PIXELYNX, a unique music metaverse gaming platform. Such acquisitions are a testament to Animoca’s vision of integrating diverse digital platforms to offer unparalleled user experiences.

The introduction of Web3 services by Animoca Brands in 2022 is a significant stride towards bridging the gap between traditional web platforms (Web2) and blockchain-based platforms (Web3). With this venture, the company aims to guide other businesses in seamlessly integrating tokens and NFTs into their existing models. This initiative alone contributed a whopping US$120 million to the total bookings for the year, underscoring its success and potential for future growth.

On the leadership front, the company has infused fresh talent into its senior management. The induction of industry stalwarts like Alan Lau, Minh Do, and Jared Shaw is expected to steer the company towards newer horizons.

Product development has also been in the limelight, with Blowfish Studios’ “Phantom Galaxies” making waves by securing US$19.3 million from its Planet Private Sale.

In conclusion, Animoca Brands, with its recognition from industry giants like Deloitte and the Financial Times, continues to shape the digital landscape. Its vast portfolio, strategic acquisitions, and focus on innovation position it as a formidable player in the digital property rights domain and the burgeoning open metaverse.

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Hong Kong’s Financial Secretary Propels Web3 Expansion

The fusion of reality and virtual experiences is not only adding a new dimension to our leisure activities but is also unlocking significant economic value. This evolution is primarily driven by innovative technologies, with digital entertainment emerging as a potent economic sector, shared by Hong Kong’s Financial Secretary CHAN Mo-po, Paul.

According to research, the global online entertainment market revenue is projected to soar from USD 184.2 billion in 2021 to an impressive USD 653.4 billion by 2027. This represents a compound annual growth rate of 21%, highlighting the vast potential and expansive growth space in the industry.

Last Friday, the “Digital Entertainment Leadership Forum” was inaugurated, emphasizing the theme “Entertainment Power UP! Web3 New Vision.” The event witnessed participation from over 90 speakers from more than 30 countries and regions. They delved into how digital entertainment technologies in the Web3 era are revolutionizing various sectors, including art, education, sports, and daily life. 

Over the last ten years, streaming music, movies, social platforms, and mobile games have grown at an incredible rate because to the quick spread of mobile internet and smartphone technology. The third-generation internet (Web3) and blockchain technology are projected to be the two main drivers of the next wave of breakthrough development. NFTs, GameFi, Play to Earn, and “immersive entertainment” are areas where global entertainment giants are heavily investing resources.

Cyberport, a digital community in Hong Kong, recently hosted a three-day annual event, emphasizing the power of Web3 in the entertainment sector. The event showcased how local enterprises are leveraging Web3 technology in various life and business segments, enhancing efficiency and creating new economic value. For instance, a local startup collaborated with Marvel Entertainment to launch the world’s first immersive interaction fitness adventure application, allowing users to exercise alongside comic characters.

The rapid development of Web3 is not confined to digital entertainment or virtual assets. The core blockchain technology of Web3, characterized by its decentralization, security, transparency, immutability, and cost-effectiveness, finds applications in finance, business, trade, supply chain management, and daily life.

The Hong Kong Special Administrative Region government is also actively adopting Web3 technologies.

To accelerate Web3 development, a budget of HKD 50 million was allocated to Cyberport this year to foster a thriving Web3 ecosystem. This includes attracting businesses and talent and organizing related educational and promotional events. Currently, Cyberport has amassed over 180 Web3-related technology companies, including unicorns and licensed virtual asset trading platforms, with over 20% of these enterprises originating from mainland China and overseas.

Financial Secretary Paul Chan recently emphasized the city’s dual focus on green finance and Web3.0. Last year, Hong Kong’s green finance initiatives reached a staggering USD 80 billion, accounting for one-third of Asia’s total bond issuance. In a groundbreaking move, the city began tokenizing green bonds, underscoring its commitment to financial innovation. Furthermore, licenses for virtual assets were issued starting June 1st, with the Hong Kong Securities and Futures Commission overseeing regulation and sustainable growth in this sector.

Chief Executive Li Ka-chung also highlighted Hong Kong’s potential in Web3.0 during the “Convergence of Finance, Innovating the Future” seminar. The city’s commitment to Web3.0 was further solidified with the launch of the “Task Force on Promoting Web3 Development” on June 30th, 2023. Led by Paul Chan, the task force aims to promote the sustainable and responsible development of Web3 in Hong Kong. This initiative, combined with the establishment of the Hong Kong Web 3.0 Association and the release of a report on Web 3.0 technologies, showcases Hong Kong’s proactive approach to embracing the Web3 era.

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BIGG to Acquire Web3 Company TerraZero in $20M Deal

According to GlobeNewswire, BIGG Digital Assets Inc. (BIGG) has formalized its intent to acquire all outstanding shares of TerraZero Technologies Inc. not already under its umbrella. The transaction, with an estimated valuation of approximately $20 million, is set to be facilitated through an issuance of around 62 million common shares of BIGG.

TerraZero is not just another name in the Web3/Metaverse arena. With a clientele that reads like a who’s who of the industry, including stalwarts such as Miller Lite, PwC, and Warner Records, this acquisition is a testament to BIGG’s vision to diversify and deepen its footprint in the rapidly evolving metaverse landscape. This move is not just about expansion; it’s a strategic alignment that promises to offer BIGG’s shareholders a diversified portfolio with enhanced reach into the metaverse business.

Diving deeper into the financials, TerraZero’s performance in the first half of 2023 has been nothing short of impressive. The company reported a robust revenue of around $1.5M, marking a significant 161% growth year-over-year. But TerraZero isn’t resting on its laurels. The company has charted out an ambitious roadmap that focuses on the development and launch of its Intraverse technology ecosystem by Q1 2024.

The Intraverse platform, as envisioned by TerraZero, is poised to redefine the realms of immersive e-commerce and the upcoming 3D Internet. Beyond its core functionalities, the platform is gearing up to seamlessly integrate features such as credit card payments. Furthermore, in a move that underscores the synergy between the two companies, the platform will soon incorporate KYC, AML, and data analytics capabilities from Blockchain Intelligence Group. This integration, coupled with Netcoins’ fiat to crypto exchange features, promises to elevate the platform’s offerings.

In terms of the specifics of the acquisition, once the dust settles, TerraZero is slated to operate as a wholly-owned subsidiary of BIGG. The share exchange dynamics have been worked out to an approximate rate of 1.69 BIGG Shares for each TerraZero share. This pegs the offer’s value at roughly $0.54 per TerraZero Share, a figure derived from the average trading price of BIGG Shares on the CSE as of August 22, 2023.

Post-acquisition, the shareholder landscape will undergo a significant shift. Existing BIGG and TerraZero shareholders will find themselves holding about 80% and 20% stakes in BIGG, respectively. Adding to the post-deal developments, TerraZero’s CEO, Dan Reitzik, is set for a 12-month tenure as a non-voting observer on BIGG’s board.

In conclusion, this acquisition, backed by endorsements from both BIGG’s and TerraZero’s boards, promises to be a game-changer in the crypto and metaverse sectors, setting the stage for exciting developments in the near future.

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