GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Binance 5 Years TVL Outperforms the GDP Of Several Countries

- Gate And Abu Dhabi Unveil $100M Blockchain Innovation Fund

- RAKBANK and Bitpanda Collaborate to Bring Crypto to UAE 

- Toncoin Eyes 40% Rally Post-Breakout

- Tether Launches USDT on Aptos Blockchain

- BiFinance Raises $10M, Valuation Hits $100M

Binance’s processed TVL for 5 years exceeds GDP of Canada, India, or Japan

From 2017 to 2022, Binance processed a staggering $16.92 trillion in trading volume - more than the GDPs of countries like Canada, India, or Japan. This massive figure highlights Binance's dominance in the crypto market.

But that's not all. By 2023, Binance had already facilitated over 2 trillion trades, with millions of active users across 180+ countries. They also launched innovative products like Binance Earn and DeFi staking, attracting more users and boosting liquidity. 2024 is expected to be an even bigger year in terms of crushing the numbers!

Gate and Abu Dhabi’s Blockchain Center Launch a $100 Million Innovation Fund to Drive Decentralized Infrastructure and Global Blockchain Adoption

Gate’s venture capital arm, Gate Ventures, has partnered with the Blockchain Center in Abu Dhabi to launch a $100 million fund aimed at advancing Web3 innovation. The fund, named Falcon Gate Ventures, will focus on decentralized infrastructure and accelerating blockchain adoption across regions including the US, Asia, Europe, and the MENA area.

The partnership seeks to scale high-potential blockchain projects and establish Abu Dhabi as a global leader in the blockchain ecosystem. In addition to fostering blockchain innovation, the UAE is also making strides in digital asset management and integrating crypto into traditional banking and salary systems.

Dubai’s RAKBANK Partners with Bitpanda to Offer Crypto Management and Payment Services to UAE Residents

RAKBANK, one of the United Arab Emirates’ oldest banks, has teamed up with Vienna-based cryptocurrency exchange Bitpanda to expand crypto services in the region. The partnership, announced on August 19, 2024, aims to offer UAE residents a comprehensive platform for managing crypto holdings and accessing various digital asset use cases. While the collaboration awaits approval from the Central Bank of the UAE, it marks Bitpanda’s first foray into the Middle East, reflecting the region’s growing interest in crypto innovation.

This partnership follows RAKBANK’s earlier involvement in blockchain technology and comes shortly after Dubai's court recognized cryptocurrency as a valid form of salary payment, signaling a broader acceptance of digital assets in the UAE.

Toncoin Poised for 40% Price Surge Following Breakout, Supported by Bullish Technical Patterns and Key Developments 

Toncoin (TON) has emerged as a top-performing cryptocurrency, surging nearly 9% on Aug. 19 despite a broader market decline. The rally follows a breakout from a bump-and-run reversal (BARR) pattern, signaling a potential 40% price increase by September. Increased trading volume and TON's position above key exponential moving averages further support this bullish trend.

Additionally, an inverse-head-and-shoulders (IH&S) pattern strengthens the case for a rally towards $10. On the fundamental side, the launch of TON Ventures, a $40 million fund for early-stage projects, and Injective’s integration with the TON blockchain are expected to drive further adoption and utility, contributing to TON's price momentum.

Tether Expands to Aptos Blockchain, Bringing USDT Stablecoin to New Ecosystem with Low Fees and Active Development

Tether Inc., the leading stablecoin issuer, is expanding its reach by introducing the USDT stablecoin to the Aptos blockchain, a layer-1 solution developed by ex-Facebook employees. Announced on August 19, this move is driven by Aptos’ vibrant developer community and low transaction fees, which make it suitable for a range of applications from microtransactions to large-scale operations. While the launch date is pending, the integration has already boosted Aptos' price by nearly 3%.

Tether’s decision reflects its ongoing strategy to enhance USDT’s accessibility and utility across diverse blockchain networks, though the company is also scaling back support for several networks to focus on those with higher usage and community engagement. This latest expansion underscores Tether's commitment to adapting to evolving blockchain landscapes.

BiFinance Secures $10M in Series A Funding, Achieves $100M Valuation to Expand Web3 Integration

BiFinance has successfully raised $10 million in Series A funding, led by Sunfund Fortuna Global Opportunities and supported by Eternal Asia Group, SDM Education, and TigerBCDAO. This funding boosts BiFinance's valuation to $100 million. The capital will be used to enhance its mission of integrating traditional financial assets like stocks and bonds with the Web3 ecosystem.

The company will continue to offer asset-backed tokens (RWA/STO) and expand its Web3 services, including trading, staking, and payments. The announcement emphasizes BiFinance’s strategic goals to leverage blockchain technology and real-world assets, enhancing its offerings and fostering growth in the digital finance space.

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