GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Bitwise Registers XRP ETF Trust in Delaware

- Telegram Reveals Criminals' IPs Since 2018: Durov

- Ava Protocol to Fuel Sony’s Soneium Blockchain

- Kraken to Delist Monero in Europe, XMR Falls 7%

- World Mobile Token Teams Up with Chainlink for Cross-Chain Interoperability

- Fast ForWorld Launches with Major Partnerships

Bitwise Registers XRP ETF Trust in Delaware, Following Ripple's CEO's Prediction of XRP ETF "Inevitable" 

Crypto-focused asset manager Bitwise has officially filed for the registration of an XRP exchange-traded fund (ETF) trust in Delaware. The filing was confirmed on Delaware’s Division of Corporations website on September 30, listing CSC Delaware Trust Company as the registered agent. Though this registration is a significant step, it does not guarantee an imminent application with the United States Securities and Exchange Commission (SEC). A formal filing with the SEC could still take several months.This move comes months after Ripple’s CEO, Brad Garlinghouse, hinted at the inevitability of an XRP ETF following the launch of Bitcoin and Ether ETFs in the U.S.

The approval of an XRP ETF could give institutional investors a regulated means to gain exposure to XRP, potentially driving liquidity and adoption of the token. In recent months, speculation surrounding an XRP ETF has grown. A fake filing for a “BlackRock iShares XRP Trust” in November 2023 caused a 12% surge in XRP’s price. However, that application was later denied, and Delaware authorities are investigating the misleading filing. The XRP ETF registration also comes amidst Ripple’s ongoing legal battle with the SEC, which sued Ripple in 2020, claiming XRP sales were unregistered securities. Although a partial legal victory was achieved in 2023, the case is still pending final judgment due to an ongoing SEC appeal.

Telegram Founder Pavel Durov Reveals Platform Has Been Sharing Criminals' IP Addresses with Law Enforcement Since 2018

Telegram founder Pavel Durov has revealed that the platform has been sharing the IP addresses and phone numbers of criminals with law enforcement agencies since 2018, as per its privacy policy. In a recent post on his Telegram channel, Durov emphasized that there have been no major changes in how Telegram operates, despite some perceptions to the contrary. The platform only processes legal requests that meet specific criteria and shares information when necessary to fight crime, with transparency shown through a dedicated @transparency bot. In 2024 alone, Telegram has fulfilled hundreds of requests in countries like Brazil and India.

Additionally, legal requests from Europe surged in the third quarter of 2024 due to new EU regulations under the Digital Services Act (DSA). While Telegram is committed to complying with local laws, Durov stressed that it does not compromise the platform’s core values of privacy and freedom.Telegram was originally designed to protect activists and regular citizens from oppressive regimes and corporations but does not allow criminals to misuse the platform. Durov’s statement follows a September 23 update to Telegram’s terms of service, which reinforced its policy of cooperation with authorities when necessary. Durov himself was detained in Paris in August 2024 on charges related to managing illegal online platforms and was released on €5 million bail.

Ava Protocol to Power Sony’s New Blockchain Soneium with Cutting-Edge Automation for Creators and Developers

Ava Protocol has been chosen to provide its automation technology for Sony’s new layer-2 blockchain, Soneium, through the Soneium Spark incubation program. This collaboration allows creators and developers to manage and monetize their assets using Ava Protocol's no-code, intent-based automation tools. Ava Protocol founder Chris Li highlighted that the technology surpasses traditional layer-2 solutions by offering lower computation and storage costs, enabling seamless bridging between layer-1 and layer-2 networks. Ava Protocol’s integration will enable real-world asset tokenization on Soneium, giving users the ability to monetize intellectual property, art, and physical goods through decentralized marketplaces.

The protocol supports key functions like recurring payments, stop-loss orders, and NFT updates, enhancing the blockchain's utility. Soneium, designed as an open-source, all-purpose blockchain, will benefit from Ava Protocol’s event-driven automation, streamlining the execution of smart contracts based on specific conditions like time, price changes, or events. Ava Protocol previously made waves with its AVS launch on Ethereum’s EigenLayer, securing a total value locked (TVL) of $3 billion and gaining the trust of over 35 dApp developers for automation solutions.

Monero Dips 7% as Kraken Delists XMR for European Customers Due to Regulatory Pressures

Monero (XMR) has dropped 7% in value after Kraken announced it will delist the privacy-focused cryptocurrency for European customers due to regulatory changes. Kraken, one of the oldest cryptocurrency exchanges, will cease Monero trading and deposits for clients in the European Economic Area (EEA) on October 31, with withdrawals permitted until December 31. After the deadline, any remaining XMR balances will be converted to Bitcoin (BTC) at the market rate. Kraken explained that it made the decision reluctantly, as privacy coins face increasing regulatory scrutiny.

Binance, another major exchange, similarly delisted Monero earlier this year amid mounting pressure on privacy-centric cryptocurrencies like Monero, Zcash, and Horizen. These coins ensure transaction details remain private, drawing concern from regulators.The move coincides with the legal case of Tornado Cash developers, who were found guilty of money laundering for creating a smart contract-based privacy mixer on Ethereum. Despite sanctions, Tornado Cash continues to operate, raising questions about prosecuting privacy software developers for potential misuse beyond their control.

World Mobile Token Enhances Cross-Chain Capabilities Through Integration with Chainlink’s CCIP

World Mobile Token has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), significantly enhancing its cross-chain token management. This integration enables seamless token swaps and staking across multiple blockchains, including Ethereum, BNB Chain, Base, and Arbitrum, while maintaining high security standards. Users can now stake tokens on one chain and earn rewards on another, streamlining cross-chain asset management.

World Mobile Token’s collaboration with Chainlink is part of its broader vision to revolutionize the telecom industry, particularly in underserved regions. The partnership aims to create a decentralized ecosystem that fosters improved global connectivity, especially for those lacking access to traditional telecom services. This step further reinforces World Mobile Token’s commitment to innovation and its mission of building a decentralized, connected future for all.

Fast ForWorld Launches with Major Partnerships with Animoca, Motorverse, Gravitas Labs

Fast ForWorld has officially launched, marking a significant collaboration between Animoca Brands, The Motorverse, and Gravitas Labs. This project aims to redefine digital engagement within the metaverse, offering innovative experiences for users. Central to the launch is the introduction of the interoperable Lamborghini Revuelto and the highly anticipated Genesis Capsule, both of which will be available on The Motorverse platform.

These assets are designed for interoperability, allowing users to interact with them across multiple digital environments, enhancing their utility and engagement. As the metaverse continues to evolve, this partnership between key industry players underscores the growing importance of digital collectibles and immersive experiences. The launch promises to set a new standard for how users engage with high-performance digital assets. The journey has just begun, and more updates are expected in the coming weeks.

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