GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Avalanche Launches Visa Card for Crypto Payments

- Chainlink Unveils CCIP Private Transactions for Institutions 

- Movement Labs Leverages ERC-3643 for RWA Tokenization

- SuiHub Dubai Launches to Drive Web3 Innovation

- Sky Considers Return to MakerDAO Brand Amid USDS Success

- Komainu Acquires Propine to Boost Singapore Presence

Avalanche Introduces Visa Card for Cryptocurrency Payments, Allowing Users to Spend WAVAX, USDC, and More at Visa-Accepting Merchants

Avalanche (AVAX) has launched a Visa card for cryptocurrency payments, enabling users to spend WAVAX (Wrapped AVAX), USDC, sAVAX (staked AVAX), and other cryptocurrencies wherever Visa is accepted. The card is offered by Rain Liquidity, a financial technology company, and allows users to choose between physical and virtual versions. Though the card functions similarly to a credit card, it is not FDIC-insured, and user activity is not reported to credit bureaus. This new development is seen as a major step forward for the broader adoption of cryptocurrency, offering a more practical way for users to spend digital assets. Initially, the card will be available in Latin America and the Caribbean, with future expansion plans in other regions.

However, it is unavailable to residents or citizens of Cuba, Venezuela, Russia, North Korea, and several other restricted countries. The Avalanche Visa card launch comes amid rising interest in AVAX, which has been one of the top-performing cryptocurrencies, seeing a 182.6% rally since October 2023. However, despite recent gains, AVAX has faced volatility, with minor dips observed in the short-term charts. Analysts at CoinCodex predict AVAX could surge to $56.79 by the end of October before facing a possible correction to $35.69 in mid-November. The new Visa card could potentially increase AVAX's use cases, contributing to the asset’s price momentum and encouraging broader cryptocurrency adoption.

Chainlink Introduces CCIP Private Transactions to Allow Financial Institutions Secure, Compliant Cross-Chain Settlements

Chainlink has announced the launch of CCIP Private Transactions, a new feature aimed at enabling financial institutions to maintain confidentiality and compliance when transacting across blockchain networks. Powered by the Chainlink Blockchain Privacy Manager, this development allows secure, privacy-preserving cross-chain transactions, addressing long-standing challenges of blockchain interoperability. With CCIP Private Transactions, institutions can connect both private and public blockchains without exposing sensitive data, meeting regulatory standards such as GDPR and MiFID II. The Australia and New Zealand Banking Group (ANZ) will be one of the first institutions to pilot this new capability for the settlement of tokenized real-world assets under the Monetary Authority of Singapore’s Project Guardian.

This initiative marks a significant leap for the institutional adoption of blockchain technology, which has previously been limited due to privacy concerns. Chainlink's Cross-Chain Interoperability Protocol (CCIP) offers encryption protocols to ensure complete privacy during transactions while allowing authorized parties to access necessary compliance data. Chainlink's co-founder, Sergey Nazarov, highlighted that the lack of cross-chain privacy has held back institutional engagement in blockchain. However, the new CCIP Private Transactions offer a practical solution, enabling secure transactions that meet regulatory requirements. The collaboration with ANZ is expected to demonstrate the real-world application of these capabilities, potentially driving greater institutional participation in the blockchain ecosystem. Chainlink has already secured over $16 trillion in transaction value and works with major financial institutions like Swift and Fidelity International to expand the use of blockchain in traditional finance.

Movement Labs Expands Use of ERC-3643 Standard for Compliant Real-World Asset Tokenization Beyond Ethereum Ecosystem

Movement Labs has announced its membership in the ERC-3643 Association and is expanding the use of ERC-3643, a token standard designed for compliant real-world asset (RWA) tokenization. This marks a significant development as Movement Labs will implement ERC-3643 on its upcoming Layer 2, Movement Network, making it the first non-EVM chain to adopt this standard. ERC-3643, also known as T-REX, allows developers to create permissioned tokens tied to verified on-chain identities, ensuring regulatory compliance for tokenized assets. Movement Labs’ deployment will leverage its Move Virtual Machine (M2), designed specifically to support ERC-3643, facilitating greater institutional adoption of blockchain technology.

Cooper Scanlon, co-founder of Movement Labs, emphasized that RWA tokenization was a core design principle of the Move language and that ERC-3643 will serve as a universal standard for on-chain assets. The ERC-3643 Association has grown to include 78 members, including prominent financial institutions and web3 projects, all aiming to promote compliant tokenization. Already, several major financial institutions like ABN AMRO and Citi have piloted tokenization projects using ERC-3643, demonstrating the potential of the standard in real estate, corporate bonds, and private equity asset tokenization. Movement Labs, founded in 2022, continues to advance the application of the Move programming language in web3, contributing to the broader adoption of blockchain technology in regulated industries.

Sui Launches First Global Hub, ‘SuiHub Dubai,’ to Foster Web3 Innovation and Support Blockchain Developers

Sui, a Layer 1 blockchain renowned for its performance and scalability, has opened its first global hub, SuiHub Dubai, in collaboration with the Ghaf Group. The hub, located in Expo City Dubai, aims to support blockchain developers, entrepreneurs, and Web3 founders by providing them with access to technical expertise, workshops, resources, and funding. SuiHub Dubai is the first in a series of global hubs planned by Sui to foster blockchain innovation. This initiative aligns with Dubai's thriving tech ecosystem and commitment to blockchain growth, with Sui seeking to empower local developers and drive Web3 development in the region.

The hub will serve as a center for decentralized application (dApp) development and blockchain technology advancement, positioning Sui as a leader in the MENA region's blockchain space. In collaboration with partners like the American University of Sharjah (AUS), Sui has already launched the AUS-Sui Blockchain Academy to cultivate future blockchain leaders. Additionally, Sui’s Q4 accelerator program, run alongside Brinc, CoinList, and Ghaf Group, will nurture promising Web3 startups. With plans to open more hubs globally, Sui is dedicated to supporting regional ecosystems and building a decentralized, builder-led community of innovators.

Sky Contemplates Reverting to MakerDAO Brand Amidst USDS Stablecoin’s Strong Performance

Sky, formerly known as MakerDAO, is considering reverting to its original Maker brand following the success of its USDS stablecoin. Community feedback has highlighted confusion over the dual roles of Sky as both the platform’s name and governance token, leading to discussions on rebranding. Rune Christensen, Sky’s cofounder, announced potential governance polls to decide whether to continue with the Sky brand or return to MakerDAO, a name closely tied to stability and security in the DeFi ecosystem. Sky’s USDS stablecoin has quickly surpassed 1 billion tokens in supply, marking a significant milestone since its launch just two months ago.

The platform’s roadmap includes expanding USDS to Ethereum Layer-2s and Solana while integrating the stablecoin into major DeFi protocols. Despite the positive momentum, some community members have expressed concerns over governance and control, particularly following the handling of assets during the Wintermute hack. Christensen has promised that future decisions on the brand and tokenomics will ensure fair treatment for all users, emphasizing that Sky’s core functionality will remain intact regardless of the community’s vote. Governance polls are scheduled to begin on October 28, allowing users to weigh in on the platform’s future direction.

Nomura-backed Komainu to Acquire Singapore-Based Crypto Custodian Propine, Strengthening Its Expansion Efforts in Asia

Komainu, the crypto custody firm supported by Nomura, announced plans to acquire Singapore-based custodian Propine Holdings Pte Ltd., subject to approval from the Monetary Authority of Singapore (MAS). The acquisition is expected to significantly bolster Komainu’s presence in Singapore, which is considered a key strategic hub for the firm’s operations in Asia. By integrating Propine, Komainu aims to offer enhanced security, bank-grade governance, and adherence to top regulatory standards in response to growing demand for secure crypto custody solutions.

The company did not disclose the acquisition's financial details, but Komainu’s  co-CEO, Paul Frost Smith, emphasized that this move would enhance Komainu’s ability to meet rising client demand in Singapore and the wider Asia-Pacific region. Komainu is also seeking a Major Payment Institution license in Singapore, which will enable the firm to offer full payment services. Propine holds a Capital Markets Services License from MAS and provides custody services for institutional clients, supporting digital currency connectivity. The acquisition aligns with Komainu’s broader strategic initiatives, including expanding its Komainu Connect collateral management service, which is already widely used across Hong Kong, Singapore, Malaysia, Thailand, and Australia.

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