GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Stepn and Adidas Unveil New Genesis Sneakers NFT Collection

- Philippines Empowers Youth with Blockchain, NFT Education

- Kraken Snags Dutch Exchange for Euro Domination

- Bitcoin Breakout Imminent, Analyst Predicts Based on Historical Patterns

- Telegram to Share User Data with Authorities on Valid Legal Requests

- Celestia Foundation Secures $100M in Funding, Total Raised Reaches $155M

Stepn Teams Up With Adidas to Launch Second Genesis Sneakers NFT Collection

Stepn, the Web3 move-to-earn app, has announced its second partnership with Adidas to launch a new Genesis Sneakers NFT collection. This collaboration, a significant milestone for the Stepn Go app, will see the release of 1,000 co-branded non-fungible tokens (NFTs) inspired by four iconic Adidas running shoe designs. The NFTs will be available through a raffle mint, with refunds provided to non-winners.

The companies first partnered in April 2024 for the launch of the original Genesis Sneakers NFT collection, also consisting of 1,000 unique NFTs. This latest collaboration underscores both Stepn and Adidas' commitment to innovation in the digital and fitness space, offering fans exclusive digital collectibles and encouraging active lifestyles through the move-to-earn model. The partnership is seen as a key driver in merging physical sportswear with the digital NFT market.

Sweden Calls Crypto Exchanges “Professional Money Launderers” Amid Crackdown on Unlicensed Players and Unpaid Taxes

Sweden’s Financial Intelligence Unit (FIU) has labeled certain cryptocurrency exchanges as “professional money launderers,” after uncovering illicit practices linked to unlicensed trading platforms. The FIU has identified four types of these money laundering operations, often connected to organized crime, and is calling for stronger law enforcement involvement in the oversight of crypto trading platforms. While unlicensed exchanges are under heavy scrutiny, legitimate crypto exchanges remain critical in the effort to combat financial crimes.

These licensed platforms are seen as key players in the fight against money laundering within the crypto space. At the same time, the Swedish Tax Agency is actively pursuing $90 million in unpaid taxes from 21 crypto-mining companies, many of which are being accused of evading their tax obligations. This tax enforcement initiative marks another step in Sweden’s broader efforts to regulate the crypto industry and address concerns around illegal activities. Sweden’s tough stance signals a shift towards stricter regulation and oversight of the cryptocurrency sector, with authorities aiming to curtail financial crime while ensuring proper tax compliance from companies operating in this space.

Kraken Acquires Coin Meester to Strengthen European Expansion Ahead of MiCA Law

Kraken has taken a significant step in its European expansion by acquiring Coin Meester (BCM), one of the oldest cryptocurrency exchanges in the Netherlands. This acquisition strengthens Kraken's presence in the Dutch market and complements its recent licensing wins in France and Poland, positioning the exchange as a key player in the European crypto space. Brian Grahan, Kraken’s head of European operations, expressed excitement about enhancing the platform's offering, focusing on compliance, security, and user experience.

The acquisition comes at a crucial time, with the upcoming implementation of the Markets in Crypto-Assets (MiCA) regulations set to take effect on December 30, 2024. These new rules aim to provide a standardized regulatory framework across Europe, offering Kraken a strategic advantage as they prepare to deliver top-tier, compliant trading services across the region. The company’s focus on regulatory readiness and expansion aligns with its goal to lead the European crypto market and cater to both institutional and retail investors.

Crypto Analyst Rekt Capital Suggests Bitcoin Breakout Within Days, Citing Historical Post-Halving Patterns

Bitcoin is approaching a potential breakout period, according to crypto market analyst Rekt Capital, who points to historical patterns suggesting a bullish phase. In a recent analysis, Rekt Capital noted that Bitcoin typically breaks out from its reaccumulation range 154 to 161 days after a halving event. As of September 24, 2024, it's been 157 days since the last halving, placing Bitcoin within the expected breakout window. The analyst highlighted previous cycles: in 2016, Bitcoin broke out 154 days post-halving, and in 2020, it took 161 days. While history may not always repeat itself precisely, the data suggests a breakout could occur "within the next handful of days."

Bitcoin has outperformed its typical September performance, with a 9% rise this month—the highest-ever average return for September. Historically, October has also been a strong month for Bitcoin, with nine out of the past eleven Octobers showing positive returns. October 2017 and 2021 saw gains of 48% and 40%, respectively. While Bitcoin has been trading sideways for six months, the analyst believes it needs to surpass $73,738 to enter a new price discovery phase. Currently, Bitcoin is about 14.6% away from that target, with a recent high of $65,600 reached on September 23.

Telegram CEO Pavel Durov Confirms IP Addresses and Phone Numbers of Rule Violators Will Be Disclosed to Authorities on Valid Legal Requests

Telegram will disclose user data, including IP addresses and phone numbers, to authorities when valid legal requests are made, according to its CEO, Pavel Durov. This move marks a significant shift in the platform's data privacy policy, as Telegram has been known for its staunch stance on user privacy and resistance to government surveillance. Durov clarified that this policy change is targeted at users who violate the platform's rules, particularly those engaged in illegal activities. He emphasized that Telegram remains committed to protecting user privacy for the vast majority of law-abiding users, but stated that the platform will cooperate with legal authorities when necessary, in line with valid legal processes.

The decision reflects growing pressure on technology companies worldwide to assist in combating illegal activities, especially amid concerns about the use of encrypted messaging apps for criminal purposes. However, this policy will be implemented strictly in accordance with legal protocols, aiming to balance privacy concerns with law enforcement needs. The move has sparked debates over privacy and security, as some users fear that this could compromise the platform's core principles, while others see it as a necessary step for curbing illicit activities.

Celestia Foundation Raises Additional $100M, Bringing Total Funding to $155M for Advancing Customizable, High-Throughput Applications

The Celestia Foundation has successfully secured $100 million in new funding, bringing the total amount raised to $155 million. This latest funding round was led by Bain Capital Crypto and highlights the growing interest in Celestia’s innovative blockchain architecture. Celestia is designed to enable developers to deploy high-throughput, unstoppable applications while allowing for full-stack customizability, offering significant flexibility to blockchain projects. The unique architecture underneath Celestia facilitates modular, scalable infrastructure, empowering decentralized apps to operate more efficiently.

With this new capital, Celestia aims to further expand its ecosystem and drive the adoption of its technology. The funds will support continued innovation, allowing developers to create next-generation decentralized applications with advanced scalability and customizability, key features that set Celestia apart in the blockchain industry. The Celestia Foundation's vision is to provide a more robust foundation for blockchain-based projects, creating new opportunities for developers and businesses looking to build highly customizable and scalable decentralized applications.

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