GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR

- Dubai Court Validates Crypto as Salary

- WSPN Secures $30M for Stablecoin Growth

- Malaysia Embraces Worldcoin for Digital ID

- Arbitrum DAO Approves ARB Token Staking

- PYUSD Becomes Sixth Largest Stablecoin

- Crunch Lab Raises $3.5M in Seed Round

Dubai Court Recognizes Crypto as Valid Salary Payment in Landmark Ruling

In a groundbreaking decision, the Dubai Court of First Instance has recognized cryptocurrency as a valid form of salary payment under employment contracts. The ruling marks a shift in the UAE's legal stance, reflecting the growing acceptance of digital currencies in the financial system.

The case involved an employee whose contract included payment in EcoWatt tokens, which had been previously contested due to valuation issues. The court's decision underscores the evolving nature of Web3 transactions and sets a precedent for broader crypto adoption in the UAE's economy.

WSPN Raises $30 Million to Enhance Stablecoin Infrastructure with "Stablecoin 2.0"

WSPN, a stablecoin infrastructure startup, has raised $30 million in a seed round led by Foresight Venture and Folius Ventures to further its mission of stablecoin adoption. The Singapore-based firm, founded by former Visa and Paxos employees, plans to use the funding to advance its "Stablecoin 2.0" approach.

It includes a governance token allowing users to participate in key decisions. With backing from over 30 cryptocurrency exchanges and numerous wallets, WSPN aims to drive the next generation of stablecoin infrastructure.

Malaysia Adopts Worldcoin's Iris-Scanning Technology for National Digital ID and Personal Verification

Malaysia has adopted Worldcoin's iris-scanning technology to enhance personal verification and digital ID systems. The collaboration, involving the Worldcoin Foundation, Tools for Humanity (TFH), MyEG, and MIMOS Berhad, aims to integrate this technology into Malaysia's digital infrastructure.

This move, however, comes amid global scrutiny over biometric data collection, with Worldcoin facing investigations in Europe and Asia. Despite the controversies, Worldcoin continues to expand, emphasizing compliance with local privacy laws.

Arbitrum DAO Approves Staking for ARB Tokens to Strengthen Governance and Security 

The Arbitrum DAO has approved the introduction of staking for ARB tokens with 91.5% support, aiming to enhance governance and security. The new staking mechanism will allow ARB holders to delegate tokens, capture value, and participate in governance more actively.

A liquid staked ARB token (stARB) will be introduced, enabling auto-compounding rewards and integration with decentralized finance applications. This move also serves as insurance against potential governance attacks, safeguarding the DAO’s treasury. Full implementation is expected by October 2024.

PayPal’s PYUSD Climbs to Sixth Largest Stablecoin Following Solana Integration Surge

PayPal’s stablecoin, PYUSD, has surged to become the sixth largest stablecoin by market capitalization, following its recent launch on Solana. Over the past 30 days, PYUSD’s market cap has increased by 97%, reaching $775.6 million and surpassing six other stablecoins.

Initially launched on Ethereum in August 2023, PYUSD has now become the third largest stablecoin on Solana, behind USDC and USDT. Solana’s stablecoin market has shown strong growth in 2024, making it the fifth-largest stablecoin economy in DeFi.

Crunch Lab Secures $3.5M in Seed Funding Round Led by Multicoin Capital

Crunch Lab has successfully raised $3.50 million in a Seed funding round, marking a pivotal moment in its mission to revolutionize the tech landscape. The round was led by Multicoin Capital, a heavyweight in venture capital, with significant contributions from Fabric Ventures, Factor Capital, and Elixir Capital.

With these funds, Crunch Lab plans to accelerate its R&D efforts, enhance its technology, and expand its market reach. The strategic involvement of top-tier investors also brings valuable expertise and a strong network, which will be instrumental in navigating the competitive landscape.

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