Web3🌗Advancements: OKX's Layer-2 Testnet, Cathie Wood's Insights on Gensler, Blockchain.com's $110M Raise, & BlackRock's XRP ETF Filing

Welcome to today's Web3 highlights! From OKX's groundbreaking Ethereum layer-2 testnet powered by Polygon CDK's ZK technology to Cathie Wood's insights on Gary Gensler's potential influence on the Spot BTC ETF evaluation. Dive into Blockchain.com's impressive $110 million funding success and explore the intricate details of BlackRock's XRP ETF filing. For a deeper look into these exciting developments, keep reading for a comprehensive roundup

1. OKX unveils an Ethereum layer-2 testnet leveraging Polygon CDK with ZK technology.

OKX launches "X1" network, a part of Polygon, using zero-knowledge proofs for Ethereum asset bridging. It's a testnet for Ethereum layer-2, aiming to use OKB as the native coin for gas fees. With plans to enhance Ethereum scaling solutions, OKX envisions X1 as a pivotal tool in Web3 adoption, allowing developers to create user-friendly applications within a broader Polygon ecosystem. This move echoes other exchanges like Binance and Coinbase, who developed their networks to enhance blockchain capabilities.

OKX launches Ethereum layer-2 testnet using ZK-based Polygon CDK

OKX announced the launch of a testnet for the X1 network, which will use OKB as its native coin.

CointelegraphTom Blackstone

2. Cathie Wood hints at Gary Gensler's political ambitions affecting Spot BTC ETF evaluation.

ARK Invest's CEO, Cathie Wood, optimistic about crypto's $25 trillion potential by 2030, questions Gensler's motives behind stalling a BTC spot ETF. Despite Gensler's knowledge of Bitcoin's transparency, Wood ponders if his ambitions, possibly targeting the Treasury Secretary role, influence the SEC's reluctance. Wood remains a crypto advocate, foreseeing ETF approval as a catalyst to elevate the market cap from $1 trillion to $25 trillion by 2030.

Cathie Wood Speculates Gary Gensler’s Political Ambitions Are Affecting Spot BTC ETF Judgement

The ARK Invest founder and CEO remains bullish and said the crypto market opportunity could scale to $25 trillion by 2030.

CoinDeskJamie Crawley

3. Blockchain.com secures $110M in new funding.

Blockchain.com secures $110M funding, led by Kingsway Capital, including Baillie Gifford, Lakestar, LSVP, and Coinbase Ventures in Series E. The platform, initially Blockchain.info, began as a Bitcoin explorer tool in 2011, evolving to offer widely used crypto wallets, serving 90M+ users. Despite the crypto bear market, its revenue surged by 1,500% over four years, surpassing industry growth. Notably, Manny Stotz-founded Kingsway Capital's $5B assets manage the funding. With licensing across jurisdictions, Blockchain.com prioritizes regulatory compliance amid increased government scrutiny on cryptocurrencies. Stotz and Lakestar's Nicolas Brand join the company's board, reflecting Blockchain.com's focus on finance, blockchain, and tech integration.

Blockchain.com Secures $110 Million in New Funding - Decrypt

The Series E raise, coming despite a protracted bear market, includes participation from Coinbase Ventures and other firms.

DecryptDecrypt AI, Edited by Ryan Ozawa

4. In-depth insights into BlackRock's XRP ETF filing: Key details revealed.

Discussions on the BlackRock XRP ETF filing dominate crypto. Suspicions arise about its legitimacy, revealing anyone can file an ETF Trust with minimal effort, potentially exploiting market movements. Despite confirmations of it being fake, the filing persists on the Delaware Corp. Commission website. Questions linger as to BlackRock's involvement, leaving investors skeptical. The situation exposes the ease of creating such filings and raises concerns over regulatory oversight in the crypto space. Balchunas confirms BlackRock denies the filing's legitimacy, but uncertainties persist without an official statement.

Fake BlackRock XRP Filing Referred to Delaware Department of Justice

A check of the process for registering a trust in the state apparently leaves a ready opening for bad actors.

CoinDeskNikhilesh De and Helene Braun

Today's Web3 highlights reflect the cutting-edge advancements and pivotal discussions reshaping the landscape of technology and finance. As we conclude this journey through groundbreaking innovations and insightful perspectives, remember, this is just the beginning. To delve further into these captivating developments and stay updated on the evolving Web3 ecosystem, continue exploring for a comprehensive understanding. Stay tuned for more on the forefront of technology and finance.

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