Recently, there have been significant developments for the big three altcoins. A major move towards Web3 took place in Japan as MakerDAO partnered with Coinbase. Here are the details…
Popular altcoin project MakerDAO and Coinbase partner
America’s largest cryptocurrency exchange Coinbase has entered into a partnership with decentralized finance lending protocol MakerDAO to store large amounts of USDC. On October 24, Coinbase announced that the MakerDAO administration has accepted a proposal to store 1.6 billion USD with Coinbase Prime. This marks the first time Coinbase has expanded its USDC rewards program to an institutional client. MakerDAO will keep the funds with the firm’s institutional broker, Coinbase Prime, while earning 1.5 percent from them.
The proposal was approved on October 24 with 75 percent of the vote, or 109,944 MKR tokens. Coinbase is confident that stablecoins will be an integral part of future finance. USD Coin has increased its market share over the past few years, approaching the industry-leading Tether (USDT). MakerDAO is now the largest holder of USDC. Jennifer Senhaji, from growth and business development at MakerDAO, said the additional monthly revenue through this deal “enables Maker to further its overarching mission of creating a global, reliable financial future built on decentralized rails.” At the time of writing, MKR is changing hands at $923, down 2.5 percent.
Japan city focuses on Web3
The city of Fukuoka, Japan’s second largest port city and National Special Strategic Region, announced its partnership with Astar Japan Lab to work on local Web3 use cases. The city wants to be the Web3 hub of Japan. The collaboration was announced by Astar Network founder Sota Watanabe and Fukuoka Mayor Soichior Takashima at the “Myojo Waraku 2022” conference held in Fukuoka. Astar Japan Lab was launched by Japan’s number one Blockchain, Astar Network. It aims to develop innovative use cases in Primer.
As we have also reported as Kriptokon.com, more than 45 companies have partnered with Astar Labs to realize their vision so far. These companies include Microsoft Japan, Amazon Japan, Dentsu, Hakuhodo, MUFG, SoftBank, Accenture Japan and PwC Japan. At the time of writing, Astar’s ASTR token is changing hands at $0.036, down 0.5 percent.
Nesten and IoTeX collaborate
Nesten, a California-based community-focused wireless network provider, has decided to move from its layer 1 Ethereum-based Blockchain to the more scalable, secure and EVM-compliant multi-chain of IoTeX. The two startups have joined forces to create the massive, scalable and secure Web3 network. Nesten announced that this move will help them successfully challenge their competitors, specifically Helium (HNT), and become the world’s leading provider of Web3 wireless networks.
CEO and Founder Dr. The Nesten team, led by Andrew Baek, said it analyzed several layer-1 Blockchans. But he stated that they decided to develop IoTeX because of its unique tools and middleware that quickly and inexpensively connects real-world devices to Web3. IoTeX (IOTX) is at $0.026, up 2 percent at the time of writing.
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