Beijing-Run CBEX Denies Links to Same-Named Crypto Firm + More Crypto News
Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.
In today’s edition:
- Beijing-Run CBEX Denies Links to Same-Named Crypto Firm
- Bracket Labs Integrates Passage on BNB Chain Following $2M Pre-Seed from Binance Labs
- Wirex Partners with Gateway.fm to Scale Its ZK-powered WPay Network
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Beijing-Run CBEX Denies Links to Same-Named Crypto Firm
In today’s crypto news rounds, a government-run equity exchange, China Beijing Equity Exchange (CBEX), publicly stated that it has no links to the overseas crypto company CBEX Group, which shares its abbreviated English name, according to the South China Morning Post.
The China Beijing Equity Exchange is a bourse run by the municipal government of Beijing for trading stakes in state-owned enterprises.
In a recent statement, it clarified that it has no connection to CBEX Group, which runs crypto-related business.
Also, it said it has never carried out any trading activity related to any virtual assets.
Furthermore, the company noted it owns all rights to the CBEX trademark in China. It warned that it would take action against any organization or individual illegally using the name.
“It is not clear what prompted the strongly-worded clarification,” the report noted. However, China is well-known for its ban on crypto-related activities.
Bracket Labs Integrates Passages on BNB Chain Following $2M Pre-Seed from Binance Labs
Bracket Labs announced the integration of its trading product, Passage, with BNB Chain. With this, it said, it’s “expanding Bracket’s simple, one-click trading platform to the most active trading blockchain in Decentralized Finance.”
The integration comes on the heels of a $2 million investment led by Binance Labs in January 2024. BracketX will incorporate infrastructure from BNB Chain, including BNB Greenfield, for optimal decentralized storage, it said.
Per the press release, Passage is Bracket Labs’ flagship product, designed to simplify on-chain volatility trading. “Passage delivers an all-new volatility model for any market condition, enabling traders to navigate volatility and trade based on sideways or trending markets without a bias for price direction.”
Bracket aims to take advantage of the nature of the crypto markets. It innovates on traditional financial instruments and “delivers a leveraged trading product for volatility that is ideal in both sideways and trending markets,” the announcement said.
It has more than $3.2 billion in total value locked and 1 million daily active users on BNB Chain. Hence, it said, Bracket Labs will have access to increased liquidity for faster transactions and improved pricing.
“We have worked closely with Binance Labs and BNB Chain for nearly a year to reach this point and we’re excited to finally debut our product,” said Pelli Wang, Co-Founder and COO of Bracket Labs. “Our launch on BNB Chain opens up a myriad of opportunities due to their active trading volume and liquidity. We expect many more partnerships in the future.”
Mehmet Buyu, BNB Chain’s Global Business Development Manager, commented that “tackling the problem of volatility or options trading is not easy, but Bracket Labs team has worked really hard to distill a complex topic into something that is fun and easy to use.”
Bracket Labs also expects to expand its derivatives trading products to include assets traded primarily on BNB Chain, including Pancake (CAKE).
Furthermore, it plans partnerships with major wallet providers, DEXs, perpetuals, and liquid staking projects to grow its ecosystem, focusing on the international market.
Wirex Partners with Gateway.fm to Scale Its ZK-powered WPay Network
Making the crypto news rounds today, digital payment platform Wirex announced a strategic collaboration with Gateway.fm, a global multi-chain architecture decentralized blockchain infrastructure node provider.
According to the press release, this partnership is set to improve the scalability and efficiency of Wirex’s recently launched WPay Decentralised Payment Network.
By teaming up with Gateway.fm and utilizing its PaaS, Presto, Wirex wants to scale its Zero-Knowledge (ZK)-powered WPay platform.
The implementation of Gateway.fm’s Presto is expected to enhance the network’s transaction throughput, decrease strain on the Ethereum mainnet, enable faster transaction processing, reduce costs, and increase network capacity, while maintaining security.
“It’s a practical step towards making decentralised payments more seamless and efficient for everyone involved,” the announcement said.
