Today in Crypto: BNB Chain Report Shows Web3 Growth Despite Bear Market, Beam Wallet Leveraging Optimism and Base Launches, Binance Withdraws its Crypto License Application in Germany

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Blockchain news

• BNB Chain released its quarterly Web3 report that examined the monthly percentages of smart contracts verified on seven blockchains, showing growth despite the bear market, as well as multiple blockchains attracting developers and users. It found that: BNB Chain exhibited a rise in market share from 38% at the beginning of Q2 to 45% by its end; Ethereum saw its percentages rise from 31% in April to 34% in June; Polygon maintained a presence in the range of 10%-12% throughout Q2; Fantom‘s verified smart contracts percentages fell from 3.3% in April to 1.4% in June; Avalanche‘s percentages ranged from 2.2% to 2.7% throughout Q2; Arbitrum started at 0.9% and reached 4.5%; and Optimism went up from 1.2% to 1.5%.

Wallet news

• Fintech company Eco announced the launch of Beam, a crypto wallet that leverages Optimism and Coinbase’s Base network to make decentralized, onchain payments, the press release said. Users can send or receive crypto with a link or QR code, and they pay fixed fees denominated in the asset they are sending. At launch, the wallet supports USDC and ECO. Eco is backed by investors including Andreessen Horowitz, Coinbase Ventures, Founders Fund, Lightspeed Venture Partners, and Pantera Capital. It raised $95 million to support its decentralized currency, the Eco protocol, it said.
• Non-custodial crypto wallet suite SafePal announced the S1 Pro – an upgraded variation of its flagship S1 hardware wallet. Per a press release, the device is built with aluminium alloy body, a stronger scratch-resistant screen, longer battery life, and a camera with adjusted positioning. It retains features such as the anti-tamper self-erasing mechanism, being 100% offline without bluetooth, WiFi, or NFC, and radio frequencies. The S1 Pro is targeted to be ready in August and will be priced at $99.

Exchange news

• Binance withdrew its application for a crypto license in Germany, Reuters reported. “Binance confirms it has proactively withdrawn its BaFin (Germany’s financial regulator) application. The situation, both in the global market and regulation, has changed significantly,” a spokesperson for the company said on Wednesday. “Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes,” they said.
• Some 3.8 million Japanese adults, constituting 5% of the adult population, are actively engaged in crypto investments, according to KuCoin‘s survey of 400 Japanese crypto investors. 39% of young investors hold over ¥10,000 ($70) in crypto, “demonstrating a strong inclination towards substantial crypto investments,” the report said. Women represent 29% of young investors in Japan, and 49% of young Japanese crypto investors trade multiple times weekly. 

Regulation news

• Canada‘s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), issued draft guidelines “on the regulatory capital and liquidity treatment of crypto-asset exposures.” One guideline is for federally regulated deposit-taking institutions (banks) and another for insurers, it said. They are effective in fiscal Q1 2025 and will replace the interim OSFI advisory on cryptoassets released on August 18, 2022, the regulator added. 

Investment news

• Major blockchain gaming company Animoca Brands will invest $30 million in Web3 financial app and ecosystem hi and “collaborate on a number of exciting initiatives,” said a press release. The collaboration will focus on the hi Protocol, a scalable and Sybil-resistant layer-2 sidechain for Ethereum with a Proof of Human Identity (PoHI) solution, as well as on the hi App, which is a Web3 financial crypto and fiat app that allows users to spend crypto directly via the hi debit card.
• Major global investment company BlackRock announced a joint investment project with Jio Financial Services (JFS), an arm of Indian tycoon Mukesh Ambani’s giant Reliance Industries. The two are targeting an initial investment of $150 million each in the 50:50 joint venture, which will launch operations after they receive regulatory and statutory approvals. The company will have its own management team, the press release said.