On our crypto news digest today, MetaMask announces a new partnership to simplify cryptocurrency transactions. And Binance and Crypto.com are losing their leading positions in the market. Read more below.
MetaMask Integrates SPACE ID to ‘Simplify’ Crypto Transactions
On 21 October, the SPACE ID protocol and MetaMask announced a partnership aimed at simplifying the transfer of digital assets and access to crypto wallets. According to the statement, the launch of SPACE ID Web3 Domain Snap will allow ‘replacing a public wallet address with a simple, secure, customizable domain’.
“No more worrying about copying and pasting long wallet addresses. Simply enter the recipient’s domain name in MetaMask, hit send, and they’ll instantly receive the incoming funds.” the statement said.
The service supports all EVM-compatible networks. To install the solution, you need to add it to the wallet’s modular extensions via Snaps. According to Christian Montoya, product manager for MetaMask, the incorporation of Space ID will facilitate and secure cryptocurrency transfers.
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Binance & Crypto.com Lose Their Leading Positions
According to the most recent 0xScope study, decentralized exchanges are gaining momentum, while cryptocurrency exchanges like Binance and Crypto.com are losing market share to smaller rivals.
From 52.5% in October 2023 to its current market share of 39.5%, Binance’s spot trading volume has decreased by 13%. At the same time, Binance’s market share in cryptocurrency derivatives fell from 50.9% in October 2023 to 42.5% in October 2024, a fall of 8.4% year over year. However, the report notes that smaller competitors such as Bybit, Bitget, and OKX have taken advantage of this and moved up in the rankings.
Crypto.com experienced a similar drop, with its market share falling from 15% in October 2023 to less than 4% in February 2024. According to the report, this drop coincided with the market share jumps of Binance and Upbit.
In addition, the report shows a significant increase in trading volumes on decentralized exchanges. Trading volumes on DEX have “grown significantly” over the previous year, surpassing $250 billion monthly in March and June for the first time since December 2021. As of 17 October, the spot trading volume on DEX about CEX was 13.6%, which means that for every $1 billion traded on centralized exchanges, $136 million is traded on decentralized platforms.
Chromia Partners with Chasm Network
Chromia has announced a technical partnership with Chasm Network to increase the transparency and accountability of artificial intelligence systems.
On 21 October, Chromia announced that as part of the agreement, it will act as a decentralized database for storing AI inference data using a decentralized application already deployed on the main Chromia network.
In addition, Chasm Network announced that it plans to launch its own Chasm AI token on 24 October. However, the announcement does not specify whether it will play any specific role in this partnership. Chasm will store critical information about blockchains deployed on the Chromia network, creating a transparent and immutable repository. Access to this data will be open and auditable, providing an accurate record of artificial intelligence decision-making processes.
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Avalanche Foundation Presents a Crypto Payment Card Visa
The Avalanche Foundation, the company behind the Avalanche blockchain, has introduced its new cryptocurrency Visa card. On 21 October, the company announced the launch of the Avalanche Card, which allows for payments in cryptocurrencies, on social network X.
According to the publication, the card supports such assets as USDC, Wrapped AVAX (WAVAX), BENQI Liquid Staked AVAX (sAVAX), and others. Both physical and virtual versions of the Avalanche Card will be accessible, enabling users to pay anywhere Visa cards are accepted. According to the Avalanche Card website, the credit card is linked to a ‘self-secured wallet with a unique address for each asset’.
The Avalanche Card website states that the card will initially be available to people living in Latin America and the Caribbean. Additionally, the card information indicates that there is no fee associated with using the Avalanche Card; nonetheless, users are advised to review the whole list of cards and service fees that are included in the card’s terms and conditions of use.
The cryptocurrency industry has long offered users a variety of cryptocurrency payment options, both through cards such as Bybit Card, Gate Card, and Coinbase Card, and payment solutions such as CryptoPay, BitPay, and Whitepay. Crypto payments can be made from anywhere in the world, and there are no limits on who can make or receive them.
Chainlink Has Unveiled a New Privacy-preserving Technology
On 22 October, Chainlink introduced a new privacy technology called CCIP Private Transactions. This solution will allow financial institutions to connect their private blockchains with other networks. Long-standing privacy problems that have kept many financial institutions from utilizing blockchain technology to its full potential are addressed by the new functionality, which is enabled by Chainlink’s Blockchain Privacy Manager.
The Australia and New Zealand Banking Group (ANZ) is among the first organizations to use the platform, according to Chainlink. Institutions that use the Blockchain Privacy Manager can set individual privacy settings for each transaction. They can hide sensitive information, such as personal data, token amounts, and counterparties, while selectively disclosing other details on the network.
Chainlink has unveiled Sandbox for DECO, a privacy-preserving data verification solution, in addition to Privacy Manager. DECO protects blockchain participants’ anonymity by utilizing zero-knowledge proofs (ZKPs) and pre-existing web infrastructure. DECO is currently undergoing testing, however, Chainlink intends to release the platform to the public.
Read Also: Metaplanet Completes 11th Stock Acquisition Rights Exercise with 72.8% Participation
Vladislav Hryniv
Vladislav Hryniv is a digital journalist. For several years, he has worked as a copywriter for Web3 companies, where he gained interest in the industry. Currently, he writes articles on blockchain technology, finance, statistics, and digital asset analytics for various publications.