HL: Latest Crypto News: Flipkart To Launch Metaverse For Shopping, Hacker Gets Rs 4.5 Crore Reward For Reporting Vulnerability, Helium (HNT) Switches To Solana (SOL)

In the past two days lots of international crypto developments happened, some of them are compiled here.
Solana (SOL)
Solana (SOL)

Flipkart is set to enrich our Diwali experience with Metaverse shopping. In other news,  a hacker gets Rs 4.5 crore in crypto as a reward for reporting a major vulnerability in the code of a popular blockchain solution. There have been a host of international developments in regard to crypto, Solana blockchain, NFT, CBDC.

Flipkart To Launch Metaverse For Diwali Shopping

Flipkart is set to tap into the interactive experience of Metaverse, soon Indian shoppers will be able to buy products from Metaverse. The shoppers will be able to get a realistic experience of what the product might look like.

The Walmart-owned e-commerce giant had launched Flipkart Labs back in April 2022 to build WEB3 applications, Flipkart has chosen Polygon blockchain to power the NFT ecosystem around the Metaverse, NDTV Gadgets 360 reported.

White Hacker Rewarded 400 ETH By Arbitrum For Reporting A Major Vulnerabilities

Arbitrum, a major Layer 2 solution for Ethereum, which provides faster and cheaper transactions compared to the main blockchain, has rewarded 400 ETH(around Rs 4.5 crore) to a hacker who had reported a major vulnerability in Arbitrum’s code.

Recently, Arbitrum went through an upgrade, after the upgrade hacker known as Riptide noticed some errors, he then inspected the protocol and found major vulnerabilities which could have resulted in a multi-million dollar hack. Riptide decided to report the hack and take the bounty.

Helium (HNT) Abandons Its Own Blockchain In Favour Of Solana (SOL)

The Helium community decided to go for the Solana blockchain thereby ditching its own HIP70 blockchain on September 22.

Earlier it was also exploring Polygon (MATIC), Algorand (ALGO), Ethereum (ETH), but today it ultimately chose Solana.

According to a report by Coindesk, about 6177 Helium holders staked their 12 million HNT tokens to vote in favour of Solana while 1270 people voted against.

Helium blockchain, which is backed by Google, is a network of utility and it provides wireless connectivity (wifi) via hotspots to smaller devices in the internet of things domain (IoT), among others. It is also currently working on an upcoming 5G hotspot project. 

What happens is Helium miners, called Helium blockchain nodes, run their own devices which act as wireless routers and they provide internet to other devices, sort of like what a traditional wired internet connection does when combined with a wireless router.

IRAN Digital Rial CBDC Trial Starts

According to a September 21 report by IRAN’s Chamber of Commerce, Industries, Mines and Agriculture’s news service, they will soon start the pilot phase of a digital rial CBDC.

Back in May 2021, fromer IRAN’s Chamber of Commerce, Industries, Mines and Agriculture’s Governor Abdolnaser Hemmati said that they had developed a ‘primary version of digital rial. And back in August 2022, Ali Salehabadi said they had the necessary infrastructure and rules in place for a CBDC, reported Coindesk.

European Union Finalises Legal Language For It’s Markets in Crypto Assets (MiCA) Legislation

The European Union on September 20 finalised a draft of the MiCA bill which was also verified by CoinDesk, and according to the bill EU enforcers could apply the MiCA provisions over other Web 3.0 technologies like non-fungible tokens. The EU is still open to comments on the bill, but according to Coindesk, the bill is in all practicality finalised.

MiCA is a crypto law which once passed will require all crypto issuers to publish white papers and including in there all the details regarding their technical roadmaps, crypto platforms will be required to register with the proper authorities, it will also require stablecoin issuers to hold capital and efficiently manage them.

France’s Third Largest Bank To Offer Service Enabling Crypto Investments By Asset Managers

Societe Generale (GLE) is France’s third largest bank by market capitalisation, and on September 21, they had introduced a new service which will allow various asset managers to offer crypto funds in a simpler way to their investors all the while adhering to European laws and regulations. Explaining the rationale for offering such a service, GLE said that there are several asset manager clients of their bank who are looking to invest in crypto due to their investors demanding such an investment.

Currently this particular service by GLE, has been adopted by Arquant Capital SAS, a French asset management company who has opened a range of funds with crypto exposure like Bitcoin (BTC) and Ethereum (ETH) derivatives.

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