We provide news and updates on the Cronos Chain every week. This week, several updates from Cronos ecosystem initiatives occur around the third week of August.
The Cronos Updates for this week feature details regarding Ebisu’s Bac partnered with Phenix Finance along with other relevant news. Let’s see what news we have selected for the third week of August.
1. Phenix Finance Is Now the Official Kyc Provider for Ebisu’s Bay
Ebisu’s Bay, Cronos’ top NFT marketplace, now provides KYC verification for projects that use its Launchpad. The collaboration with Phenix Finance makes this possible. Phenix Finance is a DeFi platform that offers security and auditing services.
Ebisu’s Bay and @phenixfinance are proud to announce an exclusive partnership.
Phenix Finance is the official Ebisu’s Bay #KYC provider! Before any launchpad, projects will have to complete a special KYC verification.
— EbisusBay | NFT Marketplace on Cronos (@EbisusBay) August 7, 2022
Therefore, Ebisu’s Bay’s KYC verification is a key step in increasing the security of its decentralized network. The cooperation with Phenix Finance helps to ensure that investors’ funds are secure, which is also a win for the Cronos ecosystem.
On the other hand, following the announcement, Nathan Schwermann, Founder of Ebisu’s Bay stated that Phenix has already proven successful in examining projects. He also stated: “Phenix Finance has been doing an excellent job, helping us to review projects more rapidly and thus add more value to the community”.
2. Crypto.com NFT Collection Upgrades
To attract a new group of clients, Crypto.com is constantly improving its NFT listings and user experience. Crypto.com has announced the addition of the LooksRare NFT collection to its catalog, strengthening its effort to create a strong NFT marketplace. Users may now buy LooksRare’s fixed-price listings on Ethereum via Crypto.com’s NFT marketplace.
🔹@cryptocomnft has become one of the most integrated #NFT marketplaces in the #cryptoverse.
Check out the recent batch of features that the platform has introduced:#crypto #CryptoNews #Cryptocurrencies #DeFi https://t.co/geQ2eoV95T
— Cronos News 🪐 (@NewsCronos) August 13, 2022
Moreover, along with the previously stated cross-market listings, the Singapore-based crypto giant announced a series of functionality upgrades for its NFT marketplace:
- To help promote its portfolio to a larger audience: The site has added support for 17 languages.
- Users can save money on fees: There are no additional costs for trading cross-market offerings inside the NFT marketplace.
- NFT collection added Rarity Score: This will provide users with more information about the NFTs they are considering buying. Also, it will provide the ability to organize their collections based on these scores.
3. Crodex Expands Metaverse Hub
Crodex has officially announced two new products to complement the newly released Cronos Chain project’s Metaverse Hub 2.0. This includes a brand-new NFT collection and DeFi financial toolkit.
Have you grown impatient already? 👀
Here is another Metaverse Hub Medium article worthy of your attention! 🔥
— Crodex | AMM/DEX on Cronos (@crodexapp) August 7, 2022
Moreover, the Crodex team stated in a Medium article: “We would like to once more extend our sincere gratitude to our committed CRODEXers and a warm welcome to the newcomers who assisted in making this great start possible.”
On the other hand, Space Crxillions are the new NFTs. These are 3D cats in the style of the Crxillions NFT. They will, however, have a fresh and improved feature set with upgraded visuals. It will also serve as the main protagonist of Metaverse Hub Adventures with the original Crxillion Club members.
As a result, the emergence of Space Crxillions opens Metaverse Hub Adventures, the core of Metaverse Hub 2.0. Metaverse Hub Adventures is a set of “mildly gamified” financial tools available to anyone who has joined the CRODEX rewards pool or farmed on any previous Decentralized Finance (DeFi) platform. They include NFTs, $MHUB tokens, and other assets.
4. Crypto.com Releases GameFi Guide
Crypto.com has published a 12-minute read that includes a complete guide to getting started with GameFi.
— Cronos News 🪐 (@NewsCronos) August 11, 2022
With the launch of GameFi, gaming has taken on an entirely new dimension. What was formerly considered a hobby has now spread and expanded into a completely new system, thanks to the industry’s use of blockchain technology.
The blockchain game industry has received a lot of good feedback. According to a research report published by Crypto.com, the blockchain-based gaming entertainment sector will develop rapidly at a compound annual growth rate of 100%. This predicts that the business will be valued at about $50 billion in 2025, rising from $1.5 billion in 2021.
5. South Korean regulators have approved Crypto.com
After receiving a regulatory license, Crypto.com may now operate in South Korea.
We're excited to share that we’ve achieve another key regulatory milestone:
EFTA + VASP registration in South Korea 🚀🇰🇷https://t.co/vCNztABJoG is committed to being the industry leader in regulatory compliance.
— Crypto.com (@cryptocom) August 8, 2022
According to the Crypto.com blog, the exchange has been registered as a Virtual Asset Service Provider and under the Electronic Financial Transaction Act. They did this by acquiring the virtual asset service provider OK-BIT Co. Also they acquired the payment service provider PnLink Co.
“We are committed to cooperating with authorities to promote our services and products. Especially in countries like South Korea where consumers have demonstrated tremendous interest and acceptance of digital currencies,” said Kris Marszalek, co-founder, and CEO of Crypto.com.
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