DeSo, a new layer-1 blockchain, raised $200M to bring a decentralized version of end-to-end encrypted on-chain direct messages and group chats to the masses. The company's native token, $DESO, is listed on Coinbase as it looks to disrupt messaging services like Telegram, WhatsApp, and Signal. More: - DeSo is a layer-1 blockchain that aims to decentralize social media and is developing storage-heavy applications to target billions of users.
- Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera, and others participated in the funding round.
- The company wants to bring Bitcoin's pseudonymity and censorship resistance to social messaging apps.
- The company recently integrated with MetaMask so users can sign up for the app without entering their personal information.
- Deso is the "first blockchain capable of disrupting storage-heavy applications like iMessage, WhatsApp, and Signal," says Al-Naji, creator of DeSo.
- The messaging app will allow users to send and receive encrypted messages even in countries where free speech is limited.
- DeSo is cost-effective compared to other blockchains. For example, "It costs about $75 to store a 200-character message on Ethereum, and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent," says Al-Naji.
- Social apps like Dimond are built on DeSo, and the new integration with USDC has also attracted new developers to the ecosystem.
Crypto Briefing 
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Google will allow users to search for Ethereum wallet addresses and track balances straight from the search engine. This crypto winter has brought more established firms into the Web3 space. Markus Thielen believes mass adoption would come "when the iPhone can be used as a crypto wallet." More: - On Oct. 11, Google Ventures principal Han Hua wrote a statement on Twitter saying: "Well done, blockchain address is now available in Google Search."
- Google will use data collected via block explorer Etherscan.
- Cointelegraph reports that the functionality is limited, and the feature only showed a handful of Ethereum addresses. However, this could also mean that Google is rolling out the feature incrementally.
- The news was welcomed by the crypto industry, but some believe that Google will sell blockchain data to advertise and "target us via our wallets," says SadPanda.blockchain, editor-in-chief at Web3ArtBlog.NFT.
- Others, including Angel investor Stephen Cole, commented, "Does Google not know about Bitcoin?"
- The latest move shows the tech giant's key role in onboarding internet users into Web3; the company also partnered with Coinbase this week to allow customers to pay for cloud services using Bitcoin, Ethereum, and Dogecoin.
Coin Telegraph
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Elon Musk's Boring Company will accept Dogecoin as payment for the company's new perfume. The meme coin rose 2% following the news. Musk's other companies, including Tesla and SpaceX, will also integrate Dogecoin payments. More: - Musk released a photo of the new fragrance, called "Burnt Hair," on his Twitter page, calling it "The finest fragrance on Earth!"
- If it helps, the perfume is described as smelling like "a candle at the dinner table but without all the hard work."
- Customers can buy the perfume using fiat currency or Dogecoin.
- Over 10,000 bottles of the new perfume were sold following the Twitter announcement. Burnt Hair is priced at $100, which includes tax and shipping for its U.S.-based customers.
- In Dogecoin, this amounts to 1,650 at the current price, and the product will begin shipping in Q1 2023.
- The world's richest man has been supportive of the meme coin and believes that it has better transactional capacity compared to Bitcoin.
- He demonstrated that BTC takes 10 minutes to process transactions, whereas Dogecoin takes 60 seconds to complete.
Crypto Potato
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Bank of New York Mellon, the world's largest custodian bank, announced that it will add cryptocurrencies to its custody services alongside traditional investments. This move marks the acceptance of cryptocurrencies as a legitimate market and a source of new business opportunities. More: - A recent survey from BNY Mellon revealed that 91% of institutional investors are interested in digital assets, and 41% of institutional investors hold crypto in their portfolios.
- In response to the growing demand, BNY Mellon, the oldest bank in the U.S., will allow fund managers to safeguard digital assets such as Ether and Bitcoin holdings. BNY Mellon received approval from New York's financial regulator to start receiving customers' Bitcoin and Ether this week.
- BNY Mellon was founded 238 years ago and holds $43T in assets under custody worldwide.
- A custodian bank is a financial institution that holds its clients' securities (stocks, bonds) and offers asset protection for safekeeping to prevent them from being stolen or lost.
- It will offer a select group of clients storage of keys required to access and transfer their digital holdings and bookkeeping services similar to stock, bonds, and commodities.
- In March, crypto firm Circle selected BNY Mellon to hold its USD coin reserves.
- BNY Mellon is also partnered with Chainalysis to help track crypto products and manage legal risks associated with digital assets.
- "We are excited to help drive the financial industry forward," says Robin Vince, BNY Mellon's president and chief executive.
U.today
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Coinbase has gained approval from Singapore's central bank to offer payments in the Southeast Asian city-state. The company called this a "significant milestone" and already employs nearly 100 staff members, mostly product engineers, in the Asian state. More: - The operating license means that individuals and institutions can use digital payment token services.
- The approved crypto firms are regulated by the central bank under its Payment Services Act.
- Hassan Ahmed, Coinbase's regional director for Southeast Asia, says: "We see Singapore as a strategic market and a global hub for Web3 innovation."
- 180 companies applied for a license from the Monetary Authority of Singapore (MAS), and 17, including Coinbase, Crypto.com, and DBS Vickers, received approval.
- Singapore's welcoming approach has attracted digital asset firms from China, India, and elsewhere to the region, making it a major center for crypto in Asia.
- The region has seen its fair share of crypto fallouts, including the bankrupt crypto hedge fund Three Arrows Capital, which was linked to the collapse of Luna and TerraUSD in May.
- TerraLabs is also incorporated in Singapore; the company's founder, Do Kwon, is wanted by South Korean Authorities and resides in Singapore, according to some sources.
- The chief of the MAS has dismissed these "so-called Singapore-based firms," citing that the city's crypto regulations have "little to do" with the collapse of their ecosystem.
- However, earlier this year, Singapore announced that it would roll out regulations making it harder for retail investors to trade crypto due to the ongoing risk associated with digital assets.
Reuters
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Mango Markets, a Solana-based Defi platform, lost $100M in an elaborate oracle price manipulation hack. The MNGO token dropped 40% following the security breach. More: - Mango Markets is a DeFi crypto exchange that allows users to spot trades and loans.
- The $100M hack was reported by blockchain auditors OtterSec, who said, "The [MGNO] governance token was valued far more than it should be."
- Two accounts that were funded with USD coins took large positions in Mango perpetual futures, which caused the price of the token to spike.
- "When you have an overvalued collateral, you can borrow against that collateral," says OtterSec.
- The hacker could take out large loans against it and drain the company's liquidity pools. The hacker then used the funds to borrow and withdraw $100M from the protocol.
- The Mango price manipulation attack was possible because the hackers took advantage of the ability to leverage up positions on the platform.
- The hacker has posted on Mango's governance page there might be a possibility that the funds will be returned for a bounty.
- Some conditions include using the company's treasury to pay off bad debt and refraining from pursuing legal action.
Decrypt
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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