OKX stays in Formula 1

💬 Google helps with decentralized messaging

LayerZero Labs has joined forces with Google Cloud to enhance the security of its cross-chain ecosystem.

The Vancouver-based startup valued at $3 billion has been at the forefront of developing a blockchain messaging protocol that facilitates decentralized applications across various blockchains. As part of the partnership, Google Cloud will serve as the default oracle for LayerZero, verifying messages sent between blockchains, and thereby bolstering web3 interoperability. CEO of LayerZero Labs, Bryan Pellegrino, emphasized Google Cloud's longstanding expertise in security. The LayerZero network currently manages more than 95% of all cross-chain messaging.

🛍️ FTX sells $3.4B assets to rise like a Phoenix

The U.S. Bankruptcy Court has approved the sale of $3.4 billion worth of cryptocurrency assets held by the beleaguered digital asset exchange, FTX.

This move is pivotal in FTX's journey to rebound from its unexpected bankruptcy in November due to alleged criminal mismanagement. The approved plan, with Galaxy Digital at the helm, allows the sale of major cryptocurrencies including Bitcoin, Ethereum, and Solana, with sales limited to $100 million worth of tokens weekly, although some transactions are exempt from this cap. The former CEO of FTX, Sam Bankman-Fried, faces an upcoming criminal trial in October 2023. Despite the looming asset sale, several major cryptocurrencies reported a gain in the last 24 hours.

🏎️ OKX eyes decade-long partnership with McLaren

OKX, a crypto outfit associated with sports giants like Formula 1 team McLaren and Manchester City, aspires to have a long-term impact in sports advertising.

Haider Rafique, OKX's global chief marketing officer, revealed a five-year deal with McLaren and hopes to extend it to a decade. In contrast to the temporary associations crypto companies typically have with sports, such as FTX's short-lived ventures, OKX has remained committed to its partners. Recently in Singapore, OKX launched a redesigned McLaren car with its logo. Rafique highlighted that OKX meticulously sets aside funds, ensuring timely payments for these collaborations.

👨🏼‍💼 Polkadot to boost institutional crypto use

Zodia Custody and Parity Technologies aim to reshape institutional blockchain engagement in a strategic partnership.

Zodia, backed by prominent shareholders including Standard Chartered and SBI Holdings, will provide tailored custody services for the Polkadot ecosystem, enhancing institutional access. This collaboration is also set to allow financial institutions to stake Polkadot's native token, DOT, securely via Zodia's cold storage facilities. Julian Sawyer, CEO of Zodia Custody, emphasized the significance of this partnership in bridging traditional finance and digital assets. While the partnership indicates long-term potential for DOT's value, its immediate price remains unaffected, showing a slight decline.

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