Turns out Ledger can keep some keys to your crypto wallet, if you agree

After all the resistance, Ledger tried to defend his position, but somehow managed to further enrage his users in a now removed tweet, “Technically, it is and has always been possible to write firmware that enables key extraction. You always trusted that Ledger wouldn’t implement such firmware whether you knew it or not.

On Thursday, the company’s technical director, Charles Guillemet, delivered a tweet thread in an attempt to spread the fire. “To use Ledger Recover, you must authorize the backup or restore process on your device.”


This week in web3

Coinbase launches subscription service with focus on European expansion (TC+)

Coinbase, the world’s second-largest crypto exchange, is launching its subscription service, Coinbase One, in 35 countries in an effort to retain users and grow its recurring revenue streams as the crypto economy struggles through a bearish market. Coinbase One was originally launched in Fall 2021 in beta and will be publicly available starting today in the US, UK, Germany and Ireland, the company told MinRegion+ exclusively.

Your first look at Alliance DAO’s newest group of web3 startups

Alliance DAO, a web3 accelerator and builder community, had its most recent cohort, known as ALL10, showcase their ideas Wednesday during a demo day, covered exclusively by MinRegion. The latest cohort provides a good snapshot of what’s happening in the industry as a whole, said Qiao Wang, a core contributor to Alliance DAO. Many of the teams are looking at improving popular crypto subsectors, such as the Bitcoin network, appchains, rollups-as-a-service, zero-knowledge proofs, proof-of-physical-work, and real-time blockchain data, to just name a few.

LayerZero and Immunefi Launch the Largest Cryptobug Bounty Program With Up to $15M in Rewards

LayerZero Labs, the team behind cross-chain messaging protocol LayerZero, is teaming up with bug bounty and security services platform Immunefi to launch a $15 million bug bounty for its protocol, LayerZero co-founder and CEO Bryan Pellegrino told Exclusive to MinRegion. “We have enough money to pay out numerous premiums. The security of the protocol is paramount,” said Pellegrino. The reward money will come from the company’s equity entity, Pellegrino added.

Even as crypto exchanges leave Canada, Coinbase intends to play the “long game.” (TC+)

The world’s largest crypto exchange, Binance, said last week it would stop serving Canadian customers due to “new guidelines regarding stablecoins and investor limits for crypto exchanges.” But while the exchange said it will return to the country “one day”, his departure leaves a huge gap that its competitors are looking to fill. Coinbase, Kraken, Gemini, and Crypto.com are some big players in space planning to do just that.

Binance is betting big on M&A and VC deals (TC+)

Binance, the world’s largest crypto exchange by volume, is going big on M&A this year, with a particular focus on geographic gaps and customer base. And helping the exchange there is the company’s chief business officer, Yibo Ling. I spoke with Ling at Consensus 2023 to learn more about Binance’s focus on investments, layer-1 blockchains, and geographic and product growth for the company, among a host of other things.

Pudgy Penguins wants to use its NFT-inspired toys to bring IP to the real world (TC+)

Pudgy Penguins, an (admittedly cute) NFT collection that doubles as a web3 IP company, is releasing a line of toys called Pudgy Toys, Luca Netz, CEO of the company exclusively told MinRegion+. The initial launch will include approximately 100,000 toys, priced at $5 to $35, that will be sold online and through retailers internationally. Each toy comes with a birth certificate and QR code that unlocks a series of NFTs or a trait box on its online platform, Pudgy World, Netz said.

The latest pod

For this week’s episode, Jaquelyn interviewed Sergei Nazarovco-founder of Chainlink, a protocol that provides an oracle network for smart contracts.

Chainlink is also known as a web3 service platform that connects people, businesses and data to the world of web3. And for good reason: it has enabled more than $7 trillion in transaction volume across DeFi, gaming, NFTs and other major industries.

Prior to co-founding Chainlink, Nazarov co-founded four other companies, most recently SmartContract, which focused on smart contracts.

We discussed a number of issues related to smart contracts, oracle networks, cross-chain interoperability and Nazarov’s long-term vision for Chainlink.

We also dove into:

  • Unexpected use cases for smart contracts
  • Cryptographic guarantees
  • How traditional companies can symbolize assets
  • AI and blockchain technology
  • CCIP updates

Subscribe Chain reaction on apple podcasts, Spotify or your favorite pod platform to stay up to date with the latest episodes, and leave us a review if you like what you hear!

Follow the money

  1. Jia, a blockchain-based lender to small businesses in emerging markets, raised $4.3 million
  2. Success with Rihanna’s music rights helps web3 marketplace Royal raise $71 million
  3. Bitcoin brokerage River Financial raised $35 million in a Series B
  4. Cormint has raised $30 million to scale up bitcoin mining operations
  5. Web3 music company anotherblock raised $4.3 million

This list was compiled using information from Messari and MinRegion’s own reporting.

To get a roundup of MinRegion’s biggest and most important crypto stories delivered to your inbox every Thursday at noon PT, register here.

Editor’s Note: This article was updated after publication to add a comment from Ledger.

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