MetaMask Launches New Security Alerts Feature With Blockaid

Hi NoRamp Community,

Daily News:

MetaMask Launches New Security Alerts Feature With Blockaid

Backpack to Offer Native Crypto Exchange in Dubai

US State Regulators Grant MTL license to Bastion

MetaMask Launches New Security Alerts Feature With Blockaid:

• MetaMask is enhancing its user security through a collaboration with security startup Blockaid, introducing a new feature to issue security alerts. This feature, accessible for desktop users through the MetaMask experimental setting, involves the Privacy Preserving Offline Module (PPOM), an offline security engine that validates transactions and signatures before execution, ensuring no external server receives transaction or signature requests.

• The new security feature, aiming to identify and alert users of malicious transactions, will be expanded to MetaMask mobile app users in November, with a goal for universal integration and activation by the first quarter of 2024. This gradual implementation aims to establish trust and accuracy, minimizing false positives that could flag legitimate activities as malicious.

• The partnership and new feature address a significant issue in the crypto industry, with phishing scams and malicious decentralized applications (dApps) posing a constant threat. The new security alerts intend to make the crypto ecosystem safer, especially for MetaMask users, and have the potential to prevent the loss of assets worth billions of dollars when fully integrated and adopted.

Backpack to Offer Native Crypto Exchange in Dubai:

• Backpack, the creator of MadLads, has launched Backpack Exchange, a crypto exchange, after acquiring a Virtual Asset Service Provider (VASP) license in Dubai. The exchange, initially offering spot trading, will be available in a private beta version for existing Backpack and MadLads community members in November, with a public launch planned for the first quarter of 2024.

• Following the announcement of the exchange, the floor price of the Solana-based NFT collection MadLads experienced a significant increase. The Backpack team has expanded since the MadLads mint in April 2023, working closely with global regulators to ensure compliance and security.

• The Backpack Exchange aims to employ innovative technologies such as zero-knowledge proofs for reserve verification and multi-party computation (MPC) for secure asset custody. While Backpack is also known for its development of executable NFTs (xNFTs), the role of these digital assets in the new exchange remains unclear.

US State Regulators Grant MTL license to Bastion:

• Bastion, an institutional-focused crypto custody firm, has secured money-transmitter licenses (MTLs) in New Hampshire and Arkansas, enhancing its ability to facilitate deposits, transfers, and payments of crypto assets. The startup, co-founded by former a16z crypto executives Nassim Eddequiouaq and Riyaz Faizullabhoy, is working to obtain MTLs in other states and collaborate with regulators to extend its services across the U.S.

• The startup is committed to improving Web3 infrastructure services through three key pillars: ownership and monetization of digital goods, smart transaction routing, and customer analytics. These pillars aim to simplify the integration of businesses and end-users into the Web3 ecosystem, providing a seamless transition from traditional to decentralized platforms.

• Bastion is merging the simplicity of Web2 with the efficiencies of Web3 to create a user-friendly experience. Its built-in custodial wallet integrates easily with existing merchant authentication methods, requiring no additional learning curve. The startup’s smart transaction routing system enhances scalability and reduces friction, ultimately empowering businesses to offer faster and more convenient services to their customers while gaining valuable insights through data analytics.

NoRamp:

NoRamp is building Web2’s favorite Web3 apps on our lightning-fast payment infra. Join our discord, dive into our our docs, or check out our website to learn more.

Proof of Work Podcast:

NoRamp chats with c-suite executives across different industries. Check it out here.

If you’ve read this far and haven’t yet subscribed, you probably should here.