Uncategorized

Celo Migration To Layer-2 Network Is Done, Bringing In New Era For The Blockchain

Published

6 месяцев ago

26 марта, 2025

admin

The Celo blockchain’s long-awaited plan of becoming an Ethereum layer-2 chain has been completed, ending an almost two-year process, the main organizations behind the network said Wednesday.

The transition ends a long journey beginning back in July 2023 for the layer-1 blockchain that included a community vote in July 2024 and a fierce competition, won by Optimism, among layer-2 networks out to convince the Celo ecosystem to build with their technology.

The improved network — like other layer 2s — offers faster and cheaper transactions on top of Ethereum’s mainnet. The blockchain is powered by Optimism’s OP Stack, a customizable framework that lets developers build layer-2 networks based off of Optimism’s technology.

“You know, whenever people ask us, we always recommend the OP stack, because the team there has been so helpful and so supportive,” said Marek Olszewski, the CEO at cLabs, the main developer firm supporting the Celo blockchain.

A blueprint for other layer 1s

According to Rene Reisberg, the CEO of the Celo Foundation, the migration is the first of its kind in the Ethereum ecosystem, and will probably be used as a blueprint for other EVM-compatible blockchains that are looking to become a layer-2 network.

“This path of not just spinning up a new chain, but actually maintaining that history, and having everyone be on the new chain, while it’s a lot more work, is great from a Celo perspective. It’s becoming this kind of great case study for Ethereum,” Rene Reinsberg, the president at the Celo Foundation, said in an interview.

“Even just based on outreach I’ve been getting from other L1 founders that are like, ‘hey, so what does it actually feel like on the inside of going through this transition, and how much work is it, and how you’re thinking about it?’ And so it definitely feels like there’s increased interest now,” Reinsberg added.

Despite Ethereum’s leaders experiencing backlash from the community because of the clunky experience of operating between the plethora of layer-2 blockchains, the lagging price of ether (ETH) relative to other cryptocurrencies and the blockchain losing mindshare and new talent to competitors like Solana, Reinsberg said other layer 1s similar to Celo are watching the transition and also considering moving into the layer-2 ecosystem.

“As some of these short-term storms come down and sentiment starts to shift, I think you’ll start seeing a series of layer 1s that will likely be more public about that,” Reisberg said. “But we’re definitely already seeing these early conversations happening.”

Celo’s new home

According to the team, Celo end users won’t notice much of a difference in their setups, and will still be able to access key features like SocialConnect, a protocol that connects users’ phone numbers or X handles to their Celo wallet addresses to make payments. Nevertheless, there are protocol-level changes.

“Validator responsibilities have evolved from operating the consensus protocol to temporarily running community RPC nodes, with validator rewards now distributed via smart contract execution rather than at epoch blocks,” the team said in a press release. “Additionally, transaction sequencing — previously determined by validators running the consensus protocol — will initially be handled by a centralized sequencer, with a roadmap in place for transitioning to decentralized sequencing in the future.”

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

8 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

8 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

8 часов ago

16 сентября, 2025

admin

Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.