Citadel and Cathie Wood are backing Zero, a new blockchain designed to meet the needs of Wall Street, as the crypto industry seeks to scale its technology for traditional finance entities. The Andreessen Horowitz and Sequoia-backed crypto company LayerZero announced the proposed solution on Tuesday, aiming to address concerns about data privacy and scalability within the financial sector, according to Fortune.
The announcement comes as the crypto industry faces the challenge of adapting blockchain technology to handle the high volume of transactions typical of traditional finance, such as those seen on the New York Stock Exchange. Big banks and trading firms are also seeking assurances that sensitive client data will not be publicly visible on blockchains like Ethereum or Solana, according to Fortune. LayerZero's Zero blockchain is designed to address these specific concerns.
The development of Zero is part of a broader trend of financial institutions exploring blockchain technology. While several blockchain companies have previously attempted to build infrastructure suitable for traditional finance, LayerZero's approach is notable due to its backing from prominent investors like Citadel and Cathie Wood.
In other news, Mattel, Inc. announced an agreement with its joint venture partner NetEase to acquire full ownership of the Mattel163 mobile games studio, according to Variety. The transaction is expected to be completed by the end of Q1. Founded in 2018, Mattel163 has developed games based on iconic Mattel brands, including Uno!, Uno Wonder, Phase 10, and Skip Bo. The game developer has over 550 million downloads worldwide and approximately 20 million monthly active users, according to Variety.
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