White Star Capital Digital Asset Fund - newsletter #105
J.P. Morgan has registered a trademark for a cryptocurrency wallet
J.P. Morgan has registered a trademark for a cryptocurrency wallet
White Star Capital Digital Asset Fund - newsletter #105
New Trademark Wallet
J.P. Morgan has registered with the United States Patent and Trademark Office for a cryptocurrency wallet called J.P. Morgan Wallet. The trademark has been registered for multiple services including virtual currency exchange, virtual checking account, crypto payment processing, and credit and cash card payment processing.
Increasing involvement in crypto
The American bank has been exploring blockchain solutions for multiple years now and has been increasing its exposure to the industry, including investments in companies such as Consensys and Blockdaemon.
More recently, as part of the Monetary Authority of Singapore’s (MAS) Project Guardian Pilot, J.P. Morgan executed its first live cross-border transaction on a public blockchain. The cross-border transaction used tokenised Singapore Dollar deposits and Japanese Yen to simulate foreign exchange, and also simulated trade of tokenised government bonds - in each case, on a public blockchain network, using digital identity solutions and logic adapted from existing DeFi protocols. Following this, the Chief Fintech Officer of MAS said that the pilot demonstrates that digital assets and DeFi have the potential to transform capital markets with the appropriate guardrails in place.
Why this matters
Despite the cyclicality the crypto market experiences, seeing large traditional finance firms advance their capabilities in the space is promising for the industry. Similar to J.P. Morgan, VISA filed two trademark applications to the United States Patent and Trademark Office related to digital wallets, NFTs and metaverse. American Express and the New York Stock Exchange have filed for similar applications too. The adoption of blockchain use-cases by large institutions will improve the standard of protections and controls which customers receive.
🔦 White Star & Portfolio Spotlight
Index Coop: DeFi is the answer to the FTX crisis- but we must get better at communicating it
Index Coop explains how in the swirling crypto liquidity storm, DeFi offers a way forward.
RareCircles releases its new podcast, RareAccess
The first episode, hosted by CEO Ethan Song, talks with Mike Dudas, GP at 6th Man Ventures, about investing in Web3 and building LinksDAO into the world’s largest Web3 powered golf community.
🏦 Enterprises & Institutions
Sony tries to patent NFT and blockchain technology usage in games
Japanese gaming giant Sony Interactive Entertainment is trying to patent a system for tracking unique in-game digital assets using tokens on a distributed ledger.
L’Oreal partners with Metaverse Avatar Platform, Ready Player Me
L’Oreal brands Maybelline New York and L’Oreal Professionnel are bringing an array of gaming-inspired hair and makeup looks to the metaverse.
⚖️ Government & Regulation
Governments should not over-regulate after FTX, lead MiCA negotiator says
MiCA's lead negotiator tweeted that the EU should hold off on more crypto regulation following FTX's collapse.
Uniswap's new privacy policy says it collects data tied to user wallets
Uniswap, the largest Ethereum decentralized exchange, published a new privacy policy today to provide transparency on the data it collects.
BOE’s Cunliffe says regulation can save crypto from itself, and it’s worth the effort
Blockchain technologies can bring improvements to finance, given a regulatory framework, and links between DeFi and TradFi are being rapidly cemented already, Cunliffe said.
Bitpanda Lands Operating License in Germany as Regulators Circle Industry
The demise of the FTX should be “a wake-up call” for the entire industry, according to Bitpanda’s growth lead Magdalena Hoerhager.
💰 Funding & Exits
Bain Capital and 6th Man Ventures lead $4 million round for crypto privacy startup Nucleo
Nucleo seeks to create a private on-chain multi-sig solution for organizations through zero-knowledge cryptography.
Heroic Story raises $6 million to bring tabletop RPGs to web3
The seed round is led by Upfront Ventures and includes investors such as Multicoin Capital and Polygon.
Matter Labs raises $200 million to boost zkSync adoption and grow its team
Matter Labs, the company behind zkSync, has raised $200 million in a Series C round led by Dragonfly and Blockchain Capital.
Trader Joe announces $5M fundraise to continue building their Avax NFT platform
Trader Joe is a Liquidity Book AMM built on Avalanche with zero slippage trades.
🚀 Project Launches & Updates
Sui Testnet Wave 1 Goes Live
Testnet Wave 1 lets Sui understand interoperability among validators, while Devnet remains the appropriate network for builders.
1inch seeks to optimize gas costs with its new v5 router
The new router features a number of updates, including an improved smart contract error processing system.
🔥 Other Bits We're Excited About
Magic Eden expands NFT support to Polygon network
Magic Eden has added support for buying and selling of non-fungible tokens on the Polygon network.
Aptos partners with South Korea’s Npixel on Web3 gaming
Aptos, a Layer 1 blockchain, will partner with South Korean gaming studio Npixel to bring Web3 tech to its gaming initiatives platform.