White Star Capital Digital Assets Fund - newsletter #123
MetaMask launches its in-app direct fiat-to-crypto on-ramp solution
MetaMask launches its in-app direct fiat-to-crypto on-ramp solution
Fiat on and off-ramps are what enable users to convert their fiat currency into cryptocurrencies, and vice versa. Though it sounds simple, for anyone familiar with the process, entering and exiting the crypto world has long been a complex and lengthy process. It involves not just KYC but multiple transactions across exchanges and wallets, along with the associated fees. So for the last few years, making the flow between crypto and fiat currencies seamless has been a key priority for developers and founders.
A number of start-ups have contributed to the first wave of innovation in the space, including Moonpay, Wyre and Transak, which form the rails connecting user wallets directly to their bank accounts (in order to acquire fiat), and then take care of the fiat to crypto exchange part of the user journey.
This week, MetaMask, crypto’s premier wallet with over 30m monthly active users, launched its own Buy Crypto feature as part of its Portfolio Dapp. This launch is a significant milestone in the journey to mass adoption as it enables users in 189 countries to use local payment methods to buy roughly 90 cryptocurrencies in their MetaMask wallet in its browser and mobile apps. Fiat payments will include debit and credit cards, bank transfers, PayPal and Instant ACH, and the feature supports eight networks (Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, and Celo.
It follows its announcement in March that it partnered with Moonpay to allow direct crypto purchases in the MetaMask app in Nigeria, which is one of MetaMasks’ major markets and ranks third in the world in active mobile users. Chainalysis last year ranked Nigeria in the top 20 on its Global Crypto Adoption Index. This partnership replaced the use of credit and debit cards for crypto purchases, making it much easier for Nigerian users to obtain tokens. ‘An estimated 90% of credit/debit card attempts to buy crypto in Nigeria are declined’, ConsenSys (MetaMasks’ parent company) commented.
🔦 White Star & Portfolio Spotlight
ALEX token listing on Gate.io
ALEX is set to extend its reach to Gate.io, encompassing over 8 million users across 130+ countries, with the potential to surpass Uniswap within the Bitcoin economy.
Introducing Superfluid subscriptions
Introducing Superfluid Subscriptions, an innovative toolkit for Crypto Payments and Enhanced Control, that empowers Web3 Services with a self-hosted, open-source solution at no cost.
Paraswap launches new tokenomics model in PSP 2.0
ParaSwap is rolling out PSP 2.0 to incentivize users who add value and provide services to the platform. The new Social Escrow staking system will reward those who take actions that support the growth of the protocol and DAO.
🏦 Enterprises & Institutions
Bitcoin's Lightning Network is hard to use. PayPal's ex-president has a solution, and a replacement for SEN & Signet
Lightspark utilizes Bitcoin's Lightning Network Layer-2 protocol and prioritizes developing the necessary tools for easier usage. The choice is preferred over alternative blockchains, considering Bitcoin's larger size and more secure regulatory footing.
Ralph Lauren goes crypto, airdrops NFT invites to Miami party
Ralph Lauren is Web3 now, sending invites for a private party with Ethereum NFTs and accepting crypto at one of its stores.
Reddit just dropped thousands more NFTs on Polygon from over 100 artists
After minting more than 10.6 million Polygon NFTs, Reddit is launching a huge Gen 3 collection today.
Gaming hardware giant Razer launches Web3 incubator
The major hardware and peripherals brand is funding Web3 games through a new Web3 incubator within its venture arm.
⚖️ Government & Regulation
France publishes Metaverse consultation, seeking alternative to dominance by web giants
The economic ministry is interested in the virtual worlds' impact on privacy, health and the environment.
Ripple pens deal with Montenegro central bank for CBDC pilot
Ripple has partnered with the Central Bank of Montenegro to pilot the country's national stablecoin or CBDC. The program aims to enhance financial stability and access to banking services in Montenegro.
DeFi could be forced to incorporate and certify, French central bank says
Projects in DeFi could be forced to incorporate or prove that they meet governance and security norms, as regulators seek to extend planned crypto laws to cover more kinds of blockchain-based structures.
Wyoming defends ‘Legitimacy’ of Its crypto charter framework in Custodia lawsuit
Projects in DeFi could be forced to incorporate or prove that they meet governance and security norms, as regulators seek to extend planned crypto laws to cover more kinds of blockchain-based structures.
MiCA: What Europe’s new crypto rules mean for the industry
The European Union will soon usher in a suite of new crypto rules called MiCA
Hong Kong’s financial secretary declares now is the 'right time' for Web3 adoption
Finance chief Paul Chan said in a blog post that despite recent volatility in crypto, now is the time to push forward Web3 technologies
💰 Funding & Exits
Trading-focused blockchain Sei raises $30M, bringing valuation up to $800M
Layer-1 blockchain Sei raised $30M at an $800M valuation, focusing on crypto trading through its network. The funds will be used to gain strategic partners and expand in Asia-Pacific.
Information protocol RSS3 raises $10M via token sale to DWF Labs
RSS3 recently unveiled RSS3 AIOP, an AI training environment providing Web3 information to the likes of ChatGPT. RSS3 aims to be a bridge between blockchain technology and AI, search engines and social media.
Next-generation DeFi platform M^ZERO exits stealth mode With $22.5M funding round
M^ZERO, a decentralized infrastructure layer for digital asset value transfer, has emerged from stealth mode with a bullish $22.5 million seed round, and the intention of advancing the pioneering work done in decentralized finance (DeFi).
DWF Labs invests $16M in RACA to spur Web3 gaming ecosystem
DWF Labs invested $16M in RACA, a Web3 company that evolved from managing Elon Musk's mom's NFT collection to a blockchain gaming ecosystem like Steam. The deal includes purchasing RACA tokens and will support the company's goal to expand its gaming ecosystem.
AI-Focused blockchain CryptoGPT raises $10M funding at $250M valuation
CryptoGPT recently rolled out AI assistant "Alex" and is developing its ZK rollup layer 2 blockchain and a data-to-AI engine, which collects, encrypts and transfers data for commercial applications.
Bankruptcy marketplace Xclaim raises $7 million after crypto rebrand
Xclaim, a marketplace where debtors can sell bankruptcy claims for failed crypto companies, announced on Tuesday that it had raised $7 million in a funding round led by Josh Jones, a venture capitalist who founded one of the earlier Bitcoin exchanges.
Gameta completes 5 million USD seed round Investment with Binance Labs and 10 Others
Gameta, a multi-layered NFT entertainment and gaming network, has completed a $5 million seed round investment.
Multicoin leads $4M strategic round for Web3 co-ownership platform Lore
The platform, now in public beta, allows groups of people to share non-fungible tokens (NFT) for expanded access and utility.
Deribit parent company leads $4.4M Seed funding round into Dutch crypto exchange finst
The oversubscribed capital raise will be used to expand Finst's range of products drive its international expansion plans.
Opside secures $4M seed round to expand its ZK-rollup-as-a-service platform
Opside, a cutting-edge three-layer infrastructure platform providing ZK-RaaS (ZK-rollup-as-a-service), has recently closed a successful $4 million fundraising seed round.
🚀 Project Launches & Updates
Shapella upgrade could reignite institutional interest in Blockchain
The highly-anticipated Shapella upgrade of Ethereum, merging Shanghai and Capella layers, is just a day away, with many institutions and staking protocols preparing for potential market volatility.
Shiba Inu's Metaverse will partially open by end of 2023, developers say
The Metaverse, a project that expands the utility of the Shiba Inu ecosystem, is being pegged to open by December of this year, Shiba Inu developers said in an update on Monday.
How the Ethereum Shanghai upgrade could impact the price of ETH
The end of the two-year lockup period on staked ETH and rewards could pressure ETH price, but limited daily withdrawal requests may prevent sudden dips. Increased stakers following the upgrade may reduce available supply, leading to a potential long-term bullish price.
How the Ethereum Shanghai upgrade could impact the price of ETH
The end of the two-year lockup period on staked ETH and rewards could pressure ETH price, but limited daily withdrawal requests may prevent sudden dips. Increased stakers following the upgrade may reduce available supply, leading to a potential long-term bullish price.
How the Ethereum Shanghai upgrade could impact the price of ETH
The "Moonbirds: Diamond Exhibition" collection is available exclusively to holders that reached "Diamond Nest" status by staking their NFTs.
🔥 Other Bits We're Excited About
Riot Platforms and Marathon Digital lead crypto stock gains as Bitcoin stays above $30K
The price of bitcoin is now up by more than 80% so far in 2023.
Unstoppable Domains COO: Digital identities are transforming web3 brands
Sandy Carter explores why more brands are turning to web3 digital profiles for authenticity and how user-owned digital identities are poised to disrupt existing industries.
Unreleased David Bowie recording to debut as music NFT
The never-before-heard version of Bowie's hit "Let’s Dance" will be sold via pay-what-you-want NFTs from Gala Music and benefit charity.