White Star Capital Digital Assets Fund - Newsletter #145
Grab partners with Circle to launch Web3 experiences in Singapore
Grab partners with Circle to launch Web3 experiences in Singapore
White Star Capital Digital Asset Fund - newsletter #145
Grab, the largest technology startup in Southeast Asia and known as the "super app" of the region, is partnering with Circle, the issuer of the USDC stablecoin, to pilot Web3 services in Singapore. The objective of this collaboration is to introduce a Web3 wallet within the Grab superapp. By integrating Circle's Web3 Services platform, traditional companies can easily adopt stablecoins, digital assets, and smart contracts. The Grab Web3 Wallet will be available to users of the ride-hailing, food delivery, and digital payments app. It enables users to utilize vouchers in the form of non-fungible tokens (NFTs), earn rewards, and collectibles. As part of the F1 Singapore Grand Prix, the Grab Web3 Wallet offers SG Pitstop Pack NFT vouchers that can be redeemed at popular stores in Singapore.
Founded in 2012 as MyTeksi, Grab is a multinational technology company based in Singapore. It operates a super-app for ride-hailing, food delivery, package delivery, and online payments services. Grab serves reportedly more than 187M users in 330 cities across Southeast Asia. As of the third quarter of 2023, Grab has over 34.9M monthly transacted users.
Circle’s partnership with Grab builds on the company’s ongoing expansion in the country. In June 2023, Circle obtained a Major Payment Institution license from the Monetary Authority of Singapore after officially opening its office in May. This license enables Circle to provide digital payment token services. The pilot program aims to demonstrate the real-world use of Purpose Bound Money, as part of the Monetary Authority of Singapore (MAS)’s Project Orchid. Purpose Bound Money is built on blockchain technology and allows users to access digital money without the need of a middleman, using their preferred wallet provider. Previously, Circle collaborated with Tribe, Singapore's government-supported blockchain ecosystem builder, to support local Web3 development.
During Token2049 in Singapore, Jeremy Allaire, co-founder and CEO of Circle, expressed optimism about major Web2 companies adopting blockchain technology. Allaire envisions a future where billions of users have access to Web3 and can easily transact stablecoins. He stated, "Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab's customers brings us closer to realizing the full potential of responsible digital assets innovation.”
🔦 White Star & Portfolio Spotlight
BoomFi joins forces with Mantle, the emerging modular L2 blockchain
BoomFi, has announced its collaboration with 0xMantle, the innovative modular Layer 2 (L2) blockchain on Ethereum. With over 15 million testnet transactions and a growing developer community, Mantle is quickly becoming a game-changer in the blockchain space, promising versatile crypto payment solutions for both one-time and recurring billing.
Oamo announces exciting partnership with Rari Foundation for exclusive data pool
Summary: Oamo, a forward-thinking player in data monetization, has unveiled its strategic partnership with the renowned Rari Foundation, a driving force in the Rarible ecosystem. This collaboration promises exclusive rewards and offers exceeding $5,000 for $RARI holders, set to commence on September 26th, marking a significant step towards the future of data monetization.
Ledn to offer 8.5% APY on USDT savings deposits, challenging traditional banking
Ledn, is set to introduce USDT Growth Accounts with an impressive 8.5% Annual Percentage Yield (APY) for savings deposits in early October. This move signals a growing trend towards crypto offering competitive returns, raising questions about the profitability of storing money in crypto compared to traditional banks.
Atlendis Labs returns with exciting plans for Q4 2023, focusing on defi integration and legal enhancements
The team has revealed two significant announcements: the upcoming launch of Atlendis Flow's first client, bridging traditional finance with DeFi, and the introduction of a new legal setup to enhance safety and innovation in their product offerings. With a commitment to bringing Real World Assets into the crypto markets, Atlendis is poised to revolutionize alternative financing for SMEs and startups worldwide.
Coinshift and Caddi forge partnerships with Paraswap, elevating defi swapping experience
Coinshift and Caddi have both announced collaborations with ParaSwap, aiming to enhance the DeFi swapping experience. Coinshift Apps will integrate ParaSwap into its treasury management dashboard, enabling secure token swaps at competitive rates, while Caddi and ParaSwap join forces to streamline efficiency and eliminate friction within the DeFi ecosystem.
Index Coop launches ic21: a fully collateralized index token featuring top digital assets on Ethereum
Index Coop has introduced ic21, a groundbreaking fully collateralized index token that brings together the 10 largest digital assets, including BTC, BNB, XRP, ADA, SOL, LTC, DOT, and BCH, onto the Ethereum blockchain. This move marks a significant development in the integration of major cryptocurrencies into the Ethereum ecosystem.
🏦 Enterprises & Institutions
Google Gemini poised to take on AI Titans OpenAI and Microsoft
Google is getting ready to launch its conversational AI system, Gemini. Gemini supports different input modalities like text, image, and audio, which could potentially position it as a competitor to OpenAI's ChatGPT. Sundar Pichai, CEO of Google, highlighted the significance of using AI to solve real-world problems and expressed confidence in Google's AI development. Despite ChatGPT's dominance in the AI field, Gemini aims to challenge its position.
Nomura launches Bitcoin Adoption Fund for institutional investors
Nomura's digital asset subsidiary, Laser Digital Asset Management, has introduced a Bitcoin Adoption Fund, targeting institutional investors. The fund, based on Bitcoin, will provide investors with direct exposure to the cryptocurrency and is the first in a series of digital adoption investment solutions planned by the company. Nomura, is embracing the digital asset ecosystem, with this fund following its previous ventures into the space, including the launch of a digital asset venture capital arm and obtaining regulatory licenses in Dubai.
Bitbuy enters strategic partnership with Canadian crypto ATM firm Localcoin
WonderFi, a Canadian fintech corporation, has announced a strategic partnership between Bitbuy and Localcoin ATM, a cryptocurrency ATM provider. Bitbuy, the first Canadian cryptocurrency exchange to receive full regulatory approval, will enhance Localcoin's crypto ATM offerings with its exchange platform and liquidity. This partnership will strengthen Bitbuy's digital asset services, covering nearly 50% of Canada's Bitcoin ATMs and supporting the growth of cryptocurrency adoption in the country.
Deutsche Bank to offer crypto custody with Swiss fintech Taurus
Swiss fintech firm Taurus has partnered with Deutsche Bank to offer digital asset custody and tokenization services, a sign that institutional interest in the crypto space is increasing. This move allows Deutsche Bank to leverage Taurus' infrastructure to provide these services to its clients, with both companies emphasizing the growing demand for regulated players in the crypto market and the need to adapt to support the expanding tokenized economy.
EY invests $1.4 billion in AI tech, launches new platform
Ernst & Young (EY) has unveiled its EY.ai platform, developed with a $1.4 billion investment in AI technologies. This platform, based on EY's large language model EY AI EYQ, aims to help organizations adopt AI and includes collaboration with Microsoft for access to Azure OpenAI capabilities like ChatGPT-3 and ChatGPT-4, along with investments in Dell Generative AI Solutions to simplify generative AI adoption. The platform will be integrated into existing EY services, and EY has also invested in additional technology supporting cloud and automation.
⚖️ Government & Regulation
Grayscale files for ether futures ETF
Grayscale recently secured a partial court victory against the SEC in its ongoing battle for a potential spot Bitcoin ETF, a conflict that originated from a lawsuit filed back in 2022. While this legal triumph doesn't immediately translate into the conversion of its Bitcoin Trust to an ETF, it has significantly heightened anticipation surrounding the forthcoming SEC decision regarding spot Bitcoin ETFs, a decision that has been deferred until October.
Brazilian lawmakers seek to add crypto to debtors’ protected assets list
Brazilian lawmakers are discussing a bill, that aims to protect individuals' savings from creditors, and it's now considering the inclusion of crypto assets in this protection, citing changing investment behavior. The inclusion of crypto assets became possible after Brazil's crypto framework took effect in June 2023, although there have been other legislative actions, such as raising taxes on overseas-held cryptocurrencies, indicating varying attitudes toward cryptocurrencies in the country.
EU announces initiative to fast-track supercomputer access for AI startups
Latvia's central bank has established an Innovation Hub, providing a free entry point for fintech companies to engage with regulators and understand licensing requirements. The bank is also adopting new technologies like AI, including OpenAI's ChatGPT, and is spearheading a project on synthetic data to support tech companies developing solutions and conducting feasibility studies to streamline data processing. Furthermore, the European Union's Markets in Crypto-Assets (MiCA) legislation is expected to elevate financial service standards in Latvia.
Latvia central bank opens to fintech with ‘Innovation Hub’
European Union President Ursula von der Leyen unveiled an initiative to grant AI startups swift access to European supercomputers during her 2023 State of the Union speech. She advocated for a global AI framework with guardrails, governance, and innovation guidance and commended both U.S. tech companies and EU firms for adopting AI standards and ethics, urging the establishment of worldwide standards for safe and ethical AI usage.
Malta begins public consultation on revised crypto rules to align with MiCA
Malta's Financial Services Authority (MFSA) has begun a public consultation to align its crypto regulations with the European Union's Markets in Crypto-Assets (MiCA) rules, effective December 2024. Proposed changes include simplifying audits, reducing capital requirements for specific license holders, and integrating MiCA's service-specific rules into Malta's Virtual Financial Assets (VFA) regulations, facilitating VFA license holders' transition to EU compliance and EU licensing.
Kazakhstan establishes regulatory agency to implement CBDC
The National Bank of Kazakhstan (NBK) has established the National Payment Corporation (NPC) to oversee the development and implementation of the digital tenge, the country's central bank digital currency (CBDC). This reorganized entity, formerly the Kazakhstan Center for Interbank Settlements, will manage the national payment system, including interbank clearing, money transfers, digital identification, and financial infrastructure development. The digital tenge project, supporting financial inclusion and international trade, is currently in a controlled pilot phase involving real consumers and merchants, with Binance as a key partner.
💰 Funding & Exits
Former a16z execs secure $25M to power Web3 integration with Bastion
Two former executives from Andreessen Horowitz's (a16z) crypto division have raised $25 million in seed funding for their newly launched Web3 startup, Bastion. Despite a challenging funding environment, Bastion aims to enable companies to integrate Web3 infrastructure into their existing enterprise technologies, offering services like custody, digital asset transactions, and wallets.
Fipto raises €15M to revolutionize cross-border payments with blockchain
French fintech startup Fipto has raised €15 million in seed funding, led by Serena Capital and Motier Ventures, as it aims to provide a comprehensive blockchain-powered payments and treasury solution. Fipto's platform offers features like instant cross-border payments, robust security, regulatory compliance, and transparent cash management, addressing challenges associated with adopting blockchain technology, making it attractive to businesses engaged in international commerce.
Jiritsu secures $10.2M for verifiable computing and asset tokenization platform
Blockchain firm Jiritsu has raised $10.2 million in funding, led by gumi Cryptos Capital and featuring investors like Susquehanna Private Equity Investments and Republic Capital. Jiritsu, which specializes in verifiable computing, aims to advance its technologies, including Unlimited Verifiable Compute (UVC) and its asset tokenization platform Tomei RWA, focusing on secure and compliant asset onboarding through Zero-Knowledge attestations.
Hybrid crypto exchange GRVT secures $7.1M in funding at $39M valuation
GRVT, a crypto project creating a hybrid exchange, has raised $7.1 million in pre-seed and seed funding, reaching a $39 million valuation. The platform seeks to blend the efficiency of centralized exchanges with the self-custody aspects of decentralized ones, utilizing off-chain order matching and on-chain settlements. GRVT aims to compete with major exchanges like Binance and OKX, with a planned launch in January featuring crypto perpetuals and options trading, followed by spot trading support in April.
Peter Thiel's Founders Fund backs Ethereum scaling network Layer N with $5M Seed round
Layer N, an Ethereum scaling network, has secured $5 million in a seed round led by Peter Thiel's Founders Fund and dao5, with participation from Kraken Ventures, Mirana Ventures, GSR, and Amber Group. Layer N is developing a Layer 2 network tailored for scaling financial applications on Ethereum, and it plans to launch Nord, an exchange rollup boasting 10-100x better throughput and sub-millisecond latency. The network will allow decentralized exchanges to achieve performance similar to Binance or Coinbase and facilitate seamless liquidity and data transfer between different Layer N rollups.
Freatic secures $3.6M Seed round led by a16z to revolutionize information markets
Freatic, a decentralized technology platform, has secured a $3.6 million seed round led by a16z crypto. They are committed to leveraging information markets by employing cryptography and game theory to build decentralized ecosystems that connect individuals possessing untapped knowledge with those capable of capitalizing on these opportunities efficiently.
Movement Labs raises $3.4M to advance Move language and launches Movement SDK for Web3 Security
Movement Labs has secured $3.4 million in pre-seed funding to promote Move, a secure smart contract development language for Web3. They are also introducing the Movement SDK, enabling the delivery of secure Move environments to established blockchain ecosystems, including M1, a scalable blockchain designed to simplify asset bridging and wallet management for developers and users while enhancing security against reentrancy attacks and other vulnerabilities.
Bubblemaps secures $3.2M Seed funding to expand blockchain data access
Paris-based blockchain data visualization firm, Bubblemaps, has raised $3.2 million in a seed funding round, led by INCE Capital and featuring participation from Cronos Chain, Avalanche, V3ntures, Momentum 6, Lbank, Stake Capital, and others. Bubblemaps aims to enhance blockchain data access through its platform, offering bubble visualizations linked to onchain data for blockchains, DeFi, and NFTs, positioning itself as the "first supply auditing tool for DeFi tokens and NFTs."
Web3 developer platform ONLY Dust raises $3M led by Fabric Ventures
Web3 developer platform ONLY Dust has raised $3 million in funding, led by Fabric Ventures. ONLY Dust supports open-source software development for trustless peer-to-peer networks and token-driven governance systems, assisting 500 developers from 17 countries in areas like ZK Rollups, privacy, and decentralized finance.
Club3 raises $3M in Seed funding for Web3 cross-chain community OS
Hong Kong-based Club3, a Web3 cross-chain community operating system, has raised $3 million in seed funding led by LinkVC, with participation from FarSight Capital, BCH Foundation, Digifinex, and others. Club3 aims to provide zero-code SaaS tools to project parties, including precise user traffic analysis and loyalty management, based on both on-chain and off-chain data, and has established partnerships with platforms like OKX, BNB Chain, Hashkey, ZKSync, TP wallet, and Lens.
🚀 Project Launches & Updates
Circle launches USDC stablecoin on Polkadot Asset Hub
USD Coin (USDC), has expanded to the Polkadot blockchain network. USDC issuer Circle has launched Polkadot USDC on the Polkadot Asset Hub, making it available for developers and users to transfer to parachains in the Polkadot ecosystem via the XCM protocol. This move increases USDC's support to a total of 14 blockchain networks, including Ethereum, Tron, Stellar, Solana, and others, enhancing its interoperability and facilitating low-cost payments, while rival stablecoin USDT supports 11 networks as of now.
Citi Token services will provide payments, liquidity to institutional customers
Citigroup has introduced Citi Token Services, a private blockchain platform designed to provide cross-border payments, liquidity management, and automated trade finance solutions to institutional clients. The platform aims to integrate tokenized deposits and smart contracts into Citi's global network, improving efficiency and reducing transaction processing times. Citi has already completed two successful pilots of the service, demonstrating its potential to streamline payment processes and enhance liquidity management for clients.
PayPal's PYUSD stablecoin launches on Venmo
PayPal has added its stablecoin, PYUSD, to the Venmo platform, though its full availability to all users is anticipated in the near future. Presently, only select users can purchase or send PYUSD. This expansion of PYUSD follows its recent approval for inclusion in New York State's Department of Financial Services greenlist, and it's also accessible on various other platforms, including MetaMask, Kraken, Coinbase, and Crypto.com, among others.
Ethereum launches new testnet ‘Holešky,' allocates 1.6B ETH for devs
Ethereum developers have launched a new testnet called "Holešky" on September 15, intended for staking, infrastructure, and protocol development. The testnet has an initial supply of 1.6 billion Holešky testnet Ether (HETH), which is ten times the amount of Ether present on the mainnet, aimed at supporting extensive testing for Ethereum's ambitious roadmap, including features like shard chains and Verkle trees to reduce fees and make running a node less expensive.
🔥 Other Bits We're Excited About
Chainlink's LINK Token soars 10% amid SWIFT partnership
The LINK token, associated with Chainlink's decentralized oracle network on Ethereum, surged over 10% to $6.83, outperforming the broader crypto market. This rally is driven by optimism surrounding Chainlink's partnership with SWIFT, the interbank messaging system, to facilitate tokenized asset adoption through Chainlink's Cross-Chain Interoperability Protocol (CCIP), enabling cross-chain settlement. Recent developments, like ANZ's cross-chain purchase of tokenized assets with A$DC, highlight the potential for financial institutions to utilize CCIP for cross-chain transactions.
Crypto giant executes $150M ETH call option trades
A prominent crypto market participant has conducted substantial Ethereum (ETH) call option trades on Deribit, involving around 92,600 contracts worth $150 million within 24 hours. These speculative trades, concentrated in out-of-the-money (OTM) calls with strike prices exceeding ETH's current $1,633 market price, signal a lasting bullish sentiment for ETH, despite recent price fluctuations.