1inch Partnering With Mastercard To Rollout Crypto Debit Card

Hi NoRamp Community,

Daily News:

1) 1inch Partnering With Mastercard To Rollout Crypto Debit Card

2) MakerDAO Raised Debt Ceiling to $1B For DAI Allocations

3) Karak Introducing ‘Universal Restaking’

4) TerraPay Gets Payments License From Singapore’s Central Bank

5) TransferGo Raises $10M to Expand Remittance Business in Asia

1inch Partnering With Mastercard To Rollout Crypto Debit Card:

• 1inch, a decentralized exchange aggregator, announced the launch of a crypto debit card in collaboration with Mastercard and Baanx, aimed at enabling crypto users to make online and in-person purchases, as well as withdraw cash at supported ATMs through crypto-to-fiat conversion.

• The 1inch Crypto Card, issued by Baanx's 'Crypto Life' card platform, offers both physical and virtual card options for seamless crypto-fiat transactions, mirroring traditional debit cards with a card number, validity date, and CVC for day-to-day transactions.

• Initially available to users in the UK and the European Economic Area (EEA), the card integrates Web2 and Web3 technologies, facilitating global ATM withdrawals and payments for goods and services using fiat, with Mastercard’s technology ensuring fast and secure crypto-to-fiat conversion.

MakerDAO Raised Debt Ceiling to $1B For DAI Allocations":

• MakerDAO approved a governance vote to increase the debt ceiling of its direct deposit module to $1 billion for its Dai stablecoin, aiming to invest in Ethena's USDe and sUSDe through Morpho Labs' lending vaults, as part of a strategy to diversify collateral exposure.

• An initial $600 million from Dai holdings will be allocated to these lending markets, with a focus on USDe pools, facilitated by MakerDAO's Spark protocol. USDe employs a unique backing mechanism combining ETH and derivatives in a cash-and-carry trading framework.

• Following MakerDAO's allocation to Ethena's stablecoin, an Aave contributor proposed reassessing Dai's risk parameters on Aave's lending markets, suggesting adjustments to loan-to-value ratios for Dai-based lending, amid competition between Aave, MakerDAO, and Morpho.

  

  Source: Blockworks

Karak Introducing ‘Universal Restaking’:

• Andalusia Labs launched Karak, a universal restaking layer that enables developers to provide crypto-economic security with any asset and create innovative infrastructure designs. The company, based in San Francisco and Abu Dhabi, raised $50 million at a $1 billion valuation from investors like Coinbase and Mubadala.

• Co-founder Raouf Ben-Har explained that Karak aims to solve the issue of fragmented crypto-economic security, allowing developers to bypass starting from scratch and avoid being confined to Ethereum for security measures. Karak is envisioned as a key to unlocking a new era of innovation, similar to how AWS made cloud development accessible.

• Unlike EigenLayer, which focuses solely on Ethereum, Karak introduces universal security or restaking for everyone, where any asset on any chain can provide crypto-economic security. This approach allows for sustainable yields by utilizing assets with lower opportunity costs than ETH. The team is experimenting with the xERC20 standard and various message bridges to reduce liquidity fragmentation and create a universal liquidity layer across chains.

TerraPay Gets Payments License From Singapore’s Central Bank:

• TerraPay has secured a major payment institution license in Singapore, enabling it to offer a range of financial services and expanding its global presence to 30 markets.

• The company aims to capitalize on Singapore's strategic position as a financial hub in Southeast Asia to enhance partnerships and grow its footprint in the Asia-Pacific region, addressing the demand for efficient payment solutions.

• The Bank for International Settlements and seven central banks are exploring tokenization to enhance cross-border payments, addressing the issue of failed payments which cost U.S. merchants $3.8 billion in sales in 2023.

TransferGo Raises $10M to Expand Remittance Business in Asia:

• TransferGo, a UK-based fintech specializing in global remittances, has raised $10 million from Taiwania Capital for Asia-Pacific expansion. The new funding doubles its valuation to around $600 million.

• CEO Daumantas Dvilinskas states that TransferGo is profitable, with growth driven by consumer-centric services like instant settlements. The company aims to capture market share from traditional players like banks and Western Union.

• Last year, TransferGo faced a €310,000 fine for anti-money laundering failings but has since resolved the issues. The company continues to focus on regulatory compliance and consumer satisfaction.

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