a16z Made a $90M Bid on Optimism

Hi NoRamp Community,

Daily News:

1) Pantera Invests in TON With High Expectations For Telegram’s Future

2) Coinbase Faces Class Action Suit Asserting Tokens Are Securities

3) a16z Made a $90M Bid on Optimism

4) Fingerprint & Oscilar Unite to Enhance Fraud Prevention in FinTech

5) Libro Credit Union To Transition to nCino’s Cloud Banking Platform

Pantera Invests in TON With High Expectations For Telegram’s Future:

• Pantera Capital has invested an undisclosed amount in The Open Network (TON), motivated by TON's recent integration with the Telegram messaging service. This is part of Pantera's continued investment in TON, influenced by Telegram's substantial user base and alignment with Web3 ideals.

• Pantera praises TON's architecture for its performance and scalability, which it claims compares favorably with leading blockchains. Additionally, features like TON's wallet are highlighted for their high utility and user-friendly interface.

• The collaboration between Telegram and TON marks a significant achievement, especially considering previous regulatory challenges that disrupted their initial integration efforts. This successful reintegration positions Telegram as the only major messaging platform incorporating Web3 technology, contrasting with other platforms like Messenger and WeChat, which have faced regulatory and scope limitations in similar endeavors. Pantera also recently announced the formation of a new $1 billion fund, reflecting its robust asset management growth.

Coinbase Faces Class Action Suit Asserting Tokens Are Securities:

• Coinbase is facing a new lawsuit in the Northern District of California, filed by the law firm Scott+Scott, alleging that the company's business model and sales of digital assets have continuously violated state securities laws since its inception. Plaintiffs from California and Florida are represented in this case.

• The lawsuit claims are similar to those in another ongoing case against Coinbase, which also alleges harm to consumers from the company selling securities on its platform. This previous case was initially dismissed but was partially revived by the 2nd U.S. Circuit Court of Appeals.

• In addition to this lawsuit, Coinbase is engaged in a separate legal battle with the SEC over whether the tokens sold on its platform qualify as securities. The outcome of the SEC's case might influence the proceedings and outcomes of such class-action suits, including this new challenge from Scott+Scott.

  

  Source: Blockworks

a16z Made a $90M Bid on Optimism:

• Andreessen Horowitz (a16z), a major venture capital firm, has invested $90 million in Optimism’s OP token, marking one of its largest crypto investments to date.

• The investment will be subject to a two-year vesting period, according to a report from Unchained Crypto.

• This substantial token purchase occurred before a16z's latest fundraising round, where the firm raised $7.2 billion for investments across various sectors, including American Dynamism, Games, Apps, Infrastructure, and Growth.

Fingerprint & Oscilar Unite to Enhance Fraud Prevention in FinTech:

• Fingerprint, a leading device intelligence platform, has partnered with Oscilar, a company specializing in AI-driven risk and fraud management, to address the growing issue of online payment fraud, which is projected to result in losses of $343 billion from 2023 to 2027.

• Fingerprint's technology offers a unique identifier for each user interaction with up to 99.5% accuracy, helping FinTech companies make quick, data-informed decisions. Oscilar provides a no-code, AI-powered platform that allows financial institutions to efficiently manage fraud, compliance, and credit risks without extensive engineering resources.

• The partnership will enable integration of Fingerprint’s device intelligence capabilities into Oscilar’s platform, enhancing fraud prevention at various customer interaction points across FinTechs, banks, and credit unions, focusing on new account fraud, account takeovers, and payment fraud.

Former Thomson Reuters Exec David Larson Named Feedzai’s CFO:

• Libro Credit Union, one of Ontario’s largest credit unions with 117,000 members, 800 staff, and 34 branches, is transitioning its legacy systems and lending operations to nCino's cloud banking platform.

• The shift to nCino will integrate multiple systems into a single platform that provides a comprehensive source of truth and enhances transparency throughout the loan process. The platform also supports customer onboarding, deposit account opening, and leverages AI and machine learning for insights via its nIQ function.

• The partnership is expected to streamline operations, improve the speed of service delivery, and enhance the customer experience, marking a significant advancement in Libro’s mission to cultivate financial resilience across its services.

NoRamp:

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