A16z Raises $7.2B

Hi NoRamp Community,

Daily News:

1) Tether CEO Hints at New Fully Non-Custodial Tokenization Platform

2) Deutsche Börse’s Clearstream to Invest in Digital Vault Services

3) A16z Raises $7.2B

4) Klarna Credit Card Launches In The US

5) Wintrust Financial Corporation Acquires Macatawa Bank For $510M

Tether CEO Hints at New Fully Non-Custodial Tokenization Platform:

• Tether (USDT) is set to launch a fully non-custodial, multi-chain tokenization platform, which will allow for the tokenization of a wide array of assets, from financial instruments like bonds and stocks to consumer rewards like coffee shop points.

• The platform, described as a "masterpiece" by Tether CEO Paolo Ardoino, will be highly customizable and will support Bitcoin layer-2 projects such as RGB and The Liquid Network.

• Aimed at providing financial services in emerging markets, USDT is used extensively as a digital dollar for daily transactions and savings, particularly in regions with rapidly devaluing local currencies, serving millions without traditional bank accounts.

Deutsche Börse’s Clearstream to Invest in Digital Vault Services:

• Clearstream, a post-trade business of Deutsche Börse, is investing an undisclosed amount in fintech startup Digital Vault Services (DVS), with the investment aimed at acquiring a minority stake. This is contingent on regulatory approvals and legal documentation, expected to be finalized in the second half of 2024.

• The investment will enable Digital Vault Services to expand its market infrastructure solutions for corporates and financial institutions. Additionally, DVS's "Guarantee Vault" will be integrated with Deutsche Börse's digital post-trade platform, D7, enhancing its digital asset offerings beyond securities.

• The initiative is part of Deutsche Börse Group’s Horizon 2026 strategy to lead in digital markets, combining DVS’s innovations in digital bank guarantees with Clearstream’s role in global markets to drive growth and add value across the financial industry.

  

  Source: Blockworks

A16z Raises $7.2B:

• Landesbank Baden-Württemberg (LBBW), Germany's largest state-backed lender, in partnership with Austrian exchange Bitpanda, will offer crypto custody services starting in the second half of 2024. This service aims to provide secure storage and procurement of cryptocurrencies like Bitcoin (BTC) and Ether (ETH).

• The initiative is focused on corporate clients, responding to growing demand among businesses for digital assets. LBBW's collaboration with Bitpanda leverages "Investment-as-a-Service" infrastructure to ensure high security and innovative solutions in digital assets management.

• LBBW and Bitpanda's strategic partnership emphasizes preparing a technical and regulatory foundation to support corporate clients' individual crypto strategies, enhancing their business model integration with cryptocurrencies.

Klarna Credit Card Launches In The US:

• Klarna is introducing its credit card in the United States, partnering with Salt Lake City-based WebBank, offering features like no annual or foreign transaction fees, and up to 10% cash back on selected purchases through its app.

• The credit card allows users to spread payments over time, either in 3 to 6-month installments at a 33.9% interest rate or by extending the due date by a month with the same interest rate, emphasizing flexible payment options over traditional revolving credit.

• Despite high interest rates compared to some credit cards, Klarna promotes this as a healthier, sustainable option, integrating with Google and Apple Pay, and plans to roll out the card in the coming months with applications currently open via a waitlist.

Wintrust Financial Corporation Acquires Macatawa Bank For $510M:

• Wintrust Financial Corporation has agreed to acquire Macatawa Bank Corporation in an all-stock transaction valued at approximately $510.3 million, or $14.85 per share, subject to regulatory and shareholder approvals, with a planned finalization in the second half of 2024.

• Macatawa Bank, established in 1997 and based in Michigan, operates 26 branches and reported assets of $2.7 billion, loans of $1.3 billion, and deposits of $2.4 billion as of December 31, 2023.

• The acquisition will maintain Macatawa Bank's community presence in West Michigan under its existing name, preserving its key employees, branches, and a separate bank charter, as emphasized by Richard Postma, chairman of Macatawa Bank, and Timothy Crane, CEO of Wintrust.

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