Arbitrum DAO Approves $23 Million 'Backfund'

Hi NoRamp Community,

Daily News:

1) Arbitrum DAO Approves $23 Million 'Backfund'

2) Osmosis and UX Chain Announce Merger

3) SocGen Issues Green Euro-Denominated Bond on Ethereum

4) Bluevine Business Checking Propels Managed Deposits to $1B

5) UK Insurtech CatX Secures $2.7m to Bridge Reinsurance Gap

Arbitrum DAO Approves $23 Million 'Backfund' For Projects:

• The Arbitrum DAO has voted to allocate an additional 21.1 million ARB tokens ($23.5 million) to fund 26 projects initially approved but unfunded under its Short-Term Incentive Program (STIP) due to budget constraints.

• This decision increases the STIP's total budget to 71.1 million ARB tokens, with major grants going to projects like Gains Network, Stargate Finance, Synapse, and Wormhole. The disbursement will occur after a three-day waiting period.

• Despite the majority approval, a third of voters, including projects like Camelot and MUX that received initial funding, opposed the move. Camelot suggested a new round of proposals, while MUX emphasized support for projects with strong fundamentals and reasonable grant sizes, instead of a bundled funding approach.

Osmosis and UX Chain Announce Merger:

• Osmosis and UX Chain are planning a merger to create a comprehensive DeFi hub, contingent on approval, combining UX Chain's lending logic with Osmosis' decentralized exchange capabilities.

• The proposed merger begins with integrating UX Chain’s codebase into the Osmosis Chain, maintaining separate trading of Osmosis and UX tokens initially, with a focus on maximizing both platforms' capabilities.

• Future steps may include consolidating both networks' tokens through a community-governed token swap or migration process, and exploring joint advancements in liquidations, margin trading, and MEV markets, aiming to enhance the overall security and functionality of the merged DeFi ecosystem.

SocGen Issues Green Euro-Denominated Bond on Ethereum:

• Societe Generale has issued its first green bond on the Ethereum blockchain, totaling 10 million euros, with a three-year maturity, aimed at enhancing transparency, traceability, and efficiency in transactions.

• The bond includes carbon footprint information in its smart contract, accessible to all, reflecting SocGen's goal to use blockchain as a tool for ESG transparency and certification for issuers and investors.

• This issuance follows Societe Generale's ongoing interest in crypto, including collaborations on digital bond issuances and plans for a euro-pegged stablecoin, EUR CoinVertible. The bank's crypto team, Societe Generale-FORGE, also recently received a license to operate as a digital asset service provider in France.

Bluevine Business Checking Propels Managed Deposits to $1B:

• Bluevine, a digital banking platform for small businesses, has reached over $1 billion in managed deposits, positioning it alongside the top 20% of FDIC-insured banks in terms of deposit volume.

• The growth is largely attributed to Bluevine Business Checking, a high-yield, no monthly fee checking account launched three years ago, offering transparency, value, and integrated business applications.

• Bluevine has served over 500,000 business owners, facilitating over $14 billion in loans, and has introduced new offerings like a small business credit card and accounts payable solutions, with expanded FDIC insurance up to $3 million and a partnership with Wise for international payments.

UK Insurtech CatX Secures $2.7m to Bridge Reinsurance Gap:

• UK InsurTech startup CatX has raised $2.7 million in seed funding to innovate in the reinsurance sector, backed by Y-Combinator and several top Silicon Valley VCs and angel investors.

• CatX's platform aims to alleviate the scarcity of reinsurance capital, particularly for Property & Casualty insurers and cyber insurance providers, by enabling diverse capital investment and offering tools to understand insurance risks.

• The company focuses on simplifying the investment process in insurance risk through digital workflow, AI tools, and advanced risk models, intending to make the insurance industry more robust and adaptable to global challenges. Co-founders Benedict Altier and Lucas Schneider emphasize the importance of attracting alternative capital to the insurance market.

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