Botanix Labs Raises $8.5M to Build A Bitcoin-Native DeFi Ecosystem

Hi NoRamp Community,

Daily News:

1) Tether Invests in CityPay.io

2) Botanix Labs Raises $8.5M to Build A Bitcoin-Native DeFi Ecosystem

3) Taiwan Proposes Tougher AML Measures For Crypto Service Providers

4) Monzo Nabs Another $190M As US Expansion Beckons

5) InsurTech Eleos Raises $4M to Propel US Expansion Plans

Tether Invests in CityPay.io:

• Tether Operations Limited, the issuer of the USDT stablecoin, announced an additional investment in CityPay.io, a platform that allows cryptocurrency payments at various establishments, as part of its strategy to expand in Eastern Europe. CityPay.io supports transactions at locations including Wendy's and Radisson Hotels.

• CityPay.io, which currently operates over 600 locations in Georgia, is planning to launch its own e-wallet and card solutions within the next two years and aims to establish over 500,000 crypto payment points across its expansion regions. This move builds on Tether's initial investment in 2023 and follows the integration of Tether payments on the Polygon network in October 2023.

• Tether is broadening its activities in the digital asset space, including a recent partnership with Fuze to enhance digital asset education and awareness in Turkey and the Middle East. Additionally, Tether's recent integration on TON, the 11th blockchain to host Tether, and the issuance of $60 million in USDT on this platform, demonstrate its commitment to expanding its ecosystem and exploring new realms of technology.

Botanix Labs Raises $8.5M to Build A Bitcoin-Native DeFi Ecosystem:

• Botanix Labs, a Bitcoin development startup, has secured $8.5 million in a seed series funding round led by Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE to develop a Bitcoin-native DeFi ecosystem called Spiderchain. Notable angel investors also participated, including Andrew Kang, Dan Held, and Dovey Wan.

• The New York-based firm plans to use the funding to expand its team and focus on product development for Spiderchain, which is a Layer 2 solution on Bitcoin with full Ethereum Virtual Machine equivalence. This platform aims to enable the seamless transfer of applications and smart contracts from the Ethereum ecosystem to Bitcoin.

• Botanix Labs, co-founded by Harvard alumni and led by Belgian polymath Willem Schroé, envisions Spiderchain scaling the Bitcoin ecosystem to support a global financial system. The project is distinguished by its decentralized network structure, allowing it to run fully on Bitcoin and utilize bitcoin as its native asset, in contrast to other projects that may use centralized models or different blockchains.

  

  Source: Cointelegraph

Taiwan Proposes Tougher AML Measures For Crypto Service Providers:

• Taiwan has revised its Anti-Money Laundering (AML) regulations to enhance measures against fraud and tighten oversight of virtual asset service providers (VASPs). The Ministry of Justice has proposed amendments that include potential two-year jail terms and fines up to $1.5 million for non-compliance, which will be reviewed by the national parliament.

• The proposed "New Four Laws to Combat Fraud" introduce stringent regulations across four areas: fraud crime harm prevention, money laundering prevention, technology investigation and security, and communications security and supervision, with a focus on harsher penalties for VASPs that fail to comply with new requirements.

• Significant changes include stricter registration requirements for domestic and international currency dealers, criminalization of non-compliance for foreign cryptocurrency platforms unless they establish local entities and register for AML, and elevated penalties for using third-party accounts for money laundering, with potential imprisonment ranging from six months to five years. The new proposals aim to transform Taiwan's approach to cryptocurrency regulation and ensure a safer financial environment..

Monzo Nabs Another $190M As US Expansion Beckons:

• UK challenger bank Monzo has raised an additional £150 million ($190 million) to expand its international presence, particularly targeting the U.S. market. This funding round follows a £340 million raise two months earlier, bringing its total 2024 fundraising to over $610 million and $1.5 billion since its founding nine years ago.

• The recent investment round included contributions from Alphabet’s CapitalG and Google’s GV, along with existing investors and new backer Hedosophia. Following this round, Monzo's post-money valuation is now £4.1 billion ($5.2 billion).

• While primarily known in the UK, where it has over 9 million retail customers and 400,000 business clients, Monzo is pushing to expand in the U.S. without a banking license, operating through a partnership with Ohio’s Sutton Bank. Monzo's U.S. efforts are led by Conor Walsh, former head of global product for Block’s Cash App. Monzo aims to replicate its UK success in the U.S., driven by strong investor confidence and an expanding product pipeline.

InsurTech Eleos Raises $4M to Propel US Expansion Plans:

• London-based InsurTech firm Eleos has raised $4 million in a seed funding round to support its expansion into the US market. The round included new support from Fuel Ventures and continued backing from existing investors like Founders Factory, Insurtech NY, Magic Fund, and Indico Capital Partners.

• The funding follows a successful pre-seed round completed just six months prior, indicating strong investor confidence in Eleos's vision and potential. Eleos, established in 2022, has quickly become the UK's sole provider of fully digital life insurance and income protection products.

• With a goal to exceed £1 million in revenue by the end of 2024, Eleos aims to address significant gaps in the insurance sector by emphasizing the importance of financial protections and offering fully digital solutions. Investors praise Eleos for its experienced team and innovative approach to the insurtech sector, focusing on providing easy access to insurance products on familiar platforms..

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