Centrifuge Raises $15M As Investors Bet on RWAs

Hi NoRamp Community,

Daily News:

1) Thailand Set to Block Access to Unlicensed Crypto Platforms

2) Woo X Exchange Launches World’s First tokenized T-Bills For Retail

3) Centrifuge Raises $15M As Investors Bet on RWAs

4) TabaPay to Acquire Assets of Bankrupt FinTech Synapse

5) Karma Wallet Acquires Sustainability Marketplace DoneGood

Thailand Set to Block Access to Unlicensed Crypto Platforms:

• Thailand's Securities & Exchange Commission (SEC) has announced plans to restrict access to unauthorized cryptocurrency platforms, citing concerns about law enforcement effectiveness and the risks of money laundering. The SEC will refer the matter to the Ministry of Digital Economy and Society (MDES) for further legal action, potentially including a court petition.

• To manage the transition, the SEC will provide a grace period for users to organize their accounts and withdraw assets from these platforms. This decision follows precedents set by India and the Philippines, which have also restricted access to unauthorized crypto platforms.

• The SEC has previously taken legal actions against unlicensed digital asset businesses like Binance and Bybit, advising the public to avoid engaging with such platforms due to the lack of legal protections and potential financial risks. It also encouraged investors to consult the official list of licensed operators and highlighted warnings from the Thailand Digital Asset Association about increased cyberattacks amid rising crypto prices.

Woo X Exchange Launches World’s First tokenized T-Bills For Retail:

• Woo X cryptocurrency exchange has introduced tokenized Treasury Bills (T-Bills), positioning itself as the first platform to offer such assets to retail investors through its newly launched real-world–asset (RWA) tokenization vaults, called RWA Earn Vaults.

• The tokenization of T-Bills allows users to earn yield by holding Circle’s USD Coin (USDC), with this innovative yield-earning product developed in collaboration with OpenTrade, a tokenization platform based in London and backed by Circle, the issuer of USDC.

• The tokenization of U.S. Treasuries is gaining traction in the RWA sector, evidenced by BlackRock launching a USD Institutional Digital Liquidity Fund (BUIDL) and the tokenization of over $1.15 billion in U.S. Treasuries through 17 different products by April 22, showcasing significant institutional interest.

  

  Source: Blockworks

Centrifuge Raises $15M As Investors Bet on RWAs:

• Centrifuge raised $15 million to enhance its generalist RWA platform, which manages liquidity pools for tokenized assets such as loans, credit, and real estate, increasing its assets under management from $80 million at the end of 2022 to $285 million.

• Homium, a tokenized real estate platform, secured a $10 million Series A investment led by the Sorenson Impact Group and Avalanche's Blizzard ecosystem fund, to expand its home equity loans on the Avalanche blockchain. This platform provides homeowners in Colorado with "shared appreciation" loans that are pooled and converted into tokenized securities, facilitating broader access to home appreciation.

• Meanwhile, RWA Inc, which specializes in fractional assets, announced a $1.175 million private funding round. This underscores a growing interest in and the potential of blockchain technology for enhancing the liquidity and accessibility of various asset classes through tokenization.

TabaPay to Acquire Assets of Bankrupt FinTech Synapse:

• TabaPay, an instant money movement platform, is acquiring assets from the bankrupt Synapse to expand its financial services for FinTechs and institutions. This deal, following both companies' inclusion in Deloitte’s 2023 Fast 500, aims to enhance TabaPay's offerings and ensure continuity for Synapse's clients.

• Synapse, a Banking-as-a-Service startup, faced significant layoffs due to challenging economic conditions, despite achieving profitability. The acquisition by TabaPay will integrate Synapse’s customers into a well-established ecosystem with numerous banking and network connections.

• The acquisition underscores the challenges and potential within the instant payment sector for small to medium-sized businesses (SMBs), which find the costs associated with instant transactions a barrier, especially the smallest SMBs that rely on ad hoc payments, according to a study by PYMNTS Intelligence and Ingo Payments.

Karma Wallet Acquires Sustainability Marketplace DoneGood:

• Karma Wallet has purchased e-commerce marketplace DoneGood, which promotes brands adhering to sustainability practices like fair wages and renewable energy use, enhancing Karma Wallet's commitment to ethical financial choices.

• As part of its membership program, Karma Wallet is set to launch a Visa prepaid debit card by late April. This card will integrate features from DoneGood, offering up to 10% cashback and free shipping on purchases made through the DoneGood marketplace.

• Beyond marketplace rewards, cardholders will contribute to environmental and social causes with every transaction, such as donations to anti-deforestation and hunger alleviation initiatives, embodying Karma Wallet's mission to fuse ethical choices with everyday finances.

NoRamp:

NoRamp is building Web2’s favorite Web3 apps on our lightning-fast payment infra. Join our discord, dive into our our docs, or check out our website to learn more.