Chase UK Bans Crypto Transactions

Hi NoRamp Community,

NoRamp released its first podcast on Friday with the Cameo CEO & Co-Founder Steven Galanis. Check it out on your preferred platform here. On to the news for the day:

Yuga Labs to partner with longtime streetwear community-builder BAPE. LG and the Label Foundation teaming up to launch web3 streaming platform. Chase UK bans all crypto transactions.

Yuga Labs <> BAPE:

Yuga Labs, the powerhouse behind web3 initiatives like Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, and 10KTF, has unveiled a partnership with the iconic streetwear brand, A BATHING APE® (BAPE®).

Marking the first-ever collaboration between BAPE®, the brand with three decades in streetwear community innovation, and Bored Ape Yacht Club, the leading web3 collective, the alliance revives iconic BAPE® designs. This partnership combines BAPE®'s Ura-Harajuku heritage with BAYC's unique style, offering both BAPE® enthusiasts and BAYC members an exclusive collection that symbolizes their shared penchant for relaxed luxury and distinctiveness.

The collection's global premiere is set for November 4 at ApeFest in Hong Kong, BAYC's renowned annual event. Initially available to the BAYC community either at ApeFest or through token-based online access, it will later be exclusive for BAPETAVERSE members. The broader release is scheduled for December at global BAPE STORE® locations and BAPE.COM.

Thomas Hui, BAPE®'s COO, expressed his excitement about the fusion of fashion and web3 through this landmark collaboration with Yuga Labs. Michael Ghory, Yuga Labs' newly appointed VP of Apparel and Lifestyle, emphasized that this collaboration goes beyond the shared 'Ape' motif, underscoring mutual respect and community focus. Greg Solano, Co-founder of Yuga Labs, highlighted the evident synergy: "Many in the Bored Ape Yacht Club admire BAPE®, so this collaboration feels instinctive."

Label <> LG

The Label Foundation recently unveiled a partnership with the international electronics behemoth, LG Electronics. Together, they plan to introduce 'Tracks', a cutting-edge Web3 music streaming service, soon to be featured on the newest LG Smart TVs.

'Tracks' stands out as a premier Life Background Music platform, offering users complimentary access to curated music playlists and visuals. A unique feature of the platform is the opportunity for users to earn rewards based on their listening time.

The new service is set to be integrated into the latest LG TVs this year, and Label is also gearing up to launch an open beta version for 'Tracks' on mobile devices, set for September 25th.

Label spokespeople shared their enthusiasm about the initiative, stating, "The launch will enable countless TV users to immerse themselves in music at no cost, aligning perfectly with Label's core belief in promoting universal access to music without financial constraints. Our partnership with LG Electronics has been instrumental in bringing this vision to life."

Simultaneously, Label is exploring ways to make the 'Tracks' platform more accessible to Web 2.0 enthusiasts, leveraging the capabilities of Web 3.0 technology. Consistent with their mission, Label aims to solidify its position at the forefront of the music industry by seamlessly merging the Web 3.0 and Web 2.0 landscapes.

Chase UK Bans Crypto Transactions

JPMorgan has announced that Chase, is implementing restrictions on cryptocurrency transactions for its UK-based clients.

Starting October 16, British account holders will be unable to purchase cryptocurrencies using Chase debit cards or transfer funds to cryptocurrency platforms from their Chase accounts. Chase cited the move as a measure “to safeguard our customers and ensure the security of their funds.”

The decision follows a surge in cryptocurrency scams targeting individuals in the UK. The bank highlighted in client communication, "For those looking to invest in crypto, consider alternative banks or providers. However, exercise caution, as there's no guarantee of recovering funds in cases of fraudulent or scam-related transactions."

Furthermore, a spokesperson conveyed that the rising crypto scams are part of a broader fraud 'epidemic' that made up over 40% of total reported crimes in England and Wales the previous year.

Chase's stance on cryptocurrency has been fluctuating. In 2020, Chase's US division faced a lawsuit alleging they had imposed excessive charges on clients who utilized Chase credit cards for cryptocurrency purchases in 2018. The matter was settled out of court for $2.5 million. During the dispute, Chase Bank claimed cryptocurrency transactions fell under "cash-like transactions" as per their terms and incurred cash advance fees. However, a judge later determined that "cash-like" descriptions pertained only to fiat currency transactions.

Despite these challenges, neither Chase Bank nor its parent entity, JPMorgan, have completely dismissed the potential of the cryptocurrency sector. In fact, JPMorgan recently onboarded a dedicated cryptocurrency policy leader and even initiated a trademark for a crypto wallet.

Several other major UK banks, including Nationwide and HSBC, have also introduced measures to regulate cryptocurrency purchases, implementing purchase limits and restricting credit card transactions related to crypto.

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NoRamp released its first podcast on Friday with the Cameo CEO & Co-Founder Steven Galanis. Check it out on your preferred platform here.

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- NoRamp Team