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Coinbase Secures Crypto License in France
Hi NoRamp Community,
Daily News:
1) Central Bank of Nigeria Lifts Crypto Ban
2) Coinbase Secures Crypto License in France
3) Worldcoin's New Minecraft Integration Gets a Pass
4) Vestwell Secures $125M in Series D Funding Round
5) WealthKernel Launches US Equities Trading
Central Bank of Nigeria Lifts Crypto Ban:
The Central Bank of Nigeria (CBN) has reversed its 2021 ban on financial institutions dealing with digital tokens, now instructing lenders to open accounts for crypto firms, aligning with new regulations issued by the Securities and Exchange Commission (SEC).
Nigerian banks can now serve Virtual Asset Service Providers (VASPs), including crypto exchanges, requiring a ₦500 million minimum capital and adherence to stringent Know Your Customer (KYC) and Bank Verification Number (BVN) guidelines.
This policy shift, amidst Nigeria's increasing cryptocurrency adoption and currency devaluation, opens growth opportunities for the crypto industry and reflects broader regulatory and technological advancements in the country's blockchain ecosystem.
Coinbase Secures Crypto License in France:
Coinbase secures registration with France's AMF as a virtual asset service provider (VASP), enabling it to expand digital currency services, including custody, trading, and operating a trading platform, in France and potentially across the EU under the upcoming Markets in Crypto Assets (MiCA) regulation.
The VASP registration comes as part of Coinbase's European expansion strategy amid a challenging regulatory climate in the U.S., where crypto companies face aggressive enforcement actions and lawsuits from regulators.
France's pro-technology stance and investments in becoming a global tech hub, along with increasing crypto adoption among its population, make it an attractive market for Coinbase and other crypto firms, positioning the country as a significant player in the emerging Web3 space.
Source: Minecraft
Worldcoin's New Minecraft Integration Gets a Pass:
Minecraft, known for its strict stance against cryptocurrency and NFT integrations, sees an unofficial integration with Worldcoin, a project known for creating unique IrisCodes and World IDs through retina scans, aiming to verify human players and reduce bot activity in the game.
While Minecraft has banned play-to-earn features and NFTs to maintain game integrity and inclusivity, Worldcoin's focus on the World ID credential for user verification does not involve cryptocurrency transactions within the game, potentially aligning with Minecraft's updated end-user license agreement.
Minecraft maintains that any Worldcoin integration is unofficial and must adhere to the game's guidelines, but the distinction between World ID and Worldcoin's WLD token suggests the integration could be permissible, with World ID's utility separate from cryptocurrency aspects.
Vestwell Secures $125M in Series D Funding Round:
New York-based fintech Vestwell, specializing in workplace savings and investment, secures $125 million in Series D funding led by Lightspeed Venture Partners, bringing its total capital to over $235 million.
Vestwell operates a cloud-based platform for 401(k) and 403(b) plans, managing about $29 billion in assets for approximately 50,000 businesses and over one million savers.
With the latest funding, speculated to value the company around $1 billion, Vestwell aims to expand its team and product offerings, following its recent acquisition of Gradifi Solutions, a student loan benefits provider.
WealthKernel Launches US Equities Trading:
WealthKernel, a WealthTech company, expands its services by launching US equities trading, aiming to meet evolving investor preferences and compete in a market dominated by American FinTech firms.
Wealthyhood, a popular investment app among millennials, becomes one of the first to adopt the new US equity trading service on WealthKernel’s platform, reflecting the industry's shift towards more accessible investment solutions.
The company's CEO emphasizes the move as a response to market demands and client needs, marking WealthKernel's commitment to offering cost-effective and comprehensive investment options.
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Proof of Work Podcast:
NoRamp chatted with DailyPay’s CMO, Gino Palozzi on the Proof of Work Podcast. Gino has vast experience in the marketing realm. Check it out.