Coinbase Sues SEC, FDIC Over FOIA Requests

Hi NoRamp Community,

Daily News:

1) Zeta Market Launches Token on Solana Mainnet

2) Coinbase Sues SEC, FDIC Over FOIA Requests

3) Puffer Finance Moves To Base Rollups After Raising $18M

4) Nubank Buys AI-Powered Data Intelligence Startup Hyperplane

5) FiVerity Launches Identity Trust Management Platform

Zeta Market Launches Token on Solana Mainnet:

• Zeta Markets, a Solana-based decentralized exchange (DEX), is launching its native token $ZEX with a Token Generation Event (TGE). The event will include an airdrop to reward users and incentivize long-term participation.

• The $ZEX token will be essential for governance, staking, and incentives on Zeta Markets, empowering the community in decision-making and ensuring liquidity and optimal trading conditions. Solana's high transaction speed and low costs make it an attractive platform for Zeta Markets' operations.

• Zeta Markets focuses on on-chain perpetual futures, aiming to offer the efficiency of centralized exchanges in the DeFi space. The TGE and airdrop of $ZEX aim to reward early adopters and encourage long-term involvement. $ZEX will be used as a gas token and incentive mechanism on Zeta's DeFi Layer 2 solution, Zeta X, set to launch its mainnet in Q1 2025.

Coinbase Sues SEC, FDIC Over FOIA Requests:

• Coinbase has filed two lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for not complying with Freedom of Information Act (FOIA) requests, seeking a court order to force compliance. The lawsuits accuse the regulators of trying to cripple the crypto industry by cutting it off from the banking sector.

• The FOIA requests to the SEC asked for information about the agency's views on Ethereum, particularly its shift to a proof-of-stake mechanism, and details on past investigations involving Zachary Coburn and Enigma MPC. The SEC denied these requests, claiming disclosure could harm ongoing enforcement proceedings, which Coinbase argues violates FOIA obligations.

• In its complaint against the FDIC, Coinbase said the agency's "pause letters" issued to financial institutions to halt crypto-related activities were part of a scheme to cut off digital-asset firms from banking services. The FDIC denied FOIA requests for these letters, citing confidentiality concerns. Coinbase has previously sued the SEC to push for clear rulemaking for the crypto industry, criticizing the agency for "regulation by enforcement."

  

  Source: Cointelegraph

Puffer Finance Moves To Base Rollups After Raising $18M:

• Puffer Finance, a liquid staking derivatives (LSD) project on Ethereum's Eigenlayer, will partner with the Ethereum Foundation to develop base rollups. This follows an $18 million Series A funding round to launch its mainnet.

• Rollups process transactions off-chain to reduce the burden on layer-one blockchains, then bundle them into one finalized transaction. Amir Fourouzani, co-founder of Puffer Finance, highlighted the market demand for solutions like base-sequencing and base rollups to ensure interoperability and communication between chains.

• Puffer Finance's technology allows Ethereum validators to reduce their capital requirement to 1 Ether from 32 ETH. Stakers receive Puffer liquid restaking tokens (nLRTs), which can generate yields in other decentralized finance protocols. Since its early test phase in February, Puffer Finance surpassed a TVL of $1.7 billion and has raised $23.5 million in venture capital funding.

Nubank Buys AI-Powered Data Intelligence Startup Hyperplane:

• Brazilian challenger Nubank has acquired US-based data intelligence start-up Hyperplane for an undisclosed sum, aiming to leverage Hyperplane’s AI expertise to enhance its machine learning capabilities and provide more personalized financial products.

• Nubank plans to use Hyperplane’s AI technology to develop foundational models for its product and engineering units, improving the customer experience at every step of their journey. Founded in 2022, Hyperplane offers a platform for financial institutions to enhance decision-making through self-supervised, deep-learning models.

• Hyperplane, which raised $6 million in seed funding in late 2023, was collaborating with about a dozen banks in Brazil and planned to expand into the US market. Nubank’s CTO, Vitor Olivier, emphasized the seamless integration of Hyperplane’s AI technology into Nubank’s systems, marking a significant milestone in creating an AI-first banking ecosystem.

FiVerity Launches Identity Trust Management Platform:

• FiVerity has introduced its new Identity Trust Management platform, aimed at enhancing security and fraud prevention for community banks and credit unions. This platform provides a unified electronic framework for consumer trust, simplifying compliance procedures.

• The Identity Trust Management platform addresses fragmented and inefficient traditional KYC and CIP processes, offering a comprehensive historical view of trust signals across digital identities. It features AI-driven tools for identity verification and fraud prevention, streamlining compliance and risk management workflows.

• Key functionalities of the platform include Enhanced KYC, Fraud Investigation, Continuous Monitoring, and Reporting and Orchestration tools. Early adopters have reported a 51% improvement in fraud prevention capabilities. FiVerity's platform emphasizes industry collaboration and data aggregation from diverse sources to combat fraud effectively and fortify security across the financial ecosystem.

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