Crypto to be Measured at Fair Value Under New FASB Rules

Hi NoRamp Community,

Daily News:

1) Crypto to be Measured at Fair Value Under New FASB Rules

2) Worldcoin Unveils Integrations With Reddit, Telegram, Shopify & More

3) Ubisoft Reveals Mint Date for Free 'Champions Tactics' Ethereum NFTs

4) Jenesys AI Raises $1.1m For B2B Accounting Breakthrough

5) Google Pay Taps Affirm, Zip for BNPL

Crypto to be Measured at Fair Value Under New FASB Rules:

• The Financial Accounting Standards Board (FASB) has announced new rules stating that cryptocurrencies will be measured at fair value, set to take effect in 2025. This change will significantly impact how companies report the value of their crypto holdings.

• Under the new rules, companies like MicroStrategy and Tesla will be able to reflect both the highs and lows of their cryptocurrency investments. Fair value is determined by the agreed-upon price between a willing buyer and seller.

• The new accounting standards will require companies holding Bitcoin or Ethereum to record these assets at their fair value, a more accurate reflection of the current market value. This marks a shift from only recording the lows, which previously impacted earnings due to market volatility. The amendment, deemed a "top priority" by FASB Chair Richard R. Jones, was first introduced in March.

Worldcoin Unveils Integration With Reddit, Telegram, Shopify & More:

• Worldcoin has launched "World ID 2.0," an updated version of its World ID feature, which will now integrate with platforms like Minecraft, Shopify, Mercado Libre, Reddit, and Telegram, enabling users to authenticate their identities on these platforms.

• The World ID by Worldcoin uses iris biometrics for unique identity authentication, issuing a digital World ID that allows pseudonymous use across various applications without revealing the user’s actual identity. The new update enhances the app's compatibility, already integrated with Discord, Talent Protocol, and Okta’s Auth0.

• World ID 2.0 introduces different levels of authentication, from "lite" to "max," catering to the specific security needs of various applications. High-security apps might require an Orb-verified ID, while others might only need a Device Auth ID linked to the user's phone. The update aims to prevent losses caused by bots and fraud without requiring users to share excessive personal information. Despite controversy over its iris scanning for authentication, Worldcoin maintains that it only retains a zero-knowledge proof of the scan, not the biometric data itself.

Ubisoft Reveals Mint Date for 'Champions Tactics' Ethereum NFTs:

• Ubisoft announces the Ethereum NFT mint date for "Champions Tactics: Grimoria Chronicles" on December 18, with a private mint for darklist members at 6am ET and a public mint at 2pm ET. The game features "Warlords" NFTs as pixel-style hero avatars, available for free minting plus Ethereum network gas fees.

• The game, set in the dark fantasy world of Grimoria, is to be deployed on the Ethereum-compatible Oasys chain. A total of 9,999 Warlords NFTs will be minted, with extra NFTs allocated for the Oasys community and Ubisoft's promotional activities. Warlord NFT owners will gain early access to mint additional in-game characters.

• Ubisoft confirms collaborations with NFT gaming projects Pixelmon and CyberKongz, aiming to support "Champions Tactics" and its Warlords NFT mint. These partnerships are part of Ubisoft's strategy to integrate the game into the broader NFT and gaming ecosystem, though specific details of the collaborations are yet to be released.

Jenesys AI Raises $1.1m For B2B Accounting Breakthrough:

• Jenesys AI, a B2B invoice management and payments startup, has secured $1.1 million in pre-seed funding, with an additional $500k extension under negotiation. The investment round, led by Twin Path Ventures and supported by other notable investors, aims to enhance the company's innovative AI software in the $580 billion accounting market.

• The company's AI co-pilot, "Jack," aims to shift the role of human accountants to supervisory positions, improving accuracy in transaction reconciliation, compliance, and payments. Jenesys AI, founded by Nicolai Thomson and Tosin Dairo, focuses on completing 90% of bookkeeping and compliance tasks, promoting faster supply chain payments and alleviating cash flow issues for businesses.

• Jenesys AI's recent acquisition of VAT Key, funded by Andreessen Horowitz Scout, brings Jonathan Bredo, former Pleo executive, into the team as Strategy Manager. The company, with over 3,000 clients from UK Accounting Practices, emphasizes the ethical importance of AI in finance and plans to use the new funding for engineering, customer success, and global payment compliance expansion.

Google Pay Taps Affirm, Zip for BNPL:

1. Google Pay is set to integrate Buy Now, Pay Later (BNPL) options in a small pilot program starting in early to mid-January, with a full launch expected a few months later. This initiative marks the first instance of Google Pay incorporating BNPL services, with plans to expand its range of BNPL partners.

2. The integration aims to offer more payment flexibility for Google Pay users and support merchant growth, according to Google Pay Senior Director Drew Olson. For instance, with Zip, users will see a promotional banner on the Google home screen in certain Android merchant apps, informing them about the BNPL option with Zip.

3. Jamie Cunningham, Director of Strategic Partnerships at Affirm, views this collaboration as a significant advancement in distribution strategy, leveraging the increasing use of digital wallets and the rapid growth of mobile commerce. Affirm has similar integrations with Amazon Pay and Shopify’s Shop Pay for installment payment options.

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