Reebok Jumps Into Digital Wearable Game

Hi NoRamp Community,

Daily News:

1) Arbelos Markets Raises $28 Million

2) Philippines Central Bank Approves Stablecoin Trials Tied to Local Peso 

3) Reebok Jumps Into Digital Wearable Game

4) TabaPay Ends Planned Acquisition of Synapse

5) Corpay to Purchase AP Automation Platform Paymerang for $475M

Arbelos Markets Raises $28 Million:

• Arbelos Markets, a crypto liquidity provider, has secured $28 million through a seed funding and debt financing round led by Dragonfly Capital. Participants included Circle Ventures, Aevo, Polygon, Deribit, Immutable, and other investors.

• The company plans to use the capital to enhance its quantitative trading infrastructure, expand its team, and broaden its product offerings and market presence. This move is part of Arbelos's effort to replace traditional trading systems with a model based on provable trust.

• Founded in 2023 by Joshua Lim, former trader at Galaxy and Genesis, and Shiliang Tang, former CIO at LedgerPrime, Arbelos aims to become a principal dealer in crypto derivatives. The funding comes as institutional interest in crypto derivatives grows, highlighted by a record $29 billion in combined open interest for bitcoin futures and perpetual swaps in April 2024, a 160% increase from the previous year.

Philippines Central Bank Approves Stablecoin Trials Tied to Local Peso:

• The Philippines' central bank, Bangko Sentral ng Pilipinas (BSP), in collaboration with Coins.ph, has approved controlled trials for a national stablecoin, PHPC, pegged 1:1 to the local peso, under its Regulatory Sandbox Framework. This stablecoin aims to enable a seamless transition between digital and physical currencies.

• The PHPC stablecoin, managed by Coins.ph, will be tested in real-world scenarios to assess its impact on the local fiat ecosystem, with potential applications in domestic and cross-border payments, trading, and decentralized finance. The results from these trials will determine its suitability for wider adoption.

• While the PHPC project progresses, the Philippines' securities regulator plans to introduce a regulatory framework for crypto assets by the latter half of 2024, focusing on investor protection. This follows the earlier introduction of the PHX stablecoin by UnionBank, which supports the BSP's digital financial inclusion agenda.

  

  Source: Blockworks

Reebok Jumps Into Digital Wearable Game:

• Reebok has launched "Reebok Impact," an AI-powered feature developed in partnership with Futureverse, allowing users to create custom digital sneakers by submitting a photo via Instagram direct message. The design of the sneakers will mimic the colors and style of the submitted image.

• Users can create up to four pairs of these custom digital sneakers for free and integrate them into games like Fortnite and Roblox, enhancing their digital fashion presence within virtual worlds.

• While Reebok is enhancing its digital footwear offerings, it currently does not allow for the purchase of physical versions of these "Reebok Impact" sneakers. However, the company is incentivizing the use of this feature with perks that could encourage real-life purchases. This move is part of a broader trend, as seen with Adidas and Nike, which are also expanding their digital fashion initiatives in the virtual and NFT spaces.

TabaPay Ends Planned Acquisition of Synapse:

• TabaPay has terminated its agreement to acquire the assets of bankrupt FinTech company Synapse, citing failure to meet the purchase agreement's closing conditions. This decision was announced despite previous statements on April 19 about acquiring Synapse to enhance financial services for FinTechs and financial institutions.

• Synapse’s Co-Founder and CEO Sankaet Pathak suggested that TabaPay might still be persuaded to proceed with the acquisition, based on his remarks and a Medium post linked in a LinkedIn update.

• Synapse, a banking-as-a-service (BaaS) startup, faced financial struggles leading to layoffs in October 2023 and June 2023, despite achieving profitability. The planned acquisition by TabaPay was seen as a strategic move to integrate Synapse’s customers into TabaPay’s broader network, enhancing its offerings with new solutions. Additionally, TabaPay continues its expanded partnership with Pathward, aiming to improve faster payment solutions for FinTechs and their consumers.

Corpay to Purchase AP Automation Platform Paymerang for $475M:

• Corpay has agreed to acquire Paymerang, a US-based invoice and accounts payable automation platform, for approximately $475 million, as per an SEC filing. The acquisition is expected to close in Q2, subject to standard closing conditions.

• Paymerang, established in 2010 and based in Richmond, Virginia, automates various financial operations for enterprises, including payments, purchase orders, invoices, and receivables. The acquisition will enhance Corpay's offerings in AP automation, cross-border, and commercial card solutions, expanding its reach into education, healthcare, hospitality, and manufacturing sectors.

• The deal will integrate Paymerang’s 250,000 merchants into Corpay’s network of over one million vendors, with the combined entities projected to process $120 billion annually. This acquisition aligns with Corpay's strategic goals to accelerate growth and profitability, particularly in verticals where Paymerang has established strong market presence.

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.