Figure Technologies Seeks Approval for Interest-Bearing Stablecoin

Hi NoRamp Community,

Daily News:

1) US Lawmakers Press Meta Over Crypto and Blockchain Plans

2) Arbitrum Proposes $85M Grant Program Led by Council and Advisers

3) Figure Technologies Seeks Approval for Interest-Bearing Stablecoin

4) Kashable Raises $25.6M Series B Funding

5) Ally Financial Sells POS Financing Business to Synchrony

US Lawmakers Press Meta Over Crypto and Blockchain Plans:

• The U.S. House Financial Services Committee, led by ranking member Maxine Waters, is scrutinizing Meta for potential involvement in blockchain and cryptocurrency projects, based on five active trademark applications from 2022 related to digital assets.

• Despite Meta previously abandoning its crypto stablecoin project Diem and digital wallet Novi, and stating there was no ongoing digital assets work, the committee is concerned about Meta's intentions due to the trademark filings.

• The filings cover a range of crypto and blockchain services, and Meta has deadlines in 2023 to respond to Notices of Allowance for each application. Waters has requested Meta to clarify its plans regarding Web3, crypto projects, stablecoins, distributed ledger technology, and crypto functions in its metaverse.

Arbitrum Proposes $85M Grant Program Led by Council and Advisers:

• Arbitrum, a layer-2 blockchain platform, is considering launching a "long term incentives program" funded by 45.8 million ARB tokens, worth nearly $90 million. The program aims to encourage usage and development on the platform.

• The initiative, which passed an initial Snapshot vote, includes forming a council to pre-screen grant recipients and hiring advisers to assist projects with their proposals. It awaits a second Tally vote for ratification.

• Previous incentives programs by Arbitrum have shown growth in funded projects but assessing their effectiveness is challenging due to overall market trends. The new round proposes a smaller number of ARB tokens with higher fiat value, reflecting ARB's price increase.

Figure Technologies Seeks Approval for Interest-Bearing Stablecoin:

• Figure Technologies, led by former SoFi CEO Mike Cagney, is seeking U.S. regulatory approval for an interest-bearing stablecoin, aiming to be the first in the U.S. to offer a stablecoin regulated as a security.

• The proposed stablecoin, different from existing ones like USDT and USD Coin, will offer interest accrued daily and be redeemable at 1 cent per certificate, targeting both retail and institutional investors.

• Figure Technologies is also looking to raise $50 million for its digital asset arm, Figure Markets, with Jump Crypto as a potential lead investor, and is introducing another investment product, Figure Installment Certificates, for yield-seeking investors.

Kashable Raises $25.6M Series B Funding:

• Kashable, an employee financial wellness fintech, has raised $25.6 million in a Series B funding round, led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures.

• The New York-based company offers "socially responsible credit" as a benefit to employees, integrating with employers' payroll systems for loan issuance and repayments through payroll deductions.

• Kashable plans to use the funding to expand its financial wellness services, enhance its technology team, broaden its credit spectrum, and refine its underwriting model, aiming to increase access to responsible credit for working Americans.

Ally Financial Sells POS Financing Business to Synchrony:

• Synchrony, a financial services firm headquartered in Connecticut, is acquiring Ally Lending, the point of sale (POS) financing business of Ally Financial, including $2.2 billion in loan receivables, for an undisclosed sum.

• The acquisition will allow Synchrony to offer a multi-product portfolio, combining credit and installment loans, and expand into home improvement and health sectors, including cosmetic, audiology, and dentistry financing.

• Synchrony's CEO Brian Doubles sees the acquisition as a growth opportunity, enhancing the company's position and diversifying its merchant base, while Ally Financial's CEO Jeff Brown views the sale as a strategic move to focus on scaling businesses and optimizing risk-adjusted returns.

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