FriendTech to Move to New Friendchain Blockchain

Hi NoRamp Community,

Daily News:

1) PancakeSwap Integrates Zyfi For Gas-Free DeFi Trading

2) FriendTech to Move to New Friendchain Blockchain

3) Fidelity International Joins JPMorgan’s Tokenized Network

4) Pipe Aims $100 Million at Embedding Working Capital Solutions

5) U.S. Bank Taps Greenlight For Family-Focused Money Management Tools

PancakeSwap Integrates Zyfi For Gas-Free DeFi Trading:

• PancakeSwap has integrated with Zyfi on zkSync Era to introduce gas-free transactions, enhancing the user experience on the decentralized exchange (DEX). Users can now benefit from gasless transactions on select token pairs, with fees sponsored by PancakeSwap, zkSync, or other DeFi protocols. This development aims to make DeFi more accessible and boost adoption.

• The integration allows PancakeSwap users to pay gas fees using over 10 ERC-20 tokens, eliminating the need to hold the main gas token, Ether (ETH). PancakeSwap, the sixth-largest DEX with over $311 million daily trading volume, hopes that this simplified trading experience will attract more traders from centralized exchanges (CEXs).

• Following the integration, zkSync will sponsor $5,000 worth of gas fees for PancakeSwap users on a first-come, first-served basis. Traders using Zyfi’s paymaster on zkSync Era PancakeSwap will also accumulate gas points, increasing their chances of receiving a Zyfi token airdrop with each transaction.

FriendTech to Move to New Friendchain Blockchain:

• Web3 social network FriendTech has announced its migration from Base, the Ethereum Layer 2 network stewarded by Coinbase, to a new blockchain called Friendchain, created in partnership with blockchain infrastructure provider Conduit. The network will utilize FriendTech's native token as a "fully transferable gas token," and while a timeline for the move has not been specified, updates will be provided in the coming months.

• The decision to migrate was hinted at by FriendTech co-founder Racer, whose previous comments led to a 20% drop in the token's price. However, the recent announcement has positively impacted the token's value, with an 11% increase over the past 24 hours.

• Despite a temporary spike in activity following the launch of FriendTech's 'v2' upgrade in early May, the platform has seen a decline in engagement, with transaction levels returning to pre-upgrade numbers. The migration aims to address these engagement issues and enhance the platform's functionality..

  

  Source: Blockworks

Fidelity International Joins JPMorgan’s Tokenized Network:

• Fidelity International has joined JPMorgan’s Tokenized Collateral Network (TCN) by tokenizing shares of its money market fund through TCN, which operates on JPMorgan’s Onyx Digital Assets, a private blockchain network based on Ethereum. This move aims to enhance efficiency and stability in the collateral market, especially during times of market stress.

• TCN plans to expand its tokenization efforts across various asset classes, including equities and fixed income, allowing for greater flexibility and opportunities in the collateral market. The network conducted its first tokenized transaction in October of last year, with Fidelity's participation adding a new, otherwise complex asset to the network.

• Fidelity International, which also offers a bitcoin exchange-traded product on European exchanges, views tokenizing money market fund shares as a crucial step in adopting blockchain technology. This initiative aims to improve efficiency, reduce transaction costs, and minimize operational risk in delivering margin requirements. Other traditional financial institutions, such as Franklin Templeton and BlackRock, are also exploring money market funds onchain.

Pipe Aims $100 Million at Embedding Working Capital Solutions:

• Pipe’s CEO, Luke Voiles, discussed how their embedded financing solutions leverage transaction data, AI, and machine learning to provide frictionless access to capital for small and medium-sized businesses (SMBs). By integrating these solutions into point-of-sale (POS) systems and business software, Pipe can offer innovative lending products directly where business owners need them most, improving risk assessment and financing offers.

• On June 11, Victory Park Capital announced a $100 million credit facility to support Pipe’s capital-as-a-service solution, with the potential to increase to $200 million. This partnership aims to address the critical issue of SMBs’ access to capital, which is often hindered by traditional banks' rigid credit criteria. By embedding financing offers within business software, Pipe helps SMBs invest in growth and compete more effectively.

• Voiles emphasized the importance of using real-time transaction data to predict business performance and manage risk, citing the superiority of this method over traditional credit metrics. Pipe’s model focuses on specific SMB verticals, offering tailored financial solutions. Compliance remains a top priority for Pipe, with plans to expand its suite of financial services to include commercial charge cards, spend management, and bill pay features, providing a comprehensive financial security blanket for businesses.

U.S. Bank Taps Greenlight For Family Money Management Tools:

• U.S. Bank has partnered with the family banking app Greenlight to help families instill positive financial habits in their kids. Through this partnership, U.S. Bank customers with Bank Smartly and other eligible checking accounts can access Greenlight’s money app and debit card via the bank’s mobile app, making U.S. Bank the first financial institution to offer Greenlight through an embedded mobile app experience.

• Tim Welsh, vice chairman of consumer and business banking at U.S. Bank, stated that the partnership revolutionizes how clients can teach their kids about money by providing trusted and proven financial tools that create positive money habits. Greenlight, founded in 2014, serves over 6 million customers and offers features like automated allowance payments, spending controls, transaction notifications, and an in-app financial literacy game called Greenlight Level Up.

• Tim Sheehan, CEO and co-founder of Greenlight, expressed enthusiasm about the partnership, highlighting that it allows Greenlight to reach millions of new families and prepare the next generation with essential financial knowledge, skills, and confidence. Last year, Greenlight introduced a credit builder for teenagers using the Greenlight Family Cash Card, which offers up to 3% cashback and helps teenagers build and manage credit before turning 18.

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