Judge Approves BlockFi & 3AC Settlement Deal - Details Confidential

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Daily News:

1) Solana 'Chapter 2' Crypto Phone Reaches 60k Preorders

2) Judge Approves BlockFi & 3AC Settlement Deal - Details Confidential

3) Polish Town Adopts Stablecoin For Local Commerce

4) Finally Raises $10 Million to Expand Small Business Automation

5) SUMA Wealth Grabs $2.2M As Its Financial Platforms Reach 1M Users

Solana 'Chapter 2' Crypto Phone Reaches 60k Preorders:

• Solana's upcoming "Solana Mobile Chapter 2," the next installment in their crypto phone series, has garnered significant interest with 60,000 preorders in just three weeks, as confirmed by a Solana spokesperson. This high demand follows the successful launch of its predecessor, the Solana Mobile Saga.

• Anatoly Yakovenko, co-founder and CEO of Solana Labs, highlighted the overwhelming response and growing community interest around the Solana Mobile series since the announcement of Chapter 2, signaling strong user engagement and anticipation for the new model.

• Set for shipment in 2025, Solana Mobile Chapter 2 is priced at $450, offering a more affordable option for users interested in a smartphone with integrated cryptocurrency capabilities, compared to the initial $1,000 price of the first model, Solana Mobile Saga, which was later reduced to $599 and sold out in the U.S. by December 2023.

Judge Approves BlockFi & 3AC Settlement Deal - Details Confidential:

• The U.S. Bankruptcy Court approved a sealed settlement between BlockFi, a crypto lending firm, and the defunct crypto hedge fund Three Arrows Capital, with details of the settlement kept confidential as per the court's decision.

• Judge Kaplan, presiding over the case in the New Jersey Bankruptcy Court, supported the non-disclosure of settlement specifics, highlighting the counterintuitive nature of mandating such disclosure amidst ongoing legal proceedings.

• The decision to seal the settlement details followed a motion by BlockFi in January, arguing that the information contained sensitive data that could adversely affect future legal actions. This comes after BlockFi's Chapter 11 bankruptcy filing in November 2022 due to the fallout from FTX's collapse, leading to the approval of a plan in September 2023 to repay its 10,000 creditors and the firm's subsequent emergence from bankruptcy in October.

Polish Town Adopts Stablecoin For Local Commerce:

• The town of Mińsk Mazowiecki in Poland is launching MinsCoin, a stablecoin designed for local spending at businesses, in collaboration with UrbanChange, a platform focused on creating USDC-backed stablecoins for city-specific use.

• MinsCoin aims to facilitate community engagement with local businesses and projects, offering a novel approach to economic participation and fostering community solidarity. Initially, up to 10 local businesses will accept MinsCoin, with expectations for more to join.

• This initiative, supported by Israel-based Colu Technologies and marking UrbanChange's first European project, is part of broader efforts to explore how digital currencies can enhance social interactions and economic activities at the community level. UrbanChange plans to expand its LocalCoins to other European cities and Jerusalem, promoting social and economic initiatives through blockchain technology.

Finally Raises $10 Million to Expand Small Business Automation:

• FinTech startup Finally, specializing in automating accounting and finance functions for small- to medium-sized businesses (SMBs), has secured $10 million in new funding to support growth and enhance its product offerings, including bookkeeping, expense management, bill payment, and payroll solutions.

• The funding will be used to scale the company's go-to-market strategy, develop mobile versions of its applications, and expand its team, particularly in sales for bookkeeping and expense management. This follows a period of significant development, including the creation of an artificial intelligence ledger and business banking services.

• Led by PeakSpan Capital with participation from Active Capital, this investment round builds on a successful Series A funding round in 2022 where Finally (formerly known as Back Office) raised $95 million, currently serving over 1,500 businesses across the United States. The move reflects the broader industry trend of SMBs leveraging technology like accounts receivable automation to improve operational efficiency and competitiveness.

SUMA Wealth Grabs $2.2M As Its Financial Platforms Reach 1M Users:

• SUMA Wealth raised $2.2 million in new funding to expand its financial tools and content tailored for young U.S. Latinos, bringing its total funding to $5.5 million, with the goal of empowering this demographic to build wealth through culturally relevant resources.

• The company, which collaborates with major financial institutions and has reached 1 million users, leverages AI to offer personalized financial education and services, seeing a 62% annual growth in user engagement.

• Despite targeting U.S. Latinos, 30% of the app's users are non-Latinos, demonstrating the broad appeal of SUMA Wealth's approach. The new funds will be used for acquisitions, expanding the team, and enhancing technology for more personalized financial solutions.

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