Kraken Releases Own Crypto Wallet

Hi NoRamp Community,

Daily News:

1) Aptos, Microsoft, Brevan Howard and SK Telecom To Build Aptos Ascend

2) Kraken Releases Own Crypto Wallet

3) Binance Receives License in Dubai

4) CRED Secures In-Principle Approval For Payment Aggregator License

5) Mastercard Launches Mobile Virtual Card App

Aptos, Microsoft, Brevan Howard & SK Telecom To Build Aptos Ascend:

• Aptos Labs, a blockchain infrastructure developer, has partnered with major technology and finance firms to launch Aptos Ascend, a digital asset management platform aimed at financial institutions. The platform will utilize Microsoft Azure for cloud computing and Azure OpenAI Service for generative AI applications, integrating Brevan Howard's investment expertise and SK Telecom's web3 technologies including wallet-as-a-service.

• The collaboration also includes Boston Consulting Group as a consulting partner to help institutional capital access decentralized finance via the Aptos network and enhance the liquidity of tokenized assets globally. Aptos Labs aims to provide superior levels of compliance, security, trust, and innovation required by global financial institutions to service customers and comply with international regulations.

• Aptos Labs has previously collaborated with Microsoft in August 2023 to advance digital payments, tokenization, and the integration of AI with web3, emphasizing their ongoing commitment to evolving and enhancing financial technology solutions for a global market.

Kraken Releases Own Crypto Wallet:

• Kraken, the second-largest U.S.-based crypto exchange, has launched its own self-custodial "Kraken Wallet," joining the competitive field of digital wallets like MetaMask, Ledger, and Trezor. The wallet, which supports eight blockchains including Bitcoin and Ethereum, is open-sourced, allowing developers to contribute to its code and improve security through an open-source grant program.

• The Kraken Wallet emphasizes user privacy, collecting only minimal data necessary for functionality and using Kraken’s infrastructure to proxy user activity, which helps shield users' IP addresses and location information. This wallet is available to both Kraken users and non-users and aims to bolster privacy and user control over assets.

• This product release comes as part of Kraken's broader strategy to expand its product suite, which includes discussions about developing its own layer 2 blockchain. This move mirrors the industry trend towards enhancing on-blockchain products and services, especially in the wake of concerns about the security risks associated with centralized exchanges highlighted by the collapse of FTX in 2022.

  

  Source: Blockworks

Binance Receives License in Dubai:

• Binance has obtained a virtual asset securities provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority, allowing its Dubai arm to expand services to retail, qualified, and institutional investors. This upgrade enables Binance FZE to offer new options such as virtual asset loans and management and investment services, enhancing features like ETH staking and BNB Vault for increased earning potential.

• The license upgrade occurred after former CEO Changpeng Zhao relinquished his voting control, following his resignation in the wake of a multi-billion dollar settlement deal with the Department of Justice where he also pleaded guilty to violating US anti-money laundering laws. Current CEO Richard Teng highlighted the license as a testament to Binance’s commitment to regulatory compliance and responsible growth in digital assets.

• In other developments, Binance has converted the assets in its Secure Asset Fund for Users (SAFU) to Circle’s USDC stablecoin to enhance the fund’s reliability and maintain its value at $1 billion. Meanwhile, tensions between Binance and Nigeria continue, with a detained Binance compliance officer, Tigran Gambaryan, currently imprisoned in Nigeria, prompting the White House to engage with the US Embassy in Nigeria to help resolve the situation.

CRED Secures In-Principle Approval For Payment Aggregator License:

• CRED, an Indian fintech startup valued at $6.4 billion, has received in-principle approval from the Reserve Bank of India for a payment aggregator license. This approval positions CRED to better serve its customers, launch new products, and expedite the implementation of innovative ideas.

• The payment aggregator license will enable CRED to facilitate online transactions directly, without relying on third-party payment processors. This autonomy allows for reduced costs, increased control over payment flows, and the ability to directly onboard and settle funds with merchants, enhancing competitiveness in the market.

• The license approval comes amidst the RBI's cautious approach to licensing in recent times, highlighted by significant actions such as ordering Paytm Payments Bank to halt most of its operations earlier in the year. CRED plans to use this opportunity to expand its merchant network and increase its presence where its customers shop. The company, known for its credit card bill payment service, has expanded into offering loans and acquired the investment platform Kuvera, broadening its financial product suite.

Mastercard Launches Mobile Virtual Card App:

• Mastercard has launched a new mobile virtual card app designed to simplify corporate payments by allowing virtual commercial cards to be added to digital wallets. This app aims to provide businesses with secure and sustainable contactless payment options, catering to the needs of companies for efficient payment methods.

• The app builds on Mastercard’s decade-long leadership in virtual card solutions, which have facilitated easier expense reporting and reconciliation for employees and contractors. It incorporates features like biometric authentication, tokenization for enhanced security, robust spend controls for compliance, and flexible API integrations for ease of use.

• HSBC Australia and Westpac are the first financial institutions to integrate this new functionality, providing their corporate clients in Australia with smarter, safer, and faster payment options. The app is set to expand to other key markets later this year, allowing users to seamlessly integrate their commercial virtual cards with select digital wallets across Mastercard’s global network.

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