Ledger Partners With Coinbase To Streamline Crypto Purchases

Hi NoRamp Community,

Daily News:

1) Ledger Partners With Coinbase To Streamline Crypto Purchases

2) Ripple to Acquire Standard Custody to Strengthen Regulatory Portfolio

3) Robinhood Reports Crypto Revenue of $43M

4) Canada’s Float Bags $37M Credit Facility From Silicon Valley Bank

5) Grasshopper Partners With Greenlite for AI-Powered Due Diligence Tech

Ledger Partners With Coinbase To Streamline Crypto Purchases:

• Ledger, a hardware wallet provider, has integrated with Coinbase Pay to streamline the process of purchasing cryptocurrencies and transferring them into self-custody storage, eliminating previous friction points in moving assets from exchanges to offline Ledger wallets.

• The collaboration aims to cater to the next wave of crypto adopters, simplifying the journey from exchanges to self-custody with a unified interface that allows instant crypto purchases within Ledger Live, directly receiving assets on Ledger devices.

• Ledger's integration with Coinbase Pay is seen as a strategic move to promote digital ownership and self-custody among retail investors, offering a secure and convenient alternative to centralized exchanges, and potentially increasing the adoption of self-custody solutions among the expanding global crypto user base.

Ripple Acquiring Standard Custody to Strengthen Regulatory Portfolio:

• Ripple has announced plans to acquire New York-based digital asset platform Standard Custody and Trust Company, pending regulatory approval, aiming to become its sole shareholder and enhance its regulatory license portfolio with Standard Custody's limited-purpose trust charter and money transmitter licenses.

• The acquisition is part of Ripple's strategy to expand its presence in the US financial sector, adding crypto custody and settlement services to its offerings, allowing customers to maintain custody with Ripple directly, despite ongoing legal challenges with the SEC.

• Standard Custody, a subsidiary of PolySign, specializes in digital asset custody, escrow, and settlement services for institutional clients, and raised $53 million in Series C funding in June 2022. Ripple's acquisition of Standard Custody follows its previous acquisition of cryptocurrency custody firm Metaco and is part of its broader efforts to strengthen its regulatory foothold and expand its services in the U.S. and Europe.

Robinhood Reports Crypto Revenue of $43M:

• Robinhood's Q4 earnings showed an 8% increase in transaction-based revenues to $200 million, bolstered by $43 million from cryptocurrency trading, despite a 4% drop in monthly active users to 10.9 million and a 65% increase in assets under custody to $102.6 billion.

• The company is exploring further international expansion, building on its entry into the UK and EU markets, with plans to enhance its cryptocurrency trading offerings in regions with clear regulatory frameworks.

• Exceeding Wall Street expectations, Robinhood reported earnings per share of $0.03 and revenue of $471 million, with a strong start to 2024 indicated by increased Funded Customers and Net Deposits. The company remains committed to innovating in the crypto space, as demonstrated by a recent partnership with MetaMask..

Canada’s Float Bags $37M Credit Facility From Silicon Valley Bank:

• Canadian fintech Float has secured a $37 million credit facility from Silicon Valley Bank to accelerate its growth and expand its Charge Card program, offering higher spending limits and 300% payment volume growth in 2023.

• The platform provides real-time visibility and management of company spending in CAD and USD, catering to Canadian finance teams.

• This partnership is a significant milestone for Float and demonstrates SVB's commitment to supporting fintech companies, especially at a time when other financial institutions are reducing services for Canadian SMBs.

Grasshopper Partners With Greenlite for AI-Powered DD Tech:

• New York-based digital bank Grasshopper partners with Greenlite to enhance its customer due diligence program, utilizing generative AI to streamline onboarding and risk assessment for SMBs and startups.

• Grasshopper, operational since 2019 with around $733 million in total assets, aims to improve compliance and risk mitigation capabilities through the integration of Greenlite's technology.

• Greenlite, a San Francisco-based company, recently raised $4.8 million in a seed round and offers AI-driven solutions for account opening, customer due diligence, and anti-money laundering operations.

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