Nubank to Launch Crypto Withdrawals

Hi NoRamp Community,

Daily News:

1) Google Cloud to Run Validator on Crypto Gaming Network XPLA

2) Nubank to Launch Crypto Withdrawals

3) SumUp Defies Fintech Funding Slump With $307M Injection

4) Pleo Appoints New CFO, Pointing to IPO Hopes

5) The Clearing House Appoints Sal Karakaplan as Chief Strategy Officer

Google Cloud to Run Validator on Crypto Gaming Network XPLA:

• XPLA, a blockchain network established by major South Korean game publisher Com2uS, has announced Google Cloud as its first "volunteer validator." Validators in blockchain networks verify and confirm transactions, but unlike typical validators, those on XPLA, including Google Cloud, won't receive token rewards. Instead, these tokens will go to a community pool.

• XPLA, initially named C2X and built on the Terra network, was rebranded and relaunched in August 2022 following the decline of Terra. The network, compatible with both Tendermint (like Cosmos) and the Ethereum Virtual Machine, hosts games such as "The Walking Dead: All-Stars," "Summoner’s War: Chronicles," and "Ace Fishing: Crew." These games are adapted for "play-to-own" experiences in blockchain gaming.

• Other validators on XPLA include Animoca Brands, a metaverse investor, and Gumi, a mobile game developer. Google Cloud's involvement is part of its broader engagement with blockchain technology, having previously validated other networks, and its partnership with Coinbase for crypto payments. Google Cloud also launched a Web3 Startups Program in April to support crypto firms in collaboration with various blockchain networks.

Nubank to Launch Crypto Withdrawals:

• Nubank, a leading Brazilian neobank, plans to enable crypto withdrawals from its app in the coming year, responding to customer demand. This update allows users to make transactions with Bitcoin, addressing previous limitations on crypto payments despite allowing Bitcoin purchases.

• The bank will also introduce trading pairs with USD Coin (USDC) through a partnership with Circle, the USDC operator. This move caters to the growing interest in stablecoins among Brazilian users, expanding Nubank's cryptocurrency offerings beyond Bitcoin and Ethereum to include various altcoins, including its own Nucoin.

• Nubank's expansion in the cryptocurrency sector in 2023 includes adding 11 altcoins, bringing its total to 15 cryptocurrencies. The bank's commitment to blockchain innovation is further evidenced by appointing David Marcus, Meta's former head of blockchain, as a board member. These developments reflect a broader trend in Brazilian banking towards embracing cryptocurrency, exemplified by Itaú Unibanco's recent launch of a crypto trading service.

SumUp Defies Fintech Funding Slump With $307M Injection:

• SumUp, a UK-based payment startup, secured €285 million ($306.6 million) in funding, led by Sixth Street Growth, raising its valuation to over $8.6 billion. This round included equity and a small portion of debt.

• The company, competing with firms like Block and PayPal's iZettle, is expanding globally and diversifying its services, including launching lending services and introducing Apple's Tap to Pay feature in the UK and the Netherlands.

• SumUp plans to use the funds for global expansion and exploring merger and acquisition opportunities, with no immediate plans for an IPO, as it has sufficient access to private capital markets.

Pleo Appoints New CFO, Pointing to IPO Hopes:

• Danish fintech firm Pleo has appointed Soren Westh Lonning as its new CFO, signaling potential preparations for an IPO. Lonning brings over 20 years of experience from various companies, including a notable tenure as CFO at Chr Hansen.

• Lonning's focus at Pleo will be driving the company towards profitability, navigating growth in a challenging economic climate, and enhancing decision-making through data. Pleo aims to balance growth with efficiency, despite market challenges.

• While Pleo is not rushing to go public, the appointment of Lonning and their emphasis on bolstering financial strategies hint at IPO readiness by 2025. The company is also exploring credit offerings, having recently introduced customer overdrafts as part of their financial management platform.

Clearing House Appoints Sal Karakaplan as Chief Strategy Officer:

• The Clearing House (TCH) has appointed Sal Karakaplan as its new Chief Strategy Officer, strengthening its leadership team. Karakaplan brings over 25 years of experience in banking and payments, enhancing TCH's strategic positioning in the industry.

• TCH, a prominent operator of US-based payment networks, has made several key senior appointments in 2023, including David Watson as CEO, Sheffali Welch as COO, and Margaret Weichert as CPO. These strategic hires align with TCH’s ongoing expansion and service development efforts.

• Karakaplan's extensive background includes roles at Truist Financial as EVP for the Enterprise Payments Group and at JP Morgan Chase in integrated payments strategy. He also held senior positions at Mastercard. In his role at TCH, he will focus on market strategy, growth plans, and strategic partnerships.

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