NY DFS Gives Regulatory Green Light to Wisdom Tree

Hi NoRamp Community,

Daily News:

1) Russian Central Bank & Ministry of Finance to Settle Crypto Differences

2) NY DFS Gives Regulatory Green Light to Wisdom Tree

3) Chime Plans to Launch IPO in 2025

4) Coast Secures $92M in Equity & Debt to Fuel Product Development

5) Finite State Secures $20M Growth Round For Critical Infra Cybersecurity

Russian Central Bank & Ministry of Finance Settle Crypto Differences:

• The Russian Ministry of Finance aims to resolve crypto policy differences with the Central Bank, with both sides expected to reach an agreement on crypto regulation soon.

• The Ministry wants to regulate and tax crypto exchanges and traders, while the Central Bank has previously called for a blanket ban, leading to an impasse and stalled legislation in the State Duma.

• The war in Ukraine and Western sanctions have prompted the Central Bank to soften its stance, allowing industrial crypto mining and considering the use of crypto in international trade, with plans to ensure mined tokens are used for external payments.

NY DFS Gives Regulatory Green Light to Wisdom Tree:

• WisdomTree has received approval from the New York State Department of Financial Services (DFS) to operate as a limited purpose trust company, allowing it to custody digital assets, issue, exchange, and manage reserves of DFS-approved stablecoins.

• The newly formed WisdomTree Digital Trust Company plans to issue gold and dollar tokens and maintain reserves for these assets, with the WisdomTree Prime app set to be available to New York customers soon, offering bitcoin, ether, and dollar and gold tokens.

• The charter provides a roadmap for offering products like DFS-approved stablecoins on public blockchains outside of WisdomTree Prime, with a focus on highly regulated organizations for issuing tokenized products and providing related services.

Chime Plans to Launch IPO in 2025:

• Chime Financial is reportedly planning to launch its initial public offering (IPO) in 2025 in the United States, although it has not yet engaged banks for the IPO.

• The company, valued at $25 billion in 2021, has been considered an IPO candidate for years but delayed plans due to market conditions and a "FinTech winter" that led to staff cuts.

• Chime has recently launched a fee-free cash-back feature in partnership with Upside and expanded the availability of free access to its in-app tax filing pilot program for eligible members.

Coast Secures $92M in Equity & Debt to Fuel Product Development:

• Coast, specializing in financial tools for fleet-operating businesses, has raised $92 million in a combination of equity and debt capital, with $25 million in equity from investors like Accel, Avid Ventures, and Insight Partners, and $67 million in debt from TriplePoint Capital and Silicon Valley Bank.

• Coast offers an expense management platform for real-time tracking of fuel transactions and monitoring of fuel spend, using B2B fuel cards issued by Celtic Bank for payment.

• The new funding will be used for product development to extend support beyond fuel expenses, accelerate go-to-market efforts, establish a second site in Salt Lake City, Utah, and expand offerings through a partnership with Visa.

Finite State Secures $20M For Critical Infra Cybersecurity:

• Finite State, specializing in comprehensive software risk management, has secured a $20 million growth round led by Energy Impact Partners (EIP) to address cybersecurity challenges, particularly in the security of connected devices and critical infrastructure.

• The funding will support product development and global expansion, with enhancements in binary analysis, SBOM management, and unified vulnerability management to help security teams navigate the evolving security landscape.

• Finite State's commitment to innovation is demonstrated through collaborations with partners like EPRI and Southern Company, and a Department of Energy funded project to advance cybersecurity in the energy sector, underscoring its mission to secure software supply chains and protect critical infrastructure.

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