OKX to Delist Slew of Altcoins

Hi NoRamp Community,

Daily News:

1) China Looks to Ramp up ‘Cross-Border’ Digital Yuan Spending

2) OKX to Delist Slew of Altcoins

3) Former Meta Senior Engineer Joins Web3 Chat Network

4) Mary Usategui Set to Launch New Venture BankMiami This Year

5) Saudi Fintech Start-Up Tameed Raises $15M Series A

China Looks to Ramp up ‘Cross-Border’ Digital Yuan Spending:

• Chinese bank chiefs aim to boost digital yuan spending in 2024, starting with Haikou issuing over $706,000 in "offshore tax-free coupons" to digital yuan customers, targeting tourists and enhancing cross-border CBDC spending.

• Initiatives include the distribution of digital RMB hard wallet self-service card issuance machines in Shenzhen's Luohu District, facilitating CBDC wallet creation for visitors and expanding application scenarios for the digital yuan.

• The efforts are part of a broader strategy to increase digital yuan adoption domestically and potentially among ASEAN trading partners, while ensuring smooth implementation and addressing potential risks and challenges.

OKX to Delist Slew of Altcoins:

• OKX, a cryptocurrency exchange, announced the delisting of 20 trading pairs by January 5, including privacy coins like Monero, Dash, and Zcash, citing that they did not meet its listing criteria.

• The delisting process will occur in two stages, with the first group of trading pairs removed on January 4 and the second, primarily privacy coins, on January 5.

• The exchange has already halted user deposits for the affected tokens as of December 27, with plans to suspend withdrawals from March 5, as part of its ongoing efforts to streamline and ensure compliance in its trading offerings.

Former Meta Senior Engineer Joins Web3 Chat Network

• Sabir Alizada, a former senior software engineer at WhatsApp, joins Trust Machines as engineering lead for Console, a decentralized application positioned as an alternative to Discord, with features like wallet connectivity and token gating.

• Alizada's move reflects a trend of former Meta employees transitioning to Web3 projects, as seen with engineers from Meta's Libra stablecoin project founding other blockchain platforms.

• Despite a series of layoffs across the crypto industry earlier in the year, December saw no reported layoffs, indicating a potential stabilization or pause in the downsizing trend within the sector.

Mary Usategui Set to Launch New Venture BankMiami This Year:

• Mary Usategui, with extensive executive experience in South Florida's financial sector, plans to launch BankMiami, a new state-chartered, full-service commercial bank aiming to provide a boutique concierge banking experience from Miami.

• Set to open in Q2 2024, BankMiami will be the first de novo bank in Miami-Dade County in 15 years, seeking to fill the gap left by recent mergers and acquisitions in the community banking sector.

• Usategui has submitted applications with the FDIC and Florida Office of Financial Regulation and will serve as president and CEO, emphasizing the need for personalized banking services in the community.

Saudi Fintech Start-Up Tameed Raises $15M Series A:

• Tameed, a Saudi Arabia-based digital lending platform, secures $15 million in Series A funding led by Al-Romaih Investments, aiming to expand and meet growing demand for its digital lending products.

• Since 2019, Tameed has provided $106.6 million in Shariah-compliant financing to SMEs in Saudi Arabia and plans to enhance services for investors and SMEs while developing new products.

• The platform, which recently obtained an operating license from the Saudi Central Bank, is expanding its offerings, including smart loyalty features and performance bond financing, anticipating positive economic growth in the Kingdom.

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