Ripple Donates Additional $25M to Pro-Crypto Committee Fairshake

Hi NoRamp Community,

Daily News:

1) Magic Integrates Etherlink to Enhance Tezos dApp Development

2) Ripple Donates Additional $25M to Pro-Crypto Committee Fairshake

3) Starknet Launches $25M Token Incentive For Top Projects

4) Healthcare Payments Software Provider Waystar Eyes $1B IPO

5) Relay Raises $32.2M to Help Smaller Businesses Manage Cashflow

Magic Integrates Etherlink to Enhance Tezos dApp Development:

• Magic has partnered with b to enhance Tezos dApp development with improved scalability and security. This collaboration aims to support the growth of the web3 community and facilitate the transition to web3 technologies by providing advanced services and solutions.

• The integration combines Etherlink’s scalability and security with Magic’s easy-to-use wallet SDK, simplifying onboarding for blockchain users and improving decentralized application (dApp) development on Tezos. Etherlink, an EVM-compatible layer 2 solution, offers quick transaction times, low costs, and integrates directly with Tezos layer 1 for secure dApp development.

• Magic co-founder and CEO Sean Li praised Etherlink for its fast block times, cheap transactions, MEV protection, and on-chain governance. The partnership aims to onboard the next billion users to web3 by leveraging these strengths. This integration will enable developers to use Magic’s wallet SDK for scalable, user-friendly dApps, featuring gasless transactions and enhanced user experiences to boost adoption within the Tezos ecosystem. Siddharth Singhal, head of BD at Trilitech, highlighted the potential of this partnership to enable mainstream users to access scalable and accessible dApps.

Ripple Donates Additional $25M to Pro-Crypto Committee Fairshake:

• Ripple announced a $25 million contribution to the federal super political action committee (PAC) Fairshake to support pro-crypto political candidates during the 2024 U.S. elections. This donation adds to the $25 million Ripple contributed to Fairshake last year.

• Ripple criticized the SEC's enforcement-based approach to crypto regulation, stating it has failed. The company emphasized the urgency for the U.S. to act and highlighted the importance of the 2024 elections in shaping the future of financial and technological innovation.

• Ripple CEO Brad Garlinghouse stressed that the crypto industry will not remain silent while unelected regulators hinder innovation and economic growth. He affirmed the industry's commitment to investing in efforts for regulatory change. Ripple has been in a legal battle with the SEC, which accused the company of raising $1.3 billion through the sale of XRP, viewed as an unregistered security by the agency.

  

  Source: Cointelegraph

Starknet Launches $25M Token Incentive For Top Projects:

• The Starknet Foundation will distribute 20 million Starknet (STRK) tokens, worth approximately $25.2 million, to 21 top-performing projects in the ecosystem as part of its Catalyst program. The aim is to accelerate innovation on Starknet's Ethereum layer-2 scaling solution, based on zero-knowledge rollup technology.

• The program will reward the top user-facing protocols, evaluated by the Starknet Foundation and an independent third party. The first six projects to receive grants are Ekubo (a token launch platform), AVNU (a DeFi protocol with gasless trading), Influence (an on-chain grand strategy game), Realms (an on-chain gaming universe), Nostra (a DeFi protocol with a crypto super app), and ZKX (a decentralized perpetual futures exchange).

• Starknet, the seventh-largest Ethereum layer 2, holds over $1.08 billion in total value locked (TVL) and a 2.32% market share. The grants program follows the recent announcement of a $5 million seed grants program to support 200 promising teams with $25,000 each, aimed at helping final-stage projects launch on Starknet. The Foundation plans to continue with future grant programs under the Catalyst program’s framework.

Healthcare Payments Software Provider Waystar Eyes $1B IPO:

• Healthcare payments software provider Waystar launched its initial public offering, applying to list its shares on Nasdaq under the symbol "WAY" with an estimated price range of $20 to $23 per share. The company aims to raise up to $1.04 billion, potentially valuing Waystar at about $3.98 billion.

• The net proceeds from the IPO will be used to repay outstanding indebtedness. Waystar had been waiting for favorable market conditions to launch the IPO, with its parent company, Waystar Holdings, confidentially submitting a draft registration to the SEC in August.

• Waystar's cloud-based platform for healthcare payments aims to reduce administrative burdens for providers. The healthcare industry, which accounts for over 18% of U.S. GDP, has significant wasteful spending, including $350 billion related to healthcare payments. Waystar's IPO plans were initially delayed due to market instability but have now moved forward amid improving conditions for digital upstarts and valuations.

Relay Raises $32.2M to Help Smaller Businesses Manage Cashflow:

• Yoseph West, after co-founding Vuru and working at Wave Accounting, launched Relay in 2018 with Paul Klicnik. Relay is an online business banking and money management platform designed to help small- and medium-sized businesses (SMBs) organize their finances, offering services through partner Thread Bank.

• Relay allows users to manage income, expenses, and reserves across up to 20 checking accounts, send and receive ACH transfers, wires, and check payments, and issue up to 50 Visa debit cards. The platform generates revenue through interest on deposits, card interchange fees, and a premium service (Relay Pro). Relay focuses on SMBs with 2+ employees and $20,000 to $200,000 in monthly revenue.

• Despite a challenging fintech environment, Relay’s revenues rose significantly, with a client base of around 100,000 businesses. The company recently closed a $32.2 million Series B round led by Bain Capital Ventures, bringing its total funding to $51.6 million. The funding will support expansion into new areas like spend management, crediting, and financial APIs, with plans to grow its workforce from 140 to 200 by the end of the year.

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