Robinhood Enables Solana Staking For Customers in Europe

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Hi NoRamp Community,

Daily News:

1) Worldcoin Token Gets Malaysian Regulator’s Nod

2) Robinhood Enables Solana Staking For Customers in Europe

3) Bitget Wallet Launches $10M Ecosystem Fund Alongside Onchain Layer

4) JAB Holding Company Launches Global Insurance Platform

5) UAE-Based Open Banking Start-Up Thimsa Launches in Beta

Worldcoin Token Gets Malaysian Regulator’s Nod:

• The Securities Commission Malaysia (SC) has approved the trading of the Worldcoin (WLD) token on digital asset exchanges recognized by the SC. This decision was facilitated by MX Global, an associate company of Malaysia-based digital business solutions provider Cuscapi, following their approval on May 9.

• Worldcoin, represented by lead developer Alex Blania and co-founder of Tools of Humanity, has recently engaged in strategic discussions with top Malaysian officials to discuss the token's expansion. This follows an earlier virtual discussion that Blania and OpenAI CEO Sam Altman held with the Malaysian government, focusing on technological development and the establishment of a global and inclusive financial network.

• The token has faced privacy concerns internationally, notably in Portugal where the CNPD halted its biometric data collection. However, endorsements from figures like Ethereum co-founder Vitalik Buterin, who praised the project's data privacy efforts, highlight the ongoing dialogue about balancing innovation with privacy in the cryptocurrency space.

Robinhood Enables Solana Staking For Customers in Europe:

• Robinhood's European crypto branch has launched Solana staking, offering an initial APY of approximately 5%. This rate is slightly lower than Coinbase's 5.42% APY for Solana staking and significantly below the Phantom wallet's 7.58% APY.

• The choice of Solana for Robinhood's first staking product was influenced by its popularity among EU customers and the simpler staking process compared to Ethereum. Solana also has a shorter bonding period of approximately two days, compared to Ethereum’s longer and variable period.

• Robinhood Crypto, launched in December in the European Union and regulated in Lithuania, is exploring the addition of staking for other assets like Ethereum. The platform currently supports 33 tokens, differing from its US counterpart which offers fewer options and has faced regulatory challenges, including a recent Wells Notice from the US SEC. Despite these challenges, Robinhood’s EU operations remain distinct and unaffected by the US entity's issues..

  

  Source: Cointelegraph

Bitget Wallet Launches $10M Fund Alongside On-Chain Layer:

• Bitget is set to develop its own on-chain ecosystem, inspired by the likes of Binance, OKX, and KuCoin. This initiative includes the integration of native decentralized applications (DApps) within the Bitget Wallet and the launch of a $10 million BWB Ecosystem Fund aimed at accelerating the development of this new layer and supporting relevant projects.

• The Bitget OnChain Layer Ecosystem Fund will initially focus on investing in and incubating Web3 trading services, such as pre-market price aggregators, an on-chain derivatives market, and trading bots. These services are designed to complement Bitget Wallet's interchain swap service.

• Bitget Wallet, popular in the Asia-Pacific region with over 20 million users, will soon launch its native token BWB. This token will play a crucial role in the Bitget Wallet and OnChain Layer ecosystem, facilitating governance voting, Launchpad event participation, staking rewards, and payment of multichain gas fees. Meanwhile, other exchanges like Binance and OKX have also successfully expanded their ecosystems with native tokens and decentralized platforms.

JAB Holding Company Launches Global Insurance Platform:

• JAB Holding Company is expanding its investment portfolio by establishing a global insurance platform and launching an asset management company, with Anant Bhalla appointed as Senior Partner and Chief Investment Officer. Bhalla will lead the expansion of JAB’s insurance business globally and develop the asset management division focused on insurance balance sheet investments.

• JAB already has a substantial footprint in the insurance sector, owning over 20 pet insurance brands across more than 10 countries through Independence Pet Holdings and Pinnacle Pet Group, with plans to exceed $3 billion in global revenues by the end of 2024. This move marks a significant step in diversifying JAB’s investment activities beyond its traditional focus on consumer goods and services.

• Senior executives at JAB, including Peter Harf, Joachim Creus, and Frank Engelen, express strong confidence in the company’s strategic direction and the integration of asset management with insurance. They highlight the success of their pet insurance operations as a foundational step towards broader global insurance and asset management initiatives, emphasizing long-term shareholder value and capitalizing on Bhalla’s extensive experience in the financial sector.

UAE-Based Open Banking Start-Up Thimsa Launches in Beta:

• Thimsa, a UAE-based fintech startup, has announced the beta launch of its payment management platform in the UAE and Bahrain, aimed at simplifying and accelerating payment processes through open banking. The platform offers functionalities for B2B, C2B, and cross-border payments.

• The startup is capitalizing on the significant growth expected in the open banking sector within the GCC region, where transactions are projected to increase from $14 billion in 2020 to over $124 billion by 2031. Thimsa’s platform enables instant payments via account-to-account (A2A) transfers from a unified dashboard, improving cash flow and user experience with pre-built checkout processes.

• Thimsa’s platform, which integrates with 350 APIs, allows for streamlined business processes and the creation of personalized financial services. It supports instant B2B pay-ins and payouts, and includes features for eInvoicing and subscriptions, with the capability to accept payments in over 60 currencies from more than 150 countries.

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