Stablecoin Issuer Circle Internet Files for IPO

Hi NoRamp Community,

Daily News:

1) AsiaPay Partners With BLOX to Explore Crypto Solutions in Malaysia

2) Stablecoin Issuer Circle Internet Files for IPO

3) Turkey Nears Completion of Crypto Framework

4) Andaria Taps Mastercard to Enhance Embedded Finance Solutions

5) Treasure Financial Lays Off Staff Months After ‘Explosive Growth’

AsiaPay Partners With BLOX to Explore Crypto Solutions in Malaysia:

• AsiaPay has formed a partnership with Malaysian web3 firm BLOX to explore digital asset payment solutions in Malaysia, including crypto-as-a-service options.

• The collaboration aims to facilitate cryptocurrency adoption among businesses by acting as intermediaries to simplify transactions and expand payment options.

• The partnership focuses on the benefits of cryptocurrencies for cross-border payments and business scalability, with an emphasis on stablecoins for their stability in business-to-business transactions. AsiaPay views this as a significant step in enhancing its multi-currency, multi-channel payment services in the region.

Stablecoin Issuer Circle Internet Files for IPO:

• Circle Internet Financial, issuer of the USDC stablecoin, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission.

• Details such as the number of shares and the price range for the IPO are yet to be determined.

• USDC is currently the second-largest stablecoin by market cap, valued at approximately $25 billion, following Tether, which has a market cap of around $95 billion.

Turkey Nears Completion of Crypto Framework:

• Turkey's Minister of Treasury and Finance, Mehmet Simsek, announced the country is nearing completion of a legal regulation for crypto assets, aiming to align with Financial Action Task Force (FATF) standards and mitigate risks associated with cryptocurrency platforms.

• The proposed regulation will license crypto asset trading platforms by the Capital Market Board of Turkey (CMB), imposing minimum operating conditions akin to financial institutions. It will cover aspects like crypto asset definitions, wallets, service providers, custody services, and trading platforms.

• The draft regulation, part of Turkey's broader financial strategy outlined in the Turkish Presidential Annual Program for 2024, does not currently focus on taxes but includes provisions for investor protection, custody regulations, and the potential for future taxation of crypto assets. The Central Bank of Turkey is also continuing trials of the digital lira into 2024.

Andaria Taps Mastercard to Enhance Embedded Finance Solutions:

• FinTech company Andaria has partnered with Mastercard to enhance its embedded finance services, becoming a principal member and aiming to redefine the financial landscape.

• Andaria, regulated in the UK and EU, specializes in scalable and customized solutions that allow non-financial businesses to integrate payment services into their platforms. This partnership is expected to boost the quality of Andaria’s card and payment solutions.

• The collaboration is set for completion by early 2024 and is part of a larger trend in embedded finance, which has been shown to increase customer engagement and loyalty. The partnership aligns with Andaria's strategy to provide innovative financial solutions and strengthen its position in the embedded finance ecosystem.

Treasure Financial Lays Off Staff Months After ‘Explosive Growth’:

• Fintech startup Treasure Financial has confirmed to TechCrunch that it laid off 14 employees in December, impacting 60% to 70% of the company, according to sources.

• CEO Sam Strasser cited the need to streamline operations and align the workforce with strategic goals and financial realities, amidst market conditions and organizational challenges, as reasons for the layoffs.

• Treasure Financial, a San Francisco-based company offering cash management software and acting as a registered investment advisor, had previously experienced significant growth and secured substantial funding, including $7.5 million in July from investors such as Ventura Capital and Peter Thiel.

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