Terraform Labs Files For Chapter 11 Bankruptcy

Hi NoRamp Community,

Daily News:

1) Terraform Labs Files For Chapter 11 Bankruptcy 

2) Sri Lanka to Launch ‘Lanka Pay’

3) DailyPay Secures $175M in Debt and Equity to Tap New Markets

4) Synchrony Hires Former Santander Exec to Lead Consumer Banking

5) Alta Signa Launches European Marine Underwriting Business

Terraform Labs Files For Chapter 11 Bankruptcy:

• Terraform Labs (TFL), based in Singapore, has filed for Chapter 11 bankruptcy in Delaware after the collapse of its digital assets, TerraUSD (UST) and Luna, in 2022. The filing aims to enable continued operations and support ongoing litigation in Singapore and with the U.S. Securities and Exchange Commission (SEC).

• Terraform Labs estimates its assets and liabilities to be between $100 million and $500 million, with 100 to 199 creditors. Despite the bankruptcy, the company plans to maintain its financial obligations to employees and vendors without additional financing.

• The company is continuing to expand its Web3 business, having recently acquired Pulsar Finance and launched Station v3, a cryptocurrency wallet. The bankruptcy filing follows a postponed civil trial against Terraform Labs and co-founder Do Kwon over alleged cryptocurrency fraud. Kwon, who owns a 92% stake in Terraform Labs, is currently in custody in Montenegro, with potential extradition to the U.S. or South Korea pending.

Sri Lanka to Launch ‘Lanka Pay’:

• Sri Lanka's Central Bank plans to launch a digital currency and the 'Lanka Pay' system by the end of 2024, as informed to the Ways and Means Committee in Parliament.

• The initiative to introduce a Central Bank Digital Currency (CBDC) is part of efforts to enhance the efficiency and resilience of the payment system, increase financial inclusion, and improve monetary transmission and financial transparency.

• The discussion on regulating online payment systems in Sri Lanka comes at a time when the country is experiencing a revival in tourism. However, cryptocurrency remains unregulated and is not recognized as an asset class in Sri Lanka.

DailyPay Secures $175M in Debt and Equity to Tap New Markets:

• DailyPay has raised $75 million in equity financing, led by Carrick Capital Partners, and expanded its credit facility by $100 million, totaling $175 million in new funding.

• The increased credit capacity, provided by Citi, adds to existing commitments from Barclays and TPG Angelo Gordon, bringing DailyPay's total revolving debt facility to $660 million.

• DailyPay, offering on-demand pay solutions for corporates like BMO and Santander, is valued at $1.75 billion pre-money, marking a 75% increase in valuation. The company plans to use the new capital for product development and expansion into new markets and categories.

Synchrony Hires Former Santander Exec to Lead Consumer Banking:

• Synchrony, a financial services firm based in Connecticut, has appointed Pierre Habis as the new general manager and head of its consumer banking business, effective this month.

• Habis brings over 35 years of experience in finance and consumer banking from previous roles, including at Santander as chief consumer banking and digital transformation officer, and earlier at Wells Fargo and MUFG Union Bank.

• At Synchrony, Habis will lead the banking division, Synchrony Bank, focusing on its range of services such as credit cards, savings, retirement accounts, and other financing solutions. His appointment follows his notable achievements at MUFG Union Bank, including launching the digital banking offering PurePoint Financial.

Alta Signa Launches European Marine Underwriting Business:

• Alta Signa Europe B.V., a European Managing General Agent (MGA), has launched a new European Marine underwriting business, aiming to expand its specialty insurance services in the Continental European market.

• The unit will be led by Francesco Dubbioso, based in Genoa, and features a team with extensive expertise, including Danilo Fiore, Barbara Vida, Marie Lepelletier, and Simona Ballestrero, each bringing significant experience from previous roles in marine insurance and underwriting.

• The new venture, supported by insurance partners like Axeria IARD, SiriusPoint, and Sompo International, seeks to capitalize on niche growth opportunities in the European Marine market. Alta Signa's CEO, Gerard Van Loon, expresses enthusiasm for the team's expertise and the strategic expansion of the company's portfolio beyond its existing financial, professional, and cyber lines of business.

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