TXSE Group Challenging NY Exchanges’ With Texas Stock Exchange

Hi NoRamp Community,

Daily News:

1) Cross Light Capital & Affin Bank Launch Malaysia’s First Digital Asset Fund

2) ZkSync Introduces Decentralized Governance Framework Called ZK Nation

3) Modular Blockchain Solutions Led This Week’s Funding

4) Curve Appoints CEO to Drive US Growth

5) TXSE Group Challenging NY Exchanges’ With Texas Stock Exchange

Cross Light Capital & Affin Bank Launch Malaysia 1st Digital Asset Fund

• Cross Light Capital and Affin Bank have launched Malaysia’s first digital asset fund, the Performa Digital Asset Fund. This fund is designed to provide exposure to digital assets through ETFs and ETPs, targeting premier banking clients via Affin Bank’s invitation-only Affin Invikta suite.

• The fund invests in Bitcoin, Ether, and blockchain-related entities using publicly traded investment instruments, including companies like Coinbase Global Inc. and Ubisoft Entertainment SA. Cross Light Capital allocates one-third of investments to Bitcoin ETPs, another third to Ether ETPs, and the remaining portion to blockchain-related equities.

• The fund requires a minimum investment of $1,000, with an upfront sales charge of up to 5% and an annual management fee of 2%. It caters to sophisticated investors with a high risk appetite, advising a long-term investment horizon of five to ten years. MTrustee Bhd acts as the fund’s trustee, Crowe Malaysia PLT as the external auditor, and Interactive Brokers LLP as the prime broker and custodian.

ZkSync Introduces New Decentralized Governance Framework:

• ZkSync, an Ethereum Layer 2 network by Matter Labs, has launched a community-driven governance system called ZK Nation. This initiative aims to maintain decentralization while empowering the community to govern, defend, and grow the zkSync protocol.

• ZK Nation's governance framework will allow token holders to introduce proposals, vote on protocol upgrades, and change network parameters. The system will consist of three on-chain bodies: the Token Assembly, the Security Council, and the Guardians, each operating within different legal structures for maximum protection.

• The project plans a token generation event and an airdrop this month, further decentralizing the network. ZkSync aims to drive innovation using zero-knowledge proofs, creating a verifiable blockchain network that ensures digital sovereignty and is rooted in integrity and security.

  

  Source: Blockworks

Modular Blockchain Solutions Led This Week’s Funding:

• Avail raised $43 million in its Series A, bringing its total funding to $75 million, including pre-seed and seed rounds. The modular blockchain solution aims to address Web3 challenges like blockchain fragmentation and scaling. Dragonfly Capital and Peter Thiel’s Founders Fund participated in the round. The funds will support Avail's Unification Layer roadmap and the development of Fusion Security.

• Mountain Protocol secured $8 million in a round led by Multicoin Capital for its yield-bearing stablecoin, USDM. The project’s total funding now stands at $12 million. Coinbase Ventures and Castle Island Ventures also participated. The funding will enhance the trust and safety of USDM, which has $50 million in circulation and a Digital Asset Business License from the Bermuda Monetary Authority.

• Other notable rounds include decentralized infrastructure layer M^0 raising $35 million in a Series A led by Bain Capital Crypto and Galaxy Ventures, Tether investing $18.75 million in XREX group to drive innovation in Regulatory Technology, and Blueberry Protocol Foundation announcing a $2.5 million round led by White Star and Varys Capital.

Curve Appoints CEO to Drive US Growth:

• Digital wallet provider Curve has appointed Nancy Yaffa as USA CEO and Reeta K. Holmes as a new board member, aiming to expand its presence in the United States. Yaffa, who joined Curve in 2021 and has a background at Bank of America and American Express, will drive U.S. growth, while Holmes brings over 25 years of senior investment experience to the board.

• Yaffa, previously Curve’s senior vice president of corporate development, is focused on bringing Curve’s benefits to U.S. consumers and small businesses. Holmes, co-founder of The Silverfern Group, has been part of Curve’s investment committee for over a decade and aims to contribute to the company’s innovation and growth in the U.S. market.

• These appointments come after Curve raised over $163 million in a Series C funding round to upgrade customer experience and expand its Flex offerings. Curve’s super app connects all of a user’s debit and credit cards into a single card and app, enhancing user convenience.

TXSE Group Challenging NY Exchanges’ With Texas Stock Exchange:

• TXSE Group has announced plans to launch the Texas Stock Exchange (TXSE) with an initial capital raise of nearly $120 million, aiming to challenge New York-centric exchanges. Headquartered in Dallas, TXSE will provide US and international organizations access to US equity capital markets, offering a platform for trading and listing public companies and exchange-traded products.

• TXSE will be a fully electronic national securities exchange and plans to submit a registration with the US Securities and Exchange Commission (SEC) later this year. The launch is backed by substantial liquidity from over two dozen investors, including BlackRock and Citadel Securities.

• James Lee, founder and CEO of TXSE Group, emphasized that the new exchange will drive more volume to exchanges and create more competition around quote activity, liquidity, and transparency, benefiting investors, global issuers, and liquidity providers.

NoRamp:

NoRamp is building Web2’s favorite Web3 apps on our lightning-fast payment infra. Join our discord, dive into our our docs, or check out our website to learn more.