UK Set to Launch Crypto Sandbox January 8th 

Hi NoRamp Community,

Daily News:

1) Improbable Offloads Gaming Subsidiary to Keywords for $96.8M

2) UK Set to Launch Crypto Sandbox January 8th 

3) Visa Adds Real-Time Money Movement to FinTech Fast Track

4) CSI Acquires Hawthorn River to Improve Loan Processing

5) SellersFi Secures New Credit Facility of Up to $300M

Improbable Offloads Gaming Subsidiary to Keywords for $96.8M:

• Improbable, a metaverse startup backed by SoftBank, has sold its gaming subsidiary, MPG, to Keywords Studios for $96.8 million. This sale, part of the company's strategy to divest non-core operations, comes after Improbable acquired MPG for $38 million in 2019, marking a significant financial return.

• Shifting focus towards expanding its metaverse initiatives, Improbable is transitioning from web2 projects with sports franchises to web3 community projects. They are collaborating with entities like BoredElon, Forgotten Runes, and Yuga Labs’ Otherside metaverse platform, reflecting a strategic change in direction.

• Improbable predicts significant advancements in both web2 and web3 aspects of the metaverse in 2024, foreseeing a trend of consolidation in the industry. The company emphasizes the growing importance of VR headsets in spatial computing and anticipates gaming companies integrating more web3 games into their portfolios. Additionally, Improbable launched The Metaverse Society, a think tank, and introduced the M2 Network and MML Stack to support an ecosystem of interconnected metaverses.

UK Set to Launch Crypto Sandbox January 8th:

• The Financial Services and Markets Act of 2023, starting January 8, 2024, will regulate companies participating in the UK's Digital Security Sandbox. This program is open to UK-based investment exchanges, recognized central counterparties, central securities depositories, and investment firms.

• The sandbox aims to assist applicants in operating trading venues and providing services to digital asset companies, focusing on the use of digital assets and distributed ledger technology (DLT) to enhance financial market infrastructures (FMIs).

• The regulations, a result of collaboration between the Financial Conduct Authority (FCA), the Bank of England, and HM Treasury, were developed following a "Call for Evidence" to examine DLT applications in FMIs. HM Treasury's response in 2022 indicated the need for a reworked legislative framework to support DLT, emphasizing ongoing legislative and regulatory processes.

Visa Adds Real-Time Money Movement to FinTech Fast Track:

• Visa's FinTech Fast Track program members now have access to the Visa Direct platform, expanding the program's offerings beyond card issuance to include real-time money movement capabilities.

• This enhancement allows FinTechs to launch programs through their financial institutions, enabling transfers to eligible cards, bank accounts, and wallets worldwide. Visa Direct supports various payment types, including person-to-person, account-to-account, business and government payouts, and merchant settlements.

• Visa Direct's expansion is aimed at fostering innovation and growth within the FinTech community. It offers access to over 8.5 billion endpoints globally, including cards, accounts, and digital wallets, emphasizing the importance of real-time payments in sectors like construction and B2B transactions.

CSI Acquires Hawthorn River to Improve Loan Processing:

• FinTech CSI has acquired banking software company Hawthorn River to enhance its loan origination capabilities. This addition allows CSI to integrate Hawthorn River's single-platform loan origination system, designed for community banks, into its existing suite of services like core processing, digital banking, and cybersecurity.

• Hawthorn River's platform supports all loan types, enabling community banks to manage both consumer and commercial loans efficiently. The acquisition will also enable CSI to offer single-point loan origination solutions to non-CSI community banks through strategic partnerships and API integrations.

• The acquisition follows a successful commercial partnership between CSI and Hawthorn River, building on their technical integration. CSI's recent collaborations include partnering with Dragonfly Financial Technologies for enterprise-level business banking solutions and Hawk:AI for anti-money laundering and fraud prevention technologies.

SellersFi Secures New Credit Facility of Up to $300M:

1. SellersFi, a New York-based fintech startup focused on e-commerce platforms, has obtained a $135 million credit facility from Citi and Fasanara Capital, with potential expansion to $300 million as the company grows. This credit facility includes senior capital from Citi and a portion from Fasanara, alongside mezzanine capital exclusively from Fasanara.

2. Established in 2017 and formerly known as SellersFunding, SellersFi uses AI-driven credit scoring models to provide working capital and cash management solutions to e-commerce merchants. The company previously raised $166.5 million in a Series A funding round in 2021, combining equity and debt.

3. SellersFi's recent financial milestones include an undisclosed equity investment from MUFG Innovation Partners (MUIP), aiming to enhance its product offerings, expand its portfolio, and upgrade its technological infrastructure. CEO Ricardo Pero highlights this as a crucial step for growth in the current economic climate, supporting both existing and new partners and the financing needs of e-commerce businesses.

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