Vatican Library Launches NFT Project for Cultural Preservation

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Daily News:

1) Vatican Library Launches NFT Project for Cultural Preservation

2) Solana Creator Platform DRiP Haus Targets July For Mobile App Release

3) Stripe to Let Employees Cash Out Shares for Third Time

4) JP Morgan & WeRealize Settle Viva Wallet Lawsuit

5) Digits Enhances Startup Financial Tools with Basis Finance Acquisition

Vatican Library Launches NFT Project for Cultural Preservation:

• The Vatican Library announced plans to expand Web3 adoption by issuing non-transferable NFTs to supporters of its manuscript collections. Currently, the project targets Italian donors, who can receive "Silver NFTs" for promoting the project on social media or "Gold NFTs" for donations, granting access to high-resolution images of manuscripts.

• The library partnered with Japanese tech giant NTT DATA to leverage Web3 for stronger online community engagement. NTT DATA plans significant investments in Web3 infrastructure and aims to launch a crypto wallet by the end of 2024. The Vatican Library also hinted at future virtual or augmented reality tours of its collections.

• This Web3 initiative continues the Vatican Library's mission of public outreach, with roots dating back to the 4th century. The library has modernized its website to offer improved search features and access to digitized treasures, making its ancient collections more accessible to the public.

DRiP Haus Targets July For Mobile App Release:

• Solana creator platform DRiP Haus plans to release its mobile app on Android and iOS in July, featuring a natively embedded wallet for easier user onboarding, according to founder and CEO Vibhu Norby. The app is currently in alpha testing, with the release timing dependent on app store approvals.

• DRiP Haus allows creators to distribute digital works like art and music, receive payments, and tips. The platform is expanding to include news, video, and podcasts, which will be directly accessible in the app and in compatible wallets like Phantom. Norby highlights the advantage of retaining content ownership in users' wallets, unlike other subscription platforms.

• Despite a peak of 160,000 daily active wallets, early April saw a drop to 100,000 due to Solana blockchain congestion. DRiP Haus switched from automatic collectible airdrops to a manual claim process, affecting minting numbers. Norby emphasizes that DRiP's focus on delivering tokenized content, including NFTs, mitigates the broader decline in NFT trading interest.

  

  Source: PYMNTS

Stripe to Let Employees Cash Out Shares for Third Time:

• Stripe plans to allow employees to cash out some of their shares, continuing a practice done twice before. Co-founder John Collison confirmed this trend during an interview, indicating no rush for an IPO, emphasizing the company's focus on growth and product development instead.

• In February, Stripe was valued at $65 billion following a share sale deal involving over $1 billion in stock purchased from current and former employees. This move aimed to offset dilution from employee equity compensation programs. CFO Steffan Tomlinson highlighted the opportunity for employee liquidity and the company’s ongoing strong momentum.

• Stripe reported surpassing $1 trillion in total payment volume in 2023, a 25% increase from the previous year, accounting for about 1% of global GDP. Co-founders John and Patrick Collison emphasized the company’s robust cash flow and long-term investment strategy, enabling the development of future user needs.

JP Morgan & WeRealize Settle Viva Wallet Lawsuit:

• The High Court in London ruled on a legal dispute between JP Morgan and WeRealize over their shared ownership of Greek fintech firm Viva Wallet. The case began in February when Viva's chief Haris Karonis accused JP Morgan of attempting to reduce the fintech's value and hinder its market expansion. JP Morgan countered, claiming WeRealize violated their shareholder rights.

• Judge Clare Moulder's verdict supports both parties' arguments and establishes measures to ensure the accurate valuation and growth of Viva Wallet. The ruling mandates that Viva should be valued based on its full market potential, including its US expansion plans, and that financial projections should extend to at least 2030.

• Karonis welcomed the ruling, urging both shareholders to proceed with a fair valuation process reflecting Viva's actual and future value. JP Morgan described the decision as a "great outcome," emphasizing their intention to support Viva's development and clarifying that Viva is subject to US legal restrictions, refuting claims that the bank aimed to depress Viva's value.

Digits Enhances Startup Financial Tools with Basis Finance Acquisition:

• Digits has acquired Basis Finance, a platform specializing in budgeting and forecasting, to accelerate its financial planning and analysis (FP&A) roadmap. This strategic move aims to enhance Digits’ dashboard and reporting functionalities by expanding into more comprehensive financial planning tools.

• The acquisition details were not disclosed, but it comes at a critical time when extending financial runway is essential due to rising interest rates and a challenging fundraising environment. Digits automates bookkeeping for startups, while Basis Finance facilitates efficient budget creation and forecasting, integrating with various financial systems and providing robust scenario comparison capabilities.

• Following the acquisition, Basis Finance’s co-founders, Bebe Kim and Carlos Gil, along with their team, will join Digits. Bebe Kim will lead the marketing division, leveraging her GTM experience, and Carlos Gil will head the product and engineering efforts for Digits’ FP&A team, aiming for a product launch later this year. Digits CEO Jeff Seibert emphasized that good FP&A relies on clean financial data, which Digits provides, and Basis will accelerate the use of this data for forward-looking decision-making.

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