Virginia Passes Crypto-Friendly Bill to Foster Blockchain Expansion

Hi NoRamp Community,

Daily News:

1) Tether Launches Recovery Tool for Migration Across Chains

2) Prometheum Adds Morgan Stanley Alum as CFO

3) Virginia Passes Crypto-Friendly Bill to Foster Blockchain Expansion

4) Yuno Reaches $150M Valuation With Backing From DST, Tiger, a16z

5) PNC Teams With Koxa to Offer Embedded Banking

Tether Launches Recovery Tool for Migration Across Chains:

• Tether has launched a recovery tool to enable the migration of its USDT stablecoin between different blockchains, ensuring uninterrupted access in case of disruptions on any of the 14 blockchains where USDT is present.

• The tool allows users to verify ownership of their addresses on an unresponsive blockchain and indicate a recipient address on another supported blockchain, facilitating secure transfer of USDT between the two addresses.

• The launch comes as Tether's market capitalization surpasses $100 billion, maintaining its position as the third-largest cryptocurrency by market cap and boasting the highest daily trading volume among cryptocurrencies.

Prometheum Adds Morgan Stanley Alum as CFO:

• Prometheum, the only company with a special purpose broker-dealer license from the US Securities and Exchange Commission, has appointed Albert Meo, a former executive director at Morgan Stanley, as its chief financial officer.

• Meo will oversee financial planning, reporting, and liquidity risk management at Prometheum, bringing his expertise in regulatory policy and compliance from his tenure at Morgan Stanley.

• The appointment follows Prometheum Capital's announcement in February that it would begin its custody service with ether as its first asset, raising questions about ether's classification as a security or commodity by the SEC. Prometheum plans to launch trading services in the second quarter of 2024.

Virginia Passes Crypto-Friendly Bill to Foster Blockchain Expansion:

• The Virginia Senate passed Senate Bill No. 339, creating a workgroup to study and expand blockchain technology, digital asset mining, and cryptocurrency in the state.

• The bill received strong support in the Virginia House of Delegates, passing with 97 votes in favor, and aims to exempt miners from obtaining money transmitter licenses.

• The workgroup, consisting of 13 members from various sectors, has a deadline of November 1, 2024, to complete its studies and make recommendations for fostering the cryptocurrency ecosystem in Virginia.

Yuno Reaches $150M Valuation With Backing From DST, Tiger, a16z:

• Yuno, a Colombian payments startup, has seen a shift in perception towards payment orchestration among large companies, with many now actively seeking solutions for integrating multiple payment providers and financial institutions into a single layer.

• The company, which launched its product in October 2022, offers over 300 payment methods, fraud detection capabilities, one-click checkout, and advanced smart routing technology, and has facilitated transactions in over 40 countries worldwide with enterprise clients like McDonald’s and Avianca.

• Yuno recently raised $25 million in a Series A funding round led by DST Global Partners, bringing its valuation to $150 million, and plans to use the funds to expand its presence in Asia, Europe, and Africa, and continue building its payment infrastructure orchestration platform.

PNC Teams With Koxa to Offer Embedded Banking:

• PNC has partnered with treasury platform Koxa to launch an embedded banking offering for its clients using the Workday ERP system, enabling them to access real-time balance and transaction information and manage payments directly within their ERP system.

• The collaboration reflects the growing trend of digital banking and open banking driving partnerships between banks and FinTechs, with banks leveraging FinTech technology and user experiences to enhance their digital offerings.

• The integration highlights the importance of collaboration in the banking industry, as more financial institutions recognize the need to partner with FinTechs to meet customer expectations and strengthen their digital banking services.

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