FinTech news in digital currencies category

Coinbase and Robinhood already dominate the crypto exchange space, but Rush believes Stack stands out from the crowd by offering features like access to the tax and control advantages of a Uniform Transfers to Minors Act (UTMA) account and a trading environment designed specifically for teens. The founding team has an eclectic background that includes teen fintech app Copper and securities for Rush, while Mascarenas helped digitize the cookie ordering system for the Girl Scouts and Young was a T-Mobile engineer. He would also see Reddit posts from teens trying to get into crypto using their parents’ information to create an account on exchanges like Coinbase or Robinhood and having them be frozen — and rightly so — for not being of-age to have an account. How the upcoming Ethereum Merge could change crypto rewards, costs and reputation Edited to change the name of the company to Stack instead of Stack.io.

Other investors in the round include PrimeBlock Ventures, M77 Ventures, ShataCapital, Kryptos, Antalpha Ventures, Waterdrip Capital, 7 O’Clock Capital, Misa Zhu, founder of AR glasses maker Rokid and Fan Zhang, a former co-founder of Sequoia Capital China. Other startups are also using MPC to enable distributed signing of crypto transactions, but Wang pointed to the fact that Safeheron is open-sourced, which gives its clients more transparency into its source codes. Since its product launch in October, Safeheron has powered over 20 clients, which altogether have more than $100 million in cryptocurrencies under custody and have facilitated more than $4 billion worth of transactions using Safeheron’s wallet as a service, according to Wang. Private keys, critical to decentralized crypto apps, let individuals take control over their digital assets through self-custody wallets rather than leaving control to a centralized institution.

BlackRock’s Aladdin investment management platform will offer connectivity to Coinbase Prime to offer crypto trading, custody, prime brokerage, and reporting capabilities to shared clients.

Many hacks and bugs in the web3 space occur because the production system is poorly put together due to lack of ability to build in an early-stage environment, Marchetti said. Long term, Kurtosis plans to continue building tools that simplify engineers’ ability to build on web3, Marchetti said.

DSCVR, a blockchain-based social network built on Dfinity’s Internet Computer protocol, has entered the race to build a scalable DeSo platform with $9 million in seed funding led by Polychain Capital. Porter said he made that decision after meeting Dfinity’s president and chief scientist, Dominic Williams, while Porter was working on a blockchain-based smart contract project as a consultant at BCG. His first project was to build a message board on the protocol, which he said exposed him to the need for web3 communities and inspired his decision to build a social network. The communities help NFT projects build hype by airdropping digital assets to DSCVR users, co-founder and CEO Rick Porter told journalist in an interview.

Other major crypto companies have also been slowing hiring in response to a downturn in prices – Coinbase, Gemini close competitor, announced plans last month to reverse its prior headcount growth projections, and Latin American crypto exchange Bitso let go of 80 employees last week.

Choi noted that headcount growth is a key input in the company’s financial model, and that slowing the rate of hiring is important in ensuring Coinbase can reach the profitability guidance it has set for investors.

Terraform Labs, the organization behind UST, cryptocurrency Luna and Luna Foundation Guard, emptied its treasury wallet of all of its bitcoin, about 42,530 bitcoin, or $1.3 billion, on Monday.

Uniswap joins a growing segment of crypto-native companies now formally dedicating resources to investing in other companies in the space, including crypto exchange FTX and DeFi protocol Cake, which both recently launched venture funds. Before launching this dedicated venture arm, Uniswap invested in 11 companies and protocols across the web3 ecosystem, including Tenderly, LayerZero, MakerDAO, Aave, Compound Protocol and PartyDAO, the company says. Uniswap Labs, the company behind the popular decentralized finance (DeFi) protocol, has launched a venture capital arm to invest in web3 projects

Taro will support developers transferring assets on the Bitcoin Lightning Network by executing hundreds of thousands of transactions per second, a much greater volume than what the Bitcoin network could otherwise support, Stark said. Taro is the latest of multiple products Lightning Labs has built specifically for the Lightning Network, which is a layer-two solution that makes the Bitcoin blockchain more efficient.

Payments giant Stripe already powers a pretty major swath of the web financial infrastructure, now it’s launching crypto payments support to give customers an easier path to onboard web3 users and interact with cryptocurrencies.

Up top we can see that retail trading activity in volume terms remains a fraction of its institutional volume; bear in mind, however, that retail investors generate not only the vast bulk of Coinbase’s trading revenues, but also the preponderance of its total top line.

The grant sparked a closely collaborative relationship between Nomic and the Ethereum Foundation that resulted in the latter becoming Nomic’s single funding source before Nomic’s pivot to nonprofit status, Zeoli said.

Coinbase, one of the world largest crypto exchanges, announced an exclusive partnership earlier this week with crypto tax and portfolio tracking provider CoinTracker, meaning Coinbase users will get access to CoinTracker’s software at a discounted price.

Web3Auth, a non-custodial key infrastructure solution for web3 apps and wallets, wants to solve these problems by leveraging social accounts and devices that mainstream users already own to enable users to manage their keys intuitively.

This noticeable shift of influence toward ultra-high-net-worth individuals and firms among bitcoin and other crypto circles goes against the very ethos that the Bitcoin white paper was based upon when it described a peer-to-peer electronic cash system.