Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news. In this edition, we explore various developments that are advancing the crypto and blockchain ecosystem.
BankSocial Launches Defy Federal Credit Union
A team at startup BankSocial is making waves with its plan to launch Defy Federal Credit Union. This credit union aims to offer users the ability to buy and sell digital currencies, as well as maintain fiat currency deposits using distributed ledger technology. Members of the union will have access to BankSocial’s platform, including its self-custody crypto exchange for trading currencies like bitcoin and ether, along with a deposit account. John Wingate, the chief executive and founder of BankSocial, envisions the credit union as a template for other credit unions to participate in the evolving Web3 ecosystem.
Quote: “Our end goal is not to create the largest credit union ever invented with [the proposed] Defy Federal Credit Union, but rather to create a template.” – John Wingate, CEO and Founder of BankSocial
BankSocial received a strategic investment from The Hashgraph Association, a non-profit organization dedicated to promoting the adoption of decentralized ledger technology (DLT) network Hedera. This investment signifies a step forward in BankSocial’s mission to drive innovation and accessibility in the crypto space.
Seagrass Wallet and Decentralized Digital Identity
The Hashgraph Association has partnered with Seagrass, a subsidiary of E.ON, to develop the Seagrass Wallet. This Web3 identity wallet aims to provide users with a decentralized digital identity and wallet that relates to their carbon projects. The wallet enables transparency by showcasing environmental, economical, and project data to buyers and developers. By creating, storing, and presenting digital identities with verifiable credentials, Seagrass Wallet aims to foster trust and accountability within the crypto and blockchain ecosystem.
Quote: “It provides users with a decentralized digital identity and wallet that relates to their carbon projects.” – Seagrass
The testing phase for Seagrass Wallet is currently underway, and it is expected to be available to clients in 2024.
Conio Expands Digital Asset Offerings
Conio, a fintech company partially owned by Poste Italiane and Banca Generali, has added Coinbase Prime as a liquidity provider. This collaboration allows Conio to offer Italian banks and financial institutions a faster and more secure channel to access Coinbase’s liquidity for digital asset trading. With over 400,000 private clients, banks, and financial institutions, Conio aims to solidify its position in the Italian digital asset market by expanding its support for various tokens and extending its custody technology beyond Bitcoin to other popular EVM blockchains like Ethereum, Polygon, and Avalanche.
OrangeX Innovation Fund Boosts Bitcoin Ecosystem
Cryptoasset exchange OrangeX has announced its $5 million Innovation Fund, aimed at supporting and propelling blockchain innovation within the Bitcoin ecosystem. The fund will invest in promising projects, with a focus on Ordinals Protocols and BRC-20 standard tokens. In addition to the fund, OrangeX has introduced various products and services tailored to the Bitcoin ecosystem, including token trading, ecosystem information, and a token launchpad.
Quote: “OrangeX’s Innovation Fund stands ready to provide crucial capital and infrastructure support to empower the community in building a resilient and flourishing Bitcoin ecosystem.” – OrangeX
KuCoin Labs Invests in Dovi for Bitcoin Layer 2 Solutions
KuCoin Labs, the incubator and investment arm of KuCoin crypto exchange, has made a strategic investment in Dovi. Dovi is focused on developing innovative solutions for Bitcoin Layer 2, aimed at improving user experience and transaction efficiency within the BTC ecosystem. KuCoin Labs continues to prioritize incubating BTC-native projects and investing in the growing BTC ecosystem. BTC-native projects are encouraged to apply for financing or incubation opportunities through the official website.
By expanding the Bitcoin ecosystem and embracing innovative technologies, these initiatives are driving the adoption and integration of crypto and blockchain into various industries.
