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Web3 Weekly Wonderland | Edition #19 – Dec 2022
Welcome back, Web3 wanderers!
The latest edition of the Web3 Weekly Wonderland is here to enliven the week, right in time for the holidays that are just around the corner!
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The week's Top 10 news from the decentralised world
Taking a bite into a winning development for the European crypto and NFT market, Apple announced its plans to permit third-party app stores on its devices to comply with new anti-monopolistic requirements from the European Union, thus keeping away from Apple’s 30% commission.
Another big plus for the Web3 community came from Discord integrating the Solana wallet into its Linked Roles features, allowing Discord users a ton of flexibility to verify their identity through blockchain.
Adding onto the magical moments, while Magic Eden rolled out its loyalty rewards program to award users with “Magic Points” based on secondary trading transactions on the platform, MetaMask Institutional, Cobo, and Gnosis DAO teamed up on a new soulbound token project that will cater to users’ developing digital identities; and Ledger and Merlin partnered to bring live DeFi performance analytics that will enable users to access performance metrics and profits and losses reports.
At the same time, Swiss banks Credit Suisse, Pictet, and Vontobel issued tokenised investment products on the Ethereum blockchain testnet, settling transactions with fiat currency. The tokenised securities were traded on the FINMA-regulated Swiss securities exchange BX Swiss.
The Web3 world seemed to be green with funding events – Nametag raised $2M in a seed round to support its mission of empowering users to take ownership of their own digital identities and interact in new ways, Infinite Reality announced plans to go public through a special purpose acquisition company (SPAC) by combining with Newbury Street Acquisition Corporation to raise at least $128M at a valuation of $1.85B, and Sooho.io secured $4.5M in a Series A+ funding round to develop blockchain products that will help build decentralised finance applications in South Korea.
Not everything has been sunshine and rainbows for the industry, though, with Crypto mining firm Agro Blockchain negotiating to sell its assets and trying to engage in an equipment financing transaction in an attempt to avoid filing for bankruptcy.
Web3 Word Of The Week
Distributed Ledger: A distributed ledger is a database that is synchronised and accessible across different sites and geographies by multiple participants. The need for a central authority to keep a check against manipulation is eliminated by the use of a distributed ledger.
Don't forget to check out this Web3 delight 🍩 over the weekend for a peek into the Web3 realm!
That's all for now!🤘
If you're hungry for FinTech insights, check out some of our other work at WhiteSight.
Our latest publications include a glimpse at the tokenisation of assets in 2022 in Asset Tokenisation: The Next Frontier for Partnerships in Banking and exploring revolution of core banking in Cloud-native Cores and Digital Banking Revolution
If you're someone who prefers to read think pieces, you will likely love our monthly blog Fintersections, where our team members analyse the convergence of FinTech with the world.
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