Worldwide Web3 Wonderland | Edition #31 – June 2023
Summary of news from 3rd to 12th June 2023
Greetings, Web3 Explorers! 👋
As we enter yet another enjoyable weekend, it's the perfect opportunity to delve into the captivating world of Web3 and discover the exhilarating events that have taken place. This dynamic digital environment never ceases to surprise us with its infinite possibilities, attracting the interest of institutional investors who are eagerly delving into its extraordinary potential. Which is why we bring you the freshest edition of the WWW newsletter, serving as your trusted companion to keep you updated on all the happenings in this ever-evolving domain!
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Last week Apple announced the ability for businesses to accept digital IDs in the Apple Wallet to verify personal information. This opens up a whole new realm of use cases for ID verification in various scenarios – going to a bar, a concert, or renting a car.
Apple's vision to become your actual wallet, but just digital, is very real and slowly taking shape. So is its vision to become an embedded finance powerhouse with Apple Pay, Apple Card, savings accounts, and more.
Looking to understand this vision more clearly? Well, we've got the analysis all ready for you. Check out Apple's Embedded Finance Playbook now.
Back to regular programming now – sit back and relax, as we ensure you don't miss a beat via our handpicked selection of the top 10 highlights from the web3 world:
Witnessing the convergence of innovation and art, Alchemy Pay and Mastercard teamed up to unveil NFT Checkout- a direct payment solution for digital artwork that empowers NFT enthusiasts worldwide to effortlessly purchase and transact with digital collectibles. Meanwhile, Alibaba’s e-commerce platform AliExpress plans to launch NFTs in partnership with NFT project the Moment3.
Powerhouses in the digital realm witnessed a fusion of collaborations as Tencent Cloud joined forces with Chainlink Labs, fostering the growth of the Web3 ecosystem and NASDEX formed a strategic partnership with Rio Exchange, enabling NASDEX to provide licensed security products and services through their platform. In another groundbreaking collaboration, Zodia Custody, a subsidiary of Standard Chartered Bank, teamed up with Blockdaemon to offer institutional clients a secure crypto-staking solution, capitalising on Ethereum's transition to proof-of-stake.
Embracing a new era of seamless financial transactions, Xapo Bank, a licensed private bank, joined forces with the SEPA network, opening up a world of effortless Euro fund transfers for its valued members.
Circle Singapore obtained a major payment institution licence from the Monetary Authority of Singapore. This milestone empowers Circle Singapore to provide cutting-edge digital payment token services and seamless money transfer solutions in Singapore while Bank of China's investment bank, BOCI, pioneered the issuance of fully digital structured notes worth $28 on the Ethereum blockchain, marking a historic milestone as one of the first Chinese institutions to issue tokenised securities in Hong Kong.
Summing up developments in the legal realm, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Coinbase, while also declaring 13 tokens, including Solana, Polygon, and Cardano as securities, while the U.S. Commodity Futures Trading Commission (CFTC) emerged victorious in a lawsuit against Ooki DAO for their involvement in offering unregistered commodities.
Web3 Word Of The Week: Proof-of-Stake
Proof-of-stake is a consensus mechanism, which makes sure that only legitimate transactions get added to blocks. It is a method of maintaining integrity in a blockchain, ensuring users of a cryptocurrency can’t mint coins they didn’t earn.
That's all for now!🤘
We hope you enjoyed this edition of the Worldwide Web3 Wonderland!
If you're hungry for more fintech insights, check out some of our other work at WhiteSight.
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If you're someone who likes 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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