Discover more from Future of FinTech Newsletter
Worldwide Web3 Wonderland | Edition #35 – Aug 2023
Summary of news from 1st to 14th Aug 2023
Hello, fellow Web3 explorers!
It's time for yet another thrilling chapter of the most recent release of the Worldwide Web3 Wonderland as the weekend approaches. The wonders of this ever-expanding world never cease to astound, and the momentum is only growing as institutional investors swarm to tap into its limitless possibilities. Let's dig in and see what fresh wonders are waiting for us!
Subscribe to join the fascinating world of web3 and keep up with all of its cutting-edge innovations! 🚀
We interrupt our usual segment of delivering the freshest of headlines from the web3 sphere to bring you an enticing treat: our latest blog exploring the big picture of embedded finance and how it’s taking shape in Canada.
Step into 2023, the year of embedded finance's undeniable rise. This subtle yet potent wave has transformed into a resounding trend, echoing across industries. Imagine financial services seamlessly interwoven into everyday experiences. That's the power of embedded finance, reshaping non-financial platforms into financial hubs for their users.
Intrigued by this revolution? Ever wondered how brands dive into this integration? Curious about its global impact?
Our brand-new blog spills the beans on how companies are conjuring up this fusion, letting non-financial platforms dish out financial goodies straight to you. First, we journey through the global landscape, where embedded finance has been stirring up a storm. From the world stage, we zoom in on Canada, dissecting the embedded finance frenzy that's reshaping the Great White North's financial landscape.
Ready to explore? Read on! 📖
Now, for our curated collection of the #Top10 noteworthy web3 news stories of August, ensuring you stay well-informed about the latest developments in the web3 universe:
Payment powerhouses were seen jumping the web3 bandwagon, with Visa testing a new solution employing Ethereum’s ERC-4337 standard and the “Paymaster” smart contract that enables on-chain gas fees to be paid using a Visa card. In parallel, PayPal unveiled PayPal USD, a U.S. dollar-denominated stablecoin, to reduce friction for in-experience payments in virtual environments. PayPal USD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company.
Not only that, but Spanish football club FC Barcelona also secured a €120M ($132M) investment from Libero Football Finance AG and Nipa Capital BV for their Web 3.0 effort Barça Vision – an initiative to integrate all digital content centred on Web 3.0 blockchain.
Bigtechs were equally observed making big bets on web3 moves – Microsoft and Aptos Labs joined forces to enhance Web3 accessibility globally, with a focus on the overlap between blockchain technology and artificial intelligence. The collaboration includes implementations of a financial services solution, Aptos Assitant AI chatbot, and a GitHub Copilot Integration. Additionally, Google and Polygon partnered with Chaincode Consulting and India Blockchain Forum to introduce the SUTR sandbox, facilitating testing and deployment of decentralized applications with pre-built DApps for various purposes.
Regulation has also ramped up as of late in the web3 realm. DigiFT, a security token DEX enrolled within the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox, launched the DigiFT U.S. Treasury Token ("DUST"), offering an on-chain path to accredited and institutional investors to invest in U.S. Treasuries through blockchain. Meanwhile, the U.S. Federal Reserve enhanced its supervision of digital asset activities in commercial banks to foster innovation and uphold sector integrity. This effort coincides with increased regulatory scrutiny on digital asset service providers by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
That’s not all - Toyota's Gazoo Racing division partnered with Toyota Connected North America (TCNA) to introduce personalized digital trophies deployed on the Polygon Blockchain for the GR Cup Series in North America, providing insights into driver statistics, podium finishes, finishing positions, and lap times. Concurrently, Chainlink collaborated with Coinbase to integrate its tools into BASE - Coinbase’s new blockchain - for efficient DeFi app creation using Chainlink's strong price oracle infrastructure.
Meanwhile, Jellyfish Mobile, a web3-integrated Mobile Virtual Network Operator (MVNO), launched to provide users true ownership of their wallets, secure ID, and seamless payments, emphasising convenience and user-centricity. Their co-branded eSIM/uSIM technology with prime crypto exchanges (CEX) aims to reshape brand visibility and user loyalty, with a mission to deliver the most cost-effective solutions without compromising on quality or reliability.
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.
Our latest publications include –
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.
FinTech research is in the WhiteSight DNA, so if you'd like to get in touch for features, sponsorships, and content marketing services, reach out to us at email@example.com.