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DeFi Startup Gro Secures $7.1M in Seed Funding to Make Decentralized Finance Market More Accessible

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Gro has acquired $7.1 million via a seed round in order to make DeFi more accessible

The Gro team writes in a blog post that they’re pleased to confirm that some great business partners and investors have helped them with building their vision of “simple” yet powerful financial services “for everyone.”

The Gro team stated:

“With this seed round we will accelerate onboarding of talent into DeFi and gro our products. Are you great with code, memes or people? Join the DeFi movement!”

The company’s investment round was led by Galaxy Digital and Framework Ventures, along with participation from Variant, Northzone, Nascent, a_capital, and 3AC.  As noted in a blog post, several “insightful” builders decided to join the round, including the founders of DeFi protocols Aave, Compound and Synthetix.

As stated in the release:

“With interest rates at record lows and people sometimes even having to pay banks to take their deposits, there is a huge demand for returns. Many have turned to cryptocurrencies to speculate on price increases — but a new movement offers compelling returns without the volatility that cryptocurrencies are known for.”

Decentralized finance or DeFi allows individuals to access digitized pounds and dollars in order to profit from nascent financial services, without having to bet on the Bitcoin or BTC price, the announcement noted.

As stated in the announcement:

“DeFi is reinventing traditional financial services like lending, trading and insurance as open and transparent protocols. Protocols allow for faster innovation and permissionless integration which drive efficiencies that ultimately deliver more value to people. But DeFi still requires technical expertise and has become exclusionary as a result — Gro is building products for people to have simple and friendly access to DeFi.”

The Gro team further noted that their mission is to empower everyone to easily create and share wealth, by leveraging the best of decentralized and traditional finance. Gro says that its products will offer “value propositions only seen in DeFi with user experiences from finance and consumer tech.”

The announcement confirmed:

“The first product is a protocol that will enable access to optimized stablecoin yield and increased protection. Over the coming weeks we are unveiling more details and will gradually open up the protocol to users.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/04/173815-defi-startup-gro-secures-7-1m-in-seed-funding-to-make-decentralized-finance-market-more-accessible/

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Elon Musk Yanks Tesla Purchases with Bitcoin Due to Mining Cost, Bitcoin Tanks

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Elon Musk has once again altered the trajectory of a cryptocurrency – this time with  Bitcoin. Via Twitter, Musk announced that Tesla will no longer accept Bitcoin due to concerns regarding the cost and affiliated energy usage in Bitcoin mining.

Musk stated:

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.”

Musk added that Tesla will NOT be selling any Bitcoin and will use it for transactions while looking at other more energy friendly cryptocurrencies.

Following his Tweet, Bitcoin tanked to under $50,000.  Just last month, Bitcoin topped $63,000.

Musk continues to hold an impressive sway over the trajectory of the crypto markets. Following his appearance on Saturday Night Live, where he admitted Dogecoin was a hustle (in jest), the cryptocurrency quickly dropped in value too.

Now yesterday, Musk posted a survey on Twitter asking followers if Tesla should accept Dogecoin. Out of almost 4 million votes, over 78% of responders said yes. So perhaps you will be able to buy a Tesla with Doge? It could happen….

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175296-elon-musk-yanks-tesla-purchases-with-bitcoin-due-to-mining-cost-bitcoin-tanks/

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Tencent Finance Academy and Hong University of Science and Technology to Support Fintech Education Programs

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The Hong Kong University of Science and Technology (HKUST) has reportedly committed to a Memorandum of Understanding (MoU) with the Tencent Finance Academy (TFAHK) in order to support local Fintech talent.

By leveraging HKUST’s solid academic foundation in Fintech and Tencent’s extensive industry experience, the MoU will focus on forming a strategic partnership in supporting the development of financial technology solutions. This will be achieved by assisting talented individuals (in Hong Kong) and working cooperatively on education, research and development (R&D) initiatives.

Per the MoU, HKUST and Tencent Finance Academy have agreed to work on various Fintech case studies for tertiary education, with the aim to offer real business solutions. Students can expect to improve their knowledge on Fintech platforms by taking part in this initiative.

HKUST and Tencent Finance Academy will also work cooperatively on creating a curriculum for Fintech, with HKUST leveraging Tencent’s business experience in order to support the development of an innovative talent model.

Other projects reportedly include key internship opportunities for HKUST students, joint Fintech-focused R&D initiatives, guidance on carrying out research and various educational outreach programs to enhance public awareness of the benefits of Fintech solutions.

Hong Kong’s Chief Executive Carrie Lam stated (during her speech):

“I thank TFAHK for its long-standing commitment to and support for nurturing young fintech talents, and I hope all young people attending the forum today can equip themselves to take part in the integration of fintech development in the GBA. This will provide better career development for themselves and contribute to the development of Hong Kong, the GBA and the nation.”

HKUST President Professor Wei Shyy remarked:

“We have launched our first fintech postgraduate program jointly by Schools of Business and Management, Engineering, and Science. We have also been actively collaborating with multiple banks and other enterprises. Today we are delighted to join hands with Tencent to further our efforts on creating new knowledge and nurturing talent in a context which HKUST can make substantial contributions.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175259-tencent-finance-academy-and-hong-university-of-science-and-technology-to-support-fintech-education-programs/

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London based Napier, Provider of Anti Financial Crime Compliance Tools, to Offer Transaction Screening to ClearBank

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London-based Napier, a provider of anti-financial crime compliance solutions, has revealed that it will be offering ClearBank, the Cloud-powered clearing bank, with its Transaction Screening system.

As a purpose-built, tech-enabled clearing bank, ClearBank provides Cloud-based banking services to financial service providers, FCA-regulated companies and Fintech firms.

ClearBank‘s updated Transaction Screening system, developed on Napier’s AI-powered tech stack, will enable ClearBank to identify sanctioned persons and other entities in payments. The system should also help lower the number of false positives and provide accurate alerts on potential risks.

Stuart Morley, CIO at ClearBank, stated:

“As with all financial organisations, it is imperative that ClearBank has a robust sanction screening program in place to support the industry in its constant battle against financial crime. Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance. We feel this has the potential to become a long-term partnership with the RegTech provider.”

Napier works cooperatively with institutions like ClearBank to offer its AI-powered platform for “intelligent” KYC, AML and trade compliance. The company reports doubling its yearly revenue. Recently, Napier has also been focused on strengthening its senior management team while onboarding new global clients.

Andy Maguire, the former HSBC Group COO and BCG Global Banking Chair, has joined Napier as a Board Advisor. The Regtech firm has also been named as the official anti-money laundering (AML) and counter-terrorism financing (CTF) tech platform for Australia Post.

Julian Dixon, CEO at Napier, remarked:

“We are honored to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency. We are going to be building on this new relationship with ClearBank by partnering on future cutting-edge product development too, so there’s a lot to look forward to that will really raise the bar for the industry as a whole.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175249-london-based-napier-provider-of-anti-financial-crime-compliance-tools-to-offer-transaction-screening-to-clearbank/

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JPMorgan Is Working with Bahrain’s Central Bank and Bank ABC to Launch Real-Time Cross-Border Payments, May Work on CBDCs Later

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The reserve bank of Bahrain is reportedly working with J.P. Morgan (NYSE:JPM) and Bank ABC in order to launch a real-time cross-border payments system (as part of a digital currency settlement pilot program).

Bank ABC and J.P. Morgan will be conducting tests including the transfer of money from and to the Middle Eastern Kingdom of Bahrain in USD or for payments made by buyers to suppliers.

The central bank of Bahrain will be serving as a key partner in the pilot program carried out between the local Bank ABC and J.P. Morgan. It’s expected that this partnership and program will be extending further and may include the development of a central bank digital currency (CBDC).

H.E. Rasheed Al-Maraj, Governor of the Central Bank of Bahrain, stated:

“We at the Central Bank of Bahrain are extremely pleased to announce this collaboration which is in line with our vision and strategy to continually develop and enrich the capabilities extended to the stakeholders within our financial services sector in the Kingdom using emerging technologies. Through this pilot with J.P Morgan and Bank ABC, we aspire to address the inefficiencies and pain-points which exist today in the traditional cross-border payments arena.”

Ali Moosa, Vice Chairman of Wholesale Payments at J.P Morgan, remarked:

“J.P. Morgan ONYX has been setup with the mandate to lead the buildout of next generation clearing and settlement infrastructures and we are delighted to partner with a leading central bank and regulator like the CBB and an innovation-focused partner like Bank ABC to lead the buildout of a next generation payment and settlement infrastructure.”

The rapid advancement of Fintech platforms is allowing companies and businesses across the globe to conduct seamless digital transactions instantly and at very low costs.

As reported recently, DBS teamed up With JPMorgan and Temasek in order to launch blockchain-based cross-border payments.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175262-jpmorgan-is-working-with-bahrains-central-bank-and-bank-abc-to-launch-real-time-cross-border-payments-may-work-on-cbdcs-later/

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