Episode 1

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Published on:

2nd Feb 2023

Web3 with FTC - Fed Says NO, Sidechain gets a toolkit, Floor buys WGMI, & $70M for Core Scientific

Web3 with FTC  For February 2nd 2023

Fintech Confidential's Web3 with FTC your daily dose of the latest news and insights in the world of Web3, blockchain crypto, and Fintech.

 Today's Updates

1️⃣ Federal Reserve's decision on Custodia Bank's membership application

2️⃣ Cardano Launches Sidechain Toolkit

3️⃣ Floor Acquires NFT analytics platform WGMI.io

4️⃣ Core Scientific plans to borrow $70 million

Also, watch the entire episode on youtube.

https://youtu.be/CwAbk9xQ0Wg

Links:

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This is a Production of Diamond D3, Media

ABOUT:

Tedd Huff: President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential and Head of Corporate Strategy at Corvia. 

Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

Transcript
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​ Tedd Huff - 002: Welcome to Fintech

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latest news and insights in the world of Web3, blockchain crypto, and Fintech.

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I'm Tedd Huff, and this is your daily dose of Web3 with FTC For

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February second twenty twenty three

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Today, we bring you updates on

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the Federal Reserve's decision on Custodia Bank's membership application,

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the launch of Cardano's Sidechain Toolkit, Floor Acquires NFT analytics

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platform WGMI dot i o, and Core Scientific plans to borrow $70 million.

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Our first story is

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about the U.S.

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Federal Reserve Board Denying Custodia Bank's Membership Application

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The U.S.

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Federal Reserve Board has denied Wyoming-based Custodia Bank's application

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to become a Federal Reserve member.

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According to the Fed, Custodia's crypto-focused business model needed

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to be more consistent with safe and sound banking practices, and cited its

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lack of Federal Deposit Insurance and insufficient risk framework as red flags.

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Founded by Wall Street veteran Caitlin Long, Custodia Bank, formerly Avanti

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Bank, aims to bridge the gap between traditional finance and crypto.

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With the passage of 13 crypto laws in Wyoming, the state has become a hub

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for crypto projects and companies.

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The Federal Reserve's decision shows that a state charter does not guarantee

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admission as a Federal Reserve member.

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Custodia Bank could be fighting a losing battle unless laws are

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refreshed to include crypto custodians.

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Custodia was surprised and disappointed with the Federal Reserve's decision,

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as they believe to have exceeded the regulation requirements

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governing traditional banks.

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This rejection is something that they will most likely continue to litigate.

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After a long awaited release Cardano Finally Launches Sidechain Toolkit

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Cardano, the proof-of-stake blockchain network, has finally

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launched its Sidechain Toolkit.

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Developed by Input Output Global, the toolkit offers a wealth of new

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possibilities for stakeholders, including enhanced revenue streams for

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Stake Pool Operators and delegators, as well as new platforms for

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innovation and custom-built solutions.

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Input Output Global expects the Sidechain Toolkit will create

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a wealth of new possibilities.

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From more revenue streams for Stake Pool Operators and delegators to

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new platforms for more innovation and custom-built solutions.

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With the aim of being the most-used blockchain protocol ahead of Ethereum,

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Cardano has paid serious attention to the consistent improvement

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and upgrading of its network.

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The Sidechain Toolkit allows developers to build an entirely new sidechain with

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its own consensus mechanism and algorithm.

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Floor, the startup behind the NFT portfolio tracking app, has made a

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big move to expand its offerings.

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They've acquired NFT analytics platform WGMI.io to enhance the app's

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capabilities and reach a wider audience.

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The acquisition will allow Floor to deliver a more complete experience for

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NFT collectors by integrating WGMI's analytics features into the platform.

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Floor CEO and co-founder Chris Maddern shared that the acquisition of WGMI.io

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provides an opportunity to add new features like trading analysis and trait

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pricing, where users can track demand for specific traits of NFT projects.

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In the long term, the aim is to present information and signals from the community

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to NFT collectors in a decentralized fashion, creating a hub for NFT owners.

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Despite the bear market conditions in the NFT market last year, Floor claims

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to have seen a 700% increase in its user base, with more than 10,000 active users

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and over 22,000 crypto wallets tracked.

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Floor also accounted for 8% of sales on the leading NFT marketplace,

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OpenSea, in December, pointing to a plugged-in audience of traders.

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Floor's larger vision is to become the go-to destination for NFT collectors,

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providing a one-stop hub for NFT owners to view their assets, track

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trends, receive project updates, and stay connected with the community.

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Floor has been steadily growing its user base, even during the NFT bear

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market, and aims to continue to provide the most comprehensive NFT tracking

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and analysis platform available.

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Our last story for today is.

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Bitcoin miner, Core Scientific, has agreed to borrow $70

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million from investment bank B.

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Riley.

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The loan will help the company replace an existing facility and

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keep it running as it goes through the Chapter 11 bankruptcy process.

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If the bankruptcy court approves, the loan will give the company up to 15 months

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of financial runway and flexibility.

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Core Scientific accounted for around 10% of the computing power on the

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Bitcoin network at the time of its bankruptcy filing in December.

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We'll keep a close eye on the progress of Core Scientific's

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request for loan approval.

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As the bitcoin mining industry continues to face challenges from declining crypto

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valuations and rising electricity costs, it will be interesting to see how this

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move affects the future of the company and the broader bitcoin mining industry.

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That's all the news for now, but stay tuned to Fintech Confidential for

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more news and insights on the world of Web3, Blockchain, crypto, and Fintech.

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And remember to follow us on our Telegram Channel, Linkedin, Facebook,

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and Instagram, and sign up for the latest news delivered straight to your inbox at

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access dot fintech confidential dot com.

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until next time; this is Tedd Huff signing off.

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Fintech Confidential
Bringing you the people, Tech, and Companies that change how you pay and get paid.
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About your host

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Tedd Huff

20 plus year veteran of Fintech, giving merchants and SaaS businesses control over their Payments destiny, global PSP/Payment Facilitator advisor.

💎 Founder/President of Diamond D3
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