Web3 with FTC For February 8th - Visa USDC Settlements, W3E Esports, Binance Taxes=Yes WazirX=Bye , FUD Token & a16z Controversy, Web3 Auto Kingpin Keith Wilson

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"Welcome to Web3 with FTC by Fintech Confidential, the place where we

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keep you up-to-date on the latest developments in world of Web3,

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Crypto, Blockchain, NFTs, and Fintech.

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We have some twists and turns on todays show so hang on

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until the end of the episode.

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Lets get started with a few quick hits before we dive in to the details.

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Visa is joining the crypto craze and taking the settlement

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payment scene by storm.

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They're looking to settle high-value payments in USDC, backed by the almighty

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US dollar, on Ethereum's block chain.

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It's like converting foreign currency, but with a digital twist.

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So, if you're a fintech who's all about that crypto life, Visa asks; Who says

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you can't mix business with pleasure?

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Buckle up, it's about to get wild in the world of digital payments.

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Ready Player 1...

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W3E, the Web3 e sports mastermind, brings you the ultimate trifecta of

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tournaments.With the futuristic arena of EV.IO, a first-person shooter on

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Solana, as the backdrop, Web3 gaming is set to take the e-sports world by storm.

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Will you be joining the hype train or getting left behind?

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Binance and WazirX have ended their love affair and it's not pretty.

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Binance cut ties with the Indian crypto exchange after some public

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disagreement and false statements.

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Meanwhile, Binance has launched a new tax tool for crypto traders in

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France and Canada, But don't worry, Binance is considering adding more

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integrations in the future, so stay tuned for more love, and tax stories."

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Get ready for the wild ride of the crypto world with FUD!

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The latest brainchild of Justin Sun, founder of exchange Huobi, FUD is the

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FTX debt token with an initial supply of 20 million and each valued at $1.

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But hold on tight, because this token may be breaching securities laws.

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Will you take the risk and join in on the fun?

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"In the world of crypto, a vote by A 16 Z can make or break a proposal.

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And in this case, Andreessen Horowitz (a16z) just cast the deciding "no"

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vote on deploying Uniswap v3 on the BNB Chain using the Wormhole bridge.

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Keith Wilson, the automotive kingpin of the Web3 world takes

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us on the ride of a lifetime!

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This Mississippi native is the CEO of Klearcoat Labs and he's bridging

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the gap between the car industry and the blockchain community.

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With experience at Ford, Peugeot, and Rivian, this man knows

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his way around the fast lane.

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So buckle up, put your foot on the accelerator and hear more about what he

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is doing with Web3 and the Auto industry.

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there you have the quick hits.

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Now its time to dive in to more details of these storiesright here on Web3 with FTC."

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W3E, the organizer of the world’s first live Web3 esports

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tournament, has announced three new tournaments to keep the excitement

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alive in the Web3 esports scene.

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The W3E Creator Championships, W3E Company Clash, and W3E Premier League

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will take place in the futuristic arena of EV.IO, a first-person shooter on Solana.

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On Feb.

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23, 2023, the W3E Creator Championships will gather well-known content

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creators and Web3 personalities.

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The next day, eight Web3 companies will fight in the W3E Company Clash.

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The W3E Premier League, a 15-week tournament, will start on March 9

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and feature 16 esports teams battling to rank in a point-based system.

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The rise of competitive games in Web3 gaming has sparked new interest in the

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industry, with over $4 billion invested in 2022 according to Metaverse Post’s report.

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Esports could be the way to onboard new users into Web3, offering familiar

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gameplay, intense competition, and unique monetization models.

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While the Web3 esports scene is still young, the enthusiasm and

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passion for it are undeniable.

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Web3 games, including EV.IO, are developing an ever-growing

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audience, and esports could be the key to attracting more gamers to

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this rapidly growing ecosystem.

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Next up

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Binance has announced it will no longer allow Indian cryptocurrency

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exchange WazirX to use its wallet services due to a public disagreement

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between the two companies.

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WazirX’s operator, Zanmai, has been given until February 3rd to

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transfer all funds from the accounts utilized for Wazirx’s operations.

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Binance has emphasized that it only offered wallet services to Zanmai as a

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technical solution for WazirX and took issue with Zanmai’s misleading claims

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about Binance’s alleged involvement and responsibility in operating the exchange.

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Binance presented Zanmai with the option to retract their false

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statements or terminate the use of Binance’s services, leading to the

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termination of the partnership.

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The move by Binance highlights the growing concerns among cryptocurrency companies

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about the regulatory environment in India, with Binance CEO Changpeng Zhao

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stating that India is not a promising market due to the country’s strict

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regulations and substantial tax structure.

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Despite this, Binance continues to expand its global operations,

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obtaining licenses in seven European countries and making investments

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in Korean and Japanese exchanges.

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We are not done with Binance news today.

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Binance has launched a new tax tool for crypto traders in France and Canada.

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The tool will allow users to calculate the tax associated with their crypto

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trading activity and provide a report of their gains or losses made using Binance.

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The new tax tool, which supports up to 100,000 transactions, is currently

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only available in France and Canada.

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Binance Tax does not cover all types of transactions, including

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futures trading and NFTs, but it does support spot trades, crypto

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donations, and blockchain fork rewards.

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The tool is only available through the exchange's in-house Binance

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Wallet, but the company is considering adding integrations with other

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platforms and wallets in the future.

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Binance's new tax tool is a useful tool for traders looking

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to calculate the tax implications of their crypto trading activity.

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The tool is currently only available in France and Canada, but the company plans

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to expand to more markets in the future.

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Andreessen Horowitz (a16z), the well-known venture capital firm, has voted

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against a proposal to deploy the latest iteration of Uniswap on the BNB Chain.

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The proposal was submitted by 0xPlasma Labs on behalf of the Uniswap Community.

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The disagreement between a16z and the Uniswap Community is

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centered around the cross-chain bridge chosen for the deployment.

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The proposal uses the Wormhole bridge, while a16z supports the use of LayerZero.

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The venture firm and its partners have expressed their intention to vote for

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LayerZero during the temperature check.

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In 2022, the Wormhole protocol suffered a major exploit, resulting in the

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loss of $321 million worth of tokens.

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The Uniswap Community has chosen the Wormhole bridge for

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the deployment of Uniswap v3 on BNB Chain, based on technical assessments

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and a complex voting process.

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The voting period is set to end on Feb.

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10.

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LayerZero Labs is part of a16z venture’s portfolio and raised $135

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million in a funding round led by a16z and Sequoia, among others.

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Keith Wilson is the Founder & CEO of Klearcoat Labs, a Web3 company connecting

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the automotive industry and the Web3 community through non-fungible tokens.

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Wilson has a background in marketing, earning his bachelor's degree in marketing

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from the University of Mississippi in 2008 and his MBA in marketing from

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Clark Atlanta University in 2011.

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He has worked for major companies such as Ford, Georgia Power, Peugeot North

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America, and Rivian Automotive, where he developed strategic partnerships

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and led product strategy efforts.

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In addition to his work at Klearcoat Labs, Wilson still consults with cities

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and counties on the EV industry and EV community charging deployment strategies.

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Keith Wilson is a seasoned leader with a background in marketing and a track record

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of success in the automotive industry.

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He is now using his experience to build a bridge between the automotive

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industry and the Web3 community through his company, Klearcoat Labs.

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Justin Sun, the founder of exchange Huobi, has put his name behind Debt

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DAO, a project claiming to issue FTX users’ debt as a bond token, FUD.

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The bond token will have an initial supply and circulation of 20 million,

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representing 20% of the notified FTX debt.

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The bond token, FUD, will have an initial value of $1 per token

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and will be distributed to FUD holders through an airdrop.

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If FTX confirms the debt amount to be $60 million, Debt DAO will issue

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another 40 million FUD tokens in addition to the initial 20 million.

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Debt DAO will issue contracts or notarized proofs of the debt at an

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“appropriate time” and has urged FTX creditors with over $10 million in

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debt to contact the DAO for a “debt audit and issuance” to enable secondary

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market circulation of the debt.

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Crypto exchange Huobi has listed the FUD token for trading and

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will enable withdrawals on Feb.

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6.

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Justin Sun has endorsed the token, stating that it will benefit everyone

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and that FUD is a “top quality FTX debt asset.” DebtDAO will do a

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1:1 debt buyback for FUD holders.

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However, the legitimacy of the token and the project remains in question, as it

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may potentially violate securities laws.

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Visa is looking to meet customer demand by converting digital assets

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into fiat payments, similar to how it converts foreign currencies.

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The company is currently testing settlement payments in USDC on Ethereum.

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The company is looking to build "muscle memory" in the area of global settlement

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with digital assets and fiat currencies.

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The goal is to be able to convert between digital tokenized dollars and

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traditional dollars in the same way that it converts between dollars and

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euros for cross-border transactions.

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Visa has already launched a blockchain-powered business-to-business

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payments network called B2B Connect and is exploring the integration

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of blockchain technology to support regular money movement on its network.

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Visa is responding to customer demand by exploring the possibility of

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settling transactions with digital assets, including USDC on Ethereum.

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The company is looking to build a strong presence in the global settlement of

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digital assets and fiat currencies and is exploring the integration of

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blockchain technology into its network.

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"That's a wrap for today's episode of Web3 with FTC by Fintech Confidential.

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We've covered some of the biggest Web3 stories that are shaking up the

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Web3 world and what they mean for you.

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From e-sports to Visa and CBDC to Automotive industry to Taxes and

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Breakups , we've explored the impact these events are having on the industry

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and what you can expect in the future.

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Thanks for tuning into “Web3 with FTC”, where we cover what’s behind the

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disruptive and innovative world of Web3, Blockchain, Crypto, NFTs 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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STAY DISRUPTIVE!

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