BankSocial Plans to Create a Crypto-Friendly Credit Union
A startup called BankSocial is working on launching a credit union that will allow individuals to buy and sell digital currencies and hold fiat currency deposits using distributed ledger technology. The proposed credit union, called Defy Federal Credit Union, aims to create a template for other credit unions to participate in the Web3 ecosystem. BankSocial’s platform, which includes a self-custody crypto exchange and deposit account, will be available to members of the credit union. In November, BankSocial secured a strategic investment from The Hashgraph Association.
Seagrass and The Hashgraph Association Announce Carbon Credit Web3 Identity Wallet
The Hashgraph Association and climate action company Seagrass have announced a co-funding initiative to develop the Seagrass Wallet, a proof-of-concept Web3 identity wallet. This wallet will provide users with a decentralized digital identity and wallet related to their carbon projects. It will offer transparency on environmental and project data, as well as the storage and exchange of assets. The Seagrass Wallet is currently in the testing phase and will be available to clients in 2024.
Conio Works With Coinbase to Enable Italian Banks and Financial Institutions to Access Digital Assets
Conio, a fintech company partly owned by Poste Italiane and Banca Generali, has partnered with Coinbase Prime to expand the digital assets it offers. This collaboration will provide Italian banks and financial institutions with a quicker and more secure channel to access Coinbase’s liquidity in response to growing demand for digital assets. Conio works with over 400,000 private clients, banks, and financial institutions in Italy.
OrangeX Unveils $5M Innovation Fund Supporting Bitcoin Ecosystem
Cryptoasset exchange OrangeX has announced a $5 million Innovation Fund aimed at supporting the Bitcoin ecosystem and driving blockchain innovation. The fund will invest in promising projects within the Bitcoin ecosystem, with a focus on Ordinals Protocols and BRC-20 standard tokens. OrangeX also plans to offer various products and services tailored to the Bitcoin ecosystem, including Bitcoin-based token trading and a Bitcoin ecosystem token launchpad.
KuCoin Labs Invests in Bitcoin L2 Solution Dovi to Advance BTC Ecosystem Development
KuCoin Labs, the incubator and investment arm of the crypto exchange KuCoin, has made a strategic investment in Dovi. Dovi focuses on developing innovative solutions for Bitcoin Layer 2 to enhance user experience and transaction efficiency within the BTC ecosystem. KuCoin Labs aims to incubate and invest in BTC-native projects and bring new applications to the industry.
Hot Take: The Future of Crypto-Friendly Banking
Crypto-friendly banking is gaining traction as startups like BankSocial plan to create credit unions that allow individuals to buy, sell, and hold digital currencies. These initiatives aim to provide easy access to cryptocurrencies and bridge the gap between traditional banking and the crypto world. Additionally, projects like Seagrass Wallet are exploring how blockchain technology can be used for carbon credit management. This demonstrates the potential for blockchain to revolutionize industries beyond finance. As more institutions collaborate, such as Conio partnering with Coinbase, it becomes easier for banks and financial institutions to enter the digital asset space. These developments contribute to the growth of the overall Bitcoin ecosystem, supported by initiatives like OrangeX’s Innovation Fund and investments from companies like KuCoin Labs.
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