Felix raises $600M to invest in Web3 startups / NY state reveals guidance for U.S. dollar-backed stablecoins / Binance expanding services in the Philippines

Also, OpenSea reveals plan to prevent scams on the marketplace

Inside.com Part of   Network June 09, 2022

Felix Capital raised $600M to invest in Web3-based startups. The target for the fund was $500M, which was oversubscribed by 20%. Felix plans to use the funds to invest in its commerce-driven startups, including cryptocurrency and Web3 projects. More:  Felix Capital is a London-based firm with $1.2B in total assets under management and has six exits, including Deliveroo, Farfetch, and Peleton (NASDAQ: PTON). The firm's current Web3 portfolio includes Ledger, Sorare, and Lightspark, and it is looking to grow this division by investing in 25 Web3-based companies across Europe and North America.  The firm released a statement following the fundraising: "We are expanding our areas of interest, planning to grow our exposure to Web3, a new platform for creativity, community, and of course, entrepreneurship." Tech Crunch

The New York State Department of Financial Services (DFS) released "baseline criteria" for entities looking to issue U.S dollar-backed stablecoins. The agency listed criteria that align with the department's expectations for stablecoin reserves and independent audits.  More:  The regulatory guidance is aimed at companies that are issuing U.S. dollar-backed stablecoins and offers baseline criteria for cryptocurrency companies looking to launch stablecoins in New York.  Companies looking to issue stablecoins must meet the following criteria:  The stablecoin must be backed by a reserve asset by the end of the business day.  The issuer should have clear, "conspicuous redemption policies" approved by the DFS in writing, which will allow the holder to redeem the coin in a timely manner at par with the U.S dollar.  Companies issuing the stablecoin must separate the asset in their reserves from their proprietary assets with the "U.S. state or federally chartered depository institutions and/or asset custodians." Reserves must be classified into asset categories such as the U.S Treasury bills, reverse repurchase agreements, notes, as well as deposit accounts at U.S. state or federally chartered depository institutions. Independent audits may be completed by a U.S.-licensed Certified Public Accountant (CPA) on a monthly and yearly basis.  Decrypt

Changpeng Zhao, the CEO of crypto trading platform Binance, shared plans to acquire two licenses critical for the firm's operations within the Philippines. The company is looking to expand its services in the Philippines by forming local partnerships and investing in banks in the country.  More:  Binance plans to acquire two licenses in the Philippines, and the crypto exchange is looking to obtain the Virtual assets service provider (VASP) license.  The VASP license will enable the company to convert the Philippine peso and legally facilitate cryptocurrency trading.  The company is also looking to acquire an e-money issuer license from Banko Sentral ng Pilipinas, the country's central bank, which will allow Binance to issue electronic money.  Binance works closely with Philippine regulators to discuss crypto regulations and banking support to advance this initiative.  Finance Magnates

OpenSea has revealed its plan to battle scams and fraudulent transactions and expects an improvement in the platform's "Trust and Safety" investments. In a blog post, the company has unveiled its plan to reduce suspicious activity in the marketplace, remove fraudulent NFTs, and increase response time.  More:  Earlier this year, a phishing attack on OpeanSea resulted in over 250 stolen NFTs that were worth $1.7M. To reduce scams and fraudulent transactions, the company has released its plan to prevent phishing attacks on the popular NFT marketplace.  The company plans to increase investment and implement tools that focus prevent scams, IP infringement, scaling review moderation, and cutting down response times in high-touch areas.  Suspicious NFTs will be flagged and removed from the platform, and the company will collaborate with third parties to protect investors from scams.  OpenSea will also implement a "critical auto-detection" system that highlights any copyright issues and fraudulent vectors. The company issued the following statement: "To that end, our number one objective as a company is to improve Trust across our product – and to continue building the best team to do it. More to come soon." Crypto Potato

Colombia approved a bill to regulate cryptocurrency exchanges in the country.  More LatAm-based countries are starting to recognize the positive impact that crypto-related businesses will have on the local economy and are moving toward regulating the market.  More:  Mauricio Toro, a representative of the Green Party, stated that this bill is needed to protect users from Ponzi schemes and offer regulatory clarity to companies looking to conduct business in the country.  Toro released a statement saying: "Colombia has to move forward in regulating this business, which is legal and multi-million-dollar, so that jobs and opportunities are created, but also so that it provides peace of mind to Colombians who can buy their assets safely."  The project is still in its early stages and will be reviewed several times before passing into law.  Once approved, crypto exchanges will have to register their services, disclose the benefits, risks, and possible profits of crypto trading to their users, and work with banks to prevent pyramid scams and Ponzi schemes.  Bitcoin.com

Seth Green's stolen Bored Ape returned home to its original owner. The NFT was stolen by a collector that goes by the name "Mr. Cheese;" the actor had contacted Cheese on May 25 with an appeal to return the ape.  More:  Green's Bored Ape #8398 was transferred back from Mr. Cheese's NFT wallet on Tuesday, and Green confirmed that the ape "is home" in a Twitter space interview.  An unnamed wallet that belongs to Green transferred 165 Ether, or $297,000, to an address operated by the NFT trader. The Ether appeared in the wallet of Mr. Cheese a few minutes later; the data shows that Green may have repurchased the NFT for an additional $100,000 a few minutes later.  Buzz Feed

QUICK HITS If you're looking for a little guidance on how to rev up your influencer marketing programs, Impact's got you covered with the ultimate influencer program starter kit.* New York has issued guidance on stablecoins, and here is a brief explanation of what stablecoins are and why they are less susceptible to volatility.  Cryptocurrency scams are targeting senior citizens in the British Columbia area.  Michael Owen used his Twitter account to promote cryptocurrency and will potentially face legal action in the U.K.  The crypto market crash was a massive wake-up call for Congress as more lawmakers look to regulate the market.  64% of companies used this channel to generate nearly half of their revenue – and it's not paid ads or content.* *This is sponsored content.

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Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel.  Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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