Okto commits $5 million treasury fund to support Vauld users

Triple-A Secures Series A Funding to Advance Crypto PaymentsTriple-A, the Singaporean digital currency payments firm founded by Eric Barbier, has announced the successful closure of its $10 million Series A funding round.Photo by Towfiqu barbhuiya on Unsplash$10 million raiseIn a statement on its website on Wednesday, the firm outlined that the raise had been led by Peak XV Partners (formerly known as Sequoia India & South East Asia), who had previously invested in the company. In addition, the round received support from Abu Dhabi-based venture firm Shorooq Partners, alongside other undisclosed repeat backers.The company offers white-label solutions for businesses, facilitating the seamless integration of cryptocurrency payments with quick conversion to fiat money in their bank accounts within just one day. Triple-A currently supports various cryptocurrencies, including Bitcoin, Ether, Tether, and USD Coin.According to Barbier, stablecoins are a game-changer in payments, as they enable real-time settlements, in contrast to traditional payment methods like SWIFT transfers, which may take several days to clear. He stated: “With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”Barbier is known for his earlier success in founding the cross-border payments platform Thunes. The idea for Triple-A was born while Barbier was working at Thunes and recognized the potential of cryptocurrencies in resolving chargeback fraud issues.Barbier saw cryptocurrencies as a more efficient payment method for businesses engaged in cross-border transactions. He explained:“Cryptocurrency payments not only shield businesses from chargeback fraud risks but also help to streamline B2B cross-border payments. With instant settlements and no middlemen required, I realized we could solve many pressing issues in the payments industry today.”Expanding operations globallyThis funding round follows Triple-A’s $4 million seed round, bringing the total funds raised to date to $14 million. The new capital injection will be directed towards expanding Triple-A’s operations in key regions, including the Middle East, North America, and South America.Moreover, the company plans to enhance its cryptocurrency solutions and offerings in its crypto payments and payout products. Currently headquartered in Singapore, Triple-A boasts a global presence with offices in Miami, Hong Kong, Paris, and Barcelona, supported by a team of over 70 professionals.Regulatory compliant pathTriple-A is trying to differentiate itself through adherence to regulation. The company holds licenses that permit it to operate globally, including one from the Monetary Authority of Singapore (MAS) as a payments institution and a payments institution license from the central bank of France, allowing it to execute payment transactions across all EU member states.The company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and is actively looking to expand its regulatory footprint. In line with the regulatory path the business is treading, Triple-A’s target clientele primarily consists of enterprises that value compliance, regulation, and licensing and seek to engage in cryptocurrency payments without the associated risks and complexities.Triple-A has already gained traction, serving more than 20,000 businesses, including prominent names such as iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, along with other large enterprises. In July, it partnered with universal payments platform Optty to enable crypto payments. The onboarding process is swift, with Triple-A completing the Know Your Customer (KYC) procedure and onboarding within one to two business days. The integration methods offered include API and no-code integration.

India’s RBI Collaborates Internationally on Digital Rupee PaymentsIndia’s Reserve Bank (RBI) is expanding its exploration of central bank digital currencies (CBDCs) by focusing on cross-border functionality, despite its cautious approach to CBDC development.The RBI aims to experiment with various use cases for CBDCs in international payments, as it believes this can enhance the efficiency of cross-border transactions. That’s according to a report which was recently published by local media source, the Economic Times. RBI Governor Shaktikanta Das emphasized the potential benefits of quicker, seamless, and cost-effective cross-border payments. The RBI is actively engaging in dialogue with other central banks that have already implemented or are planning to introduce CBDCs.Photo by rupixen.com on UnsplashUAE collaborationIn collaboration with the United Arab Emirates (UAE), the RBI is promoting joint studies on using CBDCs for settling international payments. The partnership is driven by the high volume of remittances between the two countries, a consequence of the large number of Indian migrants in the UAE.These recent developments follow the RBI’s retail and wholesale CBDC pilot programs, which began just seven months ago. Although the retail pilot attracted 50,000 users within 60 days, the RBI remains committed to a gradual and cautious approach to mitigate potential risks.Onboarding one million CBDC usersWhile expanding the pilot program to new cities, the RBI aims to onboard one million CBDC users within the coming weeks, despite the digital rupee currently having a very low circulation level. On the wholesale side, the RBI’s pilot has shown promising results, with the digital rupee being explored for government bond transactions, money market funds, and short-term lending.RBI Deputy Governor T. Rabi Sankar emphasized the importance of exploring multiple use cases for CBDCs, including account-based CBDCs. The RBI aims to offer as many applications for CBDCs as possible while ensuring the existing National Electronic Funds Transfer (NEFT) and other systems are not disrupted.Global surge in CBDC developmentThe surge in CBDC development worldwide can be attributed to various factors. The imposition of sanctions on Russia following its invasion of Ukraine led to a significant increase in wholesale CBDC initiatives as Russia sought alternatives to bypass the sanctions.Additionally, the diminishing use of cash and the rise of dollarization and cryptocurrency adoption in local economies have motivated over 120 central banks to initiate CBDC research. These central banks are attracted by the potential benefits of financial inclusion and the opportunity to address the decline in cash usage.India has been selective in terms of the aspects of digital asset technology it wants to see further developed within its borders. At a recent conference organized by the RBI, a central bank official called on Indian banks to adopt blockchain technology. When it comes to stablecoins, the central bank is apprehensive, warning of associated risks while calling for global regulation.As India’s RBI continues its CBDC exploration, the focus on cross-border functionality underscores the growing recognition of CBDCs as a transformative tool for international payments. The ongoing collaborations and pilots demonstrate India’s level of interest in staying at the forefront of CBDC development while taking measured steps to ensure a secure and efficient transition to digital currency.

As is the case in the rest of the world, South Korea is also experiencing a bullish cryptocurrency market these days. However, local blockchain companies that started their business between 2017 and 2018 – those considered the first-generation blockchain firms – are trying to distance themselves from the label “blockchain,” removing words such as “block,” “chain” or “coin” from their names to rebrand themselves.  This is largely due to local regulations that stifle blockchain businesses and widespread negative perspectives towards the crypto industry among the public, the local media outlet News1 reported. Photo by Robert Stump on UnsplashMediBloc rebrands itself to WeavrCare: The two-track strategy Among the first-generation blockchain firms that changed its name is MediBloc. Founded in April 2017 as a blockchain-based digital health company, MediBloc rebranded its Korean branch last month to WeavrCare, combining the words "weave" and "care" to highlight its commitment to connecting patients and hospitals onchain.  WeavrCare offers a blockchain healthcare data platform named Panacea, where patients can directly manage their own medical data. It also provides a blockchain-based medical data and insurance claim platform Medipass. MediBloc's native token MED is currently listed on prominent local crypto exchanges such as Upbit and Bithumb.  The company is known to have well weathered the crypto winter between 2022 and 2023 by pitching a cloud electronic medical record (EMR) solution, Dr. Palette, which enables medical staff to easily check medical charts and manage patients' data.  Following its rebranding, WeavrCare has demonstrated its intention to pursue a two-track strategy, with the company’s Gibraltar branch focusing on blockchain business under the original corporate name MediBloc. In contrast, WeavrCare in Korea will focus on expanding new businesses including Dr. Palette.  Meanwhile, WeavrCare has reportedly embarked on investor relations (IR) activities to secure a Series B investment.  Chain Partners rebrands itself to AI3: Merging Web3 with AIChain Partners, a blockchain firm focused on crypto exchanges and the over-the-counter (OTC) markets, has also recently rebranded itself to AI3, a new name that the company expects will illustrate its aim of focusing more on AI businesses. The name reflects the company's dedication to exploring both Web3 and generative AI technology.  Following its rebranding, AI3 has embarked on developing an AI service equipped with a prompt response system. AI3 had already launched a personal AI assistant dubbed Wrks last year, which aims to improve workflows. A company official said AI3 is currently preparing for IR to qualify for a Series A investment.  CPLABS and Parameta: Earlier pioneers of blockchain Meanwhile, other blockchain firms that launched their businesses earlier than the above two companies have already completed their rebranding last year. CoinPlug changed its name to CPLABS, and Iconloop to Parameta.