Lillius selected to join Cronos Accelerator Program

Gnosis Plans Crypto Visa Card Launch for Singapore and Hong KongGnosis, the Ethereum-centric decentralized infrastructure firm, is launching a Visa card in the UK and the EU, with plans for expansion to Brazil, Mexico, Singapore, and Hong Kong.Photo by Markus Winkler on UnsplashBridging the gapThe Visa card allows users to spend funds from their self-custodial wallets at any merchant accepting Visa. These products are important given that crypto doesn’t exist in a vacuum, and there’s a gap to be bridged between traditional payment methods, such as Visa, and the crypto ecosystem.Traditionally, the crypto industry has struggled with limited usability, but Gnosis wants to erase the divide between crypto and the real world. By enabling users to spend their crypto assets in traditional settings, Gnosis Card paves the way for wider adoption and showcases the potential of DeFi for society as a whole.Expanding reach to AsiaWhile initially launching in Europe, Gnosis Card has ambitious plans for expansion. The company aims to introduce its innovative payment solution to markets beyond Europe. Among the target locations are Hong Kong and Singapore, known for their progressive approach to fintech and in particular, to crypto. By entering these dynamic markets, Gnosis seeks to tap into the growing demand for self-custodial crypto spending options in the Asian region and further empower individuals to utilize their digital assets in everyday transactions.Collaborations for seamless integrationGnosis has partnered with Monerium, the provider of the regulated euro-denominated stablecoin EURe, to facilitate the seamless conversion between traditional currencies and cryptocurrencies. Monerium allows users to connect their wallets to an International Bank Account Number (IBAN), ensuring smooth transactions and interoperability.Additionally, Gnosis Pay, a suite of developer tools, will enable other wallets to issue their own customized payment cards. This collaboration with Fractal, a decentralized identity startup, ensures a smooth know-your-customer (KYC) process. By leveraging strategic partnerships, Gnosis is attempting to create an integrated ecosystem that combines the best of both traditional finance and blockchain technology.Simplifying compliance and securityTo address compliance and security concerns, Gnosis Pay utilizes the Safe smart contract wallet infrastructure. Each user has a Safe account on the Layer 1 chain of Gnosis and another on the Layer 2 Ethereum scaling solution, zkEVM, developed by Polygon.This dual-layer architecture ensures compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations while providing instant payment processing through the Visa network. Gnosis Pay’s partnerships enable effective screening for fraudulent activities and ensure data privacy compliance, empowering users with control over their personal information.With the launch of the Gnosis Card, Gnosis is likely to change the way individuals spend digital assets held within their self-custodial wallets in the real world. Additionally, by expanding to Hong Kong and Singapore, Gnosis Card is set to make a significant impact in vibrant Asian markets.Through strategic collaborations and a user-centric approach, the company is driving the adoption of cryptocurrencies, promoting financial inclusion, and accelerating the integration of blockchain technology with traditional finance.

CoinFLEX Effects Partial Repayment of SmartBCH DebtCoinFLEX, a Seychelles-based crypto yield platform that operated the BCH to sBCH cross-chain bridge, has taken a significant step towards its restructuring plans by partially repaying its debts to SmartBCH Alliance.Photo by Towfiqu barbhuiya on PexelsBitcoin Cash sidechainAs part of the repayment, SmartBCH, a Bitcoin Cash sidechain compatible with Ethereum, received distributions from CoinFLEX, including approximately 4.28 million rvUSD ($750,000), 652,000 USDC ($652,000), and 6,834 BCH ($1.6 million). Notably, 80% of the received USDC has been swapped into Bitcoin Cash, while the remaining portion has been reserved to cover legal and operational expenses. SmartBCH currently holds a total of 10,758 BCH.The repayment to SmartBCH comes amidst a significant surge in the price of Bitcoin Cash, which has witnessed a remarkable increase of over 110% in the past seven days. This surge has positioned Bitcoin Cash as a top performer among major currencies in the crypto market, according to data from CoinGecko.Bitcoin Cash, along with other Bitcoin forks, has been benefiting from the overall rise in the cryptocurrency market. The increased interest can be attributed to the flurry of spot Bitcoin ETF filings that have taken place recently.The positive developments surrounding CoinFLEX and Bitcoin Cash have also had a ripple effect on associated tokens. $FLEX and $OX, tokens connected to CoinFLEX, have experienced notable increases in value, rising by 53% and 65% respectively over the past week.CoinFLEX itself has been undergoing a significant restructuring process that was approved by the Seychelles Courts on March 6. The exchange initially suspended withdrawals in June 2022, citing extreme market conditions and uncertainty related to a counterparty.CoinFLEX was one of several crypto firms affected by the collapse of the Terra ecosystem in May 2022, resulting in the loss of over $40 billion in investor value within a short period. In September, the company revealed its restructuring proposal, which involved offering over 65% of its equity to creditors and allocating 15% to employees.OPNX rebrandLast March, CoinFLEX rebranded itself as Open Exchange (OPNX) following the approval of its restructuring plan. The founders of CoinFLEX, Mark Lamb and Sudhu Arumugam, are collaborating with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), on the new Dubai-based venture.SmartBCH has announced its intention to open an account on OPNX and gradually convert rvUSD into Bitcoin Cash through the exchange. It is worth noting that, as part of the restructuring terms, SmartBCH is entitled to common equity in CoinFLEX and one board seat, although it has not received these benefits at present.Additionally, SmartBCH has burned 33,365.67 sBCH tokens, returning them to the old bridge address. As a result, the total sBCH in circulation on the sidechain now amounts to 67,756.766.To further enhance stability, SmartBCH has entered into an agreement with CoinFLEX to assume responsibility for maintaining the 1:1 peg between sBCH (the sidechain’s native token) and BCH.

Ripple Receives In-Principle Approval From Singaporean RegulatorRipple, the blockchain-based payments firm, has obtained in-principle regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital asset payments and token products in Singapore.Photo by Dids on PexelsODL service expansionThe approval, announced on Wednesday, will enable Ripple’s subsidiary, Ripple Markets Asia Pacific, to expand its On-Demand Liquidity (ODL) service. ODL facilitates the seamless transfer of the XRP cryptocurrency across borders without the involvement of traditional banking intermediaries.Ripple had applied for an institutional payment license under Singapore’s Payment Service Act to secure the regulatory green light. In response to the approval, Ripple CEO Brad Garlinghouse praised the MAS for its pragmatic and innovation-driven approach to cryptocurrency-related services.He expressed confidence that Singapore would serve as a prominent gateway for Ripple’s business operations in the Asia Pacific (APAC) region. On Twitter, Garlinghouse wrote: “As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto — we’re incredibly proud @Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services!”Stuart Alderoty, Ripple’s Chief Legal Officer, explained that the regulatory approval from MAS would enhance Ripple’s ability to support forward-thinking customers who are exploring the potential of blockchain and crypto technologies to create a more inclusive and borderless financial system.Growing APAC presenceRipple’s presence in Singapore has already been growing significantly. In 2022, the company doubled its number of employees at its Asia Pacific headquarters, with Singapore becoming a major hub for ODL transactions. The MAS, recognizing the potential of fintech firms in the digital money services sector, published its Purpose Bound Money (PBM) white paper on Wednesday, proposing standards for such firms operating in Singapore.While Ripple has made progress with regulatory compliance in Singapore, it has faced legal challenges in other jurisdictions. Since December 2020, Ripple’s legal team has been dealing with a lawsuit filed by the US Securities and Exchange Commission (SEC), accusing Ripple of conducting an unregistered securities offering with its XRP token.The case is expected to reach a verdict in the coming months. While the speculation is that the case has gone well for Ripple, it remains to be seen to what extent it can get the upper hand in taking on a cornerstone institution of the US establishment like the SEC.Either way, Ripple is moving to develop on a global basis. It has recently pursued further development in the Middle East via a Dubai expansion. In Hong Kong, it is collaborating with local regulators in trialing the use of its technology relative to real-world asset tokenization.The company has also established partnerships with central banks in Montenegro and Thailand, as well as numerous regional banks and financial institutions worldwide.The regulatory approval from MAS marks a significant milestone for Ripple, expanding its customer reach and positioning the company for further growth in the digital asset payment sector. Digital asset innovation is truly global and as many organizations are demonstrating, just as Ripple is in this instance, innovative curtailment in one region will simply manifest itself as greater development in another.