Paypal acquires Curv; Taurus integrates Aave Protocol; Stobox announces its STO
Week of March 14th, 2021
Welcome to the latest installment of RedBlock’s industry newsletter!
This week, we cover Stobox’s recent STO announcement, PayPal’s acquisition of custody firm Curv, and Taurus Group’s integration of Aave protocol, among other developments that helped define this week’s news!
Read on for the highlights of the week…
1. The US SEC is seeking to clarify its crypto regulations
Earlier this week, legislation was introduced to the US congress that would assemble a group comprised of industry experts, US SEC and CFTC (Commodity Futures Trading Commission) representatives in order to study and issue a report on digital assets and the surrounding legal and regulatory framework.
The group’s main goal would be to “clarify when the SEC has jurisdiction over a particular token or cryptocurrency (i.e., when it is a security) and when the CFTC has jurisdiction (i.e., when it’s a commodity).” (CoinDesk)
1. The rumors are confirmed! Paypal acquires Curv
Last week, we reported on the rumor that PayPal might be taking another big step in the direction of providing digital asset services by acquiring custody firm Curv. Well, this week that rumour was confirmed, as PayPal has indeed acquired the Israeli startup !
Expanding PayPal’s crypto and digital asset capabilities, this recent development means that PayPal will be able to “launch new crypto-related products in other countries and in Venmo.” (Tech Crunch)
2. Taurus Group integrates Aave Protocol
Switzerland-based fintech firm, Taurus Group, announced that it has “integrated the decentralized finance (DeFi) Aave Protocol into its asset infrastructure, allowing banks and exchanges to deposit and borrow digital assets.”
Aave, a DeFi protocol, will be used with two Taurus products: the custody product, Taurus-PROTECT, and “smart contract issuance and interaction platform” Taurus-CAPITAL. Institutional customers can now benefit from a decentralized backend when they deposit, withdraw, and borrow assets, as well as stake AAVE tokens. (Yahoo! Finance)
1. Crypto VC, Pluto Digital Assets, raises around $40million in recent fundraise round
Pluto Digital Assets PLC, a crypto venture capital and tech company, announced that it had raised ~$40million in its most recent fundraising round. Led by Argo Blockchain PLC, this round sees Pluto’s assets under management surpass $50million, a milestone for the VC.
Pluto has been focused on investing in and incubating projects in the blockchain space, including Web 3.0 and DeFi projects, as well as the NFT space. (Pluto Digital Assets via BusinessWire)
2. Stobox has announced its STO
Stobox made a very welcome announcement this week, as it has decided to fundraise through an STO to provide a boon to its growth. With a target of $1million, Stobox aims for a $10million valuation once the raise is closed, using the funds to accelerate platform development. (Securities.io)
That wraps it up for this week’s highlights!
Until next week👋
References
Regulatory News
1. “US Lawmakers Introduce Bill to Clarify Crypto Regulations” https://www.coindesk.com/lawmakers-digital-asset-regulation
Industry Updates
1. “Daily Crunch: PayPal acquires Curv”
2. “Digital Assets Firm Taurus Integrates Aave Protocol to Improve Banking Access to DeFi”
Investment and Financing
1. Pluto Digital Assets Raises c.$40m to Accelerate Investment in Decentralised Technologies”
2. “Stobox Looks to Accelerate Growth through Security Token Offering (STO)”
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RedBlock Inc is a digital investment and fintech firm leveraging blockchain technology for asset digitization and management, from issuance to secondary liquidity. Its global network of capital market participants, including issuers, broker-dealers, secondary exchanges, funds, liquidity providers and custodians, are supported by its end-to-end blockchain-powered asset management platform. RedBlock also manages an investment fund to support companies in its ecosystem that align with its investment thesis. With a growing track record and pipeline, the RedBlock team hails from top tier global investment banks, venture capital firms and blockchain technology companies.
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