This week’s news includes announcements from Ava Labs, Amazon Web Services, Société Générale, MakerDAO, Huobi, Solaris, and more…
Ava Labs and Amazon Web Services Team Up on Node Deployment
Avalanche (AVAX), the native token powering the Layer-1 blockchain of the same name, has been given a boost by way of Amazon with a partnership between Amazon Web Services (AWS) and Avalanche development studio Ava Labs. This partnership allows developers to launch Avalanche nodes directly within AWS in support of their dApps. (dApps refers to a decentralized application that can operate autonomously, typically through the use of smart contracts.)
The move, which is geared towards enterprises and institutions eager to work with blockchains, will expose the Avalanche platform to more than 100,000 partners in 150 countries.
Société Générale Takes $7 Million Stablecoin Loan from MakerDAO
Société Générale, a French multinational investment bank and financial services company, has minted $7 million in the dai stablecoin from its issuer MakerDAO. This is the first instance of a withdrawal from the MakerDAO vault since its approval last year, which has a debt ceiling of $30 million.
The financing for the lending vault originated from the firm putting up home loan bonds worth $40 million as collateral. It’s an interesting illustration of how traditional finance players can use decentralized finance to open up new borrowing opportunities.
Huobi and Solaris Introduce Crypto-to-Fiat Debit Card in the EU
Huobi, a cryptocurrency exchange, and Solaris, a European financial services provider, have announced a Visa-approved crypto-to-fiat debit card program, which will allow Huobi users to use their digital assets globally. The program has been approved by Visa and will be available to users in the European Economic Area (EEA) beginning Q2 2023.
The EEA is made up of the 27 European Union member countries, along with Norway, Iceland, and Liechtenstein.
UAE Investing Groups Establish Fund to Advance Web3 Technologies
Venom Foundation and Iceberg Capital are joining forces to invest $1 billion into a variety of web3 applications. The “blockchain-agnostic” Venom Ventures Fund, based in Abu Dhabi, will focus on investing in innovative protocols and Web3 dApps, as well as DeFi, banking services, and gaming.
Seasoned investor Mustafa Kheriba who will be joining the fund’s leadership team said in the statement, “Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate.”
Miss Universe Contestant from El Salvador Carries Bitcoin Staff
As part of the Miss Universe 71 National Costume Show held earlier this week, El Salvador's representative, Alejandra Guajardo, wore a Bitcoin-themed outfit designed by plastic artist Francisco Guerrero. The ensemble featured a large staff displaying Bitcoin's logo at the tip and a colón adorned with cocoa beans strapped to her back.
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NFA DYOR (Not financial advice. Do your own research.)