This week’s news includes announcements about the Robinhood Wallet, National Australia Bank’s new stablecoin, 1inch Network’s new hardware wallet, the World Economic Forum’s new metaverse experiment, and more…
Robinhood Reaches 1 Million Users With Its Newly Launched Crypto Wallet
Robinhood has announced the launch of the Robinhood Wallet, a smartphone app that allows users to swap and transfer crypto and view owned NFTs.
The app has been slowly rolled out to over 1 million users who have been waitlisted since September, when it was first released in beta to 10,000 customers. The app uses Polygon, an Ethereum sidechain, to offer swaps without network fees.
National Australia Bank Launches New Stablecoin
National Australia Bank (NAB) is launching a fully backed stablecoin called AUDN. The stablecoin will launch on the Ethereum network as well as Algorand, a smart contract platform similar to Ethereum.
NAB plans to launch the stablecoin sometime mid-year and it will be backed one-to-one with Australian fiat. The money will be held by the NAB and the stablecoin will primarily be used as a settlement token between multiple transacting parties, known as atomic settlement.
AUDN could initially be used for carbon credit trading, overseas money transfers, and repurchase agreements, according to NAB.
1inch Network Introduces Secure Hardware Wallet for DeFi Users
1inch Network, a popular decentralized exchange (DEX) aggregator, is expanding its ecosystem with the launch of its own multi-coin hardware wallet. Supported by a grant from the 1inch Foundation, the crypto wallet is expected to go on sale later this year.
1inch Network will allow users to swap tokens on the Ethereum (ERC-20), BNB Chain (BEP-20), Avalanche, Fantom, and Polygon networks, and more.
Hardware wallets, also known as cold storage, are physical devices that store users' private keys in a secure offline environment, making them the best option for securely storing cryptocurrencies.
The World Economic Forum Launches Innovative Metaverse Platform to Address Global Issues
A working prototype of the Global Collaboration Village was unveiled at the World Economic Forum's Annual Meeting 2023. This metaverse is designed to be a purpose-driven space for organizations to come together and work on the world's most pressing issues.
Participants from around the world joined the Forum (WEF) for its first interactive, multilateral session in the metaverse and 80 leading organizations contributed to the village's development. The World Economic Forum is held in partnership with Accenture and Microsoft.
Flashbots seeks up to $50 million at a billion-dollar valuation
Flashbots, a leading MEV organization in the crypto space, is looking to raise between $30 million and $50 million at a $1 billion valuation. The organization is taking an unconventional approach to fundraising, conducting a reverse-pitching process where prospective investors must make the case for why Flashbots should accept their funds.
Paradigm, who was the lead investor in Flashbots' seed-stage fundraise in 2020, is reportedly leading the investment round.
NFA DYOR (Not financial advice. Do your own research.)