??? Building Trust in the Crypto Ecosystem

Good morning, crunchers!

Welcome to today's edition of our newsletter, where you’ll get the latest updates and insights on the world of fintech and beyond.

Today we’ll be exploring the possibilities of blockchain and its potential impact on various industries. We'll also discuss the importance of setting policies to protect users and ensure the growth of this revolutionary technology.

Join us as we explore the latest trends and developments in the world of fintech and beyond, with a particular focus on blockchain and its future.

If you’re reading this and haven’t signed up yet, make sure you join 11,511 others by subscribing here .

Now let’s dive in.

?? What’s New in Fintech & Payments

• Revolut, the global financial superapp, has launched an in-app cashback feature that offers customers a new way to shop and earn cashback from their favorite retailers.

• In 2022, the Kenyan fintech sector set a new record by raising $158 million in capital, with Nairobi accounting for 87% of fintech deals.

• e& has partnered with Mastercard to bring new technologies and user experiences to consumers and businesses in 16 markets across the Middle East, Asia, and Africa.

?? The World of Web3

• Starbucks' closed beta NFT rewards program, Starbucks Odyssey, has seen its stamp NFTs sell for nearly $2,000 each on Nifty Gateway's secondary marketplace, with over $143,000 in total volume traded since its December launch.

• Spotify is currently testing a new service called "token-enabled playlists," which enables NFT holders to connect their wallets and access curated music.

• Saudi Aramco has signed an agreement with droppGroup to build Web3 technology and explore co-developing blockchain-based solutions that could benefit its workers.

• Blockchain gaming accounted for 48% of all DApp activity, which is almost half of all blockchain activity in January 2023.

?? Crypto & Defi

• The number of transactions being made using Bitcoin has reached its highest point since January 2021 due to an increase in demand for recording transactions

• Oman's financial markets regulator, the Capital Market Authority, plans to develop a new regulatory framework for the virtual asset industry in the country.

• Starting March 13, Coinbase will suspend Binance USD trading on its platforms, including Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.

• Coinbase plans to launch its own Ethereum layer-2 network called 'Base', which aims to house Coinbase's on-chain products and foster an open ecosystem for new decentralized applications.

• The UAE announced the establishment of RAK Digital Assets Oasis, the world's first free zone exclusively for digital and virtual asset firms.

• Top universities worldwide prioritize crypto and blockchain education, offering cryptocurrency-related courses to meet the demands of the new web3 world.

?? The State of Investment

• Workpay, a human resources and payroll provider that has received funding from Y Combinator, has raised $2.7 million to expand its operations across Africa.

• Animoca Ventures and Digital Dubai have joined forces to organize an exclusive, invitation-only investor event called "Reports from the Future: Dubai".

• PayPal and investment management firm Galaxy have teamed up to raise $20 million in seed funding for Chaos Labs, a cloud platform based in New York that focuses on securing blockchains and protocols.

• Yield Guild Games, a play-to-earn gaming platform, has raised $13.8 million in a funding series led by well-known backers from the cryptocurrency sector – DWF Labs and a16z crypto.

• Singapore-based Blockchain Founders Fund has raised $75 million for a new fund that aims to support startups focused on blockchain, Web3, and the metaverse.

?? Building Trust in the Crypto Ecosystem

The potential of blockchain technology and cryptocurrencies is massive. As you can already see from today's news items, the application of blockchain is changing the game in many fields, promoting even more technological advancements and innovative applications.

In 2022, the crypto industry reached a point where building trust with users and regulators was important for the success of the ecosystem. Binance's policy paper outlines several ways in which the industry can do just that, including handling customer assets, ensuring transparency and disclosures, and implementing robust risk management strategies.

All players in the digital asset space must take responsibility and demonstrate that the negative actions of a few individuals don’t represent the entire industry.

Regaining trust with policymakers, regulators, and the community means we need to prioritize risk management, security, and transparency.

?? Report of the Week

Who’s Who on the Blockchain? Mapping the Key Players in the Cryptocurrency Ecosystem: This report by Chainalysis explains how cryptocurrency has transformed financial markets since the launch of Bitcoin in 2009, driving innovation in financial infrastructure and economic thinking. To ensure continued growth and adaptation, stakeholders including governments, industry operators, and financial institutions must understand the players in the cryptocurrency ecosystem and the level of risk associated with them. Chainalysis provides blockchain analysis, investigations, and compliance software to empower businesses and governments to transact safely and sustainably with cryptocurrency. Their guide breaks down the key players in cryptocurrency transactions according to the level of risk they present. Read more about it in this report here .

?? Books I’m Reading

Banks and Fintech on Platform Economies: Contextual and Conscious Banking by Paolo Sironi

Check out more of my favorite reads here .

?? In Other News…

• Startups: Flat6Labs hosted 12 growth-driven tech startups from its Seed Programme in Cairo during a demo day held at the Grand Egyptian Museum in Cairo.

• Business: Forbes has released its annual list of the Middle East's 100 most powerful businesswomen for 2023.

• Real Estate: Saudi Arabia's real estate sector is set to witness a record boom as multibillion-dollar projects related to the Vision 2030 strategy trigger a surge in the industry.

• AI: Snapchat is launching its own AI chatbot , powered by ChatGPT, called 'My AI,’ which will only be accessible to paying Snapchat Plus subscribers.

?? The Podcast for Fintech Enthusiasts

Join me in this episode as I chat with Hisham Al-Falih , Co-Founder & CEO of Lean Technologies, about the transformative impact of open banking and finance on the global financial industry, especially on the MENA region. We discuss the latest developments in the field and how open banking can help SMEs access financial services more easily, which is particularly important in the MENA region where SMEs are a major driver of economic activity. Plus, we explore the benefits of different types of open banking models, including expanding the scope of open banking beyond traditional banking and creating a seamless user experience. Don't miss out on this informative discussion!

??? And that brings us to the end of today’s Crunch

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