📝#95: Visa, EY & Google Go Crypto
Crypto.com sues the SEC. Visa's new tokenization platform. PayPal, EY, and Google Cloud are using crypto for B2B payments. Meta launches OpenAI Sora rival.
Hey, it’s Marc ✌️
What a week! We’ve seen a wave of institutional adoption in payments and tokenization. Plus: The biggest VC funding round ever. 💰
Let’s dive in 🦈
⏱️ Read time: 3min | Focus: Crypto, Macro & AI
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📚 Our Top Reads
Regulation by Enforcement Isn't Just a Meme. Paradigm. Link
The Future of Privacy Tech in Blockchain. Hack VC. Link
The next ten years of smart contract blockchains. Jesse Walden. Link
AI Has Already Peaked [Paid]. Andrew Zuo. Link
OpenAI: Biggest VC Deal of All Time. 51 Insights Link
Turning OpenAI Into a Real Business Is Tearing It Apart. WSJ. Link
Five reasons why OpenAI’s $150B financing might fall apart. Link
🌎 Crypto & Macro
Crypto.com sues SEC 💥
Crypto.com just sued the SEC after being accused of operating as an unregistered broker-dealer.
CEO Kris Marszalek says the company is "protecting the future of crypto in the U.S." and staying "very bullish" on the industry.
Be smart: The agency, under Chair Gary Gensler, has turned to litigation to set crypto policy, bypassing clear rule making.
Keeping track: Who else is in a battle against the SEC?
Coinbase
Ripple
Kraken
Binance
Uniswap Labs
Why it matters: This isn’t just about one company. This is a power game. These lawsuits could set a key precedent for the entire industry.
Banking Reimagined with Tokens 🏦
Visa has launched the Visa Tokenized Asset Platform (VTAP) on Ethereum.
The goal? Enabling financial institutions to issue fiat-backed tokens on blockchain networks.
It’s first customer? BBVA. The 2nd biggest bank in Spain, with over €750B in assets.
What you should know: Visa has partnered with BBVA to use VTAP to launch a stablecoin in 2025.
Why it matters: Visa's entry into tokenization with VTAP signals institutional adoption of blockchain technology. With a strong network of merchants and users, it can connect traditional finance with decentralized finance through VTAP, empowering RWA (Real-world asset) space.
Key Features of VTAP:
Easy Integration: Access to a complete suite of VTAP services via APIs
Programmability: Supports digitization and automation of existing workflows
Interoperability: Enables interactions across multiple permissioned and public blockchain networks
Stepping back: Visa began its journey into tokenization 10 years ago. It has issued over 10B payment tokens under Visa Token Service (VTS).
By the data: The tokenized market capitalization is expected to reach around $2T by 2030, driven by the adoption of tokenization in mutual funds, bonds, ETNs, loans, securitization, and alternative funds, excluding cryptocurrencies.
Tokenized payments have helped save $650M in fraud within the last year.
Businesses globally have generated over $40B in additional eCommerce revenue through the adoption of tokenized payments.
What they’re saying:
“With the introduction of VTAP we are once again setting the pace for the industry. We're excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations.”
Vanessa Colella, Global Head of Innovation and Digital Partnerships, Visa
So what? Visa is tackling tokenization’s cold start problem head-on by adding credibility and accessibility.
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More Crypto Highlights:
PayPal completed its first business transaction using its PYUSD stablecoin, paying an invoice to Ernst & Young via Coinbase. Link
Grayscale has launched its decentralized AI fund for accredited investors, spotlighting altcoins like NEAR, TAO, RNDR, and FIL. Link
Christie’s is set to auction Ascend, a 1-of-1 Bitcoin Ordinal and the first sold at a major auction house. Link
🪙 Regulation Highlights
Taiwan's Financial Supervisory Commission (FSC) will enforce new Anti-Money Laundering (AML) regulations for virtual asset providers starting in 2025, requiring mandatory registration and compliance. Link
🧠Artificial Intelligence
Meta introduces MOVIE GEN📹
Meta just dropped Meta Movie Gen, a generative AI tool designed to create and edit videos based on simple text prompts.
Why it matters: Meta has big plans to bring Movie Gen to creative professionals. By removing the technical and financial barriers to high-quality video creation, MOVIE GEN could transform how videos are created and consumed.
Applications for Brands? Read the full story👇
More AI Highlights:
Microsoft has officially stopped production of its HoloLens 2 headset, with support lasting until December 2027. Link
OpenAI introduced ChatGPT's new Canvas interface allows users to collaborate more effectively on writing and coding projects. Link
ByteDance revealed two powerful AI video generators, competing with OpenAI’s Sora and Meta’s Movie Gen. Link
💰 Money Moves
Funding Rounds:
OpenAI: AI startup raised $6.6B with a valuation of $157B. Link
SecondLive: Metaverse company raised $12M led by Cypher Capital. Link
That’s all for now, folks.
The next edition on Web3 Consumer & Gaming will follow on Friday.
Talk soon,
– Marc & Team
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Thanks Marc,
big guys are starting to play with crypto,
so we are waiting for a new RWA cycle in crypto?