• Fluidity Money, a DeFi protocol, has launched a cashback program with Request Finance.
• The rewards are paid out in stablecoins and can be earned by users and merchants that use Fluidity and Request Finance.
• Fluidity Money’s “Fluid Assets” are obtained by depositing stablecoins into the app, with 80% of the yield generated used to finance cashback rewards.
Fluidity Money Launches Cashback Program
Fluidity Money, a decentralized finance (DeFi) protocol, has launched a cashback program with Request Finance, an enterprise crypto payments app. The cashback program allows businesses to reward customers who pay in crypto as well as merchants who accept crypto payments. Each time a payment is made in the app, both the sender and recipient can earn stablecoins randomly distributed into their wallets after each payment.
Rewards Paid Out In Stablecoins
The rewards are currently paid out in stablecoins. However, Fluidity Money has plans to expand its offering to other loyalty programs which could see other types of rewards like non-fungible tokens (NFTs) being disbursed in the future. Depending on what the NFTs represent this could include tickets to token-gated experiences, merchant credits like air miles, digital collectibles and more.
How It Works Under The Hood
Fluidity Money provides crypto payment apps like Request Finance with a novel way of financing rewards that pay out in stablecoins without imposing high fees on merchants or high-interest rates on consumers. To mint a Fluidity stablecoin an equivalent amount of that specific stablecoin like USDC or USDT must be deposited into a smart contract. The deposited stablecoins are then lent to other DeFi protocols such as Compound and eighty percent of the yield generated is used to finance the cashback rewards. As more people use Fluidity Money’s wrapped stablecoins, larger cashback payouts will be possible for all involved parties.
On The Flipside
Shahmeer Chaudhry CEO of Fluidity Money said: „Request Finance helps thousands of enterprise teams and DAOs use stablecoins easily – we wanted to work with them to introduce this cashback program as a fun way of rewarding people for using stablecoins for payments.“
Fluidity Money’s new cashback program is great news for businesses who want to reward customers when they make payments in crypto as well as merchants who accept these payments – all whilst enjoying low fees and no interest rate charges! With plans underway for expanding their offering further it looks likely that even more exciting opportunities may become available soon!
• Wemade Co., Ltd. has announced a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing.
• The partnership will allow Wemade to power its blockchain and gaming services with Space and Time’s suite of developer tools.
• WEMIX has also announced plans to launch an Ethereum layer-2 utilizing zero-knowledge proof (ZKP) protocols that will improve scalability while still ensuring users‘ privacy and security.
Wemade Partners with Space and Time
Wemade Co., Ltd (KOSDAQ:112040), one of the largest publicly-listed gaming companies in South Korea with a market capitalization of US$1.4 billion, has announced a strategic partnership with Space and Time (SxT), a leader in decentralized data warehousing.
Strengthening Blockchain Infrastructure Capabilities
The partnership will allow Wemade to power its blockchain and gaming services with Space and Time’s decentralized suite of developer tools. This includes real-time, tamperproof indexed blockchain data, a hybrid transactional and analytic (HTAP) data warehouse, and a serverless API gateway for simplified building of fully decentralized applications and faster dApp time-to-market.
Today, Wemade services more than 20 different play-to-earn (P2E) games across all genres, including MIR M and the world’s no. 1 blockchain game MIR4, on its global open blockchain gaming platform WEMIX PLAY. This is part of the mega-ecosystem that its blockchain developer subsidiary, WEMIX is building which encompasses its own mainnet, WEMIX 3.0; an extensive range of services like NFTs and DeFi; and WEMIX coin – the bridge that connects all of the components of the mega-ecosystem.
Zero Knowledge Proof Protocols
WEMIX has also announced plans to launch an Ethereum layer-2 utilizing zero-knowledge proof (ZKP) protocols that will improve scalability while still ensuring users‘ privacy and security. Queries run in the Space and Time data warehouse are verifiably tamperproof as their novel cryptography allows smart contracts to run tamperproof queries directly opening up powerful use cases built on blockchain technology..
GameFi Development Collaboration
• Brazil’s Central Bank is launching a pilot project for the country’s digital currency called the “Digital Real” in 2024.
• The “Digital Real” would leverage distributed ledger technology (DLT) to reduce costs and enable access to financial services for people.
• It could also create space for financial technology companies to innovate and offer new services, transforming banking for good.
Brazil’s ‚Digital Real‘: Unlocking Financial Innovation
Brazil’s central bank is looking to launch a revolutionary pilot project: its own digital currency, the „digital real“ in 2024. This move could be a major boost for fintech firms, as well as traditional finance (tradFi). The CBDC could cut costs and enable completely new financial services that can transform banking for good.
Leveraging Distributed Ledger Technology
The „digital real“ will leverage distributed ledger technology (DLT) to democratize access to financial services. Fabio Araujo, the initiative’s coordinator, said that this system would reduce costs and enable significant financial innovation. Services that are currently expensive or only available to banks through repo operations could become accessible with DLT-based technology.
Benefits of Digital Real
The potential benefits of the „digital real“ go beyond digital payments like Pix, which is already popular in Brazil. Instead, it could potentially reduce the cost of credit and return on investments through innovative fintech solutions. This could democratize access to the market and offer new services not previously available before now.
CBDCs Around The World
Brazil is far from alone in its pursuit of CBDCs; according to the Atlantic Council almost every major developed country is at some stage of research and development of its own CBDCs. These digital currencies are based on fiat money but leverage DLT similar to crypto assets such as Bitcoin or Ethereum.
CBDCs have great potential to revolutionize finance by reducing costs and enabling access to financial services previously unavailable due to their high cost or lack of infrastructure necessary for traditional finance options like repo operations. Once launched, Brazil’s „digital real“ has great potential disrupt tradFi by creating space for fintech solutions that can expand access and create new services – transforming banking for good!
• Robinhood, a securities brokerage firm that also offers cryptocurrency services, has revealed that it received a subpoena from the U.S. Securities and Exchange Commission (SEC) last December relating to its „cryptocurrency listings, custody of cryptocurrencies and platform operations.“
• The company currently lists 18 cryptocurrencies, including bitcoin (BTC), ether (ETH), and dogecoin (DOGE). If some of these are determined to be unregistered securities by the SEC, they might need to be delisted.
• The SEC’s regulatory crackdown on crypto in the US is part of a wider trend; other companies affected include Kraken, Binance, and Paxos.
Robinhood Receives SEC Subpoena Over Crypto Services
Robinhood, a securities brokerage firm that also offers cryptocurrency services, has revealed that it received a subpoena from the US Securities and Exchange Commission (SEC) last December in relation to its “cryptocurrency listings, custody of cryptocurrencies and platform operations”. The company currently lists 18 different cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). If any of these are deemed unregistered securities by the SEC however, they may need to be delisted.
Crypto Regulatory Crackdown
The SEC’s regulatory crackdown on crypto in the US is part of a wider trend; other companies affected include Kraken, Binance and Paxos. Most recently Kraken was forced to pay a $30 million fine and shut down its staking services due to selling unregistered securities while Paxos was sued by the SEC for similar reasons.
In response to the subpoenas received from both the SEC and California Attorney General’s Office seeking information about trading platforms and customer assets among other things – Robinhood disclosed in its 10-K filing that if any of their supported cryptocurrencies are found to be securities then they might have no choice but to delist them from their platform.
FTX Collapse Linked?
It should be noted that this attention Robinhood is receiving from authorities seems linked with recent collapse FTX back late last year – though this hasn’t been officially confirmed yet by either party involved.
Overall it looks like we’re seeing an increasing amount of regulatory pressure being put on crypto firms with even larger ones like Kraken feeling the squeeze at this point. It will definitely be interesting to see how this all plays out over time going forward into 2021!