BankSocial’s Crypto-Friendly Credit Union, Seagrass & Hashgraph Association’s Carbon Credit Web3 Identity Wallet + More News

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Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.

In this edition:

• BankSocial Plans to Create a Crypto-Friendly Credit Union
• Seagrass and The Hashgraph Association Announce Carbon Credit Web3 Identity Wallet
• Conio Works With Coinbase to Enable Italian Banks and Financial Institutions to Access Digital Assets
• OrangeX Unveils $5M Innovation Fund Supporting Bitcoin Ecosystem
• KuCoin Labs Invests in Bitcoin L2 Solution Dovi to Advance BTC Ecosystem Development

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BankSocial Plans to Create a Crypto-Friendly Credit Union

A team at a startup BankSocial aims to launch a new credit union that will let people buy and sell digital currencies and maintain fiat currency deposits using distributed ledger technology.

The proposed Defy Federal Credit Union was announced last month.

Per the American Banker, the union would offer members access to BankSocial’s platform, which includes its self-custody crypto exchange for buying and selling currencies like bitcoin and ether, in addition to a deposit account.

“Our end goal is not to create the largest credit union ever invented with [the proposed] Defy Federal Credit Union, but rather to create a template” where credit unions can easily participate in a Web3 ecosystem, said John Wingate, chief executive and founder of BankSocial.

In November, the firm secured a strategic investment from The Hashgraph Association.

Seagrass and The Hashgraph Association Announce Carbon Credit Web3 Identity Wallet

The Hashgraph Association, the non-profit organization accelerating the broad adoption of the DLT network Hedera, has announced a co-funding initiative with Seagrass, a climate action company and subsidiary of E.ON, a European energy network and energy infrastructure operator.

Per the press release, this initiative facilitates building the Seagrass Wallet, a proof-of-concept Web3 identity wallet. It provides users with a decentralized digital identity and wallet that relates to their carbon projects.

The wallet provides transparency on environmental, economical, and project data to buyers and developers. It creates, stores, and presents digital identities with verifiable credentials, alongside the storage and exchange of assets, the announcement said.

Seagrass Wallet is currently in the testing phase and will be made available to clients in 2024.

Conio Works With Coinbase to Enable Italian Banks and Financial Institutions to Access Digital Assets

Conio, the fintech partly owned by Poste Italiane and Banca Generali, announced that it added full-service prime brokerage platform Coinbase Prime as a liquidity provider, expanding the digital assets that Conio offers.

According to a press release, this agreement will enable a quicker and more secure channel for Italian banks and financial institutions to meet the growing demand for digital assets accessing crypto exchange Coinbase’s liquidity.

Conio works with over 400,000 private clients, banks, and financial institutions.

It aims to solidify its position in the Italian digital asset market, it said. This includes adding support for up to 50 tokens on the Conio App by the end of 2023.

It also plans to launch a project to extend its custody technology beyond Bitcoin and Algorand to EVM blockchains such as Ethereum, Polygon, and Avalanche.

OrangeX Unveils $5M Innovation Fund Supporting Bitcoin Ecosystem

Cryptoasset exchange OrangeX announced its $5 million Innovation Fund.

The Fund is designed to bolster the Bitcoin ecosystem and propel blockchain innovation, the press release said. Its core focus is on investing in promising projects within the Bitcoin ecosystem, including Ordinals Protocols and BRC-20 standard tokens.

“Recognizing the surging demand and immense potential of BRC-20 standard token projects, OrangeX’s Innovation Fund stands ready to provide crucial capital and infrastructure support to empower the community in building a resilient and flourishing Bitcoin ecosystem,” the exchange said.

OrangeX also introduced a range of products and services tailored to the Bitcoin ecosystem and projects. Key offerings include Bitcoin-based token trading, Bitcoin ecosystem information, and Bitcoin ecosystem token launchpad.

KuCoin Labs Invests in Bitcoin L2 Solution Dovi to Advance BTC Ecosystem Development

KuCoin Labs, the incubator and investment arm of the crypto exchange KuCoin, has announced a strategic investment in Dovi. According to the press release, Dovi focuses on establishing innovative solutions for Bitcoin Layer 2, aiming to optimize user experience and transaction efficiency within the BTC ecosystem.

“KuCoin Labs will continue to focus on incubation, investing in the BTC ecosystem, and bringing the next BTC ecosystem phenomenon level application to the industry,” the exchange said.

It invited BTC-native projects to fill out the application form on the official website for financing or incubation purposes.

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