DeFi Research News September 2024

Stablecoins Update

Total Stablecoin Market Cap Hits ATH

End of September, the stablecoin marketcap (excluding algorithmic stablecoin) reached an all time high again at $171 billion from $168 billion dollars. The previous ATH was in mid March 2022, 894 days as of August 31st 2024. 

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Source: DeFi Llama

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This is due to new entrant USD0 (stablecoin backed by yield bearing stablecoins) continuing their inflow. USDC and USDT are seeing inflow of 2.53% and 1.38%. USDT is now just below 70% market share at 69.94%.

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State of Stablecoin 2024 - Coingecko

Coingecko recently published their State of stablecoin market. Lets dive in and provide you with the TLDR. 

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Commodity backed stablecoin has grown by 18% so far this year while only accounting to less than 1% of fiat backed stablecoin marketcap. Tether $XAUt and Paxos Gold $PAXG make up 78% of this niche while new entrant struggle to get a footing. The sub sector has grown 212x since inception back around 2020 but still struggle to pick up the pace by only representing 0.8% of fiat backed stablecoins. 

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Stablecoin represents less than 10% of global crypto market cap while this ratio increases in times of crypto market weakness as trades and investors tend to sit on stablecoins waiting for opportunities to buy crypto at lower prices. 

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Out of the 285 millions unique addresses on EVM, 8.7 millions today hold stablecoin with more than 97% owning a mix of USDT, USDC and DAI. USDT is the biggest with 5.8 million holders which is 2.6x larger than the USDC holder base at around 2.3 millions. 

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BitGo plan to launch its own stablecoin in Jan 2025 called USDS

Coindesk reports that BitGo is launching early next year an institutional grade stablecoin, which they announced at Token2049 in Singapore. The stablecoin dubbed USDS will be backed by short duration T bills, overnight repos and cash like other stablecoin competitors like USDT or USDC. The article continues with a quote from CEO Mike Belshe: “The main reason for launching USDS is that, while existing stablecoins serve a good function, we see an opportunity to create a more open and fair system that promotes innovation and, most importantly, rewards those who build the network”.
Compared to USDT or USDC, USDS will be distributing a portion of the revenue it generates from its backing reserves to its institutional participant on a prorated basis as a way to align their interest to custody the asset which in turn contribute to improved liquidity. 

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Ethena Partner With Blackrock

Ethena Labs, developer of the decentralized stablecoin protocol Ethena, is working on a new stablecoin backed by a tokenized fund from BlackRock (BUIDL) and will be called UStb. The upcoming UStb stablecoin will be a separate fiat stablecoin product alongside USDe (USDE), a synthetic dollar stablecoin issued by Ethena in February.

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“This will exist as an isolated product separate from USDe offering users and exchange partners a new product with a differentiated risk profile to USDe,” Ethena Labs said. In the announcement, Ethena Labs mentioned that the community has been increasingly concerned about the USDe response to negative funding rate environments. 

According to the developer, the addition of UStb could help resolve this issue of USDe. Ethena could potentially close hedging positions and re-allocate backing assets to UStb if governance deems it necessary and appropriate in negative funding conditions. Ethena Labs added that such a move is expected to further facilitate risk associated with negative funding rate environments. 

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Sky (formerly MakerDAO) is Weighting in Deploying USDS (formerly DAI) on Solana

Blockworks recently reported that Sky was eyeing a deployment of its USDS to Solana based fork. The article reads: “Sky, the longtime Ethereum DeFi giant formerly known as MakerDAO, is weighing a deployment of its native tokens on Solana, its co-founder Rune Christensen detailed in a forum post.

Christensen has long admired Solana, and even proposed moving MakerDAO to a fork of the Solana codebase last year. It seems to be opportunistic timing for Christensen as Sky tries to boost adoption of its decentralized stablecoins while Solana DeFi comes off a period of rapid growth. And the pending deployment also sets the stage for what could be a battle between a few stablecoin giants competing to absorb liquidity in a DeFi ecosystem that appears to have more room to grow.”

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Bitcoin Update: 

MSTR Levered ETF Sees Major Inflow

Leveraged MicroStrategy (MSTR) exchange-traded funds (ETFs) broke $400 million in net assets late September as retail investors continue to pour into the ultra-volatile Bitcoin plays, according to data from Bloomberg Intelligence. Asset manager Defiance ETFs launched the first leveraged MSTR ETF in August. Competitors REX Shares and Tuttle Capital Management in September with an even more leveraged offering setting off what Bloomberg ETF analyst Eric Balchunas has dubbed the “hot sauce arms race.”

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Originally a business intelligence firm, MicroStrategy transformed into a “bitcoin proxy” in 2020 when founder and Chairman, Michael Saylor, started using the company’s balance sheet to buy bitcoin. 

August 1st, the company started using a “bitcoin yield” KPI to measure the bitcoin backing % of its shares outstanding. 

On Sept. 16, MicroStrategy announced plans to issue $700 million in debt, partly to buy more BTC and on September 20, it completed a $1.01 billion convertible note offering, allocating proceeds for Bitcoin purchases and debt repayment. A portion of the proceeds from this latest convertible bond were used to retire $500 million of 6.125% senior secured notes due 2028. MicroStrategy now holds around 252,220 bitcoin valued at $15.34 billion dollars. 

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Bitcoin Hashrate Centralization In China FUD

Recent FUD arose from one major blockchain data analysis company regarding Bitcoin hashrate dominance around 55% from China, which completely misses the point of hashrate distribution and how mining pools operate. Lets provide once again an overview of how mining pools operate. 

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MARA pool, F2Pool, Binance pool or ant pool have management or headquarter in different countries, sometimes multiple countries but this does not mean that the hashrate pointed to those pools is also located in the same country as their headquarter. Most miners are so small that mining by themselves would not be profitable, so they resort to pointing their hashrate to a pool which benefit from economies of scale and is able to redistribute profit on a pro rata basis of hashrate contributed. Those miners are geographically distributed but difficult to track each and everyone of them due to the nature of mining.

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Hence there are 2 common critic scenario arising from this claim of hashrate centralization: 

• Bitcoin control on the code and hardfork probabilities 
• Censorship of block content

The first flaim is easy to dismiss as it is not miners & pools that control Bitcoin, it is the full node that enforces consensus. Hence if pools were to push for a hardfork which full nodes would not support, the block they would produce would not get through consensus and their block would be rejected; thus they would lose hashrate as the pool would not be able to pay their miners. 

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The second claim is somewhat true as the pool creates the block template they want on behalf of the miners that point their hashrate to it. Hence the pool can include or exclude whichever transactions it wants into the next block, while individual miners have no say in this regard. This is why Ocean Mining recently released DATUM to enable individual miners to submit their own template if they find a block on behalf of the pool. 

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WBTC Hit ATH Supply On AAVE Despite FUD

Despite the ongoing FUD around WBTC, it hit an all time high supplied on AAVE v3 on Ethereum, reaffirming that WBTC is still the biggest bitcoin wrapper in DeFi.

The total supply hit 37,000 WBTC worth at the time around $2 billion, almost 20% of WBTC total marketcap.

The ongoing FUD sparked by Sky (formerly MakerDAO) governance vote to off-board WBTC as collateral, has now been reconsidered following new recommendation from Block Analytica Labs, a 3rd party data analysis firm that provides recommendation to Sky governance. Now WBTC will not be off-boarded, however the parameter changes have significant impact where WBTC cannot be supplied anymore and liquidation threshold have been more stringent than it the past while making sure that it was still conservative as to not have unwanted liquidation for Sky users. 

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Coinbase cbBTC Launch & FUD

As we covered last month, cbBTC has been live since mid September while Coinbase had perfect timing on its announcement following the ongoing WBTC FUD. 

Now the FUD on WBTC, especially spearheaded by Sky (formerly MakerDAO) governance forum, has been pushed onto cbBTC. Indeed, Mike Belshe, BitGo CEO, while responding to questions in the forum started to hint that the community was overreacting while cbBTC seemed to be fast tracked as a collateral asset while Coinbase did not provide any details regarding how it operates nor a pledge of transparency. Later in the month Coinbase modified its PR to add that proof of reserves was in the roadmap and was soon to come. Now, was Sky governance vote to off-board WBTC as collateral purely reactionary to its announcement or was it somewhat coordinated to facilitate cbBTC adoption as DeFi collateral, we might never know as the truth lies somewhere in between. One thing that remains true is that cbBTC marketcap has been skyrocketing since its launch mid September and is now around $350 millions while WBTC still stands at around $9,15 billions. 

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Ethereum Update

RWA Isn’t Dead

RWA assets have been growing at an increasing pace since the last 5 to 6 months  reaching a combined $12 billion. Private credit focused RWA protocols make up 66% of the TVL while stablecoin backed by US T-bill represent 16%.

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Looking at this sub-sector, Blackrock has seen tremendous growth since its launch while closely followed by Ondo USDy and Franklin Templeton close to the $450-$500 millions. 

Overall there are more than 6,000 holders while 74% of those own USDY token from Ondo Finance when in comparison it seems Blackrock BUIDL token has only 25 whales.  

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Zooming in on Private credit we can see that Figure is the clear winner in terms of TVL growth which enables users to get a loan on their Bitcoin or Ethereum as collateral with high LTV and what seems to be industry standard rate of 12% to 16% with 12 months terms. 

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SEC Charges Defunct Hedge Fund Galois Capital After $40 mln Loss During FTX Collapse

Galois Capital, the crypto hedge fund that famously warned of the dangers around Terra's LUNA and UST ahead of their 2022 collapse, has been charged by the U.S. Securities and Exchange Commission for misleading investors and for not properly safeguarding customer funds. 

Galois Capital has settled the charges and will pay the regulator a civil penalty of $225,000 dollars to be distributed to users. The SEC calls out the hedge funds for not using a qualified custodian to trade users' funds, which is ironic because this policy has been put in place after FTX collapse and has been awarded to a handful of custodians. Prometheum being one of them, registered as a special purpose broker dealer of digital assets, has announced in August that it would list UNI and ARB as securities, which is well aligned with SEC agenda of sending Wells Notice to Uniswap Labs. 

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FTX Creditors to Only Get 10-25% Of Their Asset Back

FTX creditors will only get 10–25% of their cryptocurrency back, according to newly revised bankruptcy documents shared by FTX creditor Sunil Kavuri.

FTX creditor-activist explained that the creditors would receive reimbursements according to the petition date when cryptocurrency prices were much lower than today. This means that at the time of the petition, Bitcoin was around $16,000 dollars when today it is in the 60s. This has caused lots of distress in the community as the prices at petition means that lots of debtors will only see partial reimbursements. 

Earlier in August other creditors have criticized the protection given to the estate professional as the current plan was almost giving “immunity” to them while they are paid to ensure highest reimbursement to creditors. 

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JP Morgan Onyx Blockchain Used To Issue Commercial Paper

German industrial giant Siemens AG tapped global bank JPMorgan's blockchain-based payment system Onyx and SWIAT's private blockchain to issue and settle a tokenized version of its commercial paper, the companies said on Monday. Siemens issued €100,000 worth of crypto securities under the German Electronic Securities Act (eWpG) on September 13, then redeemed it three days later. The payments were conducted on the Onyx network using the JPM Coin System, while asset transfers were settled on the SWIAT network's delivery-versus-payment (DvP) mechanism.

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JPMorgan has been one of the early leaders in the space with Onyx and its JPM Coin blockchain specialized in settlement tech. This partnership solidifies JP Morgan into the tokenization sector. JPM Coin has already seen product market fit as they report seeing billions worth of volumes each day in JPM Coin being sent between JPM accounts to settle trade since they’ve enabled programmability.   

DeFi Updates

Coinbase State of Crypto Sept 2024

Coinbase released its state of Crypto for Q3 2024 with a deep dive on US demographics and the US elections with regards to crypto. Below are some of the highlights from the report:

• Crypto are key in battleground states. There are 16 times the number of crypto owners in the battleground states than the vote differential in 2020 elections. 
• Crypto owners are not just crypto bros, 18% of crypto owners are moms with a child at home. 41% of crypto owners listen to country music.
• Crypto owners think a lot about crypto, around 59% think the same or higher amount about crypto than their vacation.
• 87% of crypto owners think the financial system needs updating by giving more control over individuals finances. 

We’ve already covered in the previous month the current states of political support for crypto across the democrats and republicans. US crypto holders seem to be key in the upcoming election by potentially making a noticeable difference in the ballots.  

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Hamster Kombat Minting of Token For More Than 100M Users

The Open Network (TON) blockchain has proactively requested its validators to prepare for the onboarding of millions of users from the Web3 game Hamster Kombat, anticipating a surge in system demand.

On Sept. 25, a Telegram channel dedicated to TON validators, developers and integrators warned about an upcoming increase in bandwidth demand for its blockchain, hence validators should be ready to provide the best availability as it directly impacts how the blockchain performs. 

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Hamster Kombat has around 100 mln active users while boasting 150 to 200 mln registered users. The industry of play to earn games has seen tremendous innovation thanks to TON and its mini app, providing some fresh air in how these games approach user acquisition, retention and conversion. 

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crvUSD Drops TUSD from Collateral Basket As Regulator Charges 

Curve Finance, a decentralized exchange (DEX), is considering dropping TrueUSD (TUSD) from the list of tokens serving as collateral for Curve Stablecoin (crvUSD) after United States regulators charged on September 24, TrueCoin, TUSD’s issuer, with securities law violations. 

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In a Sept. 25 post on Curve’s governance forum, cross-chain messaging protocol Wormhole proposed reducing the upper limit on crvUSD’s TUSD backing to zero “to fully remove exposure to TUSD due to regulatory risk and solvency concerns.” 

The “PegKeeper” liquidity pool backing crvUSD permits users to mint up to $10 million worth of crvUSD with TUSD. The proposal also suggested reducing the amount of crvUSD mintable with PayPal’s stablecoin, PYUSD, from $15 million to $5 million “so reliance on each PegKeeper is suitable for the significance of the respective pool.” 

The SEC also alleged that “TrueCoin and TrustToken falsely marketed the investment opportunity as safe and trustworthy by claiming that TUSD was fully backed by U.S. dollars or their equivalent,” while even claiming the 99% of the reserve backing were invested in offshore speculative funds. TrustCoin and TrueCoin did not admit or deny the allegation but settled on paying the civil penalties of $327,532 dollars

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Key DeFi Stats for September:

Image: DefiLlama

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In September, the TVL moved up by around $5 billion dollars from August $82 billion to reach $87 billion. DEX 30 day volumes have gone down by around $45 billion, reaching $100 billion. 

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A look at the top DeFi protocols based on the fees generated

Let’s look at the top 5 DeFi/NFT protocols/ecosystems with the most fees generated over 30 days, which generally translates to the most active protocols. In some cases, the protocols take a % of the fee as revenues (eg. Lido Finance) in other cases its distributed almost entirely to the Liquidity Providers Stakeholders (eg. Uniswap Liquidity Providers) hence their revenue varies based on such parameters. 

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Here are the top 5 protocols for the month of September in terms of Fees generated:

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Image by Coinchange, data sourced from DeFillama 

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At the end of September, 2 protocols are on Solana - Jito and Raydium, while the others are deployed on EVM chains. AAVE has gone to 6th place (not shown) while PancakeSwap got 2nd due to increased volume on BNB chain. Uniswap is still 3rd while Jito and Raydium are 4th and 5th respectively. 30 days fees have significantly increased after their reduction last month to $74mln. This month fees for the top 5 amounts to $174 millions, a 235% increase from last month, though still below July total fee of $250 mln.

Macro View

Bolivia Reports 100% Rise In Crypto Adoption Since Lifting Bitcoin Ban

Bolivia central bank has reported a 100% increase in average monthly virtual asset trading in the country since lifting its ban on Bitcoin in late June. Roughly $15 million dollars have been traded monthly since June/July, a 105% increase from the last 2 years. Interestingly the bulk of the total $48 million traded during the last 3 months has been stablecoins. 40% of the trading volume on registered exchanges have been carried by retail investors, showing the increased use of digital assets for savings while also as a means of payment. 

Bolivia's inflation rate has been speeding up the past few years with August inflation rate being 5.9% while the past 2 years it was around 2.5% to 3%. This could be one of the reasons why Bolivia’s crypto volumes have spiked up after the ban. 

On the scale of crypto adoption however, Bolivia has a lot of catching up to do to countries like India, Nigeria, Indonesia, United States or Vietnam. Indeed as per Chainlink’s crypto adoption index these countries lead the pack as the top 5 while Bolivia ranks at 101 out 1051 countries. In general Latin America stands at an average 0.065 out 1 which corresponds to an average ranking of LATAM countries around the 36th place.  

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Javier Milei, President of Argentina, Has Done The Impossible

Argentina has seen its inflation rate cut by almost 6x since 6 months ago when it reached its peak of 25% monthly, thanks to heavy cut in government spending and decrease in the size of the government done almost literally with a chainsaw. Recent research by BBVA highlights that the government maintains a firm commitment to fiscal balance while upholding a "zero monetary issuance" policy for all items arising from the public sector. The Argentine government has put on hold all of its major public construction projects to reevaluate which ones are critical before starting them again. The slowdown in inflation has stalled since May-June, remaining around 4% monthly, and economic activity shows signs that the recession may have ended in Q2 2024. 

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BBVA research continues sharing that the government achieved a financial surplus of 0.3% of GDP and a primary surplus of 1.5% of GDP in the first 8 months of 2024, driven by a contraction in public spending (-30% in real terms). The good news for Argentina continues with GDP contracted by 3.4% in the first half of 2024; however, signs of recovery have been evident since Q3. The emerging rise in real wages has also begun to contribute to greater economic activity. A 4% GDP decline is expected for 2024, followed by a 6% rebound in 2025, driven by investment, exports, and private consumption.

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China’s Economy Struggling, Receives Fiscal “Policy Bazooka”

The Time released an article explaining that this month the People’s Bank of China (PBoC)—the central bank of the world’s second biggest economy—finally acquiesced to after months of business leaders and economists urging action in regards to the deflation happening right now. It unleashed a triptych stimulus package aimed at spurring consumer spending to counter persistent deflation which will mean missing their “targeted 5%” GDP annual growth. Yet analysts doubt even this “policy bazooka” will have much of an effect. 

The PBoC has decreased its policy interest rate by 20 bps while passing policy to reduce bank’s reserve requirements and reduce existing mortgages interest rates by both 50 bps. 

Major liquidity facilitators like allowing bank refinance loans to businesses so that they can purchase back their own shares on the stock market easily. Also this will help companies raise funds by using their shares as collateral with banks. Lu Xi, an assistant professor focusing on China’s economics at the National University of Singapore said “It is the first time I’ve ever seen the Chinese central bank directly use its own money to support the stock and real estate markets”.

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France Debt Burden Rise To 112% in Last Quarter

France’s public debt increased to near €3.23 trillion, or 112 percent of GDP, between April and June, official statistics showed at the end of September. This news comes as the new government appointed by president Macron are set to propose a new budget to tackle it. The European Commission reckons France's public debt, at 110.6% of GDP in 2023, will rise to 112.4% this year and 113.8% in 2025 unless action is taken. The EU commission has warned that the public debt needs to decrease by at least 1% per year as part of the trusteeship by the EU.

The interest payment on this debt coupled with government spending means that France will record a budget deficit of 6% of GDP if not 7% as some analysts seem to hint at. EU policy regarding budget deficits for its member countries requires it to be below 3% of GDP while debt to GDP ratio needs to be below 60%.  

The 10 year sovereign rate of France is around 2.5% comparable to Italy, Spain and Greece at 2.73%, 2.46%, 2.43% respectively while their credit ratings are below the AA- of France with BBB for Italy, A- for Spain and BB+ for Greece. This will likely mean another degradation for France's credit rating soon to come in October by S&P, Fitch and Moodys as France already got downgraded in May this year from AA.  

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Fed Cuts Rate, CPI Close To Targeted 2.9%

As we covered last month, after 28 months of hawkishness the Fed’s finally caved in and started cutting.

“We specifically had 17 months of hike and around 13 months of “on-hold” while market conditions have generally improved and no recession has started, so far, Jerome Powell is on track to pull off an extraordinary feat of rate cuts after prolonged tightening without causing a recession.” I wrote last month.

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Well this seems to be actually the case. So far the rate cut is geared toward supporting the labor market while not necessarily stressing too much about inflation as it is already coming down close to 2% while what they deem to be the long-run neutral interest rate is 2.9%. This means that the 50bps (0.5%) cut that did not garner unanimous approval from the FOMC meeting, will likely be followed by more rate cuts in the coming months. 

The impact of such policies seems uncertain as some argue it could lead to major run up like in the late 20s similar to the 2020 bubble while it could also lead to major melt up like in the late 90s early 2000s.   

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Regulations Update

US Crypto Industry Likely To Follow Different Path Than Rest Of The World

The U.S. crypto market will take a different path from the rest of the world, consolidating more with traditional finance (TradFi), because of differences in the regulatory environment and customer needs, Stephan Lutz, CEO of crypto exchange BitMEX, said in an interview at Token2049 in Singapore. 

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"I think that the U.S. crypto businesses will pivot in one direction that is consolidating TradFi with crypto," Lutz said. "If you look at Coinbase, if you look at Circle, you look at Kraken, they are basically going more and more into becoming a digital twin of the TradFi system." The split, Lutz called it a bifurcation, means U.S. crypto businesses will focus on domestic customers, and companies from the rest of the world will stay out of the country. BitMEX themselves do not operate in the US as well as a number of prominent CEX has little to no operations there like Binance, Bitget, Bybit etc…

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We can see clearly that the Asian market is taking advantage of the American regulator's confusion by being proactive and providing clear guidelines and policies for crypto businesses to operate with Singapore being a central hub for the region's regulators. BitMEX CEO sees India as the main driver for crypto adoption and growth over the next 10 years.  

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Hong Kong will align Crypto OTC Derivative rules to European Standards

Two top-level Hong Kong financial regulators have co-announced their intent to adopt reporting requirements set by the European Securities and Markets Authority (ESMA) for crypto over-the-counter (OTC) derivatives. 

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On Sept. 26, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) shared a plan to bring their OTC reporting requirements up to global standards after studying responses to a consultation paper from March 2024. 

According to Hong Kong stakeholders and investors, crypto OTC derivatives investments cannot be classified under the existing traditional five asset classes: interest rates, foreign exchange, credit, commodities and equities.

Some Hong Kong stakeholders recommended using Digital Token Identifiers (DTIs) “to unambiguously identify crypto-asset underliers for OTC derivatives.”

In response, the HKMA and SFC noted that ESMA implemented DTIs in reporting in October 2023. DTIs currently serves as the core reference point for crypto asset service providers across Europe. 

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New Visa Platform To Enable Banks To Issue Own Fiat-Backed Tokens

Visa Tokenized Asset Platform (VTAP) will enable the development of fiat-backed tokens powered by smart contracts to help digitize and automate existing processes that will then power the exchange of real-world assets (RWAs), according to an announcement seen by CoinDesk.

A bank would use Visa's new platform to purchase tokenized RWAs such as commodities or bonds with near-real-time settlement, using a token, the statement said. One of the first financial institutions to use VTAP will be Spanish bank BBVA, who expects to rollout a live pilot in 2025.

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Capital Raises in September 2024

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Source: ICO Analytics

1. Proof of Play raised a Seed round of $33 mln. Proof of Play is a game studio and blockchain technology company focused on creating engaging on-chain games with true player asset ownership. Their mission is to advance the Web3 gaming ecosystem with innovative and inclusive gaming experiences. One of their games, Pirate Nation, offers high seas adventures, treasure hunting, and pirate leveling.

Total raise: $33 mln

2. Bastion is a platform that combines Web2 and Web3 technologies to enhance business possibilities in payment, entertainment, connectivity, and shopping. It offers custodial blockchain wallet APIs that streamline digital asset management, optimize transactions for efficiency, and provide comprehensive insights into user behavior. Bastion aims to bridge traditional enterprise with the power of Web3 while addressing regulatory challenges in the crypto industry.

Total raised: $25 mln

3. Story Protocol is a web3 technology that aims to transform storytelling by providing infrastructure for creators to build narrative universes and imaginary worlds using open source principles. It enables the creation, governance, and licensing of intellectual property on the blockchain, allowing for the development of an ecosystem of modular story components that can be remixed and combined in new and innovative ways.

Total raised: $25M

4. Supra is a decentralized oracle platform that offers secure and low-latency access to real-world data for smart contracts and blockchain applications. It utilizes its bespoke consensus algorithm, “Moonshot Consensus,” to achieve sub-2 second finality and provides a bridgeless communication network for enhanced security. Supra’s goal is to enable Web3 interoperability and advance performance and security standards for decentralized applications.

Total raised: $24M

5. Mesh is a startup developing a service that enables customers to easily transfer and manage digital assets, including cryptocurrencies, across various platforms. It provides a secure and direct wallet-to-wallet transfer solution without storing users’ personal information or credentials. Mesh aims to make digital transactions more secure, compliant, and user-friendly by offering interoperability for businesses and users across the digital landscape.
   Total raised: $22M

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