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Today in Crypto: 11 Former Revolut, Spotify, and Coinbase Leaders Unveil Zeal Wallet, Ondo Finance Launches Tokenized US Treasury Product on Injective
Wallet news
The team consisting of 11 former Product and Engineering leaders from Revolut, Spotify, and Coinbase aim to tackle major issues such as lack of security, poor user experience, and high transaction fees – which prevent wider crypto adoption – with their project Zeal, a digital wallet with advanced security checks and zero-fee bank transfers. Per the press release, the goal with Zeal is to set the new standard in wallet user experience when managing crypto or interacting with Web3 and decentralized finance applications (dapps). It solves the security problem with advanced security checks and previews for Web3 transactions that keep people safe from scams and hacks, the team said. It’s also bringing to market the “world-first” bank transfers that let users transfer the USDC stablecoin from Polygon to their bank account for free. “This is an important stepping stone for people to start thinking of their wallets as part of their finance stack,” it said. Zeal wallet is in development with invite-only access. The team is onboarding early “zealots” to try the product ahead of its wider release in Q1 2024.
Web3 studio Cometh released its biometric smart wallet Cometh Connect. It said that, with Web2 users in mind, it created a Web3 onboarding tool to remove known barriers when interacting with blockchain technology “to push the next big wave of Web3 users.” Per the announcement, the Account Abstraction-as-a-Service (AAaS) allows users to seamlessly create and manage smart wallets using just their biometrics, whether FaceID or fingerprint, to mint an NFT. Furthermore, blockchain apps and games will be able to sponsor crypto gas fees for its users. The recent ETHCC event saw the deployment of 1,000 smart wallets through Cometh, it said, while the collaboration with cryptographers from the wallet maker Ledger helped Cometh Connect to be user-friendly and secure.
Investment news
Tokenized secure note issuer Ondo Finance launched its tokenized US Treasury product on Injective, a blockchain for Web3 finance applications. The press release said that “not only is this the first tokenized treasury on Injective, but it is also the first interoperable tokenized treasury offering in crypto.” The implementation will also be the first time users across the Cosmos ecosystem can access tokenized treasuries. Previously, the USD Yield (USDY), a tokenized note secured by US Treasuries and bank deposits, was only available on Ethereum, but the token will now work across Ethereum and Injective, allowing users on Ethereum to onboard onto Injective and earn yield on tokenized treasuries. The use of treasuries is rapidly growing as their yields have surpassed the rates offered across popular DeFi lending markets today, the company added.
Digital asset and fintech investment business Fineqia International announced its strategic investment in Criptonite Asset Management SA, a digital asset management firm regulated by the Swiss Financial Market Supervisory Authority (FINMA). Terms of the investment are confidential. According to the press release, through this investment, Fineqia gains access to Criptonite’s suite of investment products tailored to meet the diverse needs of investors. The company’s decision to invest in Criptonite aligns with its mission to diversify its portfolio in the digital assets industry, it said. Fineqia’s investment sum represents less than 3% of its market capitalization. The company intends to include this investment in its formative Glass Ventures fund, as announced in May 2023.
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