Shyft and Worldpay

Welcome back to the Tribe! In this post we discuss the partnership between Shyft and Worldpay, UK regulation, and a quick Ukraine update.

Nothing should be considered investment or financial advice. Enjoy the ride!

Shyft and Worldpay

Today, SanFransisco Tribe brings you the latest headlines covering the world’s largest mainstream payments processor, regulators in the UK banning misleading Floki Inu-rated ads, the return of Binance to Malaysia and updates from Ukraine.

Shyft Network Welcomes Worldpay from FIS

Leading digital identity protocol Shyft Network has announced a partnership with Worldpay, an industry-standard payment method developed by the world’s biggest payment processor – FIS. The partnership will provide Worldpay with access to federation nodes leveraged by Shyft to deliver data attribution and verify transaction settlement. 

Also, Worldpay will be included in Shyft’s smart contract solution dubbed ‘Veriscope’. The solution is supposedly designed to ensure travel rules and anti-money laundering (AML) compliance for financial institutions and virtual asset service providers (VASPs). 

With the partnership in place, Worldpay becomes the second non-crypto establishment to join Shyft’s network. Earlier in February 2022, Manchester-based law firm DLA Piper joined the network as its first mainstream partner. 

Commenting on the news, Shfyt co-founder Joseph Weinberg said companies in partnership with the network are getting equipped for the next generation of payment. Weinberg stated that regulatory-compliant data layers are a key tool in establishing payment security. Also, the co-founder added that:

“It’s about how we bridge the crypto world and the traditional world. Having institutions like DLA Piper or Worldpay being able to cross-verify these types of entities really helps establish on-chain trust in ways that we’ve never seen before.”

Regulatory Gist: UK Advertising Board Bans Floki Inu Ads

The Advertising Standards Authority, Britain’s top regulatory body for public ads, has implemented a ban on misleading promotions involving the Floki Inu meme token. Following gains experienced by Shiba Inu and Doge holders in the second half of 2021, Floki Inu reportedly embarked on a campaign geared towards incentivizing FOMO and Floki purchases. 

Adverts with the tagline “Missed Doge? Get Floki.” could be seen on buses and trains in London. UK’s ASA has now addressed the matter, dubbing the move by Floki as irresponsible and misleading. 

In other news, the world’s largest crypto platform by trading volume has acquired a significant stake in MX Global, a major market operator and digital asset exchange licensed by Malaysia’s Securities Commission. 

A spokesperson for Binance said the move is a part of a strategic plan geared towards solidifying the exchange’s dominances across Southeast Asia. Also, the partnership marks a milestone for the platform as Changpeng Zhao’s company returns to the Malaysian market. 

Binance previously withdrew its offerings in the jurisdiction following a cease and desist order from the Securities Commission following concerns regarding regulatory compliance.

Ukraine Update

A post from Ukraine’s official Twitter account published on Wednesday (March 2, 2022) suggests an upcoming airdrop for citizens and crypto users. Although the tweet confirms a snapshot, it remains unclear how the airdrop will work and who could qualify for the drop.

Also, Crypto donations to Ukraine supposedly surged by some $7 million after the news was announced.

Shyft and Worldpay Post

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21Shares And ByteTree

The first-ever Bitcoin x Gold exchange-traded product was launched by a collaboration between ETP issuer 21 Shares and ByteTree, an asset management heavyweight. Dubbed BOLD, the fund will debut on the Swiss exchange SIX. BOLD is split with an 18.5% BTC and an 81.5% Gold sharing formula. An algorithm that leverages 360-day historical volatility data will rebalance the fund on a monthly basis.

Central African Republic Approved Bitcoin

Bitcoin becomes an acceptable means of payment for the first time in the continent of Africa. Legislators from the Central African Republic recently approved the bill to legalize crypto in the country. The country joins El Salvador in a shortlist of countries with Bitcoin as legal tender.
It’s possible that the CAR could draw scrutiny from international financial bodies and sovereign governments from adopting Bitcoin on a national level. Organizations like the European Union and IMF have been critical regarding widespread crypto adoption in recent times.