Matt Huang, the co-founder of the crypto-focused investment firm, Paradigm, has spoken about the firm's investment in the bankrupt FTX, stating that the VC firm wrote down its investment in the exchange to zero. 

On the 15th of November, FinTech firm Circle, the issuer of fiat-backed stablecoins USD Coin (USDC) and Euro Coin (EUROC), announced that businesses that build with Circle can now interact with Apple Pay, providing an easier, more secure, and more private payment method.

Members of the U.S. banking community have launched a proof of concept project that will explore the viability of an interoperable digital money platform known as the regulated liability network (RLN).

Top stories in the Crypto Roundup today:

• Paradigm Founder Has 'Deep Regret' Over FTX Investment
• Circle Adds Support for Apple Pay
• U.S. Banking Community Launch PoC For Regulated Digital Asset Settlement Platform

Paradigm Founder Has 'Deep Regret' Over FTX Investment

Matt Huang, the co-founder of the crypto-focused investment firm, Paradigm, has spoken about the firm's investment in the bankrupt FTX, stating that the VC firm wrote down its investment in the exchange to zero. 

Paradigm’s investment in firms associated with the group connected to former FTX CEO, Sam Bankman-Fried (“SBF”), total roughly $290 million, as reported by The Block. However, it was reiterated that this investment was only a small percentage of its total assets and that no assets were traded or held within FTX, nor did it invest in tokens related to exchanges such as FTT.

"We feel deep regret for having invested in a founder and company who ultimately did not align with crypto’s values and who have done enormous damage to the ecosystem," Huang said on Twitter.

While some people are beginning to doubt the value of crypto amidst the ongoing bear market, Huang believes that, following the quick demise of the exchange, "the issues at FTX are precisely ones that decentralized finance can solve through increased transparency and security."

Paradigm launched a $2.5 billion crypto fund last year and has backed projects such as DeFi wallet Argent, decentralized exchange dYdX and Gauntlet.

Circle Adds Support for Apple Pay

On the 15th of November, FinTech firm Circle, the issuer of fiat-backed stablecoins USD Coin (USDC) and Euro Coin (EUROC), announced that businesses that build with Circle can now interact with Apple Pay, providing an easier, more secure, and more private payment method.

Any “eligible” business that has a Circle account can use Circle’s Payments solution (which uses a payments infrastructure powered by USDC), but Circle points out that this update is “especially powerful for crypto-native businesses, since it can help them create stronger connections with customers who want to pay using more traditional methods and even enable them to buy crypto with Apple Pay on their preferred exchange.”

“NFT marketplaces, crypto gaming, crypto exchanges, crypto wallets and cross-border remittance providers can help their business grow by making checkout easy with Apple Pay and Circle,” the company added.

Finally, Circle mentions that traditional businesses can also benefit by “moving more retail payments to digital currency” and thereby experiencing “the benefits of USDC settlement.”

U.S. Banking Community Launch PoC For Regulated Digital Asset Settlement Platform

Members of the U.S. banking community have launched a proof of concept (PoC) project that will explore the viability of an interoperable digital money platform known as the regulated liability network (RLN). 

The proposed platform would look to utilise distributed ledger technology (blockchain is a type of DLT) to create innovative opportunities to improve financial settlements. Central banks and commercial banks of various sizes are looking to participate, alongside regulated non-banks.

In the 12-week PoC project, commercial banks will test a version of the RLN that operates exclusively in U.S. dollars and allows them to issue digital money or “tokens” which represent the deposits of their own customers. These could then be settled via simulated central bank reserves on a shared distributed ledger.

It is important to note that the project will be conducted in a test environment and only use simulated data. The release clarifies that “It is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed.”

In addition to the New York Innovation Center (NYIC), project participants include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo.

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