Fnality Pushes for Fed Green Light to Revolutionize Blockchain Payments

Blockchain technology continues to redefine industries, from payment systems and education to gaming and art. In this press roundup, discover how Fnality is pushing for Federal Reserve approval, how blockchain is safeguarding artistic integrity, and how initiatives like Web3Ladies and Legacy Network are driving inclusivity and innovation. Explore the latest developments shaping the future of finance, creativity, and education.

Blockchain Payment System Fnality Targets Federal Reserve Approval

Fnality, a blockchain-based payment system backed by 20 global financial institutions, including Santander, is aiming to secure Federal Reserve approval later this year, according to Luis Nacarino from Santander. The system operates with tokenized settlement backed by central bank reserves. A spokesperson for Fnality confirmed that the company is in the process of obtaining an innovation bank charter from the Connecticut Department of Banking and has applied for a joint account with the Federal Reserve to operate the Dollar Fnality Payment System ($FnPS).

Fnality has already achieved significant milestones in the UK, where it was deemed a systemically important payment institution by the Treasury in August 2022. The system is live with three banks—Lloyds, Santander, and UBS—on the Sterling Fnality Payment System (£FnPS). The company is scaling operations in a phased approach to ensure resilience and functionality, with a strong pipeline of participants onboarding for use cases such as repo and margin transactions.

“Fnality is scaling £FnPS operations in a managed and phased approach, ensuring system resilience and functionality in a live environment,” a spokesperson stated.

Key Takeaways:

Fnality is seeking Federal Reserve approval for its Dollar Fnality Payment System.
The system is already operational in the UK with three banks actively participating.
Fnality aims to expand its use cases, including foreign exchange and FX swaps.

AI Art and Blockchain: Protecting Studio Ghibli’s Legacy

The rise of AI-generated art has sparked controversy, particularly regarding its impact on established artistic styles like Studio Ghibli’s. Many artists view this as an ethical violation, with AI models replicating distinctive styles without consent or compensation. Blockchain technology is being proposed as a solution to protect intellectual property and ensure fair compensation for creators.

Blockchain can tokenize artwork, creating a transparent and immutable record of ownership and licensing. Projects like CrowdGenAI and Custos are already leveraging blockchain to combat piracy through cryptographic watermarking. Additionally, smart contracts can automate royalty payments, ensuring that original creators are compensated whenever their styles are used in AI-generated content.

Key Takeaways:

AI-generated art raises ethical concerns about originality and intellectual property.
Blockchain offers solutions like tokenization and smart contracts to protect artists.
Projects like CrowdGenAI are pioneering anti-piracy mechanisms using blockchain.

New York Blockchain Council: A Think Tank for Innovation

Former New York State Senator David Carlucci has co-founded the New York Blockchain Council to promote blockchain innovation and provide resources for lawmakers. The council aims to explore blockchain applications beyond cryptocurrency, including healthcare, energy, and government transparency. Carlucci emphasized the importance of balancing consumer protection with fostering innovation to position New York as a global leader in blockchain technology.

The council will serve as a networking hub and think tank, connecting experts across various fields to develop best practices and regulatory frameworks. Carlucci highlighted the need for trust in blockchain systems to encourage experimentation and entrepreneurial growth.

Key Takeaways:

The New York Blockchain Council aims to advance blockchain applications beyond cryptocurrency.
It will provide resources and best practices for lawmakers and entrepreneurs.
New York seeks to become a global leader in blockchain innovation.

Oluchi Enebeli: Bridging the Gender Gap in Blockchain

Oluchi Enebeli, one of Nigeria’s first female blockchain engineers, is making strides in bridging the gender gap in the Web3 industry. As the founder of Web3Ladies and co-founder of Crevatal, Enebeli has trained over 2,000 women in blockchain skills through mentorship programs. Her initiative aims to introduce 100,000 African women to the blockchain industry, with a thriving community of over 153,890 members across multiple African countries.

Web3Ladies has facilitated the development of 24 projects led by women and provided access to essential work tools. The initiative also collaborates with universities to introduce young women to blockchain technology early in their careers.

Key Takeaways:

Web3Ladies has trained over 2,000 women in blockchain skills since 2021.
The community has grown to over 153,890 members across Africa.
Oluchi Enebeli aims to introduce 100,000 African women to the blockchain industry.

Binance Launches New Gaming Token

Binance, a leading global crypto exchange, is set to list GUN, the native token of the GUNZ blockchain, via its Launchpool platform. The GUNZ blockchain, developed by Gunzilla Games, supports AAA Web3 gaming titles like "Off The Grid" and "Technocore." Between March 28 and 31, Binance users can stake BNB, FDUSD, and USDC to receive GUN airdrops, with the token officially listed on March 31.

Binance has attached a seed tag to GUN, indicating higher volatility and lower liquidity. Users trading seed-tagged assets must pass quizzes every 90 days to ensure awareness of associated risks.

Key Takeaways:

Binance will list GUN, the token for the GUNZ blockchain, on March 31.
Users can stake BNB, FDUSD, and USDC to receive GUN airdrops.
The GUNZ blockchain is designed for AAA Web3 gaming.

Legacy Network Revolutionizes Education with Blockchain

Legacy Network has announced the integration of its $LGCT token onto the Base blockchain, aiming to establish it as the global currency for education. The move promises near-zero transaction costs and enhanced liquidity, making education more accessible worldwide. Legacy Academy, the company’s flagship app, has already garnered over 800,000 downloads and maintains a 4.6-star rating.

Operating from Central Europe, Legacy Network is committed to reshaping education through blockchain technology. The Base integration is part of a broader strategy to dismantle traditional barriers in education and promote $LGCT as the currency of choice for learning.

Key Takeaways:

Legacy Network integrates $LGCT onto the Base blockchain for global education.
Legacy Academy has over 800,000 downloads and a 4.6-star rating.
The initiative aims to make education more accessible and cost-effective.

Einschätzung der Redaktion

Fnality's pursuit of Federal Reserve approval represents a pivotal moment for blockchain-based payment systems, as it could set a precedent for integrating tokenized settlements into traditional financial infrastructures. The system's reliance on central bank reserves adds a layer of trust and stability, which is crucial for widespread adoption. If successful, this could accelerate the adoption of blockchain in mainstream finance, particularly in high-value transactions like repo and margin trading. However, regulatory hurdles and the need for robust operational resilience remain significant challenges that could influence the timeline and scalability of such innovations.

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