THIS NEWSLETTER IS SPONSORED BY |  |  | After scoring $130 million from Tiger Global, TrueLayer's Francesco Simoneschi wants open banking to bridge the gap between CeFi and DeFi | Quick Takes - Francesco Simoneschi's TrueLayer is an open banking infrastructure startup used by the likes of Monzo, Revolut and Starling.
- In the wake of its funding round, Simoneschi is now toying with how open banking can iron out the crypto onboarding process.
| In September, TrueLayer became the latest addition to the ever-expanding stable of open banking unicorns in Europe.
Now, the firm's CEO and co-founder Francesco Simoneschi is focused on what he sees as the untapped potential of open banking to onboard to decentralized finance.
"My view is that open banking is probably one of the best possible payment methods you could use to move assets from outside of crypto to inside of crypto," he says.
In Europe, open banking refers to a three-year-old framework for regulating the customer-consented transfer of banking data to authorized third parties. The concept isn't limited to Europe, however. TrueLayer is currently expanding to Australia, another place where the fever has caught on. Most recently, the company poached Rob Hale from Regional Australia Bank, a pioneer of open banking down under.
Open Banking is seen as a challenger to the established card-based payment systems due to how it can facilitate account-to-account transactions. That helps explain the raft of open banking startup acquisitions by legacy card corporations. In June, Sweden's Tink was acquired by Visa and in September, the Danish open banking service Aiia was bought by Mastercard.
Use cases for open banking range from aggregating bank accounts into one app to authentication services and even payouts. According to Simoneschi, the growing popularity of DeFi has created another obvious one. | | |  | Twitter names Parag Agrawal CEO as Jack Dorsey steps down | Twitter has named Parag Agrawal as CEO as Jack Dorsey steps down, according to an announcement today. Agrawal was formerly the CTO of Twitter and has worked for the company for 10 years. | Former Wall Street banker launches $1.5 billion crypto venture fund | Former Citigroup executive Matt Zhang has launched a $1.5 billion crypto venture fund called Hivemind Capital Partners, according to an announcement on Monday. Hivemind, a new crypto investment outfit based out of New York will focus on four strategies — yield staking, trading, venture capital investments, and play-to-earn (P2E) gaming. Following its interest in the latter area, the company has also hired former Goldman Sachs analyst Sam Peurifoy. | Popular Ethereum mixer Tornado Cash is ready to integrate with Arbitrum | Tornado Cash, a popular Ethereum transaction mixing protocol, is ready to integrate the Layer 2 network Arbitrum. "The protocol's smart contracts are all set and ready to spin on Arbitrum. They just need help from the community to get deployed & fly with their own wings," said Tornado Cash in a blog post on Monday. | | | THIS NEWSLETTER IS BROUGHT TO YOU BY | Ledn is a digital asset platform that offers modern financial solutions for cryptocurrency holders.
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From now until the end of the year, Ledn is giving a $50 USDC bonus* to The Block's readership when they fund a new Ledn account. Sign up below. | *Terms and conditions apply. | | | Monthly data for decentralized exchanges (DEXs) indicates that the ecosystem has seen nearly $100 billion in volume for the month of November. | | | The State of Digital Asset Custody Solutions — Brought to you by Fireblocks | The Block | Join The Block's Research Lead Gregory Lim as we explore the landscape of Digital Asset Custody. Featuring leaders from Anchorage, BNY Mellon, and Fireblocks.
Learn more about the Custody landscape by reading The Block Research's latest piece, An Evaluation of Digital Asset Custody Solutions.
Our Panelists:
Diogo Mónica - Co-Founder and President, Anchorage
Michael Shaulov - CEO, Fireblocks
Talia Klein - Director, Digital Asset Custody Product Management at BNY Mellon | The Role of Bitcoin in the Modern Portfolio — Brought to you by iTrust Capital DECEMBER 1, 2021 @ 12:00PM (EST) | | | CurioNFT & SERJ TANKIAN BRINGS A NEW EXHIBITION, "NOT FOR TOUCHING – THE INTANGIBLE COMPOSITION," ONLINE | Serj Tankian, the GRAMMY® Award-winning musician, activist and painter, has brought his latest art exhibition, "Not For Touching – The Intangible Composition" | | | - The US Department of Veterans Affairs has laid out some specific areas that blockchain tech could be applied to its services.
- A trio of political parties in Germany struck an agreement this week that will see them assemble a national governing coalition. Part of that agreement, according to the German-language text, includes a call for European countries to work together to monitor activities in the crypto sector.
- A senior official for France's central bank said earlier this month that regulators in Europe need to more directly supervise decentralized finance (DeFi).
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