/biz/ - Business & Finance

based everposter

>In the coming few weeks, we are launching "tokenized crypto" on our chain. What does that mean, and why does it matter? First, it means that we can deliver BTC, XRP, SOL, Matic, XLM and others that typically ride on their own chain to EverWallets. All native BTC, XRP, SOL, etc will be held by Everest, and backed 1:1 as we always do. Delivering these effectively wrapped tokens also solves security issues that plague bridges (I believe the industry is well over $1B in bridges getting exploited), and users don't need to get a separate BTC or XRP wallets. Second, this means gas fees are $0.0001/txn, all consuming $ID......so, users of the fiat-in/out widget will be offered nearly free transactions compared with, for example $3-7/txn on Ethereum mainnet.

>On the regulatory front, we continue to prepare for the MiCA transition, and DESU I couldn't be happier about it. If we do nothing, we will receive our license. To give you a sense of value, estimates for a traditional financial institution to build themselves and get licensed is close to $20M. https://lnkd.in/e7sGTzb7.. Everest plans to go beyond what we have today, and offer electronic money tokens (EMTs) and asset-referenced tokens (ARTs). This means we will open EUR.c (tokenized euros that currently are issued and redeemed on our chain) to be redeemed by exchanges, merchants, other networks, and be able to custody EUR directly ourselves - a fully licensed custodian of fiat and crypto!

>It was great to see the US get some regulatory clarity as well. In case you missed the landmark decision regarding Ripple and more broadly the sale of tokens, I recommend you read the summary from Ripple's legal counsel here: https://twitter.com/s_alderoty/status/1679553612236881921

>>54533012
From Bob's latest newsletter a few days ago:
>Related, I am spending a lot of time in EU, and working on our transition to a MiCA license with various activities covered. Most expect a vote by the EU in April, which means the earliest a MiCA license can be legally issued is 18 months later. Given the years of work Everest invested into the VFA regime in Malta, I feel confident that we will be MiCA-compliant very, very quickly, and likely be (one of) the first recipient. Areas of particular interest in this realm are e-money tokens (fiat-backed) and asset-referenced-tokens (i.e. tokenize a basket of ETH+Gold+BTC+USD), which open up a multitude of opportunities, especially related to Everest's token engine with CRDTs and actually custodying fiat. It truly is an exciting time to be alive.

>>54118420

>>53775110
You will never be a pneumatic. You have no soul. You have no spirit. You have no eyes to see.

>>53734892