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Rain becoming a bank but it’s purpose built for payments.
Rain has filed with the @USOCC to establish Rain National Trust Bank.
If approved, the bank will:
1. Provide fiduciary custody of digital assets and dollars
2. Manage reserves for permitted stablecoin issuers
3. Issue and redeem USD-backed stablecoins
Rain will stay a payments platform. It will not take deposits or make commercial loans.
Brandon Soto, former CFO of Square Financial Services and most recently CFO of Coastal Financial Corporation, will serve as the proposed President and CEO of Rain National Trust Bank.
The public portion of the application will be posted on the OCC's website shortly.
Full press release linked below.
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Kadar (calm arc) retweeted
Rain is now applying to become a national trust bank.
The line between crypto companies and fintech / financial institutions keeps disappearing.
Rain has filed with the @USOCC to establish Rain National Trust Bank.
If approved, the bank will:
1. Provide fiduciary custody of digital assets and dollars
2. Manage reserves for permitted stablecoin issuers
3. Issue and redeem USD-backed stablecoins
Rain will stay a payments platform. It will not take deposits or make commercial loans.
Brandon Soto, former CFO of Square Financial Services and most recently CFO of Coastal Financial Corporation, will serve as the proposed President and CEO of Rain National Trust Bank.
The public portion of the application will be posted on the OCC's website shortly.
Full press release linked below.
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Congrats to @s3ohi and team! Soon 10%
Hyperliquid built the exchange.
HyperLink is building the broker.
We raised $2.5M from @Alliance @NorthIslandVC @hi_Reverie @Node_Cap @breed_vc @smartestmoney
Lowest fees. Private flow. Best execution.
Last month: $254M routed, 0.1% of Hyperliquid volume.
Next: 10% of HL.
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Kadar (calm arc) retweeted
A lot of the tokenised equities discourse ends at
"why wouldn't i just buy this on my brokerage" or
"this is only for non US"
Really the most exciting part is that bringing tokenised tradfi assets opens up the design space of what you can do with them 100x, and we're psyched to kickstart this future with Daybreak
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going to be in NY for a few days while everyone is flying to Asia. Holla if you wanna see how short I am in person
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net new things coming on-chain has been amazing to watch last 6 months. Waking up in 5 years having mature global markets on-chain is the driver
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spoke with one of the biggest companies in EU for specific vertical of payments. We are still early is the realisation
Stablecoins haven't touched every part of payments yet
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Kadar (calm arc) retweeted
They’re basically saying here that a 7% yield isn’t sustainable and is only there to pay for shelf space.
They’re also saying that neither their monetization model nor curator monetization will ever become sustainable onchain.
Wild read, because this might be the most bearish take for their token holders.
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