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Future Fund raises $3.8M to build a crypto micro-investment platform fueled by cashback rewards » CryptoNinjas

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Future Fund, a Polish-based fintech start-up, today announced the conclusion of its private sale round. Investors who joined the project during this round provided $3.8 million for its development.

The team of Future Fund is building a blockchain-based micro-investment platform fueled by cashback rewards – credit or debit card bonuses that refund cardholders small percentages of the amounts spent on purchases. They range from a few to even a dozen percent of the purchase value.

Funds gathered by customers through cashback rewards will be collected in individual accounts on the Future Fund platform and then invested by a specialized investment fund. The investment fund is located in Switzerland, a country with modern regulations for fintech companies using blockchain technology.

“Future Fund, the project we are building, is a revolutionary undertaking where blockchain and a community of enthusiastic consumers are going to change how cashback works – i.e. the amounts that sellers return to customers for shopping at various stores, both online and offline. They seem small only at first glance. Pooling them all together over the course of a year, the result is an amount that can generate a stream of additional, noticeable income over time and – in the long run – become a personal retirement “fund.” Today, it’s mostly marketing and tech platforms that benefit from cashback rewards. We are going to make this money work for Future Fund’s community.”
– Grzegorz Grzegorski, Co-Founder & CMO of Future Fund

MVP and More Rounds

Currently, the team is focused on developing an MVP app, building its community, and creating a network of partnerships required to create a fully operational Future Fund ecosystem.

Further funding rounds are also planned for the second half of 2022.

To check out more information on Future Fund, see the Whitepaper.



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Cryptocurrency

ANZ’s stablecoin used to buy tokenized carbon credits

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ANZ’s stablecoin A$DC has been used to buy Australian tokenized carbon credits, marking another critical test of the asset’s use cases in the local economy.

In March, the “Big Four” bank became the first major Australian financial institution to mint its own stablecoin after overseeing a pilot transaction worth 30 million AUD ($20.76 million) between Victor Smorgon Group and digital asset manager Zerocap.

ANZ’s stablecoin is fully collateralized by Australian dollars (AUD) held in the bank’s managed reserved account. So far, A$DC transactions have primarily been conducted over the Ethereum blockchain.

According to a June 27 report from the Australian Financial Review (AFR), the latest transaction saw its long-time institutional partner Victor Smorgon use A$DC to purchase Australian Carbon Credit Units (ACCUs).

The carbon credits were tokenized and provided by BetaCarbon, a blockchain-based carbon trading platform that issues digital security assets dubbed “BCAUs,” which represent one kilogram of carbon offsets per credit.

The transaction also saw participation from Zerocap again, who provided market-making services and liquidity by exchanging the A$DC sent from Victor Smorgon into USD Coin (USDC) so that BetaCarbon could accept the deal. The value of the transaction has not been specified, however.

In terms of the bank’s outlook on the crypto/blockchain sector, ANZ’s banking services portfolio lead Nigel Dobson told the AFR that the firm is looking at blockchain tech as a means of “pursuing the transition of financial market infrastructure” and is not necessarily interested in speculative crypto assets themselves.

“We see this is evolving from being internet-protocol based to one of ‘tokenized’ protocols. We think the underlying infrastructure – efficient, secure, public blockchains – will facilitate transactions, both ones we understand today and new ones that will be more efficient.”

Dobson echoed similar sentiments at the Chainalysis Links event in Sydney on June 21, noting that ANZ promptly “banned the word crypto immediately in all of our internal communications and narrative” when it started exploring blockchain tech a few years ago.

He went on to add that the bank has explored multiple use cases for blockchain tech, such as supply chain tracking and providing on-ramps via stablecoins for institutions to invest in digital assets. However, Dobson suggested that tokenized carbon credits were a key area that the bank has been gearing up for:

“Another area where we have a strong position in terms of sustainability is where we feel the tokenization of carbon credits and marketplaces driven by tokenized assets and tokenized value exchange will be really efficient.”

Related: BTC Markets becomes first Australian crypto firm to get a financial services license

At the start of this month, ANZ ruled out offering any crypto exposure to retail investors due to their lack of financial literacy.

Maile Carnegie, an executive for retail banking, noted at the Australian Financial Review Banking Summit that “the vast majority of them don’t understand really basic financial well-being concepts.”