💳 A $11.6 trillion giant joined the chat

Hello Nutty Family! 🥜

We are on a roll! Thank you for the amazing support we have recieved within 10 days of launching! Looking forward to providing you with the nuttiest news in web3 in the nuttiest way possible. <3

Today our newsletter is delivering at a different time. We are just beginning so we wanted to understand the response of our our audience. Let us know whether this timing suits you over the previous one!

 Let us look at the topics we will be covering today! 

• A $11.6 trillion giant joined the chat 💳

• The beginning of the clean up 🧹

• Some other Nutty NEWS in a nutshell 🥜

• Nutty Meme 🥜

A $11.6 trillion giant joined the chat💳

Visa, the payments behemoth, which has processed over $11.6 trillion in payments in 2022 has just joined the Web3 wallet chat.

Yes, a lion with a T 🦁

Visa 💳 has announced plans to implement crypto-based auto payment options for users. 💸

Before we discuss any further, you might be wondering, "What is the use of that?" I already have a Web2 (normal) auto-payment service set up. How will this revolutionise things for me? 🤔

Yes, you do have it. However, you still delegate responsibility and custody of your funds to a third party rather than yourself in the current setup. The bank. 🥹🏦

In this setup, you can opt for auto-payments with your self-custody wallet. 👍

With that out of the way, let's get into the meat of how it will work! 🥩

If you have ever used a Web3 wallet, you know that you need to sign the wallet every time you authorize a transaction. We can also call it the push-payment system. 🌀 The payment needs to be pushed from our end.

To solve this problem, Visa is looking to introduce a concept called Account Abstraction (AA) 

In a nutshell, It is looking to merge wallets (or accounts) and smart contracts into one. 🤝

Before we proceed, what are smart contracts? They are basically a coded, self-executing command that cannot be altered. It will execute immediately when the conditions are met. As discussed above, one of those conditions involves signing or approving the transaction manually. 🔗

The flexibility that AA expects to bring is:

• Enable multi-owner / multi-signature verification for accounts 👪

• Enable post-quantum signatures for verification of transactions (apologies, we are unable to simplify it right now) 😶

• Enable the opening of public accounts from which anyone can make a transaction 🌐

Before you think the public accounts would mean it would be an "all-you-can-withdraw" bonanza scheme set up by a person looking to give stuff away, 🤪

It rather means that the admin of any account will be able to set up customised restrictions on their account.

Example: The owner of the public or company account (or an individual) can put in place a rule where, person A can withdraw a maximum of $1000 every 30 days. 

Visa will be looking to build, what they call is a, delegable account. It will be built on the concept of the AA concept we discussed above. 👛

Reportedly, all of this will be built on the layer 2 solution, Starknet. 🥅

Nutty take 🥜

Visa is a globally recognised and trusted brand when it comes to financial payments. It is amazing to see them introduce a product into the Web3 space. 😍

Positives 🫡

• People trust Visa and will have confidence integrating it into their lives. 👍

• It will potentially onboard payment receivers as well! resulting in multiple MNCs accpeting crypto as payments! 🌍

• People can use their earnings in crypto to cover actual living expenses (except for us, who owe money). 🏘️

Things to consider 🤐

• They will need to execute everything flawlessly, even a minor mistake can result in a drain of billions. ↘️

• Integrate multi chains going into the future. 🌍

The beginning of the clean up 🧹

There have been many booms and busts this year. Many companies simply shut down, unable to deal with the constant withdrawals. Finally, things have been moving for these 3 musketeers: Voyager, Celsius, and Genesis. 3️⃣

Voyager - 

❓What was it? Top Crypto broker 

💵$ it allegedly has  - $1.02 billion 

💸$ it allegedly owes - $1.8 billion 

💰$ Binance is actually paying - $20 million 

Celsius Network -

❓What was it? Cryptocurrency lending company 

💵$ it allegedly has - $ 2.6 billion 

💸$ it allegedly owes - $ 6.6 billion 

💰Number of bids it received: 30 

(There are several quotes around the assets Celsuis owes and holds; we took our data from Forbes. Although one thing is definite: there is a difference of more than a billion dollars, at the least)

Genesis -

❓What was it? The go-to bank to deposit and borrow cryptocurrency

💵There are no definite reports on how much money it has or owes. However, Gemini has reported that Genesis owes it $900 million. Further Genesis was looking to raise $1 billion in emergency aid at the time FTX fell. 

💰What is happening? Gemini (a creditor of Genesis) formed a creditor committee to address this issue. 

Nutty Take 🥜

We think it is a positive step for space. The majority of the funds lost are from retail investors. Hopefully, fast-tracking these mergers and committees will help people breathe a slight sigh of relief. ➕

The longer it draws out the more difficult it becomes to secure the left over finances and distribute it to the actual depositers.

Recovering something is better than recovering nothing. 🥹

Some other Nutty NEWS in a nutshell 🥜

• Uniswap, one of the biggest defi platforms, is partnering with Moonpay to enable users to convert fiat to cryptocurrency.

• Coinbase's valuation fell below the market value of the memecoin, dogecoin.

• A Nasdaq listed Bitcoin miner company, Core Scientific has filed for bankruptcy.

Nutty Meme  🥜

That is a wrap for today! See you on Friday folks!

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