Augustus raises $180 million funding as it chases a full US bank charter and Fed account

Augustus, a startup building what it calls the Global Dollar Bank, has raised $180 million in a Series B funding round at a $1 billion valuation. Tiger

• Augustus, a fintech startup aiming to become a full-service national bank, has secured $180 million in Series B funding.
• The company has received preliminary conditional approval for a national bank charter, which would allow it to hold a Federal Reserve master account and clear US dollars directly.
• Previously operating in Europe with a payment institution license, Augustus aims to leverage its funding and charter approval to expand its US operations.

Topics: Jurisdictions, Banks bankingsystems, Legal regulatory, Established hubs, Core banking integration, Licensing issuer obligations

Tags: #augustus #globaldollarbank #bankcharter #federalreserveaccount #tigerglobal #seriesbfunding #officeofthecomptrollerofthecurrency #fdicinsurance #kraken #fintech

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X rolls out X Money with $10M FDIC insurance for Premium+ users

• X has launched 'X Money' for Premium+ users, offering up to $10 million in FDIC insurance through a sweep program with partner bank Cross River Bank.
• The service includes metal Visa debit cards and offers up to 6% APY, positioning X as a competitor to neobanks and payment platforms.
• Regulatory scrutiny from the Senate Banking Committee is already present, focusing on consumer disclosures and the blurring lines between social media platforms and financial institutions.

Topics: Asset types, Jurisdictions, Legal regulatory, Stablecoins digital cash, Regulatory sandboxes pilots, Securities law classification

Tags: #xmoney #fdicinsurance #premium #crossriverbank #neobanking #apy #senatebankingcommittee #consumerdisclosures #sweepprogram #metalvisadebitcard

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Vantage Bank and Custodia Release White Paper Unveiling "Hazel Network"

/PRNewswire/ -- Vantage Bank and Custodia today announced the release of their white paper, "Hazel Network: Unified Tokenized Bank Deposit and Stablecoin Token....

• Vantage Bank and Custodia have launched the 'Hazel Network,' a new infrastructure designed to unify tokenized bank deposits and stablecoins.
• The network allows banks to offer 24/7/365 programmable settlement and embedded compliance, bridging traditional banking with tokenized systems.
• Hazel Network aims to modernize payments within the regulated banking system, offering flexible integration models for banks of all sizes.

Topics: Asset types, Infrastructure providers, Banks bankingsystems, Stablecoins digital cash, Tokenization platforms, Custody security solutions, Core banking integration

Tags: #hazelnetwork #vantagebank #custodia #tokenizedbankdeposit #stablecoin #programmablesettlement #fdicinsurance #treasuries #compliancebyconstruction #ethereum

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