web3 Wins - 22 September

This week’s WEB3 WINS! 🚀

Ending the week on a high note, here’s more evidence that Web3 is thriving:

👉 Sony announces their plans to build a new blockchain. It will be a joint venture with Singapore-based Startale Labs and the aim is for it to become the ‘backbone of global Web3 infrastructure’ 🤔

👉 Paypal doubles-down on crypto with an offramp to fiat. Last month Paypal announced their USD-pegged stablecoin (PYUSD) and now this! 💸

👉 Citi offers smart contracts & digital assets for institutional clients with a pilot Citi Token Service program on a private blockchain.
“Citi Token Services provides corporate treasurers with a new tool to manage global liquidity on a just-in-time, programmable basis. Frictions related to cut off times and gaps in the service window will be reduced.” - Ryan Rugg, Global Head of Digital Assets at Citi Treasury and Trade Solutions

Why this matters: major institutions and household names engaging with Web3 is a clear indication that they see and understand the value the space can offer to their clients. They have done their due-diligence, and the verdict is clear; we all benefit from trustless, near-instantaneous money transfers, smart contracts that execute automatically, and access to an entirely new economy. 🚀

Links to articles 👇

‘Sony Chain' - https://startale.org/blog/39274
Paypal crypto offramp - https://www.pymnts.com/cryptocurrency/2023/paypal-simplify-crypto-payments-web3-merchants/
Citi offers digital assets - https://www.businesswire.com/news/home/20230918024720/en/Citi-Develops-New-Digital-Asset-Capabilities-for-Institutional-Clients