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Crypto

Zcash Open Development Lab raises $25 million seed to boost Zcash privacy

Zcash Open Development Lab (ZODL) raised $25 million in a seed round from major cryptocurrency investors including Paradigm, a16z Crypto, Winklevoss Capital and Coinbase Ventures, The Block reported on March 9. ZODL said it will use the funds to accelerate development of Zcash privacy technology. The round also included Maelstrom, Balaji Srinivasan, David Friedberg and Hasib Qureshi. ZODL manages an open-source Zodl Zcash wallet based on ECC’s Zashi wallet.

Finance

Toss Bank joins third round of Seoul 'reassurance account' special guarantee

Toss Bank said on March 10 it will participate with Seoul and the Seoul Credit Guarantee Foundation in the third round of the Seoul 'reassurance account' programme, expanding guarantee-backed credit line loans for self-employed business owners in Seoul. The programme begins on March 19 and involves eight banks with a total size of 200 billion won. Toss Bank offers a credit line of up to 10 million won, with a 90 percent guarantee ratio and an annual guarantee fee rate of 1.0 percent.

Crypto

Sonic Labs launches native stablecoin USSD using Frax infrastructure

Sonic Labs has launched USSD, a native stablecoin using Frax infrastructure, The Block reported on March 9 local time. The Block said USSD is backed by tokenised U.S. Treasuries from BlackRock, WisdomTree and Superstate and will provide liquidity within the Sonic network. Built on Frax Finance’s modular backend, USSD can be issued directly on more than 10 chains via cross-chain LayerZero and can be converted with Circle’s USDC.