Revolut to list Solana’s meme coin Bonk, taps AI to avoid card scams

abdelaziz Fathi

European fintech giant Revolut plans to list Solana’s headline-grabbing meme coin, Bonk. Not just stopping at the listing, Revolut is also gearing up for a hefty $1.2 million campaign aimed at getting its users up to speed on Bonk.

This ambitious “learn” initiative is still waiting for the green light from Bonk’s governing council, the team behind the project’s hefty treasury exceeding $100 million in BONK tokens. With half of the council’s members already in favor and no objections so far, the initiative seems poised for approval.

Bonk has seen a remarkable journey to prominence, up by 19,000% since early November, as tracked by CoinMarketCap, supported by listings on leading exchanges such as Coinbase and Binance.

Born in the wake of the FTX collapse, Bonk was Solana enthusiasts’ answer to a dark time for the blockchain community, quickly becoming Solana’s most prominent meme coin and a popular incentive tool across Solana-based apps.

Revolut’s strategy includes rewarding users with Bonk tokens for participating in the educational campaign through their app. The proposed plan by Bonk’s council aims to set aside 93 billion BONK tokens (valued at $1.2 million) for the campaign, with the goal of expanding Bonk’s user base by 500,000.

Elsewhere, Revolut has introduced an advanced AI scam detection feature aimed at safeguarding consumers against the increasing prevalence of card scams. This new feature can identify instances where a customer is being targeted by scammers, intervening to prevent money from being transferred to the criminal.

Serving as an additional layer of security atop existing measures, this solution is specifically designed to detect authorized push payment (APP) scams, wherein users are coerced into transferring funds to a criminal’s account. Developed by Revolut’s financial crime team, the AI protection feature assesses the likelihood of a customer’s card payment being associated with a scam and automatically declines the transaction if deemed suspicious.

Read this next

Fintech

TNS brings full-stack market data management to EMEA

“We are also delighted to have Ben Myers join our London-based TNS Financial Markets team as Head of Strategic Sales for EMEA, to bolster our presence in the region.”

Chainwire

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”

Fintech

Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”

<