What’s The Big Idea with Circle, Coinbase, and Revolut all making moves to expand their capabilities? Also: The CFTC subpoenaed several crypto exchanges; Ant raised $14B in the largest fundraising round in history; Google published its AI “code of ethics”; Facebook took another privacy hit; and the CFSI unveiled its 2018 FinLab cohort.
The CFPB restructured Project Catalyst; Coinbase is making moves; PayPal is buying iZettle for $2.2B; the WSJ found hundreds of fraudulent cryptocurrency offerings; California is considering a new data protection bill; and Circle gained unicorn status after raising $110M in new funding.
The U.S. House heard testimony on fintech and regulation; Zelle is adding 100,000 new customers per day; Lightning Network could mean much more efficient crypto transactions; S. Korea is not banning crypto exchanges; and Alibaba is taking a 33% stake in Ant. Also: what’s the Big Idea with the SEC and CFTC stepping up crypto scrutiny?
Happy New Year! The U.S. denied Ant’s bid for MoneyGram; the CFTC discussed regulating cryptocurrency derivatives markets; Goldman plans to set up a crypto trading desk; Coinbase is looking into possible insider trading; and China is quickly moving towar toward a “cashless society.”
A federal judge dismissed the New York’s challenge to the OCC fintech charter; the SEC halted an in-progress ICO; Bitcoin futures trading debuted; JPMorgan and Barclays joined IBM’s quantum computing initiative; and Wired looks at China’s social credit scoring platforms “for everything in your life.”
MoneyGram’s board unanimously approved Ant Financial’s latest bid, topping rival bidder Euronet for the coveted U.S. money transfer firm; robo-advisor Wealthfront launched a secured lending product for its investment account holders; PayPal signed a new deal with Google’s Android Pay, expanding its digital wallet services to physical stores; and the NY Times writes on Canada’s attempt to keep its top AI scientists and startups from being lured away to Silicon Valley.