Global regulators, including FATF and the FSB, weighed in on the risks posed by stablecoins; the U.S. government is reportedly considering creating its own cryptocurrency; EU regulators are looking into potential antitrust violations by Apple Pay; the FT brought new evidence of fraudulent accounting practices at Wirecard; Venmo will launch its first credit card; Revolut is looking to raise $1.5B in debt and equity; and digital bank Chime experienced a service disruption affecting millions.
New York regulators approved Bakkt to offer Bitcoin futures; Barclays has ended its relationship with Coinbase in the U.K.; Venmo rolled out instant bank transfers; the woman responsible for hacking Capital One may have targeted 30 other firms; TransferWise has launched a debit card in Australia and New Zealand; and Funding Circle surpassed the $10 billion mark in its combined global lending.
Citizens Financial launched a new digital bank; IBM is building a blockchain-based corporate filing system for Delaware; former CFPB deputy director Raj Date launched a new consulting firm for fintech regulatory issues; a16z’s new crypto venture fund made its first investment; and Uber will begin allowing users to pay for rides using Venmo.
The U.S. Supreme Court backed American Express in an antitrust case; California passed a stringent new privacy law; Andreessen Horowitz launched a cryptocurrency fund; JP Morgan took its mobile-only bank, Finn, nationwide; Facebook reversed its decision to ban all cryptocurrency ads; and Ant Financial launched a cross-border remittance service.
The CFPB outlined new consumer data-sharing principles; J.P. Morgan Chase is buying WePay; IBM and J.P. Morgan are both working DLT cross-border payments projects; you can now use Venmo to pay online; and PayPal’s market cap is now bigger than that of AmEx.