REPORT
This PwC Global Crypto Regulation 2023 report provides an overview of the crypto regulation landscape, with a focus on financial services.
It offers insights into how the regulatory frameworks are developing across the world and seeks to identify how this may impact relevant industry participants and virtual service providers within the financial services sector.
👉 Check the PwC GlobalCrypto Regulation Report 2023 here
👀 NEWS HIGHLIGHT
BDO could become the latest auditing firm to halt or limit services to crypto companies.
A report from the news publication quotes a BDO representative who stated:
In common with several other professional service firms, we are currently evaluating our approach to this sector and the work we undertake for our clients.
Those changes could force numerous cryptocurrency companies to find a new auditing service.
👉Read the whole Cryptoslate article by Mike Dalton here
📰 ARTICLE
Carolyn Ellison and Gary Wang are cooperating with a wide-ranging investigation into criminal misdemeanors at bankrupt crypto exchange FTX.
The SEC alleges that Ellison and Wang were active participants in the scheme to deceive FTX’s investors and engaged in conduct that was critical to its success. The complaint alleges that Wang created FTX’s software code that allowed Alameda to divert FTX customer funds, and Ellison used misappropriated FTX customer funds for Alameda’s trading activity.
👉Read the full Finextra article here
💬 INTERVIEW
Dakotah Rice spent years working in the investment banking industry at firms such as Goldman Sachs, Carlyle and Coatue.
Dakotah Rice now raised $5.3 million in seed funding for Poolit, a Miami-based fintech startup that aims to open up access to investing in private equity and VC funds.
This is the first time someone can be an LP in those firms for no minimum amount,” Rice told TechCrunch in an interview.
👉Read the full TechCrunch interview by Mary Ann Azevedo here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️SoFi is rolling out a new buy now pay later product for eligible members. Link here
⭐️ Stripe and Shopify have committed to spend USD 11 million in the Frontier fund to remove carbon dioxide from the environment. Link here
⭐️ Chime made two offers of up to $2B to buy DailyPay. Link here
⭐️ Pocketnest netted $2.6m in a round led by Reseda Group. Link here
⭐️ Xare is foraying into the US market, with plans to set up a regional headquarter in the heartland of technology and investor hub – Silicon Valley. Link here
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DIGITAL BANKING
Banco Bradesco SA plans to buy more minority stakes in tech companies to speed up its expansion in the US. Link here
Finastra announced that FinWise Bank has selected Fusion Phoenix as its new core banking solution. Link here
Green Dot Corporation and Wealthfront extended their partnership, providing seamless checking features and money movement for Wealthfront’s cash account. Link here
PAYMENTS
Visa proposal would bring Ethereum users one step closer to being their own bank. Link here
TripActions chose Airwallex as the partner of choice for its global cross-border payments and FX needs to support TripActions Liquid. Link here
Current dropped its subscription fees this year. It can absorb this by building its own payment processing infrastructure and eliminating the need for a third-party payment processor. Link here
BNPL
Splitit and Worldline sign North American BNPL deal. Splitit and Worldline signed a partnership agreement to simplify the adoption of next-gen, card-based installments.
Link here
OPEN BANKING
Paysend announced the launch of a new Open Banking Payment Initiation partnership with Plaid. Link here
CRYPTO
New York State-regulated banks will need to get prior approval from regulators ahead of any virtual currency-related activities. Link here
Users of the popular MetaMask Web3 wallet will soon be able to buy Ether, via PayPal. Link here
Binance.US is set to buy bankrupt rival cryptocurrency exchange Voyager Digital’s assets for $1.022 billion. Link here
BLOCKCHAIN / DEFI
CoreChain partnered with Odoo to embed B2B payments and financing for small and midsize businesses. Link here
MOVERS & SHAKERS
Jeffrey Goldstein, currently leads independent director at FIS is taking the role of independent chairman in the company. Link here
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.