👀 NEWS HIGHLIGHT
Coinbase Financial Markets, Inc. announced that it has secured approvals from both the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).
That means that the firm can now operate as a Futures Commission Merchant (FCM), and will therefore be able to offer investments in crypto futures to eligible customers in the United States.
💡INSIGHTS
Bank of America's quarterly participant pulse survey found that overall, 401(k) balances have increased $7,250 in 2023, up 9.6% from last year. Employees contributed at a rate of 6.5% from January to June of this year, with Gen Z and millennial employees the most likely demographic to increase their contribution rate.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ iWallet to roll out real-time check deposits via FedNow.
⭐️ Klarna outsources customer services staff, cutting 250 employees.
⭐️ Marqeta has revealed a groundbreaking AI solution for its customers.
⭐️ Hindenburg Research targets $4.6 billion Kazakh brokerage for allegedly helping Russian oligarchs evade sanctions.
⭐️Goldman Sachs CEO’s most loyal deputy is tested by mutinous partners.
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DIGITAL BANKING
Citizens Bank of Edmond has launched a digital-first unit built for military service members.
PAYMENTS
Ecommpay now offers local acquiring in the US, enabling UK and EU merchants the ability to expand into North America.
Paymentology and Mastercard join forces to foster financial inclusions in Northern Central America.
BNPL
Amazon is leveraging its Visa credit cards to offer buy now, pay later financing at retailers using the Amazon Pay checkout button.
CRYPTO
SoFi says ‘no assurance’ of meeting Federal Reserve crypto standard. SoFi pointed to potential key risks to its crypto business model if proposed SEC rules go into effect.
Sam Bankman-Fried is heading to jail after a judge revoked the former FTX boss's $150 million bail package over alleged witness tampering.
Binance files protective order against SEC over ‘fishing expedition’.
BitGo bucks crypto downturn to raise funding at $1.75 billion valuation. The crypto company raised $100 million from new investors, emphasizing its focus on following rules and regulations.
INVESTMENT
Better.com’s proposal to combine with Aurora Acquisition Corp. via a SPAC (special purpose acquisition) has been approved by shareholders.
Brex announced it is moving in an unexpected direction with its travel offering while Mesh Payments said it’s expanding into travel in addition to general expense management.
Zolve has teamed up with telecom-as-a-service platform Gigs to launch its own branded mobile phone plan service.
ChargeAfter announced that it is partnering with Wells Fargo Retail Services, a division of Wells Fargo Bank that facilitates the delivery of consumer private label and industry credit card programs to retailers.
GREEN FINANCE
Aspiration has partnered with Fareportal to help travelers mitigate their carbon footprint when they book flights, hotel stays, and car reservations through Fareportal and their affiliates, including online travel agencies CheapOair and OneTravel.
FRAUD PREVENTION
Visa Inc. is facing fresh scrutiny from the U.S. Justice Department over how it charges merchants for technology it uses to protect cardholder information.
MOVERS & SHAKERS
Early Warning Services appointed Cameron Fowler as its next chief executive officer.
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