👀 NEWS HIGHLIGHT
Visa announced its next step in modernizing cross-border money movement. Visa is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain and is working with merchant acquirers Worldpay and Nuvei.
Visa has already moved millions of USDC between its partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized over VisaNet.
📰 ARTICLE
Where exactly did the startups that banked with Silicon Valley Bank (SVB) and First Republic Bank (FRB) move their money to last spring, when those institutions started to fail?
JP Morgan Chase’s gambit to onboard startups won market share, but fintechs Mercury and Brex also benefited.
🧐 ANALYSIS
A study by Arizent reveals a seismic shift in payment preferences.
As Gen Z and millennials emerge as dominant financial players, over half now prefer digital wallets for both online and in-store transactions, leaving behind the payment habits of boomers.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Current ‘Sifts for Gold’ in the low FICO scores banks shun.
⭐️ X gains payment licences in seven US states.
⭐️ Shopify merchants will be able to offer Amazon’s ‘Buy with Prime’ option.
⭐️ Robinhood buys back shares US seized from Sam Bankman-Fried.
⭐️ Fed-backed project validates exchange framework for e-remittance information.
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DIGITAL BANKING
Bluevine announced expanded FDIC insurance coverage of up to $3 million through Coastal Community Bank, Member FDIC, and program banks in a sweep network, automatically offering Bluevine account holders coverage of up to 12x the industry standard of $250,000.
Finotta uses gamification to increase banks’ user engagement. The embedded fintech says its personalized financial guidance platform has helped boost user engagement on banks’ mobile apps, with sessions averaging 13 minutes per month.
OPEN BANKING
Upgrade will offer consumer auto loans for the first time, jumping into a business that some banks have been abandoning because of credit-quality concerns.
Ntropy is excited to announce a strategic partnership with Yapily, the leading open banking API infrastructure provider, to enrich and improve financial information and transaction data for customers.
CRYPTO
Robinhood controls a Bitcoin wallet containing over $3 billion in BTC. This massive accumulation of cryptocurrency catapults Robinhood to the position of the third-largest holder of Bitcoin.
Several Binance executives have left in recent days, including leaders overseeing its Russian business and its connections to the traditional financial system, extending a period of rapid senior turnover at the cryptocurrency giant.
A federal court has ordered assets and bank accounts belonging to Alex Mashinsky, the former CEO of bankrupt crypto lender Celsius to be frozen.
Texas paid bitcoin miner Riot $31.7 million to shut down during heat wave in August.
Ryan Salame, the former co-CEO of FTX's Bahamian subsidiary and a top lieutenant to the cryptocurrency exchange's founder Sam Bankman-Fried, is due for a "proceeding of interest" in Manhattan federal court.
INVESTMENT
Credit Sesame announces the launch of its new AI-Powered Platform and user experience to simplify credit management and empower financial well-being.
SoFi Chief Technology Officer Jeremy Rishel recently sold 53,532 shares, representing 25% of his prior stake.
M&A’s
Pagaya advanced to the final stage in the bid to acquire the American company GreenSky. If it wins, the deal is set to range between $600-$800 million.
DONE DEAL
Parallel announced it has raised $1.85M in Pre-Seed funding. The round was led by Penny Jar Capital.
Trident Digital Group, a newly launched startup founded by former Coinbase executives, raised $8 million for its “next generation” crypto lending business.
Momnt is announcing the closing of its latest capital raise, totaling $15 million. Momnt will utilize the new capital to continue investing in its people, processes, and technology, further improving Momnt’s best-in-class platform.
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