Fintech

JPMorgan (JPM) fintech deal to acquire Renovite to battle Stripe and Block

The main entrance at JPMorgan’s headquarters in New York City. Erik McGregor | LightRocket | Getty Images JPMorgan Chase has agreed to acquire a payments startup called Renovite to fend off threats from fintech firms including Stripe and Block , CNBC has learned. The bank, a major player in the global payments arena, said that …

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Wells Fargo downgrades FIS and Marqeta on Powell’s ‘pain’ commentary

Comments from Federal Reserve Chairman Jerome Powell at the central bank’s annual symposium in Jackson Hole, Wyoming, could put a damper on some fintech stocks going forward, according to Wells Fargo. Analyst Jeff Cantwell downgraded shares of Fidelity National Information Services and Marqeta to underweight, citing growth fears for the sector in the months ahead. …

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Crypto platform sues woman after accidentally sending her $7.1 million

Crypto platform sues woman after accidentally sending her $7.1 million The exterior of Crypto.com Arena on January 26, 2022 in Los Angeles, California. Rich Fury | Getty Images It took seven months for the Matt Damon-endorsed Crypto.com to realize that it accidentally sent AU$10.5 million dollars (about $7.1 million at today’s exchange rate) to a …

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Klarna losses triple after aggressive US expansion and mass layoffs

Klarna losses triple after aggressive US expansion and mass layoffs The logo of Swedish payment provider Klarna. Thomas Trutschel | Photothek | Getty Images Klarna on Wednesday reported a dramatic jump in losses in the first half, adding to a deluge of negative news for the “buy now, pay later” pioneer. The Swedish payments firm …

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Coinbase, FTX, Binance get inquiries from Congress on crypto scams

In its first foray into the crypto sector, the House Committee on Oversight and Reform is dialing up the pressure on federal agencies and crypto exchanges to protect Americans from fraudsters. In a series of letters sent Tuesday morning, the committee asked four agencies, including the Department of the Treasury, the Federal Trade Commission, the …

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Voyager customers beg New York judge for money back after bankruptcy

Voyager said it has roughly $1.3 billion of crypto on its platform and holds over $350 million in cash on behalf of customers at New York’s Metropolitan Commercial Bank. Justin Sullivan | Getty Images During a five-hour Chapter 11 bankruptcy hearing earlier this month for crypto firm Voyager Digital, a customer named Magnolia was the …

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Regulators could order hedge funds to disclose crypto exposure

The collapse in cryptocurrency prices this year has left US regulators scrambling to understand the risks that digital asset markets could pose to the broader economy. They may soon enlist hedge funds in the effort. The Securities and Exchange Commission issued a proposal on 10 August that would require large hedge funds to report their …

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‘Forget the past three years’

Eugene Zhang, founding partner of Silicon Valley VC firm TSVC Spencer Greene, general partner of TSVC Courtesy: TSVC Eugene Zhang, a veteran Silicon Valley investor, recalls the exact moment the market for young startups peaked this year. The firehose of money from venture capital, hedge funds and wealthy firms families pouring into seed-stage companies was …

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Ethereum Goerli testnet merge goes live before move to proof-of-stake

Ethereum is the world’s second-biggest cryptocurrency, and it’s giving bitcoin a run for its money. getty Ethereum, the second-largest cryptocurrency by market value, just ran a final dress rehearsal ahead of a years-awaited upgrade that’s been billed as one of the most important events in the history of crypto. Since its creation almost a decade …

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Tornado Cash crackdown by Treasury punishes honest crypto investors

A tornado is seen on a field in D’arcy, Saskatchewan, Canada June 15, 2021. Neil Serfas | via Reuters The Treasury Department’s crackdown on Tornado Cash was meant to stop criminals. But a lot of ordinary crypto investors with honest intentions are now at risk. “Every US person is going to have to be very …

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