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Could Monzo suffer the same fate as doomed Australian challenger Xinja?

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Monzo will be the first major UK challenger to face the same fate as defunct Australian neo bank Xinja, unless it changes its approach towards a more sustainable future, says GlobalData banking analyst Ketherine Long.

Australian neobank Xinja pulled the plug on its banking operations in December, after failing to develop any revenue-generating products to offset its spiralling cost-base.

Long says that Monzo, having woken up last year to this predicament, is struggling hard to get out.

“For Monzo, the problems are only slightly different – though not much better. By creating a leading current account product that generates practically no revenue, either from merchant or marketplace fees, its business has become an increasingly expensive charitable cause for the UK market.,” she says. “Moreover, while the bank has raised $717m of capital to help fund new products and cover a potentially lucrative US expansion, the result is annual losses of around £100m ($131m) that need to be dealt with now.”

Monzo’s response is to monetize with a range of premium accounts, combined with new restrictions on the free, basic version. However, with little appetite from UK consumers to pay for banking – and with Monzo not legally able to charge for accounts in the US – this direction seems misconceived, believes Long

Long adds: “While Monzo has done well to attract and engage with its customers, it threatens to throw that away by not concentrating on the essential. Instead of trying to sell what was once free, Monzo should focus on unit economics, bringing out and making the most of revenue-generating products such as loans and wealth services.

“The bank should also learn from the likes of Chime in the US, a company that has given low-income customers the tools to help them manage their money easier on conditions such as using their cards or receiving their monthly pay. Failure to learn from these examples will condemn Monzo to the same fate as Xinja.”

Source: https://www.finextra.com/newsarticle/37328/could-monzo-suffer-the-same-fate-as-doomed-australian-challenger-xinja?utm_medium=rssfinextra&utm_source=finextrafeed

Blockchain

Bitcoin (BTC) Price Prediction: BTC/USD Hits $50,000 High and Retraces, May Find Support above $47,000 High

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Bitcoin (BTC) Price Prediction – March 2, 2021
Today, Bitcoin price has traded and reached the psychological price level of $50,000. However, after testing the resistance zone twice, the king coin was resisted. BTC price has retraced to $47,400 low. Bullish signals are indicating a possible upward move of the coin.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Before the upward move to the recent high at the $50,000 psychological price level, Bitcoin has been in a downward correction.BTC price was earlier confined and was fluctuating between $44,000 and $48,000. Sellers attempted to break the $44,000 support twice before the BTC price rebounded above the support level and resumed upward. As Bitcoin hit the $50,000 high and retraced, there is the tendency of a possible upward move of the coin. If the bulls break the $50,000 high, the market will rise to retest the $52,000 resistance. The bears may likely mount a stiff resistance at this level. Nonetheless, if the bulls can clear the $52,000 resistance zone, then the BTC price will rise to retest the $58,000 overhead resistance. In the meantime, buyers are still struggling to break above the $50.000 high.

Crypto Users Can Buy Hyundai with Bitcoin, Not Just a Lambo
Crypto holders in North America are privilege to purchase their next vehicle with BTC. The auto dealer is located in Quebec and Florida, and the company accepts digital asset payments in its daily operations. According to reports, over 500,000 vehicles have been sold by the company for the past 25 years. The company maintains a warehouse in Miami that has a stock of over 1,000 cars. The company sells a wide variety of used cars, from Hyundais to Lamborghinis. Crypto users can use their funds to buy practical cars in addition to luxury vehicles. The company claims to have the largest inventory of vehicles in Canada. In terms of accepting crypto payments, the dealership said: “We’re pleased today to be at the forefront of technology, giving our customers another payment option. We also believe it will be advantageous to keep some of our assets in cryptocurrency.”

BTC/USD – 4 Hour Chart

Meanwhile, buyers have been able to push the BTC price to $50,000 high. In the same vein, the Fibonacci tool has indicated an upward movement of the coin after a retracement. On March 1 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that the BTC price will rise and reach level 1.272 Fibonacci extension or the high of $52,029.50. The BTC price will reverse after attaining the recent high.

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Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-hits-50000-high-and-retraces-may-find-support-above-47000-high

The post Bitcoin (BTC) Price Prediction: BTC/USD Hits $50,000 High and Retraces, May Find Support above $47,000 High first appeared on CoinGenius Hosts Virtual Crypto Event. Checkout PrimeXBT
Source: https://coingenius.news/bitcoin-btc-price-prediction-btc-usd-hits-50000-high-and-retraces-may-find-support-above-47000-high/

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Blockchain

SEC Chair Nominee Gary Gensler: Crypto a ‘Catalyst for Change’

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In brief

  • Gary Gensler, President Biden’s pick for SEC Chair, testified before congress today as part of his confirmation hearing.
  • And Gensler had some positive things to say about crypto.

Gary Gensler—President Biden’s nominee for chairman of the SEC—said today in his Senate confirmation hearing that cryptocurrencies “have been a catalyst for change.”

“Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to,” Gensler told Senator Mike Rounds. He went on to say that, if confirmed, he’d work to “both promote the new innovation, but also, at the core, ensure for investor protection.”

Gensler, who spent nearly 20 years at Goldman Sachs before pivoting to public sector work, was chairman of the Commodity Futures Trading Commission during the Obama administration. He’s also a professor at MIT, where he teaches a course on blockchain tech and cryptocurrencies.

The SEC has played an important role in regulating cryptocurrencies over the past decade. While it’s been the commission’s view that Bitcoin isn’t a security, and so isn’t regulated by the SEC, other coins (like XRP) have faced legal action for that very reason. 

Gensler said in 2018 that he thought XRP was a security; late last year, the SEC took legal action against the coin’s issuer, Ripple Labs, alleging the company knew XRP was an unregulated security all along.

I believe financial technology can be a powerful force for good,” said Gensler in his opening statement, “but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public.”

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Source: https://decrypt.co/59961/gary-gensler-senate-hearing-crypto

The post SEC Chair Nominee Gary Gensler: Crypto a ‘Catalyst for Change’ first appeared on CoinGenius Hosts Virtual Crypto Event. Checkout PrimeXBT
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Source: https://coingenius.news/sec-chair-nominee-gary-gensler-crypto-a-catalyst-for-change/

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Fintech

VC-backed Klarna strikes mammoth $31bn valuation to become highest-valued private fintech company in Europe

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4-parter on Coinbase “IPO” – Part 1 = 5 Reasons Why It Matters

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Coinbase is a US Regulated On Ramp to a global unregulated/permissionless network. If you live in America and are new to crypto, head over to Coinbase. It is regulated and easy. This is why American regulators will not try to kill Bitcoin, despite some temptations to do so; businesses like Coinbase will be a good […]

The post 4-parter on Coinbase “IPO” – Part 1 = 5 Reasons Why It Matters appeared first on Daily Fintech.

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Source: https://dailyfintech.com/2021/03/02/4-parter-on-coinbase-ipo-part-1-5-reasons-why-it-matters/

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