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Crypto market is shaken as China declares all crypto transactions illegal

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Crypto market is shaken as China declares all crypto transactions illegal

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China is banning all cryptocurrency-related transactions, even for those made via crypto exchanges based outside of China, as the country steps up its crackdown on what it calls a sector that has disrupted the economic and financial order.

The People’s Bank of China (PBOC), along with a few other authorities, said in a notice dated Sept. 15 but released only this afternoon that cryptocurrencies — including Bitcoin, Ether and Tether — do not hold the same legal status as fiat money and should not circulate as currency.

Notably, the PBOC — China’s central bank — said it is illegal for overseas crypto exchanges to provide services to domestic users, which has been one of the approaches for mainland investors to trade crypto with the exchanges’ consumer-to-consumer trading features.

People in the mainland who work for overseas crypto exchanges also bear legal responsibilities, the PBOC warned.

The central bank’s strong words reflect the harsh stance Beijing has taken on crypto trading. It has repeatedly criticized the “speculative nature” of cryptocurrencies, “resulting in criminal activities including money laundering, illegal fundraising, fraud and pyramid schemes,” the PBOC reiterated in another statement today.

The news of intensified crackdowns sent chills through the crypto market. Over the past hour as of this writing, the price of Bitcoin was down 2.4%, while Ethereum fell 2.9%, according to data from CoinGecko.

The PBOC, nonetheless, is actively developing its digital currency — the e-CNY — for what is expected to be broader adoption in time for the Beijing Winter Olympics in February.

Ongoing pressure

The new announcement comes as no surprise. In July, the PBOC pledged to continue its clampdown on crypto trading and speculation as part of its work plan for the second half of the year. It said at the time that moving forward it would “maintain heavy pressure on virtual currency trading and speculation.”

In the first half of this year, authorities identified and took action against over 380 criminal groups allegedly engaged in shady activities such as running misleading promotions and virtual currency money-laundering, according to data from China’s National Anti-Fraud Center. 

Also in July,  a company in Beijing suspected of offering software services for crypto trading was ordered to shut down and deactivate its website. Authorities reiterated at the time that institutions in their jurisdictions were not allowed to provide services such as operational venues, commercial displays, marketing and payment channels for business activities related to cryptocurrencies.

In June, the PBOC summoned some of the country’s big banks, along with digital payments giant Alipay, to instruct them to cut off financing sources for cryptocurrency transactions.

Huobi, OKEx and Binance — some of the world’s biggest cryptocurrency exchanges, which were set up in China — were blocked in June by the country’s most popular internet search engines and social media platforms. In March, the official Weibo accounts of Huobi, OKEx and Binance were suspended.

Phasing out crypto mining

Meanwhile, Beijing is sparing no efforts in phasing out crypto mining. The National Development and Reform Commission (NDRC), together with another few authorities, today released a joint notice dated Sept. 3, saying that authorities will enhance electricity monitoring to identify mining projects.

The NDRC also said that banning crypto mining activities is essential for the country to meet its carbon neutrality goals.

The Inner Mongolia region — once a thriving cryptocurrency mining hub that has enacted a series of measures to rein in the sector — has been tightening its crackdown by hiring a contractor to monitor and ferret out mining operations.

Last week, authorities in North China’s Hebei province also issued a notice to crack down on cryptocurrency mining and trading activities, saying that crypto mining consumes huge amounts of energy and the wide use of cryptocurrencies could “severely impact the development of the economy and the society and directly threatening national security.”

Earlier this month, authorities in Lanzhou, the capital city of Northwest China’s Gansu province, worked with the local branch of State Grid to investigate crypto mining activities, according to a report from Yinda Media Group, a publication operated by a unit of State Grid.

As China continues cracking down on crypto mining, many miners have fled China for other places that appear to be more regulations-friendly and offer inexpensive power. Some of the top destinations for displaced Chinese miners have included North America, Kazakhstan and Northern Europe.

To read more on China and cryptocurrency:

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Source: https://www.fintechnews.org/crypto-market-is-shaken-as-china-declares-all-crypto-transactions-illegal/

Fintech

PNC cuts nearly 600 apps for BBVA conversion

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PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That’s roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […]

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Source: https://bankautomationnews.com/allposts/retail/pnc-cuts-nearly-600-apps-for-bbva-conversion/

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State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

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State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology […]

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Source: https://bankautomationnews.com/allposts/business-banking/state-street-sees-crd-tech-acquisition-pay-off-with-22-yoy-revenue-growth/

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More Than $1.1 Billion Raised by 14 Alums Q3 2021

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For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.


Photo by John Guccione www.advergroup.com from Pexels

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Source: https://finovate.com/more-than-1-1-billion-raised-by-14-alums-q3-2021/

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Pagaya and SoFi Team Up to Broaden Access to Financial Services for Borrowers

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A newly announced collaboration between AI-powered credit and analysis technology company Pagaya and personal financial services innovator SoFi will help more eligible consumers find and secure financing. The partnership will enable SoFi members to leverage Pagaya’s AI network to access a wider range of financial solutions in what Pagaya said is the largest deployment of its technology in the fintech space to date.

“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network,” SoFi CEO Anthony Noto said, “extending its business to a broader audience, so more people can access credit and achieve their financial goals.”

Pagaya’s technology and infrastructure enables financial institutions, including lenders and fintechs, to offer their customers access to financial products beyond those available via traditional credit models. Using both AI and machine learning, Pagaya lowers risk for lenders and helps them make better credit decisions. The goal is to provide a better, more positive experience for borrowers, and higher conversion rates for loan providers, as well as improving the overall credit ecosystem.

“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” Pagaya CEO and co-founder Gal Krubiner said. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

Founded in 2016 and maintaining offices in Tel Aviv, New York, and Los Angeles, Pagaya became a public company earlier this fall in a $9 billion SPAC merger with EJF Acquisition Corporation. Earlier this month, Pagaya appointed former JP Morgan CMO Leslie Gillin to the post of Chief Growth Officer. Gillin arrives at a time when the company is looking to expand into new markets including personal and auto loans, credit cards, point-of-sale financing, single-family residencies, and more.

SoFi is an alum of our developers conference FinDEVrNewYork in 2017, which the company participated in with financial data platform Quovo. In the years since, SoFi has grown into a digital financial services giant with more than $50 billion in funded loans, and more than two million members who have paid off a total of more than $22 billion in debt. Additionally, the company recently has launched solutions such as SoFi Money and SoFi Invest which offer cash management (including early payday) and brokerage services, in a major expansion beyond its roots as online loan financing and refinancing innovator.

SoFi is a publicly traded company on the NASDAQ under the ticker SOFI and has a market capitalization of more than $16 billion. SoFi is headquartered in San Francisco, California.


Photo by Magda Ehlers from Pexels

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Source: https://finovate.com/pagaya-and-sofi-team-up-to-broaden-access-to-financial-services-for-borrowers/

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