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This Week in Fintech ending 7th May

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This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at  Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Ethereum – Ride the next rocket

The cryptocurrency market ended the week with a total market capitalization of $2.23 trillion. After one of its worst periods in 2021, this week ended with gains across the board (Bitcoin +14%, Ethereum setting a new ATH, XRP +52% and Binance Coin +28%). Ethereum was in the spotlight with a 30% increase in value and setting a new all-time high $2,976.42, setting the stage to break past the $3,000 threshold. At its current price levels, Vitalik at the age of 27 has officially become the youngest crypto billionaire. The price increase comes after the European Investment Bank (EIB) announced on Wednesday that it issued its first ever digital bond on the Ethereum blockchain, leading to increased speculation that Ethereun is gaining traction among mainstream financial institutions. Ethereum maintains the number two position with 15% of the current crypto market and its getting ready for a major upgrade that will allow faster transaction times and reduce the amount of power required to process transactions. While it trails Bitcoin significantly, Ethereum’s fundamentals seem stronger.

Editor note: A good case for allocating 50% of a crypto portfolio to Ethereum or 20% for the more cautious. The big game changer is Proof Of Stake which will appeal to Institutional Investors 

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Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: DeFi Part 1. Introduction to DeFi

Some subjects are too complex for our short attention spans, so we do 4 posts one week apart, each one short enough not to lose your attention but in aggregate doing justice to the complexity of the subject. Stay tuned by subscribing.

The reason to pay attention to DeFi is  a)  capital is flowing into DeFi  and b) DeFi could disrupt legacy finance, which is a massive opportunity. Starting with capital, during 2020 there was a 10x increase in capital deposited in various decentralized finance networks and VCs (such as Andreessen Horowitz, Bain Capital Ventures and Michael Novogratz) were pumping money into their early stage equity. By January 2021, approximately $20.5 billion was invested in these DeFi networks.

Editor note: This is the first of 4 posts on DeFi.

Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote his weekly roundup of Stablecoin news.

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: How far can behavioral economics nudge up digital innovators?

Nobel Prize winning economist Daniel Kahneman, in the 1970s, studied biases in economic decision-making and how people handle risk, challenging the belief that humans behave rationally when making financial choices. The ensuing body of work that it spawned – “Behavioral Economics” – has become entrenched in business parlance, as rigorous research has demonstrated that understanding and anticipating biases can guide interventions to influence consumer behavior.  As regards finances, health or diet, people need just a little nudge to get them moving in the required direction.

Editor note: This translates to growth hacking code that drives people to click which further down funnel leads to revenue.

Christian Dreyer @x3er, the Swiss based CFA who focusses on how XBRL changes our world wrote his weekly roundup of XBRL news.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote: his weekly roundup of Alt Lending news.

Editor note: This weekly snapshot is the news that matters in the Alt Lending market.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyfintech.com/2021/05/07/this-week-in-fintech-ending-7th-may/

Payments

Bitcoin fans had a dream about Institutional money that turned out to be a nightmare

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Many Bitcoin fans dreamt that Legacy Finance Institutions would lead the way to mainstream adoption of Bitcoin.

This dream was the narrative that drove the last Bitcoin bull market. Now that we maybe in a Bitcoin bear market, that dream has turned out to be a nightmare.

Daily Fintech subscribers were told HOW this crypto-in a-suit bull market would end. If I could have told you precisely WHEN it would end Daily Fintech would be charging subscribers $143 per second not per day. In hindsight it is obvious that the day Coinbase went public and joined the Fintech 50 Index would mark the end of the bull market (to kaching sounds as Institutions sold COIN and BTC to retail investors).

I think there will be another Bitcoin bull market – I am a long term bull. I do NOT know when it will start. I do know that the narrative of the next Bitcoin bull market will be opposite of the previous bull market:

Bull market 1 in 2013. Cypherpunks, Anarchists & Libertarians (more interested in “sticking it to the man”than making money) created the early traction that got Bitcoin from an obscure message board to the possibility of game-changing innovation. The dramatic price rises brought in Retail Speculators hoping for a quick buck to recover from the 2008 depression)

Bull market 2 in 2017. Retail Speculators. Sticking  it to the man was not high on the agenda. This brought in new capital and excited the Legacy Finance Institutions who drove the next bull market.

Bull market 3 in late 2020/early 2021. Institutions & Governments aka “the man”. This was when the Cyperpunks, Anarchists & Libertarians were thrown into the dustbin of history and the speculators are told to grow up and trust in the products sold by Legacy Finance.

The crypto-in a-suit bull market ended because Legacy Finance Institutions exist at the pleasure of Governments, so when regulators take action against Bitcoin the Institutions are vulnerable to pressure. A few whales could trigger a bear market, knowing that Governments acting would deepen the price decline.

The narrative of the next bull market will be the opposite of the recently ended crypto-in a-suit bull market. The Cypherpunks, Anarchists & Libertarians from 2013 will cheer from the sidelines but the Bull Market 4 narrative will be “First the Rest then the West” about billions of people interested in Bitcoin to help them “put food on the table”.

Daily Fintech articulated this “First the Rest then the West” Path To Mainstream Adoption 2 years ago. We are seeing signs of this in countries such as Venezuela and El Salvador.

This use case, with billions of people in countries with failing Fiat currencies, will build Bitcoin’s second leg – a currency for everyday spending.

These billions of users at the Bottom of the Pyramid constitutes an unserved market excluded from the modern consumer economy of  about $5 trillion in Purchasing Power Parity terms.

The advent of fast, low cost micropayments via offchain technology such Lightning Network also make it much easier to profitably serve the Bottom of the Pyramid. Credit Cards obviously don’t work in that market and physical cash has hidden costs (theft, time, handling etc).

Nightmares (and bear markets) do end. This too shall pass.

Daily Fintech’s original insight is made available to you for US$143 a year (which equates to $2.75 per week). $2.75 buys you a coffee (maybe), or the cost of a week’s subscription to the global Fintech blog – caffeine for the mind that could be worth $ millions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyfintech.com/2021/06/16/bitcoin-fans-had-a-dream-about-institutional-money-that-turned-out-to-be-a-nightmare/

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Crowdfunding

Paris based Fintech Upflow, which Addresses Late Payments, Secures $15M from 9yards Capital, Others

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Paris-based Upflow, a startup that assists B2B firms with getting paid, has secured $15 million in capital via a Series A round which included contributions from 9yards Capital, eFounders, and angels N26 co-founder Maximilian Tayenthal and Uber exec Pierre-Dimitri Gore-Coty.

Companies or businesses usually try using a combination of manual processes and outdated payment methods to get paid, which often leads to delayed payments.

Upflow says it will address this issue with its SaaS platform that allows companies to take control of their cash flow cycles. The company notes that it plans to help get rid of the late payments problem.

Upflow’s technology integrates with various finance tools like QuickBooks, Xero, Netsuite, and Chargebee. Upflow has also teamed up with major payment gateways such as Stripe and GoCardless, in order to offer business teams with a central hub so they can effectively manage communication with their clients while settling payments.

Currently handling over $200 million in invoices every month, for 1.5 million+ transacting firms, Upflow intends to use the funds raised to support ongoing product development, while establishing a business office in New York. The office should help with enhancing distribution in the US markets, and also with expanding the company’s team in the coming year.

Alexandre Louisy, CEO at Upflow, stated:

“We are on a mission to revolutionize the way that companies get paid. At Upflow, we provide a solution that adds connectivity and clarity to a company’s payment and invoicing stack. Where systems were previously closed and disconnected, Upflow’s platform enables smooth and clear processes.”

Louisy added:

“By enabling a company to take control of its entire cash cycle, we want to help eradicate late payments. There is a common misconception that ‘late payments’ are only a symptom of big companies holding smaller vendors to long payment cycles. Upflow sees it differently: late payments are a tech problem, as B2B payments haven’t changed for decades.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176630-paris-based-fintech-upflow-which-addresses-late-payments-secures-15m-from-9yards-capital-others/

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Crowdfunding

New Zealand BNPL Fintech Laybuy Introduces All-Digital Buy Now Pay Later Card in the UK

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New Zealand based Buy Now, Pay Later Fintech firm Laybuy is introducing its all-digital BNPL card in the United Kingdom, allowing clients to carry out in-store purchases with just a tap of their smartphones.

Clients will be able to load the payment card into their mobile phone’s wallet via the Laybuy app and can then make purchases at checkout with only a tap. They can then pay for the purchase through six weekly instalments, without having to pay interest.

At first, the BNPL service will be offered to merchants that have an existing relationship with Laybuy, however, the long-term plan is to allow clients to use the option everywhere “in the near future.”

Gary Rohloff, Managing Director at Laybuy, stated:

“The vast majority of our customers don’t like using credit cards and have been asking us how they can get the benefits of Laybuy, but on the High Street. In fact, 86% percent of our customers looking to return to stores have explicitly requested the option of using Laybuy in-store, too. Today, we’re making that a reality.”

In May 2021, Laybuy had gotten into trouble with the Advertising Standards Authority for running advertisements that claimed the company’s credit checks did not impact a client’s credit score.

The investigation was initiated by a customer who believed their credit score was actually downgraded after Laybuy had performed a credit check.

As covered, Laybuy acquired AUD 35 million in capital (last month) in order to expand its business operations into the UK markets. Laybuy‘s latest investment round came as part of a private placement and will be used to make additional investments into enhancing its technology stack, marketing efforts and HR.

Laybuy MD Gary Rohloff stated:

“The opportunity in the UK market should not be underestimated. The UK has a retail market approximately 2.2 times larger than the Australian market in terms of overall spending. It is also a market where a higher proportion of retail spending is online, and where BNPL is still in early stages of adoption.”

Rohloff added that UK consumers spent over £151 million via Laybuy during the last year, which represents an increase of 504% compared to the previous year.

Laybuy’s latest investment round was finalized as the company secured key merchant partnerships with Rakuten, AWIN and Sovrn, which should give customers access to more than 5,000 UK merchants (reportedly includes major brands such as Asos, Nike, Marks & Spencer, Amazon and eBay).

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176631-new-zealand-bnpl-fintech-laybuy-introduces-all-digital-buy-now-pay-later-card-in-the-uk/

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Crowdfunding

New Zealand BNPL Fintech Laybuy Introduces All-Digital Buy Now Pay Later Card in the UK

Published

on

New Zealand based Buy Now, Pay Later Fintech firm Laybuy is introducing its all-digital BNPL card in the United Kingdom, allowing clients to carry out in-store purchases with just a tap of their smartphones.

Clients will be able to load the payment card into their mobile phone’s wallet via the Laybuy app and can then make purchases at checkout with only a tap. They can then pay for the purchase through six weekly instalments, without having to pay interest.

At first, the BNPL service will be offered to merchants that have an existing relationship with Laybuy, however, the long-term plan is to allow clients to use the option everywhere “in the near future.”

Gary Rohloff, Managing Director at Laybuy, stated:

“The vast majority of our customers don’t like using credit cards and have been asking us how they can get the benefits of Laybuy, but on the High Street. In fact, 86% percent of our customers looking to return to stores have explicitly requested the option of using Laybuy in-store, too. Today, we’re making that a reality.”

In May 2021, Laybuy had gotten into trouble with the Advertising Standards Authority for running advertisements that claimed the company’s credit checks did not impact a client’s credit score.

The investigation was initiated by a customer who believed their credit score was actually downgraded after Laybuy had performed a credit check.

As covered, Laybuy acquired AUD 35 million in capital (last month) in order to expand its business operations into the UK markets. Laybuy‘s latest investment round came as part of a private placement and will be used to make additional investments into enhancing its technology stack, marketing efforts and HR.

Laybuy MD Gary Rohloff stated:

“The opportunity in the UK market should not be underestimated. The UK has a retail market approximately 2.2 times larger than the Australian market in terms of overall spending. It is also a market where a higher proportion of retail spending is online, and where BNPL is still in early stages of adoption.”

Rohloff added that UK consumers spent over £151 million via Laybuy during the last year, which represents an increase of 504% compared to the previous year.

Laybuy’s latest investment round was finalized as the company secured key merchant partnerships with Rakuten, AWIN and Sovrn, which should give customers access to more than 5,000 UK merchants (reportedly includes major brands such as Asos, Nike, Marks & Spencer, Amazon and eBay).

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176631-new-zealand-bnpl-fintech-laybuy-introduces-all-digital-buy-now-pay-later-card-in-the-uk/

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