Axie Infinity, a “play-to-earn” video game in which users receive tokens for playing on the platform and trading characters as NFTs, has seen the value of its tokens decline by more than 90%. Hackers also robbed Axie’s creators of more than $620M in cryptocurrencies.
Read MoreThe Royal Bank of Canada announced that it will combat fraud by combining card and biometric authentication with a PIN authentication via mobile apps. Canadians lost more than $300M to fraud in 2021, as compared to $80M in 2020.
Read MorePlaid announced that it’s launching products that offer identity verification, which hopes to make account linking and identity verification a simultaneous process. The company is also moving into ACH payments.
Read MoreEuropean Union lawmakers have voted to apply AML regulations to crypto, while also requiring ID verification for payers and recipients of any amount of cryptocurrency. The E.U. may also cut off unregulated crypto exchanges from financial systems if they fail to comply.
Read MoreItaly’s central bank has banned N26, the Germany-based neobank giant, from onboarding new customers or offering new products. Italian regulators have flagged N26 for its weak AML procedures.
Read MoreSilent Eight, a Singapore-based financial crime prevention firm, announced yesterday that it had raised $40M in Series B funding. HSBC and Standard Charter’s venture wings were listed as investors.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
