On July 16, Russian President Vladimir Putin signed a law that bans the use of digital assets like NFTs and cryptocurrencies to pay for goods and services within the country. It is still legal to trade, buy, and sell those assets.
Read MoreThe European Union General Court ruled that Brussels has the authority to regulate the merger between US biotech groups Illumina and Grail. Grail has no commercial presence in Europe and its operations are primarily in the US.
Read MoreAccording to a report by Financial Health Network, men are 50% more likely to be financially healthy than their women counterparts. Women trail behind men on all measures, including spending, savings, borrowing, and planning.
Read MoreAccording to a report by CB Insights, global startup funding fell by 23% in Q2 2022 from Q1, including by 25% in the US. However, US-based VCs raised a record-breaking $73.8B in Q1.
Read MoreRental fintechs have reported increased demand for their services, including cashback on rent payments or discounted rent, due to rising rental prices and inflation. Rent has increased by 11.6% over the past year, according to Harvard University’s Joint Center for Housing Studies.
Read MoreEconomist and New York Times columnist Paul Krugman argued that the US economy has exited an inflationary period. Citing the Federal Reserve’s economic data, Krugman said inflation has sharply decreased since March 2022.
Read MoreThe National Payments Corporation of India (NPCI), the public-private payments incubator operating within the country’s central bank, announced plans to build international digital payments infrastructure for the country’s 32 million expats. The NPCI previously built India’s domestic digital payments rails, the Unified Payments Interface (UPI).
Read MoreNexo, a crypto-lending platform with over 4 million users, has offered to acquire Singapore-based crypto services firm Vauld. Vauld management said in a blog post that Terra-Luna’s coin crash and Three Arrows Capital’s loan default sparked its financial difficulties.
Read MoreMore companies are using interim or fractional Chief Marketing Officers to grow their businesses while minimizing costs. The trend has become more popular during the pandemic due to the rise of remote work—and seems poised for even greater growth during a recession.
Read MoreWith a surge in gas prices, travel costs, groceries, and rent, US consumers are adopting cost-cutting measures. Many are turning to credit card rewards programs as a needed windfall, especially cards with cashback offerings.
Read MoreUS-based hedge funds are making more conservative bets on stock prices than they have in a decade. Funds like Bridgewater and BlackRock have increasingly taken short positions on billions of dollars in assets.
Read MoreThe Supreme Court overturned Roe v. Wade on Friday, ending the federally protected right to an abortion. In response, banks and financial institutions like JPMorgan Chase, Wells Fargo, and Goldman Sachs said they would cover travel costs for employees seeking an abortion in other states.
Read MoreA recession is defined as a “significant decline in economic activity that is spread across the economy and lasts more than a few months.” The uncertainty of the term, as well as improving supply-chain conditions in the auto industry, suggest a slump isn’t inevitable.
Read MoreThe Council of Economic Advisers reported that skyrocketing rents were responsible for 40% of the Consumer Price Index increase in May. At least 35% of people in the U.S. live in rented housing.
Read MoreBrian Brooks, former acting Comptroller of the Currency during the Trump administration, said the head of “one of the two largest banks in the United States” was considering a ban on gun purchases using the bank’s debit and credit cards. Brooks convinced the bank CEO to not go ahead with the move.
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.
