Tiger Global Management has lost around $17B since the start of the year, meaning it’s erased almost two-thirds of its lifetime gains, according to LCH Investments. Its decline is almost double that of the Nasdaq Composite.
Read MoreBinance has joined 17 other investors to finance Elon Musk’s planned takeover of Twitter. The crypto exchange has pledged $500M to the effort.
Read MoreThe computing giant has officially hired Desi Ujkashevic, Global Direct of Safety Engineering at Ford, to join Apple’s efforts to develop a fully electric autonomous car. Ujkashevic had worked at Ford for 31 years.
Read MoreGlobal shipping giant Maersk announced that it’s partnered with Stripe to overhaul its payments infrastructure. Stripe tailored its products to accommodate Maersk’s multinational compliance requirements.
Read MorePayPal was one of several companies that made an informal complaint to the European Commission about restricted access to Apple’s NFC technology for payments. On Monday, the Commission released its preliminary findings, which suggest that Apple unfairly prevents competitors from using NFC payments tech on Apple devices.
Read MoreThis morning, the European Commission released the initial findings of an antitrust case surrounding Apple Pay and third-party access to NFC technology on Apple hardware. The Commission has concluded that Apple unfairly prevents competitors from using NFC payments tech on Apple devices.
Read MoreThe Meta-owned messaging platform said it will offer cashback rewards for Indian consumers who make peer-to-peer payments on the app. It will also look into similar rewards for merchant payments.
Read MoreEBA CLEARING, SWIFT, and The Clearing House (TCH) announced this morning that they will launch a pilot program for immediate cross-border (IXB) payments. The pilot would support payments in dollars and euros.
Read MoreAccording to Mac Rumors, Apple is now opening new Apple Cash virtual debit cards with Visa. Apple Cash has historically partnered with Green Dot Bank and operated on the Discover network.
Read MoreAnalysis by The Markup, a data-driven newsroom covering Big Tech, suggests Utah’s decision to move payday disputes to online courtrooms has increased default judgments against defendants. Defaulting on these loans can lead to garnished wages and a lower credit score.
Read MoreIn a speech to the country’s legislators, Bank of Russia Governor Elvira Nabiullina announced that members of Russia’s alternative to SWIFT, the international payments network, would be kept anonymous. She said 52 institutions from 12 countries currently participate in the network.
Read MoreAmazon announced that it had added Amazon One—which lets customers pay with their palm print—to the checkout process at a Whole Foods store in Austin, Texas. It’s one of the first Amazon-owned stores outside Seattle to have the feature.
Read MoreIn a memo to staff, Mastercard CEO Michael Miebach said all employees’ compensation would be tied to the company’s ESG goals. This had previously only been the case for Mastercard executives.
Read MoreThis morning, Fyle, an India-based expense-management platform serving US businesses, announced that it launched a real-time spend-management integration for all Visa cards. Fyle said it would roll out similar integrations with other card issuers at an unspecified date.
Read MoreAdam Willems, Lead Reporter for The Financial Revolutionist, wrote about the future of taxes for WIRED. Looking at crypto’s efforts to tokenize city taxes, Adam argues that crypto is trying to turn taxes into another investment vehicle.
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.
