Internal memos suggest Meta, which owns Facebook, has plans to add virtual coins, tokens, and lending to its apps. This includes “social” or “reputation” tokens that reward substantive contributions to Facebook groups.
Read MoreA multiyear plan would help the computing giant develop its own infrastructure for financial products. It would facilitate new approaches to payment processing, risk assessment for lending, fraud analysis, credit checks, and more.
Read MoreAn interagency panel, the Property Appraisal and Valuation Equity task force, released a plan for addressing discrimination in the appraisal industry. The group first convened last summer.
Read MoreThe tech giant announced yesterday that it’s created a $100M fund to invest in virtual reality (VR) and augmented reality (AR). The fund is called the Snapdragon Metaverse Fund.
Read MoreThe billion-dollar startup, which wants to distribute cryptocurrency to every human being by imaging their eyes, recently suspended operations in at least seven countries. It’s now delayed its launch date for a second time.
Read MoreThe trading platform’s new offering would let users generate passive income by loaning out their stocks to other financial institutions. It’s set to roll out in the first half of 2022, according to a Robinhood spokesperson.
Read MoreOn Saturday, Visa and Mastercard announced that they had suspended network operations in Russia, which prevents cards issued in Russia from working abroad, and disables cards within Russia that were issued outside the country. Amex and PayPal have enacted similar measures.
Read MoreOn Monday, machine-learning solutions provider Stratyfy released UnBias, which helps financial institutions discover and undo bias in their systems. UnBias will be available as a standalone offering.
Read MoreIn an earnings call with analysts on Tuesday, the coffee chain’s executives said they would invest in expanding customer use of the Dutch Rewards app. Between 20% and 25% of rewards transactions include stored-value activity, according to the company’s CFO.
Read MoreIn a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
Read MoreVisa and Mastercard have blocked several Russian financial institutions from its payments systems. A run on Russian banks has begun.
Read MoreIn a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
Read MoreHours into the Russian invasion of Ukraine, the foreign ministers of Estonia, Latvia, and Lithuania encouraged “disengaging Russia from SWIFT,” the international payments system. Polish and UK officials echoed these calls as well.
Read MoreThrough a partnership with DiversiFi, Opera users on Android will be able to make cheap and instant crypto transactions within their mobile browser wallet. The Layer 2 swapping feature is 100 times cheaper than Ethereum Layer 1.
Read MoreIn a settlement with regulators, BlockFi agreed to register with the SEC and pay $100M in federal and state fines. It plans to launch an SEC-approved crypto interest-bearing security.
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.
