ERCOT, which operates Texas’s power grid, has requested that bitcoin miners suspend operations during the state’s current heat wave, which has caused a surge in residential and commercial energy demand. Bitcoin miners complied, freeing up to 1,000 megawatts by turning off their machines.
Read MoreCrypto firm Voyager Digital, which filed for bankruptcy last week, previously told customers that their deposits were FDIC insured through a partnership with Metropolitan Commercial Bank. However, customer funds are only protected if Metropolitan Bank fails, not if Voyager fails; the FDIC is now investigating Voyager’s false claims.
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 MoreTo Len Covello, Co-Founder and CTO of Engage People, a Toronto-based loyalty network that connects loyalty programs with payment systems and retailers to let consumers pay with points at checkout, the future of payments leverages a fully-backed digital currency: the rewards point.
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 MoreThe US Supreme Court ruled last week against the Environmental Protection Agency (EPA), limiting its powers to interpret or enforce laws without explicit Congressional authority. Two top Republican lawmakers told the Financial Times that the ruling will soon affect financial regulators as well.
Read MoreMeta, Facebook’s parent company, announced it would reduce its engineer hiring goals by 30% this year. It will recruit between 6,000 and 7,000 engineers, down from an envisioned 10,000.
Read MoreCryptocurrency hedge fund Three Arrows Capital (3AC) has failed to make payment on a loan issued by crypto broker Voyager Digital. This marks the largest institutional crash of the current “crypto winter.”
Read MoreIn an interview with The Financial Revolutionist, Jane Podbelskaya, Principal at Information Venture Partners, suggests economic fundamentals will help early-stage fintechs weather upcoming volatility, and will make them capable of sustained growth under any economic conditions.
Read MoreLast week, the Reserve Bank of India, the country’s central bank, banned loading pre-paid payment instruments using credit lines. The regulatory shift effectively outlaws the business strategy of major BNPL providers in the country.
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 MoreSpecial Purpose Acquisition Companies (SPACs) once seemed like the future of public launches. But, where there were more than 300 SPAC IPOs in Q1 2021, less than 70 took place a year later.
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 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.
