The weekly fintech news roundup features stories from Brex, Circle, BlackRock, the DTCC, MoonPay and more.
We look in detail at the state of marking recently-private-fintechs to the public market in mid-2021. Multiple industry segments have seen IPOs, direct listings, and SPACs transition fintech darlings into traditional stocks. How is performance doing? Is everything as magnificent and rich as we expected? Have multiples and valuations fallen or held steady? The analysis explores the answers and provides an explanatory framework.
Circle is planning to offer a similar product to Coinbase called Circle Invest; the platform has now launched in beta as users reported they were receiving invites; the app will support Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic; the app currently does not support cryptocurrency deposits. Source
The project will help to connect multiple digital wallets to process money transactions; they say this will allow different currencies to flow through wallets like HTTPS, SMTP and SIP information goes between web browsers according to Banking Technology; this would allow an individual making a payment through WeChat to send money to a friend who uses PayPal. Source.
Last quarter, fintech funding rose to $30 billion, the highest on record. $14 billion of SPAC capital is waiting to take these companies public. Robinhood and Circle are about to float on the public markets, via SPAC and IPO. In this analysis, we explore the fundamentals of both companies, as well as the unifying thesis that explains their growth.
In this discussion, we explore ways that Stripe — arguably the best American fintech company full-stop, although who would want to mess with Square — could be entering the crypto space. We consider approaches similar to the payment onramps, then discuss the underlying market structure powering those experiences, and highlight more generally the role of gateways relative to protocols. We touch on the role of custodians, banks, and wallets, as well as Square’s attempt, the tbDEX, where KYC/AML comes down to forms of opt-in identity. Finally, we address questions about Circle and USDC, and how stablecoins differ from the rails on which they travel.
We look at a recent report from Protos that traces the issuance of USDT to the institutional players in the centralized crypto capital markets. The data reveals the market share of players like Alameda, Cumberland, Jump, and others in powering trading in exchanges. We try to contextualize this market structure with what exists both in (1) investment banking and (2) decentralized finance. The analogies are helpful to de-sensationalize the information and calculate some rough economics.
Blockchain-based money transfer platform Circle has secured $25mn from Digital Currency Group; the firm also struck a partnership with Genesis,...
The payment company announced the news that they were launching a cryptocurrency yesterday; it aims to be the digital version...