Lots of crypto-related news this week with a huge round from ConsenSys, the EU taking legislative action and everyone wondering what Apple has planned when it comes to crypto. There was also news from the CFPB on BNPL, a new AML passport for DeFi and more. Here are what I consider to be the top ten fintech news stories of the past week.
The EU voted not to ban bitcoin from Protocol – The European Parliament this week voted to advance what is known as the Markets in Crypto Assets (MiCA) legislation, omitting the ban on proof of work that would have effectively banned bitcoin from the region.
Apple Is Crypto’s Biggest Wild Card from Bloomberg – It is interesting to me that the world’s largest tech company has all but ignored crypto to date. But as the author acknowledges, with more than one billion iPhone users Apple could easily provide a user-friendly way to onboard users to the crypto economy. Which could bring more new customers to the iPhone.
Quadrata launches data passport for AML in DeFi from LendIt Fintech News – One of the knocks on DeFi is that is completely anonymous and there is no easy way to do KYC or AML checks. Startup Quadrata is looking to change that, working with Spring Labs and TransUnion to create a non-tradeable NFT that will represent KYC information.
Andreessen, Eldridge Value Cross River Bank at Over $3 Billion from Bloomberg – Cross River Bank continues to lead all fintech-centric banks and this week it was reported that the company is close to a deal to raise more than $600 million from the likes of Andreessen Horowitz, Eldridge Industries and T. Rowe Price at greater than a $3 billion valuation.
OppFi Asks for Injunction on Loan Interest Rates Caps from PYMNTS.com – Last year both the FDIC and OCC reaffirmed the “valid when made” doctrine for loans originated by banks and sold to fintechs. Recently California lost its lawsuit against the FDIC challenging this, so now OppFi is going after California on their state interest rate caps.
Every Thursday, the LendIt Fintech News team and a special guest discuss the news of the week live on LendIt TV, YouTube, LinkedIn, and Twitter. We have now made the show available in podcast format – click on the audio player below.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.