FinTech Weekly Issue #394 - Very Important People & Scandals
Issue #394 - Very Important People & Scandals2022-12-15Sam Bankman-Fried and Changpeng Zhao made headlines the past week: both founders were involved in some “scandals” – even if in different ways. After the dramatic collapse of FTX, Bankman-Fried was arrested in the Bahamas and has to face US regulators. Nevertheless, he keeps saying that Zhao played him and that the collapse was mainly due to a lack of concentration. In the meantime, the founder and CEO of Binance, Changpeng Zhao, has to defend Binance – the largest crypto exchange in the world: after a recent audit, investors discovered that the platform does not have enough reserves to cover people’s investments. Also Elon Musk could be in trouble: after the announcement that he wants to turn Twitter into a payment platform, US regulators are working on an act that can reduce the freedom of companies that want to offer banking services without being banks. Scandals in the crypto space continue, with many companies facing the tough financial situation of the market. Fintech is still strong, with many companies and startups looking for solutions that can mitigate the strong effects of a global economic crisis and high inflation. This and much more in this number of FinTech Weekly, the free newsletter that help you stay on top of fintech business solutions and conferences. |
Top Stories
Top Events
Podcasts and Videos
 | FTX founder Sam Bankman-Fried arrested in the BahamasSam Bankman-Fried was arrested on Monday in the Bahamas, and it's likely he will be extradited. The founder of FTX and protagonist of the FTX scandal has now to testify before the House Financial Services Committee in the US. |
 | Celsius Bankruptcy Developments; Grayscale Bitcoin Trust Discount Widens to Record HighCoinDesk, owned by Digital Currency Group - the same group that owns Grayscale Bitcoin Trust - reports that the largest bitcoin fund hit a record-high discount rate. In the meantime, the judge involved in the case of Celsius bankruptcy ordered the network to return $50 million to its users. |
Crypto
 | Grayscale’s Bitcoin Investors Have Trust IssuesGrayscale Bitcoin Trust is currently selling off faster than Bitcoin - the cryptocurrency that the fund owns. Even if this is generating for the fund fees worth $200 million per year, it's not necessarily good news for Bitcoin investors. |
Banking
 | The Fed May Hand The Market A Huge Surprise This WeekThe Fed may rise interest rates once again to face inflation. During the next FOMC (Federal Open Market Committee), the Fed could announce rates between 5% and 7%. And it seems that the market doesn't believe that these rates will hold for all 2023. |
 | UK banking rules in biggest shake-up in more than 30 yearsThe UK will go through the most significant revision of banking rules of the last 30 years. The package of reforms, called the "Edinburgh Reforms", will also review the rules introduced after the 2008 crisis, which required separate retail banking activities and riskier operations. |
Innovation
 | Walmart-backed fintech startup plans to launch its own buy now, pay later loansWalmart has always been interested in fintech, and now it's backing a fintech startup called One. The startup is aimed at creating tailor-made BNPL (Buy Now, Pay Later) loans. One is also the proof of the cooperation between fintech and banking: One is managed by Omar Ismail, a former Goldman Sachs' executive. |
Fintech
 | ‘No surprise’ fintech partnerships are behind evolution of banking servicesIn these messy times, banks and fintech companies are cooperating more to reach financial results for their clients. This decision might be a direct consequence of the competitive pressure felt by banks because of fintech firms. |
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FinTech Weekly Issue #393 - Business Partnerships & Inclusivity
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FinTech Weekly Issue #392 - Is It Just The Beginning?
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