Tag Archives: FinTech News

Apart from its ongoing antitrust investigation as put forward by the Federal Trade Commission (FTC), Facebook is also having a rough time regarding its proposed digital currency, the Libra. A few months ago, Facebook announced its plans to float its own cryptocurrency and also released a whitepaper to the effect.As part of the announcement, a Libra Association was announced, an association made up of several big companies including Uber, Mastercard, Visa, eBay, Spotify and many other...

Although Apple is making an aggressive move in the fintech and global payments industry, the tech giant has no plans to step in the crypto space for now. Apple Inc’s chief executive officer Tim Cook recently said that his company has no plans to launch its own digital currency.During an interview with French financial newspaper Les Echos, Cook said that matters related to currency should remain in the hands of countries and their respective governments. He added:“I really think that a...

It seems Patrick Harker, the president of the Philadelphia Fed, has finally got the memo, accepting that central bank digital currencies (CBDC) are “inevitable.” Still, that isn’t enough for America to take the lead on them. Harker, although extremely late to the party, made an important caveat on the U.S plans to create a CBDC. According to Reuters, speaking at a community banking conference on Wednesday, the Fed president addressed the unavoidable adoption of CBDCs. “It is inevitable I...

There has been a lot of negativity surrounding the launch of Facebook Libra over the last few months. Global regulators and banking institutions have showered severe criticism over the project. However, despite several kickbacks, the Libra Association is proceeding ahead with its plans of mainnet launch.Recently, the Libra Association has published a new roadmap that highlights 4 major milestones to be attained before the launch of the Libra network. The Calibra team says that the first...

As Facebook continues in the effort to launch its Libra cryptocurrency, the social media giant is likely to rely more heavily on paid lobbyists and the persuasion powers of its senior executives. Mark Zuckerberg prefers closed-door approach In a leaked audiotape of a Facebook town hall released by The Verge, the co-founder and CEO of the tech colossus Mark Zuckerberg took a swipe at public hearings on Libra and instead seemed to favor one-on-one engagements with decision-makers. While...

Photo: Broadridge / LinkedInBroadridge Financial Solutions, a United States-based corporate services company said on Tuesday they are ready to add cryptocurrencies and exchange-traded derivatives capabilities to their offerings. With the acquisition of Shadow Financial Systems, Inc., this service provider that is a famous supplier for public companies that provides them with proxy statements, annual reports and shareholder communications solutions, such as virtual annual meetings – is...

Since its launch on June 18, 2019, Facebook’s Libra project has encountered mixed reactions. Now, four payment companies that had joined the social media giant as founding members of the Libra Association are hesitant. They have developed cold foot over whether to formally sign on to the crypto project. The issue was explained by people familiar with the matter.According to a new Bloomberg report, MasterCard, Visa, Stripe, and PayPal are allegedly stalling at officially joining the...

Photo: ShutterstockWell, if the regulatory scrutiny on Facebook‘s Libra cryptocurrency was not enough, even bankers have jumped in to pull down the Libra project. Recently, the United States Federal Reserve had asked some of the largest banking institutions in the country about their stand on Libra.Responding to it, the bankers have expressed risks posed by Libra like a potential decline in the deposit accounts as well as the banks’ payment volumes. As per the Bloomberg report, the banks...

Facebook’s cryptocurrency Libra has been in hot water ever since the social media giant released the whitepaper earlier this year. Central banks and governments across the globe have put together a concerted effort against Libra, putting Facebook executives in the dock time and again as they fear that the social media giant is out to create a parallel financial system. But the greatest threat that could derail Facebook’s cryptocurrency project probably lies within. The Libra Association, a...

Facebook has been having a tough battle dealing with regulators and government agencies since the launch of its Libra cryptocurrency. In the recently leaked audio recordings obtained by The Verge, Mark Zuckerberg threatens to take the U.S. government to the courts if the Democratic Party presidential candidate Elizabeth Warren comes to power and tries to break big companies like Facebook into smaller entities.Note that breaking Big Tech is one of the major promises of Elizabeth Warren’s...