Should You Protect Customers From Themselves?
3 Fintech News Stories #1: Should You Protect Customers From Themselves? What happened? NatWest is the latest big UK bank to introduce limits on its customers’ ability to purchase crypto: The bank is putting a daily limit of £1000 and a 30-day payment limit of £5000 to crypto exchanges “to help protect customers from losing…
Read MoreCould BaaS Prevent The Next SVB?
The conversation around SVB – which I have found to be both exhausting and enlightening, in very unequal measures – has shifted from diagnosing what happened to prescribing what should happen next in order to prevent more Twitter-fueled bank runs. These prescriptions range from absurd (bitcoin does not fix this, and a de-evolution away from…
Read MoreWAGMI
What happened? Janet Yellen, Jerome Powell, and Martin Gruenberg shared an update: After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects…
Read MoreNGMI
I was planning to write about something else this week, but then this happened: Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of…
Read MoreControl the Attributes
#1: Wealthfront Zagging What happened? Wealthfront introduced a new service: Today, we’re thrilled to announce Wealthfront is expanding into stock investing to serve a broader set of our clients’ investing needs. Our Stock Investing Account has all of the features you’d expect from a stock trading app including fractional shares, zero commissions, and a $1…
Read MoreCatching Up On All The Takes
#1: How Were Your Grades? What happened? Revolut claims that it was profitable in 2021: Financial technology giant Revolut reported its first-ever annual profit in 2021, according to financial accounts released Wednesday, as subscriptions to its paid packages and overall usage of its app grew sharply. The company reported revenues of £636.2 million ($767.1 million)…
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