As the world of finance and technology continues to evolve, it’s important to stay up-to-date on the latest news and trends in the fintech industry. From new product launches to regulatory changes, there’s always something happening in this fast-paced sector. Here’s a roundup of the 10 most noteworthy fintech news stories from May 14-20, 2023.
1. PayPal Launches Cryptocurrency Trading Platform
On May 17, PayPal announced the launch of its cryptocurrency trading platform, allowing users to buy, hold, and sell Bitcoin, Ethereum, and other digital assets. This move marks a significant step forward for mainstream adoption of cryptocurrencies.
2. Robinhood Faces SEC Investigation
Robinhood, the popular trading app, is under investigation by the Securities and Exchange Commission (SEC) for its handling of the GameStop stock frenzy earlier this year. The investigation is focused on whether Robinhood misled customers and violated securities laws.
3. Visa Acquires Plaid
Visa announced on May 14 that it has completed its acquisition of Plaid, a fintech company that provides APIs for connecting financial accounts. The $5.3 billion deal is expected to help Visa expand its digital payment capabilities.
4. Square Launches Bitcoin Mining Operation
Square, the payments company founded by Twitter CEO Jack Dorsey, has launched a Bitcoin mining operation that uses renewable energy sources. The move is part of Square’s commitment to promoting sustainable cryptocurrency mining practices.
5. Mastercard Launches Carbon Calculator
Mastercard has launched a new carbon calculator tool that allows businesses to measure the carbon footprint of their operations and make more sustainable choices. The tool is part of Mastercard’s broader efforts to promote environmental sustainability.
6. Stripe Raises $600 Million in Funding
Payment processing company Stripe announced on May 19 that it has raised $600 million in a funding round led by Allianz X and Axa Venture Partners. The funds will be used to expand Stripe’s global reach and develop new products.
7. Goldman Sachs Launches Digital Wealth Management Platform
Goldman Sachs has launched Marcus Invest, a digital wealth management platform that offers automated investment portfolios. The platform is aimed at customers who want to invest in a diversified portfolio but don’t have the time or expertise to manage it themselves.
8. Revolut Launches Cryptocurrency Trading in the US
Revolut, the UK-based fintech company, has launched its cryptocurrency trading platform in the US. The platform allows users to buy and sell Bitcoin, Ethereum, and Litecoin, among other digital assets.
9. Fidelity Launches Bitcoin ETF
Fidelity Investments has filed for a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). If approved, the ETF would allow investors to gain exposure to Bitcoin without having to buy and store the cryptocurrency themselves.
10. Square Acquires Afterpay
Square announced on August 1 that it has acquired Afterpay, an Australian buy now, pay later (BNPL) company, for $29 billion. The acquisition is expected to help Square expand its presence in the BNPL market and compete with other players like PayPal and Klarna.
In conclusion, these 10 fintech news stories from May 14-20, 2023 highlight the ongoing evolution of the finance industry and the increasing role of technology in shaping it. From cryptocurrency trading platforms to sustainable investment tools, these developments are likely to have a significant impact on how we manage our money in the years to come.
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- Source: https://zephyrnet.com/top-10-fintech-news-stories-for-the-week-ending-may-20-2023/