Ripple, the San Francisco-based startup behind the third-largest asset on the crypto market, XRP, has acquired payments platform Logos Network to develop decentralized financial (DeFi) products. Per a Sept. 27 blog post, Ripple’s Xpring initiative, the company’s investment arm, has onboarded Logos Network. Logos Network is a distributed ledger-based payment platform that focuses on speed and scalability. Exploring DeFi and building relationships As part of Xpring, the team behind Logos will be exploring a DeFi system that is set to leverage XRP at its core. With the acquisition, Logos’s founder and CEO Michael Zochowski will lead DeFi Products, as well …

Online payments processor Stripe has raised another $250 million in a new funding round, which pushes its pre-money valuation to a whopping $35 billion. Total funding in the billions On Sept. 19, Stripe announced the additional funding was sourced from investors including venture capital firms General Catalyst, Sequoia and Andreessen Horowitz. Coming from a $9.2 billion valuation in 2016, San Francisco-based Stripe was valued at $22.5 billion after raising $245 million in the beginning of 2019. Overall, the U.S. fintech startup has raised roughly $1.2 billion since its inception. The company, also an official partner of Facebook’s cryptocurrency project Libra, …

Cryptocurrency trading platform Coinbase has launched the new USDC Bootstrap Fund aimed at the improvement of Decentralized Finance (DeFi). As the company announced on Sept. 10, Coinbase set up the USDC Bootstrap Fund to support developers who build DeFi protocols by investing USD Coin (USDC) directly in the protocol. Coinbase and payment startup Circle jointly launched their own stablecoin USDC in September 2018. Bringing more liquidity to DeFi protocols Bringing more liquidity to some DeFi protocols ostensibly formed the main impetus behind the idea to establish the fund. Among possible investments, Coinbase named smart contracts, while returns are set to …

Online payments processor Stripe announced the launch of its lending service Stripe Capital for the internet businesses in the United States. On Sept. 5, Stripe announced the launch in a blog post, noting that — once approved — access to funds is usually granted on the next day. The press release states: “Stripe Capital’s full integration with Stripe means there’s no lengthy application, eligibility is determined quickly, funds hit a user’s Stripe account the next business day, and businesses can repay as they earn. [...] In addition to serving Stripe users directly, Stripe will also extend Stripe Capital to its …

Cointelegraph is pleased to announce that we are continuing to increase our presence in Asia with the launch of Cointelegraph Korea. Today, Aug. 23, we celebrated the launch of a Korean-language version of Cointelegraph and the opening of our Korean headquarters in Seoul. To commemorate the move, Cointelegraph hosted an event in the city’s financial district, attended by over 150 guests from the finance and blockchain industries. Guests included representatives from banking giants Woori Financial Group and Shinhan Financial Group, as well as Busan-based securities operator Korea Exchange. The city of Busan’s vice mayor for economic affairs also gave a …

The Capital Market, Insurance and Saving Authority, a division of Israel’s Ministry of Finance (MoF), is looking to accelerate the process of procuring licenses for blockchain and fintech companies in the country. Israeli business news outlet Calcalist reported the development on Aug. 19. According to the report, the authority has launched dedicated industry teams, some of which specialize in blockchain companies. According to the report, the authority is hoping to foster local competition by licensing more fintech companies. Moshe Barkat, who was appointed as the supervisor for the department back in 2018, remarked: "Business and technological innovation and the relationship …

As the global investor community starts to become increasingly aware of what crypto has to offer, it appears as though this burgeoning asset class is becoming more and more accepted. This is probably best highlighted by the fact that after experiencing bearish conditions all through 2018 (with Bitcoin even stooping at one point to around the $3K mark), the digital currency market as a whole was able to swiftly regain its former momentum and make an impressive comeback. Since 2016, a number of countries have either banned digital currencies altogether (such as China, Pakistan and Egypt) or have placed various …

Canadian exchange Coinsquare has acquired software allowing traditional ATMs to sell cryptocurrency such as bitcoin (BTC), according to a press release on July 3. Coinsquare announced a controlling investment in Just Cash, a United States-based fintech startup that has developed a software that allows users to purchase crypto directly through traditional ATM machines without the need of additional hardware or mobile application. Following the investment of undisclosed amount, the Just Cash team will join Coinsquare in and operate under Coinsquare brand. Coinsquare CEO Cole Diamond says that the new initiative reflects the company’s mission of bringing mainstream adoption to the …

As much as 73% of Chinese enterprises believe that blockchain is a top-five strategic priority, according to a report by Big Four audit and consulting firm Deloitte released on June 27. In the report, titled “Deloitte’s 2019 Global Blockchain Survey,” the company surveyed 1,386 enterprise representatives in 11 countries, including 200 respondents in China to provide a greater knowledge about major attitudes and investments in blockchain as a technology. The research was conducted between Feb. 8, 2019, and March 4, Deloitte noted in the report. Coverage of Deloitte’s 2019 Global Blockchain Survey. Source: Deloitte According to the survey results, Chinese …

The increased penetration of cryptocurrency in the digital payment arena appears to be affecting the landscape of cross-border remittances. Financial institutions and other mainstream establishments are now jostling with blockchain startups for control over an industry that could possibly experience massive growth over the next few years. With more participants comes greater competition and an emphasis on creating the most robust operating technology. To achieve this aim, some players are leveraging their status as giants of their respective mainstream fields while others are pursuing partnerships and collaborations. For historically unbanked and underbanked areas of the world, the emerging landscape is …

European Union banks could have an instantaneous payments system in place by 2020, Reuters reports on June 26. Per the report, real-time payments have been possible in the eurozone since 2017, but only about half of the banks in the bloc adhered to the initiative. Still, Reuters notes that adoption may accelerate now that Facebook’s Libra stablecoin is shaping up to be a competitor to local banks. Director general of the European Payments Council (EPC) Etienne Goosse reportedly said that — regardless of the success of Facebook’s Libra’s project — competition from technology firms was here to stay, and banks …

Northern Trust has handed over its blockchain platform to fintech firm Broadridge Financial Solutions, according to a press release on June 26. The Chicago-based asset management firm Northern Trust has handed over its blockchain-based private equity (PE) management solution to Broadridge for further improvement. The platform purports to streamline and automate certain tasks, such as middle office functions. The PE blockchain solution will initially roll out “to all PE funds domiciled in Guernsey and Delaware, including those administered by Northern Trust.” Pete Cherecwich, President of Corporate & Institutional Services at Northern Trust commented on the hand-off, saying: “For the benefit …