Cashless Chronicles? - Issue #461 March 29th, 2024

The United States Department of the Treasury announced new sanctions targeting 13 fintech companies and two individuals associated with Russia. These entities are accused of creating or providing virtual asset services to circumvent existing sanctions. This move underscores the U.S. government's continued efforts to restrict Russia's access to international financial systems by addressing emerging methods used to bypass economic restrictions.

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In an interview with CNBC Crypto World, David Mercer, CEO of LMAX Group, shared insights into the factors influencing cryptocurrency markets and the growing interest from institutions in digital assets. Mercer's perspective highlights the evolving dynamics and increasing institutional engagement in the crypto space.

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They developed strong expertise in their domain and a strong understanding of what a great Product for a FinTech company is. Their respective backgrounds in engineering, consulting, and core banking systems helped them develop their current team, which has been growing quickly for 3 years.

The recent surge in institutional interest in digital assets and blockchain technology marks a significant turnaround from the bleak period following the FTX bankruptcy in November 2022, which had seemingly dealt a fatal blow to the crypto market's credibility. Contrary to expectations, the sector has witnessed a remarkable recovery, largely fueled by the U.S. Securities and Exchange Commission's (SEC) approval of Bitcoin ETFs in January. This regulatory green light has propelled Bitcoin prices to new heights, with Blackrock's Bitcoin ETF achieving a record-breaking growth, amassing $10 billion in funds under management in less than two months, showcasing a renewed confidence in digital assets and Web3 technology.

Swiss fintech startup nsave, aimed at democratizing access to Swiss banking for individuals in countries plagued by unstable banking sectors or rampant inflation, has successfully raised $4 million in seed funding. This financial injection was co-led by notable investors Sequoia Capital and TQ Ventures, with additional contributions from Y Combinator, ACE Ventures, SV Angel, and FONGIT, a Geneva state-backed organization dedicated to fostering technology startups. This significant capital raise marks a pivotal step for nsave in its mission to provide secure and stable banking solutions globally.

The Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC have launched a three-year strategic partnership to foster innovation and enhance the Bank-FinTech collaboration ecosystem. This alliance combines the innovation and technology (I&T) strengths of Hong Kong with the global banking expertise of HSBC. It aims to strengthen the city's start-up, FinTech, and I&T sectors, contributing significantly to the growth of Hong Kong's digital economy, where FinTech plays a crucial role. By leveraging both organizations' resources, expertise, and networks, the partnership is poised to drive significant advancements in the region's technological and financial landscapes.

In an innovative guerrilla marketing stunt for their launch in Dublin, Neverless Fintech, founded by former Revolut executives, grabbed attention by decorating city streets with mock five euro notes hanging from trees, embodying the concept that "money doesn't grow on trees." This unique strategy not only turned heads but also engaged the public, who could redeem the notes for actual values ranging from 1 to 50 euros each. The campaign, which aimed to democratize wealth-building strategies, culminated in a significant display at Peace Park, leaving a lasting impression of money literally growing on trees and marking Neverless's bold entry into the fintech industry.

The rapid integration of artificial intelligence (AI) into daily life has raised concerns and questions about the future of humanity for many. However, Anguilla, a small Caribbean island east of Puerto Rico, has found a lucrative opportunity in the AI expansion. As a British territory, Anguilla profits from each registration of internet addresses ending in ".ai," the domain name designated for the island, akin to France's ".fr" and Japan's ".jp." This unique coincidence has positioned Anguilla to benefit from the surge in companies, including Elon Musk's X.ai, seeking domain names that signify their cutting-edge involvement in AI, resulting in a significant increase in domain registration requests and a financial windfall for the island.

On March 13, the European Union Parliament took a significant step by voting to adopt the EU's AI Act, marking the EU's first attempt at comprehensive legislation to regulate artificial intelligence across all member states. This landmark act imposes new and substantial responsibilities on developers, distributors, and users of AI systems, particularly those whose operations impact individuals within the EU, setting a precedent for future regulation and oversight in the rapidly evolving field of artificial intelligence.