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Amazon is looking for someone to head the digital currency and blockchain product sector

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Amazon has been a constant visitor of the headlines, particularly after its founder Jeff Bezos blasted off into space. Apart from this, Amazon seemed to be making progress in the digital currency sector, and its latest job posting is a clear example of the same.

Digital currencies and blockchain technology witnessed massive growth in terms of popularity. While trying to steer towards digitalization, the world has started to adopt digital currencies as well as blockchain tech. Major firms were seen embracing this side of digitalization and Amazon jumped on the bandwagon.

In a recent job posting, Amazon revealed that it was looking for an experienced product leader to lead the blockchain, crypto, and the central bank digital currency [CBDC] sector of the e-commerce platform.

Amazon dives into digitalization

Applicants were required to traverse backward and keep in mind the needs of the customers as well as the partner. The lead would reportedly work towards developing the platform’s Digital Currency, which would include owning the vision and strategy of the product and designing the roadmap.

Elaborating on the job description, the e-commerce giant wrote,

“You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities. You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.”

While it wasn’t confirmed if the platform would be rolling out its own digital asset, its interest in the digital currency sector could significantly boost the industry.

Back when Facebook revealed its venture into the digital asset field, several speculated that Amazon would follow suit. However, this remains unclear.

Binance CEO Talks Compliance and Future of Crypto In Blog

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Binance and its workings came under massive scrutiny recently as financial regulators took it upon themselves to impose sanctions. To ensure its users of the safety of their holdings, Binance CEO Changpeng Zhao released a blog detailing current and future plans.

In the blog, CZ stated that the drastic adoption jump could be owed to the market realizing the potential of digital assets. Binance has added requirements for using the platform such as stricter insider trading policies, a Secured Asset Emergency Fund, and a firewall to separate out the listing team. Apart from this, Binance has invested in edtech resources such as Binance Academy.

The Binance blog added:
“We also protect our users through our work with law enforcement agencies such as the U.S. Internal Revenue Service (IRS), the UK South East Regional Organized Crime Unit, and many more to crack down on cybercrimes such as money laundering, terrorist financing and scams. In 2021, we have completed assisting 5,600 investigation requests already,100% more than 2020.”

Binance further boosted its international compliance team by a whopping 500 percent since 2020. This comes at a time when local governments were opposing Binance’s entry into foreign shores. CZ reiterated that the company would do everything in its power to comply with government mandates that allow smooth functioning.

Technology partnerships were a big arena for Binance with tie-ups including members such as CipherTrace. Binance also cleared multiple AML audits to further strengthen fund security. CZ’s letter was the first step in acknowledging the need for more transparent communication between crypto honchos and regulators. In Zhao’s words:

“Compliance is a journey – especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity.”

London Fintech Investments Beat Expectations Despite Lockdown Pullbacks

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The past year brought forth multiple changes in the financial industry as the pandemic disrupted almost all traditional systems. At a time when people needed contactless transaction methods, fintech companies rose to the challenges and met them head-on. This was one of the main reasons why investors love the market, pumping millions into the European fintech market.

Latest reports revealed that in the first six months of 2021, London’s fintech market received more capital than it had over any other year. Venture capitalists have flocked to England’s capital for its vast fintech options and the reach they can achieve. The total capital influx from January to June clocked in at $5.3 billion which was twice the amount generated over the same time in 2020. According to the study conducted by Dealroom Agency, investors considered London’s financial climate to be a solid bargain in terms of resources and personnel available.

Banking officials in the city believed that the latest polling numbers were a sign of rapid growth and confidence in the industry. Anne Boden, the chief executive of London neobank Starling claimed that the investment boom would signal foreign companies to enter the market and develop the European ecosystem as a whole. Starling itself was able to raise $444.8 million in multiple rounds of investments along with other organizations.

London-based Saltpay and Checkout.com also raised $478 million and $450 million respectively. The aforementioned investments come at a critical juncture in the UK’s trade policies. Several bigwigs were waiting with bated breath to see how trade would be affected by a lack of European Union support. Speaking to the topic, ComplyADvantage CEO Charles Delingpole said:

“The loss of passporting after Brexit means that licensing and international expansion is no longer easiest in London. London therefore has to move to a higher value-added model focused on a global rather than European hub role.”

Globally London holds second place in terms of digital transactions with San Fransisco being the undisputed leader. The new data was completely opposite to the stance held by London officials on fintech a few weeks back. It meant that despite the regulatory confusion, users were still bullish on digital assets.

Blackrock and Fidelity boost Indian Payment Service App Pine Labs After Round of Investments

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Digital payment platforms found a new footing in the past year with the pandemic cutting off methods of transactions. The influx of new users boosted several new companies and the capital coming in from traditional investors and VC’s. Pine Labs Pvt was the latest company to enjoy this surge, closing a $600 million fundraising with Fidelity Management & Research Company and BlackRock Inc. According to inside sources, the company makes money by charging micro-fees per transaction.

The Indian payment service organization led by chief executive Amrish Rau is currently valued at $3 billion after an investment round advised by Newberger Berman Group LLC, India-based IIFL Finance Ltd and Kotak Funds. Rau claimed that the users appeal Pine generated in its launch countries was inspiration enough to push for global adoption. He added:

“It is a product from India that’s succeeded in Malaysia and Singapore and is entering Indonesia and Thailand. We’ve got a good, Ebitda-positive story as we plan our IPO in the next 18 months. A growing number of merchants in Asia want to create faster and more interesting checkout experiences. They want solutions that help them compete with large online companies.”

Pine Labs offers multiple digital solutions for customers in the realms of transactions and reconciliation. The “pay later” feature covers more than 100 million customers with their finances and holdings. The digital platform’s client list includes Apple, Starbucks Corporation, Temasek, and McDonald’s. Fintech’s impact on the South Asian market has been evident in the last couple of months with regions like India and China taking the lead on developments. India’s fintech market boom was enough to make it grow at a whopping annual rate of 50 percent.

Fintech solutions have been gaining massive traction all over the world and their adoption in countries where digital assets were banned earlier is a good sign. Pine Labs’ foray into the South Asian and later, global market, was enough to let it start looking at more developments. The organization also acquired pay-and-save application Fave in April to build on its transactional foundation.

Fox takes a plunge into NFT by offering a $100M creative fund

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Fox Corp. has been making news for its interest in Non-Fungible Tokens [NFT]. The firm, recently revealed that it was going all into the NFT arena with a new animated comedy as well as a platform dedicated to NFTs. In more recent news, Fox has revealed that it would be elevating its presence in the NFT space by inducing a creative fund of a whopping $100 million.

This year, NFTs managed to secure a spot under the crypto spotlight. Several celebrities had jumped on to the NFT bandwagon and Fox Corp. seemed to be the latest to join the trend. Last month, the entertainment platform revealed that it was going to roll out a blockchain-based show called Krapopolis. This show would reportedly be led by Rick and Morty’s co-creator, Dan Harmon.

Alongside this, the platform revealed that it would venture into the NFT business with Blockchain Creative Labs.

Fox Corp. Embraces NFTs

The entertainment giant seemed to be sprucing things up by offering a creative fund, particularly for digital creators. While the fund stood at $100 million, it is reportedly part of its latest dive into the world of NFTs.

Furthermore, the Blockchain Creative Labs would be spearheaded by its CEO, Scott Greenberg, co-founder, and chief executive officer of Fox’s Bento Box Entertainment animation studio. This platform would carry out the sale of animation art, short-form videos as well as an array of digital activities.

Charles Collier, CEO of Fox’s entertainment division, stated,

“The emergence of blockchain technology has given birth to a new marketplace that is a natural extension of Bento Box’s talents; one that allows the team to support, elevate and reward innovators and artists in new and creatively exciting ways.”

While its NFT platform has been making progress, the blockchain-based show, Krapopolis would make a debut only by next year, Bloomberg revealed.

Move over crypto, Danish central bank governor believes tech giants are a threat to banks

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Danish central bank’s governor, Lars Rohde joins the list of officials who have dissed crypto for lacking stability.

The crypto-verse grew from nothing to a $2 trillion industry. Bitcoin [BTC] recorded a notable evolution which urged several to suggest that BTC was the internet’s currency. The popularity of the currency grew just like its price which further led to speculations of BTC overthrowing the dollar or even shaking up the autonomy of centralized institutions like banks. However, the Danish central bank, Danmarks Nationalbank’s governor suggested otherwise.

Appearing in a recent interview with Bloomberg, Rohde noted that cryptocurrencies were nothing but speculative assets.

Danish central bank governor comments on crypto

2021 started off great for the crypto industry as almost every currency bagged significant gains. This further led to the rise in the trading volume of cryptocurrencies. Several countries were quick enough to address it by rolling out revised regulations, the Danish central bank does not seem to find this necessary. Rohde in the interview elaborated on his stance about the crypto-verse and said,

“I could be tempted to ignore it. I think the term currency is badly used here. Most currencies store value or are means of transactions. There is no stability, no guarantee about the value of cryptocurrencies.”

This, however, did not stop banks in Denmark from carrying out crypto-related activities. A prominent Danish bank, Saxo even went on to reveal the launch of a crypto FX product.

While crypto did not have any major impact on the central banks, Rohde pointed out what really posed a threat to these banks. He stated,

“If tech giants get a hold on the means of transaction, then that could be a real threat to the autonomy and independence of central banks.”

Rohde’s concern seemed legit as tech giants were currently sitting under the spotlight. With digitalization booming in full par, tech giants have been progressing impeccably.

Hong Kong official endorses government’s conditional crypto regulation

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While several regions across the globe were seen rolling out revised laws in order to address the emerging crypto industry, Hong Kong was seen taking a different path.

Previously, the Hong Kong government revealed that it wouldn’t ban crypto trading, but would limit it to “professional investors”. This law restricted the trading of digital assets to those whose portfolios consisted of a minimum of HK$8 million. Speaking about the same, the Financial Services and the Treasury Bureau [FSTB] of the city suggested that this change was “appropriate at least for the initial stage of the licensing regime.”

More recently, the Secretary of the FSTB, Christopher Hui detailed why the latest regulatory measure was important.

Hong Kong’s controversial crypto law

FSTB’s Secretary Hui recently spoke at the StartmeupHK virtual fintech summit and went on to address the financial regulator’s latest move. While the city did not outrightly ban the trading of crypto, it went on to restrict it to professional traders only. While this excluded the majority of the city’s population, Hui went on to say that this law was necessary to secure investors while also expediting progress. Hui said,

“We are of the view that a proper regulatory system could facilitate development and at the same time protect investors and adhere to international regulatory standards.”

The evolution of the crypto market stunned many. With some pocketing billions, the fan base of the crypto-verse continued to escalate.The volatile nature of the crypto industry, on the other hand, has stood out, causing even more fear among people. As governments rush to protect people from enduring major losses, Hong Kong was paved a new path.

Elaborating on the same, Hui said in his speech,

“Imposing mandatory requirements to protect investors, prohibit market manipulation, and guard against money laundering and terrorist financing, we believe the proposed regime will further facilitate development of the virtual assets industry in Hong Kong, leveraging our world-class regulatory framework.”

HSBC will not join other banks in embracing Bitcoin, bank’s CEO affirms

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Bitcoin garnered an array of fans with its price rise over the last couple of months. Prominent bank, HSBC, however, did seem to find an inclination towards the crypto-verse.

The crypto-verse witnessed exponential growth since the beginning of the year. 2021, started off on a great note for the crypto market as its investors bagged massive gains. While BTC witnessed a five-fold increase, the altcoins did not fall back. The king coin’s market cap even hit a trillion dollars. All these factors urged banks as well as governments to embrace the crypto-verse, particularly Bitcoin. While banks like, Goldman Sachs went on to express their interest in crypto, the CEO of HSBC clarified that the bank would refrain from engaging in any crypto-related services.

HSBC’s CEO calls out the crypto market’s volatile nature

In a recent interview with Reuters, Noel Quinn, the CEO of Europe’s largest bank shared his views on crypto and even shed light on why HSBC hadn’t jumped onto the crypto bandwagon. Quinn went on to point out Bitcoin’s volatility and stated,

“Given the volatility, we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business.”

The debate about what Bitcoin really is had continued to persist. Adding on to the same, Quinn noted that BTC was more of an asset class as opposed to a “payments vehicle.” The volatile nature of the asset makes it difficult for it to find a prominent spot on the clients’ balance sheet, he added.

Additionally, speaking about central bank digital currencies [CBDC], Quinn suggested that it would be a good medium to simplify cross-bored payments. He said,

“CBDCs can facilitate international transactions in e-wallets more simply, they take out friction costs and they are likely to operate in a transparent manner and have strong attributes of stored value.”

Bank of America will now be employing blockchain tech via Paxos

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Blockchain technology has undoubtedly more fans than the crypto industry. Bank of America seemed to be the latest one to join the fan club with its recent revelation.

The blockchain industry has garnered immense traction, particularly over the last few years as digitalization emerged at full speed. The covid-19 pandemic further spruced up the process. Now, blockchain tech has been used in several industries all across the globe. Bank of America announced that it had joined hands with the Paxos Settlement Service in order to allow its customers to carry out stock settlements almost instantly or within minutes.

Bank of America eyes same-day stock settlements

Launched in 2019, the Paxos Settlement Service allows users to settle their stock trades within the same day without having to wait for too many days. Bank of America revealed that it would use this service to render its users with the opportunity to execute same-day settlements of stock trades.

The bank has reportedly been conducting internal transactions over the last couple of months to test the ability of the service that Paxos offers. While this proved to be successful, the head of financing and clearing of the bank, Kevin McCarthy told Bloomberg that the clients of the bank would soon be able to use this service as it awaits approval.

Elaborating on the same, McCarthy said,

“We can determine the settlement cycle down to T+0,. We then can free up the collateral we’d have to post on an overnight basis,” ‘which could lead to big savings.’ “The return-on-assets in this business would improve, which has been a challenge.”

The addition of this service would lure in more clients to the bank and aid in more flexible and faster settlements. The bank was reportedly employing services provided by the Depository Trust & Clearing Corporation [DTCC]. However, the stocks took about two days for settlement. Addressing the same, the chief executive officer of Paxos, Chad Cascarilla said,

“That flexibility and change in workflows to bilateral settlement is very interesting.”

Paxful Users’ Data Is Safe, Affirms CEO Youssef

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The users of the prominent cryptocurrency exchange, Paxful was recently subject to extreme angst as rumors pertaining to a data breach on the platform surfaced. However, the CEO of the exchange asserted that the platform was safe and had experienced no such thing.

The emergence of digitalization with regard to the financial sphere is promising, however, quite often platforms associated with this fall prey to hacks and attacks. While the crypto industry has witnessed an array of hacks, an online market, Raid Forums solely for the purpose of selling and buying of stolen data has been established. A user of the Raid Forum reportedly claimed to have personal data of over 4.8 million Paxful users. This included names, email addresses, gender, phone number, birth dates as well as passwords.

Recently, social media giant, Facebook had also experienced a data breach. However, in this case, the seller, who used the name, Mafufi demanded 1 Bitcoin [BTC] which was about $60K, during the time of writing.

The news about the exchange being hacked gave rise to another conversation that emphasized the emergence of these hacks despite Know Your Customer [KYC] and Anti-Money Laundering [AML] procedures. Addressing the same, the CEO of Paxful, Ray Youssef said,

“Neither does Paxful. Any KYC data is never on our servers. We don’t take asking for people’s identities lightly. Good news soon”

Paxful CEO: “Ignore the FUD”

While this caused unrest in the crypto community, the CEO of the platform, Ray Youssef restored hope by affirming that no user data was leaked. His tweet read,

“All funds and Identities are Safe @paxful No user data was leaked, no breach was ever made of our users! Ignore the FUD! long live #bitcoin The data they had was old employee records from a payroll site we no longer use. #badguysdontwin”

Furthermore, the users of the exchange were put at ease post this tweet.