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Fintech Roundup: 24th March

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Really big week in Fintech as Q1 comes to a close. So far market analysts have been largely correct in predicting sideways movement for Bitcoin. This can sometimes be seen as an accumulation period and with all the positive news coming out of the sector with a lack of any sharp price movement this has proven to be the case so far.


Not so Bullish for XRP fans

IBM this week expanded further on there relationship with Stellar Lumens ($XLM) in releasing further details about the World Wire service.

IBM is one of the largest companies in the world, with annual revenues of around $80B USD.

Unlike Ripples xRapid service, the Stellar protocol facilitates the utilisation of several digital assets, removing the need for the corresponding banking system.  

Aside from XLM, the network supports a USD stable coin and payment locations are enabled in 72 countries, with 47 currencies and 44 banking endpoints.

The Fintech revolution has traditional financial institutions looking over their shoulders at challenger banks, however, it is really the large technology companies they should be watching. Apple, Samsung, Google and more recently Facebook have all announced they plan on playing in the digital payments space.  


Visa looking over their shoulders

Earlier this week, Visa advertised for a full time technical product manager to build out their crypto team.

VisaNet currently handles an average of 150 million transactions every day, and this is capable of 24,000 transactions per second.

Right now, Visa doesn’t have much to fear from the layer 1 crypto solutions, but they are wise to be building a team in recognition of the threat posed by crypto.  


World’s First Crypto Business Account opened

Wirex – who coincidentally use Visa as their card provider, has released the world’s first licensed business account that allows payments in both FIAT and crypto.

The UK based, FCA regulated business has been working on a platform that bridges the chasm between cryptocurrencies and traditional fiat.

The move supports Wirex’s goals to become a truly borderless payment platform – offering up to 16 currencies, 12 traditional and 4 digital.

Wirex is also one of the best FIAT gateways to obtain Crypto – providing OTC rates with no minimum transaction limits (these are traditionally around 20 BTC)

I recently tweeted about other FIAT gateways after the #deletecoinbase movement took off, and Wirex was spoken about rather favourably. I expect them to become a very important business in the ecosystem, as whilst all crypto isn’t accepted everywhere, the partnership with VISA means you can simply convert your crypto into FIAT and spend accordingly.


Swiss users can spend that Crypto

That fat stack of $TRX is no longer useless, as Swiss online retailer Digitec Galaxus announce they will be accepting Crypto on the platform.

The business had a turnover of $261m in 2018, and with over 2.7 million products available. Whilst the Swiss don’t have the facility for a Wirex card – they can open an account to store their coins and spend it with Digitec Galaxus

The Swiss are progressive when it comes to crypto and associated regulation, so this move is no great surprise by the giant retailer – it will be interesting to see what it does in terms of increased traffic to the site and hopefully prove as a positive use case for the wider adoption of digital assets.

About Nakameowdough

Nakameowdough has only known about Crypto since late 2017. As soon as he heard about it from a trusted source, he spent the next 14 months with his head buried in books on the subject or listening to a multitude of podcasts.

This dedicated self-development allowed him to pivot from a career in I.T. towards FinTech and he now works with one of the most exciting companies in London, the FinTech hub of the world.

His position within that company affords him the benefit of working with highly innovative businesses and facing the challenges of integrating exciting solutions, with old systems.You can reach Nakameowdough on Twitter

The Daily Chain – The Leading Site for Unique and Informative Daily Crypto Content


Mark

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