Banking and Finance

Facebook Offers Service to Banks, Promises to Improve Customer Service

Facebook Offers Service to Banks, Promises to Improve Customer Service

Facebook revealed this week that it is cultivating ties with banks which it says can benefit from the social network’s Messenger chat. The tech firm says that financial institutions can improve their customer service by linking financial accounts to the platform’s messaging app. However, it was reported that Facebook is seeking to gain access to detailed financial information on bank customers, including card transactions and checking-account balances. A spokesperson confirmed that the social network will not using the information beyond enabling these (customer service) types of experiences and assured that the company considers keeping people’s information safe and secure as […]

Apple Becomes First US Company Valued at $1 Trillion

Apple Becomes First US Company Valued at $1 Trillion

Apple last Thursday breached the $1 trillion market capitalization mark as its stock jumped 2.9 % to end the day at $207.39. The tech company’s stock rallied about 9% since Tuesday after announcing June-quarter results that went above expectations. Reaching as high as $1.006 trillion before ending at $1.002 trillion, it was noted that the two-day run was the best that the company had since 2014. In his memo to celebrate the company’s milestone, CEO Tim Cook said that the thousands of Apple employees had “much to be proud of”, but it was “not the most important measure” of the […]

New Study Says 90% of Blockchain Projects Will Fail

New Study Says 90% of Blockchain Projects Will Fail

A new study by Forrester Research suggest that 90% of blockchain initiatives currently active in the US will ultimately be abandoned. The grim prediction from the research firm also said that have been trying to implement distributed ledger technology (DLT) in their businesses are now scaling back. However, Forrester also said that companies with a deep understanding of the technology and its transformational potential are likely to persist. Bloomberg’s Ron Resnick also said that blockchain development will experience an uptick in 2019, while Hyperledger’s Brian Behlendorf says that the next wave of blockchain apps will not come from tech giants […]

KickICO Gets Hacked, Loses $7.7 Million

KickICO Gets Hacked, Loses $7.7 Million

ICO platform KickICO last Friday admitted to being hacked by an unknown attacker who stole approximately $7.7 million worth of Kick tokens from the platform’s wallets. KickICO CEO Anti Danilevski revealed that they learned about the incident from investors who complained that the funds in their wallets suddenly went missing. The company’s investigation found that the attacker somehow managed to get the private key of the platform and used it to change the smart contract’s behavior. However, the company assured that they were able to regain control of the smart contract and will be refunding all users. Source: Bleeping Computer

Facebook’s $100 Billion Loss Biggest in Stock Market History

Facebook’s $100 Billion Loss Biggest in Stock Market History

Facebook last Thursday was seen to had posted what is considered to be biggest one-day loss in market value by any company in the history of the US stock market after releasing its quarterly report which was described as “disastrous”. The social network’s market capitalization plunged from $630 down to $510 billion, with stock prices falling down 19%. Records show that Facebook is the only company in US stock market history to lose more than $100 billion in a day. Prior to this, the biggest single-day loss was posted by Intel in September of 2000, which amounted to around $90 […]

Ex-Employee of Russian Payments Firm Mines 500K Bitcoins Using Company Computers

Ex-Employee of Russian Payments Firm Mines 500K Bitcoins Using Company Computers

The CEO of Qiwi, a Russian payments services firm, recently claimed that an ex-employee used the company’s payment terminals for bitcoin mining in 2011. CEO Sergey Solonin revealed to his audience at the Moscow Advanced Communications School (MACS) that one of his programmers was able to mine as much as 500 thousand Bitcoins, which is worth approximately $4 billion at present time.    When the programmer was found out however, he immediately resigned from the company, but was reportedly unable to take advantage of the mined Bitcoins, saying that they got “lost at some point”. Source: Coin Telegraph

Bitcoin Rises to $8300, Highest in Two Months

Bitcoin Rises to $8300, Highest in Two Months

Bitcoin climbed above $8300 last Tuesday, the highest level in two months, after reports that a cryptocurrency exchange-traded fund is set to be approved in the US. The biggest and most popular cryptocurrency went up 6.33% at $8,198.04 on Luxembourg-based Bitstamp exchange. Meanwhile, second biggest virtual currency Ethereum went up 4.79% at $470.66 on the same exchange. Source: Reuters

WeExchange, BitFunder Operator Pleads Guilty

WeExchange, BitFunder Operator Pleads Guilty

The operator of WeExchange Australia Pty Ltd, a bitcoin exchange and depository service, pleaded guilty to defrauding investors and lying to US securities regulators earlier this week. Jon Montroll, also the operator of BitFunder.com, was found to have used his investors’ bitcoins for himself, exchanging them for dollars and spending them on personal expenses. Aside from not disclosing a hack of WeExchange to his investors, Montroll also lied to investigators in sworn interviews in 2013 and 2015 about when he learned of the hack and about other matters. Source: Reuters

South Korea Sets Up Cryptocurrency Division

South Korea Sets Up Cryptocurrency Division

South Korea’s Financial Services Commission (FSC) recently announced that it is setting up a Financial Innovation Bureau which will be responding to new developments and challenges such as cryptocurrencies. It will also be given oversight on policy initiatives relating to FinTech and big data in the future. Analysts attribute this to the country’s change in stance regarding cryptocurrencies in recent months, where the government now says that cryptocurrency exchanges as actual legal entities, instead of just “communication vendors”.   Source: Investing.com

EU Pushes for Digital Taxes at G20 Meeting

EU Pushes for Digital Taxes at G20 Meeting

European finance leaders last Sunday expressed their support for global tax rules for the digital economy at the G20 meeting in Argentina. However, this has put the EU at odds with their US counterparts. If the proposal of the European Commission pushes through, US tech giants such as Google, Facebook and Amazon may end up footing a large percentage of any bill. It is estimated that around 200 companies would have to pay because of the new tax rules which would roughly amount to annual revenues of about 5 billion euros ($6 billion). Source: Reuters

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