Hugh Son

Customers of banking startups like Yotta describe losing savings ranging from $7,000 to $200,000+ due to Synapse's collapse, after US regulators refused to help

Customers believed the accounts were backed by the full faith and credit of the U.S. government. … Augie Ray / @augieray@mastodon.social : For fifteen years, I've heard how traditi...

The CFPB will supervise tech companies with digital wallets, like Apple Pay, Google Pay, and Venmo, with 50M+ annual transactions, treating them more like banks

the Biden/Warren crew just enacted this to stop @X from becoming a payments juggernaut. Wow, a whole new 259-page rule aimed at X...yet more lawfare against you.👊 (Congress can & p...

The US DOJ sues Visa, alleging it has an illegal monopoly over debit network markets and has tried to unlawfully crush competitors, including PayPal and Square

Gaby Del Valle / The Verge :

How IRS officials tracked down James Zhong, a hacker who stole 50K+ bitcoin from Silk Road in 2012 and was involved in the development of bitcoin itself in 2009

- In 2012, someone stole 50,000 bitcoin from the Silk Road, an illegal dark web marketplace.

The SEC fines 11 Wall Street firms $289M total for poor recordkeeping by using apps including Signal, WhatsApp, and iMessage; CFTC fines four banks $260M total

Filing: JPMorgan Chase is working on a ChatGPT-like software service dubbed IndexGPT that uses AI to analyze and select investments tailored to customer needs

- JPMorgan Chase is developing a ChatGPT-like software service that leans on a disruptive form of artificial intelligence …

Apple launches its Apple Card Savings account, announced in October 2022, letting users deposit Daily Cash rewards into a 4.15% high yield account with no fees

Months after its first announcement, Apple Savings is now available to Apple Card users, with users able to route Daily Cash rewards …

Binance is investing $200M in Forbes to help the publisher with its plan to merge with a SPAC in Q1

- Binance, the world's biggest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, the 104-year old magazine and digital publisher, CNBC has learned.

Agreements between Apple and some states to offer digital IDs in Wallet show states covering the costs of issuing the IDs and Apple approving marketing efforts

Mastercard partners with Bakkt to let banks offer cryptocurrency rewards on credit and debit card purchases; Bakkt's stock closes at $30.60, up 234.43%

Mastercard Inc. is making it easier for banks to offer cryptocurrency rewards on their credit and debit cards as part of the payment network's recent embrace of digital currencies....

Goldman Sachs has begun trading bitcoin futures in partnership with Mike Novogratz's merchant bank Galaxy Digital

Hugh Son / CNBC :

Haven, the Amazon-Berkshire-JPMorgan venture to disrupt healthcare, is disbanding after three years

JPMorgan says its digital token JPM Coin is now live for commercial use, as the bank launches new business unit Onyx for its blockchain and crypto efforts

- JPMorgan Chase said its digital currency, JPM Coin, is being used commercially for the first time this week by a large technology client to send payments around the world.

JPMorgan launches QuickAccept, a smartphone card reader and payments service for SMBs providing instant deposits of POS transactions for free, unlike Square

Hugh Son / CNBC :

Neobank Chime raises $485M Series F at a $14.5B valuation; CEO says the startup will be IPO-ready within the next 12 months

Blend, which develops a SaaS platform for lenders, raises $75M Series F led by Canapi Ventures at a valuation of ~$1.7B, up more than 70% from a year earlier

Uber unveils Uber Money, a division for efforts like digital wallets and upgraded debit and credit cards, focusing at first on getting 4M drivers a bank account

But Experts Have Some Concerns Bhumika Khatri / Inc42 Media : Uber Money Launched: Is Uber Aping Ola's Diversified Portfolio? Bhushan Akolkar / Coinspeaker : Uber Dives in Payments...

Sources: Goldman Sachs is approving Apple Card applications for some users with low credit scores as Apple wants as many of its customers as possible approved

but Be Wary Danny Zepeda / iMore : Apple Card lender is reportedly approving applications at a high rate PYMNTS.com : Goldman Sachs OKs Subprime Applicants For Apple Card Killian B...

Sources: Goldman Sachs is approving Apple Card applications for some users with low credit scores as Apple wants as many of its customers as possible approved

KEY POINTS  — Goldman, which is in charge of deciding who gets the Apple Card, is accepting some applications from users …