Payments News

On The Web

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Systems

Stripe to Pay $120,000 in PlexCoin ICO Settlement With Massachusetts Attorney General

“Stripe has agreed to pay the Office of the Massachusetts Attorney General (AG) $120,000 in a settlement over the payments processor’s role in the multimillion-dollar PlexCoin initial coin offering (ICO). According to a Sept. 16 filing by the Massachusetts AG’s office, PlexCorp’s leadership used Stripe to defraud millions of dollars from thousands of investors, including […]
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Systems

Kraken Becomes First Crypto Exchange to Become a US Bank

“On Wednesday, the Wyoming Banking Board voted to approve the San Francisco-based crypto exchange’s application for a special purpose depository institution (SPDI) charter. Kraken is now the first SPDI bank in Wyoming. According to the Wyoming Division of Banking’s general counsel, Chris Land, Kraken will also be the first newly chartered (de novo) bank in […]
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Systems

Square Forms Group to Stop Patent Hoarding From Stifling Crypto Innovation

“Jack Dorsey’s payment company is inviting other cryptocurrency firms to join its “alliance” to pool patents and preserve the industry’s open-source spirit. Square said Thursday it has launched what it calls the Cryptocurrency Open Patent Alliance (COPA) , a non-profit that wants to stop companies from locking up useful technologies in patents, a practice Square […]
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Systems

Coinbase to Offer Bitcoin-Backed Loans to US Customers

“Coinbase is one of the largest and most regulated crypto exchanges to get into the lending business, and the exchange is setting conservative parameters on the product, capping credit lines at $20,000 per customer and offering an interest rate of 8% for bitcoin-backed loans with terms that are a year or less. Customers will not […]
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Systems

Japanese Financial Giant MUFG to Launch Digital Currency in 2020

“Japan’s largest banking firm, Mitsubishi UFJ Financial Group (MUFG), is set to issue a digital currency in the second half of this year. The cryptocurrency will be issued in collaboration with Recruit Group, a major Japanese holding firm that operates restaurant-finding service Hot Pepper Gourmet and many more.The news was revealed by the company’s president, […]
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Companies

PayPal Reveals That It Is Developing Crypto Capabilities

“Payments giant PayPal has revealed that it is developing cryptocurrency capabilities. In a letter to the European Commission in March, PayPal said it is “monitoring the evolution of the crypto-asset space” and has taken “unilateral and tangible steps to further develop its capabilities in this area,” especially since the Libra stablecoin project was announced in […]
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Systems

PayPal, Venmo to Roll Out Crypto Buying and Selling

“Currently, PayPal can be used as an alternative means for withdrawing funds from exchanges such as Coinbase, but this would be a first in terms of offering direct sales of crypto. “My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told […]

On The Wires

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Systems

Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets

“The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers. National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and electronic assets. The OCC has specifically recognized the importance […]
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Companies

Mastercard Accelerates Crypto Card Partner Program, Making It Easier for Consumers to Hold and Activate Cryptocurrencies

“Consumer interest and investment in digital currencies are growing, with research showing that up to 20 percent of the population of some countries are holding cryptocurrencies, and an increasing number of merchants, digital players and financial institutions are exploring crypto payments. Aiding adoption and creating innovative experiences in the crypto space, Mastercard today announced the […]