PayPal Joins $4.2M Round for Crypto Banking Compliance Startup

Financial institutions know how to calculate the risk of serving traditional businesses. But for firms touching cryptocurrency, the math is still fuzzy. The assumption of added regulatory hurdles and money-laundering fears have led to a widespread problem: Your average bank would rather just not deal with it.

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Tiny Crypto Startup Has Lessons for Libra’s ‘Unbanked’ Dreams

Out of dozens of token projects that supposedly aimed to offer financial services like remittances to the unbanked, Bitspark is one of the few still fully operational today.

If Facebook’s Libra project truly aims to serve the globe’s 1.7 billion unbanked, the Hong Kong-based Bitspark might offer some insights.

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Visa R&D Arm Develops a Blockchain System That Could Replace Financial Data Aggregators

The Takeaway
  • The research arm of payment card giant Visa has published a paper describing the development of LucidiTEE, a blockchain system for orchestrating sensitive data among multiple parties.
  • For example, the paper outlines a system that would allow banks and fintech applications to share data without relying on intermediary data aggregators.
  • While Europe has relied on legislation like GDPR to set standards for securely sharing customer data, US banks had to develop agreements with data aggregators. 
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