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FinTechs are Stretching the Borders
The financial technology (FinTech) industry is breaking boundaries, and transforming traditional financial ecosystems through strategic partnerships, fundraises, and advancements in technology. FinTechs are forming unique collaborations with legacy financial institutions and expanding access in underserved markets. This is helping to reshape the global economic fabric. As they stretch the borders of innovation and inclusivity, these firms are not only redefining financial services but also setting a new standard for what the future of finance could look like. This compilation features the latest strides fintechs are making, showcasing how they continue to lead the charge in connecting technology with financial empowerment. The featured articles are worth your reading time.
PayPal Integrates PYUSD into Xoom for Faster Cross-Border Payments
PayPal has integrated its U.S. dollar stablecoin, PayPal USD (PYUSD), into its global money transfer service, Xoom, to improve the speed and reduce the cost of cross-border transactions. The integration opens up Xoom for key partnerships with Cebuana Lhuillier in the Philippines and Yellow Card in Africa, extending these services' reach and enabling seamless money transfers across the continents. The integration of PYUSD into Xoom's operations will transform international money transfers. PYUSD leverages blockchain technology to offer a stable and efficient transaction medium to mitigate the volatility associated with other cryptocurrencies. This stability ensures that users can transfer funds across borders more confidently and predictably.
Tekever Raises $74 Million to Develop Dual-Use Drones
While the war in Ukraine has been ongoing for 1,000 days, drones are gradually gaining popularity. Tekever, a Portuguese startup has raised $74 million to develop dual-use drones and deploy them in Ukraine. The goal is to counteract the effects of continuous attacks in Ukraine and support the country with state-of-the-art technology. Tekever received funding from the Scottish company Baillie Gifford & Co and the NATO Innovation Fund to further develop its technology and expand into new markets. The company focuses on drone development, emphasizing software, and controls all operations in-house.
Paxos to Acquire Finnish E-Money Institution Membrane Finance
Paxos is acquiring Membrane Finance, a Finnish Electronic Money Institution (EMI). This is to expand Paxos' regulated platform into the European market, enhance its offering of digital assets and tokenization solutions, comply with EU regulations, and provide European customers with access to innovative financial products. The acquisition is pending regulatory approval. Paxos' acquisition of Membrane Finance will empower Paxos to operate as a fully licensed EMI within Finland and the broader EU, extend its reach within the European financial sector, satisfy EU's Markets in Crypto-Assets (MiCA) regulations, and enhance its service offerings.
Altcoins Under Pressure
Bitcoin has been dominating the crypto markets in recent times and several factors are pushing the markets including spot Bitcoin ETFs, U.S. national debt, interest rate cuts, global market trends, technology company performance, Trump and Elon Musk's support for Bitcoin, and SEC's shift under Gary Gensler. However, the opposite is the case for altcoins that are suffering from a lack of strong and sustainable narratives to fuel their economy. The pressure on altcoins is real but analysts believe that the altcoin market trends could change when the whales permit. The paradigm is based on the expected $100K test in Bitcoin and the shift of money from that moment to altcoins.
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