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Wall Street’s largest banks are tapping into the crypto market through derivatives

Episode 51 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and James Stickland, CEO of Elwood Technologies. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Elwood Technologies — an Alan Howard backed digital asset platform that is building trading infrastructure for institutional investors — closed a $70 million Series A last month co-led by Goldman Sachs and Dawn Capital. In this …

Balderton, Animoca Brands back Request Finance in $5.5 million round

Crypto payments startup Request Finance has won the backing of venture capital firm Balderton Capital and gaming firm Animoca Brands in a $5.5 million seed round.  The startup, which simplifies and automates invoicing, expenses and payroll for both centralized and decentralized companies, also attracted investor interest from VC XAnge and angel investors, such as Aave founder Stani Kulechov and Sebastian Borget, co-founder of The Sandbox. Founder and CEO Christophe Lassuyt said that Request Finance sees itself as a “web3 Bill.com” …

The 25 biggest fintech funding rounds: May 2022

Quick Take In May, fintech investment slightly recovered from the prior month’s year low.  Fintech startups raised $7.3 billion in May, up from $6.4 billion in April.  This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

Kushki hits unicorn status as payments platform raises $100 million

Kushki, a payments platform based in Ecuador, has raised $100 million in Series B financing at a unicorn valuation.  The round includes investors such as Kaszek Ventures, SoftBank Latin America Fund and Dila Capital among others, according to a statement on Wednesday.  “Reaching this milestone in times of historical economic uncertainty speaks to the quality and resilience of our entire team and the enormous Latin American talent that exists in the region,” CEO and co-founder Aron Schwarzkopf said in the …

Silvergate Company Intelligence

June 7, 2022, 1:58PM EDT • 26 min read Quick Take $2.5bn Market Capitalization as of June 2022 following their Nov-19 initial public offering  La Jolla, California based commercial bank operating since 1988 with expansion into digital assets starting in 2013  Operates the Silvergate Exchange Network (SEN), allowing clients to convert between stablecoins and fiat 24 / 7 / 365 SEN Leverage product provides SEN clients U.S. denominated loans collateralized by Bitcoin holdings Provides digital asset clients with crypto custody …

Haun Ventures leads $32 million round in Ethereum protocol Euler

Katie Haun’s Haun Ventures has led a $32 million fundraising round for Euler, a non-custodial protocol that allows users to lend and borrow digital assets.  Euler, which is built on top of the Ethereum blockchain, says it’s able to mitigate the risk of lending and borrowing assets through a framework that assigns each investment a tier depending on its risk.  “Euler takes a unique approach to address the risks associated with lending and borrowing crypto assets that stood out to …

Apple announces new buy now, pay later feature via Apple Pay

Tech giant Apple is jumping into the buy now, pay later (BNPL) fray via a new Apple Pay feature. The feature, dubbed Apple Pay Later, will mirror similar services, with zero interest or fees, with payments being made in four equal increments. Such payments can be issued to merchants that accept Apple Pay. The announcement was made during the first day of Apple’s developer-focused event on Monday. As The Block previously reported, a growing number of financial technology firms have …

Jack Ma’s Ant Group launches digital bank in Singapore

Ant Group, the company behind China’s largest digital payment platform Alipay, has launched a neobank in Singapore.  Named Anext Bank, it will target small and medium enterprises (SMEs), it said in a statement today. It has also formed a partnership with trading platform Proxtera to provide financial solutions for SMEs looking to participate in overseas trade.  “Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model. Financial services have …

Banks prepare to liquidate Irish blockchain venture, Independent.ie says

We.trade, a Dublin-based blockchain company established and co-owned by 12 banks, is calling in a liquidator, The Independent.ie reported today. The joint venture of banks including HSBC, Deutsche Bank and KBC, along with IBM, has called for a creditors’ meeting next week, where a liquidator from PwC may be appointed, the report said. We.trade is seeking to be wound up under the Companies Act, according to a meeting notice. We.trade, which was established in 2017 to develop a platform for …

Why Coinbase is undervalued, according to a top Wall Street analyst

Episode 49 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Mark Palmer, Managing Director and Senior Equity Research Analyst at BTIG. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Coinbase shares are down over 70% on the year, a state of affairs compounded by a rough Q1, but one leading Wall Street analyst believes Coinbase may be undervalued.  In this episode …