Mr. Clayton is chairman of the Securities and Exchange Commission and Mr. Giancarlo is chairman of the Commodity Futures Trading Commission; in a Wall Street Journal article they share their perspective on regulation as it relates to cryptocurrencies; they discuss trading, listed bitcoin futures products, ICOs and more. Source
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Starting in February, Robinhood will allow users to buy and sell bitcoin and ethereum without any additional fees; they will compete directly with Coinbase who charge 1.5 - 4% in fees; users will also be able to track prices, news and set alerts on many top cryptocurrencies; the company plans to operate this part of the business on a break-even basis. Source
- Roostify Announces Integration With LendingTree
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The non-bank lender launched two new initiatives to expand their mello brand; the home improvement venture will launch later this year and will provide loans up to $75,000 at the point of sale.
SoFi is partnering with WSFS financial to roll out free checking account and debit cards this spring; it is calling the new initiative “SoFi Money”; the product will include peer to peer transfers, mobile check deposits and high yield interest rates on deposits; SoFi members will be the first to have access to SoFi Money before a broader rollout. Source
Anthony Noto will become SoFi's CEO effective March 1; American Banker outlines the five challenges that Noto will face as he enters his new role; list includes reforming SoFi’s culture, determining when to go public, deciding how to grow, whether to go forward with a bank charter and proving that he has the right background. Source
Today StreetShares announced a $23 million Series B round; it was led by a $20 million investment from Rotunda Capital Partners, LLC; $3 million came from existing investors; StreetShares offers small business loans and primarily focuses on veteran-owned businesses. Source
- Japan's Orix invests $60 mln in Chinese P2P lender Dianrong -sources
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- The challenger bank Chime says it has 750,000 millennial customers
- Borrowell launches free Equifax® credit report monitoring, a Canadian first
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Anthony Noto will serve as CEO and Director effective March 1; Interim CEO Hutton stated, “We are simply thrilled to have found someone of Anthony’s expertise and knowledge to lead SoFi. The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO. We could not be more excited to have someone of his caliber on board.”; Noto has previous experience as COO of Twitter and also worked for Goldman Sachs. Source