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FintechNews RoundupUSA
·Aug. 14, 2017

Nvidia CEO Bullish on Cryptocurrencies

Nvidia CEO recently explained to VentureBeat: "Cryptocurrency and blockchain are here to stay. Over time, it will become quite large. It is very clear that new currencies will come to market."; Nvidia makes graphic cards that help cryptocurrency miners to add new transaction blocks; Nvidia believes there is a lot to gain from the recent trend in cryptocurrencies as the rise in coin prices results in higher demand for cards; not all graphic card makers see the benefits, as CoinDesk points out that rival company AMD is not as bullish and they don't think there is a long term market for them in the space; the graphic cards, known as GPUs, are used to mine newer cryptocurrencies like ethereum and litecoin. Source

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FintechNews RoundupUSA
·Aug. 14, 2017

Microsoft Releases Ethereum Based Protocol Coco

The Confidential Consortium framework called Coco is an ethereum-based protocol that organizations can use to process information on the ethereum blockchain; Microsoft Azure's CTO says it can help enterprises scale their operations securely; explaining the benefits of the technology, Coco user, Tom Racette, vice president at Mojix, said: "Being able to run our existing supply chain Dapp code much faster within Coco framework is a great performance improvement that will reduce friction when we talk about enterprise blockchain readiness with our retail customers. Adding data confidentiality support without sacrificing this improvement is what will enable us to lead the digital transformation we are envisioning with smart supply chains." Source

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FintechNews RoundupUSA
·Aug. 14, 2017

Jack Dorsey Discusses Blockchain in Recent Interview

Dorsey was recently interviewed at the Computer History Museum in Mountain View; Dorsey is bullish on the future of blockchain describing it as the "next big unlock"; believes that people need to be thoughtful in the applications of blockchain, focusing on what are the best applications of the technology; also discusses bitcoin and how it is beginning to reach more people. Source

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News RoundupOnline LendingUSA
·Aug. 14, 2017

Former SoFi Employee Files Lawsuit

A former SoFi employee has filed a California lawsuit; he is arguing that he was fired for reporting sexual harassment and has included in his court filing, allegations of impropriety in the handling of loans; source also reports that a broader class action lawsuit is being prepared on behalf of a group of mistreated employees. Source

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FintechNews RoundupUSA
·Aug. 14, 2017

Bank of America Actively Developing Innovative Blockchain Solutions

Bank of America has filed over 20 blockchain and cryptocurrency-related patent applications since 2014; recent applications include the use of blockchain as a distributed database supporting the flow of certain actions; other patents involve the control of data, information verification, peer-to-peer payments and the protection of a generic cryptocurrency. Source

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FintechNews RoundupUSA
·Aug. 15, 2017

Comparing US and China Regulatory Environments for Fintech Innovation

Regulation in the US is far different than in China; CredEx is a Chinese company that shares the state of regulation there; Jo Ann Barefoot shares her perspective on regulation in the US, having spent most of her career working in consumer protection and financial inclusion; she believes that we have produced a regulatory system that has high cost and low value which has left consumers confused by products; while not discounting the importance of regulation, Barefoot shares that fintechs can do more to further goals around financial inclusion than regulation can; one area where the US is lagging behind much of the world, specifically China is in mobile adoption and regulators in the US are struggling to keep up as technology quickly changes. Source

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FintechNews RoundupUSA
·Aug. 15, 2017

Science Blockchain ICO Launches

Science Blockchain is the first incubator ICO to go to market; Argon Group will be advising the ICO; Science Blockchain began in 2011 and they have co-founded and invested in over 70 companies; they aim to take their expertise to help select blockchain entrepreneurs; token holders will get access to new tokens from incubated portfolio companies; investors will also benefit in any upside from owning Science Tokens. Source

 

 

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FintechNews RoundupUSA
·Aug. 15, 2017

$290mn Invested through RealtyMogul Platform Co-Founded by Jilliene Helman

RealtyMogul offers accredited and non-accredited investors debt and equity real estate investments through its crowdfunding platform; the firm has now raised over $290 million online from over 135,000 investors; Crowdfund Insider talks with Co-Founder Jilliene Helman who recently won LendIt's Fintech Woman of the Year award. Source

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News RoundupOnline LendingUSA
·Aug. 15, 2017

Lend Academy Article: Prosper Reports Strong Q2 Numbers – Is Cash Flow Positive Again

Prosper's originations were $775 million in the second quarter of 2017, up from $586 million in the first quarter; adjusted EBITDA was $6.7 million in the second quarter and the company was cash flow positive; Prosper had their first profitable quarter in Q3 of 2014 before growing significantly and subsequently falling back into the red; whole loan sales represented 94% of total volume in Q2; Prosper has originated a total of $9.7 billion in loans; Prosper also announced closing a $500 million securitization; PMIT 2017-2 was rated by Kroll Bond Rating Agency, Inc. and Fitch Ratings with the Class A pool receiving an A rating. Source

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FintechNews RoundupUSA
·Aug. 15, 2017

Banks Look to Keep up with Phone Operating System Updates from Apple and Google

Most significant banks have a mobile app with features that allow individuals to conduct close to their entire banking life on their phones; keeping up with the operating systems from Apple and Google is a challenge for the banks; banks are not as nimble as fintech startups and so there is a lot more detailed of a process to go through when making technology updates; banks have learned that 80% of users update operating systems within the first month of a new release, which puts pressure on the banks to act quickly; talking to American Banker about staying current, Alice Milligan, the chief customer and digital experience officer of Citi's global cards business, said, "This requires us to stay at the cutting edge of device and operating system developments in the industry."; prioritizing what features are most important is key, not everything can get done quickly and this forces banks to make difficult choices; as more people use technology in their financial lives, banks and fintech companies will need to make sure they try to stay ahead of the curve. Source

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