Amazon’s ‘Just Walk Out’ Whole Foods store opens as frictionless checkout takes hold - Through the system, consumers scan an in-app code or their credit card at the entrance to the store, bag their items as they move through the aisles, and scan out as they leave, with their purchases automatically charged to their accounts. Read more
iCapital leads industry consortium to develop distributed ledger-based enhancements for the alternative investment ecosystem - The group will champion an industry-wide initiative to drive the next generation in operational efficiency, security, and convenience. The consortium, which includes leading asset managers, wealth managers, and service providers including Apollo, BlackRock, Blackstone, BNY Mellon, Carlyle, KKR, Morgan Stanley, State Street, UBS, and WestCap, will partner with iCapital to make it easier to acquire and service alternative assets. Read more
Crypto investors are wealthier - no one knows how much they’re spending - Vast wealth has been created in cryptocurrencies, which globally now have a value of nearly $2t, according to CoinMarketCap. However, crypto wealth might be harder to spend in some key ways than gains from rising stock or house prices, making its impact on overall economic activity more difficult to predict. But it’s time to start contemplating how that wealth filters through the rest of the economy. Read more
SoFi to buy banking-infrastructure firm Technisys for about $1.1b - The move is the latest in a string of deals designed to transform the lender into a one-stop financial shop. The all-stock deal is equivalent to roughly 10% of SoFi’s market value, and gives SoFi control of its own core-banking platform, the back-end technology that banks use to power mobile-banking apps, open accounts and keep track of customer deposits. Read more
FTX enters gaming as backlash grows against crypto’s incursion - Operating via FTX’s U.S. affiliate, FTX Gaming will debut with a “crypto-as-a-service” platform through which gaming companies can launch tokens and offer support for NFTs. Read more
Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians - Details of accounts linked to 30,000 Credit Suisse clients all over the world are contained in the leak, which unmasks the beneficiaries of more than 100b Swiss francs (£80b) held in one of Switzerland’s best-known financial institutions. Read more
Pipe expands into media and entertainment financing with its acquisition of Purely Capital - Once solely focused on financing for SaaS companies, Pipe is now looking to other verticals with different financing needs and cost structures. By purchasing Purely Capital, Pipe has now created a new media and entertainment division on its platform, giving independent distributors the opportunity to trade their revenue streams in the same way a SaaS company could. Read more
Crypto enthusiasts forming DAO to buy Denver Broncos NFL team - The effort is being led by Sean O’Brien, a 10-year veteran of Cisco Systems’ legal department. ESPN estimates the team would sell for $4b, which is what the DAO is aiming to raise. Read more |
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