Today's Daily Five is diving into how blockchain technology is helping to make banking a lot easier and more efficient. From peer-to-peer processing to expedited deposits and spending ability, Fintech is where the future of finance meets the road.
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- World’s Largest Banks Investing $63 Million On Blockchain Digital Currency
- Do Central Banks Need Digital Currency
- Trying To Spend Your BCH? These Debit Cards Will Do
- JP Morgan Optimizes WePay To Offer Same-Day Deposits
- Japanese E-Commerce Giant to Launch Virtual Banking Services in Japan
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Video Transcription:Hello, Cryptopreneurs!
Today's Daily Five is diving into blockchain and how the technology is helping to make banking a lot easier and more efficient. From peer-to-peer processing to expedited deposits and spending ability, Fintech is where the future of finance meets the road.
Be sure to check out our show notes for links to the full articles.
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Some of the world's largest banking institutions are investing a lot of money in fintech and blockchain technology. Fnality International has received just over 63 million dollars from participating banks like UBS, JPMorgan Chase, Barclays of Europe and the U.S., and quite a few more, to begin development on a centralized cryptocurrency. The idea is to increase safety and efficiencies in cross-border payment systems. And that segues perfectly into our next article.
Here's a question: Do central banks really need digital currencies? China's already developing the Digital RMB, Venezuela has Petro, and even the European Union is in discussions for a centralized coin. But do they really need one? U.S. Banks already have a relationship with the Federal Reserve and they've got payment and loan structures already in place. But with digital currency the hot ticket item, we have to wonder if central banks are worried about real competition or if they're suffering from FOMO.
Bitcoin Cash is one of the more favorable forks off of Bitcoin – and with its growing popularity, people want the ability to spend their cryptocurrency. There are some great Fintech products that are helping mainstream users do exactly that and this article is sharing five crypto debit cards. To find out what they are, you'll have to visit the link in our show notes.
Without a doubt, JPMorgan Chase has been making headlines in the banking industry with their digital initiatives. One development is the JPM Coin but today we're going to focus on their strategic acquisition, WePay, which is direct competition for payment providers like Stripe and Square. The extra benefit of WePay is the ability to offer faster access to your funds without the one to two day delay. Look, when we have bills to pay, we're going to go with the fastest, most reliable service, am I right?
Back in August of 2019, Japanese e-commerce giant Rakuten acquired permission to launch virtual banking services in Taiwan. This article points to where the FinTech industry is going and some of the benefits of virtual banks. For the time being though, Taiwan is not issuing any more licenses in the near future so all eyes are on Rakuten – and where it's going.
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