Latest posts
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Credit Card Delinquencies Edge Up to 2.5% Across Top Banks
The average credit card delinquency rate ticked up from 2.48% in June to 2.50% in July, Seeking Alpha reported Tuesday (Aug. 18), based on the results of seven banks. The figure remains below the pre-pandemic average of 2.68%, according to the report. During the same period, the banks’ average net charge-off rate declined from 3.42%…
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SEC Proposes Rules to Streamline Capital Formation for Digital Asset Entrepreneurs
The Securities and Exchange Commission (SEC) proposed new rules that it said in a Tuesday (Aug. 18) press release would create a clear framework for certain investment contracts involving crypto assets. Dubbed “Regulation Crypto Assets,” the proposed rule will be open for a 60-day public comment period following its publication in the Federal Register, according…
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Groq Raises $350 Million to Fund AI Inference Goals
Artificial intelligence (AI) inference company Groq has raised $350 million in new funding. The Series A round will help Groq support customers “seeking usage of medium and larger sized clusters of Nvidia accelerated computing for training and inference,” the company said in a news release Monday (Aug. 17). The round was led by tech investment…
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Mastercard Offers Brazilian Acquirers 50% Payout and Services in Will Bank Dispute
Mastercard is proposing to pay half the amount demanded by Brazilian merchant acquirers that were impacted by the collapse of Will Financeira, also known as Will Bank, a FinTech tied to the failed Banco Master, Bloomberg reported Friday (Aug. 14), citing unnamed sources. In addition, Mastercard is proposing to provide the firms with services such…
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Western Union’s Intermex Deal Wins New York Approval but Stalls in California
Western Union’s pending acquisition of International Money Express (Intermex) has received regulatory approval from New York but faces further review by California, Western Union said in a Friday (Aug. 14) press release. The New York State Department of Financial Services (NYDFS) gave its regulatory approval to the pending acquisition after Western Union made commitments regarding…
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FinTech Navi Targets $2 Billion Valuation in India IPO
FinTech startup Navi is preparing to launch its initial public offering in India and will seek a valuation of as much as $2 billion, Bloomberg reported Thursday (Aug. 13), citing unnamed sources. Navi aims to raise as much as 30 billion rupees (about $315 million) and file a prospectus by December, according to the report.…
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Bitwise Slashes 14% of Staff Amid Crypto Prices Downturn
Bitwise has reportedly cut 14% of its staff amid an ongoing downturn in cryptocurrency prices. The San Francisco digital assets company reduced its workforce from around 180 to roughly 155, Bloomberg News reported Tuesday (Aug. 12), citing an email from Bitwise. Even with these layoffs, Bitwise’s staffing levels are at their highest point to date, CEO Hunter Horsley told Bloomberg,…
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Cognition AI Eyes $40 Billion Valuation From New Funding
Cognition AI is reportedly planning a funding round that could more than double its valuation. The artificial intelligence (AI) coding startup is in discussion with investors about the round, which may lift its valuation to at least $40 billion, Bloomberg News reported late Tuesday (Aug. 11), citing sources familiar with the matter. This comes less than three months…
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Coinbase Enables Businesses to Get Paid by AI Agents
The Coinbase Business suite now allows businesses to get paid by artificial intelligence agents, Coinbase said in a Tuesday (Aug. 11) blog post. “The same checkouts you already use can now accept payments from AI agents via x402, an open standard for machine-to-machine payments,” the company said in the post. “Funds settle instantly in USDC,…