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The Italian Red Cross is now seeking Bitcoin donations to purchase emerging medical equipment after its first-crypto initiative surpassed its goal within three days.
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“Fintechs that help people do things remotely, like communicate about work, apply for a mortgage or make electronic payments, appear to be thriving, at least so far.”
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In its recently filed annual report to the U.S. Securities and Exchange Commission MoneyGram reports $11.3 million in revenue as a result of its Ripple partnership. Ripple Labs pays the remissions company as an incentive to use RippleNet in its operations.
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Several members of the Facebook-backed Libra Project have announced their alliance with a rival stablecoin project known as Celo. Since the middle of March, members that have joined the Celo Alliance for Prosperity include, among many others, Coinbase Ventures, Anchorage Mercy Corps, Andreessen Horowitz and Bison Trails Co.
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Clients of Silvergate, the popular San Diego-based bank known for servicing cryptocurrency firms, reported issues with certain money wires to the firm. Silvergate CEO Alan Lane said wiring issues were tied to an outage by its payment processor, Finastra, which sits between Silvergate and Fedwire, the real-time settlement network that connects the country’s banks.
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Embarking on an instant payment project after these three major economies have already done so may be an advantage for the Fed. While interconnectivity, fraud prevention and directory services might be something the Fed wants to solve at the initial launch – given its three objectives related to ubiquity, safety and efficiency – each approach faces a trade-off against time to market. The potential impact of Facebook’s libra may push timing higher up the pecking order. The Fed faces important choices ahead.
