Kiffmeister’s #Fintech Daily Digest (09/13/2020)

Sweden’s World Record in Cashlessness Reveals Hidden Risks

One of the last bastions of cash, kids’ pocket money, is dying out in Sweden. Only 16% of Swedish children get regular allowances in the form of actual bank notes and coins. Svenska Handelsbanken AB, Sweden’s biggest lender, has introduced a digital piggy bank to help kids manage their pocket money via their mobile phones. Sweden’s next generation may not even know what a real piggy bank is, consigning the once-ubiquitous savings vessel popularized by storyteller Hans Christian Andersen to the history books, alongside rotary phones and floppy disks. 

SushiSwap Creator Returns $14M; What Changed His Mind?

SushiSwap, was a high-flying decentralized protocol which yielded ski-high returns before its anonymous founder “Chef Nomi” withdrew approximately $14M of developer funds. This unexpected move nearly tanked the entire project, before decentralized exchange FTX founder Sam Bankman-Fried stepped in to take over. Subsequently, Chef Nomi apologized and returned the funds, but it serves as a warning to all investors venturing into DeFi. This is the ‘wild, wild west’ of Finance. 

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