According to Coinshares inflows into crypto investment funds (like Grayscale, 3iQ, and 21Shares) last week reached $1.3 billion — a new weekly high. Grayscale is number with over $26 billion in assets under management, about $21.6 billion in the Grayscale Bitcoin Trust (GBTC).
JP Morgan is launching a digital bank to offer consumer banking services in the United Kingdom, and has already hired 400 people. It enters a crowded digital marketplace in the U.K. for consumer banking. The market has flourished as regulators encouraged new startups, including Starling Bank Ltd. and Monzo Bank Ltd. JP Morgan previously tried to launch a digital bank in U.S. cities and markets where it didn’t have Chase branches, but closed the product, called Finn, in June 2019 after slow pickup.
TransferWise is the first firm to pilot the Visa Cloud Connect platform, which provides a secure cloud-based connection to VisaNet, including a unified certification and testing framework, Visa-hosted security services such as transaction encryption and PIN key management, and simplified settlement in local markets. This will enable TransferWise to expand its debit card program that accompanies its multi-currency account.
* The views expressed herein are those of the author and should not be attributed to the International Monetary Fund, its Executive Board or its management.