John Biggs is CEO of stealth bitcoin startup Freemit and a former editor at TechCrunch. His work has appeared in publications such as The New York Times, Gizmodo and Men’s Health. In this opinion piece, Biggs takes aim at out-of-touch banks and timid FinTech investors for what he argues is the way they are disrupting innovation to the detriment of consumers. In speaking with FinTech investors and the companies they’ve supported, I’ve found one thing to be true: FinTech in the US is an incremental game of kick-the-can populated by entrepreneurs who are incessantly stymied by frightened bankers and investors. If there is any one place ripe for disruption, it is the milquetoast world of financial technology. In building Freemit, we met countless entrepreneurs…
Bitcoin and Fintech are two areas where regulation will play a major role in the coming years. The Australian Securities and Investments Commission has reached out to the Monetary Authority of Singapore to make sure regulatory measures do not hinder the growth for Fintech and Bitcoin. Also read: Ethereum Price Technical Analysis – Final Sell Target Hit, Sellers Beware Regulation is Important to Bitcoin and Fintech Companies Like most other countries in the world, Australia wants to foster financial innovation, as well as give homegrown startups a fighting chance for success abroad. With the Fintech and Bitcoin sectors both driving innovation to a new level, it only makes sense financial regulators are playing close attention to the proceedings in these…
These days, there is a lot of debate on whether or not banks should collaborate with Fintech and Bitcoin players to bring more innovation to the financial sector. Resisting this seemingly inevitable shift will cost several billion AUD in revenues for Australian banks, according to a recent report. Also read: Rusty Russell Proposes Generic Addresses for Bitcoin Wallets Banks Need To Collaborate With Fintech and Bitcoin Companies Very few people are aware of how the Australian Banking sector is subject to substantial regulation, which was drafted to prevent monopolies and collapses. Although there are four “major” banks in the country, the government keeps them separated as much as possible. Ever since the financial crisis hit in 2008, consumers started flocking to…
The banking and financial institutions across the world have been working on development and implementation of blockchain technology based applications into their operations. The latest news about a successful trial run of a similar blockchain technology based solution comes from AXONI. In a recent press release, AXONI, a distributed ledger based financial technology solutions provider has reported that the company along with 6 other financial services providers has successfully tested the implementation of a blockchain technology and smart contracts based solutions. This blockchain based smart contracts solution is designed specifically to manage and address the post-trade lifecycle events associated with the standard North American single name Credit Default…
Peter Todd, the Core Bitcoin Developer has recently tweeted about his work with R3CEV, the New York-based fintech company responsible for the development of blockchain technology that banking consortium. His tweet comes at the time R3CEV announced the release of its distributed ledger technology, Corda built using the blockchain technology originally introduced by Bitcoin. R3CEV is a New York-based fintech innovation company that partnered with an international banking consortium comprised of about 40 well-known banks from around the world to research and develop an alternative to bitcoin blockchain. The main idea behind this initiative was to replicate the efficiency of bitcoin network into the conventional banking system. It will also help the banking sector to…