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Bruce B. Nov 19, 2022
Financial Services News
Last active over 7 days
Last active over 7 days
Cryptocurrency exchange FTX, which recently filed for bankruptcy protection, has fired three of its top executives, including co-founder Gary Wang.

The two other fired executives were Engineering Director, Nishad Singh, and Caroline Ellison, who ran FTX’s trading arm Alameda Research.

The crypto exchange filed for bankruptcy protection last week and former Wall Street trader Sam Bankman-Fried resigned as chief executive after the rival exchange Binance walked away from a proposed acquisition.

The U.S. bankruptcy proceedings involve multiple FTX group companies with more than 100,000, and possibly over 1 million, creditors.

The company had been secretly taking risks with customer funds to prop up a trading firm owned by Bankman-Fried, which led to the company’s collapse.

Several crypto firms have since been bracing for the fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange. Customers and investors, now face losses totaling billions of dollars.

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https://youtu.be/Dm6i_XyVYN8
 
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Bruce B. Nov 18, 2022
Financial Services News
Last active over 7 days
Last active over 7 days
Square is getting into the business credit card game. The mobile payments company is expanding its existing partnership with American Express to launch a new credit card that will be tailored for Square’s merchant clients.

Adding a credit card to the mix will not only round out Square’s in-house banking options, it will also help it compete in the increasingly profitable business banking arena.

“Square has spent years building a successful lending program to eliminate this barrier for sellers, and we’re uniquely positioned to innovate even further in this space to expand access to new types of credit products,” said Square Banking GM Luke Voiles.

As with most fintechs that offer a credit card, Square is tapping a third party, i2c, to power the credit card offering, which will be issued by Celtic Bank.

According to Square, the credit card will integrate directly into the company’s banking suite to help businesses manage their cashflow and offer them visibility into their business’ finances.

The only thing surprising is how late to the game Square is. It launched in 2009 when Fintech was still in its infancy. The company debuted its lending arm in 2014 and remained relatively quiet until the challenger banking boom last year when it unveiled its savings and checking accounts.

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https://youtu.be/LT90hg0eORo
 
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