Issue #391 - Messy Times in Wall Street2022-11-24The FTX collapse hasn’t just affected the crypto space, but also the traditional financial market. Of course, the fact that customers might never see their money back has strong repercussions on different markets, but also all the companies that had direct exposures to FTX might file bankruptcy, some are delaying withdrawals. Especially those companies listed on stock exchanges see the price of their shares falling. And FTX’s effect on the opinion that people may have on crypto companies doesn’t help. This and much more on FinTech Weekly, the free weekly newsletter to stay on top of fintech news and conferences. Follow FinTech Weekly on Twitter! |
Top Stories
Top Events
Podcasts and Videos
 | Why FTX Chose the Bahamas for Its Headquarters | WSJFTX, the crypto exchange that is making headlines, chose Bahamas as the country for its headquarters over one ago. The country wants to attract crypto companies from around the world, but what are its plans? And will they change after the collapse of FTX? |
Crypto
 | Coinbase shares tumble as bitcoin slide continues, investors fear contagion from FTX collapseFTX collapse seems to affect other crypto companies like Coinbase. The shares of the popular centralized crypto exchange tumble – despite its CEO, Brian Armstrong, assessing that Coinbase has no exposure to FTX. |
 | FTX Crypto Customers Worry They Will Never See Their Money AgainBut the most affected by the collapse of FTX are, of course, its customers. The bankruptcy of the exchange is one of the largest ever seen in the crypto space. Court filings are assessing the causes of the collapse, and the customers of the exchange are increasingly losing hope they’ll recover their money. |
 | BlockFi teeters on bankruptcy as Gemini, Genesis units halt redemptions: reportsWhat about companies that actually had exposure to FTX? BlockFi is one of them, and the popular crypto company is preparing for bankruptcy. Genesis is pausing redemptions and loan originations, as well as Gemini delays withdrawals. |
 | First Mover Asia: FTX Debacle Might Change Hong Kong’s Approach to Retail Crypto Regulation; Bitcoin Shows Its MettleHong Kong has often populated our newsletters for its ambition to become a crypto hub in Asia. But the recent events that involved FTX and other crypto companies could modify the intention of Hong Kong to create a more ‘relaxed’ regulatory framework for cryptocurrencies. |
Banking
 | ‘We’re alive and kicking’: CEO of banking app Dave wants to dispel doubts after this year’s 97% stock plungeDespite these messy times for the global economy, crypto investors and fintechs, there are some cases more successful than others – despite what the price of shares says. One of these cases is Dave, the mobile banking application, which saw a 97% decline in its share, but the CEO of the fintech firm, Jason Wilk, said that the company has $225 million worth liquidity to face costs until they generate profits. |
Innovation
 | Hong Kong’s Quantifeed Near Deal for UK Fintech Alpima, Sources SayIn the meantime, the Hong Kong based fintech firm Quantifeed, backed by HSBC, has acquired Alpima, the UK based SaaS company, to offer new services and expand across new markets. |
Fintech
 | Why Visa and Mastercard have yet to face their Kodak momentPatrick Jenkins asks an interesting question, we’re paraphrasing: why top players in the payments industry are still not facing their Kodak moment? Kodak was killed by the introduction of digital cameras, but Visa and Marstercard thrive despite the constant launch of new payment-related fintechs. Maybe most fintechs are not so innovative? |
 | Regulatory challenges are top threat to fintech companies right now, Alloy/Gartner Peer Insights report findsAlloy and Gartner Peer Insights released a report that is the result of a survey of 100 fintech personalities. The report shows that the main concerns of fintech leaders shifted from fundraising, hiring and costs to concerns like regulatory frameworks and solutions against frauds. |