fwne Chinese Lending Marketplace Reaches $1B Valuation
Zxdu How PSD2 Is Changing ING Bank s API StrategyAnt Groups MYBank is getting in on Chinas moves toward launching a digital currency. The online bank said it will now be one of the participants in Chinas digital yuan research program, Reuters reported聽on MondayFeb. 22 .MYBank plans toadvance the trial pursuant to the overall arrangement of the Peoples Bank of China,a bank spokesperson told Reuters. Up until now, the digital currency tests have been done mainly by state-owned banks, rather than private stanley cup ly-held banks.Chinas central bank has plunged into the global race to launch central bank digital currencies. It has conductedstanley uk tests in several the countrys major cities including Shenzhen, Chengdu, Hangzhou and Beijing.Also, Tencent Holdings-backed WeBank will be in on the latest digital yuan pilot, Reuters said, citing China Securities News.Earlier this month, Chinas central bank anno stanley ca unced it planned another test drive of the digital yuan. One such test was to involve handing out $1.5 million in digital packets to 50,000 Beijing residents during the Luna New Year.The packets were expected to contain 200 yuan, worth roughly $30, and be given to recipients chosen from pool of candidates. CNBC reported that recipients were to have been able to use the digital cash from Feb. 10 to Feb. 17 鈥?at designated offline businesses or on eCommerce site聽JD.The Peoples Bank of China has been聽trying to develop a digital currency amid a huge rise in popularity of mobile payment apps, with聽Alibabas Alipay聽and Tencents聽WeChat Pay聽now theRtnl Today in TechREG: ECB Calls for Quick Implementation of EU Crypto Rules; Binance Says It WasFully CompliantWith US Sanctions
The bankers at Goldman Sachs have been moonlighting as venture capitalists, investing in many startups that eventually became household names and overseeing a portfolio worth several hundred million dollars.According to The Wall Street Journal, the employees were early backers of companies including Uber, online storage vault Dropbox, and payments company Square. Sources said that recent i stanley kubek nvestments include Ripple Foods, which makes milk from peas, and credit card startup聽Marqeta.And when music streaming startup Spotify Technology went public in April, Goldman Sachs held a stake worth more than $350 million 鈥?a sevenfold r stanley france eturn on a 2012 investment. stanley deutschland The companys bankers hope that by investing in these startups, it might lead to them hiring Goldman Sachs for an IPO or sale. The bank calls itrelationship equity.For example,聽it made聽about $15 million advising Spotify on its IPO. We are proud to provide creative solutions, excellent execution and in certain unique situations, small, passive capital investments to further our clients goals,Dan Dees, Goldmans top technology banker, said in a statement.But as WSJ points out, Goldmans dual roles could pose conflicts as its employees counsel startups on deals that could lead to potential profits or losses on the stakes owned by the bank. In addition, Goldman also runs the risk of being accused of picking the best deals for itself.Sarah Friar, Squares chief financial officer and a former Goldman research analyst, said the financia
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