This week in FinTech, the FBI and Tesla fought crime, Mexico reported its money-laundering statistics, and coffee jumped onto the blockchain.
Over the Weekend…
Darknet marketplace Empire Market went offline. No one knows why and the site has not released any information.
Bitcoin Whale Byzantine General, worth 9,000 BTC, sold his holdings at the $12K price. He held his crypto for 22 months.
Huawei and Beijing’s local government announced they have created a system, namely a blockchain directory, to enhance urban governance. This is one of many steps being taken to transform Beijing into a Blockchain City.
Chris Larsen, Co-Founder and Chairman of Ripple, revealed on The Hill that he believes China is outperforming the U.S. significantly on the technology front. He referred specifically to China’s spearhead CBDC pilots, which the United States has not even begun to look into.
Akon joined U.S. presidential hopeful Brock Pierce’s campaign as Chief Strategist. Pierce revealed he is hoping to siphon electoral votes from Trump and Biden that will allow the House of Representatives to make the final decision.
Starbucks listed their beans on Microsoft’s blockchain solution to provide their customers with coffee traceability. Customers can scan coffee bag codes to trace origins, which increases brand visibility and trust, as ethical sourcing can now be verified.
The USPS filed a patent for mail-in voting through blockchain. Rep. Darren Soto hopes to see the system integrated for the next couple of election cycles.
Jerome H. Powell, Fed Chair, hinted at allowing inflation to run above the 2% line without raising interest rates. The Covid pandemic has shrunk the economy, and they hope new plans will address those whom were most impacted.
Jack Ma, Ant Group Founder, has filed for an IPO with a valuation of $226 billion. This valuation matches BofA’s market cap.
Mexico’s Financial Intelligence Unit published a second national risk assessment, which states that money laundering is more widespread in traditional banking than it is in crypto. The G7 banking group reports more illicit activity than fintech companies do in the country. The Mexican blockchain sector has doubled in the last two years.
Rostelekom, Russian telecommunication company, will test a new blockchain voting system in the country. This follows a previous, failed attempt at decentralized voting.
The Telos blockchain will be listing $35 million worth of Croatian properties with a distribution of two tokens for each property. One of the tokens will represent ownership while the other will represent rental revenue.
Turkish Trabzonspor FC issued their own fan token on Socios.com. The $TRA token will be available on the Chiliz exchange and will allow fans to vote in polls and earn rewards.
YFI, yearn.finance’s native token, reached an 18k peak. Aave listed the token and FTX seems to be collaborating with the project as well.
Grayscale Investments removed their advertisement from Tucker Carlson’s show after ill-received commentary on the Black Lives Matter protest recent shooting. The company and several others were called out for having ads run during the show.
The FBI and Tesla stopped a Russian hacker and his partners from carrying an attack on the latter. The attack consisted of bribing a Tesla employee to install malware and then holding it ransom for $4 million.
For more information on these stories, visit:
Huawei and Beijing: https://baijiahao.baidu.com/s?id=1675885626146463537
Akon and Brock Pierce: https://www.washingtonian.com/2020/08/24/akon-joins-brock-pierce-campaign/
Jerome H. Powell: https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm
Mexico’s Financial Intelligence Unit: Spanish https://www.eleconomista.com.mx/sectorfinanciero/G7-bancario-el-mas-regulado-pero-el-mas-proclive-para-el-lavado-de-dinero-20200820-0154.html | English https://cointelegraph.com/news/a-new-report-from-mexico-says-banks-are-used-to-launder-money-more-than-crypto