Vladimir Putin to compete with Swift; Caribbean gets second currency from central bank
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Russia offers a payment platform to compete with the Swift Network, which Russian politicians see as a monopoly of Western influence that could cut Russia off due to geopolitical pressures.
The rival would use blockchain technology to dilute the need for centralized management and to take advantage of new payment innovations, reports Coindesk. Russian President Vladimir Putin threatened to set up a rival payment system before, in particular following the Western sanctions which followed the annexation of Crimea by Russia in the early 2010s.
Russia would be lateVenezuela formerly oil-backed cryptocurrency, while North Korea used cryptocurrency hacks to circumvent the sanctions.
Central Caribbean Currency
While much of the early adopters’ attention to central bank digital currencies has been focused on China, the greater Caribbean region has also grown.
Following the Bahamas Sand dollar, which is the world’s first CBDC, the Eastern Caribbean Central Bank has launched its own digital currency, DCash, a digital coin designed to support P2P transfers and merchant payments.
DCash can be accessed through participating financial institutions or through an app on Google Play or Apple Store. Initial markets include Antigua, Grenada, Saint Kitts, Nevis and Saint Lucia.
Little biz seed
Ribbit Capital led a $ 26.7 million funding round at Cora, a Brazilian fintech that provides loans and payments to Latin American companies.
The Central Bank of Brazil recently granted Cora a banking license ahead of its launch in October 2020, reportsTechCrunch, adding that Cora has grown to 60,000 customers and 110 employees. The founders of Cora, Igor Senra and Leo Mendes, are pioneers of fintech in Brazil. Their first online payment company, MOIP, was launched in 2005.
Ribbit invests in various FinTech companies and has partnered with Walmart to support the retail chain fintech business.
Installation of VC
Soros Capital Management, JS Capital, Tybourne Capital Management and Wellington Management have invested $ 120 million in the Japanese buy now / pay later company, Paidy, suggesting investments in the point-of-sale credit market show no signs of slowing down despite regulatory pressure.
Paidy’s BNPL product has its roots in a 2014 product that allows consumers to shop online without a credit card, reports Finextra, adding that the company’s network includes five million consumer accounts and 700,000 merchants.
Consumers use a cell phone and email address to complete a full shopping cart and set up monthly payments. Payments can be made online, at a convenience store, or by wire transfer.
On the Web
Payments giant Stripe expands to Middle East with Dubai office
REUTERS | Tuesday April 6, 2021
Digital payments giant Stripe on Tuesday announced the opening of an office in the UAE’s financial capital, Dubai, its first expansion in the Middle East region.
China creates its own digital currency, a first for major economies
THE WALL STREETJOURNAL | Monday, April 5, 2021
A cyber yuan gives Beijing the power to track spending in real time, as well as money unrelated to the dollar-dominated global financial system. It could also ease the bite of US sanctions.
Charles Raises $ 6.4 Million in Seeds to Bring ‘Conversational Commerce’ to WhatsApp
TECHCRUNCH | Tuesday April 6, 2021
Charles, a Berlin-based startup that offers âconversational-commerceâ SaaS for businesses that want to sell on WhatsApp and other chat apps, has raised â¬ 6.4 million in funding.
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