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Jamie Dimon Doubles Down on His Bitcoin Attack
FinTech
Having already called bitcoin "a fraud," JPMorgan chief executive Jamie Dimon ramped up his attack on the cryptocurrency in an interview with CNBC on Friday, once again asserting that things are going to "end badly" for bitcoin and its investors. Dimon told CNBC that "these crypto things are kind of a novelty" that people think "are kind of neat."However, as
Ray Dalio Latest Finance Chief to Slam Bitcoin, Calling it 'A Bubble'
FinTech
A week after Jamie Dimon called bitcoin "a fraud," the founder of the world's largest hedge fund has leveled his own harsh take on the crypocurrency market. In an interview with CNBC's "Squawk Box" on Tuesday, Bridgewater Associate's Ray Dalio said bitcoin "is a highly speculative market" that is currently "a bubble." Central to his criticism of bitcoin is Dalio's
This App is Trying to Make Saving as Easy as Spending
FinTech
Imagine if saving was as easy as spending. This is what George Friedman and Erik Akterin had in mind when they co-founded Qapital, a banking app that helps users save money for specific goals using automated steps and commands. The idea behind this platform is to help people reach financial goals, like saving for a trip or a wedding, without them having
The SoFi Sex Scandal Highlights How Hard it is For Women in Fintech
FinTech
Fintech has become a major force over the decade since the financial crisis, with $12.8 billion in venture capital flowing into the sector in 2016 alone. But of the nearly 500 deals that took place in the U.S. last year, less than a dozen went to companies founded by women. That lack of representation at the top set the stage for
Bitcoin Crashes Further After China Halts Trading
FinTech
Bitcoin's value plunged below $3,000 on Friday after BTC China - one of China's biggest exchanges - halted trading of the cryptocurrency, the Guardian reports. The drop in value represents a 40 percent decline from the high of nearly $5,000 that bitcoin reached earlier this month. BTC China indicated that it would stop all trading of bitcoin by Sept. 30.
Another One Bites the Dust – BTC China to Halt All Crypto Trading
FinTech
Hot on the heels of Bitkan’s OTC bitcoin trading shut down, BTC China – one of the Middle Kingdom’s largest bitcoin exchanges – announced that it too will suspend bitcoin trading. 1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30. — BTCC (@YourBTCC) September 14, 2017 No explanation was
China's Bitkan Suspends OTC Bitcoin Trading Following ICO Ban
FinTech
With Beijing cracking down on everything bitcoiney, one of China’s more popular cryptocurrency trading platforms, Bitkan, has decided to suspend some operations. SCMP: “..China’s Bitkan said it would suspend its over-the-counter (OTC) bitcoin and bitcoin cash trading services from Thursday. The move is in response to the recent ban on the practice of initial coin offerings (ICOs), Bitkan said in
SoFi CEO Resigns Amid Sexual Harassment Allegations
FinTech
Michael Cagney is stepping down as chief executive of Social Finance Inc. about a month after a former employee filed a lawsuit against the San Francisco-based online lending startup in a whistle-blower case, Bloomberg reports. Cagney is the highest-ranked executive to step down from SoFi amid the sexual harassment claims. He will stay on board as CEO until the board
Jamie Dimon: Bitcoin is a 'Fraud'
FinTech
Here are two things we learned today from Jamie Dimon that will definitely get a JPMorgan employee fired: Being stupid and investing in bitcoin. And according to Dimon, being stupid and investing in bitcoin are one and the same. Speaking at an investor conference in New York on Tuesday, the JPMorgan Chase chief executive predicted that things "wont end well"
China to Ban All Domestic Bitcoin Trading
FinTech
In the latest twist in the China versus cryptocurrencies saga, Beijing is reportedly set to ban all domestic bitcoin trading. Here’s the WSJ: Chinese authorities are preparing to shut down the country’s bitcoin exchanges, according to people familiar with the matter, reflecting a growing unease with the virtual currency and its recent surge in value. Cryptocurrency prices cratered soon after