This week’s five best stories – July 8, 2022
Here is our selection of five of the best news items from the world of finance and technology this week.
The EU agrees on proposals for crypto-regulation
The Council of the European Union (EU) has announced that the bloc has reached a “preliminary agreement” on a new landmark regulatory framework for cryptocurrencies.
The proposal for ‘markets for cryptocurrencies’ (MiCA) will cover “issuers of unsupported cryptocurrencies, and so-called” stack coins “, as well as the trading venues and wallets where cryptocurrencies are held”.
The Council states that the new regulations will help to protect investors and maintain financial stability, while at the same time opening up for continued innovation in the crypto sector.
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Meta calls time on digital wallet project Novi
Meta terminates the pilot for its digital wallet project Novi and will close all accounts on 1 September 2022.
The Novi pilot will end on September 1, 2022
A message on the Novi website reads: “Both the Novi app and Novi on WhatsApp will no longer be available from 1 September 2022. When the pilot ends, you will not be able to log in and access your Novi account.
“Please also note that as of July 21, 2022, you will no longer be able to add money to your account.”
The company asks users to withdraw their Novi balance “as soon as possible” before 1 September. It adds if there are any funds left in accounts after this date, “we are trying to transfer your balance to the bank account or debit card you have added to Novi”.
Novi was announced in 2020 by former leader David Marcus, who left Meta in December last year, and was originally designed as a digital wallet to help people send and hold Meta’s proposed Libra (later Diem) digital currency.
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NPP Australia launches a new digital payment solution, PayTo
New Payments Platform (NPP) Australia launches PayTo, a digital solution that lets salespeople and businesses start real-time payments from customers’ bank accounts.
NPP Australia – an infrastructure company that enables customers from different banks to make and receive real-time payments – says it has worked with the financial industry to develop the PayTo service.
The company says that PayTo is a “basic capability” that will enable a wide range of uses and provide a “springboard for future innovation”.
PayTo is built to replace traditional direct debits, improve recurring payments or subscription payments, improve payroll and accounts payable features, have tools in apps and e-commerce, support faster payment times for employees and improve payment options for QR codes.
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Revolut is working with Stripe to accelerate global expansion
UK-based fintech Revolut has partnered with Stripe to support payments in the UK and Europe and increase its planned expansion into new markets.
Revolut partners Stripe
Founded in 2015, Revolut was launched in the UK with money transfer and exchange services and now offers various financial products including accounts, insurance, trading and invoicing.
With plans to launch soon in Mexico and Brazil, Revolut intends to leverage Stripe’s infrastructure and international presence to enter these two markets and offer local payment options.
David Tirado, vice president of business development at Revolut, says the two companies “share a common vision” and will work together “across multiple areas.”
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The US crypto company Voyager Digital files for bankruptcy protection
Voyager Digital, a US-based cryptocurrency lender, has filed for bankruptcy protection, just days after it suspended all trading, deposits and withdrawals on its platform.
The company said in a statement that it has “filed voluntary applications for Chapter 11 protection to implement restructuring” in the US Bankruptcy Court in the Southern District of New York.
“This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers,” said Stephen Ehrlich, CEO of Voyager.
“The Chapter 11 process provides an efficient and equitable mechanism for maximizing recovery.”
The reorganization plan, subject to changes and legal approval, will help resume account access and return value to customers, the company says.
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