Fintech Focus For March 4, 2021

Quote To Start The Day: “In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio.”

Source: JPMorgan

One Big Thing In Fintech: In recent months, cryptocurrency attracted the interest of both financial institutions and government entities, evidenced by Goldman Sachs Group Inc’s move to reopen its cryptocurrency desk and Miami Mayor Francis Suarez’s push to make bitcoin a part of his city’s future.

In light of the demand for a regulated, institutional-grade solution to facilitate digital asset trade, Benzinga chatted with Simon Barnby, CMO at Archax, an exchange for asset-based tokens.

Source: Benzinga

Other Key Fintech Developments:

• Next Insurance to acquire AP Intego.
• HealthCare.com adding new leaders.
• MoneyLion taps Wealth Technologies.
• You want liquidity, but don’t want IPO.
• NZ fintechs set sights on Hong Kong.

• Hazeltree, Goldman Sachs team up.
• Fintech sector now under pressure.
• FCA confirms new contactless limits.
• Aon looks to test the waters of DeFi.
• Jack Henry acquires Stackfolio tools.

• Proof Systems live on Beaxy’s tech.
• Citi, Israel Discount, Visa talk fintech.
• Bitfinex launches payments gateway.
• Euronext acquires full iBabs interest.
• Apple Bank launches personal loans.

• Intuit Quickbooks is looking to Modulr.
• Northern Trust, Two Sigma partnered.
• Kentucky takes aim at crypto mining.
• Amundi launching front-to-back tech.
• Exodus files with SEC to list its stock.

• Coinbase CEO to become really rich.
• Wachsman, Delphi eye digital assets.
• Brave New Coin to power perpetuals.

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Watch Out For This: When life gets back to normal, the top three things Americans are excited about include eating out at restaurants, visiting family and going on vacation. Just 18% look forward to going back to work in an office.

Source: Healthline

Interesting Reads:

• Nasdaq talks markets with Andy Nybo.
• EV rivals Tesla, Rivian eye legislation.
• Las Vegas Sands plans US departure.
• Andrew Yang is running for NY mayor.
• Bargain hunters look to NY real estate.

• Pete Buttigieg stressing infrastructure.
• US not ready for China AI competition.
• US health officials urge mask-wearing.
• Was Facebook’s Australia move right?

Market Moving Headline: President Joe Biden has backed a plan to cut the income caps for Americans to receive a direct payment as part of the $1.9 trillion coronavirus relief package set to pass in the coming days, a Democratic source said Wednesday.

The phase-out levels for the $1,400 stimulus checks are:

• $75,000 in income for single filers; the cap for receiving some payment is now $80,000
• $112,500 for heads of households; the cap is now $120,000
• $150,000 for joint filers; now capped at $160,000

The structure would slash the direct payment income caps approved by the House. Under the lower chamber’s bill, individuals making up to $100,000 (and joint filers earning up to $200,000) would have received some amount.

It was not immediately clear how many fewer people would receive a check under the new structure. Asked Wednesday about whether Biden supports the proposal, White House press secretary Jen Psaki said “he is comfortable with where the negotiations stand.”

Source: CNBC