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Daily Tearsheet: Banxa doubles down on US expansion, building a compliance program, and how Blockdaemon is bucking the “crypto bro” trend

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Daily Tearsheet: Banxa doubles down on US expansion, building a compliance program, and how Blockdaemon is bucking the “crypto bro” trend

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Banxa doubles down on US expansion to simplify crypto and NFT purchases

Banxa, a global on-and-off-ramp solution provider for crypto, recently announced that it’s doubling down on its US expansion project. Powering fiat-to-crypto conversions for some of the biggest crypto companies including Binance, KuCoin and Huobi, the firm has now lodged 40 money transmitter licenses and set up an office in Reno, Nevada.

After initially launching in the US in 2020 on an experimental basis, Banxa found the US to be a big market for its offering.

The firm is expanding its debit and credit card-based payment options for purchasing crypto, adding ACH and wire transfers.

Read more

The A-Z of building a compliance program

With the regulatory crackdown on bank-fintech partnerships on the rise, it’s critical for companies launching embedded financial products to have a robust compliance program. Every non-bank in the US facilitating payments, lending, investing, or any other financial product is required by federal and state laws to have safeguards that prevent money laundering, identify illicit financing, and detect fraud.

The thought of building a compliance program may seem like a mammoth task, which is why Modern Treasury compiled this eBook to help companies seeking to work directly with a bank launch products faster.

Download the eBook

The latest briefing

Bankchain Briefing: How crypto firm Blockdaemon is bucking the “crypto bro” trend

For years, one of the major criticisms against the crypto industry has revolved around its lack of gender diversity, both in terms of individual investors who own cryptocurrencies and the people running the biggest exchanges and other firms in the space.

A recent Fortune article points out that among the 378 crypto companies that were launched between 2012 and 2018, only 31 (around 8%) had a mix of male and female founders, while just one company had an all-women team.

Although the situation has not improved substantially in 2022, a few firms in the space have recently started taking active measures to encourage more gender and other diversity in senior leadership roles at crypto firms, as well as among the growing population of crypto investors and NFT collectors.

Blockdaemon, a prominent provider of blockchain infrastructure, is one of those firms

Read more (exclusive to Outlier members)

Just look at the charts

1. The 7 key markets for embedded finance

Source: Bain & Company

2. Comparing B2B payment methods

Source: Carlos Horno Santacruz 

Today’s stories

Jack Dorsey’s TBD partners with Circle to support global USDC adoption
TBD, the bitcoin-focused subsidiary of Jack Dorsey’s Block, is teaming up with Circle, the issuer of the USDC stablecoin, to bring cross-border dollar-linked stablecoin transfers and savings to investors globally. The partnership aims to improve people’s access to dollar-linked stablecoins in countries with rapidly devaluing currencies. (CoinDesk)

HSBC invests $10 million in Nova Credit 
Consumer-permissioned credit bureau Nova Credit received $10 million in a Series C funding round this week. The investment, which boosts the California-based company’s total funds to over $79 million, came from HSBC Ventures. Under the strategic partnership, Nova Credit will provide HSBC with access to Credit Passport, its cross-border credit data product. (Finovate)

Regions Bank must refund customers, pay CFPB fine
From August 2018 through July 2021, Regions Bank charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases despite telling customers they had sufficient funds. This will cost Regions Bank a total of $191 million in customer redress plus a civil monetary penalty paid to the victims’ relief fund of the CFPB. (PYMNTS)

Inside the human cost of Better.com’s brutal layoffs
Digital mortgage lender Better.com continues to lay off staff, and seemingly in as callous a way as possible. Whereas most companies try to avoid repeated layoffs, the outfit — which gained notoriety by laying off about 900 employees over Zoom on December 1, 2021 — has since been laying off smaller groups very systematically. (TechCrunch)

‘Tap to Pay on iPhone’ feature is now available for Square merchants
Square has publicly launched support for Tap to Pay on iPhone to sellers across the US, enabling small merchants and independent retailers to use their ‌iPhones as a payment terminal. (MacRumors)


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