Facebook rattles Nasdaq, but trade optimism boosts Dow

Amy Daniel | July 26, 2018

Facebook rattles Nasdaq, but trade optimism boosts Dow
Facebook's plunge sparked a selloff in high-growth stocks that sent the Nasdaq lower on Thursday, but the contagion was contained by optimism after the United States and the European Union said they would negotiate on trade. Facebook (O:FB) shares dived 18.6 percent, set for its biggest one-day percentage drop ever after the social media giant said profit margins would plummet for years due to costs to improve privacy safeguards and slowing usage in its big advertising markets.

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BLOCKCHAIN

Mastercard Introduces A New Cryptocurrency And Blockchain Program For Startups

Mastercard | July 28, 2021

Mastercard today unveiled a new Start Path global startup engagement programme aimed at assisting fast-growing digital assets, blockchain, and cryptocurrency businesses. As part of Mastercard's digital assets work, seven startups have joined the programme, including GK8, Domain Money, Mintable, SupraOracles, STACS, Taurus, and Uphold, with the goal of expanding and accelerating innovation in digital asset technology and making it safer and easier for people and institutions to buy, spend, and hold cryptocurrencies and digital assets. Mastercard today unveiled a new Start Path global startup engagement programme aimed at assisting fast-growing digital assets, blockchain, an...

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FUNDING

Nium Raises Over $200 Million in Series D Funding

Nium | July 27, 2021

Nium, a leading worldwide B2B payments platform, today announced it has raised a US$200+ million Series D round led by Riverwood Capital – a U.S.- based high-development tech investor. Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other notable angel investors, including DoorDash executive, Gokul Rajaram; Chief Product Officer at FIS, Vicky Bindra; and, Co-Founder of Tribe Capital, Arjun Sethi, also contributed to the round. Nium's present valuation is above US$1 billion, making it the main B2B payments unicorn from Southeast Asia. The funding will be used to expand Nium's payments network framework, drive innovati...

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PAYMENTS

Paystand Raises $50 Million in Series C Funding to Build The Future of Commercial Finance

Paystand | July 26, 2021

Paystand, a blockchain-enabled payment network for businesses, announced today a $50 million Series C round of fundraising led by NewView Capital, with participation from SoftBank's Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital. This latest round nearly twice Paystand's previous fundraising and reflects the company's triple-digit growth as it leads the fight for an open commercial finance system. Paystand will invest this new cash in reinventing B2B payments in order to expedite the transition to a more business-centric payment infrastructure. Jazmin Medina of NewView Capital will join the board as a result of the funding. Paysta...

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FINTECH

Currencycloud Will Be Acquired By Visa

Visa, Currencycloud | July 23, 2021

Visa announced today that it has entered into a definitive agreement to purchase Currencycloud, a worldwide platform that enables banks and fintechs to provide innovative foreign currency solutions for cross-border payments. Currencycloud is valued at £700 million, including cash and retention incentives, as part of the acquisition, which builds on the two firms' existing strategic cooperation. The financial consideration will be decreased by Visa's existing ownership of Currencycloud's outstanding stock. Currencycloud's cloud-based platform provides a comprehensive set of APIs that enable banks and financial service providers to provide currency exchange...

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