OpenAI CEO Sam Altman & Visa are exploring a stables wallet ππ; Robinhood got probed over March Madness betting feature ππ¦; Axis Bank & JPMorgan revolutionize x-border payments w blockchain πΈβοΈ
You're missing out big time... Weekly Recap π
π Hey, Linas here! Welcome back to a π weekly free edition π of my daily newsletter. Each day I focus on 3 stories that are making a difference in the financial technology space. Coupled with things worth watching & most important money movements, itβs the only newsletter you need for all things when Finance meets Tech.
If youβre not a subscriber, hereβs what you missed this week:
10 FinTech and Finance stocks to include in your portfolio for 2025 πΌ | Part II [seize the Future: ride the wave of innovation reshaping Finance & FinTech]
The Ultimate List of Resources about AI Agents π€ [unlock the power of AI Agents: your gateway to the future of autonomous agentic systems]
AI Must-Reads: The Essential Guide to Winning in the Age of Intelligent Transformation ππ€ [360+ pages of must-read AI reports transforming today's leaders into tomorrow's visionaries]
The Ultimate List of Stablecoin Use Cases πͺ [discover how stablecoins are quietly revolutionizing finance, business, and daily life across industries]
Robinhood unleashes AI-powered banking revolution: from doorstep cash to digital financial advisors π€π¦ [why their latest announcements could change the finance game & should worry traditional banks, whatβs next for Robinhood + bonus deep dive into HOOD 0.00%β & SoFiβs latest financials AND some must-read AI resources inside]
HUGE: JPMorgan just achieved a massive quantum computing breakthrough π€π§ [holistic overview of their quantum leap, why it matters and what are the future implications for finance and beyond + bonus deep dive into JPMorgan, their latest financials, how their leapfrogged Monzo & Starling in the UK AND 360+ pages of AI must-reads]
eToroβs IPO filing: from crypto winter to profit spring - a turnaround story with momentum ππΈ [unpacking their IPO filling with latest financials & whatβs next + bonus deep dive into Klarnaβs IPO]
Fidelity enters the stablecoin race as Wall Street embraces digital assets π€π¦ [what itβs all about, why it matters, whatβs next + bonus list of 110+ real-life stablecoin uses cases]
Beyond Banking: Revolut is set to disrupt global employment in 2025 with GlobalHire π³π¦ [what itβs all about, why it matters and what can we expect next]
Global 6,200+ Investor Database to Fast-Track Your Funding in 2025 πΈ [shorten your fundraising time, find your perfect investors, and close rounds faster]
As for today, here are the 3 fascinating FinTech stories that are changing the world of financial technology as we know it. This was yet another wild week in the financial technology space, so make sure to check all the above stories.
OpenAI CEO Sam Altman and Visa are exploring a crypto stablecoin wallet ππ
The BIG newsπ₯ OpenAI CEO Sam Altman's cryptocurrency venture, World Network, is reportedly in discussions with payments giant Visa V 0.00%β to develop an innovative stablecoin payments wallet.
According to recent reports from CoinDesk and other sources, this potential collaboration could transform the World Wallet into a mini bank account for users worldwide.
Letβs take a quick look at this and see why it matters.
More on this π Tools for Humanity, the company co-founded by Altman that oversees both Worldcoin and World Network, has sent a product request form to various card issuers, including Visa. The partnership would integrate Visa card functionality into World Network's self-custody crypto wallet, enabling a comprehensive range of financial services.
The proposed wallet would offer several key features: FinTech and foreign exchange applications, seamless fiat on-ramps and off-ramps, and the ability to make stablecoin-based payments to thousands of merchants within Visa's extensive global network. Users would be able to trade various assets from traditional currencies to cryptocurrencies, load funds to their wallets, send money to other users, and spend directly from the card.
World Network has also reportedly engaged with crypto card facilitators such as Rain, a company backed by Coinbase COIN 0.00%β and Circle that provides on-chain Visa cards for blockchain projects including Optimism and Avalanche. This follows World Network's recent launch of a World Chat application and peer-to-peer crypto-based transaction capabilities.
Neither Visa nor Tools for Humanity has officially confirmed these discussions or provided comments on the reported partnership. As expected.
βοΈ THE TAKEAWAY
Whatβs next? π€ This potential partnership represents another strong move towards the mainstream adoption of cryptocurrency, particularly stablecoins. By leveraging Visa's established global payment infrastructure, World Network could overcome one of the primary barriers to crypto adoption: usability in everyday transactions. More importantly, the creation of a "mini bank account" based on stablecoins could fundamentally reshape how individuals interact with digital assets. Traditional banking services could thus face increased competition as users gain access to a more accessible, potentially less regulated alternative that combines the stability of fiat currencies with the advantages of blockchain technology. Zooming out, this partnership yet again signals continued convergence between traditional financial institutions and digital asset innovators. Major payment networks (both Visa & Mastercard MA 0.00%β) are recognizing the inevitability of blockchain-based financial services and are positioning themselves strategically within this evolving ecosystem rather than opposing it. Looking ahead, we can expect other financial players to announce similar initiatives, accelerating the integration of stablecoins into mainstream payment systems. Slowly, then all at once π
ICYMI:
Massachusetts regulator takes aim at Robinhood's March Madness betting feature ππ¦
The news ποΈ Massachusetts' top securities regulator has launched an investigation into Robinhood's HOOD 0.00%β recently introduced prediction markets hub, which allows users to bet on the outcomes of various events, including NCAA "March Madness" college basketball tournaments.
Letβs take a quick look at this and see why it matters.
More on this π Secretary of State Bill Galvin expressed concerns that Robinhood is "linking a gambling event on a popular sports event that's especially popular to young people to a brokerage account." Galvin, known as one of the country's most aggressive state-level securities regulators, characterized the move as "just another gimmick from a company that's very good at gimmicks to lure investors away from sound investing."
The investigation comes in the form of a subpoena issued last week, seeking information about Massachusetts residents who have requested to trade college sports events contracts. Regulators are also demanding copies of Robinhood's marketing materials and internal communications regarding the decision to launch these prediction markets.
Robinhood defended its platform in a statement, noting that the event contracts it offers "are regulated by the U.S. Commodity Futures Trading Commission and offered through CFTC-registered entities." The company emphasized that "prediction markets have become increasingly relevant for retail and institutional investors alike" and expressed pride in being "one of the first platforms to offer these products to retail customers in a safe and regulated manner."
Zoom out π This investigation marks the latest regulatory challenge for Robinhood. In February, the company scrapped event contracts allowing users to bet on the Super Bowl just one day after launching them, following a request from the CFTC. However, the CFTC has now stated it "has no legal justification to prevent Robinhood from offering access to these contracts" for March Madness, as they "are listed on a CFTC-registered exchange."
Robinhood's prediction markets are available through the derivatives trading platform KalshiEX. Interestingly, Brian Quintenz, President Donald Trump's nominee to head the CFTC, has served on Kalshi's board, and Donald Trump Jr. serves as a strategic adviser to the company.
βοΈ THE TAKEAWAY
Whatβs next? π€ At the core, this investigation highlights the increasingly blurred line between investing and gambling in financial technology. As prediction markets gain popularity, regulators and platforms will likely continue to wrestle with appropriate classifications and oversight. For Robinhood, this represents both an opportunity and a challenge. The company has historically faced scrutiny for its gamification of trading, agreeing to pay $7.5 million in 2024 to resolve previous complaints brought by Galvin's office. Yet, investors appear bullish on this new direction, with Robinhood's stock surging 9% despite news of the investigation. Zooming out, the outcome of this could have far-reaching implications for the broader FinTech industry. If Robinhood successfully navigates these regulatory waters, it may establish a precedent for other platforms looking to integrate prediction markets. Conversely, if regulators impose stricter limits, it could chill innovation in this emerging space. Looking ahead, as traditional finance and sports betting continue to converge, we can expect more regulatory attention and potentially federal legislation to create clearer guardrails around these new financial products. The Massachusetts investigation may be just the opening move in a longer regulatory chess match that will shape the future of prediction markets. Watch this out!
ICYMI: Robinhood unleashes AI-powered banking revolution: from doorstep cash to digital financial advisors π€π¦ [why their latest announcements could change the finance game & should worry traditional banks, whatβs next for Robinhood + bonus deep dive into HOOD 0.00%β & SoFiβs latest financials AND some must-read AI resources inside]
Robinhood's wild Q4: record profits, 88% AUC growth, and global expansion signal a new era of growth π€πΈ [breaking down their latest Q4 2024 numbers, what they mean, and whether Robinhood is worth your time and money in 2025 & beyond]
Axis Bank and JPMorgan revolutionize cross-border payments with blockchain πΈβοΈ
The news ποΈ Axis Bank has become the first Indian financial institution to launch 24/7 programmable USD clearing capabilities for its commercial clients through a partnership with JPMorgan's JPM 0.00%β Kinexys.
This blockchain-based system enables near-real-time international payments that operate around the clock, independent of traditional banking hours.
Letβs take a quick look at this and see why it matters.
More on this π The new service, powered by Kinexys Digital Payments (KDP), leverages blockchain deposit accounts first launched in 2019. These accounts enable Indian businesses to send and receive dollar payments at any time - a first for the country's financial ecosystem.
Thanks to this partnership, Axis is now streamlining payments, unlocking liquidity, and adding further optionality on cross-border payments.
The solution particularly benefits multinational corporations with global subsidiaries, eliminating the need to maintain large cash buffers to accommodate timing differences across time zones. Payments are processed with full amount preservation through a "no-deduct" design, ensuring recipients receive the complete payment.
Zoom out π This implementation will operate through Axis Bank's International Banking Unit at Gujarat International Finance Tec-City (GIFT City), India's developing international financial hub that aims to compete with centers like Singapore and Dubai.
We can remember that the Kinexys platform has already processed over $1.5 trillion in transaction volume since inception, with daily transaction volumes exceeding $2 billion. The system has experienced remarkable growth, with a tenfold year-over-year increase in payment transactions. Not too shabby!
βοΈ THE TAKEAWAY
Whatβs next? π€ At the core, this partnership signals a significant shift in global financial infrastructure. For JPMorgan, it represents another strategic expansion of their blockchain-based payment rails into major emerging markets, positioning them as leaders in the transformation of traditional banking systems. Looking at the bigger picture, we can note that the broader fintech landscape will likely see accelerated adoption of similar blockchain-based payment solutions (especially when it comes to stablecoins) as pressure mounts on financial institutions to provide instant, efficient cross-border transfers. Traditional correspondent banking networks and legacy payment systems may also face increasing competition as these blockchain alternatives demonstrate concrete efficiency gains and cost reductions. Finally, for digital assets, this mainstream implementation provides a powerful validation of blockchain's practical utility in traditional finance. Looking ahead, we can expect to see increased integration between regulated financial institutions and blockchain technology, with particular emphasis on interoperability between different payment systems and digital currencies. Financial hubs like GIFT City may become important testing grounds for these innovations, potentially accelerating India's position in the global fintech landscape.
ICYMI:
HUGE: JPMorgan just achieved a massive quantum computing breakthrough π€π§ [holistic overview of their quantum leap, why it matters and what are the future implications for finance and beyond + bonus deep dive into JPMorgan, their latest financials, how their leapfrogged Monzo & Starling in the UK AND 360+ pages of AI must-reads]
π What else Iβm watching
eToro Enables Crypto Transfers for UK and European Clients π eToro now allows UK and European clients to transfer crypto from other firms to the eToro Crypto Wallet, converting holdings to cash or investing in other assets. Eligible clients can move Bitcoin and Ethereum to their eToro wallets and convert them to local currency. The feature, initially available to Diamond Club members, supports diversification and cash withdrawals, with conversion fees ranging from 0.6% to 1%. eToro aims to expand this capability gradually. ICYMI: eToroβs IPO filing: from crypto winter to profit spring - a turnaround story with momentum ππΈ [unpacking their IPO filling with latest financials & whatβs next + bonus deep dive into Klarnaβs IPO]
Interactive Brokers Expands Crypto Trading π Interactive Brokers IBKR 0.00%β added Solana (SOL), Cardano (ADA), Ripple (XRP), and Dogecoin (DOGE) to its trading platform, which Zero Hash powers. Eligible clients can now trade these tokens alongside existing cryptocurrencies and other assets on a unified interface. The expansion offers investors more diversification options and low trading costs, with commissions ranging from 0.12% to 0.18% of trade value. Clients can trade 24/7, place limit orders, and withdraw crypto to external wallets. Disclaimer: Iβm part of Zero Hash.
Curve Hires Human CX Experts Over AI π₯ Curve is hiring over 50 customer experience experts to provide personalized support, prioritizing human interaction over AI. Despite testing AI, Curve found it lacked the personal touch customers value, especially for financial matters. The new hires will focus on payments support, fraud prevention, and meeting customer expectations. Curve aims to enhance user experience with real experts, reinforcing its commitment to human-centric service. ICYMI:
πΈ Following the Money
AI-native AML compliance platform Flagright has raised a $4.3M Seed round to fund international expansion.
NYDIG, a leading Bitcoin and power firm, has announced it has entered into a definitive agreement to acquire Crusoeβs Bitcoin mining operations.
Enza, a Dubai-based embedded payment startup founded by former executives at Network International, has secured a $6.75M seed equity round, co-led by Algebra Ventures and Quona Capital.
π Thatβs it for today! Thank you for reading and have a relaxing Sunday! And if you enjoyed this newsletter, invite your friends and colleagues to sign up:
Golden stuff. Thank you sir!