On the Web:
- Former Visa president launches fintech-focused venture fund - Reuters PE Hub - "Nyca Partners, a venture firm founded by former Visa President Hans Morris, announced today that it is launching an inaugural fund focused on financial technology startups."
- IRS Clarifies Tax Treatment of Bitcoin and Other Convertible Currencies - Virtual Currency Report - "The major decision reflected in the guidance is the IRS’s classification of Bitcoin and similar virtual currencies as property, resolving what had been an open question in the minds of some observers about whether Bitcoin should be treated for tax purposes as an asset or like foreign currency."
- E-commerce security startup Forter lands $3M in funding from Sequoia Capital - ZDNet - "Forter's plug-and-play technology automates the review process by instantly analyzing customers' profile and behavioral data in real time..."
- PayPal’s secret weapon: A Silicon Valley success story you’ve never heard of - VentureBeat - "Chudnovsky firmly believes that the future lies in PayPal’s so-called digital wallet technology."
- Circle Receives $17m Funding, Unveils Exchange and Wallet Service - CoinDesk - "The company’s main aim is to open bitcoin up to a broader market and make it easier for the masses to get involved in digital currency. Circle wants to make sure the service it offers is perfect, though, before making it available to all."
- Hey, Bitcoin Miners! The Taxman Wants A Cut - ReadWrite - "Are you a bitcoin miner in the United States? Congratulations! You are making self-employment income."
On the Wires:
- Federal Reserve survey provides information on mobile financial services - "The use of mobile phones to access a bank account, credit card, or other financial account continued to increase in prevalence among adults in the United States last year, according to the Federal Reserve Board's latest report on the use of mobile financial services."
- New Strong Authentication Specifications Dedicated to Payment and Access to Services, across All Channels, Released by Natural Security Alliance - "The standard defines a strong authentication method, for payment and access to services, across all channels (e.g. home, store, branch), without compromising security or privacy. This authentication method combines local biometric verification, a personal device and wireless technology, and can be implemented into various form factors, including a smartcard, micro-SD Card, mobile phone, secure element and token."
- Vend Closes $20M in Series B Funding Led by Valar Ventures & Square Peg Capital - "The round was co-led by PayPal co-founder and the first outside investor in Facebook, Peter Thiel of Valar Ventures (US) and Square Peg Capital (Australia)."
- Digital Insight Increases Profitability for Financial Institutions Through Added Online Banking Solutions - "Shared Access, ACH and Wires helps drive profitability for financial institutions by generating additional fee income, lowering the cost to serve on a single platform and driving higher engagement with small businesses across a wider set of products and services."
Updates from Glenbrook:
- Glenbrook Payments Boot Camps: May 6-7 and Oct 7-8 in Palo Alto, CA.; Aug 5-6 in San Jose, CA.
- The Kindle edition of our book "Payments Systems in the U.S. - Second Edition" - is now available in the Kindle Store as well as in an iBooks version for your iPad or Mac in the iBooks Store.
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