On the Web:
- A bitcoin miner in every device and in every hand - Medium (Balaji Srinivasan) - "21 is now officially open for business — and business development. After much hard work, we’ve created an embeddable mining chip which we call the BitShare that comes in a variety of form factors. The 21 BitShare can be embedded into an internet-connected device as a standalone chip or integrated into an existing chipset as a block of IP to generate a continuous stream of digital currency for use in a wide variety of applications."
- How Silicon Valley Joined the Bitcoin Gold Rush - FastCompany - "Wences agreed with Hoffman that Bitcoin was unlikely to be catch on as a payment method anytime soon. But for now, Wences believed that Bitcoin would first gain popularity as a globally available asset, similar to gold. Like gold, which was also not used in everyday transactions, Bitcoin’s value was as a digital asset where people could store wealth."
- NYSE Launches Bitcoin Index Powered by Coinbase - Coinable Blog - "Today the New York Stock Exchange launched the NYSE Bitcoin Index (NYXBT), a benchmark for the daily price of bitcoin. NYXBT represents the U.S. Dollar value of one bitcoin, based on transactions occurring on Coinbase Exchange and other select bitcoin exchanges."
- Leaderless Bitcoin Struggles to Make Its Most Crucial Decision - MIT Technology Review - "Under the one-megabyte-per-block limit, the network can process only about three transactions per second. If Bitcoin becomes a mainstream payment system, or even a platform for all kinds of other online business besides payments (see “Why Bitcoin Could Be Much More Than a Currency”), it’s going to have to process a lot more. Visa, by comparison, says its network can process more than 24,000 transactions per second."
- Digital Gold - AVC (Fred Wilson) - "A lot of people ask me “are you still bullish on Bitcoin” and that question irritates me. Because it suggests that Bitcoin is simple. Bitcoin is not simple, it is not going away, and it continues to fascinate me more than almost anything out there in the tech sector."
- Why banks (and PayPal) don't simplify - Financial Services Club Blog - "A bank cannot compete with a specialist who is simplifying a marketplace or financial activity, because an incumbent bank's systems and structures are usually too rigid, old and inflexible to change. That is why the new entrant simplifier can create P2P credit at less than 100 basis points differential (1% difference between their lending and savings rates) compared to a bank's 400 basis points or more. A bank has to cover the costs of their heritage buildings, people and infrastructure. A start-up has none of that legacy or overhead."
On the Wires:
- NACHA Membership Approves Same Day ACH - “The financial services industry has come together through private-sector rulemaking to increase the speed of payments,” said Janet O. Estep, president and CEO of NACHA. “Same Day ACH serves as an immediate action the industry has undertaken to modernize the payments system, and creates a building block for a variety of products and services. Same Day ACH creates value for end users through the certainty of its reach to all bank accounts in the U.S.”
- MasterCard Makes Sending and Receiving Money Faster, Easier and More Secure with MasterCard Send - "Through a single connection to the MasterCard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers whether they are banked or unbanked, and located domestically or abroad. By digitizing personal payments that are typically handled via cash or check, MasterCard is providing greater convenience, choice and security to both payment senders and receivers in developed and developing markets."
- Visa Checkout Announces Enrolled Customer Conversion Rate of Nearly 70 Percent - "A new report from comScore* found that Visa Checkout shoppers convert to online buyers at a rate of 69 percent. This is likely because Visa Checkout customers complete online transactions faster than other shoppers who have to re-enter card and shipping information every time they want to purchase in the traditional check out flow."
- QuickBooks Online Gets in Sync with PayPal - “Our collaboration with PayPal, and the app we’ve built as a result, further broadens our thriving payments ecosystem,” said Eric Dunn, Intuit's senior vice president for payments and commerce solutions. “Intuit is committed to delivering a range of personalized best-in-class payments solutions for small businesses. Our open platform allows small businesses to use the tools of their choice and therefore operate efficiently in a frictionless environment.”
- Ripple Labs Closes $28 Million Series A Funding Round - "Ripple Labs, the global leader in distributed payments technology and supporters of the Ripple protocol, today announced that it closed a $28 million Series A funding round that includes IDG Capital Partners and the venture arms of CME Group and global data storage company Seagate Technology. Other new investors include Jerry Yang's AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, and Wicklow Capital, the investment vehicle for Dan Tierney and Stephen Schuler, co-founders of GETCO (now KCG)."
- New Ponemon Institute Survey Reveals Time to Identify Advanced Threats is 98 Days for Financial Services Firms, 197 Days for Retail - “The big takeaway from our research is that more investment is needed in both security operations staff and in security tools, which can help companies efficiently and accurately detect and respond to security incidents,” said Dr. Larry Ponemon, chairman and founder, Ponemon Institute. “The time to detect an advanced threat is far too long; attackers are getting in and staying long enough that the damage caused is often irreparable.”
Glenbrook's 2015 Payments Education
Updates from Glenbrook:
Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: firstname.lastname@example.org