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2020 Digital Financial Services Recap!

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January-Feb 2020:

Shopify joins Libra, Cash App users generate more than $30 in annualised revenue per user in December, but “bitcoin actives generated 2-3x annual revenue”

May 2020:

  • Visa seeks a patent for digital fiat currency – and the filing points to a central bank use case
  • Visa CEO Alfred Kelly said he views digital currencies backed by a fiat currency as a potential emerging payments technology at the J.P Morgan TMC Virtual Conference.

July 2020:

  • PayPal reveals that it is developing crypto capabilities, reported buy/sell offering through pacts
  • U.S. OCC says national banks can custody crypto
  • PNC and US Bank respond to OCC Letter — want further clarity on crypto custody and servicing
  • Revolut teams up with pacts to launch crypto service in the US
  • Mastercard announces expansion of cryptocurrency efforts, inks card deal with Wirex
  • Chinese finch giant Ant Group launches new blockchain brand “AntChain”
source: The Block

August 2020:

  • Federal Reserve Bank Boston partners with MIT DCI on multi-year engagement to test and explore CBDC prototypes
  • ConsenSys acquires Quorum from JP Morgan
  • Cash App generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit during the second quarter of 2020, up 600% and 711% year over year
  • Aggregate supply of stable coin passed $16 billion while stable coin transaction volume on blockchains surpassed more than $114B in a 4th consecutive monthly all-time high, and +5x the avg monthly volume in 2019

Septembre 2020:

  • Goldman Sachs appoints a new global head of digital assets, exec reveals interest in token tied to fiat
  • Mastercard launches customisable CBDC testing platform
  • Square forms a consortium to widen access to crypto technology by creating a library that pools members’ patents

October 2020:

  • OCC confirms banks can hold reserve deposits behind stable coins
  • Paypal confirms crypto trading support in app and onsite with Paxos.

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