Cash payment decline tipped to gather pace in 2018
A $1 billion piece of infrastructure to be switched on in early 2018 is likely to accelerate the decline of cash and further cut into already tumbling use of cheques, payments company BPay Group predicts. In a change that Reserve Bank governor Philip Lowe has described as potentially “transformational,” the new payments platform is due to be switched on soon after Australia Day in 2018. The project, which is going through its final stages of testing over summer, will offer consumers the ability to make real-time payments to customers of other banks. The system will also allow people to link bank accounts to phone numbers or email addresses, removing the […]
Ripple’s 53 per cent surge makes it the 2nd-biggest cryptocurrency
A new contender has moved into second place in the race to catch bitcoin. Ripple, a cryptocurrency that first surfaced in 2013, surged 53 per cent in 24 hours to surpass ethereum and take the title of the world’s second-most valuable digital coin by market cap on Saturday US time. Ripple’s market value rocketed to $US86 billion ($110 billion), making ether No.3 at $US73 billion. Bitcoin’s market cap is near $US250 billion. It’s the latest twist in the crypto saga known as the “flippening”. That’s what ether enthusiasts call the coin’s anticipated rise to the most valuable by market cap. Rather than catching up to bitcoin, though, ether has fallen […]
Australian FinTech Tyro launches SMB services
Australian bank Tyro is introducing new services for its small- and medium-sized business (SMB) customers. The new services include lending products, reports in The Adviser said, that provide SMB borrowers flat-fee business loans that can be provided in minutes. The FinTech is also providing banking services via SMB deposit accounts that integrate with cloud accounting solution Xero. The solution supports batch payment scheduling and payroll and earns daily interest. Tyro added that the account is also compatible with iPhones, which can be used by SMBs to pay bills. The firm is also launching an EFTPOS (Electronic Funds Transfer at Point Of Sale) technology that integrates with point-of-sale solutions for SMBs. […]
Is bitcoin back? Cryptocurrency passes $US16,000 as rebound begins
Bitcoin rallied past $US16,000 ($20,705) on Tuesday US time as traders of the world’s biggest digital currency sought to draw a line under its rollercoaster five-day slump. The tokens rose 16 per cent to as much as $US16,132.09, the biggest gain on a closing basis in more than two weeks and the first in six days. It traded higher by 14 per cent to $US15,659.9 as of 1.36pm in New York. Rival currencies litecoin and ethereum were up 4.4 per cent and 2.6 per cent, respectively, according to data compiled by Bloomberg. High trading volumes at Coinbase, one of the biggest exchanges, forced the company to issue a warning on its website that […]
Cryptocurrency wallet temporarily restricts Australian dollar deposits
Popular cryptocurrency wallet CoinSpot has stopped accepting deposits in Australian dollars, blaming local banks for being “unwilling to work” together. In a blog post updated this morning, CoinSpot said the restriction on all forms of AUD deposits will remain in effect until at least the first week of the new year. “We assure you we are just as unhappy with the situation as you,” the platform writes on its blog. “But unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry.” The digital wallet service […]
Moneycatcha moves into Stone & Chalk and expands team
Australian fintech start-up Moneycatcha has been selected to join fintech hub Stone & Chalk’s Sydney office following a rigorous vetting process. The move cements the company’s footing on Australia’s East and West coasts and signals confidence in its unique blockchain end-to-end loan origination solution. Stone & Chalk is the largest fintech hub in Asia, supporting successfully selected companies to connect with industry heavyweights and accelerating the development of world-leading start-ups. Moneycatcha founder and CEO Ruth Hatherley said that the move will allow the company to more efficiently collaborate with financial institutions. “Our growth and increasing traction are signs that financial institutions are accelerating their understanding of the fundamental improvements in speed, efficiency […]
National Currency Exchange to launch
The National Currency Exchange, an Australian owned and operated cryptocurrency exchange, will commence operations in Q1 2018 following a private funding round raising $750,000 for the Australian and second exchange in Singapore. NCX, which will initially allow trading in popular cryptocurrencies Bitcoin and Ethereum before expanding the digital asset suite throughout 2018, differentiates itself from local and global peers by having 100% of controlled funds and digital assets managed in Australia, with the majority of NCX controlled digital currency kept in “cold storage”. It will generate revenue from trading fees and Fiat transfer fees and in future also expects to generate revenue from listing additional digital assets. To read […]
Australian startups share tips on how to raise early stage funding
The early stage funding could be challenging for several startups, including those from Australia. Some Australian startups admitted they did not have the expertise or knowledge of how to raise funds, a new survey has found. The new Startup Muster, a poll of the Australian startup ecosystem, showed that 12.9 percent said they did not possess the expertise to raise funds. SafetyCulture CEO and founder Luke Anear offered an advice, saying startups must not go to an investor meeting and ask for cash. Anear said the approach should be like in dating. A startup needs to know the investor first before accepting an investment. “You don’t get married on your […]
