Search Result: digital surge

May
31

Bitcoin move over – there’s a new kid on the blockchain

The digital currency bitcoin has broken new records – surging by more than 245 per cent since the start of the year. In just five months, the price of one bitcoin rose from $1,331 to its all-time-high of $3,894 on May 25. People buy bitcoins for all sorts of reasons. They range from those seeking to invest in safe haven assets in the face of political instability, speculators wanting to ride the wave of what some regard to be an asset bubble, to purchasers who want to purchase illegal goods anonymously on the dark web. Since mid-2010, when the highly-volatile currency was worth just 9 cents, it has surged by […]

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May
10

Bitcoin rises to record high in blockchain-related boost

Digital currency bitcoin hit a record high overnight as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator. Bitcoin hit a record $US1760.40 on the BitStamp platform and was last at $US1747.89, up 6 per cent on the day. So far this year, bitcoin has surged nearly 80 per cent. Bitcoin’s market capitalisation overnight soared to $US52.5 billion, according to data from coinmarketcap.com. Aside from being an asset that can […]

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Jan
11

What is going on with bitcoin?

By Elizabeth Barry, Senior Writer at Finder.com.au A three-year high and then a notable drop, now it’s being tipped to replace gold. Bitcoin, the world’s first cryptocurrency, has had a tumultuous start to 2017. The digital currency, following strong adoption in China, ended 2017 on an all-time high according to Bloomberg data. The currency reached USD$1,140.64 and also surpassed its market capitalisation, standing at USD$16.1 billion. However, on 6 January 2017 bitcoin saw a sharp drop. This drop also coincided with a 1% offshore trading increase of the Chinese yuan. While this may have been a coincidence, it highlighted the strong influence the two currencies have on each other. Bitcoin […]

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Apple offers banks an olive branch

It’s a rare thing to see three of Australia’s big banks, so dominant in their home market, arguing for special dispensation from commercial laws to boost their bargaining position. But when it comes to dealing with Apple, the world’s largest company, Australia’s banks are mere minnows. But with the combination of smartphone proliferation and tap-and-go technology set to revolutionise payments by allowing customers to use their phones like plastic cards, the banks see this case as a cudgel. They’re desperate to retain customer relationships at the point of sale and as commerce moves to mobiles. This fight is an early battle for control of the digital wallet. Apple, banks, retailers […]

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Nov
24

Fintech finds itself disrupted as forces of consolidation strike

The consultancy industry’s urge to claim brand ownership of fintech in all its different guises is almost as powerful as the rise of fintech ­itself. McKinsey & Co is the latest example, stating with its usual gravity that fintech is itself maturing and entering a period of rapid change; in other words, the disrupter is now being disrupted. It’s easy to be cynical, but seriously, what would you expect? That said, the global management consultancy has presented some useful data on a number of trends, including valuations, to support its thesis. Examining 44 fintech companies valued at more than $US1 billion, McKinsey found that the spikes in valuation that occurred […]

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Aug
30

ANZ Bank ups cloud focus with open networks for fintech collaboration

ANZ Banking Group has upped the ante in its adoption of cloud-based services in order to pursue a more flexible technology strategy, with Netflix-developed software to stop outages and the door left open to collaborate more openly with emerging fintech start-ups. The bank’s general manager of consumer digital technology Christian Venter told The Australian Financial Review it has significantly increased its use of cloud platforms – most notably the Amazon Web Services (AWS) Cloud – to host more dynamic content on its websites and mobile apps, and was designing new systems that would allow access for data sharing with external organisations. The move to open up systems comes amid a […]

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Jun
20

ASIC enters fintech partnership with Singapore

ASIC has signed an Innovation Functions Co-operation Agreement with the Monetary Authority of Singapore (MAS) aimed at “helping innovative businesses in Singapore and Australia in their foray to the respective markets”. The agreement will enable fintech businesses in Australia and Singapore to “establish initial discussions in each other’s market faster and receive advice on required licences, thus helping to reduce regulatory uncertainty and time to market”, a statement by ASIC said. To qualify for the support offered under the agreement, businesses need to meet the eligibility criteria of their ‘home’ regulator, the statement said. “Once referred by the regulator, and ahead of applying for a licence to operate in the […]

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Jun
15

Bitcoin hits two-year high

The price of the digital currency bitcoin hit a two-year high yesterday, trading above $US700 for the first time since 2014, after it jumped 21 per cent over the weekend. The surge came days before an unusual event called the “halving”, an adjustment to bitcoin’s protocol designed to control the creation of new coins. The last time the currency traded at this level — as high as $US719 yesterday, according to data provider CoinDesk — was February 2014, when it was coming down from its December 2013 high of $US1147. Bitcoin, launched in 2009, is a digital currency that runs on a decentralised network of computers and isn’t backed or […]

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