Blockchain

Kevin Jenkins, former managing director of Visa U.K. and Ireland, joined the board of London-based fintech Nuggets to oversee business development for the blockchain-based security provider as it enters the massive mobile payments market in Asia.

Because the legal cannabis industry is typically considered too high-risk for most banks and payment processors to work with, most technology solutions are designed to duplicate the familiar process of paying by card.

Credit unions are working to turn a distributed ledger-based identity project into a platform for payments and financial services.

In blockchain, a dispersed network of stakeholders takes over the previous owners of such services. These providers and users not only own but maintain the services that are powered by the blockchain. They also get to share the profits that are produced by the services, contends Donika Kraeva, communications manager at Dentacoin.

Anand Selva, a longtime Asia hand, will head up U.S. consumer banking; several startups are backed by traditional card issuer veterans, such as former Citi CEO Vikram Pandit.

Facebook in May placed Marcus in charge of a blockchain initiative, which would likely include some of the same work that is taking place at Coinbase.

MakeCents uses a distributed blockchain platform to digitize and decentralize fiat currency. For existing stakeholders, the incentives to cede some control in favor of a blockchain are lower costs, faster transactions and greater volume.

Companies report that cross-border payments account for just 20% of payment volume but typically take 80% of accounts payable's time. That's simply not scalable. You can’t just keep throwing people at this problem, writes Karla Friede, co-founder and CEO of Nvoicepay.

The U.K.’s Food Standard Agency completed its first successful blockchain pilot this month, with plans to expand the test in August.

The cryptocurrency-focused merchant bank Galaxy Digital, led by a former Goldman Sachs partner, will start trading on a Toronto exchange this week. Its journey is a cautionary tale in regulatory risk.