Sydney fintech CryptoSpend is looking to raise $5 million in a Series A as it sets its sights on expansion into Asia and New Zealand. CryptoSpend launched the first Australian native crypto Visa card in late 2021, which allows users to spend their crypto like cash. Its existing backers include fintech veteran Andrew Porter and the… Read more »
Financial contagions can be triggered easily, if conditions are right. First one financial institution falls and then others follow, like a chain of falling dominoes. The cinder that sparked the global financial crisis in 2007 is considered by many to have been a March 14 briefing by executives of the Lehman Brothers’ investment bank. Under… Read more »
The Reserve Bank of Australia (RBA) remains sceptical about the need to introduce a fully digital dollar as it looks to begin an eAUD trial early next year. In a speech to a banking conference last week, Assistant RBA Governor Brad Jones said it remained unclear exactly what purpose a central bank digital currency (CBDC)… Read more »
Corporate regulator the Australian Securities & Investment Commission (ASIC) has launched ASIC has launched Federal Court action against a subsidiary of comparison website Finder over its recently closed crypto production, Finder Earn. ASIC alleges that Finder Wallet Pty Ltd provided unlicensed financial services, breached product disclosure requirements and failed to comply with design and distribution… Read more »
Police in the Bahamas have arrested the founder of collapsed cryptocurrency exchange FTX after criminal charges were filed in the US. Sam Bankman-Fried, who goes by the name SBF, was head of the company that was valued at $47 billion before speculation FTX was running insolvent led to a liquidity crunch that ultimately brought down the exchange… Read more »
When cryptocurrency exchange FTX Group collapsed in the Bahamas last month, its local subsidiaries FTX Australia Pty Ltd and FTX Express Pty Ltd fell over too. The Australian companies were placed into administration on November 11 and within days the Australian Securities and Investments Commission (ASIC) had suspended the Australian financial service licence FTX Australia… Read more »
Anthony* (a friend) called a few weeks ago, deeply worried. A deputy principal of a high school in Queensland, over the past year he spent hundreds of thousands of dollars buying cryptocurrencies, borrowing money using his home as equity. But now all his assets, valued at A$600,000, were stuck in an account he couldn’t access.… Read more »
Brisbane fintech Digital Surge is the latest cryptocurrency exchange to be placed in voluntary administration in the wake of the collapse of US exchange. Scott Langdon, John Mouawad and David Johnstone from KordaMentha Restructuring were appointed voluntary administrators on Thursday, after the fintech’s directors made the decision to put the business in VA on Wednesday.… Read more »
Queensland cryptocurrency exchange Swyftx has shed another 90 jobs in the wake of the FTX implosion. The business, laid off around 36% of its remaining workforce of 250 people, having cut 74 roles less than four months ago, when the headcount sat at 320. The business announced a merger with investment platform Superhero in June… Read more »
Blackbird-backed local crypto exchange CoinJar has cut around 20% of its staff amid the ongoing fallout of US rival FTX. Around 10 staff were let go at the Melbourne-based fintech, which pioneered the Australian exchange sector a decade ago. “Like many companies we’ve had to right-size parts of the business in response to poor market… Read more »
Australian blockchain fintech Ettle is hoping to introduce an Australian dollar stablecoin for business in 2023 in defiance of a jittery market following torrid year for the cryptocurrency space. The startup has just completed a pilot transaction between business clients on its stablecoin infrastructure platform using the digital Australian dollar token AUDE. Reserve funds are… Read more »
Each year, as the festive season arrives, we must also keep an eye out for potential scammers trying to ruin the fun. This is because scammers become more active during the holidays, targeting us while we have our guard down. So far in 2022, Australians have lost around half a billion dollars to scams, which… Read more »
Comparison site Finder has killed off its cryptocurrency product Earn, which offered customers a flat rate return for investing in stablecoins, arguing it “no longer” served customers amid rising interest rates. In a blog post strangely titled “Finder Earn is being sunset” just two days before the shutdown, the company said “As interest rates have… Read more »
Not long ago, FTX was one of the world’s largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than US$30 billion earlier this year. All that has changed in the past two weeks. First, concerns emerged about links between FTX and… Read more »
The Australian arms of crumbling cryptocurrency empire FTX have been placed in voluntary administration. Scott Langdon, John Mouawad and Rahul Goyal of KordaMentha Restructuring took over as administrators of the Sydney-based cryptocurrency businesses FTX Australia Pty Ltd and subsidiary FTX Express Pty Ltd on Friday following a board meeting earlier today that decided to place… Read more »
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