FinTech Daily: Why cities should have their own digital currency; N26 users can get loans in 5 minut
Why Cities Will Soon Choose Digital Currency Over Fiat Money
Pavel Bains, the CEO and co-founder of Bluzelle, a company providing a suite of blockchain-powered applications, argues that national currencies do not work in the interests of all a country's urban areas. He predicts that within 10 years we will see the first city separate from the national currency and have its own, digital money. The concept of going to a city-based currency was brought up by Canadian economist Jane Jacobs in the 1970s. According to Jacobs, when a country covers a vast region, you get bad signals – the rise of one super city, which the national currency most benefits, and many passive cities that fail to develop. The argument goes like this: - With falling exports, a city needs a declining currency working like an automatic tariff and automatic export subsidy - Once exports are doing well, it needs a rising currency to earn the maximum variety and quantity of imports it can purchase - Exports may change because the city needs to start producing new products to replace earlier imports. City currencies serve as a good feedback system because they trigger the right response. Look at city states like Singapore and Hong Kong. Both can plan policies efficiently in response to how their currencies are performing.
N26 users can now get a credit line in five minutes
N26 is iterating at an incredible pace these days with a ton of new product features and geographical expansions to build the most modern bank in Europe. The feature is only live in Germany and works for credit lines between €1,000 and €25,000 for up to five years - interest rates range between 2.99 percent to 8.00 percent p.a. Behind the scene, N26 can either handle the credit line itself or find a third-party bank for this loan. The startup puts together simple consumer-facing features with a complicated infrastructure - N26 users don't need to know where the money comes from as long as they know how much they need to pay back. Consumers from all these countries can now open an N26 account. With this kind of momentum, there could be hundreds of thousands of N26 users in France in very little time.
Category: New Product
Cagecoin Rises 30,000%, Hits Top 10 Market Caps, Disappears
Cagecoin, a Dogecoin-esque altcoin creators say is “powered by Nicolas Cage,” shot up in value by over 30,000 percent in 24 hours, briefly hitting the top ten cryptocurrency charts. The altcoin, which began in 2014, averaged around only 1 satoshi per unit in value - until a sudden surge Saturday morning saw its market cap climb to $54 mln. “Who needs a Catcoin or a Dogecoin if you got the one and only (Hippo)Nicolas CAGECOIN?!” developers announced on Bitcointalk at the time of the coin’s conception. At its peak, CAGE traded at a princely 0.00000053 BTC, data from Coinmarketcap shows - an increase of around 31,000 percent in under 24 hours. A few hours after the frenzy began, it was all over, with the now-standard trading price of satoshis rather than dollars per unit dramatically returning. The spike caused just under five Bitcoins’ worth of trading to occur on the six exchanges hosting the coin, with the market cap now standing at around $850,000.