Fintech Daily: Instant bank transfers are coming to PayPal and Venmo; Robots Are Eating Money Manage
Instant bank transfers are coming to PayPal and Venmo
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PayPal announced this morning a plan to speed up money transfers between its service, Venmo and users’ bank accounts for those with supported MasterCard and Visa debit cards. This new “instant transfers” service will be available at a rate of $0.25 per transaction, and will deliver funds in a matter of minutes, instead of the day or so it typically takes when using PayPal or Venmo.
PayPal has been operating in the peer-to-peer payments business for nearly two decades, but the company has been more recently challenged by a number of newcomers, like Square Cash, for example, whose key advantage has been the ability to “cash out” to your bank account instantly.
Now PayPal and Venmo will offer a similar option for debit card holders with supported cards from Visa and MasterCard. The company says the feature will be available to the vast majority of cardholders, save for a handful of very small institutions.
The feature arrives at a time when PayPal is shifting its focus from being a competitor to Visa and MasterCard, to being more of a partner. For years, PayPal encouraged users to link their bank accounts to its service, as a means of routing around the large payment networks. But last year, things changed.
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Robots Are Eating Money Managers’ Lunch
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Rishi Ganti used to help manage the personal fortunes of hedge fund founders David Siegel and John Overdeck, whose quantitatively driven strategies turned them into billionaires. Ganti, 45, says he’s glimpsed the future of his industry. A wave of coders writing self-teaching algorithms has descended on the financial world, and it doesn’t look good for most of the money managers who’ve long been envied for their multimillion-dollar bonuses.
On a cold spring day, Ganti, clad in a gray hoodie, takes quick sips of Earl Grey tea at a bakery in Manhattan’s Tribeca neighborhood and explains that many of his peers don’t yet realize their careers won’t last. “Algorithms are coming for your job—they only ask for electricity,” says Ganti, jabbing his finger on a lime-green laminated table. “Algorithms are already reading, processing, and trading the news even before the photons have hit your retina.” Yet few money managers are alarmed by the threat. “They’re anesthetized,” Ganti says.
He started plotting out the impact of algorithms while working for Siegel and Overdeck at Two Sigma Investments, before striking out two years ago to start his own firm, Orthogon Partners Investment Management Co. To survive, Ganti says, money managers should look beyond the multitrillion-dollar stock exchanges, bond-trading platforms, and big deals backed by private equity and venture capital. To a greater or lesser extent, computers can see all those markets, assess how they’re performing, and start detecting patterns that could reveal profitable trading strategies.
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Category: Artificial Intelligence
SegWait Is Over! Bitcoin Network Shows 80 Percent Support For SegWit2x
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BTCC and BATPOOL support for SegWit2x has taken the overall community consensus beyond the 80 percent threshold needed for adoption. While the figure stood at 71 percent of network hash rate just yesterday, Tuesday has finally seen the number surpass the crucial marker to take effect.
SegWit2x, acceptance of which would all but guarantee the implementation of SegWit for Bitcoin, has received as much hype and criticism as any potential solution in the Bitcoin scaling debate. Reacting to the latest developments, however, the cryptocurrency community appeared overwhelmingly relieved.
The code for SegWit2x is still in its alpha stage, with a beta release slated for the end of June.Support has already come from the majority of well-known mining pools including Antpool, Bitfury and F2Pool. Pro-Bitcoin Unlimited pools Bitcoin.com and ViaBTC also joined the support.
Meanwhile, in an explanatory post about SegWit2x on Monday, Bitcoin developer Jimmy Song noted the code’s implementation is “actually a trickier question than it may seem.” “This is a positive development if you’re hoping to avoid a permanent split as it looks like Bitcoin will stay on one chain,” he wrote. “But the battle is not over. The bigger and more contentious issue of a 2MB hard fork is the one that still needs to be settled.”
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