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Technology Is Shaking Up the Financial Industry and Big Banks Are Struggling to Adapt

Pedigrees, some stretching back centuries, are of little use to global banks unless they aggressively adapt to new financial technologies. That’s long been true, but the pace of innovation means financial juggernauts now face what one top executive likened to a mass extinction event.

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Bitcoin Turns 10 – How It Went From an Abstract Idea to a $100 Billion Market in a Decade

Bitcoin went from an anti-establishment fad on the internet to a multibillion-dollar market in just 10 years. Its underlying technology, blockchain, is being embraced by banks such as J.P. Morgan and tech giants such as Amazon and Facebook.

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Visa CEO: Cryptocurrencies Are Not a Big Threat but ‘If We Have to Go There, We’ll Go There’

Cryptocurrencies do not pose a threat to Visa in the near term, but the credit card giant is prepared to implement crypto-friendly systems if the digital currencies become more established, Visa CEO Al Kelly told CNBC on Thursday.

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HTC Launches Its Blockchain-focused Phone, but You Can Only Buy It in Cryptocurrency

HTC unveiled its flagship blockchain-focused smartphone on Tuesday, the Exodus 1, as the struggling manufacturer looks to shift its strategy to focus on new technology. The Taiwanese phone maker said it developed its own cryptocurrency wallet called Zion to make its new phone function as a hardware cryptocurrency wallet.

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Fintech Won’t Drain Money Away From Banks, Regulators Say

The rise of financial technology – more commonly known as fintech – won’t threaten the existence of banks and it’s the responsibility of authorities to make sure that traditional lenders are prepared for changes in their industry, policymakers and regulators said in a CNBC-moderated panel Thursday.

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Square Expands Its Bank-like Offerings

Payments start-up Square is encroaching on even more of traditional banks’ territory. The San Francisco-based tech company announced Thursday it will let businesses using Square’s payment network give customers the option to break big payments up, into smaller, fixed, monthly ones.

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Mobile Bank N26 Launches in the UK and Plans US Expansion by Early 2019

German app-only bank N26 has launched in the U.K. and is eyeing another expansion to the U.S. in the first quarter of 2019. The Berlin-based firm, which is backed by Chinese tech giant Tencent, German insurer Allianz and PayPal co-founder Peter Thiel, said on Thursday that its services are now available in Britain, on a […]

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Blockchain Could Be a $7 Billion Market and a Major Boost to Amazon, Microsoft, Says BofA

Blockchain adoption will eventually be a multi billion-dollar opportunity for tech companies like Amazon and Microsoft, according to new estimates from Bank of America.

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Deloitte: Five Things That Must Happen for Blockchain to See Widespread Adoption

Getty Images North America And last but not least, the report by Deloitte says that more firms working in the sector need to collaborate in order for the technology to promote both the development of applications and education.

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Fidelity Bets on the Future With Blockchain, Virtual Reality and AI

Fidelity Investments is a 72-year company with more than $7 trillion in investor’s funds under management, and despite their well-established position within the traditional retail markets, they are incredibly open to nascent technologies, like cryptocurrency and blockchain.

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Congress Members Ask SEC Chairman for Clarity on Cryptocurrency Regulation

Calls for more clarity on cryptocurrency regulation are now coming from Congress, not just bitcoin fanatics. More than a dozen members of the House of Representatives sent a letter to Securities and Exchange Chairman Jay Clayton Friday urging his agency to tell investors, in plain English, how it plans to regulate cryptocurrency.

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Crypto Industry Leaders Warn Congress: Figure Out Regulation, or Watch Innovation Leave the US

The cryptocurrency industry has a plea for Congress: Hurry up and regulate, please. More than 50 industry participants gathered on Capitol Hill for a roundtable discussion hosted by Rep. Warren Davidson, R-Ohio, Tuesday.

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