Coin News

In May, Bitcoin Magazine reported that both the Defense Advanced Research Projects Agency (DARPA) of the U.S. Department of Defense (DoD)...

The post Department of Homeland Security Awards Blockchain Tech Development Grants for Identity Management and Privacy Protection appeared first on Bitcoin Magazine.

 Uber’s self-driving cars will hit the road this month, earlier than anticipated. That’s an exciting surprise…unless of course you’re a driver. They won’t be the only ones affected, though. The consequences of robot-induced unemployment could eventually ripple through the rest of the economy. What will happen to Uber’s 1 million drivers? And the 3.5… Read More

In his new piece on Medium, Ripple CTO Stefan Thomas has explained why he thinks blockchain is a complex technology when compared with the Interledger Protocol. In his recent post, he said: Blockchains are a pain to work with. Everyone who has done it knows what I’m talking about. The fact that blockchain has been largely […]

The post Ripple CTO Says Blockchain Is a Complex Technology Than Interledger appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

In his new piece on Medium, Ripple CTO Stefan Thomas has explained why he thinks blockchain is a complex technology when compared with the Interledger Protocol. In his recent post, he said: Blockchains are a pain to work with. Everyone who has done it knows what I’m talking about. The fact that blockchain has been largely […]

The post Ripple CTO Says Blockchain Is a Complex Technology Than Interledger appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin.org, the Bitcoin Core website, has warned users to be vigilant downloading binaries for the upcoming 0.13.0 Bitcoin Core release because it will likely be targeted by state-sponsored attackers.   Bitcoin.org does not believe it has the resources to defend against the attack. The Chinese bitcoin community is especially warned. A key is recommended for […]

The post Bitcoin Developers Warn New Core Release Could Be Targeted by State Sponsored Hackers appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Japanese e-commerce firm Rakuten has acqui-hired bitcoin startup Bitnet as part of a bid to staff its new blockchain development lab in the UK.

The modern smartphone is a remarkable device. A single device that fits in your pocket can do all the tasks that once required cameras, camcorders, GPS devices, watches, alarm clocks, calculators, and even TVs.    

But the next change might be the most radical of all—it could eliminate the need to carry cash and credit cards.  

The growing importance of the smartphone as the go-to computing device for every digital activity is having a profound effect everywhere you look, but it’s only the biggest story among many exciting developments in the world of payments:   

• Apple Pay was first out of the gate, but now mobile wallets are everywhere you look—Android Pay, Google Pay, Chase Pay and even Walmart Pay are making smartphones a real alternative to carrying credit cards. And the potential for mobile wallets to limit a merchant’s fraud liability could help them really take off in acceptance for small businesses.   
• As consumers move more purchasing online, gateway vendors that can act as a front-end processor for online businesses are seeing explosive growth.   PayPal-owned Braintree grew 111% YoY in the number of cards on file in Q4 2015, while Stripe and Klarna now have multi-billion dollar valuations.
• Mobile Point-Of-Sale (mPOS) startups like Square and ShopKeep have pioneered a whole new payments niche—accepting payments via tablets and smartphones.   Coupling their transactions capabilities with new apps can revolutionize a small business’ inventory management, marketing, loyalty and even payroll.   
• Mobile Peer-to-Peer payments in the U.S. are forecast to grow from $5.6 billion in 2014 to nearly $175 billion by 2019 as consumers increasingly skip the hassle of writing a check or going to an ATM.   But smartphone vendors like Apple could cripple the dominant player of 2016 (Venmo) if they make a serious push to own the space.   

If your job or your company is involved in payment processing in any way, you know how complex this industry is. And you know that you simply can’t understand where the next big digital opportunities are unless you know the key players and roles in each step of the payments “supply chain:”   

• Acquirers
• Processors
• Issuers
• Card Networks
• Independent sales organizations and merchant service providers
• Gateways
• Hardware and software providers

Fortunately, managing analyst John Heggestuen and research analyst Evan Bakker of BI Intelligence, Business Insider's premium research service, have compiled a detailed report that breaks down everything you need to know—whether you’re a payments industry veteran or a newcomer who is still getting a basic knowledge of this complex world.

Among the big picture insights you’ll get from this new report, titled The Payments Ecosystem Report: Everything You Need to Know About The Next Era of Payment Processing:

• The 5 key events of 2015 that have set up 2016 as a watershed year for the entire payments ecosystem. 
• The basics of traditional card processing from the start of the process through to the very end.    
• Why new players and innovations like prepaid cards, store cards, and PIN debit transactions are gaining market share and creating new opportunities.   
• The effects—good and bad—of the transition to new mobile payment methods.   New players and old have surprising threats and opportunities in areas as varied as carrier billing, remittances, wearables, and more.   

This exclusive report takes you inside these big issues to explore:

• The critical steps in credit card transactions and how they are changing.
• The six major types of organizations involved in the payments ecosystem.
• The significant differences for industry players who operate closed-loop networks and offer prepaid cards.
• The challenges and opportunities facing hardware and software providers for the payments sector.   
• The 8 reasons why mobile wallets are growing so fast and how they will disrupt all aspects of the mobile ecosystem.    
• The exciting possibilities ahead in fast-growing payments subsectors like remittances, connected devices and mobile P2P payments.   
• And much more.

The Payments Ecosystem Report: Everything You Need to Know About The Next Era of Payment Processing is the only place you can get the full story on the rapidly-evolving world of payments.

To get your copy of this invaluable guide to the payments industry, choose one of these options:

1. BEST VALUE:  Join our BI Intelligence INSIGHTS service level and gain immediate access to this report PLUS much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

Join the conversation about this story »

A forthcoming bitcoin software update will be the first to feature preliminary code for a future scaling upgrade.

Bitcoin price has halted decline and may have found support at the $555 (Bitstamp) level. The 4-hour candle chart shows that advance is possible, but that a critical watershed for decline remains close-by. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now. Bitcoin Price […]

The post Bitcoin Price Holds Above $550 Support appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

BitGo’s Mike Belshe has said that questions raised about the security of bitcoin with some suggesting that digital currencies can never be secure are wrong. After Mt. Gox, the second biggest security breach of a bitcoin exchange took place earlier this month when the Hong Kong-based Bitfinex halted trading after hackers stole around $70 million […]

The post BitGo CEO Mike Belshe Believes in Bitcoin Despite Bitfinex Hack appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world:  The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

• Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential briefing that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

• Retail banking

• Lending and Financing

• Payments and Transfers
• 
Wealth and Asset Management

• Markets and Exchanges

• Insurance

• Blockchain Transactions


If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.       

Among the big picture insights you’ll get from this new report, titled The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.

This exclusive report also:

• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

1. BEST VALUE:  Join our BI Intelligence INSIGHTS service level and gain immediate access to this report PLUS much more.  >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.

Join the conversation about this story »

Cryptocurrency systems like bitcoin may offer the answer to monetarily powering the IoT.

Another day, another crazy bitcoin story.

This time: Users are being warned that an upcoming release of digital currency could be targeted by "state-sponsored hackers."

Popular bitcoin information site Bitcoin.org has been updated with a message urging users to take care when updating their software: "Bitcoin.org has reason to suspect that the binaries for the upcoming Bitcoin Core release will likely be targeted by state sponsored attackers. As a website, Bitcoin.org does not have the necessary technical resources to guarantee that we can defend ourselves from attackers of this calibre. We ask the Bitcoin community, and in particular the Chinese Bitcoin community to be extra vigilant when downloading binaries from our website."

Bitcoin is open-source, meaning that anyone can download the code that powers the digital currency themselves and compile it into software. But ordinary users without the time (or technical know-how) can just download binaries — pre-compiled versions of the software that do not require any special knowledge to run.

The contributor to Bitcoin.org is worried that these binaries might be targeted: "If an attacker could intercept and secretly modify the files, it could compromise users who unwittingly install them. The attacker could potentially steal the victims' bitcoins, or use their machine in a "51% attack," which attempts to take control of the majority of the bitcoin network.

There is no word on the evidence behind the Bitcoin.org contributor's suspicions, nor do we know which country is behind the supposed forthcoming attack — or even what its end goal is.

"In such a situation, not being careful before you download binaries could cause you to lose all your coins," the site says. "This malicious software might also cause your computer to participate in attacks against the Bitcoin network. We believe Chinese services such as pools and exchanges are most at risk here due to the origin of the attackers."

Complicating matters, it sounds like the person who updated the site did it by themselves. Eric Lombrozo, a contributor to Bitcoin Core, told The Register: "The maintainer of the bitcoin.org site (which is unaffiliated with the Bitcoin Core project itself) posted an advisory of an apparent threat he's been informed about – without consulting anyone else."

Lombrozo went on: "There's absolutely nothing in the Bitcoin Core binaries, as built by the Bitcoin Core team, that has been targeted by state sponsored attackers that we know of at this point. Perhaps certain sites where people download the binaries could end up getting compromised, but let's not unnecessarily spread paranoia about the Bitcoin Core binaries themselves."

In short: There's an ominous warning of an impending government hack attack, but with no evidence to substantiate it (yet), and others in the community are expressing skepticism.

For bitcoin, with its outrageous history of hacks, paranoia, and confusion, this is all par for the course.

Join the conversation about this story »

NOW WATCH: This device will make you feel less guilty about leaving your dog home alone

A new report released by Greenwich Associates has found that a high percentage of respondents are concerned with blockchain security when it comes to transaction confidentiality. Blockchain technology is taking the financial institution by storm. As more financial companies continue investing into the technology to bring it to the market it seems hopeful that it […]

The post Report Shows Banks Concern for Transaction Confidentiality on Blockchain Technology appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

One of the four cities that will be the “hotbeds” of the blockchain financial services is Hong Kong as the technology is expected to be implemented by banks and other financial institutions within three years.  That’s according to the director business development and strategy, Cloud + Enterprise at the U.S. tech giant, Microsoft, Marley Gray. The other […]

The post Blockchain to Attract the World to Hong Kong appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The man leading UBS' exploration of blockchain and cryptocurrency technologies is leaving the bank, according to an internal memo seen by Business Insider.

Alex Batlin is leaving "to pursue an opportunity outside of UBS" the memo written by UBS' head of innovation Veronica Lange states. The departure was first reported by Financial News.

It's the second high-profile departure of an executive working with fintech — financial technology — at the bank this year. UBS' chief information officer Oliver Bussmann left the bank in March amid a management reshuffle. Bussmann, formerly CIO at software giant SAP, was a huge advocate of blockchain technology and well-regarded in London's fintech community. The two departures are understood to be unrelated.

Batlin ran UBS' innovation lab at Level 39, a fintech hub in Canary Wharf, and headed its Crypto 2.0 programme, exploring the use of cryptocurrencies in mainstream finance.

Lange says in the memo: "There is no change to our focus and approach on blockchain technology. We are reviewing the options for internal and external candidates to lead the next phase of the program and to extend our L39 lab activities beyond blockchain as we move forward.

"Alex's dedication to the innovation lab and Crypto 2.0 pathfinder program has left us with a well-organized project pipeline and in a strong position to approach the next phase of blockchain technology acceleration and business development."

UBS confirmed Batlin's departure but declines to comment.

Banks and financial institutions around the world are investing huge amounts of time and energy into blockchain technology, spending thousands on proof of concepts, issuing countless white papers, and joining industry-wide bodies to figure out how to use the protocol.

Blockchain is a type of database technology first developed to underpin digital currency bitcoin. Instead of one central database of who owns what, blockchain allows for a network of identical, linked databases that talk to each other and are updated simultaneously.

Every time someone wants to make a change or add something onto the blockchain (the shared database), the majority of members of the network must sign off on it. This cuts out the need for middlemen in transactions, because the fact that everyone signs off means trust is built into the system.

By cutting out middlemen, cost is reduced. The process of the group signing off on transactions should also theoretically reduce error. These two key features make it hugely attractive to banks.

Bitcoin's original blockchain is used to record bitcoin transactions — but the tech could theoretically be used to record just about anything that involves transactions. Applications are being developed for everything from share records to art and diamonds.

Join the conversation about this story »

NOW WATCH: MALCOLM GLADWELL: ‘Anyone who gives a single dollar to Princeton has completely lost their mind'

Bitcoin Press Release: World Gold Coin is now available for trade on C-CEX. The cryptocurrency platform offers a whole range of digital currency solutions to its users. August 17, 2016, Hong Kong – World Gold Coin announces its inclusion into the well-known cryptocurrency exchange, C-CEX. The listing now allows cryptocurrency users to trade the new digital […]

The post World Gold Coin Gets Listed on C-CEX Cryptocurrency Exchange appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin Press Release: mBit Casino, the leading Bitcoin gambling site has introduced a new VIP rewards program where players get rewards and loyalty points for their activity on the platform. August 17, 2016, Curacao – Bitcoin and its underlying technology have been creating waves across the industries with their disruptive nature. Among all the industries, this […]

The post Why Are All the High Rollers Moving Their Action to mBit Casino? appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The way we pay is changing dramatically. For example, people are beginning to use their smartphones for every kind of formal and informal transaction — to shop at stores, buy songs online, and even split their rent.

At the heart of these changes in how we pay are thousands of companies competing and collaborating to facilitate transactions.

To understand why the payments industry has faced so much disruption in such a short time, there's just one key thing to understand: Payments is about transferring information from one party to another, and nearly every stakeholder in the industry benefits when that process runs on digital rails.

But payments is also an extremely complex industry that few fully understand.

In BI Intelligence's 2016 Payments Ecosystem report, we make it simple, explaining how it works, who the key players are, and where it's headed.

In this latest edition of the report, BI Intelligence drills even further into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.

Here are some key takeaways from the report:

• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.

In full, the report:

• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. 

The Payments Ecosystem Report: Everything You Need to Know About The Next Era of Payment Processing is the only place you can get the full story on the rapidly-evolving world of payments.

To get your copy of this invaluable guide to the payments industry, choose one of these options:

1. BEST VALUE:  Join our BI Intelligence INSIGHTS service level and gain immediate access to this report PLUS much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

Join the conversation about this story »

Bitcoin Press Release: The LEOcoin Foundation has recently released a white paper detailing the cryptocurrency’s progress so far and the road ahead. August 17, 2016 – LEOcoin has been constantly gaining the attention of entrepreneurs, governments and private enterprises across the world. The digital currency is empowering individuals and businesses by offering them a fast and […]

The post LEOcoin, The Global Cryptocurrency for Entrepreneurs, Releases White Paper appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world:  The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

• Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential briefing that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

• Retail banking

• Lending and Financing

• Payments and Transfers
• 
Wealth and Asset Management

• Markets and Exchanges

• Insurance

• Blockchain Transactions


If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.       

Among the big picture insights you’ll get from this new report, titled The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.

This exclusive report also:

• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

1. BEST VALUE:  Join our BI Intelligence INSIGHTS service level and gain immediate access to this report PLUS much more.  >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.

Join the conversation about this story »

As financial companies have begun exploring blockchain technology, bitcoin’s promise as a payment disruptor has earned its fair share of skeptics who say the promise has been exaggerated. In response to these naysayers, Arthur Levitt, Jr., former chairman of the Securities and Exchange Commission, and Peter Smith, CEO of Blockchain, have written a column in American […]

The post Former SEC Chairman Levitt and Blockchain’s Smith Answer Bitcoin’s Naysayers appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

A new post to the Bitcoin.org website indicates its contributors have reason to believe the website may be targeted by malicious actors.

This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here.

UK digital-only bank Mondo received a restricted banking licence last week and can now hold up to £50,000 ($65,000) in customer deposits and connect to live payments networks to test its systems.

This means that it no longer has to rely on prepaid cards loaded with funds held by a third party as it did previously. In order to obtain a full banking licence, Mondo must prove that its systems are stable and conform to regulatory standards in the next 12 months. The bank outlined its plan to meet these requirements in a blog post this week:

• Hiring. Mondo plans to hire heads of compliance and risk, likely in an attempt to reassure the Financial Conduct Authority (FCA) that it has the requisite knowledge and experience to run a bank. 
• Connecting to payments networks. The bank can now build connections to payments networks including MasterCard, Faster Payments (for instant payments), and Bacs (to enable direct debits and standing orders).
• Upgrading its Android app. Much of Mondo's attention so far has been on its iOS app. It now plans to roll out its Android app to more users and upgrade the functionality to match that of the iOS version. 
• Raise money. To achieve the above steps, Mondo needs to raise capital. It plans to raise £15 million-£20 million ($19 million-$26 million), as first reported by Business Insider in June, with a large portion of that coming from crowdfunding. 

Mondo's decision to launch a live product before getting a licence may help it succeed. The bank has been sending out 1,000 cards a week since March, and there are 35,000 people on its waiting list. This means that it already has a loyal customer base to transition to its banking product once it has a full licence. And since the product has been live for months, it's been developed and refined with customers' input. This may help Mondo capture market share and provide it with an edge over other digital-only banks in the UK including Starling, Atom, and Tandem — none of which yet have a live product in the hands of customers.

We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

• Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

• Retail banking

• Lending and Financing

• Payments and Transfers
• 
Wealth and Asset Management

• Markets and Exchanges

• Insurance

• Blockchain Transactions


If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.

Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.

This exclusive report also:

• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.

Join the conversation about this story »

What NXT Superstar will make their debut at NXT Takeover, and what happens when Samoa Joe and Shinsuke Nakamura have one last faceoff before the pay-per-view?

Since a high-profile hack, Bitfinex has reclaimed its position as the top USD/BTC exchange, but questions about its future remain.