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? News Highlight: J.P. Morgan said it has become the first lender to arrive in the metaverse, having opened a lounge in Decentraland, a virtual world based on blockchain technology.
⚡ Just in Zand, the UAE's first digital bank that will cater to retail and corporate clients, has unveiled new international and local shareholders as it prepares for an “imminent launch” in the country.
⭐ Also, Binance, the world’s biggest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, the 104-year-old magazine and digital publisher, CNBC has learned.
?? Furthermore, According to C-Innov, in 2021, despite the pandemic’s initial blow to the stock market, Digital Banks continued to attract investors, acquire funding, increase their customer base, diversify revenue streams, and reach a profit to boot.
? Crypto – EverUp is currently raising capital to launch the UK’s first crypto gamified rewards debit card – a particularly timely proposition as consumer awareness of and interest in crypto trading peaked at 78% in 2021, up from 42% in 2019 and 73% in 2020.
? Insights: According to an article by Flagship Advisory Partners, despite its recent dip, 2021 was a breakthrough year for crypto, with its market capitalization rising by 188% to reach ~$3 trillion in November 2021. Crypto’s profile and growth to date has derived from its utility as a store of value, but we are finally starting to see its potential as a ‘medium of exchange’.
? M&As:
- M2P Fintech, a Chennai-based application programming interface (API) infrastructure company, announced that it has signed a definitive agreement to acquire BSG ITSOFT, a leading provider of core banking solutions.
- Financial technology leader FIS announces it has enhanced its embedded payments strategy with the acquisition of Atlanta-based, Payrix.