The Intersection: Crypto And Wall Street This Week - Saturday, April 24

Blockchain, Technology, Smart, Bitcoin, Money

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

VENMO LAUNCHES ‘CRYPTO ON VENMO

PayPal’s (PYPL) Venmo announced the launch of crypto on Venmo on Tuesday, a new way for Venmo's over 70M customers to buy, hold and sell cryptocurrency directly within the Venmo app. The company said, “crypto on Venmo offers customers a way to start their crypto journey alongside the many ways they already use Venmo to spend and manage their money. With crypto on Venmo, customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto.” Customers using crypto on Venmo can choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. When they make transactions, customers can also choose to share their crypto journey with their friends through the Venmo feed. Additionally on Tuesday, Maximillian Friedrich, a top fintech analyst for Cathie Wood, said he found PayPal's Venmo is the "least competitive" crypto trading app. After comparing key features of Cash App, Venmo, and Coinbase (COIN), the analyst said that Venmo is the least appealing app because it offers fewer currencies and has higher fees. "Venmo seems least competitive given mostly higher fees than Cash App/Coinbase while offering significantly less currencies than Coinbase," Friedrich said.

BINANCE.US HIRES FORMER TOP BANK REGULATOR

Binance.US announced Tuesday that former Acting Comptroller of the Currency Brian Brooks is joining the company as CEO, effective May 1, 2021. From May 2020 to January 2021, Brooks served as Acting Comptroller of the Currency, where he was the administrator of the federal banking system and the chief executive of the 3,500-employee federal agency responsible for chartering and supervising banks comprising 70% of all banking activity in the United States. Changpeng Zhao, Founder and CEO of Binance, the world’s largest cryptocurrency exchange which licenses its matching engine and wallet technologies to Binance.US, said, “Brian is an esteemed leader with an unparalleled blend of experience across traditional financial services, government, and the digital assets industry. Binance.US’s ability to attract an executive of Brian’s caliber is a testament to the strength of its platform. His knowledge and expertise will be invaluable as Binance.US continues to expand.”

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