In today’s FinTech news, margin calls are rising as bitcoin and other cryptocurrencies fall, while digital payments in Africa are expanding further across the continent as MFS Africa collects more funds. Plus, Grubhub drivers can get wages deposited daily onto a prepaid or debit card.
Bitcoin Plummet Triggers $1B in Margin Calls
Investors have liquidated more than $1 billion in margin calls in the last 24 hours as the drop in bitcoin and other cryptocurrencies continues to fall. Crypto’s total market capitalization was roughly $975 billion on Monday (June 13) from a November high of close to $3 trillion.
Grubhub offers drivers instant wages after partnering with PayPal and Visa
Food delivery platform Grubhub has partnered with PayPal and Visa to give temporary workers on its platform more ways to instantly access wages. Instant Cashout, in partnership with Chase, was launched in 2019 and provides drivers with instant cash in their bank accounts. Linking with PayPal and Visa allows drivers to add wages to debit cards or prepaid cards.
MFS Africa raises $100 million in extended Series C
Digital payment network MFS Africa has raised a total of $200 in its extended Series C following an infusion of $100 million in additional capital. The new funds will be used to further its growth in Africa and Asia through its partnership with LUN Partners and to enable cross-border digital payments between Africa and China.
US lawmakers push bill that could block fintech and AI investments in China
Congress is moving forward with legislation that would propose the creation of a National Critical Capabilities Committee to assess investments in countries viewed as adversaries as a way to protect American technology and rebuild critical supply chains. It has not yet been decided which agency will oversee the committee.
Spreedly launches network tokenization program with Mastercard
Payment orchestration platform Spreedly has partnered with Mastercard for network tokenization. The partnership gives merchants the flexibility of network token transactions while also enabling ongoing transactions with other payment service providers or acquirers that are developing network token capabilities.