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Cryptocurrency Maker Ripple Labs Fined $700K for Flouting Financial Regs
Today federal regulators announced a fine (PDF) of $700,000 against cryptocurrency company Ripple Labs for failing to register as a money service business. Ripple Labs built a payment transfer platform that people can use to move real or virtual money, and the company maintains its own cryptocurrency, called XRP II, which loosely compares to Bitcoin. (Unlike Bitcoin, XRP was fully generated before it went on the market, so an equivalent to Bitcoin miners doesn't exist in XRP.)
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Western Union Said in Early Stage Talks to Buy Rival MoneyGram
Western Union Co. is in early-stage talks to acquire smaller rival MoneyGram International Inc., people with knowledge of the matter said, as both companies contend with stiff competition from upstart money-transfer companies.
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Impact Investing Grows, but There’s Still a Dearth of Deals
A new study found that 146 of the world’s largest impact investors manage a big hunk of change: $60 billion. But they also continue to bemoan a lack of high-quality investment opportunities. And finding a way to exit isn’t easy.
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- impact investing
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Press Release: Greta Bull Appointed New CEO of CGAP and World Bank Group Director
The Consultative Group to Assist the Poor (CGAP), today announced the appointment of Greta Bull as its new CEO. As CGAP’s CEO, Ms. Bull is also a Director at the World Bank Group.
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- microfinance
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Complement Your Giving With Impact Investing
Individual Americans gave $241.3 billion to charities in 2013, the most recent year for which data are available. They gave even more to their future selves, investing some$300 billion in their retirement accounts. Clearly, $241 billion in donations has the potential to accomplish a lot of good. But what about the investments?
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Press Release: Acumen Launches Expansion to Tackle Poverty in Latin America
Acumen announced today its expansion to support social entrepreneurship in Latin America. The pioneer in impact investing will be headquartered in Bogotá and will invest in innovative entrepreneurs and enterprises in Colombia and Peru to drive faster, sustainable solutions to poverty and create new paths forward to tackle economic inequality. While extreme poverty in Latin America has declined by half, more than 80 million people still live on $4 a day and more than 200 million are at risk of being pulled back into poverty by economic instability and climate change.
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- Latin America
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Bitcoin, Mobile Payments Share Some Consumer Adoption Problems
This all sounded very familiar. Last week, Networld Media Group hosted its first Virtual Currency Today Summit in Boston. Bitcoin enthusiasts filled a room at the Back Bay Hilton with a lot of gusto for the virtual currency's future, specifically the potential for the blockchain technology.
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- digital payments
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Press Release: Microfinance Leaders Offer Model Law Resource for Financial Consumer Protection
The Microfinance CEO Working Group has published Client Protection Principles: Model Law and Commentary for Financial Consumer Protection. This Model Law provides a framework of suggested legislation for financial consumer protection in the microfinance and broader financial inclusion industry.
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