The Bitcoin-friendly payments company and app Square is in today’s crypto news, this time for outlining its plans to penetrate to new markets by issuing business loans and soon move to consumer lending. The data collecting and analysing algorithms are deciding the creditworthiness and letting borrowers arrange their loans in a few taps.
As WSJ reported, one Texas-based food truck owner accepted a loan offer within the Square app and went on to borrow $150,000 to open a gastropub. The borrower, as reported, already used Square devices in order to process the credit card payments for his business. It was Square’s algorithms that had been watching the transactions and monitoring the sales before offering the loan in a few minutes within the app. The food truck owner received the funds few days after the confirmation.
As Wilson said in his own words:
“It’s either one of those things that are too good to be true or it’s going to require a lot of time and effort where it’s not worth it for me.”
This case proves that fintech is becoming bigger every day. Now, the technology inside Square is definitely a rival to big conventional banks which are bogged down by the size, bureaucracy and technology lags.
With this, Square confirmed that it is moving into consumer lending and exploring ways to offer loans to its 7 million user base. As one past Medium post by Square reads:
“We can also utilize Square data and machine learning to help our sellers find the best Square products for their business. We have a data science team devoted to using domain knowledge and feature engineering to predict a seller’s likelihood to use any given suite of Square product offerings.”
Currently, Square is preparing to open a bank in the US state of Utah and with this, offer business loans and deposit accounts to both consumers and businesses.
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
Scottish Man Sentenced To Prison For Buying Firearms On The Dark Web With BTC
‘’You claim that you had no intention of causing harm to anyone but the fact remains that you went to considerable lengths to get hold of a potentially lethal weapon and ammunition. You must have appreciated that this was unlawful. For this conduct you must be punished.’’This case is only a number in the series of similar cases where bitcoin is used to carry out illegal activities on the dark web.
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