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Grandpa Had a Pension. This Generation Has Cryptocurrency — The New York Times
Millennials, having entered the workforce during one of the worst economic downturns in decades, have forsaken traditional pensions and other long-term retirement investment plans. Teddy Wayne (@TeddyWayne1999) of The New York Times reports how cryptocurrency has emerged as a viable substitute for traditional investment vehicles. And although it's still the Wild West in the world of cryptocurrency, many are hedging their futures on Bitcoin and Ethereum. To the victor go the spoils.
You may not have heard of Stripe, but odds are you've benefited from their code; you have, at least if you've taken a Lyft, or contributed to a Kickstarter campaign, or donated to NPR, or even bought something from Target's mobile app. Ashlee Vance (@valleyhack) for Bloomberg writes how one fintech in the Valley found its way into a litany of smartphone and web apps by appealing to a substantial audience—developers.
Having secured a cumulative $3.5 billion in funding this year alone, fintechs are attracting investors at a breakneck pace—at least it is according to KPMG. Lauren Gensler (@laurengensler) writing for Forbes, compiles a list of the ten most valuable privately-owned fintechs in America. Unsurprisingly, Stripe's planted firmly at the top spot having secured over $9 billion in funding thus far.
The cryptocurrency wallet app you've never heard of has just secured additional funding, bumping its valuation to $1.6 billion—US dollars to be clear. Fitz Tepper (@fitztepper) of Techcrunch reports. Coinbase, powered by its own exchange platform GDAX, is quite possibly the simplest way to get into the Bitcoin, Etererum—and as of earlier this year—Litecoin trading game—attracting record-volume users within the last six months.
A forward-thinking Vanessa Rubio, the undersecretary at Mexico's finance ministry, underscores the importance of making fintech a discussion point at upcoming NAFTA renegotiations. Anthony Esposito for Reuters reports. "We are not yet sure what will end up in the text of the new agreement, but we are sure that we need to have a discussion about new services, above all about the fintech industry," Rubio told Reuters. Her statement foretells the disruptive nature of fintech—not just in the States but throughout the world.
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