Tag: Debit card

BusinessStartupsTechnology

Aave Labs Expands DeFi Reach with Strategic Acquisition of Stable Finance

Aave Labs has acquired stablecoin savings platform Stable Finance in a strategic move to expand its DeFi offerings. The acquisition brings Stable’s engineering team and technology to Aave, accelerating development of consumer-focused financial products.

Strategic Acquisition in DeFi Space

Aave Labs, the company behind the prominent decentralized finance protocol, has reportedly acquired Stable Finance according to recent announcements. Sources indicate this strategic move aims to accelerate Aave’s expansion into consumer-facing DeFi products while leveraging Stable Finance’s expertise in stablecoin savings applications.

by Ortega Rafael
GovernmentPolicyTechnology

Outdated Government IT Infrastructure Cost US Economy $40 Billion During Pandemic, Research Reveals

A Federal Reserve study indicates that antiquated COBOL-based unemployment systems in 28 states led to massive payment delays and reduced consumer spending. The research estimates these outdated systems cost the US economy at least $40 billion in lost GDP during the pandemic’s initial months.

Legacy Systems Struggle Under Pandemic Pressure

Outdated government IT infrastructure, particularly systems relying on the 60-year-old COBOL programming language, contributed to at least $40 billion in economic losses during the COVID-19 pandemic, according to a working paper from the Atlanta Federal Reserve. The research indicates that states using antiquated unemployment insurance systems experienced significant processing delays that reduced consumer spending and economic activity.

by Bennett Laura
BusinessStartups

MrBeast Ventures Into Financial Services With Trademark Filing for New App

Jimmy Donaldson, known as MrBeast, has filed a trademark application for “MrBeast Financial” through his holding company. The application suggests potential services ranging from banking to cryptocurrency trading. This move could mark the YouTuber’s most significant diversification beyond content creation to date.

MrBeast Financial Trademark Filing Reveals Potential Expansion

Jimmy Donaldson, the YouTube megastar known as MrBeast, appears to be venturing into the financial services industry with a trademark filing for “MrBeast Financial.” According to reports, the trademark application was filed on October 13 under Beast Holdings, LLC, Donaldson’s umbrella company, and suggests potential services including mobile app-based banking, short-term cash advances, and cryptocurrency trading.

by Bennett Laura