Australian Fintech and Startups
Block (ASX:SQ2) had a cracking earnings report (and the Aus market agreed) with Jack Dorsey saying Afterpay is critical to Square’s growth. Link
Wollongong-born and EU-bred BNPL, Scalapay, raised a $692m Series B. Founded in 2019, this blows my mind (in the good way). Link
Revolut launched stock trading in Australia. Link
Big Tech
Klarna released a ‘pay now’ option, where you pay for a transaction in full, as opposed to instalments. It received a lot of criticism online (including this article, referencing Dido’s ‘white flag’ - which is a mega tune).
OpenSea is getting sued for losing someone’s Bored Ape NFT. Link
Potpourri
On twosday this week, the date was both a palindrome and ambigram. Link
Ghostships and the unresolved mystery of the Mary Celeste. Link
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Crypto and the Russo-Ukrainian Crisis
Crypto’s role in the Russo-Ukrainian crisis is intriguing. The combined market cap of cryptocurrencies has dropped ~1.5t since yesterday, emulating an equity market where risky assets are sold off amidst global uncertainty. However, outside of price movements, it’s interesting to look at the role of crypto (and central bank digital currencies, or CBDCs) in geopolitical conflicts, namely to avoid sanctions. I found some good reads below:
Q: How could crypto or a CBDC be used to evade sanctions?
International Implications of CBDCs - UK Parliamentary Committee. Notable quote: “CBDC mechanisms for cross-border trade could “begin to erode the dollar’s hegemony and replace the use of SWIFT, thereby reducing US sanctions leverage.” Paper (pp. 33 - 35)
How cryptocurrency helps Russian billionaires avoid sanctions. Article
Financial sanctions are now easier than ever to evade, thanks to Bitcoin. Link
Analysing the impact of restricting Russia’s access to SWIFT (the global interbank payment network, developed in the 1970s). Here.
Jimmy’s Notes
Totally unrelated but I found myself wielding an umbrella on multiple occasions this week and remembered learning the etymology of the word umbrella many many moons ago... Umbrella is the diminutive form of ‘umbra’ meaning ‘shade’ or ‘shadow’. So every time it’s raining you have a little shade protecting you, which I think is nice. ☔️
Trivia
(a) Name an independent country spelled with the letter S three times.
(b) What term can be applied to a person from the capital of the US state of Arizona, or a person from an ancient society located in modern day Lebanon?
( c) In 330 AD, beginning with C, what city became the capital of the Roman Empire? Also, beginning with B, what was it called before that?
(d) What two logos have been combined below?
(e) What is the longest running musical on Broadway that was released in the 21st Century?
Trivia Answers
(a) St Kitts and Nevis, Solomon Islands
(b) Phoenician
( c) Constantinople, Byzantium
(d) FILA and Dominos
(e) Wicked