FinTech

Klarna Bank AB is seeking to raise new funds that could value the fintech giant at almost a third less than the roughly $46 billion valuation it achieved just under a year ago, according to people familiar with the matter, an example of the struggles facing the tech investing world.Klarna specializes in buy-now-pay-later services, a popular type of cash advance that competes with credit cards and lets customers pay for goods and services in installments without paying interest. Klarna makes money by charging merchants who…

Mastercard's biometric checkout technology lets users pay by scanning their face or palm.MastercardMastercard is piloting new technology that lets shoppers make payments with just their face or hand at the checkout point.The company on Tuesday launched a program for retailers to offer biometric payment methods, like facial recognition and fingerprint scanning. At checkout, users will be able to authenticate their payment by showing their face or the palm of their hand instead of swiping their card.The program has already…

Coinbase reported a 27% decline in revenues in the first quarter as usage of the platform dipped.Chesnot | Getty ImagesCoinbase has become the latest tech company to warn of a slowdown in hiring.The crypto exchange told staff Tuesday it would slow hiring and reevaluate its headcount, reversing earlier plans to triple its workforce in 2022."Given current market conditions, we feel it's prudent to slow hiring and reassess our headcount needs against our highest-priority business goals," Emilie Choi, Coinbase's chief…

Founders: Henrique Dubugras, Pedro Franceschi (co-CEOs)Launched: 2017Headquarters: Remote-firstFunding: $1.2 billionValuation: $12.3 billionKey technologies: Cloud computing, machine learningIndustry: FintechPrevious appearances on Disruptor 50 List: 1 (No. 6 in 2021)Brex offers start-ups credit lines and software to manage their finances. While its main product – an unsecured, high-limit charge card for start-ups – exposes it to high-risk companies that could fail, the company manages risk by using real-time data on…

Bitcoin fell below the $26,000 level since December 2020. (Photo credit should read CFOTO/Future Publishing via Getty Images)CFOTO | Future Publishing via Getty ImagesInvestors have been eager to find out what happened to the $3 billion in bitcoin bought up by crypto firm Terra to back its failed stablecoin. Now, they've got their answer.Luna Foundation Guard, a fund set up by Terra creator Do Kwon, said Monday it spent almost all of the bitcoin in its reserve last week in a futile attempt to save terraUSD — or UST, for…

Tether has long faced questions over whether it has enough assets to justify its peg to the dollar.Tiffany Hagler | Bloomberg via Getty ImagesTether, the world's largest stablecoin, regained its peg to the dollar after more than $3 billion worth of tokens left the system in a single day.The cryptocurrency — which is meant to always be worth $1 — sunk as low as 95 cents on Thursday and struggled to climb back to its intended dollar peg.By Friday, tether was trading firmly at $1 again, soothing investors' fears about a…

The entire stablecoin market is now worth more than $160 billion.Justin Tallis | AFP via Getty ImagesRegulators are getting increasingly worried about stablecoins after the collapse of controversial cryptocurrency venture Terra.TerraUSD, an "algorithmic" stablecoin that's meant to be pegged one-to-one with the U.S. dollar, has erased much of its value this week after a stunning run on the bank that saw billions of dollars suddenly evaporate from its market value.Also known as UST, the cryptocurrency operated using a…

Crypto firm Tether has been reducing the amount of commercial paper in its reserves.Jakub Porzycki | Nurphoto | Getty ImagesTether, the world's largest stablecoin, broke below its $1 peg Thursday amid panic in the crypto market.The token sank to as low as 98 cents at around 3:30 a.m. ET, according to data from CoinGecko. It's meant to be pegged one-to-one to the U.S. dollar.Tether's decline came after terraUSD, a different stablecoin, plummeted below 30 cents Wednesday.Vijay Ayyar, head of international at crypto exchange…

Bitcoin plunged further below the $30,000 mark as investors fled cryptocurrencies.Jaap Arriens | NurPhoto | Getty ImagesBitcoin slumped below $27,000 Thursday for the first time in over 16 months, as cryptocurrency markets extended their losses amid fears over rising inflation and the collapse of a controversial stablecoin project.The price of bitcoin plunged as low as $26,595.52 Thursday morning, according to Bitstamp data. That marks the first time bitcoin has sunk below the $27,000 level since Dec. 30, 2020.As of 1:30…

Bitcoin, the world's largest cryptocurrency, has fallen over 50% since setting an all-time high of nearly $69,000 in November.Dan Kitwood | Getty ImagesThe two main tokens from embattled crypto project Terra are now in freefall.UST, a so-called stablecoin that's meant to maintain a $1 peg, plunged more than 60% Wednesday from 24 hours earlier. It was trading at just 35 cents at 4 a.m. ET, according to CoinGecko data.Sister token luna dived more than 80% to $5.Other cryptocurrencies tumbled alongside them, with bitcoin…