2019年7月17日
Facebook said its Libra cryptocurrency will be regulated by Swiss authorities
At a US Senate committee hearing on Tuesday, Facebook said that Swiss authorities will regulate the Libra Association – a consortium of companies including Uber, Mastercard, and Facebook itself, which will itself oversee the new Libra cryptocurrency. The issue, it seems, is that this was news to those Swiss authorities.
David Marcus, head of Facebook’s cryptocurrency-focused Calibra subsidiary. He stated in his prepared remarks that the Libra Association, which will be headquartered in Switzerland, will be regulated by the Swiss Federal Data Protection and Information Commissioner (FDPIC). The association will amass 100 members before Libra launches, Marcus said.
“For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner (FDPIC) will be the Libra Association’s privacy regulator,” said Marcus’ testimony.
However, the FDPIC reportedly says that neither Facebook nor anybody else from the Libra Association ever actually got in touch. “Until today we have not been contacted by the promoters of Libra,” Hugo Wyler, the FDPIC head of communication, said in a statement to CNBC on Tuesday. “We expect Facebook or its promoters to provide us with concrete information when the time comes.
Canva, Airwallex and Culture Amp lead Aussie startups to record US$1.23 billion in venture capital investment
Venture Pulse, KPMG’s quarterly report on global venture capital investment trends, has found Aussie entrepreneurs have outperformed, raising a collective US$1.23 billion from investors in the 2018-19 financial year. “The past 12 months has seen Australia surpass previous milestones when it comes to investment in startups,” said KPMG’s Head of Australia High Growth Ventures Amanda Price, in an email statement accompanying the report’s release.
“We continue to see greater amounts raised by later stage startups, with businesses like Airwallex and Canva raising significant later stage rounds.” Employee feedback platform Culture Amp was an early contributor to the financial year results, raising US$40 million in a series D round led by Aussie investor Blackbird Ventures in July 2018, having previously raised US$34 million.
Graphic design website Canva raised US$70 million in a campaign led by tech analyst Mary Meeker, taking its valuation to $US2.5 billion, while payments app Airwallex reached the unicorn status of a US$1 billion valuation following a US$100 million raise led by DST Global, which previously backed Airbnb and Spotify when they were startups. Other Aussie startups that contributed to the record year were HR software provider Flare (US$15.4 million), online education platform Cluey Learning (US$14.4 million) and headphones manufacturer Nura (US$21 million).
Globally, US$52.7 billion in venture capital was invested in the April-June quarter, of which US$31.5 billion was raised by US startups and US$10.1 billion raised by Asia-Pacific startups.
Wealthfront has one of the best high-yield savings rates right now
High-yield savings accounts have become commonplace in banking, and for good reason. They allow you to steadily grow money you need in the short term, with zero risk of losing it. The ideal high-yield savings account has no fees, a low minimum-balance requirement, and a high annual percentage yield (APY), which is the rate you earn on your money on an annual basis.
When it comes to earning potential, Wealthfront’s Cash Account investment app beats the high-yield savings accounts of its brick-and-mortar and online competitors with a 2.57% APY, as of this writing. What’s more, the account is fee-free, requires a minimum opening deposit of just $US1, allows unlimited transfers, and is FDIC-insured up to $US1 million.
Here’s how Wealthfront’s Cash Account stacks up against two popular high-yield savings accounts: Ally’s online savings account and Goldman Sachs’ Marcus account:
There’s no denying Wealthfront’s Cash Account is an all-around great deal, but it’s unlikely the interest rate will remain as high as it is today. In fact, the APY offered when you open any general savings or checking account isn’t locked in. When the rate is as good as it is on Wealthfront’s Cash Account, you can count on it changing, probably sooner rather than later.
When you open a high-yield savings account at Wealthfront, your money is stored at one of its partner banks. These banks have interest rates that are determined by the federal funds rate, which moves up and down at the behest of the Federal Reserve. Wealthfront passes along the interest rate set by its partner banks to its own clients, so when the federal funds rate fluctuates, so too does the rate on your high-yield account.
As Wealthfront CEO Andy Rachleff explained in a blog post, “the fed funds rate influences nearly every financial institution, and a rate decrease directly impacts consumers. The good news: when the rate goes down, mortgage rates go down. The bad news: high yield savings account rates and Certificate of Deposit (CD) rates go down, too. Unfortunately that includes Wealthfront cash accounts as well.”
Wealthfront recommends its high-yield savings account for storing money that’s going to be used within five years, whether it’s an emergency fund, down payment for a home, or an upcoming expense. The sooner you open and begin contributing to a Wealthfront Cash Account, the more time you have to take advantage of its above-average rate and maximise your savings. It’s always best practice to make sure the account otherwise meets your needs before chasing an interest rate that is bound to fluctuate.
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