Fintech News: June 3rd, 2016

The largest crowdfunding effort in history is built on bitcoin’s rival currency, Snapchat enters fintech, optimizing your product for lazy consumers, and reducing fraud rates with mobile devices. Here are the big fintech stories this week.

The DAO of accrue (The Economist)

bitcoin-and-ethereum-sitting-on-a-tree@2xThe leaderless organization, the DAO, has raised nearly $150M, making it the largest crowdfunding effort ever. It is build upon “smart contracts,” business rules which automatically execute when participants have signed off on them. Here’s how it relates to the Ethereum, the strange new crypto-currency competing with Bitcoin.

Snapchat Valuation Soars Due To Fintech Features (Bitcoinist)CasjLZVW4AAlcqc

Snapchat had a great week. In addition to surpassing Twitter in number of DAUs (150 million, to be precise,) its valuation skyrocketed as it continues to integrate more third-party features (a-la-WeChat) and become a mobile investment advisory platform.

Eliminate Those Pesky Digital Speed Bumps (The Financial Brand)

Humans have a shorter attention span than goldfish in 2016. As such, consumers are impatient when it comes to their finances. Speed is the new currency, and minimizing the number of taps or clicks required is a great way to improve your product. Read more on how speed relates to financial services.

Is Mobile Account-Opening Safe? (American Banker)

appletouch_bg2With advanced selfie detection and QR code license verification, mobile devices are often better at detecting fraud than desktop or in-person for opening an account, where it is often easy to get through with a fraudulent ID. However, these technologies open up new channels for fraud that will require innovative cyber security solutions to solve.

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