Federal withheld taxes (income growth proxy) rose 5.3% y/y over the 13 weeks to Oct 16 and 4.9% over the 4 weeks.
Scoop: Visa in talks to acquire Fireblocks for around $2.5B axios.com/pro/fintech-deals/…
If there’s one thing $SE has proven over the last few years is they are calculated when they discuss certain business units or metrics. Sea Cloud is something they’ve been working on for years.
$SE has been building its own cloud platform to power Shopee, Garena and Monee for a while now. Specifically, during the past 2 years, about 500 employees have been rebuilding it to support AI applications.
Now they plan to offer it externally as Sea Cloud, an AI enterprise platform.
This could open up a new revenue stream and create another potential catalyst for them. (Or it could lead to some dumb investments- I don’t think so but they have to prove it.
It remains to be seen if they can attract external customers and compete in the enterprise market. The infra is proven internally, but external demand is still unproven.
My personal arc with blockchain technology isn't too different from Joe's. Even if you look past the hyperliquid:native of the world, the institutional adoption of blockchain by some of the largest FIs is hard to ignore if you follow financial services.
I restarted writing my weekly newsletter called Fintech on File covering key trends and news in fintech. New weekly versions will be posted each weekend going forward. Below is what the latest edition covered:
Fintech on File #6: Mastercard and Visa took stablecoin products live Oct 15, absorbing them as another rail. Also Ramp at $60B, Kraken buys an EU bank, and Stripe says agentic commerce went vertical in September.
Subscribe:
ottavi.substack.com/p/fintec…
There’s a lot of nuance in what “tokenization” means and how much of the traditional value chain is disrupted (or kept intact in the case of DTCC).
This quoted post is unavailable.
Ottavi retweeted
David Vélez on why stablecoins could save the US dollar:
"There are about 190 currencies around the world. My view is that in 10-20 years from now, those 190 will be 10.
The fiscal situation in so many countries around the world is so dire that a lot of that fiat money is not real money.
And so increasingly, billions of people are going to be banking on the offshore world, US stablecoin, but also Bitcoin and other type of assets.
I think the US stablecoins ultimately will be the big savior or one of the biggest saviors of the US dollar, because it democratizes access to the US dollar.
At least there is a lot of demand for the US stablecoin. There's very little for the Brazilian stablecoin, unfortunately."
My conversation with David Vélez (@velez_david), founder and CEO of Nubank.
The last time we did this was five years ago, and Nubank had 35 million customers. Today it has over 140 million, and it has just announced it's coming to the US.
David now talks about expanding to 100 countries and reaching a billion customers.
We discuss:
- State and future of global banking
- Agents as a customer segment
- Going from one direct report to 20
- How he's rebuilding the company with AI
- Where fintech opportunities remain
- The end of cash
- Founder v CEO, great leadership, and finding the right mission
Enjoy!
TIMESTAMPS
0:00 Intro
1:25 Banking's $10 Trillion Disruption
5:54 AI's Impact on Banking
14:40 Building Moats in the AI Era
23:29 The Future of Money
36:01 Nubank's Global Expansion
48:24 Reinventing Nubank with AI
59:47 Founder Mindset and Leadership
1:13:18 Nubank's Future and Entrepreneurship