Hey Snackers,
TikTok is the new market research, and burgers are the new nuggets: ketchup icon Heinz just launched a “Dip & Crunch” sauce for hamburgers inspired by a dip-in-chips TikTok trend.
The S&P 500 fell nearly 3% yesterday, and the Nasdaq dropped even more as inflation + Russia + China’s corona crackdown weighed on the market mood. After the bell: Google dropped on news of slowing sales growth, while Microsoft beat earnings and sales expectations.
Crypto primer... the moisturizing kind. Oddity is the tech-focused parent company of TikTok-approved makeup brand Il Makiage. Think: AR shade-matching and algorithmic foundation quizzes. Its employees are mostly data engineers with zero background in beauty. Now Oddity has become one of the first non-crypto companies to tie a blockchain-based security directly to its equity ownership. Let’s de-jargon that:
Ethereal blush… on ethereum blockchain. Oddity’s token will be issued through an SEC-registered blockchain platform called Securitize, which has been developing the (still tiny) market for security tokens. Oddity says its token is a “trailblazing” financial innovation. It might be onto something:
Security tokens could also be a gateway… to wider crypto acceptance. Unlike the stock market, the “Wild West” of crypto is still largely unregulated. Security tokens could be a bridge between the new world of digital assets and the old world of traditional markets. They’re created and traded on digital platforms, like cryptocurrencies. But they’re offered as regulated assets, like stocks and bonds. That could help set a standard for crypto regulation.
Zelle-ing into the void… America’s biggest money-transfer app (hint: not Venmo) is in the hot seat. When payment apps like Zelle, Venmo, and Cash App boomed during the pandemic — as people ditched germy ATMs — scammers paid attention: 18M people in the US reportedly got swindled on payment apps in 2020 alone. Now lawmakers are accusing Zelle of not taking responsibility in cases of fraud — just as the app considers expanding into retail payments. The details:
Late to the payments party… but showing up with a bang. EWS is owned by Bank of America, Capital One, Chase, PNC, Truist, US Bank, and Wells Fargo. The banks launched Zelle in 2017 to compete with PayPal-owned Venmo and other fintech rivals. Zelle has grown quickly because — unlike Venmo — it doesn’t charge instant-transfer fees and is auto-included in many bank accounts.
Moving money is making money… and banks don’t want to miss out. Ten fintech startups have scored $10B+ valuations in recent years by streamlining money movement for the digital era. But the big banks stayed competitive by joining forces to undercut payment apps like Venmo with fee-free Zelle. Now they may use that same fee-cutting strategy to take on credit-card giants — if Congress doesn’t punish them first over the fraud reports.
Authors of this Snacks own: ethereum and bitcoin and shares of Google, Microsoft, Ford, Pfizer, and Block
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