January 18, 2022
November 8, 2021

What happened at Money20/20, Robinhood tanks 10%, and Tingo Mobile signs with Visa

The landscape of Fintech, crypto, and DeFi is ever-changing. Each week, we will pull together some highlights worth noting.

Here are last week’s news and updates that caught our attention:

Money 2020 and the changing of the guard

By Simon Taylor - ​​Co-Founder / Chief Product Officer - 11:FS Foundry at 11:FS

Now Money 2020 - from 2021 - is a wrap. Some big brands didn't show up, but the show floor was packed; as a result, it felt like new Fintech had completely taken over. The old vendors and banks all had their meeting rooms but fundamentally, who this show is for and what it is about has shifted.

The show made me think about 2018 (the last time I did Money 2020 Vegas). Plaid was a much smaller company back then, FTX hadn't been founded yet, and Crypto was heading into a long dark winter. Sure those big brands will be back next year but this year felt different.

Robinhood shares tank 10% after crypto revenue falls by three quarters

Robinhood posted $51 million worth of transaction-based revenue from crypto in Q3, Robinhood shares (HOOD) have fallen sharply on the back of the firm’s Q3 results which posted lower than expected crypto trading revenue.

The popular retail trading firm published its Q3 report on Oct. 26, with crypto accounting for $51 million (19%) of the total $267 million worth of transaction-based revenue in the quarter.

The release of the report on Tuesday coincided with HOOD dropping around 10% to $35.70, however the price has since gained 1.9% to sit at $36.40 at the time of this writing.

Nigerian FinTech Tingo Mobile Signs Agreement With Visa 

Tingo Mobile has entered into an agreement with Visa, a move the firm says will help deepen its financial services offerings in Nigeria and expand across Africa. 

The agri-FinTech business announced the agreement in a news release Wednesday (Oct. 27), saying it will allow the firm to increase the number of financial services offered on its platform, particularly in the digital payments realm.

Bitcoin ATMs Double This Year, Exceed 30,000 Globally

In a year when cryptocurrency markets broke all-time highs, the availability of digital coins has increased and bitcoin ATMs have contributed greatly. Their number has recently exceeded 30,000 — more than double the count at the beginning of 2021.

Data collected by Coin ATM Radar shows that on Jan. 1, there were 14,016 registered locations supporting automated teller services for leading cryptocurrencies. And, as of Oct. 27, their number has reached a staggering 30,011.