• Business

    Crypto Companies and Banks Are Evolving Together

    Some say that meaningful change happens gradually. Others insist it erupts unexpectedly. This week, we saw that both are true.  Earlier this week, the Wyoming Banking Board voted to approve the application from San Francisco-based crypto exchange Kraken for a Special Purpose Depositary Institution (SPDI) banking charter. Yes, one of the crypto industry’s oldest exchanges has become a bank.  This is a big deal, one that heralds a coming transformation of the crypto asset industry. Market participants and commentators understandably reacted with glee and surprise. Both are warranted, yet both overlook the bigger shift that has been building up for some time, and which will have an even more significant…

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  • Business

    Copycat websites, newly minted companies, double dippers cashed in on PPP loans

    A suspicious online university whose curriculum appears to be cut and pasted from a European school, two companies with nearly identical websites and two others with practically no internet presence — all five of these businesses are connected to the same Texas man. And all five received Paycheck Protection Program loans for a total of at least $3.65 million. But should they have? These companies are among more than 75 businesses that received loans of at least $150,000 from the coronavirus small business relief program but don’t appear to have existed before this spring or to have met other eligibility criteria for the program, which was administered by the U.S.…

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