Revolut Brexit Moves, Reddit Rewards and Frankfurt Glitch: Editor's Pick

In another Coronavirus-centred week, we look at the news stories that dominated the forex, fintech and crypto worlds, in our best of the week segment.

Revolut Transfers CEE Clients to Lithuanian Entity Ahead of Brexit

As Finance Magnates covered, the challenger bank will be moving its Central and Eastern Europe clients to Revolut Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term UAB, a new European entity in Lithuania, as the company prepares for Brexit.

Read more on the Revolut Brexit plans here.

HSBC Parts Ways with COO Andre Cronje Despite Layoffs Pause

HSBC has reportedly parted ways with Andre Cronje, the chief operating officer of its global markets business, despite an apparent pause in layoffs.

As Finance Magnates covered, a memo seen by eFinancialCareers says Andre ‘decided to seek alternative employment’ and that his role won’t be replaced.

Read more on the Cronje HSBC departure here.

YouTube’s Ban Against Crypto – Algorithm Errors or Intentional War?

YouTube's banning and ban reversals have rarely been out of the cryptocurrency news over the last 12 months.

Following the latest round of crypto bans on the video-sharing platform, Finance Magnates looked at whether there was indeed algorithm errors or something more sinister.

Read more on the YouTube Crypto ban here.

Reddit to Bring an Ethereum-Based Rewards System

Reddit, the content aggregator website, is working on a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based points system to reward its communities.

Revealed by a Reddit user “MagoCrypto”, the so-called “community points” will feature a new subreddit system, giving extra benefits to the users of the platform.

Read more on the Reddit Rewards system here.

China’s Central Bank Buys 1% Stake in Indian HDFC Bank’s Holding Company

As reported by Finance Magnates, the People’s Bank of China (PBOC) has bought 1.01% stake in Indian major finance conglomerate HDFC Ltd on behalf of the Chinese Sovereign Wealth Fund SAFE.

The PBOC is now a major shareholder in India’s biggest housing mortgage lender.

Read more on the PBOC Indian investment here.

Technical Glitch Halts Trading for Deutsche Boerse

Trading on Deutsche Boerse’s Xetra and Eurex platforms halted for more than four hours on Tuesday.

Although floor trading was not affected, a "technical problem" caused the complete shutdown of the bulk of its derivatives and share trading.

Read more on the Deutsche Boerse shutdown here.

Will Fintech ‘Save the Day’ as USA Struggles with Corona Stimulus?

In a Finance Magnates analysis, we explored how Fintech platforms may be the way forward as the US's legacy banking system struggles under the weight of stimulus distribution and more.

Read more on how Fintech can save the day against coronavirus here.