Square buys $50 million in bitcoin, says cryptocurrency ‘aligns with company’s purpose’

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Omar Marques | LightRocket | Getty Images

Payment company Square is buying a large block of bitcoin, an unusual use of corporate cash.

Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million. This represents about 1% of Square’s total assets as of the end of the second quarter of 2020.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a release. 

The price of the digital currency has risen to around $10,724 from

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British fintech firm Revolut tries to tempt U.S. savers with 5% rate

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Britain’s Revolut has announced a new 4.5% “bonus” on top of its base annual interest rates for American savers.

Revolut

LONDON — As major U.S. banks have been forced to slash interest rates on high-yield savings accounts during the coronavirus pandemic, one financial technology (fintech) challenger is going in the opposite direction.

Britain’s Revolut on Thursday announced a new 4.5% “bonus” on top of its base annual interest rates for American savers. It’s an annualized rate that’s calculated daily and pays out each month. Users subscribed to Revolut’s “Premium” and “Metal” accounts — which cost $10 and $17 a month

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Lufax files for U.S. IPO on the New York Stock Exchange

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A logo of of Lufax website Lu.com, is seen at the company’s headquaters on May 28, 2020 in Shanghai, China.

Wu Jun | Visual China Group | Getty Images

GUANGZHOU, China — Lufax, one of China’s biggest wealth management platforms, has filed to go public in the U.S., amid a flurry of capital market activity by Chinese companies. 

The Shanghai-headquartered firm, which is backed by financial giant Ping An Group, plans to list on the New York Stock Exchange under the ticker “LU,” according to a filing with the Securities and Exchange Commission.

Lufax has not yet priced its

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JPMorgan Chase makes $30 billion commitment to help close America’s racial wealth gap

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JPMorgan Chase CEO Jamie Dimon speaks at the North America’s Building Trades Unions (NABTU) 2019 legislative conference in Washington, April 9, 2019.

Jeenah Moon | Reuters

JPMorgan Chase is making a $30 billion commitment it says will help address U.S. wealth inequality, especially in traditionally underserved Black and Latino communities.

The bank’s pledge is a combination of loans, investments and philanthropy over five years that it says goes beyond what it would do in the normal course of business. The goal, according to the firm’s press release: To “drive an inclusive economic recovery, support employees and break down barriers of

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