Today in FinTech: Patent pending; Crypto Advisor

In today’s FinTech news, a UK firm has filed a patent protecting its digital wallet technology and a community bank is stealing a compliance chief from Robinhood. Also, APIs are used to collect data from team members as professional racing cars compete against each other.

Tintra files for UK patent to protect digital wallet linking tech

Tintra Plc filed a UK patent application to protect its technology, which connects digital wallets to shared assets across different platforms and accounts. The intellectual property (IP) was created as part of Tintra’s rapid research and development program, Project Revolution, of which the company’s CEO said, “… crystallized our mission in one place for the first time.”

Cross River Bank Hires Robinhood Crypto Compliance Chief

Former Robinhood executive Benjamin Melnicki joined Cross River Bank’s cryptocurrency team last month as chief compliance officer (CCO). Cross River is a community bank in New Jersey that caters to FinTechs. Melnicki left Robinhood in December, where he served as CCO for crypto. Before Robinhood, he was chief compliance officer at Grayscale Investments and before that at Ripple.

F1 teams provide APIs for Edge on Track in grandstands

Iddo Gino, founder and CEO of RapidAPI, told PYMNTS that technology plays a role in every industry, even Formula 1 (F1). Race team members wear tablets to collect data, which is delivered via application programming interfaces (APIs). Every car produces gigabytes, if not terabytes, of data every minute of the race.

Fed Chair: CBDC could preserve dollar’s standing

Federal Reserve Chair Jerome Powell said at a Fed executive conference in Washington, DC that a central bank digital currency (CBDC) could help the US dollar both bolster its strength and preserve its international standing. He said the Fed is looking into improving the US payment system with an American CBDC.

The collapse of crypto lending platform Celsius points to bigger problems

After crypto lender Celsius halted withdrawals on June 13, Babel Finance followed suit on June 17 and Finblox capped withdrawals at $1,500 per month. Crypto lending and borrowing platforms generally offer investors interest rates that are too good to be true. But in an unregulated landscape, the stakes are high.