The Crypto Report
Revolut, a digital banking alternative that features an in-app bitcoin and cryptocurrency exchange, has received a European banking license as it seeks to expand its offerings and position itself as the “Amazon of banking,” a report by CCN said.
The London-based unicorn, which remains one of the hottest fintech startups in the UK, announced Thursday it had received permission to begin offering European customers traditional banking services alongside its current suite of products.
At first, Revolut customers in eligible jurisdictions will have the ability to sign up for direct deposit and receive deposit insurance on up to €100,000 through the European Deposit Insurance Scheme.
Later on, the company will roll out overdraft protection, as well as traditional personal and business loans.
The search term “What is Bitcoin” tops the charts in the “What is…?” category in both the UK and the US, a report by Bitcoinist said citing the latest data from Google Trends.
The phrase is attracting a lot of interest despite the fall in the bitcoin price to its lowest level in more than a year.
Cryptocurrencies have been battered as the market has entered a prolonged bear market.
The year saw around $700 billion erased off the market’s cap, with Bitcoin losing around 80% of its value.
The Cann Report
Chicago mayor Rahm Emmanuel believes legalizing recreational cannabis to address the city’s growing problems keeping up with pensions, a report by High Times said.
Citing local news sources, the report said Emanuel wants the state of Illinois to legalize recreational marijuana.
This would allow the state to establish a framework for regulating and taxing cannabis retail, which Emanuel said would bring state and local governments much-needed revenue.
Speaking at a meeting with the Chicago City Council, Emanuel said that he plans to urge state lawmakers to consider legalization.
Emanuel said that if weed became legal in Illinois, he would be able to earmark a portion of the new tax revenues to fund city pensions.
Budding entrepreneurs came up with a way around Michigan’s new recreational marijuana law, the Detroit Free Press said.
On High Road, a Boston-based online business founded and owned by Brandon Anthony, a 33-year-old Virginia native, plans to start a marijuana “gifting” service in Detroit this month.
Anthony will sell someone 21 or older a “munchie bag” filled with cookies or a muffin, candy or a T-shirt, between $55 to $120.
Along with the purchase of the bag comes a gift of marijuana, no more than the 2.5 ounces allowed under Michigan law.
Under that law, the only way to get marijuana right now is to grow it, be a medical marijuana cardholder or have someone give it to you - not sell it.
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