Eq: Tech

(New York)

Fidelity appears to be on the verge of making one of the most important adoptions of cryptocurrencies by a major financial player to-date. According to Business Insider, Fidelity has just posted jobs on its site looking to hire people “to help engineer, create, and deploy a Digital Asset exchange to both a public and private cloud”. According to BI, “If Fidelity does launch a crypto exchange offering, it would arguably be among the biggest moves by a large Wall Street firm into the nascent crypto market, which stands at about $350 billion”. Fidelity already allows clients to see their crypto holdings alongside their conventional assets.


FINSUM: It sounds like Fidelity is planning to opening a crypto trading exchange. That would be a very important move to legitimate the asset class.

(Washington)

Over the last few months there were growing fears that the US tech industry, a stock market stalwart, might be poised for a damaging crackdown by regulators. This fear had somewhat subsided in the last few weeks as no new worries had arisen, until now. Treasury Secretary Mnuchin has just now called for an anti-trust review of the US tech industry following a 60 Minutes story on Google’s monopoly power. Mnuchin said the power to do so was not part of his mandate, but that someone in the government needs to be looking at the issue. “These are issues that the Justice Department needs to look at seriously — not for any one company — but obviously as these technology companies have a greater and greater impact on the economy”.


FINSUM: This is a very worryingly development for the tech industry and its investors, but not one we think is unwarranted. We suspect this is going to wound tech stocks, especially if the idea of an anti-trust review gets traction in Washington.

(San Francisco)

Sometimes a story is just so out there that you have to cover it, and today that story is about Uber. Last year a self-driving taxi fleet sounded progressive, but Uber announced this week that it is planning to launch a flying taxi service by 2023. The company is planning to work with NASA on an urban air traffic control system and it debuted a vision of greatly scaling up aircraft manufacturing. Uber believes airplanes could be built with such scale that the cost of a commute in a flying tax would be the same cost as their ground transportation today.


FINSUM: This is quite an ambitious vision! We suspect it will take at least a decade longer to achieve this plan, but it would certainly be revolutionary.

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