In June, Fortune convened a gathering of top minds to discuss the biggest issues in money and technology at the inaugural Brainstorm Finance conference. The invite-only event, which attracted everyone from big bank CEOs to cutting-edge cryptocurrency founders, was a rousing success—so much so that we’re doing it again.
On June 17-18, 2020, we will gather once more on the eastern tip of the Hamptons in Montauk, N.Y. Our first event produced heated discussions about the future of banking and the viability of cryptocurrencies from the likes of Citi, Brex, Coinbase, JP Morgan, Amazon, Ripple and Bank of America.
Next year, we expect to be exploring even bigger themes, including the looming battle for control of global currency among the United States, China and private companies. Other topics will include the future of IPOs after the WeWork debacle, as well as the clash over commission fees pitting big brokerages against VC-funded startups. Will the nimble upstarts triumph—or will their valuations shrivel in the face of major league competition?
Once again, Brainstorm Finance will convene not only the biggest names in finance and technology, but the most interesting ones too. Our experience at Fortune has taught us that inviting extraordinary people to speak candidly in a beautiful setting produces big ideas that can shape the future of industries and the broader world.
Next June may feel a long way off, but the most influential people in banking and technology are already making their summer plans. If you know of someone who should be in Montauk, please send them our way. In the meantime, enjoy the Ledger’s ongoing coverage of cutting edge issues in the expanding world of fintech.
Jen, Jeff, Robert and Adam — Fortune Brainstorm Finance Co-Chairs
Jeff Roberts | @jeffjohnroberts | Jeff.Roberts@fortune.com
THE LEDGER'S LATEST
China Prepares to Launch Its Own Digital Currency as Facebook's Libra Languishes - Naomi Xu Elegant
SEC Ushers in New Era By Allowing Blockchain-Based Stock Settlement - Jeff John Roberts
Meet Citi's Jane Fraser, Who May Become the First Woman to Run a Wall Street Bank - Ann Sraders
Bitcoin Plunges to Five Month Low - Chris Morris
Mark Zuckerberg: China's Digital Currency Is Part of Economic Influence Strategy - Jeff John Roberts
DECENTRALIZED NEWS
To the Moon…
Chinese President Xi Jinping called for “greater effort” in his country’s development of blockchain technology. Uber is launching a mobile banking unit, Uber Money. Square’s Cash App will add free stock trading to join its competitively priced Bitcoin purchases - and compete with Robinhood. Alec Baldwin appears in new ads promoting cryptocurrency exchange eToro’s new social trading feature, CopyTrader. Chinese Bitcoin mining manufacturer Canaan filed for a $400 million U.S. IPO.
Rekt…
Stripe announced it will move its headquarters from San Francisco to . . . South San Francisco. Valve Software shut down in-game purchases in hit game Counter-Strike: Global Offensive after discovering they were being used almost exclusively for money laundering (if you think that’s weird, mobile game Clash of Clans had the same problem). Cryptocurrency mining chip designer Bitmain’s co-founder was ousted in a surprise shakeup. After Xi Jinping’s big speech on blockchain tech, the Chinese Communist Party is launching a blockchain application for pledging Party loyalty.
FOMO NO MO'
The reasons to be skeptical that bitcoin and its independent cryptocurrency peers will benefit is simple: China’s government is obsessed with controlling flows of information and capital. Bitcoin is designed precisely to avoid control and surveillance by governments.
Nathaniel Taplin of the Wall Street Journal, on why China's big digital currency push shouldn't be a bullish signal for investors in existing cryptocurrencies.
MEMES AND MUMBLES
It’s a halo effect too. If I give out big candy, am I generous? Am I rich? Am I successful?
Deloitte behavioral economist Susan Hogan on the trend towards giving full-sized candy bars on Halloween. It might be bad for kids' teeth, but it's apparently good for your social standing.
BUBBLE-O-METER
$16 million
Size of the Series A funding round announced this morning by Duality Technologies, in a round led by Intel Capital. Duality was named a "cool vendor" by Gartner in September for its work allowing analytics and A.I. systems to process data without having direct access to the data itself. This technology could help prevent data leaks and hacks, and relies on some of the same cryptographic approaches that underpin the privacy-focused cryptocurrency Zcash.
This edition of The Ledger was curated by David Z. Morris. Find past editions here, and sign up for other Fortune newsletters here. Question, suggestion, or feedback? Drop us a line.