Articles by deBanked Staff
RadioShack is Launching a Crypto Swap
December 19, 2021
If you had RadioShack on your 2021 DeFi bingo card, congratulations, you’ve won. The company announced that its “mission is to be the first protocol to bridge the gap in mainstream usage of DeFi” and it plans to do this, apparently, by launching a swap.
RadioShack wants to compete with the likes of Uniswap, a smart-contract-based crypto exchange where users can “swap” tokens without having to register on a formal exchange like Coinbase.
The business is a gold mine, according to RadioShack.
“The concept of a swap stands out first and foremost as the place of low-hanging fruit – fruit that is spinning off incredible levels of net profit,” the company said. “Profit not just from speculation like Bitcoin or other cryptocurrencies, but ones born out of trading fees. Some existing swaps like Uniswap or Sushiswap reportedly are doing $1-$7 million net profit per day! They are the current profitable forces of nature in the DeFi world.”
Use of a “swap” is how tokens issued by the ConstitutionDAO crowdfunding saga leaked out into the publicly tradeable marketplace, for example. What was supposed to be a “governance token” to vote on where a copy of the United States Constitution would be held, instead turned into a tradeable novelty asset (like pogs or baseball cards) with a soaring value, all because of decentralized swapping. More than $100 million worth of the novelty governance tokens stemming from the failed bid to buy the Constitution were traded just in the last 24 hours alone, according to Coinmarketcap.com.
“RadioShack DeFi is focused on the early majority,” the company said. “It will become the first to market with a 100 year old brand name that’s recognized in virtually all 190+ countries in the world.”
QuickBooks Capital’s Small Business Lending Originations Surge
December 13, 2021
QuickBooks Capital, part of Intuit, originated $125M worth of small business loans in the fiscal quarter ending October 31, 2021.
For context, the company originated $232M across the entire fiscal year of 2021 ending on July 31st and $243M for the entire fiscal year of 2020. The company’s best fiscal year so far was 2019 when it originated $316M.
The company is now on track to surpass all previous years.
During the earnings call, CEO Sasan Goodarzi said that one of the company’s big bets is “to become the center of small business growth by helping our customers get customers, get paid fast, manage capital, pay employees with confidence and grow in an omnichannel world.”
“60% of small businesses struggle with cash flow and we are continuing to innovate to create solutions for customers to overcome this challenge,” Goodarzi said.
Intuit recently acquired Mailchimp and acquired Credit Karma last year.
Kabbage Re-enters Small Business Funding Arena
December 8, 2021
When Kabbage stopped lending in the Spring of 2020, many assumed they would pick up where they left off when they were acquired by American Express. Not quite. Since the deal in August 2020, Kabbage had been repurposed as a checking account service.
On Wednesday, however, Kabbage finally announced a return to funding.
“Kabbage from American Express today launched Kabbage Funding™, offering eligible small businesses flexible lines of credit between $1,000 and $150,000—now with the powerful backing of American Express. With Kabbage Funding, small businesses can apply in minutes to access working capital 24/7 to help manage their company’s cash flow.”
The only strange thing about it is the marketing that makes it sound as if Kabbage had never actually been in the funding business until just now.
Kabbage had been one of the largest online small business lenders in the country in 2019, generating approximately $2.7 billion in loan originations. At the time, it was more than Square, OnDeck, ClearCo, Funding Circle, Amazon, and Shopify.
Broker Fair is HERE
December 5, 2021
Monday kicks off Broker Fair 2021 at Convene at Brookfield Place in lower Manhattan. The venue can be found on the 2nd floor of 225 Liberty Street. You must have a ticket and proof of vaccination to enter. The event is sold out.
deBanked TV will be streaming live from inside the venue where host Johny Fernandez will be talking to attendees throughout the day. You can tune in to watch live on debanked.tv starting in the morning on December 6th.
If you see the below entrance on the 2nd floor of the building on December 6th, you’re at the right place:
LAST CALL: Broker Fair Pre-Show Party
December 2, 2021
This is the last call to secure a spot for the Broker Fair pre-show party taking place on the evening of December 5th from 7-9pm at The Malt House FiDi. There are only a few tickets left to it.
Tickets to the full event the following day is already sold out. Pre-show tickets are still available here.
Are you looking for a chance to meet your fellow Broker Fair attendees in a smaller, more intimate environment?
Then join us for our Broker Fair Pre-Show at The Malt House FiDi! This is your chance to network with industry professionals before Broker Fair.
Broker Fair Achieves Record Setting Ticket Sales to its 2021 Conference
December 1, 2021
Broker Fair has logged a significant achievement, record-setting ticket sales for its 2021 conference. Registrations for the December 6th event have surpassed every single deBanked event since inception. Only pre-show tickets for the night before can still be purchased on the website. No tickets will be available at the event itself.
“It’s 2021, so naturally we had tempered some of our expectations internally about registrations for this event,” said Broker Fair founder Sean Murray. “Somehow, we ended up breaking the record for most tickets sold ever. People really want to connect in person. The industry has spoken and we’re eager to see the turnout now.”
The event is being held at Convene at Brookfield Place in lower Manhattan. The agenda is online and attendees can take advantage of the newly launched Certified Small Business Finance Professional course available on site for the first time ever. It’s also possible to connect with fellow attendees ahead of time using the mobile app.
“We’ve got so many great sponsors this year,” said Murray. “I expect a lot of dealmaking to happen in the showcase room.”
PAR Funding SEC Case Ends Mostly in Settlements
December 1, 2021Several defendants in the PAR Funding SEC case settled with the SEC prior to trial, court records reveal. The settlements require defendants to “pay disgorgement of ill-gotten gains, prejudgment interest of disgorgement, and a civil penalty.” Those amounts will be determined by the Court.
Two other defendants have elected to go to trial.
Broker Fair 2021 Registration Has Closed
November 30, 2021Broker Fair 2021 ended registration early this morning. The fifty three sponsors signed on represent the maximum that can fit inside the showcase room at Convene at Brookfield Place in lower Manhattan. We look forward to seeing everyone in the industry there in person!
The agenda can be viewed here.
You can already connect with other attendees using the mobile app. The email address connected to your ticket is your login.
