Welcome to the Five at Five, your late look at the payments and commerce news of the day. Coverage includes a 41-month prison sentence for a bitcoin trader, Starbucks mulling a bitcoin project, Barclays investing in an alternative lender, Discover naming a new chief executive and proposed legislation to ban overdraft fees on ATM and debit transactions.
Bitcoin Trader Thomas Mario Costanzo Gets 41-Month Sentence In Prison Costanzo, also known as Morpheus Titania received the sentence from U.S. District Judge G. Murray Snow after being convicted in a federal jury trial. He will receive credit for time served since his April 2017 arrest.
Costanzo was previously convicted of using cryptocurrency for money laundering and the judge in today’s case ruled on the forfeiture of nearly 81 bitcoins he provided to an undercover agent in a money laundering transaction that was worth $107,000 at the time — now worth more than $600,000. Starbucks May Help Consumers Pay With Bitcoin The coffee chain is reportedly part of a project that could help cryptocurrency holders spend their coins.
The project involves a group of companies working with the International Exchange’s planned digital asset company called Bakkt. The new entity will have “merchant and consumer applications” and bitcoin to flat currency conversions as an early use case.
Barclays Invests In Alternative Lender MarketInvoice The financial institution became the first on High Street to enter into such a partnership with an alternative lender. Barclays is acquiring a minority stake in MarketInvoice, which will integrate its own invoice financing solutions with Barclays’ products. Read more from pymnts.com…
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