On Tuesday local time, US stocks closed down sharply, and Federal Reserve Chairman Powell said that it is possible to accelerate the reduction of bond purchase plans.
Biden President considers nominating former CFPB Director as the top leader of banking industry regulation .
SoftBank invested US$150 million bet on Korean dollar universe platform Zepeto.
Amazon rival, Indian e-commerce Snapdeal, is scheduled to be launched in 2022.
fintech company Fundbox received US$100 million in financing, with a valuation of US$1.1 billion.
Powell's speech hit US stocks and fell sharply
US stocks closed down sharply on Tuesday, with the three major stock indexes falling close to 2%. Investors reevaluating the impact of the mutant virus on the market. Before the close, Federal Reserve Chairman Powell said that in order to curb inflation, the Federal Reserve may consider speeding up the end of loose monetary policy. He also pointed out that it is time to give up the claim that "inflation is only temporary". S&P 500 index most stocks fell, while financial, communications, industry, daily consumer goods and materials stocks all fell by more than 2%. Global oil price benchmark Brent crude oil fell 3.9%. The 10-year Treasury yield closed at 1.44%, down from 1.529% on Monday. White House Consideration Nomination Former CFPB Director as top banking supervision U.S. President Biden is considering nomination of Richard Cordray, the first director of the Consumer Financial Protection Bureau (CFPB), as the Federal Reserve's top banking supervision leader. If nominated and confirmed by the Senate, Cordray will become the most influential supervisor of the Bank of America system, replacing Randal Quarles as the Fed's vice chairman in charge of banking oversight.
Richard Cordray Image source: AP
Cordray currently serves as the Chief Operating Officer of the Federal Student Aid and oversees the $1.6 trillion student loan program. He served as head of the CFPB from 2012 to 2017, a supervisory body established by Congress after the 2008 financial crisis, which regulates lending institutions and other consumer finance-related companies.
SoftBank invests US$150 million to bet on the meta-universe platform Zepeto
SoftBank's Vision Fund Phase II will invest US$150 million in the meta-universe platform Zepeto, a subsidiary of South Korea's Naver. Zepeto has accumulated a large number of young female users by selling high-end fashion products with 3D images. There are approximately 2 million daily active users, and users access the platform through a mobile app.
Image source: NAVER Z
Zepeto was founded in 2018. About 70% of the users are women, aged between 13 and 24 years old. SoftBank's investment valued Zepeto by more than $1 billion.
's investment in Zepeto is SoftBank's second investment in the Metaverse-related fields in recent weeks. SoftBank previously led the investment in The Sandbox, an online gaming platform headquartered in Hong Kong and centered on blockchain technology , with an investment of US$93 million.
Indian e-commerce Snapdeal plans to go public in 2022
Indian e-commerce platform Snapdeal, supported by SoftBank and Alibaba , plans to submit filing applications in the next few weeks, and is expected to conduct a US$250 million initial public offering (IPO) in 2022.
Image source: Bloomberg
Snapdeal was once considered the most fierce competitor of Flipkartml4 in India under Amazon and Walmart . It is reported that Snapdeal will raise at least $200 million and its valuation is expected to reach $1.5 billion.
Fintech company Fundbox received US$100 million in financing, with a valuation of US$1.1 billion
for small and medium-sized enterprises, San Francisco fintech startup recently announced that it had received US$100 million in Series D financing, led by Healthcare of Ontario Pension Plan. The company's valuation is currently at $1.1 billion. This round of financing has brought the equity financing scale of Fundbox since its establishment in 2013 to US$410 million.
Image source: Fundbox
Fundbox provides financial products based on artificial intelligence , with the goal of solving the working capital needs of small and medium-sized enterprises through its credit and payment products . The newly raised funds will be used to expand teams, customer acquisition and product supply.
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