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The biggest difference between ideas like this and a PayPal — and PayPal is a phenomenal idea, Square is too — is that those are built on top of networks like Visa and MasterCard. We're building our own

All banks are connected by one ACH system.  Credit card companies utilize that same system to pay off your credit card charges.  Banks internally set along that same system to move money in their own banks.  This system in its own right is riddled with flaws — tons of fraud issues and waste and delays.  If you've ever had a payment take a few days to clear, its because they're waiting on that ACH system. We want to fix that system between the banks, take out the delays and make it instant.  If we can create this ubiquitous cash layer of distribution between consumers and merchants and developers and financial institutions, that actually fixes the problem.

One week after we reported that Facebook's Libra stablecoin project, Libra, was imploding, as online payment giant PayPal quite the Libra network, we can now set the time of death to today - that's when first eBay, then Stripe and finally Mastercard all abandoned Mark Zuckerberg's pet "cryptocurrency" (which was anything but) project. As the FT reports, Ebay and Stripe became the second and third major companies in a week to drop out of Facebook’s planned cryptocurrency, following sustained political pressure and just days before the project’s backers are due to meet for their first board meeting, which may soon be empty.

The Office of Personnel Management (OPM) recently revealed that an estimated 5.6 million government employees were affected by the hack; and not 1.1 million as previously assumed.

Samuel Schumach, spokesman for the OPM, said: “As part of the government’s ongoing work to notify individuals affected by the theft of background investigation records, the Office of Personnel Management and the Department of Defense have been analyzing impacted data to verify its quality and completeness. Of the 21.5 million individuals whose Social Security Numbers and other sensitive information were impacted by the breach, the subset of individuals whose fingerprints have been stolen has increased from a total of approximately 1.1 million to approximately 5.6 million.” This endeavor expended the use of the Department of Defense (DoD), the Department of Homeland Security (DHS), the National Security Agency (NSA), and the Pentagon. Schumer added that “if, in the future, new means are developed to misuse the fingerprint data, the government will provide additional information to individuals whose fingerprints may have been stolen in this breach.” However, we do not need to wait for the future for fingerprint data to be misused and coveted by hackers.

Look no further than the security flaws in Samsung’s new Galaxy 5 smartphone as was demonstrated by researchers at Security Research Labs (SRL) showing how fingerprints, iris scans and other biometric identifiers could be fabricated and yet authenticated by the Apple Touch ID fingerprints scanner. The shocking part of this demonstration is that this hack was achieved less than 2 days after the technology was released to the public by Apple. Ben Schlabs, researcher for SRL explained: “We expected we’d be able to spoof the S5’s Finger Scanner, but I hoped it would at least be a challenge. The S5 Finger Scanner feature offers nothing new except—because of the way it is implemented in this Android device—slightly higher risk than that already posed by previous devices.” Schlabs and other researchers discovered that “the S5 has no mechanism requiring a password when encountering a large number of incorrect finger swipes.” By rebotting the smartphone, Schlabs could force “the handset to accept an unlimited number of incorrect swipes without requiring users to enter a password [and] the S5 fingerprint authenticator [could] be associated with sensitive banking or payment apps such as PayPal.”

really strategic investors, which is what we did. One of our investors is a financial institution; one is a financial services company. 

Our investors do credit and debit processing for banks.  So when you get a credit card from your bank, it's being issued by companies like them.  Our investors are also distributing our product to financial institutions.  So we've been building a payment network, and we can do it legally because of who our investors are.