WSJ Reports SoFi Online Lender Company to Have Multiple Executives Depart


Three Top Execs To Leave Online Lending Platform SoFi

SoFi, a fintech startup firm in the online lending services industry, has recently seen three of its top executives departing, as reported by the Wall Street Journal.

The company had great plans for the year. SoFi has started a partnership with Coinbase this year, the largest exchange of the U. S. Because of the partnership, the company was set to roll out crypto trading support.

Now, however, three execs left the company. They were Kevin Moss (head of risk), Ashish Jain (top capital markets exec) and Joanne Bradford (marketing chief). They were all working on the company for a long time and they revealed to the CEO Anthony Noto this week that they plan to leave their current job positions at SoFi.

About The Executives Leaving

Bradford worked for both Yahoo and Pinterest before arriving at SoFi, so he was very experienced. He oversaw the marketing of the company while he worked there.

Moss came from Wells Fargo, where he worked as an executive before. He is the one who set up the lending standards of the company, while Jain managed all the interactions between the company and the banks directly.

At the moment, we only know that Lauren Stafford Webb, who worked on Zynga before, and Jennifer Nuckles will take over the role that was originally held by Bradford. The people who will be the successors of the other two were still not announced at the time of this report.

The Future Of SoFi

At the moment, it looks like SoFi is set to continue working as it has always been. The impact of three very important people leaving the company will certainly not be meaningless, but the truth is that it may cause some unforeseen trouble.

Now, we have to look carefully at the company to see whether it will continue its usual plans for moving forward of if these key figures leaving the company will actually end up being a problem for SoFi.

SoFi was able to raise half a billion USD from its funding round last month, though, so it is hard to say that it will be in trouble with all that money around. At the moment, the company is valued at $4.3 billion USD.

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Author: Gabriel M

Susquehanna’s Bart Smith Discusses Bitcoin Price Rally, Defending Its Volatility and Its Inherent Risk

Susquehanna's Bart Smith Discusses Bitcoin Price Rally, Defending Its Volatility and Its Inherent Risk

Bart Smith, a crypto analyst and the Head of Digital Assets at financial services firm, Susquehanna, has said that even though there are quite a few factors that contributed to the recent Bitcoin price rally, the asset is still significantly speculative.

Speaking during an interview on CNBC’s Squawk Box, Smith discussed a few issues surrounding the world’s largest cryptocurrency.

On Why Bitcoin Surged

According to Smith, there are a few reasons why Bitcoin was able to shoot as high as it did and these reasons are considerably interconnected.

A factor which has been corroborated quite a few times by some leading industry analysts is the ongoing trade war currently being fought between the United States and China. It is said that people began predicting that the Yuan will be negatively affected and decided to shift base to Bitcoin. This shift, among other things, caused Bitcoin to rise.

Smith also believes that the recently held Consensus conference might also be a factor to be considered with Bitcoin’s surge. According to him, all the publicity, promotion and advertising done in anticipation of the conference did a lot to keep Bitcoin and crypto in general, on the lips of many people. This, unsurprisingly, may also have helped the coin to shoot up as press was quite favourable.

There is also the news that Fidelity Investment, a key asset management firm, is also making serious plans to begin Bitcoin trading very soon. Reports have it that when it begins, the firm will allow financial institutions exclusively and will not allow individual clients just yet.

The decision made by Fidelity could be a direct action from a recently concluded survey where the firm found that about half of all institutions view cryptocurrency as a viable financial invention to be used sometime in the future.

On Bitcoin’s Volatility

It has been said times without number, that the fact that Bitcoin is very unstable and volatile would affect its future as a widely accepted form of payment. This opinion has been supported by the Congressional Research Service (CRS) as well Richard Fisher, a contributor for CNBC.

Smith however defended the asset without completely dismissing its volatility, arguing that the market still has a lot of room to develop and possibly grow out of it high volatility. According to him:

“People who are bearish on that would say it’s too volatile. I would argue that it’s kind of in a nascent phase and if a broader adoption occurred, the volatility would damper.”

Smith also believes that the recent Bitcoin surge and its generally impressive trajectory that has been upheld so far this year, will definitely help its chances as the atmosphere is generally a bullish one. Smith explained this by pointing out that

“there is a lot of optimism from people within the Bitcoin community over the things that happened in recent months. And I think that is reflective in the price.”

Bitcoin, according to most analysts and experts is still expected to rise and do better numbers. Many people are looking forward to the Bitcoin halving that is expected to happen in May next year, as a major push for a price surge.

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Author: Tolu