Twitter draws breach fine in Ireland; Quontic pushes bitcoin rewards card

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Breach fine

Authorities in Ireland have fined Twitter about $547,000 for failing to properly disclose and document a data breach in 2018.

Under GDPR, breaches in most cases have to be disclosed within 72 hours and the company needs to detail what data was compromised and the steps taken to respond. Social media breaches are particularly dangerous because social sites are often part of broader authentication on the web.

The Twitter fine is also of interest because EU regulators have a backlog of similar GDPR investigations that include more than 20 cases with firms including Facebook, Google, WhatsApp, Apple and LinkedIn, reports TechCrunch, adding Twitter says it's supporting the investigation in Ireland.

Rewarding

Digital bank Quontic has issued a bitcoin rewards debit card that also offers access to 90,000 surcharge-free ATMs, Zelle and the major U.S. mobile wallets.

The fintech is one of the first FDIC-insured institutions to launch a bitcoin rewards card, according to Finextra. Consumers will receive 1.5% in bitcoin rewards for eligible purchases.

NYDIG will provide a secure custody platform to manage the bitcoin incentives, and FIS will support the mobile app, rewards tracking, reporting and underlying functionality.

Identifying capital

Amex Ventures has made an undisclosed investment in identity technology firm Truework, which is trying to add to its network of lenders and commercial clients that use Truwork to verify consumer data.

American Express' investment arm adds to an existing $30 million Series B funding in Truework, with Activant Capital, Sequoia Capital, Khosla Ventures among the earlier investors.

Truework says the digital expansion that accompanied the pandemic has led to a 500% growth in its platform, which uses an API to help lenders verify income, employment data and other information.

Digital education

Mastercard is contributing a series of programs to Junior Achievement Nigeria to support financial literacy among students and develop entrepreneurial skills.

The partnership is part of the card brand's goal to bring 25 million women entrepreneurs into the economy, connect digital payments to 50 million small businesses and bring 1 billion new consumers into the financial system in the next five years, reports Techawkng.

Mastercard employees will volunteer for STEM classes, mentoring and digital payments webinars.

From the web

European tech firms seek to share in U.S. IPO bonanza
REUTERS | Wednesday, December 16, 2020
Some of Europe's tech companies are preparing to speed up listing plans early next year to grab some of the billions of dollars of investor cash that has already fuelled a record-breaking run of tech IPOs in the United States this year.

Verishop Brings Group Video Shopping to Its E-Commerce Platform
THE WALL STREET JOURNAL | Tuesday, December 15, 2020
Verishop Inc., a social e-commerce platform that sells lifestyle goods, is introducing a live group shopping feature on its mobile app.

Revolut launches mid-tier subscription plan
TECHCRUNCH | Tuesday, December 15, 2020
Fintech startup Revolut is tweaking its subscription plans with a new mid-tier offering called Revolut Plus — it costs £2.99 per month. Like N26 Smart and Monzo Plus, the new plan is a pandemic-proof package that doesn’t focus as much on travel.

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