The metaverse is coming, and Robinhood's IPO is here

Plus, what we learned from Big Tech's big quarter.

On this episode of the Source Code podcast: First, a few takeaways from another blockbuster quarter in the tech industry. Then, Janko Roettgers joins the show to discuss Big Tech's obsession with the metaverse and the platform war that seems inevitable. Finally, Ben Pimentel talks about Robinhood's IPO, and the company's crazy route to the public markets.

For more on the topics in this episode:

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Protocol | Fintech

Crypto has a payment for order flow problem, too

The SEC is concerned about payment for order flow in stocks and options. But crypto, which it is struggling to regulate, is a "Wild West."

What are you paying for your bitcoin?

Illustration: Jeremy Bezanger / Unsplash

Two of the SEC's major concerns are payment for order flow, the potentially conflict-ridden system where retail brokers get paid by market makers for sending them orders, and cryptocurrencies, the largely unregulated digital tokens that are generating a booming market in speculative trading.

What if you put them together?

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Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

While it's easy to get lost in the operational and technical side of a transaction, it's important to remember the third component of a payment. That is, the human behind the screen.

Over the last two years, many retailers have seen the benefit of investing in new, flexible payments. Ones that reflect the changing lifestyles of younger spenders, who are increasingly holding onto their cash — despite reports to the contrary. This means it's more important than ever for merchants to take note of the latest payment innovations so they can tap into the savings of the COVID-19 generation.

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Antoine Nougue,Checkout.com

Antoine Nougue is Head of Europe at Checkout.com. He works with ambitious enterprise businesses to help them scale and grow their operations through payment processing services. He is responsible for leading the European sales, customer success, engineering & implementation teams and is based out of London, U.K.

People

A Theranos lab worker says blood tests were like ‘flipping a coin’

The testimony from whistleblower Erika Cheung could form a crucial piece of the prosecutors' fraud case against former Theranos CEO Elizabeth Holmes.

The former Theranos headquarters in Palo Alto.

Photo: Andrej Sokolow via Getty Images

Did Theranos' blood-testing technology work? That was the key question prosecutors hammered away at as the fraud trial of former CEO Elizabeth Holmes continued Wednesday in a San Jose courtroom.

The company's proprietary Edison machines routinely failed quality control tests to the point that former lab employee Erika Cheung said she sometimes refused to run patient samples on the devices, she testified in court.

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Biz Carson

Biz Carson ( @bizcarson) is a San Francisco-based reporter at Protocol, covering Silicon Valley with a focus on startups and venture capital. Previously, she reported for Forbes and was co-editor of Forbes Next Billion-Dollar Startups list. Before that, she worked for Business Insider, Gigaom, and Wired and started her career as a newspaper designer for Gannett.

Protocol | Policy

Big Tech builds bit by bit. The FTC is challenging that.

The FTC on Wednesday unveiled the findings of a study on the small deals that helped Big Tech grow without regulatory scrutiny, and took steps to treat such acquisitions more skeptically.

The FTC is putting more scrutiny on the small deals that built Big Tech.

Photo: Ian Hutchinson/Unsplash

The Federal Trade Commission on Wednesday took a dive into the kinds of deals that make Big Tech, well, big.

The commission unveiled findings from an investigation into hundreds of small acquisitions that companies such as Facebook, Amazon and Google undertook with little government oversight, which helped those titanic businesses reach their current size and power. Some of those transactions evaded regulator scrutiny thanks to loopholes in the law, the report found.

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Ben Brody

Ben Brody (@ BenBrodyDC) is a senior reporter at Protocol focusing on how Congress, courts and agencies affect the online world we live in. He formerly covered tech policy and lobbying (including antitrust, Section 230 and privacy) at Bloomberg News, where he previously reported on the influence industry, government ethics and the 2016 presidential election. Before that, Ben covered business news at CNNMoney and AdAge, and all manner of stories in and around New York. He still loves appearing on the New York news radio he grew up with.

Protocol | China

Tencent dominates digital donations in China. That’s the problem.

After building the only successful digital fundraising platform in China, Tencent's immense impact in the charity world raises questions about inequality, state censorship and platform responsibility.

Tencent's 99 Giving Day has grown into a behemoth, facilitating million of dollars' worth of donations on a yearly basis.

Image: Christopher T. Fong / Protocol

An hour before September 9, Eric, a nonprofit fundraising worker in southern China, was as frustrated as he'd been in months. It was way past his normal work hours, but he had just finished writing a few paragraphs he hoped to send to people tomorrow to ask for donations. He received his first blow from one friend, who commented that his plan felt "insincere;" and then, during a WeChat conversation with another friend, he casually brought up the project he was fundraising for and got the half-joking reply: "Don't do this to me." Eric's frustration was verging on anger.

For Eric, and countless nonprofit workers in China, this wasn't a normal day. Tomorrow would be the "99 Giving Day," an online donation bonanza that Tencent, one of China's most prominent tech companies, created in 2015 and has since grown into the most important event annually for charity workers. Every year for a few days leading up to Sept. 9, Tencent takes out tens of millions of dollars' worth of its own money to match the donations made on its Tencent Charity platform, a mini-app in WeChat where thousands of fundraising projects are listed. But to make the magic happen on these few days, nonprofit workers often start preparing months in advance, learning the platform's arcane rules, planning their strategies and mobilizing their giving communities. As the event grows bigger and the rules grow more complicated, the work is taking an emotional toll on people like Eric.

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Zeyi Yang
Zeyi Yang is a reporter with Protocol | China. Previously, he worked as a reporting fellow for the digital magazine Rest of World, covering the intersection of technology and culture in China and neighboring countries. He has also contributed to the South China Morning Post, Nikkei Asia, Columbia Journalism Review, among other publications. In his spare time, Zeyi co-founded a Mandarin podcast that tells LGBTQ stories in China. He has been playing Pokemon for 14 years and has a weird favorite pick.
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