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May 13, 2022 2:59 PM

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Shares of the cryptocurrency exchange Coinbase took a hit and the company wrestled with technical issues. Meanwhile, former Facebook executive David Marcus started a crypto company and Facebook Pay became Meta Pay.

Scroll through to see what you might have missed this week in banking, payments, crypto and more.

Coinbase stock slides after outage

Bloomberg News

The cryptocurrency exchange Coinbase had a technical glitch on Thursday amid a sharp overall drop in cryptocurrency values during a sell-off. Coinbase said some customers were having issues trading and accessing accounts, but said users' funds "are safe." The value of bitcoin has fallen by more than 25% during the past month, and Coinbase has also suffered a drop in its value. Coinbase's revenue has fallen 27% over the past year, and a filing that suggested users are unsecured and may lose funds if Coinbase were to go bankrupt, according to The Wall Street Journal. Coinbase has disputed those claims. — John Adams

Former Facebook and PayPal exec David Marcus starts crypto company

David Marcus.

Andrew Harrer/Bloomberg News

The payments entrepreneur David Marcus has shared some details on LinkedIn about his new venture, Lightspark, which will "explore, build and extend the capabilities and utility of Bitcoin." Marcus listed about a half dozen investors, including Ribbit Capital, the venture capital firm that's part of Walmart's financial services app. Marcus was recently the financial services chief for Meta, where he led the Novi wallet and was one of the leaders of the Meta-affiliated Diem stablecoin venture — Marcus was in charge of the Facebook blockchain initiative that issued the original Diem whitepaper, when the project was called Libra. Marcus resigned from Meta in late 2021 to focus on a "new venture." Diem, which was distinct from Meta, changed its structure several times under regulatory and political pressure, eventually selling its assets to Silvergate Bank. Before joining Meta, Marcus was president of PayPal after it acquired Zong, an early mobile payments company Marcus founded in 2008. While Lightspark is launching during a crypto sell-off, in his LinkedIn post Marcus said "downturns are good moments to focus on building and creating value." — John Adams

Facebook Pay becomes Meta Pay

Bloomberg News

Meta, the company formerly known as Facebook, will soon rebrand its Facebook Pay system as Meta Pay. As part of that rebranding, "we’re looking at how we further simplify the payments experience across our platforms now, so that people and businesses can access the benefits of interoperability in the metaverse," Stephane Kasriel, Meta's head of commerce and financial technologies, said in a blog post Wednesday. "To break down our early thinking, we’re looking at: how you can prove who you are and carry that identity into different experiences in the metaverse; how you can store the digital goods you own and take them with you wherever you go; and how you can pay easily and with the payment method you want, whether that’s to a friend or buying from a business or creator." Kasriel took over for David Marcus after he left the company. — Daniel Wolfe

Klarna debuts virtual shopping

Klarna AB Expected To List In Europe IPO Bonanza

Hollie Adams/Bloomberg News

The buy now/pay later and payments technology firm Klarna launched a feature that enables consumers to shop online while connecting with in-store experts through the Klarna Store App. The app includes videos and demos from inside brick and mortar stores, using technology from Hero, a social shopping platform that Klarna acquired this year. Klarna has powered digitally focused pop-up stores and other experimental retail concepts in the past as part of a strategy to diversify beyond its core BNPL lending product. Klarna is also addressing a trend that's emerged over the past few years to combine social shopping with digitally accessed point-of-sale credit. —John Adams

Granite Bank entering Twin Cities with acquisition

Adobe Stock

Granite Bank in Cold Spring, Minnesota, agreed to acquire Maple Bank in Minnesota, a move that would mark its entry into the Minneapolis-St. Paul metropolitan market. The $145 million-asset Granite, which primarily serves rural markets in central Minnesota, said it would gain $95 million of assets and acquire one branch in Champlain, Minnesota, that serves a northwest suburban area of the Twin Cities. “This partnership will bring additional banking opportunities to both organizations and communities they serve, making them stronger together,” Gerald Reiter, Granite's president and CEO, said in a press release. The privately owned Granite did not disclose the price of the deal, which it expects to close in the third quarter. — Jim Dobbs

A contest to find anoint an honorary founder

Adobe Stock

The digital banking platform HMBradley is holding a contest to find an honorary founder. Ideally the winner would be named H.M. Bradley, but anyone is eligible to enter and win. (“People apply for jobs they're underqualified for all the time,” the fine print says.) Up to 10 winners will share a $25,000 prize, access a co-working space in Santa Monica for up to 30 days, and score a commemorative T-shirt. “If you've bumped into me over the past few years its very likely you asked me ‘Why HMBradley?’ or ‘Where did that name come from?’ … but today we're fixing that,” co-founder Zach Bruhnke wrote on Twitter. — Miriam Cross

CEO (that's E for experience) is a first for Cadence Bank

Cadence Bank in Tupelo, Mississippi, named Mandy Mitchell to the newly created position of chief experience officer. Mitchell, previously director of strategic initiatives for the $48 billion-asset bank, will oversee and develop plans to improve experiences for employees and consumers. She'll report directly to Dan Rollins, Cadence's chairman and chief executive. “Her skills and experience complement our ongoing efforts to create an unparalleled banking experience for our customers at every stage of their journey with us,” Rollins said in a press release. — Frank Gargano

First Bank in North Carolina hires Goldman exec as CIO

Adobe Stock

First Bank in Southern Pines, North Carolina, has a new chief information officer, Terrence Thomas. Thomas, who started his new job May 9, comes to the $10.7 billion-asset First Bank from Goldman Sachs, where he was vice president of workplace engineering, architecture and strategy. He'll oversee the information technology, information security and data management teams at First Bank. “Given our growth, we felt it appropriate to continue to upgrade our talent in all areas of our company, including technology. … Terrence is the perfect fit for us in this role," Mike Mayer, the bank's president and chief executive, said in a press release. — Frank Gargano

ABA, state bankers groups expand job board

The American Bankers Association has partnered with 33 state bankers groups to create a nationwide online career center. Originally launched by the Illinois Bankers Association to connect job seekers with opportunities in Illinois, the BankTalentHQ.com website lists banking jobs available across the country. Banks can post jobs and individuals can search for jobs by job title, city or state. The site also includes resources such as ABA training, professional certifications and guidance on starting a career in banking. “With today's tight job market, this is the perfect moment to partner with our state association alliance colleagues to offer this premier banking job site," Rob Nichols, the ABA's president and chief executive, said in a news release. — Allissa Kline