On Wednesday, JP Morgan said that it would acquire close to 75 percent in the payments unit run by German auto maker Volkswagen, although the purchase amount remained undisclosed. The acquisition is expected to be made in by the second quarter of 2022 after it obtains the necessary regulatory approvals. The news did not boost the market value of both the companies. Volkswagen shares fell by 2.4 percent in Germany, amid the overall slump in European markets while JP Morgan fell by 0.4 percent premarket in the U.S.

JP Morgan noted that the deal would help it to enter a new marketplace – the auto market for the first time. The deal will also help to the banking giant to expand its operations and it could also explore other markets using the Volkswagen payments unit, over a period of time.

In 2017, Volkswagen established a payments platform headquartered in Luxembourg. This unit allows customers to buy and lease cars. It also includes allied operations such as paying parking tickets, fuel and electric vehicle charging and more.

The platform, built by the world’s second largest automaker,   also offers additional related services such as insurance, in car entertainment and more . The unit is not only an important part of the auto sector but can also expand operations as it has a presence in 32 countries around the world and the market is growing.

JP Morgan is planning to place the Volkswagen unit under its wholesale payments business. After the deal is completed, sometime mid next year, the joint venture might see a change in branding. Although terms were not announced, Volkswagen is expected to retain an estimated 25 percent stake in the joint venture.

JP Morgan has been in a buying spree this year. It has already made the following acquisitions and investments, subject to regulatory approval.

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Let’s face it. Amazon and Walmart are two companies that help us save a lot of money. When searching and price comparing on the internet, its most likely your end up buying at one of these retail leaders. Walmart invested 140 million pesos to open its first logistics center in the country in Mérida, Yucatán.

Amazon entered into the Mexican market in 2015 to compete with Walmart in e-commerce. Amazon had expanded its operations in Mexico with a new distribution center in Tepotzotlán, México state.

“The expansion of Amazon reflects our commitment to Mexico and our obsession with improving the buying experience of customers at all times,” said Diego Méndez de la Luz, Amazon’s director of operations in Mexico.

The current  Amazon’s center in the country, began operations in May 2018 and employs over 1,500 people.

Amazon.com Inc said it invested $100 million in opening new warehouses in Mexico, including its first shipping centers outside the populous capital area, to offer faster deliveries. The facilities are 69,000 square meters (742,710 sq ft) combined  and create 1,500 direct and indirect jobs, Amazon said.

Since 2000, Amazon has made its virtual shelf space available so small and medium SMBs can reach hundreds of millions of customers, build their brands, and grow their business. Amazon’s investments support logistics, tools, services, programs, and people to foster the growth of our SMB sellers. The result continues to pay off for sellers and customers. SMB products account for more than 50% of all units sold in our online stores, and their sales continue to outpace our first-party sales. Source Amazon Investor Relations/News.

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Coinbase has received notice from the SEC regarding an enforcement action about its interest-earning product called Coinbase Lend. Shares fell Wednesday on the news just a few weeks before the new product was scheduled for launch.

The cryptocurrency exchange and services company was sent a  a Wells notice from the SEC last Wednesday mentioning the SEC may  sue Coinbase over the product   “Coinbase Lend”.

Coin Lend allows   users to earn a 4% annual percentage yield on a   Stablecoin (USD Coin) in which   Coinbase Lend to the   borrowers. Coinbase backs USD Coin and promised   it can always be redeemed for $1. Other companies   also offer high- yields on Stablecoin and other cryptocurrency balances. Companies include, Gemini and BlockFi offering the service.

Technically the product in questions is  a security and is not  an investment contract or a note. Customers are not investing with this product , but rather lending the USDC they hold on Coinbase’s platform in connection with their existing relationship. “The SEC has told us it wants to sue us over   Coin Lend. We don’t know why.” Coinbase said in a press release on its investor relations page.

The company states-“ Last Wednesday, after months of effort by Coinbase to engage productively, the SEC gave us what’s called a Wells notice about our planned Coinbase Lend program. A Wells notice is the official way a regulator tells a company that it intends to sue the company in court. As surprised as we were at the SEC’s threat to sue without ever telling us why, we want to be transparent with you about the course of events leading up to it.”

“Coinbase has been proactively engaging with the SEC about Lend for nearly six months. We’ve been eager to hear their perspective as we explore innovative ways for our customers to gain more financial empowerment on Coinbase. Specifically, for Coinbase Lend, we’re seeking to allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD Coin (USDC)” the press statement further reports.

On Tuesday, digital token Bitcoin crashed in value by over 10 percent from $52,500 to below $44,000, according to a report by CoinMarketCap. It partly recovered to reach a little over $46,700 at 11.30 a.m. EST. Other coins including Ethereum, Cardano, Binance Coin and Dogecoin also fell. This fall came after Bitcoin rose to $52,000 late Monday, which was its highest recovery since May.

The staggering losses on Tuesday wiped out the gains made just ahead of El Salvador beginning to accept Bitcoin as a legal currency. The loss within hours was said to have crossed over $410 billion according to CoinMarket Cap.

The Binance Coin lost around 13 percent, while Cardano’s ada fell lower by around 18 percent. The Dogecoin saw a very minimal loss. However, the Solano soared by about 8 percent. It has been rising steadily through the past week, climbing up by almost 36 percent.

During the crash, El Salvador managed to reap some benefits. President Nayib Bukele said that the El Salvadoran government took advantage of the crash and bought 150 additional bitcoins. The government now holds a total of 550 coins which are currently valued at about $25 million.

On Tuesday, El Salvador created history by making bitcoin legal tender. It has been the first sovereign government to do so. Residents can pay taxes, debts or conduct other transactions with bitcoin. American fast food giants such as McDonald’s and Panda Express have begun accepting bitcoin and more are expected to follow suite. However, those businesses that are technologically unable to make transactions in bitcoin are exempt from offering these services. The U.S. dollar, which was adopted in 2001, is still legal tender.

The government has also set up ATMs as well as a new currency wallet called Chivo. It has been partly developed by BitGo, a digital wallet firm based in California. In slang, Chivo means cool. The initial rollout faced challenges. The Chivo wallet was disabled, according to the El Salvador President, Nayib Bukele, as it was in the process of increasing the capacity of the servers.