In today’s top payments news around the world, Glovo raised $530 million in a funding round, while the Department of the Treasury is working with the International Monetary Fund (IMF) to allocate as much as $650 billion in currency aid. Plus, China and Hong Kong have wrapped up the first cross-border test of the digital yuan.
Glovo, a Spanish delivery and courier platform, landed 450 million euros ($530 million) in a Series F funding round headed by the Luxor Capital Group and Lugard Road Capital. Returning backers also took part in the round, with the inclusion of GP Bullhound, Drake Enterprises and Delivery Hero. Glovo Co-Founder and CEO Oscar Pierre said in a press release that the investment will let the delivery upstart “double down in our core markets.” The newest funding round marks the largest investment in history for a Spanish startup.
The Treasury Department is working with the IMF to set aside up to $650 billion in currency aid to help nations facing the greatest economic effects from the pandemic. “An allocation of IMF Special Drawing Rights (SDRs) would help build reserve buffers, smooth adjustments and mitigate the risks of economic stagnation in global growth,” a press release from the Treasury Department stated. “Importantly, it could also enhance liquidity for low-income and developing countries to facilitate their much-needed health recovery efforts.”
China and Hong Kong have finished the first cross-border pilot of the digital yuan, People’s Bank of China leaders announced Thursday (April 1). The initiative encompassed technical tests of cross-border use of the digital yuan, the cryptocurrency of China’s central bank. Other nations are at work on their own kinds of cryptocurrencies. Approximately 80 percent of the 65 banks polled by the Bank for International Settlements (BIS) have a cryptocurrency in the works.