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What does the future hold for social media-powered payments?

American Banker

Despite fresh waves of online fraud and scams, czars of social media platforms, peer-to-peer networks and blockchain products have renewed ambitions to marry financial services with social apps.

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Chinese Social Media Startup Seeks Funds At $6B Valuation

PYMNTS

Chinese eCommerce and social media startup Xiaohongshu , also known as “Little Red Book,” wants to raise funds at a $6 billion valuation, according to Bloomberg. It was started in 2013 as a community online that would recommend eCommerce sites outside of China.

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New Ransomware Uses Social Media, Demands Payment in Bitcoin

Bank Innovation

A new type of ransomware is targeting users through their social media accounts, most notably through Facebook and LinkedIn, before doing what ransomware does: locking the computer and demanding payment for access–in bitcoin.

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E-FRESCO Launches Blockchain Platform For Fruit Supply Chain

PYMNTS

E-FRESCO , a fresh fruit virtual market, is introducing blockchain capabilities to help sustain cross-border needs, according to a report. Canada, the Middle East, Europe and South America, customers trying to buy fresh fruit and vegetables online through the marketplace can now use blockchain-based shipment and B2B technology.

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How Online Universities Take Fraudsters To School

PYMNTS

Phone numbers, email addresses, usernames and other online signifiers have become vital to digital identity verification, as the world becomes increasingly connected. Another technology giant is leading the charge with blockchain. For more on these and other digital identity developments, download this month’s Tracker.

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Blockchain Gives Facebook Options — And Some Competitive Heft

PYMNTS

At least one thing is clear about Facebook ’s new interest in blockchain: It will help the social media giant keep up with the Joneses. No one outside Facebook has yet cracked why the company is creating a blockchain unit and putting David Marcus, one of its senior executives, in charge of it. “Could it be?

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Bitcoin Daily: Brazil Debuts Blockchain Solution For Gov’t Bids; BitFunder CEO Gets 14 Months For Crypto Fraud

PYMNTS

The Brazilian state of Bahia has rolled out a blockchain application to monitor the public bidding process of contracts with the government, Cointelegraph reported. Design and Cayenne Technology reportedly created the Online Bid Solution (SOL), which is said to be a technology based on the blockchain. at the World Bank.