Basis, a "stablecoin" project managed by Intangible Labs, said it is shutting down due to regulatory concerns and returning capital to investors, which include Google's venture capital fund, GV. Basis said earlier this year it had raised $133 million.
International money-transfer startup TransferGo brought in $17.5 million in its most recent funding round. The capital will be used to develop new products and expand the service.
AccessFintech, a startup that develops technology to help financial institutions correct errors, raised $17.5 million in a funding round featuring Credit Suisse Group, Citigroup, JP Morgan Chase and Goldman Sachs Group. The funding will aid business growth, said AccessFintech founder and CEO Roy Saadon.
Hi Fidelity Genetics, a startup that uses artificial intelligence to assist in the cross-breeding of plants, raised $8.5 million in a funding round. The company has worked to create corn with stronger root systems.
A survey by Northwestern Mutual finds 70% of respondents want improvement in their financial planning. Meanwhile, 34% of respondents have never spoken to anybody about financial planning.
Pessimism among retail investors is at the highest level since April 2013, according to a survey by the American Association of Individual Investors. The survey finds 48.9% of respondents expect the S&P 500 to be negative in mid-2019, 18.4 percentage points higher than the result last week.
The transportation sector is underperforming the broader market, with FedEx, UPS and Union Pacific sustaining losses since October. Technical analyst Todd Sohn, CMT, says the sector has incurred technical damage that will take time to repair, adding, "These were stocks that went up sharply since February 2016, and now they're in a sharp correction, even a bear market for some of them, and it takes time to work through."