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FinansiaSyrus Securities, a brokerage and wealth management company from Thailand, hasformed a partnership with GTN, a fintech company offering trading solutions, tochange the way local investors access global markets. Thecollaboration will leverage GTN's trading platform and fractional tradingcapabilities to all Thais to participate in a diverse range of assets across 29global markets.Finansia Partners AddsFractional and Global TradingThrough theintegration of GTN Trade, Finansia will offer its clients the opportunity toinvest in a diverse range of assets around the globe. The platform's fractionaltrading capabilities will enable investors with limited capital to participatein high-value shares, US equities, and other global investment vehicles thatwere previously out of reach."Collaboratingwith GTN aligns perfectly with our mission to expand the investment horizons ofThai investors,” Chuangchai Nawongs, the CEO of Finansia, commented. “Byleveraging GTN's cutting-edge technology and global market expertise, we canempower our clients to make informed investment decisions and seizeopportunities worldwide."Data from FinanceMagnates Intelligence suggest that retail investors from Thailand are amongthe most active, at least when it comes to the FX market.Established in 2002, Finansia has built a reputation as an important player in the Thaibrokerage and wealth management sector. The firm's focus on digital platformsand investment products has positioned it to leverage GTN's technology andexpand its client offerings."Weare thrilled to join forces with Finansia to democratize investing and tradingin Thailand,” GTN's CEO of Asia, Julien Le Noble, added. “By combining ourinnovative solutions with Finansia's extensive reach and market knowledge, wecan break down barriers and make global investing accessible to all Thaiinvestors."For theThai broker, which has been operating in the market for over two decades, thisis another step towards adapting its offerings to changing markets afterexpanding its brokerage services to include digital assets in 2022.GTN New Integrations andNew CEOFor GTN,this has not been the only recent integration. A few months ago, FinanceMagnates reported that FXCubic, which provides technologicalsolutions to FX brokers, also decided to collaborate with fintech. In April,Finance Magnates was also the first to report that Damian Bunce, former CCO of SaxoBank, joined the GTN team as the new Middle East CEO. In his new role, hefocuses on the company's strategic initiatives in the region. Most recently, heworked for Exness, where he also held the position of CCO.“I’mdelighted to join GTN at an exciting time in the company’s history. I lookforward to a move back to mainstream B2B and working in a region that hasgained global strategic importance for financial services,” Bunce commented backin April.This article was written by Damian Chmiel at www.financemagnates.com.
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The mobilestock trading market is on track to exceed $100 billion by 2029, driven by theincreasing popularity of smartphone-based trading and the convenience it offersto investors, according to recent forecasts from Stocklytics.Mobile Stock TradingMarket to Eclipse $100 Billion by 2029The COVID-19pandemic has accelerated the shift towards mobile trading, with investorsseeking easy and accessible ways to participate in the stock market. Investing via mobiles and tablets is appealing because of its convenience and flexibility. With astock trading app on their phones, users can trade anytime, anywhere, as longas they are online. This allows investors to seize opportunities on the go,providing a significant advantage over traditional trading methods."Theproliferation of advanced mobile technology and high-speed internet has made iteasier and more convenient to trade stocks," said Edith Reads, a financialanalyst at Stocklytics. "Given that stock trading is increasingly viewedas an attractive investment opportunity, mobile trading is poised to continueescalating."Accordingto the data provided by Storyblok, the mobile stock trading market is projectedto reach $42.36 billion in 2024 and exceed $133.32 billion by 2030, showcasingits impressive growth potential in the coming years.Mobile Trading Is GettingEasierTradingplatforms are also enhancing the accessibility of their services. In April 2023,X (formerly Twitter) partnered with eToro to launch a feature that allows usersto trade cryptocurrencies and stocks directly on the platform. Moreover, mobilestock trading platforms are offering investors real-time market updates, whichinclude live quotes, charts, news, and analysis. This empowers investors tomake more accurate and timely trading decisions.In 2023,fintech apps dominated the digital financing space, with a 42% increase in newinstalls and a 25% rise in user sessions. While mobile stock trading apps represented only a small portion of the market, they generated $34.98 billion inrevenue by the end of the year.In 2022, mobile-based trading accounted for 60% of all stock trading and investments,surpassing web-based trading. Android smartphones led the way, representing 55%of all mobile trading activities.This article was written by Damian Chmiel at www.financemagnates.com.
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PayRetailers, one of the leading fintechs in payments in Latin America, announces the acquisition of Transfeera, a regulated payment institution in Brazil. The transaction which is still subject to approval by the Administrative Council for Economic Defense (CADE) and the Central Brank of Brazil is part of PayRetailers' strategic plan to grow in Brazil – in April, the company received a license from the Central Bank of Brazil to operate as a payment institution (IP). Transfeera will continue to operate its services normally and will become part of the PayRetailers group, upon the closing of the transaction, reinforcing its technological capabilities."We have already added some global acquisitions and the time has come to consolidate our leadership in Brazil as the largest processor of high-complexity payments, offering an even wider range of products. We should soon announce new acquisitions on other continents, consolidating our position as a reference in payment methods," says Juan Pablo Jutgla, founder and CEO of PayRetailers.Founded in 2017, Transfeera offers platform and technology solutions for payment processing and bank data validation. According to Jutgla, the company from Santa Catarina stands out as a technological and innovative powerhouse in the local scene, in addition to being aligned with the industry’s best practices as an entity supervised by the Central Bank.Transfeera brings more than 450 new customers and 62 employees, expanding PayRetailers' structure to 100 employees in Brazil and 550 worldwide, distributed across ten offices.“As Transfeera, with this move, we gain access to a vast expertise in the development and offering of banking products, which certainly advances us in building competitive advantages against the market. Together, we aim to accelerate our journey of technological innovation, providing the market with innovative, safe, and efficient solutions."says Fernando Nunes, co-founder and CEO of Transfeera. With the operation, the executive remains in his position, and the company's operation becomes part of the PayRetailers Group.The operation was supported by the legal advice of the law firms Pinheiro Neto Advogados and BMA Advogados, while the strategic financial advisory was provided by the companies Royal Park Partneres and RGS Partners (CDI Global Partner in Brazil with collaboration from CDI Global Latin America), each for buyer and sellers respectively.Operating in more than 20 countries in Latin America and Africa, PayRetailers aims to double its number of employees in Brazil by 2025 and expand its services to Brazilian companies.About PayRetailersFounded in 2017, PayRetailers is now a global leader in payment processing in Latin America and Africa. The company's mission is to offer complete solutions for e-commerce, covering the entire process of international transactions without the need for a local entity. Through a single API, an advanced technological platform, and commercial agreements, PayRetailers enables access to over 250 local payment methods. Its own technological architecture is highly flexible and scalable, allowing rapid innovation to meet the demands of constantly evolving markets. For more information about PayRetailers and its solutions, visit https://www.payretailers.com/This article was written by FM Contributors at www.financemagnates.com.
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Today marks a significant milestone for the digital trading industry as Shift Markets unveils its new Crypto Derivatives Trading Platform. This leading white label solution allows exchanges and brokerages to quickly and efficiently break into the crypto derivatives market. With advanced tools for leveraged trading and sophisticated order types, the platform provides market participants a comprehensive solution to effectively operate and expand their presence in the rapidly growing digital asset market space.Advanced Trading Framework with High-Level CustomizationThe Crypto Derivatives Platform is engineered to surpass the increasing technical requirements of brokerages and exchanges, offering a high level of adaptability and customization. It can integrate as either a standalone system or a component within existing trading ecosystems, thereby facilitating a complex and scalable trading environment that enhances operational efficiency.This platform supports an extensive array of combined spot and derivatives trading order types including Market, Limit, Stop Loss, and Take Profit. These features enable traders to deploy expanded trading strategies that align with their financial objectives and risk management preferences. The addition of leverage trading significantly increases profit opportunities for exchange operators, which may be the most attractive appeal in highly volatile markets. This strategic implementation of leverage enables exchange operators to enhance earnings potential while maintaining control over risk, crucial for thriving in dynamic trading environments.Ian McAfee, CEO of Shift Markets, stated, "We knew there was a clear market need for a dedicated derivatives trading solution for exchanges and brokerages. The Crypto Derivatives Platform addresses this gap, enhancing our clients' trading operations and offering significant growth potential through derivatives trading. It enables our clients to more effectively capitalize on market movements, enhancing their trading capabilities and positioning them for growth in a competitive market."Setting the Stage for Future Exchange PlatformsThe Crypto Derivatives Platform by Shift Markets serves as a strategic tool for brokerages and exchanges aiming to broaden their services and fortify their market presence. Opting for Shift’s platform prepares clients for a future of improved profitability, operational excellence, and customer satisfaction. Shift Markets invites potential partners to explore the benefits of their next-generation Crypto Derivatives Platform by reaching out today.About Shift MarketsShift Markets is the premier Crypto-as-a-Service provider, offering proprietary white label digital asset infrastructure and trading technology. Shift enables businesses to quickly commercialize digital assets, assisting enterprises in integrating high-level digital asset trading. This ensures efficient adoption and superior market performance. Previously Featured In: TechCrunch, CoinDesk, Bloomberg Technology, Forbes CryptoThis article was written by FM Contributors at www.financemagnates.com.
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After experiencing record-breaking years, Trading 212's UK subsidiary saw a slowdown in revenue growth and profits in 2023. The brokerage operator reported a 3 percent decline in revenue and a 28 percent drop in pre-tax profits for the year.Stabilisation after Record-Breaking YearsAccording to the latest Companies House filing, Trading 212 UK Limited's 2023 revenue was £95.3 million, with a pre-tax profit of £38.6 million, down from £50.9 million in the previous year. The net profit after taxes was £30.4 million, compared to £41.1 million in 2022.Despite the declining figures, the company noted that 2023 marked “a continued stabilisation in the revenue following on from the exponential growth seen between 2019 and 2021.”The UK company significantly benefited from higher interest rates, generating about £14.8 million from interest income, a substantial increase from £451,994 in the previous year.However, the company's profits were impacted by increased administrative expenses, which climbed 45 percent to £71.2 million due to heightened marketing activities. The company resumed its marketing efforts in the last quarter of 2022 and spent over £7.4 million on research and development.Non-Financial Metrics ImprovedTrading 212, established in Bulgaria in 2004 as Avus Capital and incorporated in the UK in 2013, primarily focuses on the UK and the European Union. It operates through three entities: one in the UK and two in Cyprus and Bulgaria. The group has yet to release 2023 figures from its non-UK businesses.The broker is shifting its focus from contracts for differences (CFDs) to stockbroking. “While operating both a stockbroking and CFD platform, T212’s growth strategy remains focused on the stockbroking part of the business and growing the value of client money and client asset balances,” the filing noted.Trading 212 highlighted several improvements in non-financial metrics: the number of monthly active users increased by 28 percent, and monthly trades rose by 32 percent. The total value of client deposits and client monies jumped by 22 percent and 37 percent, respectively, with client custody assets increasing by 55 percent.The broker is also expanding its products and services. It recently launched a multi-currency payment card for its UK customers and introduced interest on uninvested cash, alongside a stock lending program.“T212 continues to review new product ideas such that it can further contribute and support the investing public in gaining access to the wider financial markets and enabling them to take control of their financial undertakings, investment portfolios, and ultimately to build wealth for their futures,” the broker added.This article was written by Arnab Shome at www.financemagnates.com.
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If you have any semblance of interest in cryptocurrency trading, you should’ve already heard that the Ethereum ETF approval by the SEC (Securities and Exchange Commission) is well on its way. Cryptocurrency investors are about to get the opportunity to buy into some brand new exchnage-listed products in the coming days or weeks, pending final confirmation from the regulator.The long-held opposition on part of the chief US financial regulator and its Chair Gary Gensler to the second largest cryptocurrency by market cap receiving a dedicated ETF listed on US exchanges, has been largely overcome, and not without political pressure.Coinciding with the passing of a key cryptocurrency-related bill by the U.S. House of Representatives, called FIT 21 on Wednesday, the <a href="https://www.financemagnates.com/tag/spot-ether-etf/">Ethereum ETF</a> approval could set the stage for a broader cryptocurrency market rally. That said, the Financial Innovation and Technology in the 21st Century Act still needs approval in the Senate to be signed into law.Political Pressure for the Ethereum ETF ApprovalThe <a href="https://www.financemagnates.com/cryptocurrency/ether-etfs-only-cleared-a-hurdle-final-approval-is-still-pending/">approval of the Ethereum ETF</a> has been a marked shift in regulatory opinion - up until this week the market has not been pricing in an approval of the product in the immediate future, and that literally changed with a couple of tweets. Arguably, the first one was from Bloomberg’s Senior ETF Analyst Eric Balchunas.Update: <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw">@JSeyff</a> and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… <a href="https://t.co/gcxgYHz3om">https://t.co/gcxgYHz3om</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1792636523050906102?ref_src=twsrc%5Etfw">May 20, 2024</a>The resulting circa 20% rally in <a href="https://www.financemagnates.com/terms/e/ethereum/">Ethereum</a> was abrupt and caught some of the market wrong-footed, exacerbating the move into a very sharp rally on late Monday. After consolidating in a newly established range after the news, on Thursday morning another bomb tweet from the same author highlighted a newer development.A bipartisan group of House lawmakers, including Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer, has sent a letter to SEC Chair Gary Gensler urging the approval not only of spot Ether ETFs but also other digital asset ETFs.A bipartisan group of House lawmakers (incl Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer) have sent Gary Gensler a letter urging the SEC to approve spot Ether ETFs (and 'other' digital assets) bc it offers investors crypto access in regulated transparent safe format <a href="https://t.co/YLSJh6n0lF">pic.twitter.com/YLSJh6n0lF</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1793620303966503267?ref_src=twsrc%5Etfw">May23, 2024</a>The lawmakers view the approval of<a href="https://www.financemagnates.com/cryptocurrency/new-spot-btc-etfs-take-market-share-from-btc-futures-etfs/"> spot Bitcoin ETPs</a> (exchange-traded products) as a significant milestone for both digital assets and financial markets. They believe that these products provide a safe and regulated investment vehicle for cryptocurrency exposure and reflect the SEC’s commitment to investor protection and modernisation of financial markets.The letter emphasizes that the transparency and reporting requirements of ETPs will aid in mitigating market manipulation and other illicit activities. The SEC’s Chairman Gensler is urged to apply the same principles used in approving Bitcoin ETPs when considering Ethereum ETP applications, and highlights that the legal considerations for both are similar.With the looming U.S. election…
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PayRetailers, one of the leading fintechs in payments in Latin America, announces the acquisition of Transfeera, a regulated payment institution in Brazil. The transaction which is still subject to approval by the Administrative Council for Economic Defense (CADE) and the Central Brank of Brazil is part of PayRetailers' strategic plan to grow in Brazil – in April, the company received a license from the Central Bank of Brazil to operate as a payment institution (IP). Transfeera will continue to operate its services normally and will become part of the PayRetailers group, upon the closing of the transaction, reinforcing its technological capabilities."We have already added some global acquisitions and the time has come to consolidate our leadership in Brazil as the largest processor of high-complexity payments, offering an even wider range of products. We should soon announce new acquisitions on other continents, consolidating our position as a reference in payment methods," says Juan Pablo Jutgla, founder and CEO of PayRetailers.Founded in 2017, Transfeera offers platform and technology solutions for payment processing and bank data validation. According to Jutgla, the company from Santa Catarina stands out as a technological and innovative powerhouse in the local scene, in addition to being aligned with the industry’s best practices as an entity supervised by the Central Bank.Transfeera brings more than 450 new customers and 62 employees, expanding PayRetailers' structure to 100 employees in Brazil and 550 worldwide, distributed across ten offices.“As Transfeera, with this move, we gain access to a vast expertise in the development and offering of banking products, which certainly advances us in building competitive advantages against the market. Together, we aim to accelerate our journey of technological innovation, providing the market with innovative, safe, and efficient solutions."says Fernando Nunes, co-founder and CEO of Transfeera. With the operation, the executive remains in his position, and the company's operation becomes part of the PayRetailers Group.The operation was supported by the legal advice of the law firms Pinheiro Neto Advogados and BMA Advogados, while the strategic financial advisory was provided by the companies Royal Park Partneres and RGS Partners (CDI Global Partner in Brazil with collaboration from CDI Global Latin America), each for buyer and sellers respectively.Operating in more than 20 countries in Latin America and Africa, PayRetailers aims to double its number of employees in Brazil by 2025 and expand its services to Brazilian companies.About PayRetailersFounded in 2017, PayRetailers is now a global leader in payment processing in Latin America and Africa. The company's mission is to offer complete solutions for e-commerce, covering the entire process of international transactions without the need for a local entity. Through a single API, an advanced technological platform, and commercial agreements, PayRetailers enables access to over 250 local payment methods. Its own technological architecture is highly flexible and scalable, allowing rapid innovation to meet the demands of constantly evolving markets. For more information about PayRetailers and its solutions, visit https://www.payretailers.com/This article was written by FM Contributors at www.financemagnates.com.
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Today marks a significant milestone for the digital trading industry as Shift Markets unveils its new Crypto Derivatives Trading Platform. This leading white label solution allows exchanges and brokerages to quickly and efficiently break into the crypto derivatives market. With advanced tools for leveraged trading and sophisticated order types, the platform provides market participants a comprehensive solution to effectively operate and expand their presence in the rapidly growing digital asset market space.Advanced Trading Framework with High-Level CustomizationThe Crypto Derivatives Platform is engineered to surpass the increasing technical requirements of brokerages and exchanges, offering a high level of adaptability and customization. It can integrate as either a standalone system or a component within existing trading ecosystems, thereby facilitating a complex and scalable trading environment that enhances operational efficiency.This platform supports an extensive array of combined spot and derivatives trading order types including Market, Limit, Stop Loss, and Take Profit. These features enable traders to deploy expanded trading strategies that align with their financial objectives and risk management preferences. The addition of leverage trading significantly increases profit opportunities for exchange operators, which may be the most attractive appeal in highly volatile markets. This strategic implementation of leverage enables exchange operators to enhance earnings potential while maintaining control over risk, crucial for thriving in dynamic trading environments.Ian McAfee, CEO of Shift Markets, stated, "We knew there was a clear market need for a dedicated derivatives trading solution for exchanges and brokerages. The Crypto Derivatives Platform addresses this gap, enhancing our clients' trading operations and offering significant growth potential through derivatives trading. It enables our clients to more effectively capitalize on market movements, enhancing their trading capabilities and positioning them for growth in a competitive market."Setting the Stage for Future Exchange PlatformsThe Crypto Derivatives Platform by Shift Markets serves as a strategic tool for brokerages and exchanges aiming to broaden their services and fortify their market presence. Opting for Shift’s platform prepares clients for a future of improved profitability, operational excellence, and customer satisfaction. Shift Markets invites potential partners to explore the benefits of their next-generation Crypto Derivatives Platform by reaching out today.About Shift MarketsShift Markets is the premier Crypto-as-a-Service provider, offering proprietary white label digital asset infrastructure and trading technology. Shift enables businesses to quickly commercialize digital assets, assisting enterprises in integrating high-level digital asset trading. This ensures efficient adoption and superior market performance. Previously Featured In: TechCrunch, CoinDesk, Bloomberg Technology, Forbes CryptoThis article was written by FM Contributors at www.financemagnates.com.
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After experiencing record-breaking years, Trading 212's UK subsidiary saw a slowdown in revenue growth and profits in 2023. The brokerage operator reported a 3 percent decline in revenue and a 28 percent drop in pre-tax profits for the year.Stabilisation after Record-Breaking YearsAccording to the latest Companies House filing, Trading 212 UK Limited's 2023 revenue was £95.3 million, with a pre-tax profit of £38.6 million, down from £50.9 million in the previous year. The net profit after taxes was £30.4 million, compared to £41.1 million in 2022.Despite the declining figures, the company noted that 2023 marked “a continued stabilisation in the revenue following on from the exponential growth seen between 2019 and 2021.”The UK company significantly benefited from higher interest rates, generating about £14.8 million from interest income, a substantial increase from £451,994 in the previous year.However, the company's profits were impacted by increased administrative expenses, which climbed 45 percent to £71.2 million due to heightened marketing activities. The company resumed its marketing efforts in the last quarter of 2022 and spent over £7.4 million on research and development.Non-Financial Metrics ImprovedTrading 212, established in Bulgaria in 2004 as Avus Capital and incorporated in the UK in 2013, primarily focuses on the UK and the European Union. It operates through three entities: one in the UK and two in Cyprus and Bulgaria. The group has yet to release 2023 figures from its non-UK businesses.The broker is shifting its focus from contracts for differences (CFDs) to stockbroking. “While operating both a stockbroking and CFD platform, T212’s growth strategy remains focused on the stockbroking part of the business and growing the value of client money and client asset balances,” the filing noted.Trading 212 highlighted several improvements in non-financial metrics: the number of monthly active users increased by 28 percent, and monthly trades rose by 32 percent. The total value of client deposits and client monies jumped by 22 percent and 37 percent, respectively, with client custody assets increasing by 55 percent.The broker is also expanding its products and services. It recently launched a multi-currency payment card for its UK customers and introduced interest on uninvested cash, alongside a stock lending program.“T212 continues to review new product ideas such that it can further contribute and support the investing public in gaining access to the wider financial markets and enabling them to take control of their financial undertakings, investment portfolios, and ultimately to build wealth for their futures,” the broker added.This article was written by Arnab Shome at www.financemagnates.com.
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If you have any semblance of interest in cryptocurrency trading, you should’ve already heard that the Ethereum ETF approval by the SEC (Securities and Exchange Commission) is well on its way. Cryptocurrency investors are about to get the opportunity to buy into some brand new exchnage-listed products in the coming days or weeks, pending final confirmation from the regulator.The long-held opposition on part of the chief US financial regulator and its Chair Gary Gensler to the second largest cryptocurrency by market cap receiving a dedicated ETF listed on US exchanges, has been largely overcome, and not without political pressure.Coinciding with the passing of a key cryptocurrency-related bill by the U.S. House of Representatives, called FIT 21 on Wednesday, the <a href="https://www.financemagnates.com/tag/spot-ether-etf/">Ethereum ETF</a> approval could set the stage for a broader cryptocurrency market rally. That said, the Financial Innovation and Technology in the 21st Century Act still needs approval in the Senate to be signed into law.Political Pressure for the Ethereum ETF ApprovalThe <a href="https://www.financemagnates.com/cryptocurrency/ether-etfs-only-cleared-a-hurdle-final-approval-is-still-pending/">approval of the Ethereum ETF</a> has been a marked shift in regulatory opinion - up until this week the market has not been pricing in an approval of the product in the immediate future, and that literally changed with a couple of tweets. Arguably, the first one was from Bloomberg’s Senior ETF Analyst Eric Balchunas.Update: <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw">@JSeyff</a> and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… <a href="https://t.co/gcxgYHz3om">https://t.co/gcxgYHz3om</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1792636523050906102?ref_src=twsrc%5Etfw">May 20, 2024</a>The resulting circa 20% rally in <a href="https://www.financemagnates.com/terms/e/ethereum/">Ethereum</a> was abrupt and caught some of the market wrong-footed, exacerbating the move into a very sharp rally on late Monday. After consolidating in a newly established range after the news, on Thursday morning another bomb tweet from the same author highlighted a newer development.A bipartisan group of House lawmakers, including Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer, has sent a letter to SEC Chair Gary Gensler urging the approval not only of spot Ether ETFs but also other digital asset ETFs.A bipartisan group of House lawmakers (incl Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer) have sent Gary Gensler a letter urging the SEC to approve spot Ether ETFs (and 'other' digital assets) bc it offers investors crypto access in regulated transparent safe format <a href="https://t.co/YLSJh6n0lF">pic.twitter.com/YLSJh6n0lF</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1793620303966503267?ref_src=twsrc%5Etfw">May23, 2024</a>The lawmakers view the approval of<a href="https://www.financemagnates.com/cryptocurrency/new-spot-btc-etfs-take-market-share-from-btc-futures-etfs/"> spot Bitcoin ETPs</a> (exchange-traded products) as a significant milestone for both digital assets and financial markets. They believe that these products provide a safe and regulated investment vehicle for cryptocurrency exposure and reflect the SEC’s commitment to investor protection and modernisation of financial markets.The letter emphasizes that the transparency and reporting requirements of ETPs will aid in mitigating market manipulation and other illicit activities. The SEC’s Chairman Gensler is urged to apply the same principles used in approving Bitcoin ETPs when considering Ethereum ETP applications, and highlights that the legal considerations for both are similar.With the looming U.S. election…
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Prior to spot Bitcoin ETFs gaining approval in January there was, as deadlines approached, a sense of expectation that the SEC would give the green light to the funds. Critically, the regulatory agency was engaging with applicants, and it was known that BTC was regarded as a commodity rather than as a security. Compare that to this week’s spot ETH ETF approval, and it’s a very different story. Until the start of this week, the overwhelming expectation was that ETH ETFs were in line for rejection, amid reports that the SEC had not engaged with applicants, and with uncertainty around how ETH was categorized: as a commodity, like BTC, or as a security that was not properly registered. As such, reports on Monday that the SEC was suddenly shifting towards approval caught the market entirely by surprise, and by Thursday, what had been almost unthinkable just a few days earlier actually occurred, with <a href="https://www.financemagnates.com/cryptocurrency/ether-etfs-only-cleared-a-hurdle-final-approval-is-still-pending/">spot ETH ETFs gaining approval in the United States</a>. To say that this official turnaround was not priced in by the markets is an understatement, while from a broader context, what has occurred this week may have considerable long-term significance not just for ETH and its market value, but for the entire crypto industry, and what's more, it ties in closely with American politics.Democrats Broke Ranks on SAB 121Just a week before the ETF U-turn, there was a vote in the Senate around an SEC accounting proposal called SAB 121. This proposal would impose strict rules on banks and other institutions holding cryptocurrencies for customers, but was criticized for discouraging companies from taking custody of digital assets, and thereby creating negative knock-on effects for the crypto industry. However, the Senate voted in favor of an act to repeal SAB 121, and it did so by 60 votes to 38, with several Democrats, including Senate Majority Leader Chuck Schumer, breaking ranks with President Biden and Senator Elizabeth Warren–who are publicly opposed to crypto–to take what is in practice a pro-crypto stance. It’s notable also that this rejection of SAB 121 came immediately after presidential contender <a href="https://www.financemagnates.com/cryptocurrency/make-crypto-great-again-meme-coins-and-jibes-enter-american-party-politics/">Donald Trump had voiced explicit support for the crypto industry</a>, and this week, the Trump campaign also announced that it was accepting donations in a range of cryptocurrencies. This action reinforced the crypto-friendly message, but the campaign then went further still by <a href="https://www.donaldjtrump.com/news/bc422399-088b-49a0-a39b-c094fad4daf8">declaring</a> that Trump supporters “will build a crypto army”, making direct reference to Elizabeth Warren’s declaration last year that she is “building an anti-crypto army”. Perhaps if the crypto industry was still buried in the <a href="https://www.financemagnates.com/trending/the-spectacular-collapse-of-ftx-and-the-fall-of-sam-bankman-fried/">rubble of the FTX collapse</a>, then Trump’s comments wouldn’t have mattered. Perhaps, in that case, he wouldn’t have made them at all. But the reality is that it’s not 2022, that BTC has been on the up for the past year and a half, and that those new BTC ETFs have got off to a tremendously bullish start, achieving inflows since launch of around 230,000 BTC, and attracting institutional investors.That in mind, is it possible that Trump positioning himself as the pro-crypto candidate while Bitcoin is in this kind of form, and at the same time as he takes a <a href="https://www.axios.com/2024/05/13/trump-biden-2024-michigan-wisconsin-pennsylvania">polling lead</a> in several swing states, has spooked Democrats and led them to abruptly reposition themselves when it comes to crypto?Trump's election odds just hit an all-time high. <a href="https://t.co/YsODwhSHxr">pic.twitter.com/YsODwhSHxr</a>— Polymarket (@Polymarket) <a href="https://twitter.co…
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Prior to spot Bitcoin ETFs gaining approval in January there was, as deadlines approached, a sense of expectation that the SEC would give the green light to the funds. Critically, the regulatory agency was engaging with applicants, and it was known that BTC was regarded as a commodity rather than as a security. Compare that to this week’s spot ETH ETF approval, and it’s a very different story. Until the start of this week, the overwhelming expectation was that ETH ETFs were in line for rejection, amid reports that the SEC had not engaged with applicants, and with uncertainty around how ETH was categorized: as a commodity, like BTC, or as a security that was not properly registered. As such, reports on Monday that the SEC was suddenly shifting towards approval caught the market entirely by surprise, and by Thursday, what had been almost unthinkable just a few days earlier actually occurred, with <a href="https://www.financemagnates.com/cryptocurrency/ether-etfs-only-cleared-a-hurdle-final-approval-is-still-pending/">spot ETH ETFs gaining approval in the United States</a>. To say that this official turnaround was not priced in by the markets is an understatement, while from a broader context, what has occurred this week may have considerable long-term significance not just for ETH and its market value, but for the entire crypto industry, and what's more, it ties in closely with American politics.Democrats Broke Ranks on SAB 121Just a week before the ETF U-turn, there was a vote in the Senate around an SEC accounting proposal called SAB 121. This proposal would impose strict rules on banks and other institutions holding cryptocurrencies for customers, but was criticized for discouraging companies from taking custody of digital assets, and thereby creating negative knock-on effects for the crypto industry. However, the Senate voted in favor of an act to repeal SAB 121, and it did so by 60 votes to 38, with several Democrats, including Senate Majority Leader Chuck Schumer, breaking ranks with President Biden and Senator Elizabeth Warren–who are publicly opposed to crypto–to take what is in practice a pro-crypto stance. It’s notable also that this rejection of SAB 121 came immediately after presidential contender <a href="https://www.financemagnates.com/cryptocurrency/make-crypto-great-again-meme-coins-and-jibes-enter-american-party-politics/">Donald Trump had voiced explicit support for the crypto industry</a>, and this week, the Trump campaign also announced that it was accepting donations in a range of cryptocurrencies. This action reinforced the crypto-friendly message, but the campaign then went further still by <a href="https://www.donaldjtrump.com/news/bc422399-088b-49a0-a39b-c094fad4daf8">declaring</a> that Trump supporters “will build a crypto army”, making direct reference to Elizabeth Warren’s declaration last year that she is “building an anti-crypto army”. Perhaps if the crypto industry was still buried in the <a href="https://www.financemagnates.com/trending/the-spectacular-collapse-of-ftx-and-the-fall-of-sam-bankman-fried/">rubble of the FTX collapse</a>, then Trump’s comments wouldn’t have mattered. Perhaps, in that case, he wouldn’t have made them at all. But the reality is that it’s not 2022, that BTC has been on the up for the past year and a half, and that those new BTC ETFs have got off to a tremendously bullish start, achieving inflows since launch of around 230,000 BTC, and attracting institutional investors.That in mind, is it possible that Trump positioning himself as the pro-crypto candidate while Bitcoin is in this kind of form, and at the same time as he takes a <a href="https://www.axios.com/2024/05/13/trump-biden-2024-michigan-wisconsin-pennsylvania">polling lead</a> in several swing states, has spooked Democrats and led them to abruptly reposition themselves when it comes to crypto?Trump's election odds just hit an all-time high. <a href="https://t.co/YsODwhSHxr">pic.twitter.com/YsODwhSHxr</a>— Polymarket (@Polymarket) <a href="https://twitter.co…
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The US Securities and Exchange Commission (SEC) approvedapplications from major exchanges, including Nasdaq, CBOE, and the NYSE, to listexchange-traded funds tied to the price of ether today (Thursday). This approval potentially opens the door forthese products to begin trading later this year.Issuers to Seek Regulatory ApprovalNine issuers, including VanEck, ARKInvestments/21Shares, and BlackRock, applied to launch ETFs tied to etherfollowing the SEC's approval of spot Bitcoin ETFs in January. Despite the positive feedback, these applicants must obtain approval for ETF registration statements detailing investor disclosures before the funds can start trading.The SEC’s notice stated: "After careful review, the commissionfinds that the proposals are consistent with the Exchange Act and rules andregulations thereunder applicable to a national securities exchange. Inparticular, the commission finds that the proposals are consistent with Section6(b)(5) of the Exchange Act, which requires, among other things, that theExchanges' rules be designed to prevent fraudulent and manipulative acts andpractices and in general, to protect investors and the public interest."US SEC approves exchange applications to list spot ether ETFs https://t.co/zvJ6e0L99U pic.twitter.com/okQKGNpLxx— Reuters (@Reuters) May 23, 2024Market participants were prepared for a negativeoutcome, especially considering the lack of engagement from the SEC on theapplications, Reuters reported. However, in an unexpected turn of events, the SEC's officials requested the exchanges to make quick adjustments to thefilings on Monday, leading to a rush to meet the new requirements ina short time.Positive Market Sentiment Boosts EtherHowever, the SEC has not set a deadline for deciding on the registration statements, leaving industry participants uncertain about whentrading could commence. Optimism about the SEC's approval of Ether ETF pushed the price of thesecond-largest cryptocurrency by 25% on the weekly chart. Notably, the asset management firm plans to avoid stakingand derivatives to address regulatory concerns. In the run-up to the decision-making deadline, the SEC’s Chair Gary Gensler, known for his skepticism toward cryptocurrencies, declined to comment when reporters asked about the ether ETFs. A spokesperson from the commission also stated that the agency would not providefurther comments on the matter. Earlier, a section of US Congress urged Gensler to approve ether ETFs.This article was written by Jared Kirui at www.financemagnates.com.
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Adyen, a global financial technology platform, has discloseda collaboration with Vapiano, an Italian restaurant group, aimed at augmentingthe customer experience. Through this partnership, Adyen intends to bolster thecheckout process at Vapiano by affording guests the ability to tailor theircheckout experiences and avail themselves of mobile phone-based food ordersusing digital wallet payments.Mobile Ordering Demand and Payment OptionsThe decision to embark on this collaboration stems from apilot initiative undertaken at one of Vapiano’s London establishments, whereanalysis revealed that 80% of orders were executed through a mobile orderingplatform accessed via customers’ phones. This pilot emphasized a growing demand for expedited andstreamlined ordering services, while concurrently underscoring the scarcity ofpayment options accessible to patrons.$ADYEN partners with global Italian restaurant group VapianoAdyen will enhance the customer experience by enabling mobile ordering and offering a wider range of payment options. A successful pilot in a London branch showed high demand for mobile orders but limited payment… pic.twitter.com/JfhRYEHHZU— Wolf of Harcourt Street (@wolfofharcourt) May 22, 2024Meanwhile, Adyenhas partnered with Cotti Coffee, as Finance Magnates reported. The firmis extending the coffee chain's reach to Canada, Australia, Japan, Singapore,and the UAE. Cotti Coffee, known for its quality and affordability, celebratesits 7,000th store globally, expanding to 28 countries since its flagshipopening in October 2022. Initiative Addresses Payment PreferencesAdyen’s financial technology platform emerges as afacilitator for Vapiano to enrich its digital capacities, offering a pliableservice framework and an expanded array of payment modalities. This initiativealigns with prevailing trends towards payment versatility. As corroborated byrecent consumer research conducted by Adyen, wherein 54% of respondentsexpressed potential willingness to abandon the checkout process if theirpreferred payment method is unavailable. Additionally, 27% of consumers indicatedthe cessation of carrying a physical wallet, further accentuating the shifttowards digital payment preferences.This article was written by Tareq Sikder at www.financemagnates.com.
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United Fintech's CobaltFX has promoted Stephen Nelson toChief Operating Officer. Previously, Nelson was the Global Head of Operations,a role he held for five years. He joined the firm in 2017 as the Head ofSolution Delivery and Support.Changes in Top ManagementSpeaking about the promotion, Nelson said: "Nothing ispossible without a great team of people around you. I am incredibly thankfulfor being a part of a journey that is now really starting to take off. Thispromotion to Chief Operating Officer is not just a personal achievement but atestament to the hard work and support of everyone around me. Together, wecontinue to grow and deliver excellence."CobaltFX has also made other changes to its C-levelmanagement. Daniel Evans will transition to Chief Product Owner. According tothe company’s announcement on LinkedIn, Evans will focus on product developmentand innovation. He joined the company in 2019 as a Product Analytics Leadbefore being promoted to Head of Product.United Fintech acquired Cobalt, a provider of data andrisk services to the digital assets and foreign exchange markets, in 2022. The fintech firm disclosed that it had acquired a 100% stake in Cobalt despite the challenges facing the industry. Since its establishment in 2020, United Fintech has steadily grown through other acquisitions, including Athena Systems, FairXchange, NetDania, and TTMZero.United Fintech's Acquisition of CobaltFollowing Cobalt's integration into United Fintech,clients and employees were transitioned to the new entity, but the company continued operating asan independent unit within United Fintech. Christian Frahm, the Founder and CEO ofUnited Fintech, took on the role of Cobalt's Chairman to ensure synergy between the two entities. United Fintech has offices in London, New York, and Singapore.Last year, Cobalt rebranded as CobaltFX to focusexclusively on the foreign exchange market. Andrew Coyne, previouslyassociated with Cobalt and now a member of United Fintech, emphasized thefirm's commitment to revolutionizing the FX landscape, particularly through a platform designed for credit optimization and post-trade FX processes.This article was written by Jared Kirui at www.financemagnates.com.
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The Cyprus Securities and Exchange Commission (CySEC)announced its decision to withdraw the Cyprus Investment Firm (CIF)authorisation of Forextime Ltd (FXTM), effective from May 20, 2024. Thisdecision was made during CySEC's meeting held on the same date.CIF Authorisation WithdrawnForextime Ltd, identified by the Legal Entity Identifier,has had its CIF authorisation number 185/12 revoked. This action was taken inaccordance with the Investment Services and Activities and Regulated MarketsLaw.The withdrawal of the authorisation follows the Company's decisionto renounce its CIF authorisation. There are no further details providedregarding any judicial review, as none was applicable or undertaken.Finance Magnates reached out to Forextime Ltd (FXTM) forcomments, but none have been provided as of the time of publishing.Ceasing Operations under Cypriot Entity Earlier, FXTMrenounced its CIF license and ceased operations under its Cypriot entity asof December 31, 2023, according to a report by Finance Magnates reported. Thisdecision was confirmed by a notice on the EU website of FXTM(forextime.com/eu), accessible only within the EU.FXTM had already stopped offering services to retail clientsin the EU in February 2021, focusing instead on professional clients andinstitutional traders in the EEA region. The latest move signifies a completewithdrawal from the EU market. According to the CySEC, Forextime Ltd's license wasunder examination for voluntary renunciation. The Cypriot entity obtained thelicense in December 2012.The FXTM and Alpari brands, consolidated under the ExinityGroup in 2020, serve over two million clients in 150 countries and 18languages. FXTM is licensed in the UK as Exinity UK Ltd and Mauritius as ExinityLimited, with the latter also operating Alpari International. Alpari (Comoros)Ltd is regulated by the Mwali International Services Authority. Exinity Group'strading empire, led by Andrey Dashin, includes additional regulated entities inKenya, the UAE, and other jurisdictions.This article was written by Tareq Sikder at www.financemagnates.com.
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Seekingto promote passive investing through <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>-traded funds (ETFs) in Spain,publicly traded broker XTB has announced a collaboration with VanEck, one ofthe world's leading ETF managers. The partnership aims to facilitate indexedinvesting through ETF investment plans offered by XTB, making it easier forretail traders to incorporate VanEck's latest products into their portfolios.XTB and VanEck Partner toPromote Passive Investing with ETFs in SpainThealliance demonstrates both entities' commitment to the Spanish ETF market,which has been experiencing significant growth. According to XTB, 70% of theirclients worldwide start investing with ETFs and stocks, and the broker is ontrack to become the go-to multi-product investment app in Spain."Weare thrilled to announce this partnership with VanEck, one of the top ETFmanagers globally, whose products many of our clients in Spain already investin,” Javier Urones, the Head of Business <a href="https://www.financemagnates.com/tag/xtb/">at XTB Spain</a>, commented. “ We hopethis union will help us continue to raise awareness of ETFs and InvestmentPlans as one of the most optimal savings alternatives for retail investors inour country."¡Tenemos buenas noticias! Hemos firmado un acuerdo de colaboración con VanEck para fomentar la <a href="https://twitter.com/hashtag/inversi%C3%B3n?src=hash&ref_src=twsrc%5Etfw">#inversión</a> pasiva con <a href="https://twitter.com/hashtag/ETFs?src=hash&ref_src=twsrc%5Etfw">#ETFs</a> y <a href="https://twitter.com/hashtag/planesdeinversi%C3%B3n?src=hash&ref_src=twsrc%5Etfw">#planesdeinversión</a> en España, unas de las alternativas más óptimas de <a href="https://twitter.com/hashtag/ahorro?src=hash&ref_src=twsrc%5Etfw">#ahorro</a> para los inversores minoristas en nuestro país. Os iremos dando más detalles. <a href="https://t.co/ZhnOqgTx5F">pic.twitter.com/ZhnOqgTx5F</a>— XTB España (@xtbes) <a href="https://twitter.com/xtbes/status/1793665993795051875?ref_src=twsrc%5Etfw">May 23, 2024</a>ETF-BasedInvestment Plans are one of the newer products offered by XTB, first <a href="https://www.financemagnates.com/forex/exclusive-xtb-introduces-etf-based-investment-plans-to-lure-passive-investors/">introducedat the end of 2023</a>. Designed for passive investors, they debuted in Portugaland Slovakia and quickly also entered the Spanish market.WithinXTB's investment app, users can invest in more than 350 ETFs across a widerange of asset classes, including stocks, bonds, commodities, and recentlyadded clean energy funds.XTB, VanEck Aim toIncrease Savings Culture in SpainThecollaboration also aims to increase savings culture in Spain and to addressSpaniards' limited saving capacity. Spain currently has a savings rate below6%, while other European countries like France, and Belgium have rates above12%.XTBrecently released a report titled "The Future of Savings in Spain,"which highlights that Spain is the second country in the European Union, behindonly Germany, with the most unrewarded saved money. Through this collaboration,XTB and VanEck intend to raise awareness about the advantages and necessity ofregular saving adapted to each client's capabilities."AtVanEck, we are very pleased to collaborate with XTB to promote ETF investingamong clients in Spain,” Eduardo Escario, the Regional Director of BusinessDevelopment at VanEck, commented. “ETFs are vehicles that help invest in adiversified and low-cost manner, making them a product that fits the needs ofretail clients."It is worthnoting that VanEck is not the first major asset manager with whom XTB haspartnered to promote ETF investments. At the end of February, a similaragreement <a href="https://www.financemagnates.com/forex/xtb-and-10-trillion-giant-blackrock-partner-up-to-promote-etf-investing/">was made with BlackRock</a>, and the collaboration also started with theSpanish market.Seeking tofurther develop its offerings in more passive and hands-off investing, XTB<a href="https://www.financemag…
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Access Bank Group, a multinational banking institution, hasrecently unveiled a collaborative effort with Mastercard aimed at enhancingaccess to cross-border payments and remittances within the African continent. This initiative is described as a strategic move towardsintegrating Africa into the global economy, emphasizing the partnership's useof Mastercard Move's network and treasury capabilities. Utilizing Access Bank'sAccess Africa platform, individuals and businesses stand to gain from quicker,traceable, and cost-effective international transactions.Expanding Cross-Border Payment across AfricaThe implementation of this solution extends across Africa,with outlined strategies for broader coverage throughout the continent. AccessBank Group's Access Africa platform, strengthened by Mastercard's networkassets and treasury expertise, aims to provide an array of payment alternativesfor its clientele.Access Bank customers within the bank's operationaljurisdictions across Africa now possess the capability to conduct cross-borderpayments globally through various channels, including bank accounts, mobilewallets, cards, and cash.“This collaboration signifies our commitment to transformingpayment experiences as it not only brings cutting-edge payment solutions to thebank’s diverse clientele but also extends the reach of Mastercard's financialand digital ecosystem, ensuring millions from underserved communities canactively participate in the evolving financial and digital economy," saidMark Elliott, Division President for Africa at Mastercard.Access Bank and Mastercard Launch Solution to Expand Access to Cross-Border Payments in Africa https://t.co/WeNE8QkDJt pic.twitter.com/nL152ciDoj— Tech Labari (@TechLabari) May 21, 2024Growth in Remittance Flows for Sub-Saharan AfricaCross-border remittances retain their significance inAfrica's economic landscape, evidenced by a notable 1.9% surge in flows toSub-Saharan Africa in 2023, totalling $54 billion. This growth is attributed tosubstantial remittance increases in Mozambique, Rwanda, and Ethiopia, withNigeria emerging as a significant contributor. Projections indicate a further 2.5% uptick in remittanceflows for the region in 2024. Moreover, business-to-business cross-borderpayments serve as indispensable conduits for many enterprises reliant onregional and international trade to propel African economic growth.This article was written by Tareq Sikder at www.financemagnates.com.
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Leading Cryptocurrency broker, PrimeXBT, has just launched a total revamp of its brand, website, and all-in-one platforms, as part of its vision to “democratise the financial markets” and “make investing available to all”.PrimeXBT’s new look and feel debuts alongside equally substantial upgrades to the broker’s product offering, including lower fees across 100+ CFD markets, increased leverage on Crypto CFDs, and new fiat payment options, aiming to offer traders more for less. This is in addition to offering traders the ability to buy popular Cryptocurrencies like BTC, ETH, USDT, and USDC outright. The revamp is accompanied by a campaign simply titled “We listen”, where the Crypto broker reveals that a lot of the upgrades were inspired by client feedback.Additional upgrades to PrimeXBT’s offering include a substantially improved user experience across its website, webtrader, and app. The revamped PrimeXBT website now also features a ‘News’ section, so traders can get the latest news and insights from the Crypto world, and other CFD markets. Finally, the broker also debuted a new Partnership Program. Crypto Affiliates can earn up to $2,500 in CPA per client, and Introducing Brokers (IBs) can get up to 50% RevShare, making PrimeXBT’s the most competitive program currently on the market.Aleksandr Khvoinitskii, Head of Crypto Growth for PrimeXBT had this to say:“Our vision at PrimeXBT has always been to provide people with easy and immediate access to the markets, as well as the education and tools they need to succeed, regardless of their experience. We want to give the world control over their finances, once and for all, and we believe this revamp brings us closer to realising that vision.”The Crypto broker’s core brand values are clearly displayed on the upgraded PrimeXBT website; innovation, client-focus, empowerment, and transparency. All four are in clear focus with this wide-reaching revamp. The addition of new tools to the broker’s webtrader and app attest to innovation, while the simplified user experience empowers traders of all levels to take control of their finances. Making the language used across its website and platforms as clear and easy-to-understand as possible shows transparency, while helping build trust with their users. Finally, all of the changes and upgrades clearly reflect PrimeXBT’s client-focus, incorporating user feedback to improve the overall experience on offer.About PrimeXBTPrimeXBT (https://primexbt.com) offers the only all-in-one trading platform that allows clients to buy and sell Cryptocurrencies, and use them to trade 100+ popular markets including Crypto Futures, and CFDs on Crypto, Forex, Indices, Stocks, and Commodities. Since being founded in 2018, PrimeXBT has grown exponentially to serve 1,000,000+ traders in 150+ countries all around the world. Clients enjoy the confidence of trading with an award-winning brand, committed to security, and benefit from round-the-clock support.Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. Virtual assets are inherently volatile and subject to significant value fluctuations, which could result in substantial gains or losses. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. PrimeXBT does not accept clients from Restricted Jurisdictions as indicated in our website.This article was written by FM Contributors at www.financemagnates.com.
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Chip maker Nvidia has done it again. The silicon superstar has not only met butobliterated Wall Street expectations with its recent earnings report. If there was any doubt about chip making giant Nvidia’s dominance inthe semiconductor world, its latest financial results put those doubts to bed.Let’s dive into the details and see what made this earnings call one for thehistory books.Nvidia's 2025 Revenue: $26 Billion and CountingNvidia reported a jaw-dropping first-quarter revenue of $26 billion forfiscal year 2025, a staggering 262% increase from the same period last year.Just let that sink in for a moment. This isn’t just a case of beatingexpectations, this is Nvidia dragging the expectations into an alley and givingthem a thorough thrashing. The previous quarter's revenue was no slouch eitherat $22 billion, itself up nearly 270% from the prior year, but this new recordsets a high bar for competitors and admirers alike.Data Center DominationMuch of this revenue surge can be attributed to Nvidia's <a href="https://www.financemagnates.com/terms/d/data-center/">data center</a>division, which raked in a record $22.6 billion for the quarter. Thisrepresents a 23% increase from the previous quarter and an eye-watering 427%rise from the same period last year. The driving force behind this growth?Nvidia’s Hopper GPUs, essential for training and inferencing large languagemodels (LLMs), the tech behind the surge in the use of <a href="https://www.financemagnates.com/tag/ai/">Artificial Intelligence(AI)</a> that seems to be everywhere you look. From <a href="https://www.financemagnates.com/terms/f/forex-trading/">forex trading</a> to generative AI, to your phone and more, AI is everywhere. Nvidia isn’t just riding the AI wave,it’s the one driving the tsunami.Nvidia on today's Q1 earnings call: "We supported <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a>'s expansion of their AI training cluster to 35,000 H100 GPU's. Their use of Nvidia AI infrastructure paved the way for breakthrough performance of FSD version 12, their latest autonomous driving software based on vision." <a href="https://t.co/RziizrJNLF">pic.twitter.com/RziizrJNLF</a>— Sawyer Merritt (@SawyerMerritt) <a href="https://twitter.com/SawyerMerritt/status/1793393387111850033?ref_src=twsrc%5Etfw">May 22, 2024</a>Hopper and Beyond: What’s Driving Demand?CEO Jensen Wong was understandably bullish during the earnings call. Henoted that the demand for Hopper GPUs is through the roof, and there’s no signof it slowing down. Despite concerns that customers might hold off purchases inanticipation of the next-gen Blackwell chips, Wong assured everyone that demandremains robust. And speaking of Blackwell, these highly anticipated chips willstart shipping in the second quarter, with ramp-up expected in the third andavailability to customers in the fourth. Wong also teased that Nvidia alreadyhas another chip lined up after Blackwell, sticking to a one-year developmentcycle.Stock Split and Dividend DelightAs if the revenue numbers weren't enough to excite investors, Nvidiaalso announced a 10-for-1 stock split and a dividend hike. This move not onlymakes Nvidia’s stock more accessible to a broader range of investors, but alsosignals the company’s confidence in its ongoing growth trajectory. The stockopened above $1,000 on Thursday, reflecting the market’s ecstatic response tothe news.How Jensen Huang rolled into Nvidia earnings call <a href="https://t.co/hjg4vZ060g">pic.twitter.com/hjg4vZ060g</a>— Min Choi (@minchoi) <a href="https://twitter.com/minchoi/status/1793418934332563578?ref_src=twsrc%5Etfw">May 22, 2024</a>I'm going to go out on a limb here and say that AI might have been responsible for the above.Looking Ahead: More Fireworks on the HorizonWong's announcement that Nvidia will see revenue from Blackwell thisyear adds an extra layer of excitement to an already stellar report. Withanother chip already in the pipeline, Nvidia shows no signs of resting on itslaurels. The company is on a mission to maintain its…
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The US Commodity Futures Trading Commission (CFTC) has fined one JPMorgan unit $200 million for failing to capture billions of orders in its surveillance systems between 2014 and 2021. However, the company only has to pay $100 million, as the rest will be offset with a previous penalty.The civil monetary penalty against J.P. Morgan Securities came with a cease and desist order for further violations of the CFTC’s supervision requirements.Hefty Fine for JPMorganThe regulatory agency's announcement yesterday (Thursday) detailed that JPMorgan admitted the fact that the order included the scope and causes of surveillance data gaps, but it did not admit or deny the findings of the fact. The company has already settled the charges with the regulator, paying a heavy penalty.“Today’s resolution includes a significant penalty, certain factual admissions, and the appointment of a consultant to ensure remediation,” said Ian McGinley, Director of Enforcement at CFTC.“We hope it sends a clear message that CFTC registrants must take appropriate steps to ensure, through testing and other means, that complete trade and order data direct from exchanges are being ingested into trade surveillance systems and that orders are being surveilled.”Severe Gaps in the SystemJPMorgan identified the lapses in its trading surveillance mechanism on multiple venues in 2021. It also found that the trading systems were not operating correctly, resulting in gaps in trade surveillance. Between 2014 and 2021, the company failed to ingest billions of order messages into its surveillance system, which largely consisted of “sponsored access trading activity for three significant algorithmic trading firms.”“We self-identified the issue, significant remedial actions have been taken, and others are underway; and we have not found any employee misconduct or harm to clients or the market in our review of the previously uncaptured data,” the bank’s noted in a statement. “We do not expect any disruption of service to clients as a result of these resolutions.”The bank also indicated that the surveillance gaps were resolved in 2023.The CFTC's hefty fine came only a couple of months after the Wall Street giant agreed to pay $348 million to the Federal Reserve and the Office of the Comptroller of the Currency for gaps in its trade surveillance program, which resulted in failure to monitor the conduct of its employees and clients. The latest CFTC’s order will offset the $100 million fine from that previous penalty.This article was written by Arnab Shome at www.financemagnates.com.
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Access Bank Group, a multinational banking institution, hasrecently unveiled a collaborative effort with Mastercard aimed at enhancingaccess to cross-border payments and remittances within the African continent. This initiative is described as a strategic move towardsintegrating Africa into the global economy, emphasizing the partnership's useof Mastercard Move's network and treasury capabilities. Utilizing Access Bank'sAccess Africa platform, individuals and businesses stand to gain from quicker,traceable, and cost-effective international transactions.Expanding Cross-Border Payment across AfricaThe implementation of this solution extends across Africa,with outlined strategies for broader coverage throughout the continent. AccessBank Group's Access Africa platform, strengthened by Mastercard's networkassets and treasury expertise, aims to provide an array of payment alternativesfor its clientele.Access Bank customers within the bank's operationaljurisdictions across Africa now possess the capability to conduct cross-borderpayments globally through various channels, including bank accounts, mobilewallets, cards, and cash.“This collaboration signifies our commitment to transformingpayment experiences as it not only brings cutting-edge payment solutions to thebank’s diverse clientele but also extends the reach of Mastercard's financialand digital ecosystem, ensuring millions from underserved communities canactively participate in the evolving financial and digital economy," saidMark Elliott, Division President for Africa at Mastercard.Access Bank and Mastercard Launch Solution to Expand Access to Cross-Border Payments in Africa https://t.co/WeNE8QkDJt pic.twitter.com/nL152ciDoj— Tech Labari (@TechLabari) May 21, 2024Growth in Remittance Flows for Sub-Saharan AfricaCross-border remittances retain their significance inAfrica's economic landscape, evidenced by a notable 1.9% surge in flows toSub-Saharan Africa in 2023, totalling $54 billion. This growth is attributed tosubstantial remittance increases in Mozambique, Rwanda, and Ethiopia, withNigeria emerging as a significant contributor. Projections indicate a further 2.5% uptick in remittanceflows for the region in 2024. Moreover, business-to-business cross-borderpayments serve as indispensable conduits for many enterprises reliant onregional and international trade to propel African economic growth.This article was written by Tareq Sikder at www.financemagnates.com.
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Leading Cryptocurrency broker, PrimeXBT, has just launched a total revamp of its brand, website, and all-in-one platforms, as part of its vision to “democratise the financial markets” and “make investing available to all”.PrimeXBT’s new look and feel debuts alongside equally substantial upgrades to the broker’s product offering, including lower fees across 100+ CFD markets, increased leverage on Crypto CFDs, and new fiat payment options, aiming to offer traders more for less. This is in addition to offering traders the ability to buy popular Cryptocurrencies like BTC, ETH, USDT, and USDC outright. The revamp is accompanied by a campaign simply titled “We listen”, where the Crypto broker reveals that a lot of the upgrades were inspired by client feedback.Additional upgrades to PrimeXBT’s offering include a substantially improved user experience across its website, webtrader, and app. The revamped PrimeXBT website now also features a ‘News’ section, so traders can get the latest news and insights from the Crypto world, and other CFD markets. Finally, the broker also debuted a new Partnership Program. Crypto Affiliates can earn up to $2,500 in CPA per client, and Introducing Brokers (IBs) can get up to 50% RevShare, making PrimeXBT’s the most competitive program currently on the market.Aleksandr Khvoinitskii, Head of Crypto Growth for PrimeXBT had this to say:“Our vision at PrimeXBT has always been to provide people with easy and immediate access to the markets, as well as the education and tools they need to succeed, regardless of their experience. We want to give the world control over their finances, once and for all, and we believe this revamp brings us closer to realising that vision.”The Crypto broker’s core brand values are clearly displayed on the upgraded PrimeXBT website; innovation, client-focus, empowerment, and transparency. All four are in clear focus with this wide-reaching revamp. The addition of new tools to the broker’s webtrader and app attest to innovation, while the simplified user experience empowers traders of all levels to take control of their finances. Making the language used across its website and platforms as clear and easy-to-understand as possible shows transparency, while helping build trust with their users. Finally, all of the changes and upgrades clearly reflect PrimeXBT’s client-focus, incorporating user feedback to improve the overall experience on offer.About PrimeXBTPrimeXBT (https://primexbt.com) offers the only all-in-one trading platform that allows clients to buy and sell Cryptocurrencies, and use them to trade 100+ popular markets including Crypto Futures, and CFDs on Crypto, Forex, Indices, Stocks, and Commodities. Since being founded in 2018, PrimeXBT has grown exponentially to serve 1,000,000+ traders in 150+ countries all around the world. Clients enjoy the confidence of trading with an award-winning brand, committed to security, and benefit from round-the-clock support.Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. Virtual assets are inherently volatile and subject to significant value fluctuations, which could result in substantial gains or losses. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. PrimeXBT does not accept clients from Restricted Jurisdictions as indicated in our website.This article was written by FM Contributors at www.financemagnates.com.
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Chip maker Nvidia has done it again. The silicon superstar has not only met butobliterated Wall Street expectations with its recent earnings report. If there was any doubt about chip making giant Nvidia’s dominance inthe semiconductor world, its latest financial results put those doubts to bed.Let’s dive into the details and see what made this earnings call one for thehistory books.Nvidia's 2025 Revenue: $26 Billion and CountingNvidia reported a jaw-dropping first-quarter revenue of $26 billion forfiscal year 2025, a staggering 262% increase from the same period last year.Just let that sink in for a moment. This isn’t just a case of beatingexpectations, this is Nvidia dragging the expectations into an alley and givingthem a thorough thrashing. The previous quarter's revenue was no slouch eitherat $22 billion, itself up nearly 270% from the prior year, but this new recordsets a high bar for competitors and admirers alike.Data Center DominationMuch of this revenue surge can be attributed to Nvidia's <a href="https://www.financemagnates.com/terms/d/data-center/">data center</a>division, which raked in a record $22.6 billion for the quarter. Thisrepresents a 23% increase from the previous quarter and an eye-watering 427%rise from the same period last year. The driving force behind this growth?Nvidia’s Hopper GPUs, essential for training and inferencing large languagemodels (LLMs), the tech behind the surge in the use of <a href="https://www.financemagnates.com/tag/ai/">Artificial Intelligence(AI)</a> that seems to be everywhere you look. From <a href="https://www.financemagnates.com/terms/f/forex-trading/">forex trading</a> to generative AI, to your phone and more, AI is everywhere. Nvidia isn’t just riding the AI wave,it’s the one driving the tsunami.Nvidia on today's Q1 earnings call: "We supported <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a>'s expansion of their AI training cluster to 35,000 H100 GPU's. Their use of Nvidia AI infrastructure paved the way for breakthrough performance of FSD version 12, their latest autonomous driving software based on vision." <a href="https://t.co/RziizrJNLF">pic.twitter.com/RziizrJNLF</a>— Sawyer Merritt (@SawyerMerritt) <a href="https://twitter.com/SawyerMerritt/status/1793393387111850033?ref_src=twsrc%5Etfw">May 22, 2024</a>Hopper and Beyond: What’s Driving Demand?CEO Jensen Wong was understandably bullish during the earnings call. Henoted that the demand for Hopper GPUs is through the roof, and there’s no signof it slowing down. Despite concerns that customers might hold off purchases inanticipation of the next-gen Blackwell chips, Wong assured everyone that demandremains robust. And speaking of Blackwell, these highly anticipated chips willstart shipping in the second quarter, with ramp-up expected in the third andavailability to customers in the fourth. Wong also teased that Nvidia alreadyhas another chip lined up after Blackwell, sticking to a one-year developmentcycle.Stock Split and Dividend DelightAs if the revenue numbers weren't enough to excite investors, Nvidiaalso announced a 10-for-1 stock split and a dividend hike. This move not onlymakes Nvidia’s stock more accessible to a broader range of investors, but alsosignals the company’s confidence in its ongoing growth trajectory. The stockopened above $1,000 on Thursday, reflecting the market’s ecstatic response tothe news.How Jensen Huang rolled into Nvidia earnings call <a href="https://t.co/hjg4vZ060g">pic.twitter.com/hjg4vZ060g</a>— Min Choi (@minchoi) <a href="https://twitter.com/minchoi/status/1793418934332563578?ref_src=twsrc%5Etfw">May 22, 2024</a>I'm going to go out on a limb here and say that AI might have been responsible for the above.Looking Ahead: More Fireworks on the HorizonWong's announcement that Nvidia will see revenue from Blackwell thisyear adds an extra layer of excitement to an already stellar report. Withanother chip already in the pipeline, Nvidia shows no signs of resting on itslaurels. The company is on a mission to maintain its…
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The US Commodity Futures Trading Commission (CFTC) has fined one JPMorgan unit $200 million for failing to capture billions of orders in its surveillance systems between 2014 and 2021. However, the company only has to pay $100 million, as the rest will be offset with a previous penalty.The civil monetary penalty against J.P. Morgan Securities came with a cease and desist order for further violations of the CFTC’s supervision requirements.Hefty Fine for JPMorganThe regulatory agency's announcement yesterday (Thursday) detailed that JPMorgan admitted the fact that the order included the scope and causes of surveillance data gaps, but it did not admit or deny the findings of the fact. The company has already settled the charges with the regulator, paying a heavy penalty.“Today’s resolution includes a significant penalty, certain factual admissions, and the appointment of a consultant to ensure remediation,” said Ian McGinley, Director of Enforcement at CFTC.“We hope it sends a clear message that CFTC registrants must take appropriate steps to ensure, through testing and other means, that complete trade and order data direct from exchanges are being ingested into trade surveillance systems and that orders are being surveilled.”Severe Gaps in the SystemJPMorgan identified the lapses in its trading surveillance mechanism on multiple venues in 2021. It also found that the trading systems were not operating correctly, resulting in gaps in trade surveillance. Between 2014 and 2021, the company failed to ingest billions of order messages into its surveillance system, which largely consisted of “sponsored access trading activity for three significant algorithmic trading firms.”“We self-identified the issue, significant remedial actions have been taken, and others are underway; and we have not found any employee misconduct or harm to clients or the market in our review of the previously uncaptured data,” the bank’s noted in a statement. “We do not expect any disruption of service to clients as a result of these resolutions.”The bank also indicated that the surveillance gaps were resolved in 2023.The CFTC's hefty fine came only a couple of months after the Wall Street giant agreed to pay $348 million to the Federal Reserve and the Office of the Comptroller of the Currency for gaps in its trade surveillance program, which resulted in failure to monitor the conduct of its employees and clients. The latest CFTC’s order will offset the $100 million fine from that previous penalty.This article was written by Arnab Shome at www.financemagnates.com.
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The cryptocurrency industry has crossed another milestone, as the US Securities and Exchange Commission (SEC) approved the listing of Ether exchange-traded funds (ETFs) on American exchanges. However, the agency has yet to approve trading.The Intricacies of Two FormsThe <a href="https://www.financemagnates.com/cryptocurrency/breaking-sec-greenlights-ether-etfs-issuers-await-final-approval/">SEC’s approval yesterday</a> (Thursday) came for the 19b-4 forms tied to the Ether ETFs. Securities exchanges make these so-called 19b-4 form submissions for introducing new products or amending existing rules. For Ether ETF, the 19b-4 forms of Nasdaq, CBOE, and NYSE were approved.enter the ether 🫴 <a href="https://t.co/YXgKQFP5Nr">pic.twitter.com/YXgKQFP5Nr</a>— VanEck (@vaneck_us) <a href="https://twitter.com/vaneck_us/status/1793755768837251281?ref_src=twsrc%5Etfw">May 23, 2024</a>However, for trading Ether ETFs, the SEC must approve S-1 forms filed by prospective issuers of the instrument. The S-1 registration forms contain detailed information about new securities to be offered to the public. For ETFs, these forms include the fund’s structure, management, and investment strategy, along with details on the methods of tracking the performance of the underlying assets. The SEC assesses the risk and transparency of the funds with these S-1 forms.For the Ether ETF to be available to the public for trading, the SEC must approve both 19b-4 and S-1 forms. As of now, it has only approved the 19b-4 forms, and there is no indication of the approval of the S-1 forms.The prospective Ethereum ETF issuers who submitted the S-1 forms include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy. In recent amendments to their submissions, most of these companies <a href="https://www.financemagnates.com/cryptocurrency/ether-etf-applicants-drop-staking-provisions-in-amended-sec-filings/">removed the provisions of Ethereum staking</a>.The SEC’s statutory period for the approval of S-1 can be extended up to 240 days, and there is no guarantee that a green light to the 19b-4 forms will also lead to the approval of S-1 forms.While <a href="https://www.financemagnates.com/cryptocurrency/new-spot-btc-etfs-take-market-share-from-btc-futures-etfs/">approving the Bitcoin ETFs</a>, the SEC approved both 19b-4 and the S-1 forms at the same time, enabling their trading the very next day of approval.Has the Market Reacted?Although anticipation for Ether ETFs was lower than that for Bitcoin ETFs, the buzz around the instrument suddenly burst in the last few days after a senior Bloomberg analyst raised the odds of approval of a Bitcoin ETF from 25 percent to 75 percent.Subsequently, reports also came that the SEC approved the securities exchanges, asking them to <a href="https://www.financemagnates.com/cryptocurrency/ether-etf-approval-imminent-sec-asks-3-exchanges-to-amend-filings-report/">amend their 19b-4 forms</a>, an indication of the incoming approval.With all these events, the dollar value of Ether rallied aggressively in the markets. The cryptocurrency gained about 30 percent in the last 7 days. However, the approval of the 19b-4 forms failed to create significant volatility.“It’s all about liquidity and flow,” highlighted IG-owned tastytrade’s Head, Ryan Grace. “ETFs equal institutional flow, and new money into the asset class. There’s debate over the initial demand for ETH, but over time, the pipes exist and this matters to the growth of the asset.”Ether ETF Approved: Why Investing in Ether is Much More Sensible than Bitcoin in 5 PointsA thread 🧵1. Ether is Much Scarcer and Even Deflationary Compared to Bitcoin 📈Unlike Bitcoin, transaction fees on the Ethereum blockchain do not go directly to miners (validators,… <a href="https://t.co/1xDgWp8KD0">pic.twitter.com/1xDgWp8KD0</a>— tobbykitty.eth 🦇🔊 (@TobbyKitty) <a href="https://twitter.com/TobbyKitty/status/1793847802759348379?ref_src=twsrc%5Etfw">May 24, 2024</a>He further pointed out that even if Ether ETFs receive…
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The cryptocurrency industry has crossed another milestone, as the US Securities and Exchange Commission (SEC) approved the listing of Ether exchange-traded funds (ETFs) on American exchanges. However, the agency has yet to approve trading.The Intricacies of Two FormsThe <a href="https://www.financemagnates.com/cryptocurrency/breaking-sec-greenlights-ether-etfs-issuers-await-final-approval/">SEC’s approval yesterday</a> (Thursday) came for the 19b-4 forms tied to the Ether ETFs. Securities exchanges make these so-called 19b-4 form submissions for introducing new products or amending existing rules. For Ether ETF, the 19b-4 forms of Nasdaq, CBOE, and NYSE were approved.enter the ether 🫴 <a href="https://t.co/YXgKQFP5Nr">pic.twitter.com/YXgKQFP5Nr</a>— VanEck (@vaneck_us) <a href="https://twitter.com/vaneck_us/status/1793755768837251281?ref_src=twsrc%5Etfw">May 23, 2024</a>However, for trading Ether ETFs, the SEC must approve S-1 forms filed by prospective issuers of the instrument. The S-1 registration forms contain detailed information about new securities to be offered to the public. For ETFs, these forms include the fund’s structure, management, and investment strategy, along with details on the methods of tracking the performance of the underlying assets. The SEC assesses the risk and transparency of the funds with these S-1 forms.For the Ether ETF to be available to the public for trading, the SEC must approve both 19b-4 and S-1 forms. As of now, it has only approved the 19b-4 forms, and there is no indication of the approval of the S-1 forms.The prospective Ethereum ETF issuers who submitted the S-1 forms include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy. In recent amendments to their submissions, most of these companies <a href="https://www.financemagnates.com/cryptocurrency/ether-etf-applicants-drop-staking-provisions-in-amended-sec-filings/">removed the provisions of Ethereum staking</a>.The SEC’s statutory period for the approval of S-1 can be extended up to 240 days, and there is no guarantee that a green light to the 19b-4 forms will also lead to the approval of S-1 forms.While <a href="https://www.financemagnates.com/cryptocurrency/new-spot-btc-etfs-take-market-share-from-btc-futures-etfs/">approving the Bitcoin ETFs</a>, the SEC approved both 19b-4 and the S-1 forms at the same time, enabling their trading the very next day of approval.Has the Market Reacted?Although anticipation for Ether ETFs was lower than that for Bitcoin ETFs, the buzz around the instrument suddenly burst in the last few days after a senior Bloomberg analyst raised the odds of approval of a Bitcoin ETF from 25 percent to 75 percent.Subsequently, reports also came that the SEC approved the securities exchanges, asking them to <a href="https://www.financemagnates.com/cryptocurrency/ether-etf-approval-imminent-sec-asks-3-exchanges-to-amend-filings-report/">amend their 19b-4 forms</a>, an indication of the incoming approval.With all these events, the dollar value of Ether rallied aggressively in the markets. The cryptocurrency gained about 30 percent in the last 7 days. However, the approval of the 19b-4 forms failed to create significant volatility.“It’s all about liquidity and flow,” highlighted IG-owned tastytrade’s Head, Ryan Grace. “ETFs equal institutional flow, and new money into the asset class. There’s debate over the initial demand for ETH, but over time, the pipes exist and this matters to the growth of the asset.”Ether ETF Approved: Why Investing in Ether is Much More Sensible than Bitcoin in 5 PointsA thread 🧵1. Ether is Much Scarcer and Even Deflationary Compared to Bitcoin 📈Unlike Bitcoin, transaction fees on the Ethereum blockchain do not go directly to miners (validators,… <a href="https://t.co/1xDgWp8KD0">pic.twitter.com/1xDgWp8KD0</a>— tobbykitty.eth 🦇🔊 (@TobbyKitty) <a href="https://twitter.com/TobbyKitty/status/1793847802759348379?ref_src=twsrc%5Etfw">May 24, 2024</a>He further pointed out that even if Ether ETFs receive…
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Online trading brokerage firm CFI will be the officialpartner of the FIBA WASL (West Asia Super League) Final 8 basketball tournament, which will take place from May 25th to June 1st in Doha, Qatar. This sporting event, organized by the International Basketball Federation, features teams from Lebanon, Bahrain, Kazakhstan, Kuwait, Iran, and India.CFI Boosts Brand Visibility in Sporting ArenaThe tournament features two groups: Group A comprises Al Riyadi and Sagesse from Lebanon, Manama Club from Bahrain, and BCAstana from Kazakhstan. Group B includes Kuwait Club and Kazma from Kuwait,Shahrdari Gorgan from Iran, and Tamil Nadu from India.As the official sponsor of the FIBA WASL Final 8, the CFIbrand will appear on various mediums such as TV popups, LED screen displays, and court-side advertising boards. CFI aims to enhance its recognition among passionate basketball fans both in attendance and watching from home. On Twitter, the West Asia Super League has more than 800 followers, while the CFI Group has over 3,000 followers.Are you ready for the FIBA WASL Final 8? 🏀 We're excited to be the event’s Official Partner, championing excellence in basketball and elevating our presence at the pinnacle of top-tier sporting events across MENA. Let the games begin! 🚀#Final8 #TopTierBasketball @officialWASL pic.twitter.com/NSNllE6kMN— CFI Group English (@cfigroup_en) May 23, 2024Hisham Mansour, the Co-founder and Managing Directorof CFI, mentioned: "Our collaboration with FIBA WASL Final 8 marks asignificant milestone for CFI as we expand our global presence. We're honoredto support one of the most significant basketball events in the region,promoting community engagement and excellence across various fields."Soccer Sponsorship DealsIn January, CFI entered into a partnership withParis Saint-Germain (PSG) that runs until June 2026. This partnership aims to strengthenCFI's global presence by leveraging PSG's international recognition andextensive fan base. The collaboration is expected to generate uniqueopportunities and promotions for both CFI clients and PSG fans,driving global expansion for both entities.Paris Saint-Germain announces the signing of a partnership until June 2026 with the financial group Credit Financier Invest (CFI), a leader in online trading in North Africa and the Middle East. ⤵️— Paris Saint-Germain (@PSG_English) January 26, 2024CFI's partnership with PSG added to the firm's lineup ofsporting alliances, including AC Milan, Sheffield United F.C., the JordanFootball Association, and the Lebanese Basketball Federation. Additionally, CFI collaborated with Spanish footballlegend Pep Guardiola as its global brand ambassador.This article was written by Jared Kirui at www.financemagnates.com.
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Square has rolled out its Tap to Pay feature on iPhone inCanada, extending its functionality to Square sellers across the country. Thismove positions Square as one of the first businesses in Canada to introducethis technology, allowing sellers to accept contactless payments directly fromtheir iPhones without the need for additional hardware or payment terminals. The service, integrated into Square's iOS apps such asSquare Point of Sale, Square for Retail, and Square Appointments, comes at noextra cost, presenting itself as a cost-effective option for entrepreneurs.Simplifying In-Person TransactionsThrough Tap to Pay on iPhone, Square aims to streamlinein-person commerce for both new and established businesses. Any Square merchantequipped with a compatible iPhone can accept contactless payments by simplyinitiating the Square app, adding the transaction, and presenting their iPhoneto the buyer. Buyers complete the transaction by tapping their contactlesspayment method near the seller's iPhone.Apple's Tap to Pay on iPhone technology leverages theiPhone's built-in features to ensure the privacy and security of businesses'and customers' data. Notably, Apple does not store card numbers on the deviceor its servers during the payment process.Processors Scramble to Offer Tap to Pay on iPhone As Apple Launches the Technology in Canada - Digital Transactions https://t.co/i7pkjzhudn #taptopayon #iphone #taptopay #Canada #Apple #Square @Square @Apple pic.twitter.com/O5Qfr9RUUF— Digital Transactions (@DTPaymentNews) May 23, 2024Expanding Business OpportunitiesThis rollout in Canada follows previous launches in theUnited States, Australia, and the United Kingdom, where Tap to Pay on iPhonehas been embraced by a diverse range of sellers, including mobileprofessionals, retailers, and hairstylists, for its ability to facilitatesecure and efficient transactions without additional hardware.“With Tap to Pay on iPhone, we are further levelling theplaying field for businesses of all sizes to be able to start, run and grow,”said Saumil Mehta, Head of Product at Square. “The Canadian business landscapeis competitive and tech savvy, always on the lookout for solutions that canmake operating their business more efficient. Tap To Pay on iPhone helps reducesome of the barriers to entry for new businesses, and enables existing sellersto create new ways to sell with nothing more than their iPhone and Square’ssoftware. They can get set up in minutes and begin making sales in seconds.”This article was written by Tareq Sikder at www.financemagnates.com.
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The US Securities and Exchange Commission (SEC) approvedapplications from major exchanges like Nasdaq, CBOE, and NYSE to listexchange-traded funds tied to the price of ether on Thursday. This approval potentially opens the door forthese products to begin trading later this year.Issuers to Seek Regulatory ApprovalNine issuers, including VanEck, ARKInvestments/21Shares, and BlackRock, applied to launch ETFs tied to etherfollowing the SEC's approval of Bitcoin ETFs in January. Despite the much-anticipated positive feedback, ether ETF issuers must obtain approval for ETF registration statements detailing investor disclosures before the products can start trading. Last-Minute ChangesMarket participants were prepared for a negativeoutcome, especially considering the lack of engagement from the SEC on theapplications, Reuters reported. However, in an unexpected turn of events, SECofficials on Monday requested the exchanges to make quick adjustments to thefilings, leading to a rush within the industry to meet the new requirements ina short timeframe.In the run-up to the decision-making deadline, the SEC’s Chair Gary Gensler, known for his skepticism toward cryptocurrencies, declined to comment when reporters asked about the ether ETFs. The SEC spokesperson also stated that the agency would not providefurther comments on the matter.However, the SEC has no set timeframe for deciding on these statements, leaving industry participants uncertain about whentrading could commence. Optimism about the SEC's approval of Ether ETF pushed the price of thesecond-largest cryptocurrency by 25% in the past week. Notably, the asset management firm plans to avoid stakingand derivatives to address regulatory concerns. Similar activities by the SECpreceded the approval of Bitcoin ETFs in January, which becamea record-breaking product launch. This article was written by Jared Kirui at www.financemagnates.com.
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