Switching to the Satoshi standard and Lightning Network connectivity makes Bitcoin more tangible and easy to use. AAX has made the first move in the crypto space, already providing BTC to SAT
IDX Digital Assets Launches First Risk-Managed Bitcoin & Ethereum Trusts
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The IDX Risk-Managed Bitcoin Trust and the IDX Risk-Managed Ethereum Trust are the first-ever investment trusts designed to provide a risk-managed exposure to crypto assets with the ability to go 100% to cash.
“The excitement around the rapid development of blockchain technologies, mixed with the realization of accommodative monetary stimulus policies, increasing geopolitical tensions, and materializing concerns over inflation growth, all have investors seeking exposure to asset classes such as digital assets. Specifically, investors and advisors are expressing a strong appetite for digital assets exposure, but desire a risk-managed approach that focuses on mitigating the inherent volatility and drawdowns common to the emerging asset class; this is what IDX seeks to provide,” says Andrew Swan, co-founder and CEO of IDX.
IDX also launched the first-ever Risk-Managed Crypto Indices priced by S&P Dow Jones in June 2021. These indices are the IDX Risk-Managed Bitcoin Index and the IDX Risk-Managed Ethereum Index, respectively. IDX is also scheduled to launch the first-ever risk-weighted DeFi index with S&P in August 2021.
Ben McMillan, co-founder and CIO of IDX said, “We’ve had a great relationship with S&P Dow Jones Indices over the years and are thrilled to be their first client to use them to calculate our risk-managed crypto indices. Particularly as this asset class gains further adoption, we continue to see increased demand for risk-managed solutions to this space. S&P Dow Jones’ ability to provide real-time calculation of our indices provides a huge leap forward in our ability to deliver products in this space.”
The suite of IDX Risk-Managed Digital Asset Trusts can be found here at their website:
https://idxdigitalassets.com/all-solutions/
The IDX Risk-Managed Bitcoin Index can be found at
https://www.spglobal.com/spdji/en/custom-indices/idx-insights/idx-risk-managed-bitcoin-index/#overview
The IDX Risk-Managed Ethereum Index can be found at
https://www.spglobal.com/spdji/en/custom-indices/idx-insights/idx-risk-managed-ethereum-index/#overview
The IDX Risk-Managed Largecap Crytpo Index can be found at
https://www.spglobal.com/spdji/en/custom-indices/idx-insights/idx-risk-managed-largecap-crypto-index/#overview
Arie Finance Launches Innovative Electronic Kyc Process For Onboarding Clients
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ARIE Finance MEA has announced the launch of a new Electronic KYC process for onboarding and meeting the ongoing compliance needs of its clients. This new process will enable ARIE Finance to provide a more streamlined experience for its clients by speeding up the onboarding and verification processes while complying with the Financial Services Commissions regulations.
ARIE Finance MEA has already significantly improved the holistic business and investment banking experience using multiple state-of-the-art APIs and automated tools, connected to its existing onboarding solution and digital platform. The introduction of this Electronic KYC process is just part of the benefits a native digital bank can offer and a significant shift from the traditional, laborious, paper-based process where clients need to provide original paper documents to complete the verification process.
The Electronic Verification tools that form part of the KYC process include verification of identity and address of natural persons and verification of corporate clients’ details.
“The launch of our new e-verification process is clear evolution for ARIE Finance”, said Aisha Sudally, Managing Director Middle East, Asia, and Africa. “Our new process meets all the local regulatory requirements and have already been communicated to the Financial Services Commission. We believe that this new e-verification process will not only improve the experience of our clients and efficiencies of our processes, but it will also form the industry standard in Mauritius moving forward”.
As part of this new process, ARIE Finance is also implementing electronic signatures for client signed documents moving forward, with multiple authentication methods in place to ensure the documents are being signed by the actual recipient.
Sudally continued, “ARIE Finance strongly believes that independent verifications made through the reputable and reliable service providers go well beyond the requirement for certification and as such provide much more assurance to the Commission of its intent to be a pillar for the new age of compliance in Mauritius. We are looking forward to working closely with them to implement more digital processes into a fast-moving and evolving industry”.
Alchemy Pay to Launch Virtual Crypto Mastercard and Visa Card Services
The virtual cards – which can be linked to digital wallets such as Google Pay and PayPal – support over 40 cryptocurrencies and will be accepted across millions of merchants on the Visa and Mastercard network, including popular eCommerce platforms such as Amazon and eBay.
Development of Alchemy Pay’s virtual card services has since been completed and is currently undergoing beta testing in multiple key markets. The company expects the virtual card services to be fully launched at the end of 2021 or early 2022.
Research shows that over US$1 billion worth of crypto-linked card transactions have been processed and is expected to continue growing rapidly in the near future. In an effort to further drive adoption rates, Alchemy Pay is looking to offer the virtual card services as a full suite white-label service to crypto projects and businesses as well as traditional institutions looking to integrate crypto-related solutions.
Velo Labs, TEMPO Payments, and Bitazza open up a $17Bn remittance corridor between Europe and Thailand with the Stellar blockchain
The cross-border transactions leverage the Velo Protocol, Velo tokens, and Velo digital credits, which are one of the most compliance-friendly and price-stable virtual assets. Plus each transaction settles in seconds, thanks to the speed of the Stellar blockchain. Through this partnership with Velo Labs, TEMPO Payments and Bitazza, both licensed financial institutions, are leading the way in revolutionizing international payments by connecting the ASEAN and EU markets, representing about $17 billion and nearly 600 million customers.
Today’s financial system’s make it slow and costly to send money around the world. The 3 companies are focused on improving these inefficiencies by relying on their respective networks and Velo Labs’ decentralized technology, and offering fast, low-cost, and secure ways to send money between Europe and Thailand.
Mike Kennedy, CEO of Velo Labs on this historic transaction:
“What we’ve launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality.”
Suren Ayriyan, CEO, TEMPO Payments, on this offering:
“This is only the beginning of our vision to service millions of individuals in Asia and beyond. We hope to continue working with Velo Labs to exponentially increase our currency corridors and offerings, providing cheap, secure and fast global money transfers to all TEMPO Payments customers, both existing and new.
Kevin Heng, Chief Strategy Officer of Bitazza, states:
“Bitazza is pleased to work in conjunction with Velo and TEMPO Payments to help facilitate the launch of this Europe to Thailand remittance corridor. This program will contribute towards improving and raising the standard of financial inclusion and mobility for millions of users worldwide, and is another step forward in our shared commitment to fundamentally change the global remittance industry and push Thailand/South East Asia as the global frontier for next-generation financial innovation.”
PayPal’s Venmo allows credit cardholders to buy crypto with cashback
Cardholders will be able to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash through the “Cash Back to Crypto” feature and will not be charged fees for the transaction, Venmo said in a statement.
The users can at any time hold or sell such assets within the Venmo app and change their choice of cryptocurrency.
The peer-to-peer payment service already allows its more than 70 million users to purchase the four cryptocurrencies through its direct buying option, which was introduced in April and carries a fee.
California-based PayPal has become one of the most active mainstream financial companies in cryptocurrencies.
In October, it began allowing users to buy, sell and hold cryptocurrencies in its digital wallets and last month it started allowing customers to spend their virtual coins at millions of merchants globally.
In October, it began allowing users to buy, sell and hold cryptocurrencies in its digital wallets and last month it started allowing customers to spend their virtual coins at millions of merchants globally.
These launches helped to fuel a rally in virtual currencies. Bitcoin has soared nearly 90% since the start of this year, boosted by interest from larger financial firms betting on its greater adoption and use as a hedge against inflation.
Venmo’s crypto launch also coincides with increased competition in the U.S. peer-to-peer payments sector.
Securrency teams up with GK8 for custody and institutional-grade blockchain infrastructure
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Securrency focuses on tokenizing real-world financial assets, such as securities, equities, and commodities, bridging the gap between conventional finance and the world of digital assets. Under the collaboration, GK8’s enterprise-grade end-to-end custodial solution will be made available to Securrency’s clients as Securrency creates a global ecosystem built around a universal, interoperable compliance core, bridging the gap between traditional and new financial markets.
“Banks and other financial institutions are waking up to the fact that blockchain is more than crypto, and that any financial instruments can be tokenized. For institutions looking to offer traditional assets on the blockchain, our enterprise-grade custodial solution, with its unparalleled security and flexibility, is empowering these institutions to build the finance of the future. With its stellar investor support, we are sure that Securrency will lead the way in this transition, and we are thrilled to be part of this transformation,” said Lior Lamesh, CEO and Co-Founder of GK8.
GK8’s proprietary end-to-end custodial solution, designed for banks and other FIs, is set to power Securrency’s services as the company prepares leading banks to digitize traditional assets. Its compliance and regulations-ready platform include a truly offline cold vault and a highly scalable MPC for automatic high-frequency transactions, equipped with a robust API and customer apps to enable enterprises to secure their digital assets with ease and accessibility. Its unique smart contract compatibility allows FIs to process any transactions and build up sophisticated algorithms to power their operations and workflows.
GK8 was recently chosen by Mastercard to engage in defining the future of blockchain finance and payments in its Startup Path program dedicated to facilitating the growth of the most innovative crypto solutions globally
“We are delighted to team up with GK8 and offer the world’s leading banks and other financial institutions the most secure custodial solution in the market. GK8’s design provides all-around protection and functionality for enterprise-grade clients. By adding the GK8 custodial solution to our network, we can now make sure that our customers’ assets are protected to the highest standards,” said Dan Doney, Co-Founder and CEO of Securrency.
Brian Brooks resigns from Binance – Announces move on Twitter
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Brian Brooks, chief executive of the U.S. arm of global cryptocurrency exchange Binance, said on Friday he had resigned just three months after taking up the role.
The former U.S. banking regulator and crypto enthusiast is resigning at a time when regulators in Hong Kong, Britain, Germany, Japan, Italy, and Thailand have cracked down on Binance due to worries over investor protection. Watchdogs globally also fret that the boom in cryptocurrencies is aiding money laundering and increasing systemic risks.
“Letting you all know that I have resigned as CEO of @BinanceUS,” Brooks wrote on Twitter. “Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”
Headed by Canadian Changpeng Zhao, Binance offers a wide range of services globally, from the crypto spot and derivatives trading to tokenized versions of stocks, as well as its own cryptocurrency, Binance Coin.
Rapyd Secures US$300 Million From Series E Fundraise To Support Its Expansion Plans
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The financing comes shortly after Rapyd’s acquisition of Valitor, a European payments and card issuing company, for $100 million, and the launch of Rapyd Ventures, the company’s venture arm. The additional funds will enable Rapyd to capitalize on emerging opportunities driven by the unprecedented demand for Digital Payments, Embedded Finance, and scalable cloud-based payment infrastructure across all segments and verticals, and will be used to accelerate the company’s growth through a combination of organic growth, acquisitions, and strategic investments.
“Enabling digital payments has become one of the most fundamental business needs across every industry as the past year and a half have irrevocably demonstrated. Being in a position to help companies enhance their ability to serve customers and expand their reach across global markets is both a tremendous responsibility and an extraordinary opportunity. We are grateful to our investors for acknowledging the new needs of our ecosystem and supporting our aspirations,” said Arik Shtilman, co-founder and CEO of Rapyd.
“We plan to use the funding to continue to build out our global fintech as a service platform and invest in strengthening our network capabilities worldwide. We will continue to expand our presence across high-growth markets in Europe, Asia-Pacific, the US, and Latin America, where Rapyd’s platform can support businesses looking to grow internationally. We are doubling down on our channel partnerships strategy, strengthening our footprint across major high-growth markets, and exploring additional acquisitions that serve our strategic goals.”
Rapyd plans to use the funding to make several more strategic acquisitions to both support expansion in key markets and grow payment products and experiences. This will increase the scale of Rapyd’s platform not just across geographies, but also across verticals and solutions.
“Rapyd has built a borderless embedded fintech infrastructure critical to all digital businesses that operate globally. Their platform incorporates payments, compliance, FX, fraud management, escrow, virtual account and card issuing, and more. But now, as the world sees growing traction across global eCommerce, Gig Economy, Fintech Solutions and Technology platforms, Rapyd must take the next step.
There is currently an unprecedented need for a single partner serving as a bridge between a vast array of local payment services and merchants, providing them access to the flexible, fast-to-integrate, and scalable solutions they need to thrive. Having led Rapyd’s Series A in 2018, we are confident that Rapyd can be such a partner, and are now renewing our bet in this round,” said Mike Lobanov, General Partner at Target
Odoo taps Salt Edge to accelerate invoices and payments reconciliation via open banking
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The modern accounting and BFM software market is growing exponentially, and to remain competitive, companies should embrace innovative technologies and widen their service propositions. Open banking becomes a divining-rod merging tech-savvy with resource-saving solutions to streamline critical business processes.
Odoo is a Belgium-based all-in-one business management and accounting software that covers all forward-thinking company needs: accounting, billing, ERP, CRM, e-commerce, inventory, point of sale, project management, manufacturing, and much more. Using Salt Edge Account Information, the company levels up the bank synchronisation in their accounting platform. Now Odoo enables its users to retrieve bank transactions from across European banks effortlessly. It helps businesses to have a true picture of their company financials in real-time, thus saving time and gaining efficiency in all subsequent operational processes.
“We needed to cover a large number of banks in a maximum of countries, quickly. Salt Edge turned out to be our best choice as open banking partners; They have a qualitative and well-documented API, transparent communication, and a much-appreciated ability to simplify complex legal issues. Our goal is to integrate all business flows and keep them simple for our users. Salt Edge’s open banking solution helps us achieve it”, said Benjamin Stiénon, Product Owner at Odoo.
Teaming up with Salt Edge, Odoo will better serve its growing customer base of over 5 million users and 50,000+ companies and offer borderless service by getting access to more than 2,500 financial institutions in Europe.
“Open banking revolution is spreading across the financial services market, and accounting and business management are already reaping a rich harvest from it. Live bank feeds powered by open banking transform many accounting processes from physical to digital, boosting efficiency and reducing operational costs. Salt Edge’s main goal is to build a stable and secure infrastructure making integration with our solutions smooth and flawless. We are excited to join hands with Odoo, a user-friendly all-in-one business tool to automate the management of crucial business operations via open banking technology, thus helping more companies to grow their success”, said Vasile Valcov, VP at Salt Edge.
U.S. SEC Chair Gensler calls on Congress to help rein in crypto ‘Wild West’
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Gary Gensler said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.
“This asset class is rife with fraud, scams and abuse in certain applications,” Gensler told a global conference. “We need additional congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks.”
Cryptocurrencies reached a record capitalization of $2 trillion in April as more investors stocked their portfolios with digital tokens, but oversight of the market remains patchy.
The industry has been waiting with bated breath to see how Gensler, a Democratic appointee who took the SEC helm in April, will approach oversight of the market, which he has previously said should be brought within traditional financial regulation.
On Tuesday, Gensler provided more insight on his thinking, saying he would like Congress to give the SEC the power to oversee cryptocurrency exchanges, which are not currently within the SEC’s remit.
He also called on lawmakers to give the SEC more power to oversee crypto lending, and platforms like peer-to-peer decentralized finance (DeFi) sites that allow lenders and borrowers to transact in cryptocurrencies without traditional banks.
Kristin Smith, who runs the Washington-based Blockchain Association said that while the crypto industry is eager to help find “workable solutions” to the SEC’s concerns, it does currently comply with oversight by state authorities and other federal regulatory bodies.
“The industry shares many of Chair Gensler’s goals, including smart, appropriate regulation of the crypto industry, encouraging legal certainty, robust market integrity, and investor/customer protection,” Smith said in a statement.
“Where we differ with Chair Gensler is his characterization of the growing crypto economy as the ‘Wild West,’ Smith said. “The crypto industry is far from unregulated.”