Binance is launching its new Solana Staking product, Binance SOL Staking, this September. This innovative offering lets users stake SOL tokens securely while retaining flexibility through Binance Staked SOL (BNSOL), a liquid staking token that provides continued liquidity and participation in DeFi platforms. Binance, the global blockchain platform behind the largest cryptocurrency exchange by trading volume and user base, is set to launch its new Solana Staking product, Binance SOL Staking, later this September. This feature allows users to securely stake their Solana (SOL) tokens on Binance and manage their assets flexibly through Binance Staked SOL (BNSOL). With Binance SOL Staking, users can stake their SOL tokens and receive BNSOL, a liquid staking token representing their staked assets. BNSOL offers the advantage of earning staking rewards while retaining the ability to trade, lend, or use assets across various Binance products and external DeFi platforms. “As one of the first crypto exchanges to offer SOL liquid staking, Binance is providing a seamless and flexible way to earn rewards while allowing users to maintain full control over their staked assets,” said Vishal Sacheendran, Head of Regional Markets at Binance. “Unlike native staking, which locks up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem, making it an ideal solution for those looking to maximize the potential of their staked Solana tokens.” Key features of Binance SOL Staking include: – Dynamic Rewards: BNSOL represents both staked SOL and accumulated rewards. Users will see a dynamic APR based on on-chain Solana staking rewards, adjusted for commissions. The BNSOL:SOL conversion ratio updates approximately every 2 days to reflect earned rewards and BNSOL’s value increase relative to SOL. – Expanded Liquidity: BNSOL can be used within Binance and across various DeFi applications, enhancing its utility. Holders can trade, invest, farm, loan, and deploy their tokens according to their strategies. – Flexible Redemption: Users can redeem BNSOL tokens anytime, subject to a redemption waiting period, or instantly by trading them on the market. – User-Friendly Process: Binance’s staking process is designed for simplicity, allowing users to start earning rewards with just one click, making it accessible for both beginners and experienced users. Binance’s Solana Staking product leverages the original Stake Pool Program maintained by Solana Labs, a secure and audited framework that ensures fund safety. This program has been validated by multiple liquid staking token (LST) providers, further reinforcing its reliability. The official launch date and further details will be announced through the Binance Announcement Channel and Binance’s official social media channels. About Binance Binance is a top global blockchain platform and operates the largest cryptocurrency exchange by trading volume and user base. Trusted by over 200 million users across more than 100 countries, Binance is renowned for its leading security, transparency, fast trading engine, investor protections, and extensive range of digital asset products. The platform offers services across various sectors, including trading, finance, education, research, social impact, payments, institutional solutions, and Web3 innovations. Binance is committed to fostering an inclusive crypto ecosystem, enhancing financial freedom, and expanding global access to financial resources through cryptocurrency. For more details, visit: https://www.binance.com.

Ripple is preparing to bring smart contracts to its XRP Ledger (XRPL) developer ecosystem as it expands use cases for users, developers, and entrepreneurs. The new feature is set to launch “in the coming months” on the XRPL Ethereum Virtual Machine (EVM) sidechain, as announced by the company. Ripple stated that the addition of smart contracts will attract more developers to use XRPL’s expanded capabilities. The company also revealed that smart contracts would eventually be deployed on the XRPL mainnet, although a specific timeline for this has not yet been provided, as the project is still in its research phase. Smart contracts are self-executing agreements that automatically carry out transactions when certain conditions are met, eliminating the need for intermediaries. They are widely used across various blockchain platforms like Ethereum, BNB Chain, Avalanche, and Solana for developing decentralized applications (DApps) and decentralized finance (DeFi) solutions. “Progress towards smart contract functionality is already underway in the XRP Ledger ecosystem with the XRPL EVM sidechain,” Ripple noted on Monday. “This sidechain will bring Ethereum Virtual Machine (EVM) compatibility to the XRP community, allowing developers to use familiar tools and languages.” Ripple showed strong interest in working with DeFi developers and encouraged community members to get involved in the design process. The company invited programmers familiar with EVM-compatible languages to explore new developments on the sidechain, which provides a familiar environment for those used to Ethereum-based smart contracts. Ripple explained that this sidechain was specifically developed with blockchain firm Peersyst to introduce EVM compatibility to the XRP Ledger. The sidechain allows developers to use Ethereum’s Solidity programming language, making it easier to build and deploy DApps on the XRPL network. Ripple started testing Ethereum smart contracts on the XRPL in 2022. The XRPL EVM sidechain will allow token transfers between XRPL and 55 other blockchains, using eXRP as the native asset and gas token. The company also expects its efforts to boost the programmability of XRPL to pick up speed in 2025 as it moves closer to integrating smart contracts into the mainnet.

dxFeed has integrated with PriceSquawk, a premier audible trading platform that will enhance the trading experience for retail traders by providing CME Group and Nasdaq Level 1 data through an innovative audio tool. The Devexperts-owned market data solutions and index management provider continues to expand its retail network, offering robust market data solutions that cater to a wide range of trading tools and platforms. CME Group Level 1 Data, Nasdaq Level 1 Data, and trading alerts PriceSquawk allows traders to experience themselves amid action and the heat of the discussions of an actual, physical trading floor, by converting market data into audible trade sounds. Traders will be able to listen to price action, buying and selling activity, and volume flow across various markets with high-quality market data provided by dxFeed, namely real-time bid and ask prices, along with the latest trading information, directly in their web browser. dxFeed powered by PriceSquawk features Real-Time CME Group Level 1 Data: Access to live quotes, including the best bid and offer prices across various CME Group futures and options markets. Nasdaq Level 1 Data: Real-time access to the best bid and offer prices from one of the world’s leading stock exchanges, enhancing trading decisions in equity markets. Enhanced Trading Alerts: PriceSquawk’s proprietary speech engine and audio alerts are now backed by the accuracy and reliability of dxFeed’s data, allowing traders to make informed decisions on the fly. “Premium market data for a broader audience of retail traders” Dmitry Parilov, Managing Director at dxFeed, said: “Partnering with PriceSquawk allows us to bring our premium market data to a broader audience of retail traders. This partnership aligns with our goal of democratizing access to high-quality market data, enabling traders to have a competitive edge in today’s fast-paced markets.” Graham Glover, CEO at PriceSquawk, said: “We are thrilled to incorporate dxFeed’s data feeds into our platform. The inclusion of CME Group and Nasdaq Level 1 data allows our users to gain a more complete and immediate understanding of market dynamics, all through an auditory interface that enhances focus and reduces screen time.” dxFeed caters to brokerages, prop traders, exchanges, individuals (traders, quants, and portfolio managers), and academia (educational institutions and researchers). dxFeed announced 24/5 trading of US equities In April, dxFeed announced the go-live of 24/5 trading powered by Blue Ocean Technologies. The pioneering data feed product is designed to offer in-depth market insights outside of traditional trading hours. The data feed supplies pricing details for US Equities during out-of-market hours. This provides additional trading opportunities for investors across Asia, Australia, Europe, and the United States, particularly during pre-market sessions. dxFeed provides various products based on the Blue Ocean data feed, including Original Level 1 and Market Depth for 8pm-4am ET, a derived data feed for indicative pricing, and a 24-hour license-free Composite dxFeed data feed for US Stocks. Key Features of the dxFeed’s Blue Ocean Feed: Availability in Two Forms: dxFeed presents both original and derived forms of the Blue Ocean data feeds, catering to a wide range of customer needs including brokerages, analytics portals, and hedge funds. Out-of-Market Trading Hours: Operating from 8 pm to 4 am EST, the Blue Ocean feed offers a continuous ATS source for RegNMS securities, effectively expanding trading opportunities beyond traditional market hours. Premiere Premarket Access: Beginning at 8 pm on Sundays, this feed provides the earliest premarket prices globally for US Equities following the weekend, capturing the impact of weekend news on market prices. Significant Growth and Adoption: The data feed is experiencing rapid growth in popularity, with a notable surge in volume from Asia-based retail brokers. Market makers are actively contributing, enhancing liquidity for over 1,000 tickers. Extensive Coverage: The Blue Ocean feed covers all RegNMS-eligible securities, offering comprehensive market insights for investors.

Sumsub has made its Local Data Processing (LDP) capabilities available in the Asia-Pacific (APAC) region, specifically in Singapore, Hong Kong, Indonesia, and the Philippines. The launch of this data privacy product for regional compliance in the Asia Pacific follows the successful launch in the Middle East and Africa (MEA) in June. Sumsub has further solidified its presence in the region by partnering with Nexus Technology in the Philippines, as well as PT Ogya Tekno Nusantara and PT Secure Pasifik Teknologi in Indonesia. “Unwavering commitment to data privacy and regional compliance across APAC” Vyacheslav Zholudev, Co-founder and CTO of Sumsub, said: “This launch showcases our unwavering commitment to data privacy and regional compliance across APAC, as we continue our global expansion. With the dynamic growth of digital businesses throughout APAC, we believe it is crucial to support regional companies throughout their compliance processes. LDP offers a secure and user-friendly experience for businesses seeking compliant verification and fraud prevention solutions.” Sumsub has highlighted the evolving data privacy landscape in APAC as economies grow and digital transformation accelerates. Singapore and Hong Kong have introduced stringent local data processing requirements, mirroring regulations such as the European Union General Data Protection Regulation (EU GDPR). Indonesia and the Philippines are also advancing their regulatory frameworks. At the same time, 81% of APAC end-users believe that the loss of privacy is inevitable due to technological advancements, according to a study by Ipsos. Sumsub’s Local Data Processing (LDP) helps firms overcome data storage and compliance challenges as technology developments and data privacy becomes more complex. Regulated companies will be able to leverage the LDP solution to store and process personal data domestically in compliance with regulations, protecting themselves and end-users. Sumsub features a full suite of verification, anti-fraud, and compliance products, including AML (anti-money laundering) screening, KYC (Know-Your-Customer), and KYB (Know-Your-Business) processes, as well as ongoing Transaction Monitoring and Fraud Prevention capabilities. The key benefits of using the LDP infrastructure include: ● Regional Compliance: LDP simplifies compliance with local data privacy regulations across APAC, such as Singapore’s requirement for vendors to store and process data locally. ● Seamless User Experience: Automatic domain redirection eliminates the need for manual navigation, ensuring data is stored and processed locally, regardless of the company’s headquarters. ● Centralised Access: Firms can access all their applicant-related analytics, statistics, and billing information from any region. ● Global Reach: LDP instils confidence to expand business operations to new markets in full compliance. Fraud network activities in APAC is significantly higher Sumsub recently enhanced its Fraud Prevention Solution to help combat the growing threat of fraud networks in the Asia-Pacific (APAC) region. Targeting a broad spectrum of fraud-related issues, including account takeovers, chargeback fraud, and bot attacks, among others, the upgraded anti-fraud solution now includes Fraud Network Detection to prevent serial fraud. Fraud networks, or fraud rings, consist of individuals collaborating on various digital platforms to engage in activities such as multi-accounting, money laundering, and personal data breaches. Sumsub’s research indicates that about 1% of digital platform users worldwide were affected by fraud ring activities in 2023, highlighting the critical need for robust fraud prevention measures. The incidence of fraud network activities in APAC is significantly higher than in other regions, with Asia experiencing an average fraud network incident rate of 2.6%. Countries like Bangladesh, Thailand, Vietnam, and Indonesia show particularly high rates, underscoring the widespread nature of the problem across both developed and developing markets in the region. Sumsub’s upgraded Fraud Prevention Solution leverages advanced anti-fraud technologies and a unique database containing information on two million fraudsters. This comprehensive approach enables businesses to detect and track fraud rings more effectively. The solution incorporates Detect & Act capabilities, action alerts for automated additional checks, and a multi-layered fraud prevention strategy that includes Identity Verification, Behavioral Intelligence, and AI-based Event Monitoring. This advanced Fraud Prevention Solution is designed to protect businesses across various sectors, including fintech, e-commerce, and iGaming, helping them to build user and regulatory trust by going beyond traditional anti-fraud and KYC methods.

The trial of Binance executive and former U.S. federal agent, Tigran Gambaryan, has been postponed to September 2. Gambaryan was arrested in Nigeria in February 2024 on money laundering charges related to Binance’s operations. He faces allegations of financial crimes involving $34 million. Despite his court date approaching, Gambaryan has not been allowed to meet his legal team, which Binance CEO Richard Teng called “unconstitutional.” Gambaryan’s health is deteriorating due to untreated medical conditions, including a spinal injury. His family says he cannot walk due to severe pain and has not received a wheelchair. Teng has called for his release on humanitarian grounds so he can seek medical treatment in the U.S. The Nigerian government also blames Binance for the naira’s decline in value in 2023, claiming that the exchange’s peer-to-peer services contributed to the currency’s devaluation. Even after Binance stopped offering these services in February 2024, the naira continued to fall. The wife of detained Binance executive also raised concerns about his rapidly worsening health, describing it as “shockingly bad.” Gambaryan had been responsible for overseeing financial crime compliance at Binance. He was detained alongside Nadeem Anjarwalla, Binance’s Africa regional manager, upon their arrival in Abuja, Nigeria’s capital, on February 26. They were accused of Binance making illegal transaction profits in the country, with criminal charges filed against them two days later. Anjarwalla later escaped custody on March 22, but Gambaryan remains imprisoned at Kuje prison, where his legal team has reportedly been barred from meeting with him. Gambaryan’s wife claims that he is now wheelchair-bound due to a treatable condition that has not been properly addressed. Binance CEO Richard Teng has called on the Nigerian government to release Gambaryan, adding that he was in Nigeria as an expert in financial crime to contribute to policy discussions. The situation involving Binance in Nigeria dates back two years, when the country’s Securities and Exchange Commission (SEC) issued digital asset regulations requiring permits for crypto exchanges. Despite Binance’s efforts to comply, the exchange faced unclear requirements and non-responsiveness from the SEC. In June 2023, the SEC accused Binance of operating illegally, leading to the suspension of the solicitation of Nigerian investors. The Federal Inland Revenue Service (FIRS) of Nigeria initially brought the tax charges against Binance and the two executives. However, FIRS agreed to revise the charges, naming only the crypto exchange through its local representative as the defendant. Gambaryan will no longer need to appear in court for the FIRS case, making Binance the sole defendant.  

Pinnacle Investment Management Ltd (ASX) has teamed up with TRAction, a regulatory technology provider, to upgrade its reporting processes under the European Market Infrastructure Regulation (EMIR) and the Australian Securities & Investments Commission (ASIC) frameworks. The partnership is set to simplify Pinnacle’s trade reporting and cut down the internal resources needed to stay compliant. Pinnacle Investment Management is a multi-affiliate firm operating in Australia, the UK, the EU, and the US. The company provides support to investment managers with distribution, compliance, financial reporting, and more. By adopting TRAction’s trade reporting solutions, Pinnacle Investment Management ensures compliance with new regulatory requirements, such as the recent EMIR Refit changes that came into effect in April, and the upcoming ASIC Rewrite scheduled for October 21, 2024. These changes require more resources for transaction reporting, including new XML submissions and extra data fields to match counterparties’ reports. Quinn Perrott, co-CEO of TRAction, commented:” We are delighted to partner with Pinnacle Investment Management for their EMIR and ASIC reporting requirements. By implementing TRAction’s services, Pinnacle’s trade reporting process will be streamlined and updated in line with regulatory changes, allowing them to concentrate their resources on their core products and services.” Dan Longan, CEO & CFO of Pinnacle Investment Management, added: “Pinnacle Investment Management is pleased to collaborate with TRAction and leverage their specialist knowledge and expertise in the complex Regulatory technology area to ensure all our trade reporting obligations are met. By working with specialists in their fields Pinnacle can offer a broad range of services to support our affiliated Fund Management businesses, so they can focus on Investment excellence.” TRAction is a regulatory reporting solutions provider for over 700 firms worldwide. It offers services across multiple jurisdictions, including Europe, the UK, Australia, Singapore, and Canada. The London-based RegTech firm specializes in simplifying regulatory reporting for brokers by offering pre-built integrations with trading platforms. This helps reduce the manual work needed to meet reporting obligations, including the new EMIR Refit requirements and the upcoming ASIC and MAS rewrites. Earlier this year, TRAction teamed up with trading technology provider oneZero to upgrade their existing integration, making it easier for brokers to stay compliant with changing regulatory requirements.

Market anxiously awaits Fed’s rate cut decision. Aggressive cuts could weaken USD, while slower pace or pause might strengthen it. Economic indicators like inflation and employment data shape expectations. US Interest Rate Expectations   The market is keenly focused on the Federal Reserve’s potential future actions regarding interest rate cuts. A more aggressive approach to cutting rates could lead to a weakening of the US Dollar, while a slower pace or a decision to pause rate cuts might bolster the currency. Market participants closely monitor economic indicators, particularly inflation and employment data, as these factors play a significant role in shaping expectations for any changes in interest rates.   A deeper analysis reveals that the inverted yield curve, where short-term interest rates exceed long-term rates, is often interpreted as a warning sign of an impending recession. This situation might prompt the Federal Reserve to cut interest rates in an effort to stimulate economic activity. Additionally, if inflation continues to trend downward, the Fed may feel less compelled to keep interest rates high, reducing the pressure to combat rising prices. The release of critical economic data, such as the Nonfarm Payrolls report and inflation figures, can have a substantial impact on market expectations and subsequent interest rate decisions.   Eurozone Economic Indicators   The Eurozone’s economic health is closely tied to the performance of its manufacturing sector, making it a critical indicator to watch. High inflation within the Eurozone could compel the European Central Bank (ECB) to either maintain or raise interest rates, which, in turn, would likely strengthen the Euro. The overall economic growth in the Eurozone is another factor that can significantly influence the value of the Euro on the global stage.   Delving deeper into the dynamics, the ECB’s monetary policy decisions, including interest rate adjustments and other measures, directly impact the Euro’s value. Geopolitical factors, such as the ongoing conflict between Russia and Ukraine, as well as energy crises, can disrupt supply chains and drive up prices, affecting the Eurozone economy. Moreover, the Eurozone’s trade relationships, especially with the United States, play a crucial role in determining the Euro’s strength or weakness in global markets.   Political and Economic Risks   Geopolitical tensions, such as conflicts, trade disputes, and political instability, can create significant uncertainty and negatively affect investor sentiment. Global economic conditions, including a slowdown or recession, can reduce demand for riskier assets like currencies, influencing the values of the Euro and the US Dollar. Market sentiment, shaped by investor confidence and risk appetite, is another crucial factor that can drive currency movements.   Examining these risks further, the ongoing impact of Brexit continues to affect the UK economy and its relationship with the European Union, which in turn can influence the value of the Euro. Additionally, tensions between China and the United States, particularly in trade relations, have the potential to disrupt global supply chains and hinder economic growth, with repercussions for currency markets. Finally, economic and political instability in emerging markets adds another layer of global uncertainty, which can further affect currency values across the board.   Top Economic Events for next week: Here are the top 10 economic news events for this week, along with their descriptions:   ISM Manufacturing PMI (09/03/2024 14:00, USD, HIGH Impact)    – This indicator reflects the overall economic health of the manufacturing sector in the U.S. A value above 50 indicates expansion, while below 50 signals contraction. This report can significantly impact the U.S. dollar and investor sentiment.   Caixin Services PMI (09/04/2024 01:45, CNY, HIGH Impact)    – This index measures the performance of the service sector in China. It’s a key indicator of economic health, with a value above 50 indicating growth. The outcome can influence global markets, especially those with strong trade ties to China.   BoC Interest Rate Decision (09/04/2024 13:45, CAD, HIGH Impact)    – The Bank of Canada will announce its interest rate decision, which can have significant effects on the Canadian dollar and global markets. Rate hikes generally strengthen the currency, while cuts weaken it.   Gross Domestic Product (QoQ) (09/04/2024 01:30, AUD, HIGH Impact)    – This report provides a broad measure of economic activity and health in Australia. A strong GDP figure can boost the Australian dollar, while a weak figure can lead to depreciation.   Unemployment Rate (09/06/2024 12:30, USD, HIGH Impact)    – The U.S. unemployment rate is a key indicator of labor market health. A lower-than-expected rate can boost the U.S. dollar, while a higher rate can lead to concerns about economic slowdown.   Nonfarm Payrolls (09/06/2024 12:30, USD, HIGH Impact)    – This report is a key indicator of employment trends in the U.S. economy. Strong payroll growth signals a healthy economy, potentially strengthening the U.S. dollar, while weak growth can cause concern and currency depreciation.   Gross Domestic Product (QoQ) (09/06/2024 09:00, EUR, HIGH Impact)    – This report will show the economic growth of the Eurozone on a quarterly basis. Strong GDP growth can strengthen the euro, while weak growth might lead to currency depreciation.   ISM Services PMI (09/05/2024 14:00, USD, HIGH Impact)    – This PMI measures the economic activity in the U.S. service sector. A reading above 50 indicates expansion. This is a key indicator for overall economic performance and can influence the U.S. dollar.   Net Change in Employment (09/06/2024 12:30, CAD, HIGH Impact)    – This report shows the change in the number of employed people in Canada. A higher number indicates a strong labor market, which can strengthen the Canadian dollar.   Average Hourly Earnings (MoM) (09/06/2024 12:30, USD, HIGH Impact)     – This indicator tracks changes in the cost of labor and is a key indicator of inflationary pressure. Higher earnings growth can lead to increased consumer spending and potential interest rate hikes by the Federal Reserve. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

FinanceFeeds is excited to be heading back to Bangkok for the iFX EXPO Asia conference this year and are pleased to offer interview opportunities for participants during the event.  Click here to see our media coverage of past events and email us at info@financefeeds.com to schedule your interview. FinanceFeeds will be on hand at Booth #41 and invites all participants to visit us to discuss media, PR and marketing strategies for your B2C & B2B projects and our wide variety of services. In addition, as with other major industry events, FinanceFeeds editor-in-chief, Nikolai Isayev will be conducting audio and video interviews with industry leaders as part of our media coverage of the event.  Taking place between 16-18 September 2024 at the renowned Centara Grand & Bangkok Convention Centre, this year’s iFX EXPO Asia is on track to be one of the largest and most successful events of its kind ever held in the region. iFX EXPO Asia opens the door to unparalleled networking opportunities, enabling attendees to meet and engage face-to-face with some of the most influential figures in the financial sphere, building invaluable connections and generating fresh leads. There will be the chance to get acquainted with representatives from a broad spectrum of industry participants, including brokers, affiliates and IBs, payment service providers, liquidity providers, fintech companies – and many others. Join the conversation, discover the latest trends, and explore the future of fintech at iFX Expo Bangkok 2024. Something big is coming, and you won’t want to miss it.

Solana cryptocurrency can be expected to rise further toward the next resistance level 140.00.   – Solana reversed from support zone – Likely to rise to resistance level 140.00 Solana cryptocurrency recently reversed up sharply from the support zone surrounding the multi-month support level 126.45 (which reversed the price from the middle of April, as can be seen from the daily USDCHF chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer which stopped the previous short-term ABC correction 2 from the end of August. Given the strength of the support zone surrounding the support level 126.45 and the resumption of the bullish sentiment that can be seen across the cryptocurrency markets today, Solana cryptocurrency can be expected to rise further toward the next resistance level 140.00 (former strong support from the middle of August). Solana Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

The Qatar Financial Centre (QFC) in Doha has introduced a new framework to regulate digital assets. The rules cover guidelines for tokenization, recognizing property rights in tokens, custody arrangements, and the use of smart contracts. The QFC operates separately from the rest of Qatar, with its own legal, regulatory, and tax systems. The new framework is designed to ensure a secure and transparent digital asset environment, aligned with international standards. Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani called these rules a milestone in the country’s “Third Financial Sector Strategy,” aimed at embracing new technologies to boost the financial sector. The framework was developed with input from 37 local and international organizations in finance, technology, and law. Since the launch of its Digital Assets Lab in October 2023, the QFC has onboarded over 20 startups to test and develop digital asset products and services. Earlier this year, Qatar completed the infrastructure for its central bank digital currency (CBDC) project and launched the first phase of an experimental project focused on settlements of large payments among major local and international banks. Few details have been released about the project. The state news agency reported that the initiative will explore distributed ledger technology, artificial intelligence, liquidity, and transactions with securities. The experimental phase will run through October. Cryptocurrency regulation in Qatar QCB began studying CBDC technology in March 2022 and confirmed the launch of the project a year ago. At the Qatar Economic Forum in May, QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani said, “We are in the foundation stage and evaluating the pros and cons of issuing the CBDC.” The neighboring United Arab Emirates (UAE) is actively involved in CBDC projects. It was a founding member of the mBridge project along with China, Hong Kong, and Thailand, and has used mBridge for remittance payments to India and wholesale transfers among project members. Additionally, the UAE participated in Project Aber, a CBDC proof-of-concept with Saudi Arabia, which concluded in 2020. The Qatar Financial Centre Regulatory Authority banned virtual asset services in 2020. In 2023, the Financial Action Task Force criticized Qatar for not enforcing the ban and lacking an understanding of complex forms of money laundering and terrorist financing. Rumors circulated in March that Qatar’s sovereign wealth fund made a big investment in Bitcoin, spurred by observations of a new wallet accumulating substantial BTC holdings. Analysts noted a series of daily purchases of 100 BTC, totaling over 50,000 BTC (valued at over $3.3 billion). Dubbed “Mr 100,” speculation abounds regarding the entity behind these acquisitions, with suggestions ranging from Qatar’s sovereign wealth fund diversifying its portfolio to secretive billionaires or banks preparing for ETF launches.

The U.S. Securities and Exchange Commission (SEC) has cautioned it might challenge creditor repayments by FTX using stablecoins. In a filing to the U.S. Bankruptcy Court in Delaware on Aug. 30, SEC lawyers stated that while paying creditors with US-dollar pegged stablecoins may not technically violate laws, the regulator reserves the right to object to such repayments. Since FTX’s collapse in November 2022, the bankrupt exchange has explored various methods to compensate creditors, including a shelved plan to restart the platform. While many creditors have sought in-kind payments, FTX’s current plan proposes to settle claims in cash or stablecoins based on the U.S. dollar value of assets at the time of its bankruptcy. “The SEC is not opining as to the legality, under the federal securities laws, of the transactions outlined in the Plan and reserves its rights to challenge transactions involving crypto assets,” the filing stated. The agency said it reserves the right to dispute the legality of any efforts to pay creditors using the bankrupt exchange’s holdings of “crypto asset securities.” The regulator also noted that FTX’s plan fails to clarify who would handle the distribution of U.S. dollar-pegged stablecoins, should that form of repayment be approved. The filing comes after FTX, under CEO John Ray III, rejected proposals to relaunch the exchange or make in-kind payments to creditors. The company plans instead to repay in cash or stablecoins, despite some creditors advocating for repayment in the form of crypto assets rather than cash. Meanwhile, the U.S. Trustee overseeing the bankruptcy case joined the SEC in objecting to a provision in FTX’s plan that would shield the exchange from future legal action by creditors. “Unless the Plan provides that the Debtors shall not receive a discharge and removes any discharge injunction, the Court should deny confirmation,” the Trustee wrote, citing the relevant statute. The cost of FTX’s bankruptcy has grown significantly, with fees requested by the exchange’s team now exceeding $800 million, according to a tally shared on X by a user named Mr. Purple. FTX’s exchange collapsed in late 2022, prompting a lengthy bankruptcy process that has seen various proposals and plans to maximize creditor recovery, including trading tokenized claims on decentralized platforms.

Recently, one of the most respected media firms in the financial services industry, Finance Magnates released its latest data report for the Q2 2024, showing ATFX achieved an impressive global ranking of 4th in trading volume on the MT4/MT5 platforms, with a total volume reaching $765.1 billion. This milestone underscores ATFX’s strong competitive edge in the global financial markets and highlights significant growth in trading activity. Compared to the previous quarter, ATFX’s trading volume in Q2 2024 saw a significant increase of 22.45%, and an astonishing 43.75% year-on-year growth. These impressive growth rates are not only a solid foundation for the company’s continued success but also a vivid reflection of its expanding business footprint and growing market influence. Breaking down the product trends, the precious metals category grew by 26.2% compared to Q1 2024 and 79.2% compared to Q2 2023. The indices category saw a 99.38% increase compared to Q1 2024 and a 14.58% increase compared to Q2 2023. The stocks category experienced a staggering 457.82% growth compared to Q1 2024 and a 167.89% increase compared to Q2 2023. The energy category grew by 23.03% compared to Q1 2024, among others. For a long time, ATFX’s trading volume has consistently ranked among the top ten globally, a testament to the brand’s strength and market competitiveness. This outstanding achievement also reflects our years of deep cultivation in the financial market, through building an integrated model of investment education, services, and tools to serve global clients. Looking ahead, ATFX will continue to prioritize customer needs, providing comprehensive and high-quality trading support services. About ATFX ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK’s FCA, Cypriot CySEC, UAE’s SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide. For further information on ATFX, please visit ATFX website https://www.atfx.com.

OKX has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The crypto exchange’s local entity, OKX SG Pte. Ltd. (OKX SG), is now allowed to offer digital payment token and cross-border money transfer services, including spot (buy and sell) trading of cryptocurrencies for customers in Singapore. OKX SG received its in-principle approval for an MPI License from the MAS in February 2024. OKX SG appoints Gracie Lin as CEO For the role of chief executive, OKX SG appointed Gracie Lin, who will oversee the company’s strategic initiatives, including the development of permitted digital payment token products and services designed to meet the needs of Singapore customers. Gracie Lin joins OKX SG from Grab, where she headed the Regional Strategy & Economics team. Before that, she held various positions at MAS and the sovereign wealth fund GIC, giving her extensive experience in management, operations, business strategy, and financial regulation. Her nearly two decades of experience across the financial, public and technology sectors follow Bachelor’s degree in Economics from the University of Chicago and Master’s degree in International & Development Economics from Yale University. OKX SG CEO Gracie Lin said: “Singapore is a world-class digital asset hub and an important market for OKX. I am excited to be part of the team building our presence here. The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers, and contributing to the community and ecosystem. I look forward to continuing my engagement with our partners, customers and the wider community here to see how we can best serve them.” OKX launched in Australia In May, OKX launched crypto exchange services in Australia, which include spot (buy & sell) trading for all (retail and institutional) users as well as derivatives trading for verified wholesale clients only. The crypto exchange offers direct AUD deposits and withdrawals to Australian users, who can connect via most Australian banks and access express buy/sell, P2P, and convert functions in addition to spot trading. Users can also buy crypto with fiat via third-party platforms Simplex, MoonPay, and Banxa. The launch of crypto services in Australia follows the opening of a Sydney office in May 2023 and the hiring of a team of experts in management, legal, compliance, and other specialties. OKX aimed to officially launch crypto services in Australia in 2023, just a few months after the Sydney office announcement, but the plan got delayed. OKX’s crypto offering covers 170 spot pairs and a total of 85 tokens including Bitcoin, Ethereum, Solana, and Tether (USDT). OTC spot trading services are available to all users in Australia via OKX Australia Pty Ltd., which is a locally incorporated entity registered with AUSTRAC. Meanwhile, derivatives (futures, options, and perpetual swaps) trading services will only be offered to verified wholesale clients who meet the relevant Corporations Act 2001 (Cth) definition, via OKX Australia Financial Pty Ltd., a local entity that holds an Australia Financial Services (AFS) license regulated by ASIC, and is also AUSTRAC registered. Last month, OKX launched Australian dollar (AUD) trading order books to enable residents in Australia to trade major cryptocurrencies USDT, USDC, BTC, and ETH, against AUD. The move makes OKX the the largest global exchange to offer order book-based AUD pairs for spot trading in the country.

Jay Powell has now said what the market has been hoping for most of the year. Interest rates will be cut… The yield curve has reacted again, especially at the long end… A very good indicator of the Fed’s policy is the yield on the US Treasury over 2 years. This recently fell to below 4 % and has thus already priced in a potential interest rate cut of over 1.5 %… At 1.22 %, however, the futures market is indicating somewhat less… One of the relatively strong market correlations is the relationship between copper and gold and the yield on 10-year government bonds. The logic behind the predictive power of the correlation is that the copper-gold ratio reflects the relationship between economic activity and inflation (copper) and between monetary and fiscal trends (gold), which is a pretty good indicator of 10-year government bond performance. The chart shows that the ratio has indicated the potential for interest rate cuts for some time now… Also striking: the spread between the US Treasury over 2 and 10 years has almost completely disappeared. But not the spread between the US Treasury over 3 months and 10 years, which is more closely monitored by the FED. In addition, the market yield over 1 month remains above all other maturities – which in the past often did not bode well for the US economy (red dots)… The gold/copper ratio also has a high correlation with the percentage performance of the stock market over the last 12 months. Currently, this indicates that the stock market (ceteris paribus) is fairly fairly valued… The question remains as to why the Fed sees the need for lower interest rates. In fact, the risk of recession remains high at 71%… Another very good indicator for the long-term development of the US economy is the Conference Board US Leading Index (LEI). This has indicated a negative trend for over two years, in stark contrast to the performance of the stock market… Advances in the S&P500 Index are relatively harmless if the average dividend yield is higher than that of the US Treasury with a maturity of 10 years (red dots). With the upswing in equities for almost two years now, this condition is not met… (because there is a lot of hope in IT stocks without dividends)… But what will happen to market interest rates if, according to the CPI cycle, inflation starts to rise again at the end of the year? In fact, the bond market volatility cycle also indicates nervous times again in the coming months … Even if the market finally feels confirmed that lower interest rates are coming. Perhaps this development is not so positive…   The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.  The information on this page does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained herein.

Telegram, the messaging app widely used by cryptocurrency enthusiasts, held $400 million in digital assets at the end of 2023, according to a report by the Financial Times. The report is based on Telegram’s financial statements for that year and indicates a big portion of the app’s revenue came from digital asset activities, particularly from an “integrated wallet” and the “sale of collectibles,” which together accounted for nearly $148 million, or about 40% of the company’s total revenue. The “integrated wallet” refers to a software feature that enables users to store, send, receive, and trade cryptocurrencies, while the “sale of collectibles” includes items like usernames and virtual phone numbers. These sales are recorded as revenue when the collectible is assigned to the user, and Telegram also earns fees for facilitating sales between users. Telegram’s connection to digital assets also includes its involvement with Toncoin, a cryptocurrency linked to the TON blockchain. The Financial Times reported that Telegram sold a large amount of Toncoin tokens before a subsequent drop in their price. The popular messaging app, with around 800 million users, introduced a new incentive program that enables owners of public channels on its platform to earn 50% of the advertisement revenue in Toncoin (TON), the project’s native cryptocurrency. To qualify for this revenue-sharing model, channels must boast a minimum of 1,000 subscribers. As the third most downloaded messaging app, trailing only behind WhatsApp and Snapchat, Telegram has historically allowed channel owners to monetize their audiences through various methods such as paid posts, membership fees for private channels, and merchandise sales. The report raises questions about the company’s valuation, which is estimated at $30 billion. Telegram founder and CEO Pavel Durov, who owns 100% of the company, recently faced legal challenges after being indicted by a French court on charges that Telegram’s tools have been used for illicit activities. Telegram has not commented on these allegations. The app has also gained popularity for hosting crypto games like Notcoin and Hamster Kombat, which operate on the TON blockchain.

The European Securities and Markets Authority (ESMA) has issued its second risk monitoring report for 2024, highlighting the growing sensitivity of EU financial markets following strong early-year performance. ESMA, the EU’s financial markets regulator and supervisor, identifies significant risks across its remit, driven by external events that continue to impact market evolution. In early 2024, less volatile markets and a resurgence of risk-taking in higher-yield segments suggested expectations of a ‘soft landing.’ However, recent developments underscore the market’s heightened sensitivity, particularly to interest rate changes, deteriorating credit risk, and political news. ESMA warns of a high risk of market corrections, exacerbated by fragile liquidity conditions in equity and other markets. “Markets are increasingly nervous about the economic outlook and political events, as evidenced by the dip in equity valuations in early August and volatility around recent European and French elections,” said Verena Ross, ESMA’s Chair. She emphasized the need for continued close monitoring of financial markets and strong coordination with national authorities. Key Structural Developments in H1 2024 – Market-Based Finance: Capital availability for European corporates has remained stable, though the environment remains challenging for equity issuance. IPO activity showed signs of recovery, while corporate bond issuance, strong in Q1 2024, declined in the second quarter. The outlook for corporate bonds reveals a significant maturity wall from 2024 to 2028, raising concerns about corporate debt sustainability, especially in lower-quality segments. – Sustainable Finance: Interest in sustainable investments has been strong in recent years, signaling investor support for the green transition. However, recent ESG-related market trends have raised concerns about the ability to mobilize private capital, with a slowdown in green bond issuance and outflows from sustainable funds in the latter half of 2023. The success of transition finance instruments may depend on firms’ ability to present credible transition plans. – Financial Innovation: Crypto-assets surged in the first half of 2024, driven by the approval of spot Bitcoin and Ether exchange-traded products (ETPs) in the US, pushing global market valuation to EUR 2.2 trillion by June, a 40% increase from end-2023. Liquidity levels returned to pre-FTX collapse levels, but volatility in early August led to significant declines in crypto valuations. High concentration in both crypto-assets and exchanges remains a concern. Ongoing Market Monitoring – Securities Markets: Asset prices saw upward trends with minimal volatility in early 2024, amid expectations of future rate cuts. Market volatility spiked during the EU elections in June and July, and a brief dip in global equity valuations in early August was linked to weaker-than-expected U.S. economic data. Corporate bond spreads, particularly for high-yield corporates, continued to fall despite declining credit quality, particularly in the real estate sector, potentially indicating a misjudgment of risks. – Asset Management: EU funds performed positively across categories, with inflows into fixed-income funds, including bond funds and money market funds (MMFs). Despite rising interest rates, a broad perception of declining credit risk has kept credit spreads low. However, the declining credit quality of bond fund portfolios raises concerns about the potential for disorderly repricing of risky assets. Liquidity risks and potential losses related to interest rate, credit risk, and valuation issues remain, with open-ended real estate funds particularly vulnerable due to structural liquidity mismatches and downward pressure on housing market valuations. ESMA continues to prioritize market monitoring and coordination with national authorities to mitigate these risks.

Polkadot has secured a sponsorship deal with Lionel Messi’s Inter Miami football club, becoming the club’s global training partner. Under the agreement, Polkadot’s logo will be featured on all first-team training gear, debuting before the club’s match against Chicago Fire FC on August 31. Players and technical staff will wear Polkadot-branded training shirts during official sessions, travel, and pre-match warm-ups. Polkadot joins the list of crypto companies sponsoring football team training kits. In the English Premier League, crypto exchange OKX has a £20 million deal with Manchester City, while blockchain network Tezos partners with Manchester United. David Beckham’s club is a major player in the American soccer league, with one of the biggest social media followings among U.S. sports teams. After signing big names like Sergio Busquets, Jordi Alba, Lionel Messi, and Luis Suárez, the club drew a lot of public attention. As the main partner, Polkadot will engage Inter Miami fans through interactive fan zones and digital campaigns. The partnership also includes branding opportunities at Miami’s Florida Blue Training Centre and throughout the Chase Stadium, with signage inside and outside, as well as LED displays and other visuals. Chrissy Hill, CLO & interim COO of Parity Technologies, Polkadot’s leading technical contributor, said: “We’re thrilled the innovative Polkadot community is continuing its strong commitment to the future of entertainment with its sponsorship of Inter Miami.” Euan Warren, Inter Miami’s Vice President of Partnerships, added, “Our shared vision for innovation makes this a collaboration that will resonate with our fans worldwide.” Polkadot’s recent treasury report reveals that the platform allocated $87 million worth of DOT to various initiatives in the first half of 2024. More than $36 million was spent on marketing, events, and outreach to attract new users, developers, and businesses to its ecosystem. Following the completion of Polkadot 1.0 in July 2023, the community is preparing for Polkadot 2.0, which will introduce advanced technologies like Async Backing, Elastic Scaling, and Agile Coretime.

The event will include some of the biggest names in the Web 3 space including speakers from Circle, Ripple, Worldcoin, Tether and the US SEC.  Korean Blockchain Week, one of the largest Web 3 events in Asia, announced the addition of Mark Karpelès, former Mt.Gox CEO and current CTO of EllipX, a crypto wallet and exchange, to its list of esteemed speakers. First held in 2018, Korean Blockchain Week is an annual conference that has impacted greatly the adoption and development of blockchain technology. This year’s conference will be held from September 1 through September 7, 2024, with the main event, KBW2024: IMPACT, set to be held on September 3-4 at the Walkerhill Hotel & Resort in Seoul.  The event is organized by FACTBLOCK and co-hosted by Hashed, aiming to give participants a festival filled with the latest developments and updates in the Web 3 ecosystem. The event gathers ground for the top global blockchain and web3 leaders with the goal of unifying diverse communities. The conference is an amalgamation of multiple prestigious events, including the flagship conference “IMPACT”.  FactBlock CEO Jeon Seon-ik expressed enthusiasm about the event, stating:  “KBW2024 is an essential occasion to explore the latest trends and innovations in the blockchain and Web3 industries. We are delighted to offer a rich program featuring speakers with outstanding careers across various fields.” The event will provide participants and attendees exclusive opportunities to exchange industry insights and indulge in an immersive blend of music, art, and culture. KBW is a one-of-a-kind conference that combines Web 3 development with an enriching experience for all involved. KBW 2024 will bring forward top industry professionals from all walks of Web 3, with an aim to “shed light on both the past and present of the blockchain industry”. Adding to Web 3 specialists, this year’s event will also add leaders in emerging technologies such as AI and Machine Learning to drive forward the Fourth Industrial Revolution.  Speaking on KBW2024, Hashed CEO Kim Seojun said:  “KBW2024 is establishing itself as an innovative conference platform that transcends the boundaries of blockchain technology, finance, content, and entertainment. We hope it serves as an opportunity to showcase the ecosystem’s potential to both domestic and international Web3 communities.” Mark Karpelès Joins 300+ Speakers In Korea Blockchain Week  One of the biggest topics of discussion in Korea is the story of Mt. Gox, the Japan-based Bitcoin exchange that fell in 2014. KBW 2024 will give the attendees a deep dive into the exchange’s dealings with former Mt. Gox CEO Mark Karpelès announced as a speaker at the main event.  Mark first entered the crypto scene during the advent of Bitcoin in 2009, becoming a founding member of the Bitcoin Foundation three years later. In 2011, he acquired Mt. Gox before moving into other cybersecurity technologies once the exchange collapsed. He is currently the Minister of Technology for Joseon (a position he acquired in 2023) and serves as the CTO of EllipX, a crypto wallet and exchange that eliminates the need for passphrases and provides a user-friendly platform for digital asset trading. The event welcomed a host of partners including Sui, Movement Labs, and BlueRun Ventures Capital Management (BRV), with title sponsors including Aptos, Tron, Chiliz, DOP, Creditcoin, Sahara AI, Presto, TON, Bitthumb, SK Telecom, and Aleo. Gold sponsors include Orbs, Flare Network, and Ripple. The KBW organizers have also partnered with Forbes Web3, dedicating one of the four stages as the Forbes Web3 Stage.  Adding to Mark, the event will also welcome over 300 speakers during the week-long conference with several high-profile speakers slated to talk at the flagship KBW2024: IMPACT event. Some of the notable speakers include Rune Christensen (Co-Founder of MakerDAO), Brad Garlinghouse (CEO of Ripple), Henry Child (Head of Ecosystem, Tether), Mark T. Uyeda (Commissioner, the US Securities and Exchange Commission), Yam Ki Chan (Vice President, Circle), and Alex Blania (Co-Founder, Worldcoin).  Finally, the event will also include AI-based top experts in the KBW2024: AI World conference that will take place on September 5 at Lotte Cinema, Lotte World Tower, Seoul. Organized by Financial News and the Ministry of Science & ICT, it will feature Stability AI Founder Emad Mostaque, Worldcoin CEO Alex Blania as well as leading Korean entrepreneurs in the AI field.

The Saxo Bank Group announced a 35% increase in its adjusted net profit for the first half of 2024, reporting EUR 68 million compared to EUR 50 million in the same period last year. This growth was attributed to a new pricing structure and enhanced client experience, which led to record client numbers and assets. As of June 30, 2024, Saxo Bank had over 1.2 million end clients and EUR 109 billion in client assets. This growth occurred despite low volatility in financial markets, which resulted in reduced trading and investing activity. However, higher interest rates and increased client funding positively impacted financial performance. The bank’s total income for the first half of 2024 reached EUR 311 million, a slight increase from EUR 300 million in the previous year. Income was evenly distributed across its business areas, with trader clients contributing 34%, investor clients 34%, and institutional clients 32%. S&P upgraded Saxo Bank’s credit rating from BBB to A- during the first half of 2024, reflecting the bank’s strong financial position. In the Asia-Pacific region, Saxo Bank initiated a restructuring of its distribution model to improve focus, compliance, risk management, and operational efficiency. This included the closure of its Shanghai office and strategic reviews of its operations in Hong Kong, Japan, and Australia. The restructuring resulted in costs of EUR 6 million for the first half of the year. Looking ahead, Saxo Bank expects its full-year adjusted net profit to fall within the previously guided range of EUR 114 to 134 million. H1 2024 Key Financial Figures (H1 2023): Total income: EUR 311 million (EUR 300 million) Adjusted net profit: EUR 68 million (EUR 50 million) Net profit: EUR 62 million (EUR 38 million) Total client assets: EUR 109 billion (EUR 97 billion) Total capital ratio: 28% (31.9%) Saxo Bank’s CEO and Founder, Kim Fournais, commented on the results, stating that the positive momentum reflects the success of the bank’s strategy. “More than 1.2 million clients now trust Saxo with over EUR 109 billion in assets,” he noted, emphasizing the importance of diversification in client portfolios. All figures were converted from DKK to EUR using an exchange rate of 7.46 as of August 27, 2024.

The report “Blockchain Payments: A Fresh Start” delves into the evolving payments landscape and how blockchain technology offers a transformative approach to addressing the inefficiencies of the traditional system. The payments industry, despite being one of the largest and fastest-growing sectors globally, still relies heavily on outdated infrastructure developed over 50 years ago. This legacy system involves multiple intermediaries, resulting in high transaction costs, slow processing times, and limited transparency, particularly in cross-border transactions. Modern Payments Landscape The traditional payments system operates through a complex network of banks, card networks, and other intermediaries, which leads to significant delays and costs, especially for cross-border payments. Technologies like Visa and Mastercard have streamlined user experiences but are still bound by these inefficient structures. Open loop payments, powered by global card networks, facilitate payments across multiple banks but involve up to six intermediaries that each take a cut, increasing costs for both merchants and consumers. Closed loop payments, like those from PayPal and Starbucks, offer a more streamlined experience by keeping transactions within a single network, but these systems remain fragmented and still tied to traditional banking rails. The report highlights the growing trend of companies creating their own closed payment loops to deepen customer engagement and reduce fees. Challenges in Cross-Border Transactions Cross-border transactions are particularly problematic in the current system due to the involvement of multiple correspondent banks, lengthy settlement times, and high costs. Remittances, for example, can take up to five days to settle and incur average fees of 6.25%, making them one of the most expensive forms of payment. Despite these drawbacks, the market for cross-border payments continues to grow, projected to reach $53 trillion by 2030. Blockchain as a Solution Blockchain technology provides an alternative, decentralized infrastructure for payments that can address many of these inefficiencies. Blockchains enable near-instantaneous settlement, significantly lower costs, and greater transparency compared to traditional systems. By reducing the number of intermediaries, blockchain payments can facilitate direct peer-to-peer transactions, making cross-border payments faster and more affordable.  Stablecoins, such as USDC, play a crucial role in the blockchain payment ecosystem by providing a stable value medium of exchange, reducing volatility concerns typically associated with cryptocurrencies. The integration of stablecoins into blockchain payments has already begun at institutional levels, with companies like Visa conducting pilots to settle payments on public blockchains. Infrastructure of Blockchain Payments The blockchain payments stack consists of several layers, including the settlement layer, asset issuer layer, on/off ramp layer, and interface/application layer. The settlement layer, involving platforms like Bitcoin, Ethereum, and Layer 2 solutions, is responsible for processing and finalizing transactions. Asset issuers, such as stablecoin providers, manage the creation and circulation of digital assets that maintain stable values, akin to the role of central banks in traditional finance. On/off ramp providers serve as bridges between blockchain and fiat systems, facilitating the conversion of digital assets to traditional currencies and vice versa. This layer, however, remains the most expensive component of blockchain payments, with providers charging up to 1.5% per transaction. Interface and application layers offer user-facing solutions, such as digital wallets, that enable customers to interact with blockchain payment networks. Advantages of Blockchain Payments Blockchains offer several key advantages over traditional payment systems: Near-Instant Settlement: Transactions on blockchains can settle in minutes or even seconds, compared to the often lengthy processes of traditional banking. Lower Costs: Blockchain payments significantly reduce the fees associated with cross-border transactions. Traditional remittances cost an average of 6.35%, while blockchain alternatives can cost as little as a fraction of a cent. Greater Transparency: Blockchain’s immutable ledger allows every transaction to be recorded and visible, enhancing trust and security while reducing the potential for fraud. Decentralization and Security: Blockchains distribute control across a wide network, reducing the risk of central failures and making the system more resilient to attacks. Challenges Facing Blockchain Payments Despite its potential, blockchain payments face several challenges, including scalability issues, technical complexities, and regulatory uncertainties. Scalability remains a critical concern, as current blockchains are not yet capable of handling the same transaction volume as established networks like Visa. Additionally, the user experience of blockchain payments can be daunting, with complex interfaces and the need to manage private keys. Regulatory environments vary widely, adding to the complexity of implementing blockchain solutions across different jurisdictions. Future Outlook The future of blockchain payments is promising as more institutions explore this technology. Blockchains offer a unified infrastructure that could eventually replace the fragmented and costly traditional banking system. The adoption of stablecoins and improvements in blockchain technology, such as Layer 2 solutions, are expected to drive further growth. As the industry matures and addresses existing challenges, blockchain payments have the potential to revolutionize the global financial landscape, making transactions cheaper, faster, and more accessible.