Inter Milan has officially confirmed cryptocurrency trading platform Gate.io as its new sleeve sponsor starting from the 2024-25 season. The announcement on the club’s official website highlights another major sponsorship deal for the Nerazzurri as they keep strengthening their commercial partnerships. This season, Inter has been actively securing new sponsorships to maximize revenue from its kits. Notably, Betsson replaced Paramount+ as the main shirt sponsor, following the club’s long-standing partnership with Pirelli. While the financial details and the duration of the Gate.io deal have not been disclosed, the crypto exchange steps in as the new sleeve sponsor, replacing eBay. Gate.io announced the partnership on August 23, confirming that its logo will feature on the sleeves of both the men’s and women’s teams’ playing kits. The collaboration between Gate.io and Inter Milan goes beyond just kit sponsorship. Fans will have access to exclusive content, joint marketing activations, and co-branded merchandise through this partnership. Han Lin, founder and CEO of Gate.io, stated: “We are thrilled to partner with Inter, a club with a rich history and a passionate fanbase. This partnership aligns with our commitment to innovation and community engagement. We are excited to bring new and exciting experiences to Inter fans around the world and to explore the many synergies between the worlds of football and digital assets.” Alessandro Antonello, CEO of Corporate for Inter Milan, also welcomed the collaboration with Gate.io, highlighting the extensive visibility the cryptocurrency platform will gain across all competitions in which the club participates. With this deal, Gate.io joins other cryptocurrency platforms like BingX, Kraken, and OKX, which have secured similar sponsorships with English football clubs Chelsea, Tottenham Hotspur, and Manchester City, respectively. The sponsorship comes shortly after Gate.io shelved plans to launch in Hong Kong and had withdrawn its application for a virtual asset service provider (VASP) license. Gate.io’s US-based arm, Gate US, is licensed to offer virtual asset services in the United States. It holds regulatory approval to operate as a blockchain and digital asset infrastructure provider. Gate.io also obtained authorisation to operate in Lithuania, which covers many business areas including crypto-asset trading, custodian service, digital asset wallet, and portfolio management.

In the long term, the stock markets are dominated by fundamental developments. In the short term, however, sentiment has a greater influence. And in the last four weeks, these sentiments have reached extreme levels on both sides… The General Sentiment Indicator with the Short Term Inputs reached typical lows at the beginning of the month but is already on its way back to euphoria…                         The spread between the Volatility Index Spot and the 200-day average even generated a buy signal…                         The spread between the spot volatility index and the six-month futures contract also fell to a level last seen in November 2020…                         The spread between the S&P500 index compared to 20 days earlier also reached such a low level, which usually leads to (stronger) recoveries…                         The S&P500 Fear Indicator has even reached the maximum possible low, but is already back in more euphoric territory…                         The long-term oriented General Sentiment Indicator, on the other hand, has only briefly remained in negative territory…                         And if you compare the current price/earnings ratio of the S&P500 with the average over six years, the market still remained at too expensive a level even during the panic days at the beginning of the month…                         The 21-day average of the call/put ratio has not even reached negative territory…                         With the extreme movements of recent weeks, the market pendulum has naturally swung more strongly. In the meantime, however, that the S&P 500 Index has reached an extreme value on the positive side – which usually results in weaker markets…                       The Smart Investors Action of the S&P500 Index has also reached an extreme value that has never been seen in recent months. Exaggeration (red areas) also indicates exaggerations…                       The same picture with the Nasdaq Index: the Market Pendulum has reached a positive extreme, which usually indicates negative developments…                         Here, too, the Smart Investors Action shows extreme values…                         The short-term sentiment indicators are already showing extreme values again, while the long-term indicators continue to leave a rather bearish impression. As mentioned in earlier Thoughts, a second wave of selling is therefore likely to occur over the next few days and weeks… 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.

Advanced Markets (UK) Limited, the UK trading arm of a multi-asset liquidity and prime-of-prime service provider, has released its annual report and year-end financial statements for the 12-month period ending December 31, 2023. The latest results filed with the UK Companies House show a slight uptick in turnover in conjunction with a modest profit for the reported fiscal period. For the fiscal year 2023,‎ Advanced Markets’ revenue rose to £2.26 million from £2.12 million in the year prior, up by 7 percent year-over-year. However, Advanced Markets saw a rise in administrative expenses during the latest fiscal period, reported at £2.16 million, up by a factor of 24 percent year-over-year from £1.74 million in 2022. Looking at the group’s bottom-line metrics for the financial year, which factored out interest receivable and other income, Advanced Markets reported ‎a net profit of £114,635. This figure is lower than the £372,673 the company earned a year earlier. Advanced Markets’ institutional business operates a 100 percent STP/agency model based on its FCA and AFSL licenses. Advanced Markets’ STP platform enables FX market participants to trade on prices streamed by more than ten FX banks in an anonymous market structure. Earlier this month, the company teamed up with UAE-based financial services provider, Daman Securities to spin off Daman Markets as an independent entity. Riding on the success of Daman Markets, the forex and CFD trading arm of Daman Securities LLC, the partnership plans to blend Daman Securities’ regional influence and SCA oversight with Advanced Markets’ tech and liquidity networks. Per the official statement, the partnership is set to position Daman Markets as a key player in the financial sector, providing clients with a wide array of financial solutions and services. Samer Mourched, CEO of Advanced Markets Bermuda, has become the newly appointed CEO of Daman Markets. Back in 2022, Daman Securities joined forces with Advanced Markets on a strategic expansion of their respective service portfolio. As part of this collaboration, Daman Securities leverages Advanced Markets’ capabilities to offer over-the-counter margined derivative contracts, including CFDs and spot FX trading, under the brand name Daman Markets. Having built a reputable presence in the UAE and the broader GCC region over the past 27 years, the alliance with Advanced Markets allows for greater transparency in pricing, improved execution speed and lower transaction costs.

Bitcoin mining firm Rhodium Enterprises has filed for voluntary Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas, revealing liabilities of up to $100 million. The filing was submitted on Saturday and specifically names six subsidiaries: Rhodium Encore, Jordan HPC, Rhodium JV, Rhodium 2.0, Rhodium 10MW, and Rhodium 30MW. According to court documents, the company’s debts range between $50 million and $100 million, while its total assets are estimated between $100 million and $500 million. The bankruptcy filing follows previous reports of financial distress within the Rhodium group. In July, Rhodium Enterprises, which owns Rhodium Encore and Rhodium 2.0, reportedly failed to repay $54 million in loans. In 2021, the company raised $78 million in loans for its subsidiaries. Despite two proposed debt restructuring plans, disagreements among stakeholders led to a default. Filing for Chapter 11 bankruptcy will let Rhodium restructure its debts while keeping the business running, giving the company a chance to work out a new repayment plan with adjusted terms. Rhodium is not the first Bitcoin mining company to seek bankruptcy protection. Core Scientific, another major player in the industry, filed for Chapter 11 in December 2022, citing falling cryptocurrency prices and rising energy costs. Core Scientific emerged from bankruptcy in early 2024. Core Scientific’s journey through bankruptcy reflects the broader challenges faced by the crypto mining industry, particularly during the “crypto winter.” At the height of the crypto boom in 2021, when Bitcoin’s value soared above $67,000, Core Scientific was the largest publicly traded Bitcoin miner by computing power. However, the dramatic fall in Bitcoin’s price to around $16,000 by December 2022, when the company filed for Chapter 11, reflected the volatility of the market and the pressures on crypto miners. Rhodium has also faced legal challenges from competitors. In 2023, Rio Platforms filed a lawsuit against Rhodium Enterprises, seeking to recover more than $26 million in unpaid fees related to the use of Rio’s Whinstone Bitcoin mining facilities. The company’s financial struggles have been exacerbated by declining Bitcoin miner profits, especially following the Bitcoin halving event in April. The reduction in miner rewards, coupled with higher electricity prices, has further squeezed profit margins for miners. Rhodium has appointed law firm Quinn Emanuel Urquhart & Sullivan as general bankruptcy counsel and Province as restructuring adviser as it navigates the bankruptcy process.

The TON blockchain’s X account shared a statement backing Telegram founder and CEO Pavel Durov, who was arrested in France on Saturday and is now facing several charges connected to the platform’s activities. The statement apparently seeks to reassure the community amid uncertainty that led to a massive drop in the value of Toncoin, TON’s native token. “Following the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational,” the statement read. “As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time.” Durov was reportedly arrested on Saturday after arriving at Paris’s Le Bourget airport from Azerbaijan. Reports suggest that the arrest may lead to an indictment on charges related to Telegram’s operations, including allegations involving terrorism, drugs, fraud, money laundering, and other offenses. The news caused Toncoin to plummet nearly 20% before recovering slightly. At the time of publication, Toncoin was down 12% in the past 24 hours. The TON blockchain’s statement encouraged the community to “stay calm, united, and to keep building as we navigate this situation together.” Support for Durov has also come from key figures in the crypto community and beyond, including American journalist Tucker Carlson and X platform owner Elon Musk. Franklin Bi, a general partner at VC fund Pantera Capital, posted the hashtag “#FreePavel” in support. Pantera Capital made its largest investment in the TON token this year and later raised additional capital to invest in the ecosystem. The situation remains fluid, and the TON community, along with other supporters, continues to monitor developments closely. Toncoin, the token associated with The Open Network (TON), has seen a dramatic drop in market value, losing nearly $3 billion since the arrest of Durov on Saturday. Durov has been a central figure in integrating Toncoin into Telegram’s ecosystem, making his arrest a major concern for traders and investors. The current price behavior of Toncoin is reminiscent of Binance’s BNB token, which experienced a similar drop before recovering strongly after the legal issues surrounding Binance founder Changpeng Zhao (CZ) were resolved. Toncoin was originally developed as part of Telegram’s broader vision to create a decentralized platform that extends beyond messaging, incorporating blockchain technology into its ecosystem. The token is designed to enable features like in-app payments, bot payments, and microtransactions within Telegram, while also supporting a robust ecosystem for decentralized applications (dapps).

The Fed and ECB may cut rates in September, impacting the USD and EUR. Economic data and geopolitical factors influence currency dynamics. Interest Rate Expectations and Currency Movements The market is increasingly confident that the Federal Reserve (Fed) will lower interest rates in September, following dovish remarks from Fed Chair Jerome Powell at the Jackson Hole Symposium. Powell’s comments, along with recent economic data indicating moderating inflation and a softening labor market, have fueled these expectations. A rate cut by the Fed would likely weaken the US Dollar as it makes US assets less attractive to foreign investors, reducing demand for the currency. Speculation is also growing that the European Central Bank (ECB) will reduce interest rates in September, possibly followed by another cut later in the year. Factors driving this expectation include uncertainty about the Eurozone’s economic outlook, easing wage growth, and the need to support economic activity. A rate cut from the ECB could weaken the Euro, making Eurozone assets less appealing to foreign investors. The interplay between these potential rate cuts impacts the EUR/USD currency pair. A Fed rate cut might weaken the US Dollar, potentially strengthening the EUR/USD pair. Conversely, an ECB rate cut could weaken the Euro, putting downward pressure on the pair. The net effect on the EUR/USD exchange rate depends on the relative strength of both currencies, influenced by factors such as global risk appetite and geopolitical events. Economic Data and Currency Strength Economic data continues to play a critical role in shaping currency movements. In the US, Durable Goods Orders serve as a key indicator of economic health. Strong Durable Goods Orders data suggests a robust economy with increased demand for US goods, which can support the US Dollar. The recent July data for Durable Goods Orders exceeded expectations, providing potential support for the greenback. In the Eurozone, the Harmonized Index of Consumer Prices (HICP) is a crucial measure of inflation. Positive HICP data strengthens the Euro by indicating stable inflation and a healthy economy. Conversely, negative HICP data suggests rising inflation and economic struggles, which can weaken the Euro. The recent flash HICP data for August presented a mixed picture, with some indicators pointing to moderating inflation while others hinted at continued pressures. Geopolitical Events and Commodity Prices Geopolitical tensions remain a key driver of commodity prices and, consequently, currency values. Recent conflicts, such as those between Israel and Hezbollah and political instability in Libya, have contributed to a rise in oil prices. This increase in oil prices can significantly impact currencies, as oil is a critical factor in global trade and economic activity. In addition to geopolitical events, oil price fluctuations are influenced by factors such as supply and demand dynamics, economic growth, and monetary policy. Rising oil prices, for example, can weaken the US Dollar by making imports more expensive and fueling inflation. However, the relationship between commodity prices and currency values is complex and varies depending on multiple factors. Overall, the interconnectedness of interest rate expectations, economic data, geopolitical events, and commodity prices creates a complex environment for currency movements. Understanding these factors is crucial for navigating the dynamic currency markets and anticipating potential impacts on global financial trends. 10 Economic Events for this week: US Gross Domestic Product (GDP): Date: August 29, 2024 Time: 8:30 AM ET Impact: High Currency: USD Description: A measure of the total value of goods and services produced in an economy. Eurozone Consumer Price Index (CPI): Date: August 29, 2024 Time: 10:00 AM CET Impact: High Currency: EUR Description: A measure of the average change in prices of a basket of goods and services consumed by households. US Nonfarm Payrolls: Date: August 30, 2024 Time: 8:30 AM ET Impact: High Currency: USD Description: A measure of the number of jobs added or lost in the economy. Australian Consumer Price Index (CPI): Date: August 28, 2024 Time: 11:30 AM AEST Impact: High Currency: AUD Description: A measure of the average change in prices of a basket of goods and services consumed by households. Japanese Consumer Price Index (CPI): Date: August 29, 2024 Time: 8:30 AM JST Impact: High Currency: JPY Description: A measure of the average change in prices of a basket of goods and services consumed by households. German Industrial Production: Date: August 28, 2024 Time: 7:00 AM CET Impact: Medium Currency: EUR Description: A measure of the total output of factories and mines in Germany. UK Retail Sales: Date: August 30, 2024 Time: 9:30 AM BST Impact: Medium Currency: GBP Description: A measure of the total value of goods sold to consumers in the UK. Canadian Employment Change: Date: August 30, 2024 Time: 8:30 AM ET Impact: Medium Currency: CAD Description: A measure of the number of jobs added or lost in the Canadian economy. US Federal Reserve Interest Rate Decision: Date: September 19, 2024 Time: 2:00 PM ET Impact: High Currency: USD Description: The Federal Reserve, the central bank of the United States, sets interest rates to influence economic activity. European Central Bank Interest Rate Decision: Date: September 14, 2024 Time: 8:15 AM CET Impact: High Currency: EUR Description: The European Central Bank, the central bank of the eurozone, sets interest rates to influence economic activity in the eurozone.   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.

Brent crude oil prices have rebounded from a recent decline, finding support at a key technical level. After briefly dipping below $76 per barrel, the oil price has recovered, driven primarily by escalating tensions in the Middle East. The escalating conflict between Israel and Hezbollah has reignited concerns about regional stability and potential disruptions to oil supplies. The exchange of heavy rocket fire and Israel’s evacuation orders for parts of the Gaza Strip have contributed to a risk-on sentiment in the market, boosting demand for oil as a safe-haven asset. From a technical perspective, Brent crude is currently trading within a downward channel, with resistance expected at the upper boundary and the psychologically significant $80 per barrel level. While the recent price increase is encouraging, bulls will need to overcome these resistance levels to sustain further upward momentum. The outlook for Brent crude oil remains uncertain, contingent upon the evolution of geopolitical events in the Middle East. If tensions continue to escalate, the oil price could experience further upward pressure. However, if the situation de-escalates, a downward correction may be possible. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

RoboMarkets has enhanced its R StocksTrader platform for the betterment of its clients’ investment experience. The updates include simplified trading conditions, an expanded list of available stocks, and the launch of a modern trading API. The CySEC-authorized brokerage firm has removed commissions and updated its approach to spreads. Additionally, it expanded the list of available stocks for trading, and launched a trading API for the R StocksTrader platform:  Commission removal and updated approach to spreads RoboMarkets is eliminating all order placement fees on the R StocksTrader platform as part of its commitment to provide the best trading conditions. Clients can now purchase stocks without incurring high minimum commissions, making even small investments more feasible. Instead of commissions, its fees for order execution will be incorporated into the market spread – the difference between the buying and selling price. The spread markup will not exceed 0.3% of the value of stocks and CFDs on stocks, which aligns with the best market standards. The new trading conditions will take effect on 2 September 2024. Expanded stock list: over 150 new instruments RoboMarkets has significantly expanded the list of stocks available for trading by adding over 150 new instruments. Among the newly added companies are: – Reddit Inc. – a social network and news website where users can share and rate content. – Artiva Biotherapeutics Inc. – a biotechnology company specializing in cancer therapy. – Asana, Inc. – a developer of a work management platform. – Y-mAbs Therapeutics, Inc. – a biopharmaceutical company developing antibodies for cancer treatment. Clients can now diversify their investment portfolios by adding shares of the world’s largest companies. Launch of trading API RoboMarkets is launching a trading API on the R StocksTrader platform, enabling clients to trade using algorithms, connect applications, and create their own custom services. The API is suitable for developing and testing strategies on both real and demo accounts, supporting trading in stocks, CFDs, currencies, and other instruments through a single interface. This solution is ideal for both retail and institutional traders and funds. A look at the RoboMarkets history RoboMarkets is a European brokerage firm that began its journey in 2012. Established with a focus on providing access to trading in financial markets, the company initially concentrated on forex trading, aiming to serve European clients. In 2013, RoboMarkets secured a license from the Cyprus Securities and Exchange Commission (CySEC). This regulatory approval allowed the company to operate across the European Economic Area (EEA), enhancing its credibility and ensuring compliance with stringent market standards. Between 2015 and 2017, RoboMarkets expanded its services by introducing a broader range of trading instruments. This expansion included CFDs on various assets such as stocks, indices, commodities, and cryptocurrencies. Alongside popular platforms like MetaTrader 4 and MetaTrader 5, the company also launched its own trading platforms, enhancing the trading experience for its clients. The years 2017 and 2018 marked the launch of RoboMarkets’ proprietary trading platforms, R Trader and WebTrader. R Trader, in particular, stood out for its user-friendly interface and the ability for traders to create custom trading robots without needing programming skills. To boost its market presence, RoboMarkets began sponsoring sports teams and events, including becoming an official sponsor of the BMW M Motorsport team in 2019. This sponsorship helped the company increase its visibility and strengthen its brand reputation. RoboMarkets renewed sponsorship with BMW M Motorsport into the 2024-2025 DTM seasons RoboMarkets recently renewed its sponsorship deal with BMW M Motorsport into the 2024-2025 DTM seasons. The collaboration between the European brokerage company and the BMW-branded motorsport racing team is being extended after a successful 2023 season. The partnership between the two brands was initiated in 2019 and evolved into a Premium Partner relationship for the 2022-2023 seasons. As the DTM (Deutsche Tourenwagen Masters) racing season gears up for its latest iteration, RoboMarkets retains its status as a Premium Partner of BMW M Motorsport. The premium package includes the design of the race car in RoboMarkets’ brand identity, with its logo featured on the bonnet, doors, roof, and boot lips; branding of the media stands and the official team garage walls, and marketing options. The BMW M4 GT3 will be competing in the main race events, adorned with the RoboMarkets brand. The partnership will exclusively focus on the DTM main race. The participation in the DTM Trophy and DTM Classic Cup supplementary programmes are not included in the current sponsorship package, according to the announcement. RoboMarkets renewed with rally team AutoLife from Cyprus RoboMarkets also renewed its platinum partnership with Team AutoLife, a Cyprus-based racing team famous for competing in international rallies and cross-country races. The new sports sponsorship will provide the distinguished European brokerage company with greater visibility as its brand will be displayed in the Abu Dhabi Desert Challenge this year and the Dakar Rally 2025. Team AutoLife, known for its achievements in prestigious races like the Dakar Rally and Greece Offroad, boasts a skilled team led by pilot Roman Starikovich, navigator Bert Heskes, and manager Sijbrand Booij. Since its establishment in 2015, the team has shown resilience and a competitive spirit, securing a commendable second place in the T1 class at the Abu Dhabi Baja Challenge recently. The two entities, RoboMarkets and Team AutoLife, started their relationship in 2019. In the five years since, the multi-asset broker continues to support Team AutoLife’s vision and goals, promising a strong backing as the team faces upcoming challenges and strives to leave a significant mark in motorsports. RoboMarkets operates under the CySEC license No. 191/13, offering retail and professional traders access to multiple financial markets with favorable conditions.

Tickmill has reported unprecedented performance indicators in the Middle East, including 61.88% growth in Notional Value Percentage and 14.13% in Trading Accounts Percentage as compared with H1 2023. After a year of consistent growth and international recognition, including achieving an all-time high in new client registration figures during July 2024, the FX/CFD broker is celebrating its performance in the MENA region. Tickmill celebrates client onboarding all-time high in July Joseph Dahrieh, Managing Director at Tickmill, said: “Witnessing this year’s results, both in the Middle East and abroad, has been an exciting moment of achievement for Tickmill’s impeccable global team of professionals, for our seasoned leadership, and for our strategy of prioritizing the safety of our client’s funds while upholding the highest standards of transparency, integrity, and innovation.” Mohamed Abdelbaki, Regional Marketing Manager at Tickmill, commented: We would like to take this milestone as an opportunity to reaffirm our compromise with Middle Eastern traders to empower their investment projects through cutting-edge technology, efficiency, and exceptional service for their financial operations.”. Founded in 2014, Tickmill is a renowned online trading provider regulated by the Financial Conduct Authority (FCA) in the UK and by the Cyprus Securities and Exchange Commission (CySEC) in the European Union. The FX/CFD broker is also authorized by the Financial Services Authority (FSA) in Seychelles and is registered with the Dubai Financial Services Authority (DFSA) as a Representative Office. Tickmill offers interest on unused funds Tickmill recently introduced a new interest rate offering that allows clients to earn up to 3.5% interest per year on their unused funds. Tickmill clients can now earn interest on USD, EUR, and GBP wallets, provided they meet specific eligibility criteria. The offering features attractive interest rates, daily interest accrual, and prompt monthly payments, making it an appealing option for those looking to maximize the potential of their idle capital. This new service can serve as an alternative to traditional fund management methods, offering investors a way to diversify their portfolios. Tickmill aims to integrate trading and smart fund management, providing clients with a comprehensive suite of services. This includes premium products, advanced trading tools, and customer service, allowing traders to optimize their capital efficiency. Tickmill isn’t the only broker offering cash sweep programs, which let your uninvested cash earn interest. Interactive Brokers also offers attractive interest rates on idle capital. However, there’s a catch. The broker only pays interest on your entire uninvested cash balance if it’s over $10,000. Tickmill launched social trading last year In 2023, the online trading brokerage launched a social trading platform that allows everyday investors to search and ‎compare the performance of hundreds of proven traders and mirror their trades automatically. ‎Simultaneously, the platform helps investment ‎talents bring their results to light by competing with ‎other traders in an equally fair environment.‎ ‘Tickmill Social Trading,’ allows less-versed users to automatically copy the trades of experienced traders, thus creating a P2P asset management solution. In return, the copied trader earns a decent share of the follower’s equity profit just for automatically replicating the trades. Through Tickmill Social Trading, users can conveniently set up auto-copy orders and benefit from the insights of successful traders. The app offers an intuitive interface, allowing users to filter traders based on specific criteria and utilize risk management tools like take-profit and stop-loss orders. This platform enables professional traders to share their trading strategies with others. The most successful strategies are featured and ranked on the main website page, allowing traders to choose the strategy or trader they wish to emulate. The platform ensures that trades are automatically replicated from the Strategy Provider’s account to the follower’s account, requiring no action from the follower’s end. Strategy Providers conduct trades on their own accounts and earn ‘performance fees’ based on the profits generated for each follower. The percentage of the performance fee and the frequency of payment (weekly or monthly) can be customized. Social Trading is available on any server (MT4 or MT5) and any asset offered by Tickmill. Multiple trading accounts are allowed, enabling clients to act as both a Strategy Provider and a Follower using different trading accounts under the same registration.

State Street has acquired a stake in Raiz, an Australian fintech platform that helps customers grow their wealth by helping them to save and invest. The provider of investment servicing, investment management, investment research, and trading services to institutional investors worldwide has entered into an equity investment agreement to which it will acquire approximately 5 percent of Raiz’s share capital through a placement. Launched in 2016, Raiz pioneered the ‘Round-Up’ concept in Australia, where everyday purchases are rounded-up to the next dollar and the difference is invested into a Raiz Invest account. With 9 diverse portfolios to choose from, users of the Raiz platform can invest in up to 75 of the most recognized stocks on the ASX, ETFs, Bitcoin, and the Raiz Residential Property Fund, from as little as $5. Products range from Raiz Kids to Raiz Invest Super with a product to suit every life stage. Raiz to leverage State Street’s library of resources, insights, and trends The strategic relationship will see State Street Global Advisors’ trusted brand and deep knowledge of markets come together with Raiz’s mobile-first platform. Raiz helps Australian retail investors with micro-investments primarily in exchange-traded funds (ETF) and model portfolios. The new relationship will see Raiz and State Street Global Advisors work more closely together to create innovative savings and investment insights and education for customers as the Australian fintech will leverage State Street’s international library of resources, insights, and trends toward a broader array of financial literacy content and investment education tools. State Street’s SPDR S&P/ASX 200 Fund is currently the largest single fund holding in the model investment portfolios provided by Raiz to its customers. The asset manager’s SPDR MSCI Australia Select High Dividend Yield Fund and SPDR S&P Global Dividend Fund are also available on Raiz. “There are great opportunities for innovation in the Raiz product offering” Yie-Hsin Hung, President and CEO for State Street Global Advisors, said: “We are excited to expand our relationship with Raiz, a proven fintech leader in bringing important tools and educational resources to investors across the region. This strategic investment reinforces our strategy to join forces with wealth firms who share our commitment to help investors globally manage their investments and savings for retirement.” Brendan Malone, Managing Director and CEO at Raiz, commented: “From learning about investments in ETFs through to more complex investment strategies such as superannuation retirement portfolios, we look forward to continuing our relationship with State Street Global Advisors on educational tools for all stages of a customer lifecycle. “Raiz’s Australian customers, who range from beginners to experienced investors, will benefit significantly from the global resources that we can provide through this strategic arrangement. Between Raiz’s technology and State Street Global Advisors’ global investment capabilities and markets expertise, there are great opportunities for innovation in the Raiz product offering.” Meaghan Victor, Head of Intermediary Asia Pacific at State Street, said: “This investment is a natural extension of the successful relationship we have enjoyed with Raiz since launch in 2016. Both of us share a passion for making financial tools and solutions accessible to all investors, and through this strategic arrangement we will leverage our respective capabilities to help Australian investors plan and save for retirement.”

Plug Power (NASDAQ: PLUG) is an American company that specializes in developing hydrogen fuel cell systems that replace traditional batteries in electric-powered equipment and vehicles. Headquartered in Latham, New York, Plug Power also has facilities in Spokane, Washington, and Rochester, New York. Plug Power: The face of green hydrogen Plug Power offers a green hydrogen ecosystem that covers everything from production and storage to delivery and energy generation. The company develops practical hydrogen and fuel cell solutions. Plug Power’s portfolio includes electrolyzers that enable industries like refineries, chemical producers, steel manufacturers, fertilizer companies, and commercial refueling stations to generate hydrogen right on-site. Plug Power focuses on industrial mobility applications by providing electric forklifts and industrial vehicles suited for high-volume manufacturing and distribution centers. The company also offers stationary power systems that support services such as data centers, microgrids, and power generation facilities. Plug Power systems can function as backup or continuous power sources, effectively replacing traditional batteries, diesel generators, or grid reliance for customers in telecommunications, logistics, transportation, and utility sectors. The company’s flagship GenDrive system, which includes fuel cells made by both Plug Power and Ballard Power Systems, features a hydrogen storage component that allows for rapid “recharging” in just minutes, unlike the long charging times required for lead-acid batteries. A brief history of Plug Power Founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc., Plug Power went public in October 1999. After its IPO, the company was hit with a shareholder class action lawsuit for securities fraud. The lawsuit claimed that Plug Power made misleading statements about its fuel cell technology and its partnership with General Electric. The matter was settled in December 2004, with Plug Power’s directors paying $5 million to the plaintiffs. In 2021, South Korea’s SK Group invested $1.5 billion in Plug Power, acquiring a 10% stake and forming a joint venture to supply hydrogen fuel cell products to Asian markets. The same year, Plug Power entered into a memorandum of understanding with French automaker Renault to launch a joint venture in France by mid-2021. In early 2021, Plug Power ran into some financial reporting issues. The company informed the U.S. Securities and Exchange Commission (SEC) that it couldn’t file their annual report on time for the year ending December 31, 2020. Just two weeks later, Plug Power said it needs to restate its financial statements for 2018 and 2019, along with some recent quarterly reports. This has sparked ongoing litigation, with shareholders filing a class action lawsuit accusing Plug Power of securities fraud for not disclosing weaknesses in their financial reporting controls. Plug Power stock journey Plug Power shares have been a bumpy ride, with a steady decline since early 2021. Once valued as high as $70 per share, the stock now sits below $3. Wall Street has repeatedly misjudged the PLUG stock’s direction, with nearly a dozen firms backing a buy rating just before the shares took a sharp downturn in 2021. Wall Street’s expectations for Plug Power stock have dropped since its peak, yet the average price target still hovers around $5 per share—more than twice the current price. Could analysts finally be on the mark? Is it time to take a big bet on Plug Power? Keep reading to find out the answer. Is Plug Power stock a Buy? Analysts have struggled to accurately predict the path of Plug Power Inc.’s stock, primarily because the company’s expected cash flow inflection point might still be years, or even decades, away. Without a sudden shift in regulatory policies, it is likely that demand for hydrogen fuel cells will not reach a major turning point until at least 2030. In the meantime, Plug Power is expected to continue spending heavily on capital expenditure while operating at a loss. Over the past year, Plug Power invested between $100 million and $200 million per quarter in building new plants and infrastructure needed for growth. Despite these investments, Plug Power racked up over $1 billion in net losses during the same period, which is more than half of its current market value. The big question now is whether this time will be different for Plug Power. Analysts have widely varying predictions, with price targets ranging from as high as $19 per share to as low as $1.52. This broad range shows just how uncertain the outlook for Plug Power’s stock really is. Conclusion As of August 2024, Plug Power’s market cap stands at $1.93 billion. However, Plug Power is in a tough spot as ongoing losses push the company to continuously seek additional funding through debt and equity markets. With positive cash flows still years away, Plug Power’s ability to invest in new innovations is limited, giving competitors a chance to develop more efficient and cost-effective solutions. Given this uncertainty, investors might want to hold off on getting involved for now.

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency. FX Market RAKBANK taps Bitpanda for digital asset infrastructure in MENA region The National Bank of Ras Al Khaimah (RAKBANK), a major UAE bank that has been leading in the digital assets sector, has tapped Bitpanda Technology Solutions (BTS) to provide a robust platform for managing digital assets in the United Arab Emirates. Read More NFA fines Ikigai Strategic and Anthony Emtman $150,000 The National Futures Association has ordered Ikigai Strategic Partners LLC and its principal Anthony Robert Emtman to jointly pay a $150,000 fine. Read More Switzerland goes live with instant payments SIX and the Swiss National Bank are celebrating the go-live of the new generation of the Swiss payment system, known as SIC5. Read More The Funded Trader claims 30% of trader payouts cleared Prop trading firm The Funded Trader today said it is still working to get its business back on track and has made some headway with payouts. Read More MultiBank reports 10% more revenue, 26% more net income MultiBank Group has reported revenue of $306,636,717 in 2023, based on the latest audited financial statements which point to a 10% revenue increase, growing from $279,523,140 in 2022. Read More Plus500 posts solid H1 2024, boosts shareholder returns by $185.5 million Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) today reported financial and operational metrics for the first half of 2024, highlighting higher revenues and EBITDA despite lower market activity towards the end of the period. Read More Crypto Markets Justin Sun scores partial victory in SEC ongoing lawsuit A federal judge has denied a request from the U.S. Securities and Exchange Commission (SEC) in its ongoing securities fraud lawsuit against the Tron Foundation and its founder, Justin Sun. Read More Australia court deems Kraken’s “margin extensions” a credit facility A Federal Court in Australia has ruled that Bit Trade Pty Ltd failed to comply with design and distribution obligations when offering a margin trading product to Australian customers. Read More Tether to launch dirham-pegged stablecoin in UAE Tether, the developer behind the world’s largest stablecoin, plans to introduce a new token pegged to the United Arab Emirates dirham (AED) in collaboration with Abu Dhabi-listed crypto conglomerate Phoenix Group and Green Acorn Investments. Read More McDonald’s Instagram hacked to promote memecoin GRIMACE McDonald’s Instagram account was reportedly compromised to promote a Solana-based memecoin called GRIMACE. The token quickly surged to a market capitalization of around $20 million before plummeting to below $1 million, according to pump.fun data. Read More Grayscale adds Avalanche Trust to crypto product lineup Grayscale Investments has just rolled out a new fund for Avalanche’s native token, AVAX, adding to its expanding lineup of digital asset investment products. Read More Binance founder CZ leaves US prison ahead of release Binance former CEO Changpeng “CZ” Zhao has been moved to an administrative facility in the Greater Los Angeles area, just 38 days before his scheduled release from custody. Read More OmegaPro founder arrested in Turkey over $4 billion Ponzi scheme Andreas Szakacs, a co-founder of the cryptocurrency platform OmegaPro, was arrested in Turkey last month for his alleged involvement in a $4 billion Ponzi scheme. Read More Sony launches its own Ethereum blockchain, Soneium Japan’s multi-industry conglomerate Sony Group is venturing into the blockchain space with the launch of its own network. Read More

Japan’s multi-industry conglomerate Sony Group is venturing into the blockchain space with the launch of its own network. Sony Block Solutions Labs, a joint venture between Sony Group and Singapore-based Startale Labs, announced on Friday the development of a new layer-2 blockchain network atop Ethereum called Soneium. Soneium plans to deliver Web3 applications across sectors like entertainment, gaming, and finance, leveraging Sony’s extensive global reach in the Web2 space, according to a statement from Sony Block Solutions Labs. Soneium is set to go live on a test network soon, using optimistic rollup technology. This approach allows users to conduct transactions on networks built on top of Ethereum at a lower cost. The network will be built using the Optimism blockchain ecosystem’s OP Stack, a customizable toolkit that lets developers create their own networks. These networks can connect to others within the Optimism ecosystem through the “Superchain,” enabling seamless interaction and scalability across different platforms. Sota Watanabe, Founder of Astar Network and Director of Sony Block, stated, “Sony Group has strong distribution channels in multiple industries and existing users in our daily lives. Through Soneium, we will make something people want and go mainstream beyond Web3.” The joint venture is currently preparing for Soneium’s testnet launch, although an exact date has yet to be announced. Sony Block indicated that technical details, including the platform’s tools and requirements for developers, will be released in the coming weeks. To support the testnet launch, Astar Network’s zkEVM will integrate its assets and infrastructure to boost the new blockchain’s initial liquidity. Soneium’s future applications are expected to include protecting rights for creator-generated content and developing fair profit-sharing mechanisms between creators and fans. Sony is also set to launch a local crypto trading platform in Japan by revamping the local trading platform WhaleFin, which it acquired last year. The crypto trading entity originally began as the Japanese crypto exchange DeCurret, which was acquired by the Japanese subsidiary of Singapore’s Amber Group in 2022. In August 2023, Sony’s wholly-owned subsidiary Quetta Web Co. acquired the platform. Sony has been actively expanding its presence in the Web3 space. Last year, Sony Network Communications partnered with Japanese blockchain firm Startale Labs to build Sony’s own public blockchain network.

The US Dollar’s recovery falters as focus shifts to Powell’s Jackson Hole speech, with potential Fed policy signals affecting markets. US Dollar’s Stalled Recovery and the Upcoming Jackson Hole Symposium: USD Index Retreats: The US Dollar Index, which measures the greenback’s strength against a basket of six major currencies, failed to sustain its Thursday gains. It retreated towards the lower limit of its weekly range, indicating a potential loss of momentum in its recent recovery. Focus on Jackson Hole: The primary focus shifted to the Jackson Hole Symposium, where Federal Reserve Chairman Jerome Powell was scheduled to deliver a keynote speech. This speech was expected to provide crucial insights into the Fed’s future monetary policy direction, particularly regarding interest rate cuts. Market Anticipation: Investors were eagerly awaiting Powell’s speech as it would likely significantly influence the US Dollar’s trajectory and broader market sentiment. The potential for interest rate cuts could weaken the US Dollar, while a more hawkish stance could strengthen it. Impact of US Economic Data and Market Risk Sentiment: Positive US Economic Data: The US Dollar initially strengthened on Thursday due to positive economic data. The preliminary S&P Global PMI data for August indicated continued expansion in the private sector, suggesting a robust US economy. This positive data supported the greenback’s value. Risk-Off Market Mood: However, the US Dollar’s gains were tempered by a risk-off market atmosphere. The sharp decline in major US stock indexes, such as the Dow Jones and S&P 500, dampened investor sentiment and weighed on the greenback. When investors are concerned about economic uncertainty, they often seek safe-haven assets like the US Dollar, but in this case, the negative stock market performance outweighed the positive economic data. Central Bank Policies and Currency Movements: Bank of Japan’s Stance: The Bank of Japan (BoJ) Governor, Kazuo Ueda, reiterated the central bank’s commitment to maintaining its current monetary easing policy unless economic conditions warranted a change. This stance put downward pressure on the USD/JPY pair. A more dovish stance from the BoJ, indicating that it is unlikely to raise interest rates anytime soon, makes the Japanese Yen less attractive relative to the US Dollar. Currency Pair Movements: Other major currency pairs, such as EUR/USD and GBP/USD, experienced fluctuations based on factors like technical analysis, economic indicators, and market sentiment. Gold prices also saw movements in response to broader market trends and expectations for interest rate changes. For example, if investors anticipate lower interest rates, gold prices may rise as it is often seen as a hedge against inflation. Additional Details: US New Home Sales Data: The US economic docket was also scheduled to feature New Home Sales data for July on Friday. This data could have provided further insights into the health of the US housing market and potentially influenced the US Dollar’s value. Market Positioning: The CME FedWatch Tool indicated that markets were fully pricing in a 25 basis points Fed rate cut in September and saw a nearly 25% probability of a 50 bps rate reduction. This suggested that investors were anticipating significant monetary policy easing from the Fed. Geopolitical Factors: While not explicitly mentioned in the report, geopolitical events and developments can also impact currency markets. Any significant global news or tensions could influence investor sentiment and lead to currency fluctuations.   Main Economic Events for this week: US GDP (Aug 29): The quarterly Gross Domestic Product (GDP) report is a cornerstone of economic data, providing a comprehensive snapshot of the nation’s economic health. It measures the total value of goods and services produced within the US economy. Any significant deviation from expectations can cause substantial market movement, as it influences investor sentiment, interest rate expectations, and overall economic outlook. ECB Monetary Policy Meeting (Aug 28): The European Central Bank (ECB) is expected to announce its interest rate decision and release a statement outlining its monetary policy stance. Investors will closely watch for any indications of a potential pivot away from aggressive rate hikes or clues about the duration of the tightening cycle. The ECB’s decisions can have a profound impact on the euro and broader European financial markets. US Inflation Data (Aug 29): The Personal Consumption Expenditures (PCE) deflator, the Federal Reserve’s preferred inflation measure, is scheduled to be released. This data provides insights into underlying price pressures within the US economy. If inflation remains stubbornly high, it could reinforce expectations of further interest rate hikes from the Fed, leading to a stronger US dollar and potentially higher bond yields. Japanese Consumer Price Index (Aug 29): The Consumer Price Index (CPI) from Japan is a key indicator of inflation trends in the world’s third-largest economy. A higher-than-expected CPI reading could pressure the Bank of Japan to tighten its monetary policy, potentially strengthening the Japanese yen. ECB’s Cipollone Speech (Aug 25): As a member of the ECB Governing Council, Cipollone’s speech could offer valuable insights into the central bank’s thinking and potential future policy directions. Any hints of a change in stance or dovish comments could weaken the euro. Australian Inflation Data (Aug 28): The Reserve Bank of Australia (RBA) closely monitors inflation to guide its monetary policy decisions. A higher-than-expected inflation rate could increase the likelihood of further interest rate hikes, strengthening the Australian dollar. Eurozone Inflation Data (Aug 29): The Eurozone’s CPI data is another crucial indicator for the ECB. If inflation remains elevated, it could support the central bank’s ongoing tightening cycle, leading to a stronger euro. US Initial Jobless Claims (Aug 29): The weekly Initial Jobless Claims report provides a measure of layoffs in the US labor market. A rise in claims could signal economic weakness and potentially influence the Fed’s policy decisions. A weaker labor market could lead to lower interest rate expectations and a weaker US dollar. US Durable Goods Orders (Aug 26): Durable goods orders, which include items like cars, appliances, and machinery, are a leading indicator of business investment. A strong increase in orders can suggest robust economic growth and potentially support the US dollar. US Consumer Confidence (Aug 27): The Consumer Confidence Index measures consumer sentiment about the economy. A decline in confidence can lead to reduced spending, which could negatively impact economic growth and weaken the US dollar.   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.

China has successfully extradited a suspect identified only by the surname Zhang from Thailand. Zhang is accused of leading a massive $14 billion pyramid scheme involving cryptocurrency. China’s request for Zhang’s extradition was made under the bilateral treaty between China and Thailand. The Thai Court of Appeal ruled in favor of the extradition on May 21, 2024, and the Thai government confirmed this decision on August 14. Zhang was subsequently extradited to China on August 20. China’s Ministry of Public Security announced that a special task force, dubbed “Hunting Fox,” was formed by Chinese and Thai authorities to capture Zhang. He was extradited to China on Wednesday. This successful operation was achieved through the coordinated efforts of China’s Ministry of Public Security, the Chinese Embassy in Thailand, and Thai law enforcement agencies. Zhang allegedly orchestrated the scheme through a group known as “MBI Group,” starting in 2012. The scheme lured over 10 million members into paying fees ranging from 700 yuan ($98) to 245,000 yuan ($34,300) to obtain memberships, which included cryptocurrency offerings. Authorities estimate the total funds involved in the scheme exceeded 100 billion yuan ($14 billion). The police in Chongqing, a major city in Southwestern China, began investigating Zhang in November 2020. In March 2021, Interpol’s Chinese branch issued a red notice for his arrest. Zhang was eventually apprehended by Thai authorities in July 2022, and a Thai court ruled in May this year to extradite him to China. China banned cryptocurrency trading on the mainland in 2021, yet many investors have attempted to circumvent the regulations. In May, Chinese authorities dismantled an underground bank that used the USDT stablecoin for foreign currency exchanges, involving transactions worth at least 13.8 billion yuan ($1.9 billion). The investigation revealed that the criminal group used domestic accounts to receive and transfer funds, conducting over-the-counter crypto transactions to service various companies. These included South Korean purchasing agents, cross-border e-commerce platforms, and import-export trade firms, enabling them to bypass China’s stringent capital control policies. Earlier this week, China’s top legal bodies expanded the legal framework to include the use of cryptocurrencies for transferring illicit funds as a recognized money laundering method, streamlining the investigation and prosecution of crypto-related money laundering cases.

Transact365 has secured a FINTRAC MSB license in Canada to further expand its global payments solutions business powering merchants across the globe. The UK-based global payments platform was founded in 2017 and has grown to the point of servicing over 800 merchants to access e-commerce opportunities in five continents through local payment processing solutions. Transact365 offers a comprehensive range of payment solutions across the UK, Europe, Asian and African markets, and continues to build its payments network to link multiple territories and billions of potential customers through its centralized payment gateway. “Better interoperability in the North American market” Canada is undergoing a significant transformation towards digital payments and financial services and Transact365 is leveraging the momentum to expand in North America via a FINTRAC MSB license. Sophie Flynn, Co-Founder and CFO at Transact365, said: “As a global facing fintech, we’re always looking for ways to further support merchants across the globe with payments. With so much demand for digital and alternative payments as well as better interoperability in the North American market, we’re thrilled to be able to provide further support and opportunity to any company working in or with the region. “Our mission continues to be guided by the principle: Think Local, Go Global. This core philosophy drives our commitment in delivering a global service for our merchants in a truly localized way. Through our on-the-ground consultative approach to partners, we develop niche, bespoke, and specialized solutions for our clients in an unparalleled way.” Cornerstone FS also secured an MSB license from FINTRAC In February, Cornerstone FS secured a Money Services Business (MSB) license from FINTRAC, the national regulatory authority, to operate in Canada.  This license enables Cornerstone FS to offer payment services to both businesses and individuals across Canada. The company is planning to establish a full-service office in the country, marking a significant step in its strategy to widen its geographical presence and enhance its regulatory capabilities. Cornerstone FS offers a range of financial services designed to facilitate international payments and currency management for both businesses and individuals. Their offerings include multicurrency accounts, international payment solutions, and bespoke solutions tailored to specific client needs. These services aim to simplify the complexities associated with international transactions, allowing clients to trade in over 37 key currencies and send funds to numerous countries globally. Cornerstone FS leverages its proprietary technology platform to deliver these services, ensuring secure and efficient transaction processing. The company is recognized for its expertise in international payments and currency exchange, supported by a team of dedicated specialists who assist clients with their currency management and international payment requirements​​​.

GBPUSD currency pair can be expected to rise further toward the next resistance level 1.3300. – GBPUSD broke resistance area – Likely to rise to resistance level 1.3300 GBPUSD currency pair recently broke through the resistance zone located between the key resistance level 1.3035 (which stopped the previous short-term impulse wave i in the middle of July, as can be seen from the daily GBPUSD chart below) and resistance trendline of the wide daily up channel from the start of May. The breakout of this resistance area accelerated the active short-term impulse wave iii of the impulse wave 3 of the intermediate impulse wave (C) from the end of April. Given the clear daily uptrend the strongly bullish Sterling sentiment that can be seen across the FX markets today, GBPUSD currency pair can be expected to rise further toward the next resistance level 1.3300. GBPUSD Technical Analysis Report 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.

MultiBank Group has reported revenue of $306,636,717 in 2023, based on the latest audited financial statements which point to a 10% revenue increase, growing from $279,523,140 in 2022. The Dubai-headquartered financial derivatives company also highlighted a 26% rise in net income from $180,013,709 in 2022 to $226,837,355 in 2023. “Unprecedented financial success” MultiBank Group manages a daily trading volume of over $12.1 billion as part of its efforts to serve a vast and diverse clientele of more than 1 million traders across 90 countries. The brokerage group is licensed by 15 financial regulators globally. Naser Taher, Founder and Chairman of MultiBank Group, said: “The unprecedented financial success we have achieved this year is a testament to our robust strategic planning and resilience, as well as our ability to anticipate and navigate the complexities of the global financial landscape. “The sustained revenue growth and remarkable increase in net income underscore our relentless pursuit of innovation, operational excellence, and client-centric solutions. As we continue to expand our global footprint, we remain steadfast in our commitment to setting new benchmarks in the financial derivatives industry, ensuring that we deliver unparalleled value to our stakeholders and maintain our leadership position in this dynamic market.” MultiBank Group to launch ECN for the BRICS and GCC MultiBank Group recently announced the rollout of its new Institutional Investor Electronic Communications Network (ECN), MEX Exchange, intended to break the regional dominance of the USA and Europe in the global ECN market and become a leading venue, based in the BRICS and GCC countries. Despite being adept at breaking such regional dominance, MultiBank Group was founded in California, USA, in 2005. Behind the development of MEX Exchange is a team of seasoned developers utilizing proprietary technology, under the direction of MultiBank Group Founder Naser Taher and MEX Exchange CEO, David Ogg. David Ogg is an industry giant, mainly known as the founder of HotspotFX, the pioneer ECN platform launched in 2002 that offers spot foreign exchange market access to market participants. Hotspot was acquired by Knight Capital Group, Inc., the predecessor of KCG Holdings, in 2007 in an all-cash deal for approximately $77.5 million. In January 2015, KCG sold Hotspot to BATS Global Markets for $365 million in cash. It was then sold to CBOE Holdings as part of the $3.2 billion acquisition of Bats Global Markets, which closed in February 2017. As the founder of HotspotFX, David Ogg played a crucial role in the development and growth of ECNs and pioneered how prime brokerage operated across multi venue platforms. The goal of MEX Exchange is to enable banks and other financial institutions in the emerging markets that have historically been under-served in best execution capabilities. The new ECN is focused on the BRICS and GCC, which will benefit from MultiBank Group’s regional know-how and localized product offerings to fill the void left by existing market participants in their operations within the established markets. The group’s award-winning trading platforms offer a diverse range of products, including Forex, Metals, Shares, Commodities, Indices, and Digital Assets.

Truflation expands its Big Mac Index to 15 more countries, offering a wider global perspective on inflation and purchasing power. Explore how this real-time economic tool now provides enhanced insights for economists, analysts, and policymakers. Truflation, a leading provider of real-time financial data, has expanded its Big Mac Index, now covering an additional 15 countries. This broader reach enhances this globally recognized economic tool, originally created to measure currency valuation and Purchasing Power Parity (PPP). Initially available for the United States and United Kingdom, the Truflation Big Mac Index now includes Argentina, Australia, Brazil, Canada, Switzerland, Hong Kong, India, Japan, Turkey, South Africa, Mexico, Germany, Italy, France, and Spain. The index offers historical data dating back to 2010 and is updated daily to reflect Truflation’s Consumer Price Index (CPI). These updates provide a more accurate, dynamic view of economic conditions across various regions, making the index a valuable resource for economists, analysts, and policymakers. The Global Reach of the Big Mac Index The Big Mac Index was first introduced by The Economist in 1986 as a straightforward and accessible way to explain the concept of Purchasing Power Parity (PPP) . “With over 38,000 McDonald’s in more than 100 countries, the Big Mac has become a cultural icon and an economic bellwether. Millions of Big Macs are sold daily, making it a good way to gauge inflation which is approachable to everyone. This is another step to further democratise finance by making it approachable to everyone”, says Stefan Rust, Truflation CEO. Economic Insights from the Big Mac Index The Truflation Big Mac Index sheds light on several key economic indicators: – Inflation and Purchasing Power: Changes in Big Mac prices can indicate inflation trends, reflecting rising input costs such as labor and ingredients. – Income Disparities: Comparing Big Mac affordability against median incomes helps illustrate economic inequality both within and between countries. – Consumer Confidence: Fluctuations in Big Mac prices often align with shifts in consumer confidence and spending patterns. – Supply Chain Dynamics: Big Mac prices reflect global supply chain factors, including commodity costs, exchange rates, and trade policies. – Cultural and Societal Trends: Beyond economics, the index offers insights into consumer preferences, dietary habits, and the impact of globalization on local cultures. Looking Ahead As Truflation continues to enhance its suite of economic indicators, expanding the Big Mac Index to cover more countries marks a significant step toward providing real-time, comprehensive economic insights. This growth strengthens analysts’ and policymakers’ ability to monitor and respond to global economic trends more effectively. For more details on the Truflation Big Mac Index and other economic tools, visit Truflation’s website. About Truflation Powered by Coinbase and Chainlink, Truflation is a trusted Definite Reference Point (DRP) for accurate economic data, driving the tokenization of Real World Assets with its transparent, real-time financial data. With an index tracking over 18 million items, Truflation provides censorship-resistant data through its Truflation Stream Network, fueling advancements in the DeFi economy. This data infrastructure supports decentralized applications (dApps), enabling a wide array of markets. From predicting prices of commodities like orange juice and uranium to enabling BTC-denominated oil, gas, and corn markets, Truflation paves the way for a new era in the Web3 economy.

Fhenix launches grant and bounty programs aimed at accelerating adoption of its Layer 2 platform for confidential transactions. Learn how developers can get involved and unlock new opportunities in fully homomorphic encryption (FHE) technology. Fhenix, a Fully Homomorphic Encryption (FHE) Layer 2 platform, has launched two programs designed to drive the adoption of its ecosystem. These grant and bounty initiatives aim to provide resources and incentives for developers and projects interested in building on the Fhenix L2 platform. The Fhenix Grant program is focused on encouraging developers to explore confidential computation using Fully Homomorphic Encryption. Targeting developers working on FHE infrastructure or those aiming to launch confidential on-chain applications, the program is now accepting applications. Fhenix seeks projects that are innovating in the space by developing new use cases or essential tools for working with FHE-secured data. Applicants should outline their deliverables, KPIs, and milestones. Eligible projects may receive funding to support the development of their solutions. Interested developers can visit the dedicated grants page on Fhenix.io to begin the application process. Applications will undergo thorough review, and the Fhenix team may reach out for additional information as needed. The grant program is geared towards larger-scale initiatives looking to enhance on-chain confidentiality with FHE. Alongside the grant program, Fhenix has also introduced a bounty program that supports smaller, more targeted projects. The bounty page on Fhenix.io provides a list of available tasks, along with detailed descriptions. The Fhenix team will match qualified applicants to these bounties, with rewards given upon successful project completion. The grant and bounty programs aim to introduce more developers to Fhenix’s EVM-compatible Layer 2 platform and encourage them to create applications using Fully Homomorphic Encryption. These initiatives will highlight the wide-ranging possibilities of confidentiality-enabled solutions powered by FHE. About Fhenix Fhenix is the first Ethereum Layer 2 platform to enable confidential smart contracts using Fully Homomorphic Encryption (FHE), allowing computation on encrypted data. As an EVM-equivalent solution, developers can use familiar tools like Solidity while selectively encrypting smart contracts with FHE. Fhenix aims to advance Ethereum development by introducing confidentiality to smart contracts, transactions, and on-chain assets. To learn more, please visit https://www.fhenix.io/