Digital banking startup Mercury has halted services for customers in specific countries, including Ukraine. The decision follows federal scrutiny linked to one of its partners, Choice Bank, over concerns about allowing foreign companies to open accounts. The Federal Deposit Insurance Corporation (FDIC) raised alarms about Choice opening Mercury accounts in legally risky countries and criticized the methods used by overseas Mercury customers to establish a U.S. presence. In response to these issues, Mercury has updated its eligibility requirements, notifying certain customers that it can no longer support them due to their provided addresses or frequent account activity locations. Countries affected include North Korea, Iran, Libya, Russia, and now Ukraine, which previously had a growing startup community. The policy change affects founders living in Ukraine but not those living in the U.S. with a Ukrainian passport. Mercury initially stated it would ban founders with Ukrainian passports but later revised this as an error. The company explained that supporting Ukraine had become too complex due to U.S. sanctions programs. The Federal Deposit Insurance Corporation (FDIC) stated that fintechs like Mercury do not fall under its direct jurisdiction, providing no comment on whether its guidance on Ukraine had changed. Mercury’s decision stems from the complexities of managing compliance amid U.S. sanctions on certain Ukrainian regions. The company plans to revisit the policy in the future. This issue is not unique to Ukraine. Mercury has also stopped serving customers in Croatia and Nigeria, affecting Nigerian founders living in the U.S. Mercury’s decision to include these countries follows their placement on the Financial Action Task Force (FATF) “grey list,” indicating they require extra scrutiny due to issues in countering money laundering and terrorist financing. African fintechs like Raenest, Verto, and Leatherback, which provide U.S. accounts to businesses, are expected to accommodate some of the affected customers. Raenest co-founder Richard Oyome highlighted that their services had considered African markets from the outset, unlike Mercury. Additionally, competitor Brex offers support to Ukrainian founders affected by the policy change, providing incentives for opening business accounts with them.

London-based retail brokerage Tickmill has parted ways with its long-serving executive Carla Nemr, who most recently held the position of Chief Business Development Officer. Carla originally joined Tickmill back in 2017 as its global head of business development. Prior to that, a two-year tenure as Regional Sales Manager at Amana Capital took her career between 2015 and 2017, preceded by 20 months as sales manager at Falcon Brokers. Other stops include working as a regional sales representative and account service manager at ForexTime Limited, the CySEC-regulated arm of Andrey Dashin’s FXTM brand, which ceased its services to retail investors in Europe. Carla ventured into the FX industry in 2009 with FxPulp, then she spent a brief stint at Alpari FS, part of a lengthy career that dates back to 2001. A transition period at Tickmill Carla’s departure comes amidst a transition period at Tickmill which saw a number of executive reshuffles and new projects in recent months. Earlier this year, Loukia Matsia ended an eight-year tenure at Tickmill, where she held the position of Head of Compliance and AML from July 2020 until March 2024. During her time, Matsia was instrumental in strengthening Tickmill’s compliance frameworks and AML procedures, ensuring regulatory adherence across the board. Her career with Tickmill began in July 2017, when she took on the role of Compliance Officer. Over the years, Matsia has been credited with enhancing compliance management and AML protocols at Tickmill Europe Ltd. Prior to her focus on compliance, she served as the Head of Back Office at Tickmill Europe from November 2015 to July 2017. Tickmill made headlines earlier after it introduced a new interest rate offering that allows clients to earn up to 3.5% interest per year on their unused funds. 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.

Institutional-grade crypto custodian Hex Trust has secured in-principle approval for a Major Payment Institution (MPI) license in Singapore. The Monetary Authority of Singapore has granted Hex Trust preliminary approval for the MPI license, allowing the firm to offer digital payment token services in Singapore, specifically custody and OTC trading of digital payment tokens (DPTs). “We are thrilled to strengthen our presence in Singapore — a vibrant hub for fintech innovation, renowned for its outstanding regulatory framework,” said Alessio Quaglini, co-founder and CEO of Hex Trust. Hex Trust is a fully licensed and insured digital asset custodian headquartered in Hong Kong, with additional offices in Singapore, Vietnam, Dubai, France, and Italy. The latest regulatory milestone in Singapore follows Hex Trust obtaining a full Virtual Asset Service Provider license in Dubai in November 2023. This enables Hex Trust to offer comprehensive virtual asset services, including broker-dealer activities, management and investment services, and regulated staking services. The company established an office in Singapore in 2020 to enhance services for institutional and corporate clients based in the city-state. Hex Trust raised $88 million in its Series B funding round in 2022 and received regulatory approval in France in August 2023 to offer a range of services, including digital asset custody, purchasing, selling, and trading. MetaMask Institutional recently announced the integration of Hex Trust, along with three other major cryptocurrency custodians, into its wallet and browser extension to offer custodial services to institutional clients. Joining other MPI license holders in Singapore like Payoneer, Circle, and a unit of PayerMax, Hex Trust will leverage this license to expand its global money transfer services. The move also further cements the city-state’s position as a hub for cryptocurrency activity in Asia. It comes even as regulators in Singapore said they may implement consumer protections for crypto investors, which could include suitability tests, curbs on leverage trading and credit facilities. The regulator may restrict retail investment in the crypto sector through new consumer protection safeguards.

Kraken has completed the distribution of all Bitcoin (BTC) and Bitcoin Cash (BCH) owed to Mt. Gox creditors, according to Kraken CEO Dave Ripley. Ripley announced the successful distribution, noting the nearly decade-long process since Kraken was selected by the Trustee to facilitate the return of client funds. Meanwhile, Bitstamp has started the process of returning digital assets to Mt. Gox creditors. The exchange announced it has received Bitcoin, Bitcoin Cash, and Ethereum from the Mt. Gox trustees and will begin distributions to customers starting July 25. Bitstamp indicated that while distributions will start on July 25, transfers could take up to a week for some creditors. UK customers will not be included in the first tranche of distributions but should expect to receive their funds within the next few months. Mt. Gox creditors are not selling Bitcoin More than $9.4 billion worth of Bitcoin is owed to 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds. Nevertheless, concerns among crypto investors about massive sell-offs have not materialized. Despite fears that the majority of creditors would sell their Bitcoin, Kraken’s trading volume suggests otherwise. Onchain analyst RunnerXBT believes that only “paper hands” — crypto holders with the least conviction — will sell their Mt. Gox Bitcoin. This implies that the repayments will only cause short-term volatility. This perspective contrasts with finance analyst Jacob King, who expected up to 99% of creditors to sell due to Bitcoin’s price appreciation over the past decade. CryptoQuant CEO Ki Young Ju also noted that there has been no significant spike in hourly spot trading volume or BTC outflows on Kraken, calling it a “positive sign.” Mt. Gox has been actively transferring funds, including 2,237 BTC ($147 million) and another 382 BTC ($25 million) to Bitstamp. Additionally, a wallet associated with Mt. Gox transferred 32,371 BTC ($2.13 billion) to an unknown address, following Kraken’s payout to creditors.

Bybit has launched a Spot Liquidity Pairing Program that connects quality Market Makers with projects seeking improved liquidity. The world’s second-largest crypto exchange by trading volume is thus enhancing crypto spot markets as both retail and institutional activity further grows as regulatory authorities continually embrace the digital asset space and set up proper frameworks for the sector. Amber Group, DWF Labs, Flow Traders among premium market makers The Spot Liquidity Pairing Program offers liquidity providers the opportunity to join and collaborate with Bybit. One of the key benefits of the program is the visibility it provides to Premium Liquidity Providers. Bybit will highlight Liquidity Providers in the “Premium” category on the recommendation list to projects. This recognition helps in establishing strong partnerships and attracting more potential projects. The list of Bybit’s Premium Market Makers includes Amber Group, Auros, CyantArb, DWF Labs, Flow Traders, Pulsar Trading, Raven. “Connecting quality market makers with promising projects” Eugene Cheung, Head of Institutions at Bybit, said, “The Spot Liquidity Pairing Program is part of Bybit’s ongoing efforts to foster a robust trading environment and facilitate the growth of the digital asset ecosystem. By connecting quality market makers with promising projects, Bybit aims to enhance liquidity and provide a seamless trading experience for its users.” Le Shi, Head of Trading at Auros, said, “We are thrilled to be recognized as a Premium Market Maker by Bybit. This acknowledgment underscores our commitment to providing top-tier liquidity solutions and aligns perfectly with our mission to support the growth and efficiency of the digital asset ecosystem. We look forward to continuing our collaboration with Bybit and contributing to a more seamless trading experience for all users.” Bybit launches Block Trading Bybit also launched Block Trading so that individuals and institutions engage in large-scale asset transactions, providing faster and more secure trading experiences for all. Block Trading at Bybit offers zero fees, making trading accessible to all users and enabling traders to maximize returns without incurring additional expenses. Moreover, Bybit prioritizes the security of user accounts and assets by enforcing strict verification processes and employing robust scanning protocols. This ensures transactions occur in a secure environment, minimizing the risk of fraud and maintaining transaction integrity. Block Trading enables users to complete the buying or selling of large-scale assets with a single transaction. It reduces price slippage by matching large-scale demands, ensuring optimal asset prices for traders. This feature supports a wide range of fiat currencies, including NGN, RUB, THB, VND, ARS, PHP, IDR, USD, and HKD. It also supports USDT, providing users with a comprehensive selection of trading options. Joan Han, sales and marketing director at Bybit, said: “We are thrilled to introduce Bybit’s P2P Block Trading platform, which represents a significant milestone in our mission to empower traders and advertisers. With its faster, more convenient trading capabilities and enhanced security measures, we believe Block Trading will reshape the landscape of large-scale asset transactions in crypto.”

Scope Prime has announced the appointment of Miranti Rostian as Head of South East Asia as the institutional liquidity division of Rostro Financial Group further recognizes the importance of in-person relationships in the region. Rostro’s institutional division continues to bolster its presence in fast-growth markets. Last month, Scope Prime announced Andrew Taylor as Head of APAC. Scope Prime is the brand name used by RS Global Ltd, a company authorized and regulated by the Financial Services Commission of Belize (“FSC”) under the Securities Industry Act 2021 with registration number 000274/19. “Building and maintaining in-person relationships in the region” Miranti Rostian, an advocate of the importance of ESG in finance, joins Scope Prime from one of South East Asia’s largest banks, with experience spanning both liquidity sales and alternative investments. Daniel Lawrance, CEO of Scope Prime, commented: “We are delighted to welcome Miranti to the Scope Prime team. With a background in Prime Brokerage sales out of Singapore, we know she will be an invaluable addition to the business and improve our coverage across South East Asia. The importance of building and maintaining in person relationships in the region has never been more important.” Miranti Rostian, Head of Scope Prime South East Asia, added: “Scope Prime is a growing force when it comes to institutional liquidity provision. The company has a can-do attitude and agility to find the up-to-date solutions its clients need solve the challenges they face. I look forward to working alongside a very experienced team in the rapidly expanding South East Asian markets.” Earlier in 2024, Scope Prime added access to the Iress order management system, enabling institutional clients to access an expanded universe of exchange traded securities. Scope Markets launched unleveraged trading Scope Markets, Rostro’s retail trading brand, recently launched the Scope Invest account, with a structure that offers a low-cost and flexible solution, allowing customers to invest in more than 2,000 global CFD equities. Regulated in six different jurisdictions and supporting customers worldwide, Scope Markets offers access to multiple asset classes and instrument types across both mobile and desktop platforms. The introduction of Scope Invest is a game-changer for the broker and its clients, who are now able to use time to their benefit. The account is on offer to Scope Markets retail customers globally and can be denominated in GBP, USD, or EUR. The addition of fractional trading allows customers to invest in as little as 1/100th of a stock. With all trades being commission-free and with no leverage offered, there are no overnight rollover fees (swaps) to pay. The minimum account opening deposit is $50; and, whilst investors do not own the underlying asset, they do continue to receive the benefit of corporate actions including dividend payments. A CFD allows traders to gain the market exposure to an asset without taking physical ownership. Rather than transactions having to be undertaken on exchange – with the accompanying trading costs and access restrictions – traders can enter into the contract for difference directly with a broker, such as Scope Markets. Traditionally, CFDs have been used on a leveraged basis, where traders only need to deposit a percentage of the transaction’s value. It is also popular for a trader to sell an asset they don’t own on the expectation the price will fall. Whilst this has the potential to increase the size of any returns, if markets move in the wrong direction, losses can quickly mount. The Invest account addresses these challenges.

The Australian Securities and Investments Commission has released a new market cleanliness report, which indicates that Australia’s equity markets continue to operate with a high level of integrity. The regulatory agency further explained that, in a clean market, there should not be share price run-ups before material information is released. Trading ahead of public release may indicate some parties are profiting unfairly by using information not generally available to the market. “Clean financial markets are essential” According to the report, Australia’s equity markets remain consistently among the cleanest in the world. ASIC Chair Joe Longo said: “Clean financial markets are essential for the financial wellbeing of Australians and fundamental to an efficient economy. They enable business to raise capital and manage risk and give investors confidence to invest. Protecting and enhancing the integrity of Australia’s equity markets continues to be a priority focus for ASIC. We will continue to invest in data and technology to hunt and detect all forms of market misconduct. As our financial landscape evolves we will expand our market cleanliness work to capture private markets and products in the coming year,’ Mr Longo concluded. The report found that in the five-year period up to 30 April 2024, there were two periods of temporary deterioration in market cleanliness. The first during the COVID-19 pandemic when global markets experienced high market volatility and trading, and again in late 2023 as corporate activity increased. In both instances, ASIC acted quickly to address the harmful conduct. ASIC targets pump and dump schemes and ‘finfluencers’ ASIC’s interventions to address the deteriorations included targeting pump and dump activity, intervening on chat rooms, reviewing ‘finfluencer’ activity and undertaking targeted reviews where we observed leaks ahead of market announcements. The regulatory agency uses a combination of real-time trade surveillance data, analytical tools, and human expertise to seek out and identify potential misconduct. To enhance our enforcement capabilities further, we are establishing a dedicated criminal investigation team to swiftly progress insider trading investigations and increase the number of criminal briefs we refer to the Commonwealth Director of Public Prosecutions. In the 2024 financial year, ASIC said it almost doubled the number of new insider trading investigations commenced over the previous financial year. ASIC bankrupted ‘finfluencer’ Tyson Scholz ASIC recently bankrupted Tyson Scholz, an Australian ‘finfluencer’ known for promoting trading courses and stock tips under the moniker ‘ASX Wolf’ to his 118,000+ social media followers. He was found to have operated a financial services business from March 2020 to November 2021 without holding an Australian Financial Services License (AFSL). The series of legal challenges initiated by the corporate regulator against Scholz in 2021, culminated with the Federal Court issuing sequestration orders against him for failing to cover court costs of $456,293. The Federal Court had previously imposed permanent injunctions on Scholz in April 2023, barring him from conducting any financial services business in Australia and mandating him to pay the legal costs incurred. Scholz’s inability to fulfill this financial obligation led ASIC to take further legal steps, including serving a Bankruptcy Notice in July, followed by a Creditors Petition, resulting in the recent sequestration orders. Scholz’s business model involved charging subscribers for membership fees ranging from $500 to $1,500, providing them with various levels of trading courses, stock tips, and access to a private chat site via Discord. Despite describing himself as a global equity trader with over a decade of experience, Scholz’s operations without an AFSL have now led to legal and financial repercussions. ASIC issued many public statements advising firms to be cautious when engaging so-called “finfluencers” and conduct serious due diligence on any prospective partners. It says those promoters must be licensed to give financial advice or are authorised representatives of advisers. The same rules apply to influencers who earn affiliate commissions for referring their pages’ followers to online brokers, which also requires a license to give such advice. An industry survey revealed that 33% of 18 to 21-year-olds use social media sites to get financial advice from influencers. In comparison, only three percent of people under the age of 25 have used paid financial advice to keep them in the green. Other findings also showed that two thirds of people in the same age bracket changed their financial behavior because of a celeb. TikTok and other social media influencers, however, do not have the necessary accreditation or qualifications to offer these services, though they promise very lucrative and sometimes guaranteed returns. They also need to meet certain educational standards and manage conflicts of interest, amongst other requirements.

Coinbase is urging a New York court to order the U.S. Securities and Exchange Commission (SEC) to produce documents related to internal discussions by Chair Gary Gensler. America’s largest crypto exchange submitted a motion to compel Gensler and the SEC to provide documents crucial to its litigation with the agency. According to Coinbase, years before the SEC sued the exchange, the agency’s commissioners and staff engaged with crypto market stakeholders, including Coinbase, and issued public statements and guidance on crypto regulation. The exchange argues that documents related to these interactions are directly relevant to the SEC’s claims and Coinbase’s fair notice defense. “Documents related to these communications bear directly on the SEC’s claims and on Coinbase’s fair notice defense,” Coinbase said in its motion. “The SEC will not search for these relevant documents. It refuses to search any documents outside of a self-selected group of Enforcement Division investigatory files. And it refuses a produce-or-log protocol for any custodian email searches. That extends to Chair Gensler’s SEC emails, and even to asking Chair Gensler whether he used his personal email for communications about his public statements on these subjects that he said were made in his personal capacity.” The legal battle between the SEC and Coinbase began last year when the agency sued the exchange for operating without registering. Coinbase’s attempt to dismiss the lawsuit was rejected by U.S. District Judge Katherine Polk Failla of New York, and the case has since moved to the discovery phase. Coinbase’s motion seeks documents related to the tokens mentioned in the SEC’s complaint, the SEC’s deliberations on Coinbase’s public listing in April 2021, and Gensler’s statements made during his tenure at the SEC. In June, Coinbase served Gensler with a subpoena, asking for documents related to certain communications relevant to its ongoing case with the SEC. Initially, the request included statements about crypto from 2017 to the present, which covered the period before Gensler took office in 2021. However, the exchange narrowed the subpoena to include only Gensler’s emails and communications during his time as SEC chair. The decision follows concerns raised by a New York judge regarding the original request.

Decentralized exchange dYdX is reportedly in talks to sell some of its derivatives trading software. According to a July 23 Bloomberg report, dYdX Trading Inc., the developer behind the dYdX exchange, has been negotiating the deal with several crypto market makers. Potential buyers of dYdX’s v3 protocol include Wintermute Trading and Selini Capital. Wintermute Trading, based in the United Kingdom, specializes in algorithmic trading of digital assets, while Selini Capital focuses on managing alternative investments, particularly in digital assets. In a statement, dYdX mentioned that it is “exploring strategic alternatives related to the v3 technology,” which does not involve the Ethereum smart contract or other technology governed by the utility token. The protocol clarified that “DYDX token holders would, of course, have to vote to approve any changes to the smart contracts that underly v3.” Shortly after the sale news, dYdX v3 was compromised. Users were advised on social media platform X to avoid visiting the dYdX website or clicking any links until further notice. dYdX’s future directions dYdX v3 primarily focuses on perpetual contracts, a type of futures contract with no expiry date that allows traders to speculate on cryptocurrency prices with leverage. According to DefiLlama, v3 has a cumulative trading volume of $1.22 trillion since January. This potential sale follows recent leadership changes at the exchange. On May 13, dYdX’s founder Antonio Juliano stepped down from his CEO position without disclosing his future plans. Juliano, who previously worked as a software engineer at Coinbase, Uber, and MongoDB, has been succeeded by Ivo Crnkovic-Rubsamen, the former chief strategy officer of dYdX. The company’s investors include venture firms Andreessen Horowitz and Paradigm. After a community vote, dYdX launched its v5 in June, introducing features such as isolated margin, isolated markets, and support for Raydium Markets. These changes enable traders to assign collateral to specific trades, reducing the risk of cross-trade collateral impact and providing dedicated insurance for each collateral pool.

Decentralized identity project Worldcoin has firmly denied allegations that it allowed insiders to profit from movements of its token, citing its “zero tolerance” for such activities. The announcement comes after DeFi Squared alleged in an X post that the Sam Altman’s project engaged in price manipulation of its Worldcoin (WLD) token. The account suggested that someone from the team might have used insider information to buy the token before the project announced a delay to its native token unlock schedule. In addition to DeFi Squared, pseudonymous crypto investigator ZachXBT also accused Worldcoin of allowing insiders to profit from what he described as a “scam token.” ZachXBT claimed that team members and venture capitalists were complicit in what he termed “the biggest scam token of the bull run.” A Worldcoin spokesperson denied these allegations, stating that the project takes such claims seriously and would not permit such activities. The spokesperson further added that both organizations have found no evidence to support the claims of insider trading and price manipulation. Worldcoin asserts that it maintains a strict market integrity policy to prevent these activities. The spokesperson explained that individuals covered by their policies are “at all times prohibited from disclosing confidential information relevant to WLD purchasing decisions” and were under an active blackout period, which barred them from engaging in any WLD trading activities during the relevant times. The allegations come amid Worldcoin’s decision to delay the unlocking of 80% of its WLD supply by two years. On July 16, Tools for Humanity published a blog post extending the unlock period for tokens held by its team members and investors. This means that the vesting schedule will be more gradual until 2029, deviating from the original plan. Token unlocks are generally viewed as bearish events because they increase the circulating supply and allow early investors to potentially recoup their equity by selling in the open market. Following the unlock delay announcement, WLD prices surged by 68% in two days, making it one of top gainers at the time. Currently, the token sits at $2.36.

We are thrilled to announce the launch of the 2nd annual FinanceFeeds Awards! This year, we continue to celebrate and acknowledge the leading companies in retail and institutional trading, brokerage services, fintech, regtech, and payment solutions, as well as crypto, blockchain, and DLT technologies. The nomination period for the FinanceFeeds Awards 2024 is open! Companies are invited to submit their nominations across 5 categories: Brokers, Institutional, Fintech, Crypto, and Prop Trading. You may submit multiple nominations to enhance your brand recognition within the financial markets. How to Participate: Visit our dedicated awards webpage: FinanceFeeds Awards 2024 Select the relevant nomination categories for your business. Complete and submit the application form by 23 August. Receive a confirmation email once your nominations are accepted. The nomination period will close on Friday, August 23, after which all submissions will be reviewed by a panel of independent experts from the global online trading and fintech industries. Award Process: Winners will be notified via email starting Monday, September 2. Upon notification, winners must submit their brand collateral for award creation. To receive their awards, winners need to book a special media package. For more details, check out our comprehensive Awards FAQ. Our awards stand out in the industry due to our distinct approach to evaluating companies’ competencies, innovations, and business models. Our niche industry audience provides a unique platform for leading players to shine. Additionally, all award winners will have dedicated pages on FinanceFeeds, showcasing their achievements and services to boost online brand awareness, growth, and lead generation. Best of luck to all participants!

The recent withdrawal of President Biden from the 2024 race seems to have fueled market optimism. US stocks surged by 1.08% on Monday, with the S&P 500 experiencing its best day since early June. This positive sentiment extended to Tesla (TSLA), whose stock price jumped 5.15%. Previously, we noted TSLA was trapped in a downtrend (red channel) but displayed promising signs forming a rising channel (blue). Since then, the stock has: Surpassed the resistance of the downtrend channel it couldn’t leave since late 2021. Continued its climb within the bullish blue channel and reached its upper boundary last week. Can the Uptrend Hold? Challenges: The upper boundary of the blue channel could act as resistance. The peak around $265 formed in December 2023 might pose further resistance. Long shadows on the price chart (indicated by arrows) suggest selling pressure around the $265 level. Opportunity for Bulls: The decisive break from the downtrend channel was accompanied by bullish gaps, potentially creating a support zone between $213 and $233. The upcoming release of Tesla’s Q2 earnings report after market close today will be a major factor influencing the stock’s trajectory. A positive report could strengthen the bullish sentiment and propel the stock further. 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. 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 re­cent buzz in the crypto marke­t stems from the intense­ competition among various altcoins priced below $1, all striving for dominance­ and investor interest. While­ Ripple (XRP) and Cardano (ADA) have long bee­n frontrunners in this realm, a fresh face­, Algotech (ALGT), has emerge­d, attracting significant attention. Amid the evolving crypto landscape­, many are curious about Algotech’s potential to surpass its more­ established competitors. Ripple (XRP) Battles Price Fluctuations: Can It Maintain Momentum? Ripple (XRP) has observed fluctuations in the past months, curre­ntly hovering around $0.56. The token’s value­ has been turbulent as it wre­stles to sustain momentum above crucial support thre­sholds. Recently peaking around $0.63 be­fore retracting, this showcases the­ ongoing power struggle betwe­en bullish and bearish forces. The price­ movement of Ripple (XRP) is influence­d by the actions of prominent holders known as “whale­s.” Recent on-chain data indicates that some­ of the largest XRP wallets have­ been selling off more­ than 200 million tokens in July alone, exe­rting downward pressure on prices. This significant se­ll-off by key players is belie­ved to have contributed to the­ recent decline­ in XRP’s value. Interestingly, smalle­r wallet groups seem to be­ accumulating Ripple (XRP), hinting at a potential setup for a future re­bound. Ripple (XRP) is prese­ntly encountering technical challe­nges. The token’s struggle­ to surpass the $0.60 mark is evident, raising conce­rns among analysts about a potential downturn. Observing the key support le­vel at $0.52 becomes e­ssential, as breaching it may lead to furthe­r losses. Conversely, a succe­ssful return above $0.60 could pave the­ way for overcoming significant barriers around $0.70. Cardano (ADA) Faces Challenges Ahead of Major Network Upgrade Cardano has e­ncountered a serie­s of obstacles in recent months, as optimism has wane­d despite some positive­ strides in its ecosystem. Pre­sently trading below the significant $0.30 mark, Cardano (ADA) has face­d challenges in gaining momentum while­ gearing up for a substantial network upgrade. The upcoming “Chang” hard fork, sche­duled for the end of this month, is he­ralded as a momentous upgrade by Cardano (ADA) founde­r, Charles Hoskinson. This new version aims to imple­ment decentralize­d governance, improve scalability, and e­nhance security within the blockchain. De­spite these ambitious goals, the­ market’s lukewarm response­ to the announcement has baffle­d some onlookers. According to Santiment, a data analysis firm, Cardano (ADA) curre­ntly faces its most pronounced wave of pe­ssimism in over a year. Despite­ potential upcoming positive factors, traders se­em to have largely dismisse­d the token for the time­ being, reflecting a notably be­arish sentiment in the marke­t. Key me­trics present a fine vie­w of Cardano (ADA). While active addresse­s have held steady since­ April, measures like circulation and ve­locity have declined. This may hint at a phase­ of accumulation and decreased spe­culation, potentially paving the way for future price­ growth. Nonetheless, we­akening social indicators and tepid sentime­nt could pose challenges in the­ short term. Algotech’s Innovations: Will They Propel ALGT to Success Post-Launch? Amidst the trials face­d by Ripple (XRP) and Cardano (ADA), a new contender, Algote­ch (ALGT), has emerged, cre­ating a stir in the cryptocurrency realm. Algote­ch, currently in its presale phase­, has already amassed over $9.6 million. What distinguishes this venture, and could it pote­ntially outshine established giants like­ Ripple (XRP) and Cardano (ADA)? Algotech be­nefits from a strong presale mome­ntum with substantial interest as the sale­ reaches its end. With millions alre­ady raised, analysts anticipate ALGT could reach $1 post-launch, offe­ring early investors a lucrative re­turn. Algotech’s upcoming fe­atures, such as social trading and its layer 2 blockchain solution, target critical pain points within the­ cryptocurrency trading realm. These­ innovations aim to lower transaction costs, boost scalability, and permit users to re­plicate successful trading methods. By offe­ring these capabilities, Algote­ch aims to establish itself as a versatile­ platform catering to both beginners and se­asoned traders alike. Algotech is an unprove­n player compared to Ripple (XRP) and Cardano (ADA). While initial succe­ss and ambitious plans offer promise, the re­al test lies in fulfilling commitments amidst marke­t challenges. Moreove­r, regulatory oversight poses a looming unce­rtainty that could sway Algotech’s course. Learn more: Visit Algotech Presale Join The Algotech Community 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.  

Equinix has plans to enter the Philippines with the acquisition of three data centers from Total Information Management. The all-cash transaction represents a multiple of approximately 15x the projected EBITDA at full utilization and is expected to close in 2H 2024, subject to customary closing conditions. The acquisition of the three high-performance data centers will provide the capacity for Equinix to address the digital needs of local and overseas businesses in the Philippines. Enterprises, cloud and IT service providers, and network service providers around the world can leverage Platform Equinix to interconnect and exchange data privately and securely within a vibrant ecosystem of business partners and customers. Existing customers of TIM, including network and financial services companies, will also gain access to Equinix’s global ecosystems of more than 10,000 companies, including more than 2,000 networks and 3,000 cloud and IT service providers. The Philippines’s digital economy growing at a CAGR of 20% Following the recently announced expansions in Malaysia and Indonesia, this strategic move aims to help businesses expand and capitalize on the digital opportunity of the fast-growing Southeast Asia region. Southeast Asia’s digital economy grew to $218 billion in gross merchandise value (GMV) in 2023. In particular, the Philippines’ digital economy is expected to continue its upward climb toward $35 billion by 2025, growing at a compound annual growth rate (CAGR) of 20%. The country is also seeing a surge in demand for digital infrastructure services, driven by a highly engaged digital population, booming e-commerce adoption, and various government initiatives to promote digitization, such as the E-Government Masterplan 2022 and the Digi-Ed 2028 program. Equinix recently expanded in Malaysia and Indonesia Jeremy Deutsch, President, Asia-Pacific, Equinix said: “We are thrilled to announce our expansion into the Philippines, a vibrant and rapidly expanding digital economy that presents immense opportunities for our valued customers and partners. This strategic acquisition, combined with our recent expansions in Malaysia and Indonesia, as well as the awarded data center capacity in Singapore, will greatly enhance our footprint in the region. This expanded digital infrastructure will also enable our customers to thrive and embrace digital transformation, harnessing the potential of emerging technologies like private AI. This acquisition perfectly aligns with our vision to extend our leadership in the Asia-Pacific region, while driving the acceleration of the digital economy.” Jose Mari M. Antunez, Chairman, Total Information Management commented: “Equinix’s strong reputation and expertise in the industry make them the ideal partner to take our data center business to new heights. While TIM will continue to remain as a system integrator, helping our customers through their digital transformation strategies, this deal will bring immense benefits to our customers. Equinix’s global platform and extensive network will provide enhanced connectivity, scalability and access to a thriving ecosystem of partners. We are confident that Equinix’s commitment to excellence and customer-centric approach will ensure a seamless transition and deliver unparalleled value to our customers.” Equinix expanding to Jakarta, Chennai, and Singapore The company will expand in new markets including Jakarta, Indonesia (JK1) and Chennai, India (CN1) later this year. With the capacity allocation by the government, Equinix will also expand its footprint in Singapore. Today, the global footprint of Platform Equinix spans 260 data centers across 71 metros and 33 countries. In Asia-Pacific, Equinix currently operates 56 data centers in 14 key metros across Australia, China, Hong Kong, India, Japan, Korea, Malaysia, and Singapore, including the recently opened data centers in Johor (JH1) and Kuala Lumpur (KL1) in Malaysia.

Baader Bank has become a new trading member of Spectrum Markets, the pan-European trading venue for securities catering to the retail segment. Baader has significantly expanded its retail broker client base in recent years, which will help bolster Spectrum’s presence in Germany. Baader’s brokers will gain access to Spectrum’s venue The Germany-based securities and banking services company will serve as an intermediary, facilitating clients’ trades on Spectrum Markets’ trading venue. Baader’s brokers will gain access to Spectrum’s pioneering technology with simplified connectivity for new trading partners joining Spectrum, which speeds up the onboarding process and reduces unnecessary costs. Another key driver of the partnership is the growing demand for extended trading hours among Baader clients, which is a trend Spectrum sees gathering momentum across the European retail investment landscape. A global shift in demand for round-the-clock trading Trading via Spectrum enables retail investors to trade outside of traditional hours, thanks to the venue’s 24/5 trading capabilities, while remaining within a regulated trading environment. Nicky Maan, CEO of Spectrum Markets, said: “The team at Spectrum is delighted to join forces with Baader Bank, as it underscores our commitment to providing European retail investors a superior trading experience compared to other market players. Through Baader, brokers will enjoy access to a broader range of products, during extended hours, on a regulated trading venue. We are seeing a global shift in demand for round-the-clock trading, and this partnership means that Spectrum can tap into Baader’s extensive network but also expands our presence in Germany.” Spectrum partnered with UniCredit, Directa, ICE Data Services In 2023, its fourth year of operation, Spectrum undertook several initiatives and formed new partnerships. The platform welcomed UniCredit Bank GmbH as a member and expanded its range of products available to retail investors. The number of instruments on Spectrum for retail traders in Europe saw a big increase, indicating a broadening of its offerings. Additionally, Spectrum formed a partnership with Directa, an independent Italian retail broker, and collaborated with ICE Data Services Italy, a subsidiary of Intercontinental Exchange, Inc., to improve the accessibility of its reference data. Spectrum also joined the German Structured Securities Association and the Italian Association of Certificates and Investment Products, aligning itself more closely with European securities associations. In 2023, the trading venue saw its trading volume increase by 14% compared to the previous year, with 1.62 billion securities traded in 2023, up from 1.42 billion. This increase in trading volume occurred despite widespread market uncertainties and challenging conditions across the industry. An interesting takeaway from the third quarter is the shift in trading patterns, with 34% of trades taking place outside of the regular trading hours. In terms of product popularity, indices led the charge with 87.6% of the trades, followed by currency pairs, commodities, equities, and cryptocurrency-based products. The DAX 40, NASDAQ 100, and S&P 500 emerged as the top-traded underlying assets. Headquartered in Frankfurt, Germany, Spectrum Markets offers 24/5 trading and innovative products like Turbo24. It operates under MiFID II regulations, supervised by BaFin, and focuses on transparency, integration, and openness. Additionally, Spectrum publishes SERIX, a pan-European retail investor sentiment index. Spectrum Markets is a subsidiary of IG Group and aims to enhance the trading experience for retail investors in Europe, offering a range of products and services tailored to their needs.

Finalto has partnered with trading, technology, and infrastructure solutions provider Centroid Solutions, thus enhancing tier-one pricing for Centroid’s technology users. Leveraging Centroid’s connectivity technology, Centroid Bridge, in London LD4, Finalto will be able to optimize connectivity for clients accessing its tier-one liquidity through Centroid.  Partnership opens up Finalto to Centroid client base Paul Groves, CEO of Finalto UK B2B, said: “Finalto will always look to align themselves with technology companies that share the same ethos when dealing with clients and offering the best possible service. Integrating the new Centroid Bridge Engine will open up Finalto to the Centroid client base offering them tier-one liquidity that is expected from a company of Finalto’s stature.” Cristian Vlasceanu, CEO of Centroid Solutions, added: “We are excited to have strengthened our partnership with Finalto to a global scale. Clients from different regions can benefit from this partnership and connect to one of the trusted liquidity providers in the market, through our reliable and scalable technologies and infrastructure. This strengthened partnership will certainly enhance the trading landscape and we look forward to our close collaboration.” Finalto is on a roll Finalto Group has been on a roll. Ever since changing hands in 2022, the company has enhanced its product offering and its connectivity across the globe, with expansions into data centers in New York, Singapore, as well as Tokyo. Additionally, the fintech and liquidity provider launched a Prime of Prime offering on LSEG’s matching venue and an ODP liquidity solution in South Africa. With such an advanced network and infrastructure already in place, Finalto has devoted renewed attention to its white-labeled brokerage solutions. Finalto’s white-label brokerage solution under the hood Finalto’s white-label solution features the ability to set up price feeds, margin controls, commission groups, trade routing, and risk settings. The system’s flexibility offers a wide range of options to support end clients, and its risk management capabilities allow partners to review their real-time risk against Finalto and their underlying clients. The ease of setting up new client accounts and running daily reports and the access to a bespoke front-end trading platform available via Windows PC, web-based interfaces, and mobile apps for both iOS and Android, are other critical features of the white label brokerage solution offered by Finalto. Finalto explains UK FCA-compliant marketing Finalto is actively engaging with broker clients to provide insights into the inner workings of industry-leading compliance and marketing as well as its infrastructure through a number of interviews and its Finalto Broker Series. With the UK Financial Conduct Authority tightening its oversight when it comes to broker communications amid the new Consumer Duty rules, Finalto sat with Klelia Orphanidou, B2B Head of Regulatory Compliance, who leads these efforts at the fintech and liquidity solutions provider. Being a cornerstone of credibility and operational integrity for financial services, brokers must adhere to regulatory standards in financial promotions, Orhanidou said as she highlighted the unique challenges financial institutions face, stressing the necessity of clear and balanced information embedding consumer duty requirements. To read the full interview, click here.

Spot Ether exchange-traded funds (ETFs) have received final approval to begin trading in the United States on July 23. On July 22, the U.S. Securities and Exchange Commission (SEC) approved the final S-1 registration statements necessary for their launch on various stock exchanges, including the Nasdaq, New York Stock Exchange, and Chicago Board Options Exchange. The successful issuers include BlackRock, Fidelity, Grayscale, 21Shares, Bitwise, Franklin Templeton, VanEck, and Invesco Galaxy. Two months earlier, on May 23, the SEC approved their 19b-4 applications, allowing spot Ether ETFs to be listed and traded on their respective exchanges. The BlackRock-issued iShares Ethereum Trust will be listed on the Nasdaq, while the Grayscale Ethereum Trust will be listed on the NYSE. All spot Ether ETFs, except the Grayscale Ethereum Trust, will offer a base fee between 0.15-0.25%. Fidelity, 21Shares, Bitwise, Franklin, and VanEck will waive fees for their spot Ether ETFs until a set time period ends or their products reach a specific amount in net assets. The Grayscale Ethereum Mini Trust will also waive fees for the first six months or until it reaches $2 billion in net assets, whichever comes first. Industry analysts expect the spot Ether ETFs to attract between 10-20% of the flows that spot Bitcoin ETFs have experienced since their launch over six months ago. Ether ETFs will feature various fee structures. Invesco and Galaxy have set management fees at 0.25%, slightly higher than VanEck and Franklin Templeton, which have disclosed fees of 0.20% and 0.19%, respectively. These fees are way lower than the 2.50% management fees charged by Grayscale’s Ethereum Trust. Grayscale plans to launch a new spot Ether ETF but has not yet disclosed the new fees. Analysts predict that ETH ETFs could attract billions of dollars in inflows in the months following their listing, which could fuel the appreciation of Ether’s spot price. Crypto analyst Mark Dunleavy noted that ETH is “less available on exchanges, meaning thinner order books and less to purchase,” making its spot price more responsive to buying demand from ETFs than Bitcoin’s. Crypto-native hedge funds, which have self-custodied billions of dollars worth of spot ETH for years, are now reaching out to institutional market makers like Virtu Financial to swap those holdings for ETF shares. Upward of a dozen crypto-native funds, each with total assets under management exceeding $1 billion, have shown interest in such exchanges. Once listed, the spot ETH ETFs will join an existing slate of publicly traded crypto funds, including nearly a dozen spot Bitcoin ETFs that began trading after receiving regulatory clearance in January. Currently, more than $50 billion worth of BTC is held by ETFs.

The institutional crypto market experienced significant growth in the first half of 2024, with total spot transaction volumes soaring by 95% year-over-year (YoY), according to a recent report by Finery Markets. Finery Markets is a leading non-custodial crypto ECN, providing institutional trading infrastructure in over 30 countries. Since its launch in 2019, it has connected more than 100 digital asset clients, enhancing capital efficiency and execution quality. Crypto spot trading soars by 95% among institutional players Driven by the launch of new crypto-related financial vehicles, the surge reflects increasing institutional interest in cryptocurrency as the industry progressively matures its handle of the emerging asset class and jurisdictions set up their regulatory frameworks for Bitcoin et al.  The total spot transaction volume in the institutional crypto market nearly doubled, showing a 95% increase YoY. The rally in Bitcoin (BTC) and the introduction of Bitcoin ETFs spurred higher institutional participation. Ethereum (ETH) trading volumes rose by 32% compared to the same period in 2023, with expectations that the approval of ETH ETFs will further drive market activity. Crypto-to-crypto transactions grew by 50% YoY, whereas crypto-to-fiat pairs saw a decline of 12%. Transactions involving stablecoins surged 2.6 times YoY across various blockchains. TRX and BNB volumes soar, XRP volumes down The report highlights a dynamic Q2, with customer transaction volumes growing by 110% YoY, up from 80% in Q1. April saw peak growth at 158% YoY, followed by slower growth in May (119%) and June (66%). The first half of 2024 marked a pivotal period for institutional crypto adoption. Analysts anticipate the approval of Ether ETFs by summer, with Bitcoin ETFs already launched in Australia, the US, and Hong Kong. VanEck’s application for a Solana ETF underscores the growing trend towards diverse crypto investment vehicles. Altcoins showed varied performance, with total crypto-to-crypto transaction volumes increasing by 51% YoY. Despite low institutional participation, some altcoins like Tron (TRX) and Binance Coin (BNB) demonstrated substantial growth, at 202% and 129% YoY, respectively. Conversely, Ripple (XRP) saw an 18% decline YoY.

CLS, a leading provider of settlement services for the global foreign exchange (FX) market, has announced a notable rise in its FX trading activity for June 2024. The average daily traded volume submitted to CLS reached USD 2.26 trillion, marking a 9.2% increase compared to June 2023. The breakdown: FX spot, FX swaps, FX forwards Lisa Danino-Lewis, Chief Growth Officer at CLS, highlighted the growth: “In June 2024, we saw average daily traded volumes of USD 2.26 trillion, an increase of 9.2% compared to June 2023. Over the same period, we saw an increase in overall volumes across all instruments. FX spot volumes increased by 9.9%, FX swap volumes by 9.2%, and FX forward volumes by 7%.” The detailed breakdown of the average daily traded volume submitted to CLS by product type for June 2024 is as follows: Forward: USD 0.197 trillion (up from USD 0.184 trillion in June 2023) Swap: USD 1.539 trillion (up from USD 1.409 trillion in June 2023) Spot: USD 0.523 trillion (up from USD 0.476 trillion in June 2023) These figures reflect an overall increase in trading volumes across all major FX instruments, underlining the robust performance of the FX market. The total average daily traded volume for June 2024 was USD 2.259 trillion, compared to USD 2.069 trillion in June 2023 and USD 2.023 trillion in May 2024. CLS continues to play a crucial role in the FX market by providing efficient and secure settlement services, which contribute to the overall stability and integrity of global financial markets.       CLS onboarded big names into CLSNet and CCS services CLS recently onboarded major financial institutions like BNY Mellon and ING to their CLSNet, a netting system for emerging currencies, which has seen considerable growth, with the average daily notional value of net calculations consistently exceeding $115 billion over the past year. This growth in CLSNet participation reflects a strong industry support and a milestone was noted on December 20, 2023, when CLSNet recorded a daily notional high of $445 billion netted. CLS also enrolled three settlement members, including Barclays and Danske Bank, into its Cross Currency Swaps (CCS) settlement service. The CCS service, an extension of CLS’s innovative Payment-versus-Payment (PvP) settlement service, CLSSettlement, offers a transformative solution for settling CCS transactions while reducing settlement risk and optimizing liquidity in the process. The CCS service is pivotal in redefining how cross-currency swaps are settled in the financial market. By leveraging CLS’s unique PvP settlement service, settlement members can securely process their CCS transactions, thus mitigating settlement risk. Additionally, CCS flows are multilaterally netted against all other FX transactions within CLSSettlement. This process significantly reduces daily funding requirements for clients while simultaneously unlocking substantial liquidity optimization benefits across the industry.

Airwallex has been granted an Australian Financial Services Licence (AFSL) by the Australian Securities and Investment Commission (ASIC). The authorization from the regulator formalizes Airwallex’s move into investment products and signals the company’s evolution toward becoming an end-to-end financial services platform. This is an additional license from the AFSL that Airwallex has held for its existing payments and foreign exchange business since 2016. Airwallex will launch yield product to retail market The announcement comes just eight months after Airwallex launched Airwallex Yield to wholesale customers, allowing them to earn attractive returns on their AUD and USD balances without having to open a foreign bank account – a first in Australia. With this expansion, Airwallex Yield will be offered to the broader retail market – with a lower minimum investment requirement of AUD$10K (or USD equivalent) – from today onwards. Airwallex Yield offering will allow customers to: Invest with a minimum investment amount of AUD$10K (or USD equivalent); Invest in funds that have historically returned more than triple the interest rates of saver accounts of the big four banks; currently a daily return of 3.67 percent for AUD balances and 3.95 percent on USD balances (compared to a 1.06 percent p.a. and 0.50 percent p.a. respectively*) and; Avoid lock-up periods and easily move funds between their cash wallet balances and their Yield account, unlike term deposits. With Airwallex Yield, customers can invest in a product that invests through a fund managed by J.P. Morgan Asset Management (J.P. Morgan), one of the world’s most trusted asset management firms. The J.P. Morgan underlying funds hold the highest rating from Standard & Poor’s at ‘AAAm’ grade, and equally high ratings from all leading rating agencies. Since launching, Airwallex Yield has been available to businesses with a minimum investment of AUD $500k or USD equivalent. To date, Airwallex Capital Pty Ltd has attracted over AUD$100M in funds under management from customers. Airwallex Yield has been designed to be a competitive alternative for businesses because its returns more closely track the RBA cash rate than the rates on offer from traditional providers – a priority in this current high inflation environment. Businesses could earn more than triple the amount of a saver account with a big four bank by investing with Yield. Yield’s underlying fund, JPMorgan Liquidity Fund, offers a daily 3.67 percent return on AUD balances and 3.95 percent return on USD balances, compared to an average of 1.06 percent per annum for business saver accounts with the big banks for AUD and 0.50 percent per annum for USD*. Yield for flexibility, attractive rates and multi-currency capabilities Shannon Scott, SVP of Product at Airwallex, said: “We’re excited to expand upon Yield to position Airwallex as the modern alternative to banks for businesses of all sizes. This move into investment products underscores our role as a comprehensive financial services platform that can help businesses manage their finances more efficiently. It’s especially timely as Australian SMEs face economic challenges and rising costs. Yield empowers them with its flexibility, attractive rates of return and multi-currency capabilities – a solution businesses have been craving for years.” George Boubouras, Managing Director, Research, Investments & Advisory at K2 Asset Management Ltd (an Airwallex partner and issuer of the Yield product) said: “Cross-border trading companies can benefit from exposure to money market funds that are currently taking advantage of the higher yields on offer due to the higher Fed Funds cash rate in the US and domestically the higher cash rate set by the RBA. The benefits of a blended single multi-currency cash account that offers exposure to multiple currencies in a single account can assist with lower transaction costs and shorter settlement times compared to traditional currency accounts that offer lower yields and are more burdensome.” Matthew Le, Head of South East Asia & Australia Sales, Global Liquidity, J.P. Morgan Asset Management, said: “J.P. Morgan Asset Management is delighted to partner with Airwallex. As a leading asset management firm, we have invested in our technology to evolve and meet the needs of financial service providers and the growing demands of customers today.”