Cross-border e-commerce is expected to exceed $3 trillion globally by 2028, and the need for convenient and cheap payments rises. That is why businesses are under increasing pressure to adopt payment solutions that are both efficient and cost-effective — not only in Asia but also in Europe. Traditional methods are being phased out, as they often involve high transaction fees, long processing times, and issues with currency exchange — particularly in cross-border transactions. There, stablecoins like USDT and USDC come as a solution. The current state of the e-commerce market and crypto adoption E-commerce has seen significant growth over the last decade, and the need for seamless, secure, and inexpensive payment options has only increased. Cryptocurrencies, once viewed as speculative assets, are now gaining ground as viable payment methods. Platforms like Shopify, WooCommerce, and BigCommerce have already integrated cryptocurrency payments. This gave merchants the flexibility to accept digital assets, including stablecoins, and customers to purchase by using them. The integration of Bitcoin payments on Mercari, a large global marketplace, illustrates how crypto is beginning to penetrate mainstream e-commerce. Despite the growing interest, volatility in major cryptocurrencies like Bitcoin and Ethereum has limited their use as a means of payment. This is where stablecoins can step in to fill the gap, as they do not have unpredictable price swings. How to integrate stablecoins into e-commerce and what are the benefits To accept stablecoins as a payment method, merchants can choose a payment processor that integrates with major platforms like, for example, Shopify and WooCommerce and handles the technical side of crypto payments. Merchants will also need a digital wallet to receive and manage stablecoins, with the option to automatically convert them into fiat. After integrating stablecoin payments, it is important to promote the new option through websites, social media, and signs like “Stablecoins Accepted Here” to draw users’ attention. After all is done, it is time to start seeing the benefits of the integration of stablecoins as a payment method. Which exactly? First, stablecoins like USDT and USDC offer fast transactions with minimal fees, particularly in cross-border ones. Traditional payment processors, in comparison, often take days to settle transactions, especially when currency conversion is involved, and charge significant fees for international payments. Stablecoins eliminate the risk of chargebacks, which are common with credit card transactions. Blockchain payments are irreversible, which gives merchants confidence that they will not be subject to fraud after providing goods or services. This is a particularly valuable advantage in international transactions, where fraud prevention is a major concern. Finally, stablecoins can open up access to new markets for consumers from regions with limited banking infrastructure. Stablecoins, offering a decentralized alternative, allow these individuals to participate in the global e-commerce market. The European Parliament said, “The use of stablecoins may enhance financial inclusion, both in developed and developing markets, and might boost overseas payments in general and remittances in particular. Stablecoins may also have a positive impact on international trade and may contribute to the development of global payment arrangements,” which once again proves this thought. How e-commerce will boost the development of new stablecoins and blockchains So, as more e-commerce businesses integrate volatile crypto payment options, more people get used to leveraging them. This will create an increasing need for new stablecoins. We are already seeing the developments in this area; for example, ED Stablecoin LLC recently received in-principle approval from the Central Bank of the UAE (CBUAE) to launch AE Coin, the first stablecoin pegged to the dirham. As e-commerce platforms and marketplaces continue to follow these innovations, stablecoins are likely to become a preferred method of payment for both merchants and consumers, especially in regions with high remittance flows or volatile currencies. Vitaliy Shtyrkin, CPO at B2BINPAY Vitaliy Shtyrkin is a Chief Product Officer of an all-in-one crypto ecosystem for business B2BINPAY. He plays a vital role in shaping product strategy and guiding the development process to ensure alignment with organizational goals. Mr. Shtyrkin has 15 years of experience in the financial market, particularly within the fintech sector. He has recently focused his efforts on developing robust crypto payment solutions for businesses. As a key member of the team at B2BINPAY, Mr. Shtyrkin is dedicated to enhancing digital asset management operations. 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.

FinanceFeeds is excited to announce the winners of the 2024 Awards! Big congrats to all the brands that stood out in areas like liquidity, prime brokerage, algo development, trading platforms, market infrastructure, data services, crypto, blockchain and DLT technologies. Well done to everyone who made the list! YouHodler has been awarded the Outstanding Web3 Fintech Platform Provider award at the 2024 FinanceFeeds Awards. This accolade highlights YouHodler’s unique role in bridging the gap between traditional finance and the emerging Web3 ecosystem, offering a comprehensive platform that blends the best of both worlds. Since its launch in 2018, YouHodler has established itself as a fintech platform that facilitates interaction between fiat and cryptocurrencies. The company’s platform provides an extensive range of services for both retail and business users, allowing individuals and companies to interact with digital and traditional currencies through an intuitive wallet interface. YouHodler’s success lies in its ability to support a wide variety of crypto and fiat currencies, including popular cryptocurrencies like Bitcoin, Ethereum, and XRP, as well as major fiat currencies such as EUR, USD, CHF, and GBP. On accepting the award, a YouHodler representative said: “We’re thrilled to have our products recognized within the industry! Winning the FinanceFeeds award means a lot, especially in such a competitive category like ‘Outstanding Web3 Fintech Platform Provider.’ It’s great to see our commitment to innovation being appreciated. For YouHodler, this mission extends beyond the services it offers to individual clients. The company is passionate about contributing to the larger financial ecosystem, driving innovation, and promoting financial inclusivity. By supporting various payment methods, integrating blockchain technology, and providing access to a wide range of currencies, YouHodler enables users to participate fully in the digital economy,”  Seamless on- and off-ramp solutions with low fees YouHodler’s platform supports all major blockchain networks and protocols, offering users diverse options for payment and trading. In addition to traditional payment channels such as SWIFT and SEPA bank wires, YouHodler has integrated modern solutions, including personal IBANs and credit/debit card payments. The company has also partnered with Lightspark to enable the use of the Universal Money Address (UMA), a cutting-edge payment technology that further enhances accessibility and user convenience. One of YouHodler’s core strengths is its low-fee on- and off-ramp solutions, which simplify the process of converting between fiat and cryptocurrency. This affordability, combined with user-friendly lending and trading tools, has made YouHodler an attractive choice for retail customers looking to explore the world of digital finance without being burdened by excessive fees. For individuals interested in leveraging the value of their digital assets, YouHodler provides accessible lending options that allow users to obtain loans backed by their crypto holdings. This feature is especially valuable for crypto investors who want to maintain their assets while having access to liquidity. YouHodler’s trading solutions also enable users to diversify their investments, explore market opportunities, and execute trades seamlessly on a single platform. While YouHodler initially focused on retail clients, the company has expanded to support other fintech companies and banks. Through white-label and co-branded solutions, YouHodler allows financial institutions to adopt blockchain technology and offer crypto-related services to their customers. By sharing its infrastructure and best practices, YouHodler enables banks and fintech companies to upgrade their offerings, attract new customers, and generate additional revenue streams. A strong regulatory foundation and global presence Headquartered in Switzerland, YouHodler operates as an authorized financial intermediary. The company’s compliance framework extends beyond Switzerland, as it holds various authorizations and licenses across the European Union, Latin America, and other regions, including Italy, Spain, and Argentina.  “The Outstanding Web3 Fintech Platform Provider award serves as both a recognition of YouHodler’s achievements and a reminder of the company’s impact on the financial technology landscape. With its commitment to transparency, innovation, and user empowerment, YouHodler is set to play an important role in shaping the future of finance, making digital assets and blockchain technology more accessible for people worldwide,” said FinanceFeeds. Organized with meticulous attention to detail, the FinanceFeeds Awards represents highly sought-after recognition and validation for companies at the forefront of retail and institutional trading, brokerage services, fintech, regtech, and payment solutions, as well as crypto, blockchain, and DLT technologies. The awards feature multiple categories of global winners and specific awards for various industry segments, allowing FinanceFeeds to recognize and honor exceptional businesses and brands both at the global and regional levels. 

Bitcoin linked to the defunct Mt. Gox exchange moved again, with $35 million worth of BTC transferred to unknown addresses today. Blockchain intelligence platform Arkham reported that 500 BTC, split into two transactions of 31.78 BTC and 468.24 BTC, left Mt. Gox’s cold wallet in the first big transfer from these wallets in about a month. Roughly 44,905 BTC (around $3.1 billion) remains in Mt. Gox-flagged addresses as it continues the slow process of compensating creditors. The trustee managing the exchange’s assets has been gradually distributing funds to creditors, with a notable 12,000 BTC transaction on August 20. Earlier this October, Mt. Gox extended its creditor repayment deadline by one year to Oct. 31, 2025, citing incomplete procedures and system issues leading to double payments for some creditors. Mt. Gox, which once handled about 70% of all global Bitcoin transactions, collapsed in 2014 following a series of hacks and security breaches that led to a halt in withdrawals. Approximately 127,000 users had their funds locked when the platform went offline. Nobuaki Kobayashi, the trustee managing Mt. Gox’s assets, highlighted that several issues have slowed down the repayment process. In addition to incomplete procedures by creditors, there were technical issues like double deposits to some users due to a system error. The exchange later requested that users return any overpaid funds to correct these mistakes. In July, Mt. Gox’s trustee began distributing around $9.4 billion in funds to creditors, although data from Arkham indicates that nearly $2.8 billion in assets remain unpaid. So far, more than 41.5% of the funds, equivalent to 59,000 Bitcoin, have been redistributed to creditors. The slow and staggered release of funds from Mt. Gox raised concerns about its impact on Bitcoin prices. A report from analytics firm Glassnode in July noted that creditors were holding steady with around $4 billion in funds. The release of these assets to the market has the potential to affect Bitcoin’s price volatility. As Mt. Gox continues to repay its creditors, the exchange plans to return a total of 141,686 Bitcoin, along with Bitcoin Cash and fiat currency, to users who have been waiting for nearly a decade.  

Stablecoin giant Tether revealed it generated $2.5 billion in profit during the third quarter of 2024, boosting its nine-month profit to $7.7 billion. According to Tether’s latest report, the firm saw a surge in its stablecoin issuance, reaching nearly $120 billion USDT in circulation—a new all-time high and a 30% increase for the year. This growth comes as demand for stablecoins rises in response to inflation and heightened interest rates. The U.S. Treasury recently acknowledged stablecoins’ role in financial markets, though it cautioned about possible challenges ahead. Tether’s latest attestation, audited by BDO Italy, disclosed $125.5 billion in assets against $119.4 billion in liabilities, pushing excess reserves above $6 billion. Most reserve assets, about $105 billion, are in cash and equivalents, with massive U.S. Treasury exposure through direct holdings and money market funds. Tether also holds $5 billion in gold and $4.8 billion in bitcoin, among other assets. The company’s venture arm, Tether Investments, expanded its net equity value to $7.7 billion, up from $6.2 billion in Q2, and now includes 7,100 bitcoin holdings worth nearly $500 million. These investments support Tether’s expansion into energy, mining, and artificial intelligence. USDT, Tether’s flagship stablecoin, is the third-largest cryptocurrency by market cap and remains a key source of liquidity on exchanges, especially in emerging markets. Meanwhile, Tether responded to recent allegations of a U.S. probe into sanctions and AML law violations, with CEO Ardoino asserting Tether’s compliance with U.S. sanctions and its commitment to holding U.S. debt. Ardoino criticized the Wall Street Journal’s reporting, adding that Tether regularly works with law enforcement to thwart illegal activity and has even helped recover $109 million connected to fraud and other illicit actions since 2014. Tether CEO also pointed out what he sees as a lagging regulatory approach in the U.S., which he believes has forced many crypto firms to seek friendlier jurisdictions overseas. However, he hopes that regulatory attitudes could shift following the 2024 U.S. presidential election. U.S. authorities are reportedly investigating Tether, the company behind the world’s largest stablecoin, USDT, for allegedly violating anti-money laundering regulations and sanctions. According to a Wall Street Journal article, the probe focuses on Tether’s role in enabling illicit activities like terrorism, drug trafficking, and cybercrime. The Manhattan U.S. Attorney’s Office and the U.S. Treasury Department are reportedly involved, with the latter considering sanctions that could block American firms from conducting business with Tether. This isn’t the first time Tether has come under scrutiny. The Commodity Futures Trading Commission previously alleged that Tether made misleading claims about its reserves. However, Tether claims that it complies with legal standards and works proactively with global law enforcement to ensure its platform isn’t misused.  

Paxos has announced the introduction of Global Dollar (USDG), a US dollar-backed stablecoin compliant with Singapore’s upcoming stablecoin framework. USDG is available today on Ethereum and will be issued on more blockchains in the near term. Paxos is required to hold only high-quality liquid assets to back USDG – US dollar deposits, short-duration US Government securities, and other such cash equivalents to ensure 1:1 parity with the US dollar so that consumers can redeem their tokens for fiat at all times. Dollars backing USDG will be held in reserve via DBS Bank Paxos Digital Singapore Pte. Ltd. is the issuer of USDG and is regulated by the Monetary Authority of Singapore (MAS). Paxos’s affiliate, Paxos Global Pte. Ltd., will partner with global exchanges, wallets, and platforms to distribute USDG to individuals and institutions. DBS Bank, Southeast Asia’s largest bank by assets, will serve as Paxos’ primary banking partner for cash management and custody of USDG reserves. Dollars backing USDG will be held in reserve and managed by Paxos Digital Singapore via DBS. The smart contract of USDG can be viewed via Etherscan and GitHub. “Enterprise interest in stablecoins has never been higher than it is today” Ronak Daya, Head of Product at Paxos, said: “Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises. “Keeping with the Paxos tradition of powering infrastructure for the world’s most important and innovative enterprises, we are thrilled to launch the Global Dollar (USDG). USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.” Paxos also issues Paypal USD, Pax Dollar, Pax Gold, and Lift Dollar USDG is the sixth digital asset to be successfully issued by Paxos, the first from Paxos Digital Singapore. Paxos’ digital assets include PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG), which are issued by Paxos Trust Company, LLC, a limited-purpose trust company overseen by the New York Department of Financial Services. The company’s UAE-based affiliate of Paxos regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), issues the yield-bearing stablecoin Lift Dollar (USDL). Paxos launched stablecoin payments platform Earlier this month, Paxos launched its new enterprise-grade stablecoin payments platform targeting payment service providers (PSPs) and fintech companies and offering them the ability to integrate stablecoin payments into their systems for faster and lower-cost global transactions. Paxos announced that payment processing giant Stripe will be the first PSP to integrate Paxos’ infrastructure. Stripe’s “Pay with Crypto” product, which enables businesses to accept stablecoin payments, will feature Paxos’ technology, allowing these payments to settle in fiat currencies such as the U.S. dollar. The new Paxos platform provides an API infrastructure that enables payments in stablecoins or fiat. The platform supports conversions between the U.S. dollar and three stablecoins: Pax Dollar (USDP), PayPal USD (PYUSD), and Circle’s USD Coin (USDC). At launch, it will be available in the U.S., with plans to expand to additional currencies and regions over time. To use the platform, customers must set up a wallet with Paxos, and merchants or PSPs can choose whether to receive stablecoins directly or convert them to fiat. The platform also supports on-chain transfers via the Solana and Ethereum networks for PYUSD and USDP, while USDC is supported via Ethereum, Solana, and Polygon.

US Nonfarm Payrolls significantly impact gold prices. Strong NFP reports tend to weaken gold, while weak reports can boost it. Geopolitical tensions and economic uncertainty also influence gold’s demand as a safe-haven asset.     The Impact of US Nonfarm Payrolls on Gold The US Nonfarm Payrolls report is a crucial economic indicator that significantly influences gold prices. Historically, there has been a strong inverse correlation between these two assets. A strong NFP report, indicating robust job growth and economic health, tends to bolster the US Dollar and increase Treasury yields. This, in turn, can negatively impact gold prices, as it diminishes the metal’s appeal as a safe-haven investment and reduces its opportunity cost relative to other assets. However, it’s important to note that the strength of this correlation can vary over time. In the short term, the impact of NFP on gold prices tends to be more pronounced. As time passes, other factors, such as geopolitical tensions, inflation concerns, and central bank policies, can become more influential. US Nonfarm Payrolls Forecast for October Economists anticipate a modest increase of 113,000 jobs in the US economy during October, following a robust gain of 254,000 in September. While this figure suggests continued job growth, it represents a significant slowdown compared to the previous month. The unemployment rate is projected to remain stable at 4.1%, indicating a relatively tight labor market. Average hourly earnings are expected to rise by 4.0% year-over-year, reflecting persistent wage growth. This could fuel inflationary pressures and potentially influence the Federal Reserve’s monetary policy decisions. Geopolitical Tensions and Gold Geopolitical tensions, such as the recent Hezbollah attack in Israel, can significantly impact gold prices. In times of uncertainty and conflict, investors often turn to gold as a safe-haven asset. The perceived safety and stability of gold, coupled with its historical track record as a store of value, make it an attractive investment during turbulent periods. Additionally, the upcoming US presidential election adds another layer of uncertainty to the global economic landscape. As the election approaches, market volatility may increase, further boosting demand for gold.     Top economic events for this and next week:   US Nonfarm Payrolls (11/01/2024 12:30): This is the most important economic event of the week, as it provides insights into the health of the US labor market. A strong report could boost the US Dollar and negatively impact gold prices. ECB Monetary Policy Meeting (10/31/2024 02:48): The European Central Bank will announce its interest rate decision and release its monetary policy statement. Any surprises or changes in forward guidance could significantly impact the Euro. US GDP Data (10/30/2024 12:30): The US GDP report provides a comprehensive overview of the US economy’s performance. A strong GDP reading could strengthen the US Dollar and potentially impact global market sentiment. Eurozone GDP Data (10/30/2024 08:00 and 09:00): The Eurozone GDP data will provide insights into the health of the Eurozone economy. A strong reading could support the Euro. BoC Monetary Policy Meeting (10/28/2024 17:30 and 10/29/2024 19:30): The Bank of Canada will announce its interest rate decision and release its monetary policy statement. Any surprises or changes in forward guidance could significantly impact the Canadian Dollar. Japanese Economic Data (10/28/2024 23:30 and 10/30/2024 23:50): Several key Japanese economic indicators, including unemployment rate, industrial production, and retail sales, will be released. These could impact the Japanese Yen. Australian Economic Data (10/30/2024 00:30 and 10/31/2024 00:30): Several key Australian economic indicators, including CPI, retail sales, and building permits, will be released. These could impact the Australian Dollar. Chinese PMI Data (10/31/2024 01:30 and 11/01/2024 01:45): The Chinese Manufacturing and Non-Manufacturing PMIs will provide insights into the health of the Chinese economy. This could impact commodity currencies like the Australian Dollar and the Canadian Dollar. US Housing Data (10/29/2024 13:00 and 14:00): US housing data, including housing prices and pending home sales, will be released. This could impact the US Dollar. Various Central Bank Speeches: Several central bank officials, including ECB’s De Guindos and Schnabel, and BoC’s Governor Macklem, will deliver speeches. These speeches could provide clues about future monetary policy and impact their respective currencies.       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.

Given the  bearish euro sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to fall further toward the next support level 0.8360.   – EURGBP reversed from resistance zone – Likely to fall to support level 0.8360 EURGBP currency pair recently reversed down from the key resistance zone located between the strong resistance level 0.8430 (which was set as the likely upward target in our earlier report for this currency pair and which stopped the earlier sharp upward correction iv at the start of October, as you can see from the weekly EURGBP chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from August. The downward reversal from this resistance zone stopped the previosu waves c and ii. Given the strength of the clear daily downtrend d and the bearish euro sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to fall further toward the next support level 0.8360. EURGBP Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.  

JP Morgan has agreed to pay $151 million to the Securities and Exchange Commission to resolve five separate enforcement actions against its affiliates for failures including misleading disclosures to investors, breach of fiduciary duty, prohibited joint transactions and principal trades, and failures to make recommendations in the best interest of customers. The two affiliates agreed to pay more than $151 million in combined civil penalties and voluntary payments to investors to resolve four of the ­actions. The SEC did not impose a penalty in one of the actions, taken against JPMS, because JPMS cooperated in the investigation and undertook remedial measures. “JP Morgan is being held accountable for its regulatory failures” Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement, said: “JP Morgan’s conduct across multiple business lines violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest. With today’s settlements, which include multiple self-reports and large voluntary payments to harmed investors, JP Morgan is being held accountable for its regulatory failures.” The SEC issued orders against JP Morgan Securities LLC (JPMS) and JP Morgan Investment Management Inc. (JPMIM) for various compliance violations across multiple investment programs, imposing fines, penalties, and orders for improved transparency. Conduit Private Funds: JPMS misled investors in its “Conduit” funds, failing to disclose that a JP Morgan affiliate had complete control over share sales timing, which exposed investors to market risks. JPMS agreed to pay $90 million to affected accounts and a $10 million civil penalty, alongside censure and cease-and-desist orders. Portfolio Management Program: From 2017-2024, JPMS did not disclose financial incentives tied to promoting its own portfolio management over third-party advisory programs, resulting in a $45 million penalty, cease-and-desist order, and censure. Clone Mutual Funds: Between 2020-2022, JPMS recommended more expensive mutual funds over equivalent ETFs, without considering cost differences for customers. Due to self-reporting and cooperation, JPMS avoided a civil penalty but repaid $15.2 million to affected customers. Joint Transactions: In March 2020, JPMIM facilitated prohibited joint transactions, favoring a foreign money market fund over U.S. funds. The SEC imposed a $5 million penalty and a cease-and-desist order. Principal Trades: From 2019-2021, JPMIM engaged in unauthorized principal trades valued at $8.2 billion, which created conflicts of interest. JPMIM received a $1 million penalty, cease-and-desist order, and censure.

DriveWealth has been granted a brokerage license in Europe by the Bank of Lithuania, the central bank of the Republic of Lithuania. The authorization will allow the fintech platform to provide Brokerage-as-a-Service across the European Union as part of its international expansion plans. The milestone marks DriveWealth’s third region with regulatory status, including the United States, Singapore, and now the European Economic Area. DriveWealth Europe plans to offer European securities Founded in 2012, DriveWealth’s technology platform allows established companies and emerging digital-native firms to provide securities trading to their clients efficiently and in a compliant fashion. The brokerage license granted by the Bank of Lithuania will enable the company to support a further range of clients and open up more opportunities within its European audience. DriveWealth powers 24-hour trading and fractional share ownership for a community of global B2B partners. According to the firm, DriveWealth aims to expand its platform to offer European securities as well as provide a “follow-the-sun” 24/7 service model continuously across time zones. The new entity in Lithuania, named DriveWealth Europe, will be an integral component of DriveWealth’s international operations and European expansion. With this latest license, DriveWealth aims to expand its offerings by introducing additional market-specific products in the future. DriveWealth said it will work closely with Invest Lithuania, the country’s agency that promotes foreign investment and supports businesses in Lithuania. Lithuania was the best fit for setting up a European hub Michael Blaugrund, CEO, at DriveWealth, said: “Achieving this license from the Bank of Lithuania marks a pivotal milestone in our global expansion strategy. Lithuania’s commitment to innovation, combined with its well-established regulatory environment and access to fintech-related talent, made it the best fit for setting up our European hub. We look forward to working with the Bank of Lithuania and leveraging the support of their financial ecosystem to offer DriveWealth’s platform to a broader clientele.” Elijus Čivilis, General Manager at Invest Lithuania, commented: “DriveWealth’s decision to establish their European hub in Vilnius further strengthens Lithuania’s position as a leading fintech destination in Europe. This move not only validates our efforts to create a nurturing environment for financial innovation but also highlights the caliber of our talent pool and regulatory framework.” DriveWealth added securities lending to Brokerage as a Service DriveWealth is extending its securities lending offering with an agency lending capability powered by Sharegain, a prominent securities lending fintech, and tailored to the UK and European regulatory requirements. The financial technology platform offering Brokerage-as-a-Service has partnered with Sharegain to allow online brokers to seamlessly integrate the strengths and full suite of capabilities of both Sharegain and DriveWealth’s platforms for a more efficient, end-to-end experience. DriveWealth’s platform and APIs manage everything from execution and clearing to custody, instrument screening, pricing and more, delivering value across the entire investment process. DriveWealth integrated with multiple EMS and telecoms Last week, the fintech provider announced the integration with multiple execution management system (EMS) platforms, including Bloomberg EMSX, LSEG Autex, and TRAFiX. DriveWealth also added improved support for partners who leverage telecommunications providers, including TNS, BT Group, and Pico, to better establish and facilitate low-latency and point-to-point connectivity to DriveWealth’s infrastructure hosted in Secaucus, New Jersey. Expanded EMS integrations and telecom support will reduce integration times for broker-dealers and enhance trading capabilities and market access. DriveWealth is collaborating with EMS providers to enable its partners to access features such as fractional trading, auction orders, algorithmic orders, and 24-hour trading capabilities. With these integrations, institutional broker-dealers can connect with DriveWealth’s platform and benefit from streamlined trade booking, reduced integration times, and seamless access to advanced features. DriveWealth onboards clients in under 30 days The company has reported rapid adoption recently in Korea with the onboarding of nearly ten broker-dealers, including NH Investment & Securities. According to DriveWealth, several newly onboarded firms completed setup in under 30 days, which represents a 67% reduction from the usual 90-day timeframe. DriveWealth offers patented fractional trading and Brokerage-as-a-Service API technologies, as well as a fully featured institutional trading capability that includes order routing, clearing, custody, stock loan, enhanced liquidity, and NYSE Floor execution. DriveWealth deployed 24/5 trading, options, and new system The recent moves comes on the heels of the appointment of Venu Palaparthi as Chief Operating Officer to oversee the Brokerage-as-a-Service platform’s risk and compliance functions, in addition to lending his strategic expertise to the company’s ongoing international expansion. DriveWealth also promoted Jason Pizzorusso as President, Marcus Anthony as Chief Financial Officer, and Emily Ellis as Chief People Officer. The firm also hired former Morgan Stanley leaders, Kyla Murphy as Chief Product Officer and Lauren Veisz as Head of Operations. Earlier this year, the “Brokerage-as-a-Service” platform partnered with Blue Ocean Technologies, LLC (BOT) to expand real-time access and connectivity for global brokers. As part of the agreement, DriveWealth will provide its global B2B partners extended real-time access to equities trading and trading data on the Blue Ocean ATS platform from 8 p.m. – 4 a.m., US ET. Blue Ocean will also grow its connectivity among the DriveWealth markets in Asia-Pacific and other global regions. DriveWealth recently launched options trading in its embedded finance platform used by hundreds of partners around the world. By enabling access to trade options against stock and ETF securities through its API, the global fintech and pioneer in fractional investing is addressing the growing demand for options products at a time of market uncertainty and volatility. The renowned fintech leverages an ultra-low latency proprietary trading system powered by Adaptive Financial Consulting. The fintech giant ordered the new trading system from Adaptive to address the increased demand in its retail brokerage business and respond to requests from a growing number of fintechs who are looking to add U.S. equity markets trading capabilities. The Adaptive-DriveWealth partnership has resulted in a well-functioning and ultra-low latency OMS built on top of the open source Aeron Transport and Aeron Cluster solutions.

Kraken has appointed Stephanie Lemmerman as Chief Financial Officer, set to replace current CFO Carrie Dolan who announced her intention to step down earlier this year. Bringing extensive financial leadership experience from her previous role as CFO at Dapper Labs, the newly appointed CFO will take the reins at a company with over $1 billion net revenue. Kraken clarified that Stephanie Lemmerman will maintain a relationship with Dapper Labs as she will be stepping into a board position. “I recognize that Kraken is at a key inflection point in its history” Arjun Sethi, Co-CEO at Kraken, said, “Stephanie has deep expertise across fintech, gaming, and consumer crypto at scale. She’s one of the best financial and operations thinkers I’ve met in a long time. As we continue on our path of growth, I look forward to partnering with her to build more bridges into the world of crypto rails, and between traditional finance and decentralized financial technology.” Dave Ripley, Co-CEO at Kraken, added, “Stephanie coming on board is a part of our commitment to charting a path to one day become a public company. She brings a powerful combination of financial leadership and a deep understanding of finance functions, both of which will be critical for our future plans.” Stephanie Lemmerman, Chief Financial Officer at Kraken, said: “I recognize that Kraken is at a key inflection point in its history. There’s just such an amazing opportunity ahead given where the crypto industry is right now. I truly believe in Kraken’s mission of financial freedom and inclusion and I couldn’t be more excited to join the team and help write our next chapter.” Throughout her career, she also served as CFO at Recharge Payments and EVP of Finance at Headspace. She spent 7 years at Activision Blizzard in roles overseeing global teams in Corporate Planning and Accounting. Kraken announced Arjun Sethi as co-CEO Earlier this week, Kraken announced the appointment of Arjun Sethi as co-CEO of the leading crypto exchange, offering spot trading with margin, parachain auctions, staking, regulated derivatives, and index services under one roof. Serving alongside David Ripley, who will become co-CEO, the two will reportedly lead Kraken to deliver on its mission: to accelerate global adoption of crypto so that everyone can achieve true financial freedom and inclusion. Besides being the new co-CEO of Kraken, Arjun Sethi also serves as Co-Founder and Chairman of Tribe Capital and is widely recognized as one of the top early-stage venture investors in Silicon Valley. Notable investments include xAI, Rippling, Applied Intuition, Slack, Gusto, Swarm, and Carta. Sethi is also a successful two-time founder who joined Yahoo’s executive team, where he led data and analytics teams and ran mobile and emerging products. Kraken launched BMA-regulated derivatives venue in Bermuda Earlier this month, Kraken launched a regulated derivatives venue in Bermuda, having secured a BMA license in the jurisdiction to provide a crypto derivatives trading offering to users. From Bermuda, Kraken will initially offer perpetual and fixed maturity futures against a diverse range of collateral options, including fiat currency and more than thirty cryptocurrencies. Licensed by the Bermuda Monetary Authority, Kraken will offer derivatives trading round-the-clock covering more than 200 different contracts. Clients in eligible jurisdictions will have access to the BMA-licensed venue via Kraken’s high-performance APIs as well as web and mobile platforms. Kraken leverages Copper.io to bypass blockchain and network fees Kraken recently partnered with Copper to provide off-venue settlement for institutional clients. Through ClearLoop, Copper enables clients to delegate funds and trade virtual balances on exchange, with settlements occurring on Copper’s infrastructure. ClearLoop’s exchange network includes eleven live exchanges: Kraken MTF, OKX, BYBIT, Deribit, BIT, Gate.io, BITFINEX, Bitget, PowerTrade, Bitstamp, and Bitmart. Institutional clients can trade on Kraken MTF using ClearLoop, providing clients with access to a crypto derivatives venue that trades round-the-clock, and enabling them to effectively manage risk and hedge their positions in a derivatives market that operates 24/7/365. ClearLoop empowers institutional investors by allowing them to delegate assets instantly, improving capital efficiency and streamlining the process, making collateral more agile and responsive to market dynamics. Trades settle directly on Copper’s infrastructure, bypassing the blockchain level and the corresponding network fees. ClearLoop provides secure and efficient collateral management with optimized operational workflows.

The Financial Commission today announced the dismissal of DeltaFX from its membership a result of a breach of the broker’s contractual obligations. The membership status of DeltaFX was terminated due to failure to adhere to membership rules and after it was given numerous opportunities to rectify its shortfalls, as stated in a FinaCom statement. DeltaFX was expelled from the Financial Commission effective October 31, 2024, following “repeated notices of violation of Financial Commission Rules and Guidelines.” As such, the commission noted that it will not be able to process any new complaints from DeltaFX clients, following its expulsion from its roster as of the date of this announcement and moving forward, or until membership is approved again. “DeltaFX clients will not be eligible for reimbursement from the Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by our Dispute Resolution Committee. The Financial Commission notes that it will not be able to process any new complaints from DeltaFX clients’, following its expulsion from the Financial Commission as of the date of this announcement and moving forward,” the statement reads. FinaCom doesn’t process complaints for non-members DeltaFX had been a member of the Financial Commission since 2018. Traders of a company with this membership status can be eligible for compensation of up to €20,000 per complaint, as well as having access to all dispute resolution services offered by the commission. All clients of member companies are protected by the Compensation Fund, which acts as an insurance policy. In cases when complaints are filed against a member firm, the Financial Commission uses a proven method to process complaints and a decision is delivered by the Dispute Resolution Committee (DRC). The Financial Commission cannot process complaints against non-members, and no further action is taken. The Financial Commission has been actively expanding its list of members in recent months. The expulsion of DeltaFX from membership is an important step as it adds credibility to the Financial Commission and encourages companies that are already members to adhere to the highest standards of operation. In addition to providing dispute resolution and certification services to the participants of the Forex and derivatives markets, the Financial Commission extends its coverage to the crypto community and blockchain startups.

Nishad Singh, former FTX director of engineering and a close associate of Sam Bankman-Fried, received a “time served” sentence on Wednesday, sparing him prison time. U.S. District Judge Lewis Kaplan also ordered Singh to pay $11 billion in restitution. Singh, 29, is the fourth FTX executive to be sentenced for involvement in the crypto exchange’s collapse, but his extensive cooperation with prosecutors helped him avoid a prison term. The court filing describes Singh as a “selfless individual” and claims that his involvement in the conspiracy occurred just two months before FTX’s collapse. Following the company’s bankruptcy, Singh voluntarily flew to New York to assist authorities. His cooperation provided critical evidence that helped secure convictions for Bankman-Fried and Salame. Singh’s sentence contrasts with those of his former colleagues. Bankman-Fried, the mastermind behind the fraud, was sentenced to 25 years in March. Ex-Alameda Research CEO Caroline Ellison received a two-year sentence, reduced significantly due to her cooperation with prosecutors. Ryan Salame, former CEO of FTX Digital Markets, recently began a 7.5-year sentence, having declined to testify against Bankman-Fried. Judge Kaplan highlighted Singh’s lesser role in the fraud, noting that Singh was not deeply involved until late in the company’s unraveling. Despite discovering FTX’s $8 billion deficit two months before the company’s collapse, Singh went ahead with a personal purchase of a $3.7 million estate, a move his attorney, Andrew Goldstein, described as a “deep mistake.” Singh, however, quickly cooperated with authorities after FTX’s downfall, testifying against Bankman-Fried and providing information on crimes unknown to investigators. The courtroom was packed with Singh’s family, including his fiancée Claire Watanabe, while Judge Kaplan personally addressed Singh’s parents, speaking empathetically from his perspective. Singh testified that he confronted Bankman-Fried about Alameda Research’s financial situation and the $13 billion in borrowed funds that Alameda couldn’t repay. Bankman-Fried acknowledged they were “a little short on deliverables,” which left Singh feeling “blindsided and horrified.” Wang testified that, under Bankman-Fried’s direction, Alameda Research was allowed to withdraw funds even if its account had a negative balance. This revelation was part of the evidence that contributed to Bankman-Fried’s conviction.

Broadridge has announced the launch of ClearFi, a new digital asset information platform for financial intermediaries to comply with regulatory guidelines. The new suite of products is designed to help broker-dealers, exchanges, and wallet providers operating within the Digital Asset space to get ahead of current and emerging disclosure regulations. By providing their clients and participants with useful on-chain and off-chain information about digital assets, including cryptocurrencies, stablecoins, and DeFi innovations, financial intermediaries can better comply with the rules and regulations set by regulatory authorities and elected officials. ClearFi aggregates both on- and off-chain data A recent survey by Broadridge highlighted that investors often struggle to access essential on- and off-chain information. Many want clearer ways to evaluate digital assets, and client discussions revealed a strong demand for standardized, tailored information to meet the requirements of evolving regulatory frameworks. ClearFi aims to address such challenges and needs. The solution aggregates both on- and off-chain data to give investors a full digital asset profile, covering aspects like technology, tokenomics, governance, and purpose, with near real-time updates. Since digital assets often lack traditional “issuers,” ClearFi integrates on-chain data with insights from hundreds of trusted off-chain sources. This information is organized into a standardized taxonomy, enabling exchanges, brokers, and asset managers to enhance investor understanding. This pioneering taxonomy fosters digital asset literacy, helping users evaluate, compare, and learn about assets. It also supports intermediaries in complying with emerging regulations, such as Canada and the UK’s Know-Your-Product rules and MiCA Whitepaper requirements. “So that everyday investors have information to know what their investment products are” Rob Krugman, Chief Digital Officer at Broadridge, said: “Exchanges, broker-dealers, wallet providers, regulators, and elected officials are all eager to ensure that everyday investors have information to know what their investment products are. By working with industry partners throughout the process, we’ve created a platform that helps investors and advisers quickly access better understand, and monitor their digital asset investing.” German Soto Sanchez, Chief Product and Strategy Officer at Broadridge, said: “The introduction of ClearFi demonstrates Broadridge’s continued leadership and innovation in improving disclosure as investing democratizes across economies.”

Nexo transitions from crypto lending to a full-fledged digital asset wealth platform, unveiling a strategic rebrand designed to meet the evolving needs of modern investors. Nexo, a prominent player in digital assets, has revealed a significant rebranding and platform redesign, expanding its offerings beyond crypto lending to establish itself as a comprehensive digital asset wealth platform. Announced on Bitcoin Whitepaper Day, the rebranding reflects Nexo’s broader vision to support investors in building, preserving, and accessing wealth through digital assets.   Following extensive client research spanning 20 months, with insights from 5,000 users in 23 countries, Nexo’s enhanced platform introduces a new logo, updated website, and a more intuitive user interface. This change responds to growing demand for flexible, high-quality digital asset services, enabling investors who recognize the potential of cryptocurrency as a long-term investment vehicle to manage their wealth seamlessly.   Adapting to the Changing Crypto Landscape “Our ‘Wealth Forward’ philosophy positions us as the first major crypto company to make a strategic move to a comprehensive digital asset wealth platform. We focus on providing independent, savvy investors with smarter and more flexible ways to grow and access their wealth in the digital asset space,” said Kosta Kantchev, Co-founder and Executive Chairman of Nexo. The digital asset industry has evolved rapidly, moving from niche interest to a significant sector within finance. Recent advancements, such as Bitcoin spot ETFs, have reinforced this trend. Currently, 65% of institutional investors are prepared to enter the digital asset market, while 72% of retail investors view crypto as essential for wealth creation.   Nexo has maintained a strong presence in this evolving market. With a reliable business model and a wide range of services, Nexo has gained trust among both retail and institutional investors in over 200 regions. Processing more than $320 billion in transactions, issuing $8 billion in crypto credit, and paying out $945 million in interest, Nexo’s success paves the way for its continued focus on shaping digital wealth management. A New Brand Identity for a New Chapter The new brand identity reflects Nexo’s refined focus on fostering the next generation of digital wealth. The updated logo and design elements symbolize the company’s commitment to client growth, innovation, and flexibility. A central theme of resilience is represented by a spiral, alluding to adaptability and human growth, while precise, diagonal patterns symbolize the potential for exponential growth in the digital asset sector.   Inspired by its clients’ dynamic lifestyles, the rebrand merges soft tones like grey and beige with energizing greens to represent both opportunity and security. The design’s fluid lines and structured elements signify Nexo’s dedication to stability and innovative wealth solutions. “Our new visual identity mirrors Nexo’s evolution into a sophisticated digital assets wealth platform,” said Elitsa Taskova, CPO of Nexo. “Going forward, we are focusing on hyper-personalized, white-glove service, offering autonomy and flexibility within an intuitive product suite with the tools and expertise to help you thrive. As digital assets merge with traditional investments, Nexo stands ready to guide you, providing compliant opportunities for growth and long-term value.“ A Comprehensive Suite for the Strategic Investor Nexo’s 360° platform, developed from insights collected over 20 months, aligns with investor demand for digital wealth solutions. A recent survey of 5,000 users across 23 countries showed that 67.9% of high-net-worth clients view digital assets as a long-term wealth option, with 69% of Bitcoin holders regarding it as a secure store of value. These findings indicate a rising preference for digital tools among investors seeking seamless access to their assets. Nexo’s product suite includes:   – Growing Savings: Offering both flexible and fixed-term yield generation options, Dual Investment, and 24/7 access across devices. – Managing Assets: Crypto-backed credit lines, access to 1,500 market pairs, Futures trading, Target Price Swaps, and advanced analytics for alternative growth avenues. – Spending Options: Easy access to funds with the Nexo Card for seamless transactions. To support its clientele further, Nexo offers tiered loyalty rewards, exclusive services for high-net-worth clients, and 24/7 support.   Looking ahead, Nexo is focused on expanding its platform’s capabilities, enhancing compliance and security to foster stable, long-term growth. With strategic partnerships and international growth on the horizon, Nexo is solidifying its role as a leader in digital asset wealth solutions.   For more on Nexo’s ‘Wealth Forward’ strategy, visit Nexo. About Nexo Nexo is a leading digital asset wealth platform dedicated to helping clients grow, manage, and secure their cryptocurrency investments. Our mission is to shape the future of wealth by offering client-focused solutions that build long-term value. Nexo’s platform provides 24/7 support, ensuring that client prosperity is at the forefront of our service. Founded in 2018, Nexo operates across more than 200 jurisdictions, delivering innovative financial solutions to forward-thinking investors worldwide. Our comprehensive platform combines high yields on both flexible and fixed-term savings, crypto-backed loans, advanced trading options, and liquidity solutions, including the industry’s first debit and credit crypto card. Supported by extensive industry expertise, a sustainable business model, and global licensing, Nexo prioritizes innovation, security, and enduring financial success.

A recent study by the Ontario Securities Commission (OSC) found that ESG ratings were one of the most important attributes influencing investor preferences when selecting investment funds—second only to a fund’s past performance. The report comes at a time of surging popularity of environmental, social, and governance (ESG) among retail investors, but the paper also highlights challenges retail investors face in evaluating the ESG components of investment funds. Retail investors challenged by blurred lines in ESG ratings When evaluating the ESG component of investment funds, investors were challenged by the lack of standardized definitions and measurements of ESG factors and the differences in rating and ranking variables. Still, the strength and format of the ESG ratings (letter grade and number of stars) greatly influenced the choices of retail investors. According to the OSC announcement, some of the key findings of the experiment included: The ESG rating stood out as one of the most important attributes influencing consumer choice — second only to a fund’s past performance. Star-rated funds had more positive influence on fund selection than letter-rated funds. The absence of an ESG rating was preferred to some ESG ratings, suggesting that there is a threshold at which ESG ratings transition from a motivating factor to a deterrent. Two segments of investors were identified: those who are values driven and those who are financially driven. “The OSC is concerned about this lack of transparency and clarity around ESG ratings” Leslie Byberg, Executive Vice President, Strategic Regulation at the OSC, said: “ESG factors continue to have a significant influence on financial decision-making, despite the difficulties investors have assessing the different factors that contribute to ratings and rankings. The OSC is concerned about this lack of transparency, and clarity around ESG ratings will help investors make more informed decisions.” The research suggests that standardizing ESG ratings and enhancing clarity will help investors evaluate these investments more effectively. Educating retail investors on ESG investing can enable them to distinguish between risks, potential impact, and recognize greenwashing signs. Additionally, providing financial advisors with ESG training will improve their ability to support clients.

Crypto.com expands its offerings by acquiring Watchdog Capital, an SEC-registered broker-dealer, broadening access to equities and options for eligible U.S. traders. Crypto.com has acquired Watchdog Capital, LLC, an SEC-registered broker-dealer and FINRA and SIPC member. This strategic move allows Crypto.com’s newly integrated subsidiary to provide eligible U.S. traders access to equities and equity options, further enhancing its range of financial services. “We are aggressively working towards integrating traditional financial tools with digital financial capabilities and are doing so while maintaining our focus on building responsibly with the necessary licenses and registrations to operate as the industry’s leader.” said Kris Marszalek, CEO of Crypto.com. “We are extremely confident in the future of the U.S. market as we see growing bipartisan support for our industry. This acquisition furthers the capabilities of the Crypto.com family of companies through a fully registered broker dealer.” The acquisition enables Crypto.com to broaden its offerings in the U.S., allowing users to participate in stock and options markets. Details on the availability and onboarding for these new trading services will soon be provided to eligible users of the platform.  “Consumers and traders want to engage in the digital-first trading environment of today’s comprehensive market,” said Travis McGhee, Managing Director, Global Head of Capital Markets of Crypto.com. “With this latest acquisition, we take another big step forward in offering a top-tier global financial trading and services solution.” Crypto.com has reached several milestones, including launching UpDown Options, a CFTC-regulated crypto derivatives product; adding PayPal as a payment option; introducing global retail services with Standard Chartered; and making its Crypto.com Exchange the top USD-supporting exchange globally. About Crypto.com Established in 2016, Crypto.com serves over 100 million customers globally, standing out as a leader in regulatory compliance, security, and privacy within the cryptocurrency industry. Driven by the vision of “Cryptocurrency in Every Wallet,” Crypto.com is dedicated to advancing cryptocurrency adoption through continuous innovation. Discover more at Crypto.com.

The Trading Pit has integrated NinjaTrader platform into its Prime Futures Challenges, alongside the advanced capabilities of Tradovate and TradingView. The prop trading firm partnered with NinjaTrader after listening to trader feedback, which has shown great enthusiasm for the NinjaTrader platform This collaboration should enhance the trading experience at The Trading Pit by offering cutting-edge tools that provide precision, efficiency, and control to funded futures traders. Additionally, with the NinjaTrader integration, the prop trading firm is set to expand its global reach into key markets, including the UK, Canada, and the United States. The Trading Pit features TradingView, Tradovate, and now NinjaTrader Combined with Tradovate’s commission-free futures trading and TradingView’s powerful charting and analysis tools, this partnership marks the beginning of a new chapter for The Trading Pit, where innovation seamlessly blends with trader-focused solutions. Daniela Egli, CEO of The Trading Pit, said: “In addition to NinjaTrader, traders will enjoy seamless access to the Tradovate Trading platform, all with the same user account. We are also pleased to offer the TradingView add-on for free to all our customers, enhancing their analytical capabilities at no extra cost.” By offering NinjaTrader with its Prime Futures Challenges, The Trading Pit provides prop traders with the precision and control needed to excel in the competitive futures market. The Trading Pit is headquartered in Liechtenstein and has offices in Spain and Cyprus. The firm empowers them to enhance their strategies while earning up to 80% of their simulated profits. The Trading Pit also offers Prime Programs for CFDs It was in August that The Trading Pit launched its Prime Programs for CFDs and futures to respond directly to feedback from its trading community, providing traders at all levels with flexibility, and higher and more customized options. The Prime CFDs Program includes features such as the ability to withdraw profits over $100 without needing to meet a profit target, and withdrawals can be requested every 14 days. The program also offers an 80% profit share across all Prime Challenges, with the option to choose between 1-Phase and 2-Phase Challenges. One of the key offerings is the CFD Prime 100K Challenge, priced at $569. The program also includes a Prime Scaling Plan that increases account balances by 25% every quarter for consistent traders. The Prime Futures Program is tailored specifically for futures traders, offering a payout structure based on profits across multiple trading days, a daily pause instead of an immediate breach, and an end-of-day balance trailing maximum drawdown. This program is also competitively priced, with lower initial challenge costs and an 80% profit share. Proprietary trading, commonly known as “Prop Trading,” is when a firm’s traders use the company’s own money to make trades instead of executing trades on behalf of clients. This model benefits traders by giving them access to a higher capital than their personal actual balance allow. The Trading Pit is not alone in this venture. The broker is part of a growing list of firms that have launched a prop firm or funded trader program. Notable names in the FX industry such as IC Markets, Axi, Oanda, and Hantec Markets have already embarked on similar paths, alongside smaller entities like Raise FX and YaMarkets.

Robinhood reported its third-quarter results, which show a continued appetite for crypto trading among retail investors, despite a decline in overall trading volumes throughout 2024. The platform’s crypto trading volumes reached $14.4 billion, up a 112% year-over-year but down from $21.5 billion in Q2 and $36 billion in Q1, reflecting a broader trend of slowing activity in crypto markets. Transaction-based revenue jumped 72% from last year to $319 million. The breakdown includes a 165% surge in crypto trading revenue to $61 million, alongside gains in options trading at $202 million (up 63%) and equities at $37 million (up 37%). However, crypto revenues saw a slight decline from Q2’s $81 million, aligning with the pullback in trading volumes. Robinhood’s Assets Under Custody (AUC) climbed 76% year-over-year to $152.2 billion, boosted by steady deposits and higher stock and crypto valuations. AUC encompasses all user-held equities, options, cryptocurrencies, and cash, less any user-owed receivables. The company turned a profit, reporting $0.17 earnings per share for the quarter, a reversal from last year’s loss of $0.09 per share, though its $637 million revenue fell short of the expected $650.67 million. CFO Jason Warnick highlighted the year’s momentum: “Q3 was another strong quarter, as we drove 36% year-over-year revenue growth… We entered 2024 with the goal of delivering another year of profitable growth.” Robinhood has also expanded its offerings, recently adding support for bitcoin and ether futures and introducing event contracts that allow users to bet on the upcoming U.S. presidential election. The discount broker will let users place bets on the outcome of the upcoming election between Vice President Kamala Harris and former President Donald Trump. The rollout begins with a limited number of users, with eligibility restricted to U.S. citizens. These event contracts enable users to speculate on specific outcomes, like elections or economic policy decisions, through derivatives trading—an increasingly popular but high-risk option that doesn’t involve owning the underlying assets.  

Given the strength of the aforementioned support zone, oversold weekly Stochastic and the strongly bearish Pound Sterling sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8430.   – EURGBP reversed from strong support zone – Likely to rise to resistance level 0.8430 EURGBP currency pair recently reversed up from the strong support zone located between the strong long-term support level 0.8300 (which has been reversing the pair from the start of 2021, as you can see from the weekly EURGBP chart below), lower weekly Bollinger Band and the support trendline of the weekly down channel from September. The upward reversal from this support zone is likely to form the weekly Japanese candlesticks reversal pattern Morning Star – strong buy signal for this currency pair. Given the strength of the aforementioned support zone, oversold weekly Stochastic and the strongly bearish Pound Sterling sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8430. EURGBP Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Finery Markets has partnered with 1Konto, a provider of institutional-grade on/off ramps, deep liquidity, and global settlements, amid rising institutional interest in digital assets. Institutional trading volume has posted double-digit growth for nine consecutive months, with the over-the-counter (OTC) crypto market experiencing an 89% year-over-year increase, according to an analysis by the leading OTC crypto ECN. 1Konto to offer quotes for Finery Markets clients 1Konto is a leading OTC liquidity provider, offering institutions seamless on/off ramp solutions for stablecoins, fiat currencies, BTC, ETH, and select altcoins. Its flagship platform, 1KPrime, offers access to deep liquidity, best price execution, and streamlined trading and settlement. In addition to trading, 1Konto offers Bitcoin-backed loans with no rehypothecation, ensuring assets are securely held in bank custody. 1Konto has integrated Finery Markets’ technology to address the increasing demand for robust OTC crypto trading solutions. This integration will enable 1Konto to offer quotes for users of FM Marketplace, FM Liquidity Match, and FM Whitelabel across 50 digital assets and top 5 fiat currencies. “OTC trading setup proves more efficient for institutional trades” Konstantin Shulga, CEO of Finery Markets, stated: “We are excited to welcome 1Konto to our ECN. This partnership will provide significant value to institutional players globally by offering access to deep liquidity and competitive pricing. In many instances, the OTC trading setup proves more efficient for institutional trades, and with 1Konto’s on-ramp/off-ramp capabilities, this offering becomes particularly appealing.” Edwin Handschuh, CEO of 1Konto, said: “We are excited to partner with Finery Markets and leverage their advanced ECN technology to enhance liquidity across digital assets and fiat currencies. This collaboration enables us to provide institutional clients with transparent, efficient trading solutions, addressing counterparty risk and streamlining operations. By joining forces, we contribute to a more resilient trading environment, offering tighter spreads and improved market efficiency to institutional investors worldwide.”     About Finery Markets Finery Markets, the premier non-custodial crypto ECN, provides cutting-edge trading infrastructure for institutional players in over 35 countries. We seamlessly connect clients across North America, Europe, Asia, LatAm, and Africa. Finery Markets offers the first hybrid, crypto-native ECN that allows trading through an aggregated order book or RFQ. Since our launch in 2019, we have been growing our ecosystem, serving 100+ digital asset clients, including payment providers, brokers, OTC desks, hedge funds, and custodians. We connect digital asset players by offering them effortless connectivity to an extensive network of partners. Our services enhance capital efficiency, ensure optimal execution, assist in risk management, and simplify settlement processes. Finery Markets is the first crypto ECN to receive the SOC 2 Type 1 certification. In 2024, Finery Markets was selected as one of the top 50 rising stars in the Deloitte Technology Fast 50 competition. Finery Markets hosts “The Flow” a C-level institutional crypto podcast that explores the development of the digital assets market structure. For more information, please email info@finerymarkets.com.