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Cryptocurrencyexchange Bitget has inked a new partnership with Spain's top-tier footballleague, LALIGA, becoming its official crypto partner for Eastern, SoutheastAsian, and Latin American regions. The collaboration, unveiled at the Token2049event in Singapore, marks Bitget's move into the sports sector across emergingmarkets.Bitget Secures OfficialCrypto Partnership with LALIGA Themulti-million dollar agreement grants Bitget extensive exposure to LALIGA'smassive global fanbase, while the football organization stands to benefit fromcomprehensive Web3 solutions. This partnership aligns with Bitget's "MakeIt Count" philosophy, which emphasizes achieving greatness throughperseverance and positive passion.LALIGA,known for attracting top-tier talent like Mbappé, Vinícius Jr, and Lewandowski,has been at the forefront of technological innovation in sports. The league haspreviously implemented AI, VR, Big Data, and machine learning to enhance gamestrategies and performance analysis."Overthe last decade, digitalization and innovation have been among LALIGA'spriorities,” Javier Tebas, president of LALIGA, commented on the partnership. “Lastseason, we made this a priority under the umbrella of our New Era, whichemphasized technology: we want to be pioneers and we are committed to it."Thepartnership coincides with Bitget celebrating its sixth anniversary andreaching 45 million users worldwide. For comparison, just a year ago, thisfigure was nearly 15 million. The exchange also announced that it has becomeone of the top four in terms of trading volume. In themeantime, theBigget Wallet app surpassed 12 million users, and announced the integrationof Web2 platforms, including Google Pay and Apple Pay."Partneringwith LALIGA allows us to accelerate the growth of crypto in sports, bringingnew opportunities for fans and athletes alike,” Gracy Chen, CEO at Bitget, added. “Webelieve this collaboration will enhance the experience for over a billionpeople as it sets a path for broader adoption of Web3 in emergingmarkets."Bitget Expands SportsCollaborationsBitget, acryptocurrency platform based in Seychelles, is no stranger to sportspartnerships, having teamed up with prominent figures in the past. InOctober 2022, the platform announced soccer legend LionelMessi as one of its ambassadors, marking a significant step in leveragingsports figures to enhance its brand visibility.This year, Bitgetextended its MakeItCount campaign by partnering with Turkish athletes BuseTosun Çavuşoğlu from the wrestling team, Samet Gümüş from the boxing team, andİlkin Aydın from the volleyball team. Originally featuring Messi, the campaignaims to empower the Turkish user base of Bitget, illustrating the exchange'songoing commitment to integrating sports into its promotional activities.This article was written by Damian Chmiel at www.financemagnates.com.
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Zaid Aloul has landed a new role as GTN's ChiefCommercial Officer (CCO) for the Middle East. This appointment now places Aloulat the forefront of the company's expansion strategy and boosts the firm'sefforts to expand its operations in the region.Leading GTN's Middle Eastern ExpansionIn his new role, he will spearhead key commercial initiatives, such as launching new products andexpanding asset classes. According to the official announcement, his leadershipwill focus on increasing market share while strengthening GTN's relationshipswith local partners, brokers, and financial institutions.Aloul brings two decades of experience to theposition, with deep ties in the brokerage and wealth management sectors in theGulf Cooperation Council and Levant. The company mentioned that his extensive network of clientrelationships and his keen understanding of the market make him well-positionedto guide its growth.Speaking about the promotion, Damian Bunce, the CEO ofGTN Middle East, said: "This appointment is well deserved and recognizesZaid's importance to the company as well as his impact in theindustry. Zaid is a veteran in the brokerage and wealth management sectorsin the GCC and the Levant.""Over the last 20 years, he has cultivated a verywide set of client relationships, has excellent commercial acumen and uniquebusiness insights in the region. I wish him ongoing success for thefuture."Expanding Regional Presence Notably, GTN has steadily increased its presence inthe Middle East through new hires that fortify its foothold in the region. Witha focus on innovative trading and investment solutions, GTN aims to serve awide range of financial partners, from fintech firms to wealth managers.GTN offers investment and trading solutions to enablefinancial firms and fintech companies to offer global market access. With apresence in Dubai, Singapore, and London, GTN is supported by major strategicinvestors such as IFC and SBI Ventures.In another executive appointment, GTN onboarded AhmadAbouardini as the new Middle East Relationship Manager last month. Abouardinihas more than eight years of experience from Saxo Bank, where he oversawstrategic relationships and platform sales in the region.This article was written by Jared Kirui at www.financemagnates.com.
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Market data and technology solutions provider Barchart has partnered with SIGMA Financial AI to offer tradersand investors insights and tools to navigate the financial landscape. According to the official statement, thiscollaboration will merge Barchart’s market data with SIGMA’s AItechnology. By integrating SIGMA’s AI-driven analytics with Barchart’s dataresources, the partnership promises to enhance decision-making precision andmarket intelligence.Integration of AI and Market DataAs part of the partnership, SIGMA Financial AI willincorporate Barchart’s market data into its suite of machine learning tools.This integration will also enhance SIGMA’s ability to provide real-time, actionabletrading insights through its advanced AI algorithms. Additionally, SIGMA will collaborate with Barchart togenerate and publish specialized content on Barchart.com. This content willinclude in-depth market analyses, data-driven insights, and emerging trendspowered by SIGMA’s AI technology. The goal is to offer traders and investors valuableknowledge and perspectives that can significantly impact their tradingstrategies and investment decisions.Barchart provides market data and technology solutionsacross the financial, media, and commodity industries. Known for its innovativeapproach, Barchart supports clients with comprehensive data and analyticssolutions.Market Data and Technology SolutionsOn the other hand, SIGMA Financial AI specializes inAI-driven trading tools designed to offer real-time analytics and tradingopportunities. Its machine-learning product suite leverages scalable, ultra-lowlatency technology to deliver advanced insights and enhance trading strategies.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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In the world of prop trading, success is elusive for many. According to FPFX Tech's data, exclusively seen by Finance Magnates, a mere 7% of investors manage to turn a profit. Among those who do succeed, the average earnings are modest: just 4% of their allocated capital.Traders Use 2.2 Prop Firms on AverageProptrading is dominated by men, who make up 78% of all trader-fundedfirms (TFFs) clients. This type of investment is most popular among Gen Z and Millennials,who together account for over 60% of all clients.The datacomes from FPFX Tech, a fintech that specializes in providing technologysolutions for prop trading firms, offering software-as-a-service (SaaS)solutions. It covered a total of over 300,000 accounts belonging to 100,000 traders from 10 different prop trading companies.“Accordingto the data in the survey, 14% of traders passed the challenge and obtained afunded account. Of those, about 45% achieved a payout (7% of all traders) intheir funded account, with the average payout being 4% of the plan size (oraccount value),” Justin Hertzberg, one of the founders and CEO of FPFXTech, commented for Finance Magnates.How muchcan traders earn? Most often, these amounts oscillate around 4% of the fundedaccounts' size. If a prop investor gained access to an account worth $100,000,which is relatively large, they would typically earn $4,000.Consideringthat a single account spends an average of $800 on challenge purchasesthroughout its entire activity cycle, typically taking three different challenges,the average profits are not high at all. What is more, according to FPFX data, one in ten traders uses more than one prop firm. Information from 100,000 investors indicates that on average, they trade with 2.2 companies.The US Still Dominates theProp Trading MarketAlthoughmany prop trading firms do not offer their services to US clients, especiallyafter the MetaQuotes crackdown in February this year, American investors stillform the backbone of the industry.Accordingto FPFX Tech data, they account for 20% of all traders active in the industry.The UK ranks second (10%), followed by India (4%). The rest of the rankingconsists of several countries, including many from the Old Continent, whichhave a 2–3% market share.However, asHertzberg admits, there is currently dynamic growth in the number of investorsfrom Asia, Africa (mainly Kenya and Nigeria), LATAM, and Eastern Europeancountries. “Over the next 90–180 days, we expect to see significant growthrates out of the Middle East,” adds the CEO of FPFX Tech.He bases the forecasts on the planned launch of new operations in the company's pipeline, which are set to start later this year. As Hertzberg emphasizes, these operations focus on several countries in the Middle East that have not been targeted by other firms from the industry so far.Prop is the Futureof Retail TradingAsked forhis opinion on whether prop trading could be the direction in which the retailindustry will develop, Hertzberg predicts that it is its future.“Itshifts leverage concerns and risk management to the institution and away fromthe individual trader,” said Hertzberg. “This gives the trader agreater opportunity to achieve outsized results when compared to their ownpersonal buying power.”He predictsthat prop trading's popularity will grow, as will the technologies behind it, andFPFX Tech wants to “lead the charge” by developing new features forthe industry. Hertzbergis also convinced that the TFFs should be regulated, ensuring that operatorshave sufficient experience, net capital, compliance controls, defensiblemarketing, and appropriate disclosures in terms of how they operate. Regulatory actions this year already suggest the industry is heading in that direction. As exclusively reported by Finance Magnates, ESMA started discussions a few months ago on regulating prop trading. A similar view was expressed by CySEC Chair, Dr. George Theocharides, who stated that “prop trading will fall under robust regulation at some point.” At the same time, the Czech market watchdog…
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The UAE is quickly growing into a global technologyhub, capturing the attention of Asian tech professionals. A recent survey byCapital.com reveals that 81% of Asian tech experts view the UAEas an increasingly important tech destination. With nearly half expressing a willingness torelocate there, the UAE is surpassing traditional favorites like Germany andHong Kong in appeal.UAE's Growing Tech AppealThe survey, conducted across Singapore, Hong Kong,Vietnam, and India, highlights the UAE's attractive status in the techindustry. This emerging reputation is driving a noticeable shift in tech talentpreferences. The UAE's supportive government policies and favorablebusiness environment are key factors contributing to its growing appeal. 76% of respondents believe the UAE offers a conduciveenvironment for tech development.The region is now a prime relocation destination fortech professionals, competing closely with traditional tech hotspots such asSingapore and the UK. While 46% of respondents are eyeing Singapore and 57% theUK, the UAE's 45% is a noteworthy figure, indicating a significant rise in itsattractiveness.Commenting about the findings, Tarik Chebib, the CEOof Capital.com, Middle East, mentioned: "With 8 in 10 respondents from ourrecent survey recognizing the UAE as a competitive tech hub, it's clear thatthe region is gaining momentum as a favorable destination for techtalent.""Asia's tech professionals have traditionallygravitated to cities in the UK, the US, and Singapore to further their careers,so it's encouraging to see the UAE stand shoulder-to-shoulder with this cohortand get the recognition it deserves as an attractive location to live andwork." Government SupportThe survey also emphasized the critical role ofgovernment support in enhancing the UAE's tech industry profile. A staggering93% of respondents highlighted the importance of having a supportivegovernment, which aligns with the UAE's focused efforts to nurture its techecosystem. Key aspects such as advanced banking systems, visaprovisions, and high-quality healthcare are viewed positively by techprofessionals, further solidifying the UAE's position as a desirable relocationchoice.The potential for the UAE to attract and retain toptech talent is substantial. With 47% of respondents actively seekingrelocation, the UAE could be well-positioned to harness this interest and continueits trajectory as a leading tech destination.Early this year, Capital.com opened a new regional headquarters in the UAE. This initiative aligned with the firm's participationin the country's NextGenFDI initiative to attract digital businesses to the region.This article was written by Jared Kirui at www.financemagnates.com.
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Finalto is proud to announce that it has won in two categories at the UF Awards APAC 2024. The awards were presented at the UF Awards APAC 2024 ceremony which took place on 18 September in Bangkok. Finalto took home Best Multi-Asset Institutional Broker and Best CFD Liquidity Provider.The awards recognise ‘the institutional broker with the best multi-asset offering’ and a ‘provider that excels in offering exceptional liquidity services for CFD trading’, respectively.“We’re delighted to accept these awards, which recognise both Finalto’s role as a leading provider of liquidity and the quality and range of our products and services,’ Finalto Asia Regional CEO Alex MacKinnon says. “These awards are also a testament to the hard work we have put into establishing and growing our footprint in Asia, providing world-class support and liquidity to our clients in the APAC region.”Setting an industry benchmark The UF AWARDS, which recognise top in the online trading and fintech space, is designed to “provide traders and businesses with an industry benchmark of the best companies to trade and do business with.”This year’s UF Awards achievement continues Finalto’s run of recognition globally. The company was awarded Best B2B Liquidity Provider at last year’s UF Awards APAC. And in 2022, Finalto was named Best B2B Liquidity Provider (Prime of Prime) at the Finance Magnates London Summit Awards.“Rather than resting on our laurels, these awards motivate us to keep innovating, continually improving our technology and ensuring our offering meets our clients’ evolving needs, in the the markets in which we operate,” MacKinnon added.About FinaltoFinalto is an innovative prime brokerage that provides bespoke fintech and liquidity solutions. Our award-winning technology and expertise enable us to deliver effective, flexible service to a wide range of institutional clients globally, personalised to suit their needs. We deliver best-in-class pricing, execution and prime broker solutions across multiple assets, including CFDs and rolling spot FX, Equities, Precious and Base Metals, Commodities, Cryptos and bespoke products such as NDFs.This article was written by FM Contributors at www.financemagnates.com.
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XYO, a decentralized infrastructure and data sovereignty leader, and Upland, the premier immersive Web3 gaming platform, are excited to announce a strategic partnership to develop groundbreaking use cases for gamified virtual and real-world locations.As brands increasingly explore innovative Web3 models, they seek solutions offering seamlessly integrated physical presence with their digital ventures. XYO and Upland, both trailblazers in the Web3 space with extensive communities, are uniquely positioned to deliver these solutions.XYO's COIN app leverages crowd-sourced geospatial data verified by the XYO Network to reward users worldwide with digital assets. Meanwhile, Upland offers an expansive Web3 platform where users can own, trade, and develop virtual properties mapped to real-world addresses. Its recently launched utility token, SPARKLET, supports a broad range of creators in their world-building activities. This collaboration allows for a new level of interaction between physical and virtual spaces.Both companies will introduce the first features in their respective apps starting in October 2024. Users can participate in Learn & Earn campaigns in XYO’s COIN app, which will reward them in the app and Upland upon completion. “XYO’s upcoming 'Learn & Earn' initiative within the COIN App is a seamless extension of our mission to harness the power of location and other forms of data in the real world,” says Markus Levin, Co-founder of XYO. “With a network that has engaged over 8 million nodes, our partnership with Upland expands XYO’s ability to incentivize users to take control of and benefit from their data. Upland’s vast virtual property ecosystem aligns perfectly with XYO’s geospatial technology, empowering users to earn rewards as they explore and interact within digital and real-world environments. Together, we are bridging the gap between the physical and virtual world, unlocking new opportunities for participation and rewards through validated, location-based data and beyond.”“We’re thrilled to join forces with XYO to pioneer new ways for users to experience the convergence of the physical and virtual worlds,” says Dirk Lueth, Co-founder & Co-CEO of Uplandme, Inc. “This partnership will unlock powerful synergies between Upland’s expansive virtual ecosystem and XYO’s expertise in geospatial technology, empowering users to engage with real-world locations in innovative and meaningful ways.”Founded in 2018 and 2019 respectively, XYO and Upland have been pioneers in blending web2 and web3 technologies, adopting a “web5” approach with mobile-first solutions and streamlined user experiences. Their collaboration will introduce innovative cross-gamified experiences, starting with Upland being featured in COIN App’s upcoming “Learn & Earn” initiative, which rewards users for learning about and engaging with partners like Upland.About XYOXYO is a Decentralized Physical Infrastructure Network (DePIN) offering a comprehensive ecosystem of consumer software, developer tools, a decentralized network, and digital assets. XYO facilitates data aggregation, validation, and use, empowering participants with data sovereignty and rewarding them with the XYO token. The ecosystem supports applications in AI, metaverse environments, and data analytics with immutable blockchain data.About UplandUpland is an immersive Web3 gaming platform that maps virtual properties to real-world addresses, enabling true ownership and dynamic interaction within its digital economy. Through its utility token, $SPARKLET, Upland supports a vibrant entrepreneurial and creator ecosystem where users can buy, sell, trade, and develop assets. Available on iOS, Android, and the web, Upland is dedicated to creating one of the largest digital open economies for the metaverse.This article was written by FM Contributors at www.financemagnates.com.
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The DLT Science Foundation (DSF) has announced its supportfor the launch of the MiCA Crypto Alliance, which includes Hedera, Ripple, andAptos Foundation as founding members. This new association aims to facilitate compliance with theEuropean Union's Markets in Crypto-Assets (MiCA) regulation, set to take fulleffect by the end of this year.MiCA Demands Climate DisclosuresMiCA is designed to create a comprehensive regulatoryframework for the cryptocurrency market. It seeks to ensure transparency,consumer protection, and market integrity. The regulation includes strictdisclosure requirements, particularly concerning the climate impact of cryptooperations, which must be detailed in publicly accessible white papers andwebsite descriptions.Commenting on the launch of the Alliance, Paolo Tasca,Founder & Chairman of the DSF, said: " The sustainability disclosurerequirements contained within the regulation are designed to drive climateaccountability from projects operating within this space and encourage theresponsible development of these powerful technologies."However, MiCA does not provide a standard template for thesedisclosures, potentially leading to compliance issues for Crypto-Asset ServiceProviders (CASPs). The MiCA Crypto Alliance aims to address this bycoordinating compliance among blockchain projects and CASPs. The alliance willwork to standardize white paper content and sustainability metrics, aiming tosimplify regulatory adherence."In addition to delivering exceptional data andboosting interoperability across ecosystems, we believe that coordinatedefforts in standardising disclosure obligations are crucial for the long-termsuccess and credibility of Web3," added Bashar Lazaar, Head of Grants &Ecosystem at Aptos Foundation.Hedera, Ripple, Aptos SupportAs regulatory costs are expected to rise, with over a thirdof crypto hedge funds anticipating increased legal and compliance expenses, theMiCA Crypto Alliance provides resources to help mitigate these costs. Memberswill have access to compliance tools, expert advice, and networkingopportunities.Hedera will contribute expertise in sustainability metrics,Ripple will focus on regulatory compliance through transparency, and AptosFoundation will support blockchain security and scalability. The DSF will offerexclusive tools and resources to assist members in meeting MiCA requirementsand promoting high standards of compliance and sustainability within theindustry.Lauren Weymouth, Director, University Partnerships atRipple, said: "This is a unique opportunity to promote collaborationbetween the academic community and leaders in the digital assets space,supporting sustainability best practices and regulatory compliance."This article was written by Tareq Sikder at www.financemagnates.com.
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TradersWithEdge, a proprietary trading firm, has announcedthe return of the MetaTrader 5 (MT5) platform to its lineup of trading tools.The firm made this announcement through a social media post on X, stating,"MetaTrader 5 is Back at TradersWithEdge."TradersWithEdge Launches MT5MT5, known for its advanced features and user-friendlyinterface, is a popular trading platform. It offers a range of tools includingcomprehensive charting options, automated trading functions, and extensivemarket analysis capabilities. The reintroduction of MT5 is expected to improvethe trading experience for users of TradersWithEdge, catering to both beginnersand experienced traders.🚀 Metatrader 5 is Back at Traders With Edge! Get a 2-for-1 deal: Buy one challenge account and get another free! Offer valid on $25K-$100K accounts for both 1 and 2 Phase challenges. Limited time only! Use code MT5ISBACK or click here: https://t.co/22ViLGEMkI 🎉 pic.twitter.com/JXeIX7lGIr— Traders With Edge - Get Funded (@traderswithedge) September 16, 2024In addition to the platform's return, TradersWithEdge isoffering a limited-time promotion. The firm is providing a 2-for-1 deal onchallenge accounts for both 1 and 2 Phase challenges. This article was written by Tareq Sikder at www.financemagnates.com.
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Quarter 2 2024 Report: Key Takeaways and Market InsightsThe second quarter of 2024 has been a dynamic period for the forex and CFD trading industry. Our latest Quarter2 2024 Intelligence Report offers key insights into the performance of the market, regulatory shifts, and emerging trends. Here's a breakdown of the highlights:Retail FX/CFD Market PerformanceThe FX/CFD industry saw a substantial boost in activity. Average monthly volumes for all brokers surged from $13.14 trillion in Quarter 1 2024 to $15.73 trillion in Quarter 2 2024. This growth was largely driven by Exness, which reported record-breaking average monthly volumes of $5.01 trillion, and IC Markets posted a notable increase in volume, rising by over 30% to $1.38 trillion.Rise in Active AccountsThe total number of active accounts in the retail FX market reached 4.82 million in Quarter 2 2024, up from 4.59 million in the previous quarter. Exness continued to dominate, maintaining over 1.22 million active accounts. IC Markets followed closely, with 188,000 active accounts. This growth reflects increasing retail interest despite regulatory challenges.MT4/MT5 Platforms Dominate TradingMT4 and MT5 platforms remain integral to retail trading, accounting for over 83% of total retail FX volumes. Exness led with $5.01 trillion in monthly trading volumes exclusively through MT4/MT5 platforms, followed by IC Markets at $1.27 trillion. The rising preference for these platforms highlights their robust infrastructure and versatility in supporting retail and institutional clients.Geopolitical and regulatory shiftsNotably, the Financial Markets Authority (FMA) in New Zealand proposed leverage restrictions of 30:1 on CFDs, aligning with similar measures in Australia. This move aims to protect retail investors from excessive risk. Meanwhile, in the UAE, retail FX and CFD trading showed resilience, driven by the crypto boom and strong social recommendations.Industry sentiment and media coverageThe Finance Magnates Media Sentiment Index revealed a shift in focus from cryptocurrencies to commodities and forex. In Quarter 2 2024, media coverage of cryptocurrencies dropped to an all-time low of 54.5%, reflecting the fading excitement around Bitcoin. Meanwhile, coverage of commodities increased to 27.8%, with oil and gold attracting more attention.Top brokers and market leadersThe Quarter 2 2024 report revealed the top-performing brokers in the FX/CFD space. Exness once again led the charge, dominating both volumes and active accounts. IC Markets and IG Group also posted strong results, with IG Group surpassing the $1 trillion mark in monthly volumes for the first time. Meanwhile, the Finance Magnates FX/CFD Industry Performance Index rose by 15% during the quarter, led by CMC Markets, which saw a 50% jump in its share price.Technological Advancements in TradingThe report also highlighted the growing role of AI in enhancing trading platforms and compliance processes. For instance, the launch of FirstradeGPT, an AI-driven research tool, showcased the potential for AI to provide real-time insights and improve decision-making in retail trading.Unlock the full report for in-depth analysis.Want to dive deeper into these trends, uncover detailed performance metrics, and gain exclusive insights into the FX/CFD industry? Get the Finance Magnates Intelligence Report for Quarter 2 2024.This article was written by Finance Magnates Staff at www.financemagnates.com.
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AlexanderRoyle, a long-time expert in financial market regulations, announced today(Wednesday) that he is joining Cor Prime, a new crypto project he co-founded. The firmis part of the $1 billion investment company Deus X Capital and aims to provideprime brokerage services for the digital asset industry.Royleto Provide Regulatory Support for Cor PrimeFor thepast three years, Royle has been associated with the cryptocurrency firm GalaxyDigital, where he served as a Regulatory Advisor. Previously, he worked forMontis Digital and Archax, where he also shared his expertise in financialmarket law.Earlier inhis career, Royle spent over five years with two prominent European regulatorycommissions, the UK's Financial Conduct Authority (FCA) and the EuropeanSecurities and Markets Authority (ESMA). His experience gained from workingboth on the regulatory side and in the private sector will undoubtedly bevaluable in the newly established firm providing services in the rapidlydeveloping digital asset market."I'mhappy to share that I'm starting a new position as Co-founder and Chief RegulatoryOfficer at Cor Prime," Royle commented on his social media.The list of former regulators joining crypto companies is getting longer. At the same time, the US SEC is struggling to compete with the private sector and find experts for cryptocurrency positions within its organization.CorPrime by Deus X CapitalCor Primeis a newly launched digital assets prime broker unit, backed by the $1 billioninvestment company Deus X Capital. Tim Grant, the current head of Deus X, hasbeen appointed as CEO of the new project.The firm'slaunch was officially announced after Deus X successfully closed its first equity funding round. Moreover, the company has committed up to $100 millionof risk capital to the business.“Digitalasset markets are starved of the risk capital and we see a major opportunity tooxygenate this market by unlocking new sources of capital. Institutional investorsneed a safe, sensible investment opportunity backed by a next-generation risk paradigmthat they understand before they can enter new markets and help them grow, andthat is exactly what we will be launching with in 2025,” commented Grant.Cor Primewill offer principal and prime lending for institutional investors in thedigital asset space, pending regulatory approval. The company aims to attracthigh-quality institutional risk capital from various sources, includingsovereign wealth funds, pension funds, insurance companies, hedge funds, familyoffices, and crypto asset pools from foundations and miners.This article was written by Damian Chmiel at www.financemagnates.com.
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· Expansion includes Burkina Faso, Cameroon, Kenya, Ivory Coast, Ghana, Senegal, South Africa, Nigeria· Leveraging success in Latin America to provide underbanked populations in Africa with efficient payment functionsPayRetailers, the leading payment processor for Latin America, has today announced further expansion into Africa. With coverage now across 12 countries, the company offers a unified simple payment solution that will be a game changer for cross-border online merchants looking at Africa as their next move for strategic growth.PayRetailers offer a simple, user-friendly, and scalable experience to businesses looking to grow their regional operations and give them access to major local payment methods like MPESA, Airtel, and MTN. The further expansion includes Burkina Faso, Cameroon, Kenya, Ivory Coast, Ghana, Senegal, South Africa and Nigeria, having recently launched in Rwanda, Zambia, Uganda, and Tanzania three months ago. This expansion effort further solidifies PayRetailers’ ability to unlock new growth opportunities for their clients, giving them easyaccess to additional emerging markets. For existing clients, in fact, this process requires zero integration efforts, as it is all handled via the same API.With many populations across Africa being underbanked, PayRetailers accelerates financial inclusion across the region by supporting businesses with their growth journey. The market is increasingly mobile and connected, with global businesses seeking to tap into the strong growth opportunities across Africa.The expansion marks a significant milestone in PayRetailers’ ambitious growth plans, with further expansion planned into more African countries as well as Europe. Leveraging its extensive experience in Latin America, the company is well equipped to address the unique needs of African consumers and businesses.Jonathan Vintner, Global Head of Sales at PayRetailers, said: “Expanding into eight new markets marks a significant milestone for PayRetailers as we continue our mission to bring tailored payment solutions to diverse regions. Africa is a vibrant and varied continent, with payment preferences that differ from region to region. For example, our launch in Kenya enables merchants to access M-Pesa, the country's leading mobile money provider, while in South Africa, we're offering a blend of card and cash solutions to meet local demands. All of this is seamlessly integrated into our existing API, allowing merchants to access the top payment methods across Latin America and now Africa through a single connection—with more countries on the horizon”.About PayRetailersFounded in 2017, PayRetailers is a global payment processing solution for secure and efficient transactions in Latin America and Africa. The company is a trusted partner for businesses seeking customized payment solutions. With a flexible platform supported by a direct API and commercial agreements, PayRetailers provides access to 300+ local payment methods, adapting rapidly to market demands. Its own technological architecture is highly flexible and scalable, allowing rapid innovation to meet the demands of constantly evolving markets. For more information about PayRetailers, visit https://www.payretailers.comThis article was written by FM Contributors at www.financemagnates.com.
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Revolut Ltd., a London-based fintech company, is pursuingnew licenses to operate in the Middle East. The firm aims to broaden itspresence beyond its home market.Revolut has submitted applications to the Central Bank ofthe United Arab Emirates (UAE) to obtain a license as an electronic-moneyinstitution and to offer remittance services. The company intends to eventuallyapply for a full banking license in the UAE, similar to the one it recentlysecured in the UK, according to Bloomberg.Revolut Expands into UAERevolut has 9 million customers in the UK. Thecompany’s recent move into the UAE is part of a broader strategy to expandgeographically. Revolut has also entered markets in Mexico, Brazil, and NewZealand in recent months.The company established an office in the UAE in 2022 andcurrently employs 140 staff members in the Dubai International FinancialCenter. Many of these early employees were relocated from Revolut’s offices inUkraine due to the Russian invasion in 2022.Nik Storonsky, Revolut’s CEO, who frequently visits Dubai,has expressed long-term goals of expanding into the Gulf region. Until now, UAEresidents could not open accounts with Revolut due to the lack of necessarylicenses.Seeking Staff for UAE OfficeIn addition to the UAE, Revolut is exploring expansionopportunities in neighboring Saudi Arabia. Storonsky emphasized the company’sglobal ambitions at the Dubai Fintech Summit in May, stating, “We want to builda truly global bank.”Revolut is currently seeking to fill several positions inthe UAE, including a head of finance with at least 10 years of experience andknowledge of local tax regulations. The company is also looking for a head oflegal for the region and has open roles in compliance, engineering, crypto, andproduct.The UAE is a significant market for remittances and has alarge expatriate population compared to Emirati nationals, according to arecent Global Partnership for Financial Inclusion report.This article was written by Tareq Sikder at www.financemagnates.com.
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Vince De Castro has been appointed as the Chief MarketingOfficer at the Cyprus-based forex and CFD brokerage firm TopFX. De Castro waspreviously the CMO of OneRoyal before exiting to start a marketing agencyfocusing on driving sales.Remarkable Career Path Commenting about the new appointment, De Castro mentioned:“I’m excited to share that I’ve joined TopFX as Chief Marketing Officer. TopFXis strategically positioned in the forex industry, and I’m fortunate to beworking alongside a talented team committed to excellence. Looking forward towhat we’ll build together. Exciting days are ahead.”De Castro has a remarkable career background, having servedin top leadership roles at notable companies. Until 2022, he was the ChiefMarketing Officer at AlleoTech Ltd and also served in the same capacity atFXPRIMUS.Additionally, he has worked at Orbex, easyMarkets, and ITWorld Canada. At easyMarket De Castro moved from the role of SEM Manager,Global Marketing Manager, and later served as the Director of DigitalMarketing. At IT World Canada, he was the Executive Producer and later theBusiness Development Manager.Previous Leadership RolesIn 2022, OneRoyal appointed Vince De Castro as its Chief Marketing Officer. The official statement highlighted that his appointment came as the broker was opening new markets and expanding its global reach. OneRoyal was established in 2006 and operates with approval from regulators in Cyprus and Australia. The company is registered in Saint Vincent and the Grenadines and holds an offshore license from the Vanuatu Financial Services Commission.In April, TopFX expanded its reach in the Latin America market by appointing Nordine Mejd as the Director for the region. The firm’s retail offerings include CFDs on forex, indices, shares, metals, energies, ETFs, and cryptocurrencies. The company also focuses on institutional offerings.Mejd joined TopFX, having more than ten years of expertise in the financial services sector. Prior to this, he worked as the Chief Operating Officer at SEC Markets, a retail CFDs brokerage company based in Dubai and St Vincent and the Grenadines, where he dedicated nearly a year.This article was written by Jared Kirui at www.financemagnates.com.
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ATFX Connect, thetrading name of AT Global Markets (UK) Limited (“ATFX”), announces the additionof Non-Deliverable Forwards (“NDFs”) to its product portfolio.This additionaloffering will provide the company’s global client base with access to pricingand currency markets in Asia and LATAM.This significantaddition means that ATFX Connect, the institutional arm of AT Global Markets(UK) Limited, can provide its global customer base with enhanced liquidity andtransparency across a wider range of products. This reflects increasing demandfrom its clients for electronic trading capabilities in NDFs, and the abilityto automate and offer streaming prices, thus allowing clients to participatemore effectively in this space.Wei Qiang Zhang,the Managing Director of ATFX Connect, shared his excitement about the newaddition: "This is a testament to the firm’s unwavering commitment to ourglobal client base. By offering electronic pricing and access to NDFs, we aremeeting the evolving needs of our clients. Our focus on automation andreal-time streaming prices means greater liquidity and transparency andreflects our dedication to innovation and excellence in serving ourinstitutional clients."Theelectronification of NDFs has become key in the institutional market as demandfrom the Buy side has transitioned away from voice execution, and marketparticipants now seek a more automated approach, allowing for greater liquidityand transparency when trading. This launch shows ATFX Connect’s commitment tooffer clients more dynamic and systematic solutions and reflects its strongpartnerships with the LPs, who continue to support ATFX globally.Get in touch withthe ATFX Connect sales team to find out more at www.atfxconnect.comAbout ATFXConnectATFX Connect is atrading name of AT Global Markets (UK) Limited, which is authorised andregulated by the Financial Conduct Authority. ATFX Connect’s bespoke liquidityofferings are available to institutions, hedge funds, broker-to-broker, familyoffices, asset managers, and High-Net-Worth Individuals.ATFX Connectsupports institutional clients by providing them with direct market access toliquidity from T1 banks and non-bank providers in Spot FX, Precious Metals, andCFDs. In addition, the flexible infrastructure enables ATFX to manageaggregation and pricing and allows integration with any third-party platform.AT Global Markets(UK) Limited is part of the ATFX Group.This article was written by FM Contributors at www.financemagnates.com.
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TheAustralian Securities and Investments Commission (ASIC) has receivedexpanded regulatory powers as part of a reform of the country's financialmarket infrastructure (FMI) laws, aimed at bolstering stability and efficiencyin the Australian financial system. ASIC Gains Enhanced Powersin Australian Financial Market TheTreasury Laws Amendment Bill 2024, which received Royal Assent on September 17,introduces a suite of new measures designed to strengthen oversight of keyentities that facilitate trading in Australia's capital markets. These entitiesinclude financial market operators, benchmark administrators, clearing andsettlement facilities, and derivative trade repositories. "Thenew laws ensure we have a fit-for-purpose regulatory regime for criticalfinancial market infrastructure. These enhanced powers help ASIC ensure theAustralian financial system is supported by resilient, efficient, and stableFMIs,” Simone Constant, the ASIC Commissioner, commented.Keyprovisions of the bill include:Introductionof a crisis management and resolution regimeEnhancementof licensing, supervisory, and enforcement powers for ASIC and the Reserve Bankof Australia (RBA)Streamliningof roles and responsibilities between the Minister, ASIC, and the RBAThelegislation also clarifies the scope of the Australian licensing regime foroverseas markets and clearing and settlement facilities, while empowering ASICto establish rules promoting fair and effective service provision by licensedclearing and settlement facilities. "Weare reviewing our approach to the regulation and supervision of FMIs to ensurethat we make the most effective and efficient use of our expanded powers,"Constant added. "We will work closely with the RBA and industry to developand provide information and guidance on the use of our new powers across thismulti-year program of change." The reformsstem from recommendations made by the Council of Financial Regulators in July2020, addressing regulatory gaps identified in previous government reports andinternational reviews. ASIC has announced plans to update its regulatoryguidance to assist industry compliance with the enhanced framework, signaling aperiod of adjustment as the new regime takes effect.Last month,ASICinitiated a pilot program for a new digital portal designed to facilitatecompanies' applications for Australian Financial Services (AFS) licenses.Impact on FX/CFD BrokersWhile thenew FMI laws primarily focus on broadermarket structures, they may indirectly affect FX/CFD brokers operating inAustralia. The enhanced regulatory powers granted to ASIC and the RBA couldlead to increased scrutiny across the financial services sector, includingover-the-counter derivatives markets where FX and CFD products are traded. FX/CFDbrokers should be aware that the strengthened supervisory and enforcementcapabilities of ASIC may result in more rigorous oversight of their operations,particularly in areas related to market integrity and consumer protection. Whileprimarily aimed at critical market infrastructure, the new crisis managementand resolution regime sets a precedent for stronger intervention powers thatcould extend to other areas of financial services in the future. Clarifyinglicensing regimes for overseas entities may also affect FX/CFD brokers withinternational operations or those considering entering the Australian market.These firms may need to reassess their compliance with the updated regulatoryframework to ensure they meet any new requirements for providing services toAustralian clients. Recently, theAustralian regulator expressedconcerns that some derivative issuers of CFDs may be offering “margindiscounts” to retail clients with opposing long and short contracts incontravention of ASIC laws.This article was written by Damian Chmiel at www.financemagnates.com.
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US Federal Reserve has cut its benchmark interest rate byhalf a percentage point, its first reduction in over four years. Thissubstantial cut, which deviates from the more common quarter-point adjustments,hints at the central bank's growing concerns about its commitment to combatinginflation.Easing After Years of Tightening"The Committee seeks to achieve maximumemployment and inflation at the rate of 2 percent over the longer run,"the Federal Open Market Committee (FOMC) mentioned today (Wednesday). "The Committee has gained greater confidence thatinflation is moving sustainably toward 2 percent and judges that the risks toachieving its employment and inflation goals are roughly in balance."The rate cut brings the federal funds rate down to a range of 4.75% to 5%, marking the start of the first easing cyclesince the onset of the pandemic in 2020. The decision followed over two years of aggressive ratehikes intended to curb inflation, which surged to 7% in 2022 beforemoderating to 2.5% in July 2024. The Fed's statement reflects optimism ininflation's progress toward the 2% target, though inflation remains high, the Financial Times reported.Read Chair Powell's full opening statement from the #FOMC press conference (PDF) (1/2): https://t.co/QI1X4iJk56 pic.twitter.com/iLBwK7gbPG— Federal Reserve (@federalreserve) September 18, 2024Despite this confidence, Fed officials have acknowledged that risks remain. They emphasize the balance between maintaining pricestability and supporting a healthy labor market, particularly as job gains slowand unemployment ticks up. Not everyone on the Fed's board agreed with the aggressive cut. Michelle Bowman, a member of the FOMC, reportedly voted againstthe decision, advocating for a smaller quarter-point reduction, CNN reported. Bowman'sdissent marked the first time a Fed governor has opposed a rate decision since2005.Significant Economic ShiftFed's decision could follow a period of significant economic shifts, Reuters reported. Inflation, drivento a 40-year high by pandemic-related disruptions and subsequent policyresponses, is now showing signs of moderation. The Fed's decision is expected to ripple through international markets as the scale of the rate cut could influence currency valuations and economic conditions globally.A larger cut might weaken the dollar, potentiallybenefiting other currencies, but past trends suggest that initial rate cutsoften strengthen the dollar. Markets in Asia, including South Korea and China,have already reacted to anticipated Fed changes, with significant movements inregional currencies, CNBC reported.The timing of the Fed’s rate cut, coinciding with thebuildup to the U.S. presidential election, adds another layer of complexity.The central bank’s approach could become a talking point in the election,influencing voter perceptions on economic management and cost-of-living issues.This article was written by Jared Kirui at www.financemagnates.com.
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FBS, a leading global broker, presents an overview of financial market trends in the context of the 2024 US presidential elections. FBS financial market analysts particularly underscore the rising investment potential of Bitcoin in the context of Harris-Trump uncertainty.FBS analysts highlight that financial markets are experiencing turbulent times and investors are looking for safe-haven assets like gold and government bonds. According to the FBS experts, cryptocurrencies, particularly Bitcoin, become more appealing. FBS financial market analysts have explored Bitcoin’s historical performance during past US elections and speculated on its potential role in 2024.In previous election cycles, Bitcoin’s price reactions to political events have varied:In 2012, during Barack Obama’s re-election, Bitcoin had little market impact due to its developing status.By 2016, following Donald Trump’s victory, Bitcoin gained institutional recognition, with its price rising as a hedge against economic uncertainty.In 2020, amid the COVID-19 pandemic, Bitcoin surged after Joe Biden’s election, driven by inflation fears and institutional adoption.For the 2024 election, Bitcoin’s potential as a safe haven is under debate. While its correlation with traditional risk assets has weakened, its volatility remains high. With market capitalization reaching $600 billion in 2024 and daily trading volumes up 25% year-on-year, institutional investors increasingly view Bitcoin as a hedge against geopolitical risks and inflation.FBS analysts warn that the 2024 US presidential election could significantly influence Bitcoin’s future:A victory for Kamala Harris may bring balanced regulation that fosters innovation but could also raise compliance costs for US-based exchanges.Donald Trump’s platform includes encouraging Bitcoin mining and lowering capital gains taxes, which could increase demand for cryptocurrencies.Regardless of the 2024 US presidential election outcome, FBS analysts recommend a cautious yet strategic approach to trading. Monitoring political developments closely is critical, as shifts in policies or candidate standings can create significant price swings. Traders are encouraged to consider short-term opportunities in cryptocurrency markets, particularly Bitcoin, which has shown resilience and growth potential during past election cycles. Employing risk management tools, such as stop-loss orders, is also vital to mitigating downside risk during this unpredictable period.FBS analysts believe Bitcoin’s long-term position in the financial markets is solidified. Growing institutional interest points to its potential as a legitimate hedge against macroeconomic risks.Disclaimer: This material does not constitute a call to trade, trading advice, or recommendation and is intended for informational purposes only.This article was written by FM Contributors at www.financemagnates.com.
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The Finance Magnates London Summit (FMLS) is returning for its 13th year, looking to scale up and target new audiences, demographics, and a record attendance. Held on November 18-20 at Old Billingsgate, the landmark event will provide a familiar feel for veteran attendees, in addition to some new and engaging elements that all participants will appreciate. Only 60 days remain to the doors swing open and FMLS:24 is underway, which means the countdown is now officially underway!The excitement and anticipation have already started building for one of the financial industry’s leading events. FMLS:24. With unparalleled opportunities to network, learn, and do business, this is one even you cannot afford to miss this November.Every London Summit has something different, with this year’s event catering to professionals across the online trading, fintech, crypto, and payments sectors. Two full days of exhibition will provide the perfect opportunities for high level networking with key decision-makers, interactive sessions led by industry experts, and exclusive product showcases from cutting-edge companies.As a quick reminder, registration for London Summit 2024 is now live. Have you registered to the biggest show of the Fall in the heart of London? Participants can skip the waits on-site and reserve their seat today for what will be a memorable event for all.Everything to Expect at FMLS:24With 60 days to go until London Summit is underway, attendees can already check out the detailed agenda as it takes shape. This agenda features a robust slate of panels, workshops, seminars, and more, part of a deep dive into various elements of the financial services industry. Covering the four aforementioned verticals, attendees can see what is in store for them this Fall by accessing the following link. The event itself will kick off with the annual Networking Blitz Opening Party, an attendee favorite. This networking event with a twist offering an environment conducive to mingling and connecting with other professionals. Expect to meet potential clients, partners, and collaborators in a focused, results-driven format. Following the Blitz, the summit will feature two full days of exhibition, targeting over 3,500 professionals from 70+ countries.All Eyes on London Summit AwardsEvery year, FMLS concludes with its annual unique ceremony, shining the spotlight on elite brands worthy of the highest-ranking titles in the industry – the London Summit Awards. These awards have emerged as the most reputable and important for branding, visibility, and transparency, with no equal.Since their inception, the London Summit Awards help showcase the most exceptional companies and brands, recognizing achievement and leadership in multiple industries. The eventual winners are determined entirely by industry peers that are registered to London Summit 2024. These awards are special because they arenever bought and constitute key titles across several categories in the institutional space, including the online trading, crypto, fintech, and payments verticals.Nominations are now live and will remain open until October. Do not miss your chance to nominate the brand of your choosing as once this stage is closed it is no longer possible to do so. Participants still have time to nominate their brand and be in the running this November. This process is designed to provide the entire industry with an equal voice in deciding the winners each year, without the interference of judges or third parties.The stakes are higher than ever this year! Participants must be registered to cast their vote, so if you have not already done so, now is your chance. After you have registered, participants are encouraged to head over to the nominations page, where you can login and begin the process that is easier than ever. All registered users are eligible to nominate any brand they wish for each category, with upwards of 27 different awards up for grabs.See you in London this November!This article was written by Jeff Patterson at www.fina…
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OnEquity, a leading online trading platform, is pleased to announce that it is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa with registration number 2021/321834/07 and license No. 53187. Additionally, OnEquity is licensed by the Financial Services Authority (FSA) of Seychelles under number SD154, authorized under the Consolidated Securities Act 2007 (registered under number 810588-1).Trade with Confidence: The Advantages of a Regulated BrokerChoosing a regulated broker offers a multitude of advantages for traders of all experience levels. Here's why you should consider OnEquity:● Enhanced Security: Regulation by reputable authorities like the FSCA and FSA ensures OnEquity adheres to strict financial regulations. This includes robust client fund protection measures, such as the segregation of client funds from the company's own capital, keeping your money safe and secure.● Transparency and Fairness: Regulations mandate clear and transparent trading practices. You can expect fair execution of trades, accurate pricing, and adherence to ethical codes of conduct.● Dispute Resolution Framework: Regulated brokers operate under a defined framework for resolving disputes. Should any disagreements arise, you have access to established channels for fair and impartial resolution.● Peace of Mind: Trading with a licensed broker fosters a sense of security and trust. You can focus on your trading strategy knowing your interests are protected.OnEquity: Your Gateway to Secure and Advantageous TradingAt OnEquity, we are committed to providing a secure and advantageous trading environment. Our multiple licenses demonstrate our unwavering dedication to client protection and regulatory compliance. They signify that we adhere to stringent regulatory requirements and industry best practices, ensuring a transparent and fair trading experience.To ensure that every trader can maximize their potential, OnEquity offers a wealth of educational resources, including detailed guides, webinars, video tutorials, and market analysis. These resources are designed to equip you with the skills and insights needed to make informed trading decisions and continually improve your trading strategies.Join the growing community of successful traders who choose OnEquity. Open your account today and experience the benefits of trading with a fully licensed broker!About OnEquityOnEquity is a leading online trading platform offering a comprehensive suite of investment products and services. With a focus on security, transparency, and client satisfaction, OnEquity empowers traders to navigate the financial markets with confidence. Transparency is a cornerstone of OnEquity’s operations, ensuring that traders receive fair execution of trades, accurate pricing, and clear communication regarding trading practices and policies. This transparency extends to the platform's pricing structure, which features competitive spreads and no hidden commissions, enhancing the overall trading experience.This article was written by FM Contributors at www.financemagnates.com.
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Fintech giant Revolut is planning to launch its ownstablecoin, Coindesk reported, citing sources familiar with the matter. Withplans to strengthen its crypto-asset offerings, the London-based firm aims tojoin PayPal, Ripple, and BitGo in the highly profitable stablecoin market. Insiders suggest the firm is positioning itself as akey player in the space, promising both compliance and security for cryptousers. Revolut's ambition to introduce a stablecoin comes as the sectorexperiences an influx of new participants.Stablecoin Market Set for New EntrantsDominated by Tether's USDT, which has a market cap of approximately $119 billion, the stablecoin space is increasingly attracting fintech and blockchain firms. Circle's USDC, the second-largest stablecoin, accountsfor roughly a third of Tether's market size. Revolut's venture into this marketfollows similar moves by PayPal, which launched its stablecoin last year, whileRipple and BitGo have also disclosed plans to issue tokens soon.Stablecoins, which are pegged to real-world assetslike government-issued debt, provide a source of steady returns throughinterest payments, making them particularly attractive to companies. Forinstance, Tether reported a staggering $5.2 billion profit for the first halfof the year.Revolut has long embraced cryptocurrency, havingintroduced crypto trading within its app several years ago. More recently, inMay, the company launched a standalone cryptocurrency exchange targetingexperienced traders, further showcasing its growing footprint in the digitalasset world.Revolut Embraces CryptoRevolut's stablecoin ambitions come at a time whenregulatory frameworks, particularly in Europe, are beginning to take shape. TheMarkets in Crypto Assets framework is expected to provide clearerguidance on crypto-tokens, which could further legitimize and encourage growthwithin the industry.With a UK banking license secured in July and avaluation of $45 billion earlier this year, Revolut aims to scale itsoperations. By entering the stablecoin market, the company seeks to diversifyits offerings and capture a share of the growing demand for reliable andcompliant digital currencies.Stablecoins' profitability, driven by their link toreal-world assets, could be a key revenue stream for the company as itcontinues to expand globally. However, competition could intensify as othermajor players like PayPal and Ripple enter the space.Last month, Revolut integrated Ledger Live, a popularplatform for managing digital assets to facilitate crypto asset purchases. Inthe agreement, the fintech firm promised easier, faster, and more secure cryptoasset purchases. The partnership allows Revolut users to purchasedigital assets directly through the Ledger Live app. Besides that, users canreportedly convert their fiat currency into crypto within the Ledger Live appwithout the need for identity checks and multiple verifications.This article was written by Jared Kirui at www.financemagnates.com.
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Riana Chaili has departed from her role at 26 Degrees afterserving as Chief Executive Officer for the EMEA region. She held this positionfrom June 2022 to July 2024, a tenure of two years and two months. 26 Degrees CEO DepartsPrior to her role as Chief Executive Officer at 26 Degrees, Chailiwas Managing Director at the same firm for three years and seven months. Beforejoining 26 Degrees, she worked at IC Markets, where she was Chief Dealer andHead of RTO, serving there for three years and two months.Earlier in her career, Chaili spent five years and twomonths at TechFinancials, holding positions as Head of Brokerage and Dealer. Chailiworked as a Mathematics Tutor at Laniteio Lykeio, a school under the Ministryof Education, for a duration of one year and ten months.Meanwhile, 26 Degrees Global Markets (formerly InvastGlobal) hasacquired a broker license from the Cyprus Securities and Exchange Commission(CySEC) for its wholly owned subsidiary. This license permits the subsidiary tooperate across the European Economic Area. The company, based in Sydney,Australia, is also regulated by the Australian Securities and InvestmentCommission.A source familiar with the matter indicated that Chaili’sdeparture from 26 Degrees was just due to differing strategic visions for thecompany’s Cyprus office.26 Degrees Launches Pairs CFDs26Degrees has introduced Pairs CFDs, enabling trading of index vs. index,commodity vs. commodity, or equity vs. equity, similar to forex pairs, asreported by Finance Magnates.The company asserted that it is the first to offer such a product. Although theconcept of Pairs CFDs is not new, it has only recently become available throughsome companies.Developed internally by 26 Degrees, these products will beavailable exclusively to broker-dealers, who can then offer them to retailtraders. The launch includes 20 Pair CFDs, with plans to expand based on clientfeedback.The company highlights that Pairs CFDs provide a morestreamlined trading experience compared to traditional instruments. They allowtraders to manage risks with a single trade by combining the price movements oftwo separate instruments. Additionally, these CFDs can be designed to eitherenhance or reduce volatility and offer greater margin efficiency compared totrading the instruments separately.This article was written by Tareq Sikder at www.financemagnates.com.
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The iFX EXPO Asia is concluding today at the Centara Grand& Bangkok Convention Centre, CentralWorld, in Bangkok. The event, whichbegan yesterday morning, focuses on various sectors within the financialservices industry, including retail trading, payments, and cryptocurrencies.Funding Strategies Discussed TodayA wide range of attendees are participating, from regulatorsand C-level executives to marketers, company representatives, and traders. Today’s program highlights include the panel "ExclusiveStartup Guide: The Funding Game," moderated by Vikas Jain, COO of FundingSocieties Thailand. The discussion features contributions from Opal Yang,Founder and CEO of New Direction Solution, and Sittisak Wongpakdee, MarketingManager at Factum Global.This article was written by Finance Magnates Staff at www.financemagnates.com.
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CK Capital,a UK-based prop trading company, has announced its expansion into NorthAmerica, accepting clients from the United States and Canada. This move comesjust months after the firm's initial launch.CK Capital Expands intoNew MarketsFounded inApril 2024 by Daniel Cheung, a financial influencer who runs his own WChampFX investmentschool, CK Capital is joining the prevalent 2024 trend of trader-funded firms(TFFs). Cheung, previously associated with the UK’s branch of IronFX for ayear, has reportedly designed CK Capital to offer a 100% profit split and SPTspreads.The firm,which initially focused on traders from Europe and Asia, is now broadening itsscope to include investors from the US and Canada. This expansion into theAmerican market could be a significant move, considering that, according toindustry experts, approximately one in five prop traders hails from the UnitedStates.Big news! We’re now open to US and Canadian traders! 🇺🇸🇨🇦To celebrate, we’re giving the NEXT 50 ACCOUNTS a 50% discount! 🎉Use code “TRADE50” and get in before we sell out!— ckcapital (@ckcapitaluk) September 17, 2024UKCompanies House records show that the brand operates under CK Capital GroupLtd, incorporated five months ago with a nominal capital of £1. The company isregistered in Harpenden, a small town north of London.FinanceMagnates reportedat the beginning of this week that prop firm QuantTekel introduced brokerservices after rebranding from AscendX Capital. This news highlights theongoing changes and developments in the prop trading industry, with firmsexpanding their services and rebranding to better position themselves in themarket.The Ebb and Flow of PropFirms2024 hasseen the launch of several prop trading firms, though not all have enjoyedlongevity. Karma Prop Traders, for instance, launched at the beginning of theyear but suspended operations in August due to liquidity issues. However, itsclients weren't left stranded as the business was acquired by Sway Funded.Meanwhile,Crypto Fund Trader, a prop trading firm with a cryptocurrency twist, officiallylaunched its services based on a digital assets futures platform on August 1,2024.In otherindustry news, Finance Magnates exclusively reported that former XMveteran Desimir Paskalev decided to launch his own prop firm, FundedBull. After10 years in the CFD industry, Paskalev ventured out on his own, asserting thatprop trading is the future of the retail investment industry.Brokershave long recognized this trend. Currently, over five different CFD firms offerprop trading to their clients, including OANDA, Hantec, IC Markets, and AXI. Acomparison of their offerings is available here.This article was written by Damian Chmiel at www.financemagnates.com.
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Unique Network has announced it will be launching the first developer environment for NFT XCM transfers (Cross-Chain NFTs), starting with two major networks for developers and parachains in the Polkadot ecosystem. Using NFT XCM’s technology at the start of the developer environment, blockchain developers can move NFTs between Asset Hub, and Unique Network. Interested parachains can be added to the developer environment to develop NFT XCM functionality.What is NFT XCM?NFT XCM is a groundbreaking initiative developed by Unique Network, designed to simplify the transfer of NFTs (Non-Fungible Tokens) across parachains. By enabling seamless movement between different chains, NFT XCM is not just expanding accessibility but also unlocking new possibilities for creators, developers, and users alike.NFT XCM extends the limits of Web3 games and NFT collections, supporting greater use cases and making non-fungible tokens available to a larger group of on-chain users. Unique Network invites parachains, and developers to register their interest in the upcoming testing phase of NFT XCM transfers, to demonstrate its efficacy and explore applications for the technology.NFT XCM utilizes Polkadot’s Cross-Chain Messaging, the messaging format and language used to communicate between consensus systems. Developers and parachains interested in testing NFT XCM transfers are encouraged to register their interest via this form. Polkadot parachains will be added to the developer environment to develop and test NFT XCM functionality. EVM teams interested in pioneering EVM implementations of the technology in a development/test environment are also invited to register their interest.Following the development work of NFT XCM, the Unique Network team unveiled the Cross-Chain NFTs Think Tank earlier this year at Polkadot’s Sub0 conference. This initiative is designed to foster collaboration, drive innovation, and explore new use cases for Cross-Chain NFTs within the Polkadot ecosystem. Leading projects, such as Acala Network and Zeitgeist, are already exploring ways to integrate Cross-Chain NFTs into their own projects.Alexander Mitrovich, CEO of Unique Network shared:This milestone represents not just technical progress but the unification of an ecosystem. NFTs are no longer confined to one parachain; we’re building a future where they can flow freely across multiple chains."The importance of cross-chain interoperability for assets such as NFTs was first highlighted in the Polkadot Whitepaper by Polkadot creator, Gavin Wood. The launch of XCM v3 in May of 2022 introduced this capability but was only viable for Fungible Tokens (FTs). NFT XCM is a breakthrough that will enable users to seamlessly transfer digital assets between Polkadot parachains, making NFTs more accessible and versatile than ever.Following this, Chief Marketing Officer at Unique Network, Charu Sethi discussed the company's efforts to foster collaboration and streamline the NFT ecosystem across Polkadot’s various blockchain networks.As we advance NFT XCM technical capabilities, it's critical to address the complexity and fragmentation within the ecosystem. We are now working on organizational bridges and aligning leadership across all NFT blockchains in Polkadot.About Unique NetworkUnique Network (https://unique.network/) is the first NFT chain built on Polkadot and Kusama, offering the most sustainable and green NFTs with advanced features for gaming, art, and fan engagement. Unique Network offers unparalleled customization, scalability, and interoperability, making it the ideal platform for advanced and innovative NFT applications.This article was written by FM Contributors at www.financemagnates.com.
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Figure Markets, a leading decentralized custody marketplace for digital assets, today unveiled its global crypto exchange based out of the Cayman Islands, offering a wide array of new features and yield-earning opportunities. One of the standout offerings is a new yield sweep for eligible global users on cash and stablecoin balances with rates up to 8% annualized. U.S. users may also benefit from earning up to 3% annualized on USD balances held at an FDIC-insured bank.Following its U.S. launch in August, the launch of the Cayman-licensed global crypto exchange is part of Figure Markets’ ongoing mission to democratize finance by providing robust trading options and advanced financial products to users worldwide. The global platform is designed to enhance the trading experience by offering a high cash leverage and a decentralized custody solution and cross-collateralization that keeps users in control of their assets, reducing the risks associated with traditional centralized exchanges.“We’re committed to righting the wrongs of the past and providing users with the tools they need to trade, borrow, and invest on the platform while minimizing exchange risk,” said Mike Cagney, CEO and Co-Founder of Figure Markets. “This global expansion is a major milestone for us in addressing the issues caused by centralized exchanges and leveling the playing field for all traders. We are building a financial ecosystem where everyone has the opportunity to be an owner.”Cash yields on non-USD and stablecoin balances are derived from an innovative fund backed by real-world assets on blockchain. The fund operates with daily liquidity and automatic sweeps to ensure user funds are always working to generate returns.“We are excited to introduce this innovative feature that directly addresses the needs of our members,” said June Ou, President of Figure Markets. “By offering the ability to earn high returns on idle cash while mitigating trading friction, we are empowering our traders to optimize their capital and enhance their overall trading experience.”Along with the new yield offering, the exchange is also offering qualified members up to 5:1 margin. Exchange members can cross-collateralize their positions seamlessly - using BTC balances to buy ETH, for example. This will be complemented by upcoming higher and expanded leverage offerings, including a broad set of perpetuals covering crypto, commodities, FX and equities by year-end.About Figure MarketsFigure Markets (www.figuremarkets.com) is democratizing finance through blockchain. Figure Markets is building the exchange for everything - a decentralized custody marketplace for crypto, stocks, bonds, credit and more. The company is bringing best-in-class leverage, margining, and liquidity to our exchange, while offering our members extensive borrowing options and unique investment opportunities. Figure Markets puts its members in control of their assets and data, disintermediating legacy brokers, exchanges and lenders.Figure Markets is backed by leading venture capital firms and strategic partners, including Jump Crypto, Pantera, Distributed Global, Faction Lightspeed, NewForm Capital and CMT Digital. Figure Markets was founded by a seasoned team of entrepreneurs and operators from TradFi, fintech, and DeFi, including Mike Cagney and June Ou.This article was written by FM Contributors at www.financemagnates.com.
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Nasdaq-listed BGC Group has partnered with some of theprominent investment banks to launch an exchange for U.S. interest ratefutures. FMX Futures Exchange, set to go live on September 23, 2024, promisesto offer SOFR futures and later expand to U. treasury futures.FMX's OfferingsAccording to the official statement, FMX FuturesExchange initially focuses on SOFR futures, with plans to introduce U.S.treasury futures by early 2025. This move aims to capitalize on the highlyactive U.S. interest rate futures market, which is the most widely tradedsegment globally.The initiative involves key players such as Bank ofAmerica, Barclays, and Goldman Sachs, who are also equity owners of FMXHoldings LLC. The venture seeks to offer significant capital savings to itsclients. FMX has partnered with LCH Limited, one of the largest derivativesclearing organizations, which is expected to provide traders withcross-margining opportunities. With $225 billion in collateral tied to interest rateswaps, LCH will reportedly support FMX in reducing costs for marketparticipants by optimizing margin efficiencies.BGC already operates a fast-growing cash U.S.Treasuries marketplace and a thriving spot Foreign Exchange platform,positioning itself as a comprehensive provider of financial services. FMX'sentry into the interest rate futures space will expand BGC's product offeringswhile benefiting from synergies within its ecosystem.Expanding ServicesFMX's launch is not just a standalone event but partof a broader effort by BGC to offer a full suite of services to institutionalclients, which include hedge funds, trading firms, and banks. By adding U.S.interest rate futures to its roster, BGC will further enhance its position infixed-income and financial technology markets.According to FMX, the exchange is set to provideclients with significant capital savings through its innovative clearingsolution with LCH. Cross-margining between U.S. interest rate futures andinterest rate swaps could prove a game-changer for traders, further solidifyingFMX's role in shaping the future of the futures market.By the first quarter of 2025, FMX plans to introduceU.S. treasury futures, marking another critical step in its expansion. As BGCGroup continues to evolve, FMX Futures Exchange could become a key player inglobal financial markets, challenging established competitors and attractingsignificant liquidity.This article was written by Jared Kirui at www.financemagnates.com.
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The United States Securities and Exchange Commission (SEC)has expanded its lawsuit against Binance. The updated legal filings now includea wider range of tokens, with Axie Infinity among those listed as securities.In the latest update to the SEC v. Binance lawsuit, theregulator has accused Binance and its US affiliate, BAM Trading, of enablingthe trade of tokens now deemed unregistered securities. The SEC alleges thatBinance actively promotes these newly classified securities tokens tocustomers, emphasizing their potential returns.SEC Expands Binance LawsuitThe SEC stated: “Binance and BAM Trading fill these marketswith information republishing and amplifying the issuer and promoter statementsand activity promoting [tokens] as an investment.”The amendment to the complaint also reiterates the SEC’sstance that Binance operated illegally as an unregistered exchange,broker-dealer, and clearing agency. The regulator claims that Binance usedinterstate commerce to conduct transactions in securities for others.SEC TARGETS MORE TOKENS IN BINANCE LAWSUITThe SEC has intensified its lawsuit against Binance, adding tokens like Axie Infinity (AXS), Filecoin (FIL), and Cosmos (ATOM) to its list of unregistered securities. The updated filing alleges that Binance and BAM Trading facilitated… pic.twitter.com/S6VUwKxQkH— IBC Group Official (@ibcgroupio) September 13, 2024SEC Criticized over TerminologyThe SEC’s filing further asserts that Binance failed toprovide proper disclosure regarding the risks and legality of the tokens tradedon its international and US platforms.Amid its ongoing legal battle with Kraken, the SEC has facedcriticism after admitting that the term “crypto asset security” is not formallydefined. Stuart Alderoty, Chief Legal Officer at Ripple, criticized the SEC forwhat he called a “twisted pretzel of contradictions,” referring to Footnote 6of the amended complaint against Binance. Alderoty claimed the regulator“regrets any confusion it may have invited.”This article was written by Tareq Sikder at www.financemagnates.com.
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DXtrade XT has introduced enhancements to its platform tosupport prop trading. The latest update is designed to help brokers and propfirms launch challenges and contests. This configuration offers new tools for prop firms toorganize competitions using DXtrade XT as a paper money trading environment.DXtrade XT Integrates CME FuturesThe platform now supports single futures contracts from theChicago Mercantile Exchange, known as XCME. DXfeed provides real-timemarket data for this setup. When users log in for the first time, they aredirected to a DXfeed onboarding process.DXfeed is responsible for compliance checks and reporting tothe exchange. Once onboarding is complete, users are automatically redirectedto DXtrade XT, where their CME market data subscription is activated.Meanwhile, Centroid Solutions, a fintech company, hasexpanded its collaboration with DXtrade. The partnership now includessupport for the DXtrade CFD white-label trading platform through Centroid'srisk management system, Centroid Risk, as reported by Finance Magnates.Prop Firms Gain Liquidation ControlTo meet the specific needs of prop firms, DXtrade XT nowsupports flexible trading schedules. This allows firms to set their own sessionend times. Prop traders are required to close their open positions before theend of the trading day or the weekend. If they fail to do so, the firm caneither automatically liquidate open positions or close the trader’s account. DXtrade XT has introduced a full liquidation strategy thatcloses positions at the end of the firm’s trading session. During this process,all positions are closed, outstanding orders are cancelled, and the platformblocks the placement of new orders.DXtrade XT also allows prop firms to notify traders via theWeb Trader or mobile app when the end of a trading session is approaching.Firms can choose whether to send these notifications or disable themaltogether.The update includes changes to the platform’s orderexecution simulation. Orders are generally executed at the top of the bookprices. However, to better serve prop firms, the simulator now executes ordersusing Level 2 quotes and volumes. Limit orders are filled only when enoughliquidity is available at the requested price.This article was written by Tareq Sikder at www.financemagnates.com.
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Tottenham Hotspur has todayannounced a new multi-year partnership with AIMS, a leading global tradingbrokerage, to become the Club’s Official Online Trading Partner.The partnership will see AIMSengage with the Club’s global fanbase through a variety of digital and socialmedia campaigns.The official launch took place atTottenham Hotspur Stadium in London on 13th September, whererepresentatives from both AIMS and Tottenham Hotspur were present to celebratethe new collaboration.Ryan Norys, Chief RevenueOfficer at Tottenham Hotspur, said: “We are delighted to welcomeAIMS as our Official Online Trading Partner. Their commitment to innovation andexcellence aligns perfectly with our Club values. We look forward to workingtogether to deliver exciting and engaging content that will resonate with oursupporters globally.”Aaron Chang, CEO of AIMS Group,said: "We are incrediblyexcited to partner with Tottenham Hotspur, a club that embodies the same valuesof ambition, integrity, and excellence that we uphold at AIMS. This partnershipis not just about brand alignment; it's about creating meaningful connectionswith football fans and trading communities around the world. We look forward toa successful collaboration that will drive mutual growth and success." Founded in 2015, AIMS isdedicated to providing innovative financial solutions to clients worldwide.With a strong focus on integrity and customer success, AIMS offers acomprehensive range of trading services tailored to meet the diverse needs ofboth individual and institutional investors. For more information, visit theofficial AIMS website or follow AIMS on Facebook, Instagram, and LinkedIn.This article was written by FM Contributors at www.financemagnates.com.
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