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Leverate, atechnology solutions provider for brokers, is expanding its global presencewith the addition of new sales executives inDubai and Latin America. The company's growth initiative follows asignificant uptick in sales and market expansion, particularly in Asia and LATAM.Leverate Expands GlobalFootprint amid 70% Sales SurgeThe firmhas experienced a 70% increase in sales since the beginning of the year,primarily attributed to the launch of its new product tailored for proprietarytrading (prop) firms. This surge in demand has prompted Leverate to strengthenits team and establish new offices in those key markets."Thesetwo markets are very important to us, and we are committed to establishing andexpanding our presence to support local customers," Shmulik Kordova, ChiefCommercial Officer of Leverate, commented.Leveratedecided to join the prop trading game at the beginning of March when thecompany presented its white-label solution for firms interested in enteringthis rapidly growing space. The Israel-based company created a tool thatincludes a trading platform, client portal, challenges dashboard, CRM, backoffice, risk management, and liquidity integration."Theincrease in sales follows the launch of our new white label solution for propfirms, which has seen growing demand. We are solidifying our position as amajor supplier in the prop industry, thanks in part to our highly attractivefixed pricing,” Kordova added.Next, inApril, Leverate introduced updates to its flagship trading platform, addingenhancements specific to the prop trading industry. This provided prop tradingfirms with access to real-time market data, sophisticated charting tools, andcustomizable analytics.Leverate'sprop trading offerings have recently been utilized by YourPropFirm.Additionally, an increasing number of traditional FX/CFD brokers are joiningthis space. The latest example is the move by the broker ThinkMarkers, whichlaunched its own prop trading brand, ThinkCapital.The shifttowards new markets came after Leverate relinquished its long-held Cyprus license, which was issued by CySEC.This article was written by Damian Chmiel at www.financemagnates.com.
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Multi-asset financial service provider Virtu Financialwill sponsor Maria Costa, a professional equestrian show jumper who is preparing to compete in the Olympics and other prestigious competitions.GrandPrix VictoriesMaria Costa has a glittering career adorned with GrandPrix victories and notable appearances in Nations Cup competitions. Her currenttraining reportedly focuses on representing the US in forthcoming Nations Cupevents, the 2026 World Equestrian Games in Aachen, Germany, the 2027 PanAmerican Games in Barranquilla, Colombia, and, ultimately, the 2028 OlympicGames in Los Angeles, California.Speaking about the sponsorship deal, Douglas Cifu,Virtu's Chief Executive Officer, said: "Maria is an accomplished athleteand exceptional role model. She is well on her way to future success on theinternational show jumping stage, including representing the United States atthe 2028 Olympics. Virtu is proud and honored to help support Maria in thequest to achieve her championship goals."Costa's career achievements reflect her dedication andskill. Her Grand Prix victories and consistent performance in Nations Cupcompetitions underscore her prowess in show jumping. As she prepares for thesehigh-profile events, Virtu Financial's support provides her with the resourcesto excel further.Virtu Financial's products and services includeexecution, liquidity sourcing, analytics, and broker-neutral platforms thatserve clients across more than 50 countries and multiple asset classes such asequities, ETFs, foreign exchange, futures, fixed income, cryptocurrency, andother commodities.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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The Financial Conduct Authority (FCA) has initiated legalproceedings against nine individuals implicated in an unauthorized foreignexchange trading scheme promoted via social media channels. At a plea and trialpreparation hearing held today at Southwark Crown Court, the defendants facedcharges related to financial promotions without authorization.Trial Dates ScheduledSeveral individuals pleaded not guilty to charges of issuingunauthorized financial promotions. One individual additionally pleaded notguilty to providing unauthorized advice on contracts for difference (CFDs).Another individual did not enter a plea; their plea hearing is scheduled forSeptember 26, 2024.Due to scheduling constraints, trial dates have been set forFebruary 1, 2027, and March 15, 2027, at Southwark Crown Court, reflecting theearliest available dates for the court to accommodate this complex case.We've charged Emmanuel Nwanze, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, Eva Zapico and Holly Thompson over the promotion of an unauthorised trading scheme. #FinancialRegulationhttps://t.co/5EP6A9J2vC— Financial Conduct Authority (@TheFCA) May 16, 2024Individuals who believe they have incurred financial lossesrelated to this matter are encouraged to contact the FCA's consumer contactcentre for further assistance.Gamification in Investment AppsTheFCA has expressed concerns over trading apps' use of digital engagementpractices (DEPs), citing potential risks of increased investor exposure to risk,as reported by Finance Magnates.According to findings from a recent online study, the FCA implemented anexperimental trading app platform to assess DEPs' impact on trading behaviour. The study, involving over 9,000 consumers, revealed thatfeatures like push notifications and prize draws could elevate tradingfrequency by 11% and prompt riskier investment decisions by 12%. Additionally,these gamification strategies were associated with an 8% rise in tradesinvolving high-risk investments and a 6% increase in such investments.Furthermore, the FCA identified that DEPs disproportionatelyaffected certain demographics, including individuals with lower financialliteracy, women, and younger adults aged 18-34. Under the Consumer Dutyframework, trading apps are mandated to tailor their services to ensure theyfacilitate informed investment decisions that meet consumers' needs.This article was written by Tareq Sikder at www.financemagnates.com.
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Mastercard's recent announcement about the adoption of palmpayments signifies a notable shift in contactless payment technology. Thisinnovative approach, which allows consumers to make payments using just theirpalm, highlights the increasing trend towards more seamless and securetransaction methods. Mastercard's initiative leverages biometric authenticationto ensure a high level of security and convenience, aiming to transform the waywe interact with everyday financial transactions.How Does Palm Payment Technology Work?Palm payment technology uses biometric data to authenticatetransactions. When a consumer enrolls in the system, their palm's uniquepattern is scanned and linked to their payment method. At checkout, instead ofreaching for a card or mobile device, the consumer simply holds their hand overa palm reader, which verifies their identity and processes the paymentinstantly. This method not only speeds up the transaction process but alsoreduces physical contact, making it a hygienic option, especially in a post-pandemicworld.Understanding the Benefits For consumers, the primary benefits of palm payments areconvenience and security. The process is quick and eliminates the need to carryphysical cards or even a smartphone. The biometric authentication adds a layerof security, as it is difficult to replicate an individual's unique palm print.Additionally, this technology reduces the risk of card skimming and other formsof payment fraud.Businesses, in their turn, can expect to see faster transaction times mean shorter linesand a better customer experience. The secure nature of biometric payments canalso reduce instances of fraud-related losses. Moreover, businesses that adoptcutting-edge payment technologies can attract tech-savvy customers looking forinnovative and efficient shopping experiences.On the Broader Implications for the Payment IndustryThe adoption of palm payments by Mastercard is a clearindicator of the broader trend towards biometric authentication in thefinancial sector. This move could pave the way for more widespread use ofbiometric data in various types of transactions, from banking to onlineshopping. As biometric technology becomes more common, we may see a reductionin the use of traditional payment methods, leading to a more secure andefficient payment ecosystem.But while the benefits are clear, there are also challenges andconsiderations to address. Privacy concerns are paramount, as biometric data ishighly sensitive. Mastercard and other companies involved in this technologymust ensure robust data protection measures are in place to safeguard consumerinformation. Additionally, widespread adoption will require significantinvestment in new hardware and training for businesses.This article was written by Pedro Ferreira at www.financemagnates.com.
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Trent Hoerr announced via LinkedIn his new position as ChiefExecutive Officer at BullRush. Hoerr has served as Global Committee Member atGlappitnova, a Chicago-based week-long festival aimed at uniting younginfluencers and aspiring leaders across various industries through storytellingsessions, artistic exhibitions, and interactive experiences.Operational Leadership HighlightsPreviously, Hoerr served as the Chief Operating Officer atFPFX Technologies from July 2020 to July 2024, based in Boca Raton, Florida.FPFX Technologies specializes in developing customized FX brokerage and tradingsolutions for a wide range of clients, including retail traders, institutionaltraders, money managers, and hedge funds. During his tenure, Hoerr played a keyrole in overseeing operational strategies and enhancing service offerings suchas market access through top Forex brokers, cash back rebates for retailtraders, and tailored trading algorithms.Before FPFX Technologies, Hoerr held the position of Head ofSales at Forest Park FX from January 2016 to July 2024, also located in BocaRaton, Florida. At Forest Park FX, he led sales initiatives and managed clientrelationships, focusing on delivering value-added services such asadministrative and operational support for money managers, customized liquiditysolutions for hedge funds, and rebate programs for retail traders partneringwith top Forex brokers.Prior to his roles in Florida, Hoerr served as the GlobalHead of Operations at Direct FX Trading from 2014 to 2016, based in Chicago,IL. Direct FX Trading specialized in FX brokerage services, where Hoerrcontributed to operational excellence and strategic initiatives.This article was written by Tareq Sikder at www.financemagnates.com.
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Binance is finalizing the sale of its majority stakein crypto exchange Gopax to South Korean cloud service provider Megazone, localmedia publication The Chosun reported. This decision is pivotal for Gopax, oneof Korea's top five won exchanges, as it faces the risk of delisting ifgovernance issues remain unresolved.Enhancing GovernanceCurrently, Binance holds a 72.6% stake in Streami, theoperator of Gopax. However, the exchange plans to reduce its stake to around10% by selling shares to Megazone. This move is reportedly part of the exchange's initiative to enhance its governance structure, a requirement set by financialauthorities to process a change report ahead of renewing Gopax's real-nameaccount contract with Jeonbuk Bank.A virtual asset industry insider told the mediapublication that the sale aims to meet the demands of financial authorities,who have delayed approving Binance's change report for over a year. TheFinancial Services Commission has reportedly insisted that Binance reduce itsstake to less than 10% to proceed with the report. Binance responded in March,committing to restructure its governance and lower its Gopax stake.Previously, BF Labs, a domestic KOSDAQ-listed company,emerged as a potential partner for Binance. BF Labs acquired an 8.55% stake inStreami and sought to increase its holdings. However, funding issues haltedfurther acquisitions, leaving Binance to seek other solutions to comply withregulatory requirements.The urgency of this stake sale is underscored by thelooming deadline for Gopax's real-name account renewal with Jeonbuk Bank onAugust 11. The revised Special Financial Transactions Act mandates thatexchanges report changes related to real-name account renewals at least onemonth prior to signing the contract. Thus, a decision on the renewal must bereached by the end of this month.GOPAX Faces Financial DistressGOPAX is currently experiencing severe financialdistress, with total debt reaching 118.4 billion won as of April this year. Thedebt situation worsened due to the rise in Bitcoin prices and the fallout fromthe FTX bankruptcy in 2022, which left Gopax with significant liabilities.Although Binance agreed to cover Gopax's 56 billion won debt during theacquisition, this agreement hinged on financial authorities allowing Binance'sentry.A Megazone representative mentioned that they areexploring various forms of collaboration, including equity acquisition, butemphasized that no concrete decisions have been made regarding the process ortiming.This sale represents a critical time for Binanceand Gopax. Successfully navigating this transaction and securing the approvalof financial authorities is essential to maintaining their status as a keyplayer in Korea's won exchange market.This article was written by Jared Kirui at www.financemagnates.com.
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Over the past decade, individual data privacy has been <a href="https://www.pewresearch.org/internet/2023/10/18/views-of-data-privacy-risks-personal-data-and-digital-privacy-laws/">under siege</a> like never before. In fact, just earlier this year, a <a href="https://www.forbes.com/sites/daveywinder/2024/03/06/millions-of-google-whatsapp-facebook-2fa-security-codes-leak-online/">major data breach</a> exposed millions of two-factor authentication (2FA) codes associated with leading messaging platforms such as WhatsApp. In response to these repeated incidents, peer-to-peer (P2P) messengers have quickly emerged as a silver lining for individuals seeking secure communication avenues — since these apps <a href="https://www.researchgate.net/publication/376853423_Secure_Peer-to-Peer_Communication_using_Private_Network_Blockchain_Technology">promise</a> direct, encrypted connections between users, free from the prying eyes of centralized entities. However, despite their allure, most P2P messaging apps currently face a <a href="https://www.infobip.com/glossary/p2p-person-to-person-messaging#:~:text=How%20does%20P2P%20messaging%20work,another%2C%20making%20the%20conversation%20private.">significant limitation</a>, i.e. messages can only be exchanged when both parties are actively using the application — thus undermining their effectiveness in today's fast-paced world. This limitation stems from the very nature of P2P tech because, without a centralized server to store and forward messages, there's nowhere for a message to "wait" if the recipient is offline.Consider a scenario where Dave wants to urgently ping Wendy using such an app. If Wendy’s device is turned off or her app isn't running, Dave’s message has nowhere to go. It can't be stored on a server (as there isn't one), and it can't reach the recipient device directly. As a result, the two parties have to wait until both are online concurrently, leading to a loss of critical communication windows.This limitation in itself makes P2P messaging apps impractical for many real-world scenarios, especially in today’s world, where individuals often have to communicate through different time zones with varying schedules.Decentralization could be the keyWhile the aforementioned limitation is undoubtedly significant, it is by no means unconquerable. In fact, the solution lies in robust decentralization, wherein a large, distributed network can act as a temporary custodian for messages, holding them securely until the recipient comes online. This approach combines the privacy of P2P communication while offering the same level of convenience as traditional messaging systems.One platform actively using this approach is <a href="https://getsession.org/">Session</a>, a decentralized messager that combines several innovative modules and technologies to provide secure, private communication channels without compromising on everyday usability.Session's operational methodology revolves around two key concepts. The application utilizes a decentralized network of community-operated nodes organized into small cooperative groups called ‘swarms.’ These swarms work together to store and route messages, ensuring delivery even if some nodes become unreachable.To protect user privacy, Session employs a framework called ‘onion routing’ that obscures the origin and destination of each message. Every encrypted message is routed through three nodes in the network, making it virtually impossible for any single node to gather meaningful information about the users or their communications.When a user sends a message, it's securely stored within the swarm network until the recipient comes online. The recipient's device then retrieves the message from the network, maintaining the privacy of both sender and receiver throughout the process.The future of messagingAs traditional messaging services continue to face a barrage of security breaches and privacy concerns, the demand for more secure alternatives has been on the rise. For instance, in February 2023, a massive…
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Over the past decade, individual data privacy has been <a href="https://www.pewresearch.org/internet/2023/10/18/views-of-data-privacy-risks-personal-data-and-digital-privacy-laws/">under siege</a> like never before. In fact, just earlier this year, a <a href="https://www.forbes.com/sites/daveywinder/2024/03/06/millions-of-google-whatsapp-facebook-2fa-security-codes-leak-online/">major data breach</a> exposed millions of two-factor authentication (2FA) codes associated with leading messaging platforms such as WhatsApp. In response to these repeated incidents, peer-to-peer (P2P) messengers have quickly emerged as a silver lining for individuals seeking secure communication avenues — since these apps <a href="https://www.researchgate.net/publication/376853423_Secure_Peer-to-Peer_Communication_using_Private_Network_Blockchain_Technology">promise</a> direct, encrypted connections between users, free from the prying eyes of centralized entities. However, despite their allure, most P2P messaging apps currently face a <a href="https://www.infobip.com/glossary/p2p-person-to-person-messaging#:~:text=How%20does%20P2P%20messaging%20work,another%2C%20making%20the%20conversation%20private.">significant limitation</a>, i.e. messages can only be exchanged when both parties are actively using the application — thus undermining their effectiveness in today's fast-paced world. This limitation stems from the very nature of P2P tech because, without a centralized server to store and forward messages, there's nowhere for a message to "wait" if the recipient is offline.Consider a scenario where Dave wants to urgently ping Wendy using such an app. If Wendy’s device is turned off or her app isn't running, Dave’s message has nowhere to go. It can't be stored on a server (as there isn't one), and it can't reach the recipient device directly. As a result, the two parties have to wait until both are online concurrently, leading to a loss of critical communication windows.This limitation in itself makes P2P messaging apps impractical for many real-world scenarios, especially in today’s world, where individuals often have to communicate through different time zones with varying schedules.Decentralization could be the keyWhile the aforementioned limitation is undoubtedly significant, it is by no means unconquerable. In fact, the solution lies in robust decentralization, wherein a large, distributed network can act as a temporary custodian for messages, holding them securely until the recipient comes online. This approach combines the privacy of P2P communication while offering the same level of convenience as traditional messaging systems.One platform actively using this approach is <a href="https://getsession.org/">Session</a>, a decentralized messager that combines several innovative modules and technologies to provide secure, private communication channels without compromising on everyday usability.Session's operational methodology revolves around two key concepts. The application utilizes a decentralized network of community-operated nodes organized into small cooperative groups called ‘swarms.’ These swarms work together to store and route messages, ensuring delivery even if some nodes become unreachable.To protect user privacy, Session employs a framework called ‘onion routing’ that obscures the origin and destination of each message. Every encrypted message is routed through three nodes in the network, making it virtually impossible for any single node to gather meaningful information about the users or their communications.When a user sends a message, it's securely stored within the swarm network until the recipient comes online. The recipient's device then retrieves the message from the network, maintaining the privacy of both sender and receiver throughout the process.The future of messagingAs traditional messaging services continue to face a barrage of security breaches and privacy concerns, the demand for more secure alternatives has been on the rise. For instance, in February 2023, a massive…
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A federaljury in Manhattan has found Sung Kook "Bill" Hwang, founder ofArchegos Capital Management, guilty of fraud and market manipulation inconnection with the spectacular collapse of his $36 billion investment firm in2021. The verdict, delivered after a day and a half of deliberations, marks theculmination of a closely watched trial that sent shockwaves through WallStreet.Jury Finds Hwang Guilty ofMarket Manipulation in Archegos CollapseHwang was <a href="https://www.financemagnates.com/institutional-forex/us-regulators-charge-archegos-for-fraud-10-billion-swap-loss/">convictedon 10 out of 11 criminal counts</a>, including racketeering conspiracy, fraud,and market manipulation. His co-defendant, Patrick Halligan, who served asArchegos' chief financial officer, was found guilty on all three counts hefaced.Prosecutorsalleged that Hwang and Halligan orchestrated a scheme to deceive banks andartificially inflate stock prices, leading to Archegos' implosion and billionsin losses for global financial institutions and shareholders.Accordingto the US attorney Damian Williams, this verdict sends a clear message thatthose “who this they can cheat the system” will be held accountable. Thedefendants' actions not only harmed banks and market participants, but alsoordinary investors and Archegos employees.Potential 20 Years BehindBarsDuring thetrial, which began in May, the prosecution presented evidence that Hwangsecretly amassed enormous positions in various companies through complexderivative instruments, while misrepresenting the true extent of Archegos'exposure to lenders. When stock prices began to fall in March 2021, the firmwas unable to meet margin calls, triggering a cascade of forced liquidationsthat wiped out an estimated $100 billion in shareholder value.Defenseattorneys argued that Hwang's trading strategies, while aggressive, were legaland that prosecutors had overreached in their charges. However, the jury wasultimately convinced by the government's case, which included testimony fromformer Archegos executives who had previously pleaded guilty to relatedcharges.US DistrictJudge Alvin Hellerstein has set sentencing for October 28. Both Hwang andHalligan face potential maximum sentences of 20 years in prison for each count,although actual sentences are likely to be lower based on various factors.Archegos CEO Bill Hwang found guilty. His fraud caused losses of ~$10B. The avg American earns ~$1.7M in his entire life. What sentence could possibly be appropriate for a crime that destroys more wealth than 5,882 people will make in their entire lives? <a href="https://t.co/yAXjhoW9Yj">pic.twitter.com/yAXjhoW9Yj</a>— Nobody Special (@JG_Nuke) <a href="https://twitter.com/JG_Nuke/status/1811146699961667766?ref_src=twsrc%5Etfw">July 10, 2024</a>Theconviction marks a second fall from grace for Hwang, who previously facedregulatory issues with his hedge fund, Tiger Asia Management, in 2012. Thatcase resulted in Hwang pleading guilty to wire fraud and paying $44 million tosettle insider trading charges.Negative Impact on the Broader MarketThecollapse of Archegos resulted in significant losses for several major banks,including Credit Suisse and Nomura Holdings, which reported losses of $5.5billion <a href="https://www.financemagnates.com/institutional-forex/nomura-reports-170-billion-yen-net-revenue-in-q4/">and$2.9 billion</a>, respectively. According to analysts, the losses incurred bythe Swiss bank due to the collapse of the investment firm were one of severalmajor factors ultimately <a href="https://www.financemagnates.com/institutional-forex/credit-suisse-shares-hit-all-time-low-following-silicon-valley-bank-collapse/">leadingto the eventual bankruptcy</a> of Credit Suisse, which UBS ultimately <a href="https://www.financemagnates.com/institutional-forex/ubs-completes-credit-suisse-takeover/">tookover</a>.Inaddition, Morgan Stanley experienced around $911 million in losses from itsexposure to Archegos, though it managed to absorb the impact without severelong-term consequences.…
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Liquidnet hasannounced the appointment of Jeffrey Crane as Head of International in theAmericas. This move strengthens the company's cross-border tradingcapabilities, which currently span 57 global equity markets.Liquidnet Appoints Craneto Lead International Business in AmericasCranebrings over 20 years of experience in institutional equity trading to his newrole as the technology-driven agency execution specialist. He joins the firmfrom SageTrader, where he served as managing director and Head of Sales,overseeing domestic and international trading growth. Previously, Crane spentmore than two decades at Instinet, managing the company's cross-border businessas Head of their International Desk in New York.“I lookforward to working with the team at Liquidnet to enhance our international trading capabilities further and deliver exceptional value to our clients,”commented Crane “With its global footprint, expertise in block trading, agencymodel, and a 20+ year track record in delivering innovative trading solutions,we have all the necessary ingredients to offer buy-side traders the ability totrade anywhere in the world."In his newposition, Crane will be based in New York and report directly to Alan Polo,Head of Equity Sales and Trading, Americas. He will support Liquidnet'sestablished international cross-border team, assisting clients with livetrading in international markets through low-touch and block tradingcapabilities, as well as managing overnight order execution through globaldesks."Jeffrey’sextensive expertise and insight,” added Alan Polo, Head of Equity Sales andTrading at Liquidnet Americas. “His deep understanding of the global tradinglandscape and his proven track record in managing complex trading operationswill be invaluable as we enhance our services and expand our market presence.”This is another executive move for Liquidnet announced this month, following the addition of Tim Cunningham to the team last week. Cunningham, Marex's former Director, has previously worked with Saxo Bank and Societe Generale. At Liquidnet, he will serve as Managing Director of Outsourced Foreign Exchange Trading and Sales.Recent ResultsLiquidnet'scross-border team facilitated nearly $100 billion in notional trades across theAmericas, EMEA, and APAC regions last year. The company recently expanded itsgeographical coverage to include direct access to MENA countries, bringing itstotal number of global equity markets covered to 57.As aTP ICAP Group plc subsidiary, Liquidnet continues to play a significant rolein connecting buyers and sellers in wholesale financial markets, providingbroking services, trade execution, and data analytics solutions. TP ICAP published its latest activity report in mid-May, showing a 3% decline in revenues for the first quarter. The Group's total revenue for Q1 2024 stood at £570 million. In the case of Liquidnet, revenues fell by 4%. The Cash Equities business, the largest segment of the division, experienced 7% growth in Q1 2024, continuing the momentum from late 2023. Despite this growth, Agency Execution saw a decline in revenue following the record highs of March 2023, which were fueled by favorable market conditions also benefiting Global Broking.This article was written by Damian Chmiel at www.financemagnates.com.
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lemon.markets,a Berlin-based fintech startup providing digital brokerage and custodyinfrastructure, has secured €12 million in a new funding round led byCommerzVentures. Inwestycje nastepuje cztery miesiące po tym jak firmauruchomiła Brokerage-as-a-Service (Baas) korzystając ze wsparcia gigantówtradycyjnej bankowości.German Fintechlemon.markets Raises €12 Million in New Funding RoundFounded in2020, lemon.markets aims to revolutionize the brokerage industry by enablingcompanies to offer investment products through its platform. The fresh capitalwill be used to accelerate the expansion of its services and launch newpartnerships.Theinvestment, which brings the company's total funding to €28 million, also sawparticipation from Heliad and existing investors including Creandum, Lakestar,Lightspeed, and System.one."Weshare a common vision and philosophy for developing lemon.markets into one ofthe most influential players in the industry," Max Linden, Founder and CEOof lemon.markets, said. "With the fresh funding, we will double down onthe momentum in the market, bringing more partners and products live over thecoming months."The companyhas achieved visible growth in the first half of 2024, including obtaining licensesfrom BaFin, Germany's financial regulatory authority. These licenses allowlemon.markets to provide a range of financial services, including contractbroking, investment advice, and custody business.FinanceMagnates firstreported on the lemon.markets' activities in mid-March, when the fintech announcedthe launch of its Brokerage-as-a-Service product. Major banks, includingDeutsche Bank and BNP Paribas, participated in the project launch, withTradegate providing white-label solutions."AtCommerzVentures, we love partnering with the most talented teams that aresolving financial services’ most complex problems. lemon.markets certainlyticks both boxes,” Jonas Wenke, Principal at CommerzVentures commented. “Max is an impressive young leaderwho has built a first-class team around him, and we are beyond excited to leadthis round and join them on the journey to make lemon.markets the largest and mostmodern brokerage and custody platform in Europe.”A Market Worth $63BThebrokerage and custody infrastructure market is projected to reach $63 billionover the next five years, with the custody market alone expected to grow by39%. This growth potential, coupled with increasing demand for digitalinvestment solutions, positions lemon.markets favorably in the market.As it movesforward, lemon.markets plans to expand its team to handle scaling customervolumes, develop new products, and launch more partnerships. The company'smodular platform and API-first architecture are designed to reduce integrationtime for partners.lemon.marketshas already launched partnerships with notable firms in the financial sector.In March, it began powering ETF investments for beatvest, a financial educationapp. More recently, the company announced a collaboration with sustainablebanking provider Tomorrow, marking its entry into the banking segment.For thenext decade, lemon.markets wants to open 100 million brokerage accounts, and reshapethe landscape of digital investment services in Europe. Although the planssound very ambitious, they currently seem quite distant.This article was written by Damian Chmiel at www.financemagnates.com.
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Online FX and CFD broker Axi concluded the 2023/24 footballseason with the debut of their new campaign, titled The Mentality Edge. Thecampaign features a promotional video starring Manchester City Women playersKerstin Casparij, Jess Park, and Mary Fowler, highlighting strategies toenhance competitive prowess in the game.Axi's Global Football VenturesAxi has expanded its sponsorship initiatives this season,beginning with their announcement last year of a partnership with LaLiga clubGirona FC, serving as the club's Official LATAM Online Trading Partner. In thespring, they introduced the Axi Penalty Challenge, specifically targeting theLATAM audience.Hannah Hill, Head of Brand and Sponsorship at Axi, outlinedthe objective of the campaign- “Working with Man City players is always veryexciting, and our most recent campaign is no exception. The Mentality Edge isour first activation with Man City Women, and one we are extremely proud of.“Not only did we have an incredible time creating content,but we’re also thrilled to emphasise the message that when it comes toachieving potential success and finding the edge, the essential qualitiesremain the same: preparation, strategy, and trusting the process.”#ESAmember news via @ManCity Axi & Manchester City Women’s team launch ‘The Mentality Edge’ campaign ⚽️👉 https://t.co/TkiMBRAWCa#sponsorship @axi_official pic.twitter.com/ucLqGb3gzw— European Sponsorship Association (ESA) (@EuropSponsAssoc) July 9, 2024Previously, Axi's 'Select Your Edge' campaign showcasedprominent figures from Manchester City, including Erling Haaland, Kyle Walker,and Rodri, to introduce new service offerings. Beyond their associations withManchester City and Girona FC, Axi has also established partnerships withBrazilian club Esporte Clube Bahia and enlisted English international JohnStones as their Brand Ambassador.This article was written by Tareq Sikder at www.financemagnates.com.
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Open Payment Technologies Ltd, today announces the launch of its digital wallet app "Kuady”. Designed to accelerate financial inclusion and transform how merchants and users manage their money, Kuady offers an advanced, user-friendly experience that ensures secure and efficient money management.Kuady will make its debut in Peru and Chile – giving global organisations access to these markets with seamless cross-border transactions – with further LatAm countries being added monthly. Expansion into Africa and Europe will follow. Operating under an Electronic Money Transmission Services license granted by the Isle of Man Financial Services Authority, Kuady will act as a payment service processor for merchants and offer an e-wallet app for customers. It provides robust chargeback protection and features to boost customer acquisition, retention, and activation. The digital wallet provides merchants with instant payouts for their customers, a feature that provides a solution for individuals who struggle to access their funds, and offers its users deposit options such as cards, online bank transfers, and cash.“At Kuady, we are dedicated to fostering a sense of community that simplifies financial management and we see Kuady as a beacon for business growth and longevity” says Lorenzo Pellegrino, CEO of Kuady. “Our digital wallet is intuitive, secure, and accessible to all, enabling us to promote financial inclusion and empower individuals and businesses.”Kuady is also a powerful acquisition tool. Merchants who use Kuady will benefit from ongoing investment in acquisition and marketing initiatives; investments that will increase Kuady’s consumer base organically. “Seamless, secure transactions are crucial for everyday life and our innovative platform is designed to be a one-stop solution for every financial need. With Kuady, we can realize our vision of advancing financial inclusion and giving individuals and businesses the tools they need to thrive in a global economy. It really is the partner in your pocket for merchants and users alike,” concludes Mr. Pellegrino.To learn more about Kuady, visit https://www.kuady.com. About KuadyKuady is a digital wallet app that aims to revolutionize financial management for merchants and users worldwide.With a focus on innovation, user-friendliness, and financial inclusion, Kuady provides diverse payment methods and a range of benefits for merchants and users alike.About Lorenzo PellegrinoA highly respected payments industry leader, Lorenzo Pellegrino has almost 20 years of senior management experience. He most recently held the role of Chief Operations & Digital Officer at PayRetailers. Previously he was CEO of Skrill and NETELLER, heading their digital wallets business and a marketing affiliate services company, Income Access, which are part of the Paysafe Group Plc. He devised Paysafe’s IPO on the New York Stock Exchange (NYSE) in 2021.Prior to this role, Lorenzo was the Executive Vice President for Digital Development for Optimal Payments Plc from 2012 to 2015, where he led their go-to-market strategy of the NETELLER wallet business and acquisition of Skrill. He spearheaded the company’s effort in integrating both wallet businesses which led to significant operational efficiencies and margin optimisation. Before joining Optimal Payments, he held various executive level positions at Skrill (previously known as Moneybookers) and led their business development efforts in the US.For media inquiries, please contact:This article was written by FM Contributors at www.financemagnates.com.
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The Financial Conduct Authority (FCA) has published newrules today (Thursday). These rules establish a simplified listings regime witha single category and streamlined eligibility for companies seeking to listtheir shares in the UK.UK Listing Rules RevisedThe revised listing rules aim to better align the UK’sregime with international market standards. According to the regulator, they ensure that investors willhave the necessary information to make informed decisions about their money.The rules also maintain investor protections to hold companymanagement accountable.The new rules eliminate the requirement for votes onsignificant or related party transactions. They also offer flexibility aroundenhanced voting rights. However, shareholder approval is still needed for keyevents such as reverse takeovers and decisions to delist a company's shares.Our new rules aim to encourage more companies to publicly list in the UK, increasing opportunities for investors and supporting UK growth and competitiveness. https://t.co/ULVXSp9o1w #UKListing #UKGrowth #Competitiveness #FinancialServices #FinancialRegulation pic.twitter.com/kfZn6VuElj— Financial Conduct Authority (@TheFCA) July 11, 2024Sarah Pritchard, Executive Director, Markets andInternational, at the FCA said: “Regulation is only part of the answer inhelping the UK achieve sustainable growth. Other factors also play asignificant role in influencing where a company decides to list." "We’recommitted to continually working together with all those who have a part toplay in supporting a thriving UK capital market and thank everyone who hascontributed to this work so far.”Boosting Economic GrowthThe changes to listing rules follow extensive marketengagement. The FCA has acknowledged the new rules involve allowing greaterrisk. However, the FCA believes that the changes will better reflect the riskappetite needed for economic growth. The new rules will come into effect on 29July 2024.Chancellor of the Exchequer Rachel Reeves said: “These newrules represent a significant first step towards reinvigorating our capitalmarkets, bringing the UK in line with international counterparts and ensuringwe attract the most innovative companies to list here.”This article was written by Tareq Sikder at www.financemagnates.com.
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Federalbanking regulators have imposed a combined $136 million in fines on CitigroupInc. and its subsidiary Citibank, N.A. for ongoing deficiencies in riskmanagement, internal controls, and data governance.Regulators Slap Citigroupwith $136 Million in Fines for Risk Management FailuresThe FederalReserve Board levied <a href="https://www.federalreserve.gov/newsevents/pressreleases/files/enf20240710a1.pdf">a $60.6 million civil money penalty</a> against Citigroup,while the Office of the Comptroller of the Currency (OCC) <a href="https://www.occ.treas.gov/news-issuances/news-releases/2024/nr-occ-2024-76.html">assessed a $75million fine</a>. These actions stem from the banking giant's failure to adequatelyaddress longstanding issues identified in enforcement orders issued by bothregulators in October 2020, when the institution already paid $400 million"Citibankmust see through its transformation and fully address in a timely manner itslongstanding deficiencies," said Acting Comptroller of the CurrencyMichael J. Hsu. "While the bank's board and management have mademeaningful progress overall, including taking necessary steps to simplify thebank, certain persistent weaknesses remain, in particular with regard todata."Regulators fine Citigroup $136 million in setback for CEO Jane Fraser <a href="https://t.co/N2896CnvA5">https://t.co/N2896CnvA5</a> via <a href="https://twitter.com/YahooFinance?ref_src=twsrc%5Etfw">@YahooFinance</a>— Shanny Basar (@shannybasar) <a href="https://twitter.com/shannybasar/status/1811292599774253422?ref_src=twsrc%5Etfw">July 11, 2024</a>The FederalReserve's penalty follows a 2023 examination that found Citigroup had madeinsufficient progress in enhancing its data quality management program andimplementing appropriate compensating controls to mitigate associated risks.These shortcomings constitute violations of the 2020 cease and desist order,which mandated significant improvements in Citigroup's <a href="https://www.financemagnates.com/terms/r/risk-management/">risk management</a> andinternal control practices.The OCC'samended enforcement action requires Citi to prioritize remediation work,including through the allocation of sufficient resources. The regulator citedthe bank's failure to meet remediation milestones and make sufficient andsustainable progress towards compliance with the 2020 order.Bothregulators emphasized the need for Citigroup to accelerate its efforts toaddress these longstanding issues. The penalties underscore the ongoingchallenges faced by one of the world's largest financial institutions inmodernizing its risk management and data systems.JaneFraser, the CEO of Citigroup, addressed the imposed penalties in a statement onWednesday, saying, "We've always said that progress wouldn't be linear,and we have no doubt that we will be successful in getting our firm where itneeds to be in terms of our transformation. We're committed to spending what isnecessary to address our consent orders.Citigrouphas consented to the orders without admitting or denying any allegations. Thepenalties will be remitted to the US Department of the Treasury. The regulatorswarned that further material failures to remediate these violations couldresult in additional penalties or corrective actions under the Federal DepositInsurance Act.Algo Trading ViolationsThese arenot the only penalties that Citigroup has received in recent months. Severalweeks ago, Germany's financial regulator, BaFin, <a href="https://www.financemagnates.com/forex/citigroup-fined-129m-for-algorithmic-trading-violations-in-germany/">imposed a €12.975 million($13.82 million) fine</a> on Citigroup Global Markets Europe AG for breachingobligations related to algorithmic trading under the country's securitiestrading laws. A monthearlier, Citigroup Global Markets Limited (CGML) <a href="https://www.financemagnates.com/forex/citigroup-fined-616m-over-algorithmic-trading-mistake-worth-14b/">received a combined fine of£61.6 million</a> from the Financial Conduct Authority (FCA) and the Prudential<a …
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In theearly hours of Friday, an incident occurred at a Forex broker's office inLimassol, involving unknown perpetrators. According to information provided bythe police and Philenews, at approximately 12:30 AM local time, several shotswere fired at a building near the Municipal Garden, which houses one of themany FX firms located in the Cypriot city.Forex Broker's Office Shotat in LimassolA privatesecurity guard protecting the targeted company's building alerted the police inthe night. Law enforcement immediately responded to the scene. Initial findingssuggest that two individuals on a black motorcycle without license platesapproached the broker's office.Thesecurity guard was unable to provide details about their appearance, as theperpetrators wore helmets throughout the incident. After dismounting from themotorcycle, they fired several shots at the building before fleeing.As a resultof the gunfire, the front window of the office and part of the office enclosurewere shattered. Police immediately cordoned off the area, and an investigationis currently underway. At thistime, no further details have been released regarding the alleged motives forthe incident or the name of the company whose office was targeted. When more details emerge, the article will be updated.This article was written by Damian Chmiel at www.financemagnates.com.
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BDSwiss’ former CEO for MENA, Daniel Takieddine, has founded a multi-asset brokerage startup that promises to empower investors to take control of their financial decisions. Takieddine, who served as BDSwiss CEO for MENA forthree years, announced his new role as the Co-founder and CEO of Sky LinksCapital Group today (Thursday).A Multi-asset Trading Platform According to Takieddine’s profile, Sky Links Capital Groupseeks to offer a platform for trading a range of assets, including equities,bonds, commodities, and currencies. The company description reads: "SkylinksCapital equips clients with advanced tools and real-time market insights,enabling them to execute trades swiftly and confidently. Our focus ontransparency and competitive pricing ensures that investors receive the supportthey need to navigate the complexities of global financial markets independentlyand effectively."Prior to his role at BDSwiss, Takieddine held senior rolesat other notable industry brands. He served as the Head of Sales at FXPrimus and held several positions at ADSS, including Senior Vice President of Sales, Director of Retail Sales, and Senior Vice President of DirectSales.Takieddine moved to BDSwiss as MENA CEO in 2021 after spending a year andfour months at FXPrimus, where he was the Head of Sales in charge of offeringFX and CFD derivatives to retail and institutional investors in the MiddleEast.Industry Veteran Prior to that, he spent more than six years at ADSS's UAE offices. He joined the broker as the Vice President of Direct Salesand was later elevated to the Director of Retail Sales. He exited the brokeragefirm in August 2020 as the Senior Vice President of Institutional Sales.Takieddine started his career in the Forex tradingindustry in early 2009 as a Sales Trader with AMfinancials. Afterward, he movedto Amana Capital as a Senior Account Manager, dedicating nearly three years tothe broker’s Dubai office.In June, BDSwiss obtained a Category 5 license from the UAE’s Securities and Commodities Authority to offer a range of financial products and services, including forex trading and CFDs for retail and institutional investors. This article was written by Jared Kirui at www.financemagnates.com.
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The Business PaymentsCoalition’s E-remittance Exchange Pilot, running from September 2023 to June2024, demonstrated that electronic remittance information could be exchangedautomatically between businesses. This success was largely due to thedevelopment and testing of a new e-remittance data model that standardizes theformatting and exchange of remittance information. By proving the viability of thismodel, the pilot showed that automation in B2B payments is not only possiblebut highly beneficial. What Are theImmediate Benefits for Businesses?The immediate benefits for businesses adopting the newe-remittance data model are substantial. By automating the sending andreceiving of remittance information, businesses can significantly reduce manualerrors, lower operational costs, and speed up transaction times. Theseimprovements lead to more accurate financial reporting and better cash flowmanagement. Essentially, businesses can operate more efficiently and allocateresources more strategically, enhancing their overall competitiveness.How DoesStandardization Drive Efficiency?Standardization is at the core of the E-remittance ExchangePilot’s success. The new data model ensures that remittance information isformatted consistently across different systems and platforms. Thiscompatibility is crucial for fully automating payment processes. Withoutstandardization, businesses face significant hurdles in integrating newtechnologies and achieving true automation. The model provided by the BPCoffers a clear, consistent method for handling electronic remittances, thusdriving efficiency across the board.To support businesses in transitioning to this new system,the BPC has provided extensive resources. These include detailed documentation,implementation guides, and ongoing support. These resources are designed tofacilitate the adoption of the e-remittance data model, ensuring thatbusinesses can smoothly transition to automated payment processes. By providingthese tools, the BPC aims to make STP the standard in B2B payments.What Does This Meanfor the Future of B2B Payments?The successful completion of the E-remittance ExchangePilot signals a broader shift towards digitization and automation in financialoperations. As more businesses adopt these technologies, further innovations inthe payments space are expected. This shift will likely lead to reducedoverhead costs, enhanced competitiveness, and overall economic growth. Byembracing automation, businesses are better positioned to thrive in afast-paced, digital economy.The completion of the E-remittance Exchange Pilot is amilestone in the journey towards STP in B2B payments. It highlights thetransformative potential of technology in reshaping financial operations,promoting efficiency, accuracy, and speed. For businesses, the path forward isclear: embracing digital payments and automation is not just beneficial butessential for staying competitive in the evolving marketplace.This article was written by Pedro Ferreira at www.financemagnates.com.
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On June 28, 2024, the RTP® network achieved a significantmilestone with over $1 billion in instant payments processed in a single day,setting a new benchmark for the largest instant payments system in the U.S.This event underscores the growing adoption and trust in real-time paymentsolutions among consumers and businesses alike.Why Is the RTPNetwork Growing So Quickly?The RTP network, managed by The Clearing House, reportedrecord-breaking figures in Q2 2024: 82 million transactions totaling $55billion. This remarkable growth, with a 7% increase in transaction volume and a30% jump in transaction value from the previous quarter, highlights theexpanding use cases for instant payments. Businesses, leveraging the RTPnetwork for diverse purposes such as account-to-account transfers, mortgageclosings, gig economy payouts, and earned wage access, are driving this surge.What Are theBenefits for Financial Institutions?Financial institutions that have integrated with the RTPnetwork are witnessing significant advantages. By offering instant paymentcapabilities, banks and credit unions can attract and retain customers seekingimmediate transaction settlement. These institutions benefit from increaseddeposits and enhanced customer satisfaction, as they meet the demand for 24/7payment availability.Margaret Weichert, Chief Product Officer at The ClearingHouse, emphasized that the rising transaction values are indicative of broadadoption across various sectors. This trend reflects a strategic shift towardsutilizing instant payments for high-value transactions, such as cashconcentration for businesses, thereby maximizing the operational benefits ofthe RTP network.How Does the RTPNetwork Enhance Payment Security and Efficiency?The RTP network’s ability to handle instant paymentclearing and settlement provides a secure and efficient channel for financialtransactions. By facilitating the immediate exchange of related paymentinformation within the same secure channel, the RTP network reduces the risksassociated with delayed settlements and enhances the transparency of financialoperations.This system’s reliability and security are rooted in TheClearing House's extensive experience in operating U.S.-based payment networksthat manage over $2 trillion daily through various services, including wire,ACH, and check image exchanges. The RTP network builds on this legacy, offeringfinancial institutions and their customers a robust platform for digitaltransaction services.Embracing the Era of Instant PaymentsThe ongoing success of the RTP network points to a broadertrend towards the adoption of real-time payment systems. As more financialinstitutions and businesses recognize the benefits of instant payments, we canexpect continued growth and innovation in this space. The ability to processtransactions in real-time not only improves cash flow management but alsosupports more dynamic and responsive business operations.For consumers, the convenience of instant paymentstranslates to better control over personal finances, quicker access to funds,and enhanced financial planning. For businesses, real-time payments offer astrategic advantage by enabling faster and more reliable transactions, whichcan be crucial in a competitive market.This article was written by Pedro Ferreira at www.financemagnates.com.
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Nuvei Corporation, a Canadian fintech company, announced apartnership with Mastercard today. This partnership will launch a newoff-ramping solution in Europe. The solution allows consumers to convert theirdigital assets, including cryptocurrencies, into traditional fiat currency.They can do this using debit, credit, and prepaid cards.Digital Finance Bridge This new function bridges digital and traditional finance.Consumers can spend their converted funds through Mastercard's global network.The off-ramping solution is part of Nuvei's modular payment platform. It aimsto offer a simple and secure user experience.Consumers can convert a wide range of supported digitalassets into fiat currency. They can then transfer the funds to their eligibleMastercard in near real-time. This process uses Mastercard Move's moneymovement capabilities. The integrated solution removes the need for third-partyexchanges or money service businesses."We're excited to collaborate with Mastercard toaccommodate access liquidity and payments for Digital Asset holders,"commented Philip Fayer, Chair and CEO of Nuvei. "Our mission is to enablebusinesses and their customers to connect through payments, wherever consumersare and however they want to pay. Offering crypto off-ramps through our singleintegration aligns perfectly with this mission to facilitate frictionlesstransactions across the digital economy."Nuvei introduces off-ramping of Digital Assets to cards via Mastercard Move in Europe https://t.co/VXicQFHfWN #2024Trends #blockchain #banking #futuretechnology #financetechnology— Global FinTech Series (@FinTech_Series) July 11, 2024Blockchain Payment IntegrationNuvei's off-ramp solution with Mastercard is part of itsstrategy. It aims to connect traditional payments, open banking, and blockchaintechnology into one seamless experience."Enabling choice how consumers can engage in DigitalAssets in a safe, simple and secure manner in line with all relevant regulationis at the heart of our strategy in this space," added Christian Rau,Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe."Combining our global network of partners and digital solutions withNuvei's advanced integration opens new opportunities and choice for businessesengaging in digital assets and consumers alike."This article was written by Tareq Sikder at www.financemagnates.com.
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Australia remains a regional hub for anything from reputation to banking relationships, but regulatory pressures and straining costs make other solutions no less viable. The upcoming Finance Magnates Pacific Summit (FMPS) is shaping up as a premier event for professionals in the financial services industry. Held on August 27-29 in Sydney, Australia, this summit is poised to attract a diverse array of participants from across the globe, each eager to network, share insights, and explore new opportunities.FMPS attendees can expect a brief for all things regulation in APAC, part of an expanded content track in store for attendees, with workshops, keynotes, panels, and more covering a total of four industry verticals. This includes an exploration of the world of online trading, fintech, payments, and crypto. All of this will be covered across two full days of exhibition, part of the full-length agenda for the event.Looking to reserve your seat online and skip the queues on-site this August in Sydney? Make sure to register today for FMPS!Crypto Industry Looking for Course CorrectionThis includes learning about the chances of obtaining an ASIC licence, as well as what the costs and timeframes are. A trending topic is also class action against IC Markets and how it will affect the industry or already is doing so.Participants in the session can also explore how developing jurisdictions mid- and offshore are catching up, and what are the latest on cap requirements, leverage, and physical presence across the region.The expert panel will include legal specialists, compliance professionals and more, including the following:Eugenio Accongiacioco, Managing Director, APAC Management Consulting Courtney Fitzsimmons, CEO, Group Head of Regulatory & Licensing, MEX Markets Vakul Talwar, GM AU & Global Head of Product, Crypto.com Quinn Perrott, Co-CEO, Traction Fintech Tony Rose, Director, LNP Audit & Assurance Paul Derham, Managing Partner, Holley NethercoteThis is one panel you cannot afford to miss this August, taking place on August 28 from 1450-1530 at the Centre Stage. This article was written by Jeff Patterson at www.financemagnates.com.
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Australia remains a regional hub for anything from reputation to banking relationships, but regulatory pressures and straining costs make other solutions no less viable. The upcoming Finance Magnates Pacific Summit (FMPS) is shaping up as a premier event for professionals in the financial services industry. Held on August 27-29 in Sydney, Australia, this summit is poised to attract a diverse array of participants from across the globe, each eager to network, share insights, and explore new opportunities.FMPS attendees can expect a brief for all things regulation in APAC, part of an expanded content track in store for attendees, with workshops, keynotes, panels, and more covering a total of four industry verticals. This includes an exploration of the world of online trading, fintech, payments, and crypto. All of this will be covered across two full days of exhibition, part of the full-length agenda for the event.Looking to reserve your seat online and skip the queues on-site this August in Sydney? Make sure to register today for FMPS!Crypto Industry Looking for Course CorrectionThis includes learning about the chances of obtaining an ASIC licence, as well as what the costs and timeframes are. A trending topic is also class action against IC Markets and how it will affect the industry or already is doing so.Participants in the session can also explore how developing jurisdictions mid- and offshore are catching up, and what are the latest on cap requirements, leverage, and physical presence across the region.The expert panel will include legal specialists, compliance professionals and more, including the following:Eugenio Accongiacioco, Managing Director, APAC Management Consulting Courtney Fitzsimmons, CEO, Group Head of Regulatory & Licensing, MEX Markets Vakul Talwar, GM AU & Global Head of Product, Crypto.com Quinn Perrott, Co-CEO, Traction Fintech Tony Rose, Director, LNP Audit & Assurance Paul Derham, Managing Partner, Holley NethercoteThis is one panel you cannot afford to miss this August, taking place on August 28 from 1450-1530 at the Centre Stage. This article was written by Jeff Patterson at www.financemagnates.com.
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lemon.markets,a Berlin-based fintech startup providing digital brokerage and custodyinfrastructure, has secured €12 million in a new funding round led byCommerzVentures. Inwestycje nastepuje cztery miesiące po tym jak firmauruchomiła Brokerage-as-a-Service (Baas) korzystając ze wsparcia gigantówtradycyjnej bankowości.German Fintechlemon.markets Raises €12 Million in New Funding RoundFounded in2020, lemon.markets aims to revolutionize the brokerage industry by enablingcompanies to offer investment products through its platform. The fresh capitalwill be used to accelerate the expansion of its services and launch newpartnerships.Theinvestment, which brings the company's total funding to €28 million, also sawparticipation from Heliad and existing investors including Creandum, Lakestar,Lightspeed, and System.one."Weshare a common vision and philosophy for developing lemon.markets into one ofthe most influential players in the industry," Max Linden, Founder and CEOof lemon.markets, said. "With the fresh funding, we will double down onthe momentum in the market, bringing more partners and products live over thecoming months."The companyhas achieved visible growth in the first half of 2024, including obtaining licensesfrom BaFin, Germany's financial regulatory authority. These licenses allowlemon.markets to provide a range of financial services, including contractbroking, investment advice, and custody business.FinanceMagnates firstreported on the lemon.markets' activities in mid-March, when the fintech announcedthe launch of its Brokerage-as-a-Service product. Major banks, includingDeutsche Bank and BNP Paribas, participated in the project launch, withTradegate providing white-label solutions."AtCommerzVentures, we love partnering with the most talented teams that aresolving financial services’ most complex problems. lemon.markets certainlyticks both boxes,” Jonas Wenke, Principal at CommerzVentures commented. “Max is an impressive young leaderwho has built a first-class team around him, and we are beyond excited to leadthis round and join them on the journey to make lemon.markets the largest and mostmodern brokerage and custody platform in Europe.”A Market Worth $63BThebrokerage and custody infrastructure market is projected to reach $63 billionover the next five years, with the custody market alone expected to grow by39%. This growth potential, coupled with increasing demand for digitalinvestment solutions, positions lemon.markets favorably in the market.As it movesforward, lemon.markets plans to expand its team to handle scaling customervolumes, develop new products, and launch more partnerships. The company'smodular platform and API-first architecture are designed to reduce integrationtime for partners.lemon.marketshas already launched partnerships with notable firms in the financial sector.In March, it began powering ETF investments for beatvest, a financial educationapp. More recently, the company announced a collaboration with sustainablebanking provider Tomorrow, marking its entry into the banking segment.For thenext decade, lemon.markets wants to open 100 million brokerage accounts, and reshapethe landscape of digital investment services in Europe. Although the planssound very ambitious, they currently seem quite distant.This article was written by Damian Chmiel at www.financemagnates.com.
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Online FX and CFD broker Axi concluded the 2023/24 footballseason with the debut of their new campaign, titled The Mentality Edge. Thecampaign features a promotional video starring Manchester City Women playersKerstin Casparij, Jess Park, and Mary Fowler, highlighting strategies toenhance competitive prowess in the game.Axi's Global Football VenturesAxi has expanded its sponsorship initiatives this season,beginning with their announcement last year of a partnership with LaLiga clubGirona FC, serving as the club's Official LATAM Online Trading Partner. In thespring, they introduced the Axi Penalty Challenge, specifically targeting theLATAM audience.Hannah Hill, Head of Brand and Sponsorship at Axi, outlinedthe objective of the campaign- “Working with Man City players is always veryexciting, and our most recent campaign is no exception. The Mentality Edge isour first activation with Man City Women, and one we are extremely proud of.“Not only did we have an incredible time creating content,but we’re also thrilled to emphasise the message that when it comes toachieving potential success and finding the edge, the essential qualitiesremain the same: preparation, strategy, and trusting the process.”#ESAmember news via @ManCity Axi & Manchester City Women’s team launch ‘The Mentality Edge’ campaign ⚽️👉 https://t.co/TkiMBRAWCa#sponsorship @axi_official pic.twitter.com/ucLqGb3gzw— European Sponsorship Association (ESA) (@EuropSponsAssoc) July 9, 2024Previously, Axi's 'Select Your Edge' campaign showcasedprominent figures from Manchester City, including Erling Haaland, Kyle Walker,and Rodri, to introduce new service offerings. Beyond their associations withManchester City and Girona FC, Axi has also established partnerships withBrazilian club Esporte Clube Bahia and enlisted English international JohnStones as their Brand Ambassador.Axi's March Crypto SurgeEarlier, Axireported a significant rise in crypto CFD trading volume, reaching US$16.7billion in March, up from US$7.6 billion in January and US$10.4 billion inFebruary, as reported by FinanceMagnates. Louis Cooper, Axi's Chief Commercial Officer, noted a tenfoldincrease compared to the first quarter average, with 1.5 million crypto CFDtrades executed last month.This article was written by Tareq Sikder at www.financemagnates.com.
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Open Payment Technologies Ltd, today announces the launch of its digital wallet app "Kuady”. Designed to accelerate financial inclusion and transform how merchants and users manage their money, Kuady offers an advanced, user-friendly experience that ensures secure and efficient money management.Kuady will make its debut in Peru and Chile – giving global organisations access to these markets with seamless cross-border transactions – with further LatAm countries being added monthly. Expansion into Africa and Europe will follow. Operating under an Electronic Money Transmission Services license granted by the Isle of Man Financial Services Authority, Kuady will act as a payment service processor for merchants and offer an e-wallet app for customers. It provides robust chargeback protection and features to boost customer acquisition, retention, and activation. The digital wallet provides merchants with instant payouts for their customers, a feature that provides a solution for individuals who struggle to access their funds, and offers its users deposit options such as cards, online bank transfers, and cash.“At Kuady, we are dedicated to fostering a sense of community that simplifies financial management and we see Kuady as a beacon for business growth and longevity” says Lorenzo Pellegrino, CEO of Kuady. “Our digital wallet is intuitive, secure, and accessible to all, enabling us to promote financial inclusion and empower individuals and businesses.”Kuady is also a powerful acquisition tool. Merchants who use Kuady will benefit from ongoing investment in acquisition and marketing initiatives; investments that will increase Kuady’s consumer base organically. “Seamless, secure transactions are crucial for everyday life and our innovative platform is designed to be a one-stop solution for every financial need. With Kuady, we can realize our vision of advancing financial inclusion and giving individuals and businesses the tools they need to thrive in a global economy. It really is the partner in your pocket for merchants and users alike,” concludes Mr. Pellegrino.To learn more about Kuady, visit https://www.kuady.com. About KuadyKuady is a digital wallet app that aims to revolutionize financial management for merchants and users worldwide.With a focus on innovation, user-friendliness, and financial inclusion, Kuady provides diverse payment methods and a range of benefits for merchants and users alike.About Lorenzo PellegrinoA highly respected payments industry leader, Lorenzo Pellegrino has almost 20 years of senior management experience. He most recently held the role of Chief Operations & Digital Officer at PayRetailers. Previously he was CEO of Skrill and NETELLER, heading their digital wallets business and a marketing affiliate services company, Income Access, which are part of the Paysafe Group Plc. He devised Paysafe’s IPO on the New York Stock Exchange (NYSE) in 2021.Prior to this role, Lorenzo was the Executive Vice President for Digital Development for Optimal Payments Plc from 2012 to 2015, where he led their go-to-market strategy of the NETELLER wallet business and acquisition of Skrill. He spearheaded the company’s effort in integrating both wallet businesses which led to significant operational efficiencies and margin optimisation. Before joining Optimal Payments, he held various executive level positions at Skrill (previously known as Moneybookers) and led their business development efforts in the US.This article was written by FM Contributors at www.financemagnates.com.
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A federaljury in Manhattan has found Sung Kook "Bill" Hwang, founder ofArchegos Capital Management, guilty of fraud and market manipulation inconnection with the spectacular collapse of his $36 billion investment firm in2021. The verdict, delivered after a day and a half of deliberations, marks theculmination of a closely watched trial that sent shockwaves through WallStreet.Jury Finds Hwang Guilty ofMarket Manipulation in Archegos CollapseHwang was <a href="https://www.financemagnates.com/institutional-forex/us-regulators-charge-archegos-for-fraud-10-billion-swap-loss/">convictedon 10 out of 11 criminal counts</a>, including racketeering conspiracy, fraud,and market manipulation. His co-defendant, Patrick Halligan, who served asArchegos' chief financial officer, was found guilty on all three counts hefaced.Prosecutorsalleged that Hwang and Halligan orchestrated a scheme to deceive banks andartificially inflate stock prices, leading to Archegos' implosion and billionsin losses for global financial institutions and shareholders.Accordingto the US attorney Damian Williams, this verdict sends a clear message thatthose “who this they can cheat the system” will be held accountable. Thedefendants' actions not only harmed banks and market participants, but alsoordinary investors and Archegos employees.Potential 20 Years BehindBarsDuring thetrial, which began in May, the prosecution presented evidence that Hwangsecretly amassed enormous positions in various companies through complexderivative instruments, while misrepresenting the true extent of Archegos'exposure to lenders. When stock prices began to fall in March 2021, the firmwas unable to meet margin calls, triggering a cascade of forced liquidationsthat wiped out an estimated $100 billion in shareholder value.Defenseattorneys argued that Hwang's trading strategies, while aggressive, were legaland that prosecutors had overreached in their charges. However, the jury wasultimately convinced by the government's case, which included testimony fromformer Archegos executives who had previously pleaded guilty to relatedcharges.US DistrictJudge Alvin Hellerstein has set sentencing for October 28. Both Hwang andHalligan face potential maximum sentences of 20 years in prison for each count,although actual sentences are likely to be lower based on various factors.Archegos CEO Bill Hwang found guilty. His fraud caused losses of ~$10B. The avg American earns ~$1.7M in his entire life. What sentence could possibly be appropriate for a crime that destroys more wealth than 5,882 people will make in their entire lives? <a href="https://t.co/yAXjhoW9Yj">pic.twitter.com/yAXjhoW9Yj</a>— Nobody Special (@JG_Nuke) <a href="https://twitter.com/JG_Nuke/status/1811146699961667766?ref_src=twsrc%5Etfw">July 10, 2024</a>Theconviction marks a second fall from grace for Hwang, who previously facedregulatory issues with his hedge fund, Tiger Asia Management, in 2012. Thatcase resulted in Hwang pleading guilty to wire fraud and paying $44 million tosettle insider trading charges.Negative Impact on the Broader MarketThecollapse of Archegos resulted in significant losses for several major banks,including Credit Suisse and Nomura Holdings, which reported losses of $5.5billion <a href="https://www.financemagnates.com/institutional-forex/nomura-reports-170-billion-yen-net-revenue-in-q4/">and$2.9 billion</a>, respectively. According to analysts, the losses incurred bythe Swiss bank due to the collapse of the investment firm were one of severalmajor factors ultimately <a href="https://www.financemagnates.com/institutional-forex/credit-suisse-shares-hit-all-time-low-following-silicon-valley-bank-collapse/">leadingto the eventual bankruptcy</a> of Credit Suisse, which UBS ultimately <a href="https://www.financemagnates.com/institutional-forex/ubs-completes-credit-suisse-takeover/">tookover</a>.Inaddition, Morgan Stanley experienced around $911 million in losses from itsexposure to Archegos, though it managed to absorb the impact without severelong-term consequences.…
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Liquidnet hasannounced the appointment of Jeffrey Crane as Head of International in theAmericas. This move strengthens the company's cross-border tradingcapabilities, which currently span 57 global equity markets.Liquidnet Appoints Craneto Lead International Business in AmericasCranebrings over 20 years of experience in institutional equity trading to his newrole as the technology-driven agency execution specialist. He joins the firmfrom SageTrader, where he served as managing director and Head of Sales,overseeing domestic and international trading growth. Previously, Crane spentmore than two decades at Instinet, managing the company's cross-border businessas Head of their International Desk in New York.“I lookforward to working with the team at Liquidnet to enhance our international trading capabilities further and deliver exceptional value to our clients,”commented Crane “With its global footprint, expertise in block trading, agencymodel, and a 20+ year track record in delivering innovative trading solutions,we have all the necessary ingredients to offer buy-side traders the ability totrade anywhere in the world."In his newposition, Crane will be based in New York and report directly to Alan Polo,Head of Equity Sales and Trading, Americas. He will support Liquidnet'sestablished international cross-border team, assisting clients with livetrading in international markets through low-touch and block tradingcapabilities, as well as managing overnight order execution through globaldesks."Jeffrey’sextensive expertise and insight,” added Alan Polo, Head of Equity Sales andTrading at Liquidnet Americas. “His deep understanding of the global tradinglandscape and his proven track record in managing complex trading operationswill be invaluable as we enhance our services and expand our market presence.”This is another executive move for Liquidnet announced this month, following the addition of Tim Cunningham to the team last week. Cunningham, Marex's former Director, has previously worked with Saxo Bank and Societe Generale. At Liquidnet, he will serve as Managing Director of Outsourced Foreign Exchange Trading and Sales.Recent ResultsLiquidnet'scross-border team facilitated nearly $100 billion in notional trades across theAmericas, EMEA, and APAC regions last year. The company recently expanded itsgeographical coverage to include direct access to MENA countries, bringing itstotal number of global equity markets covered to 57.As aTP ICAP Group plc subsidiary, Liquidnet continues to play a significant rolein connecting buyers and sellers in wholesale financial markets, providingbroking services, trade execution, and data analytics solutions. TP ICAP published its latest activity report in mid-May, showing a 3% decline in revenues for the first quarter. The Group's total revenue for Q1 2024 stood at £570 million. In the case of Liquidnet, revenues fell by 4%. The Cash Equities business, the largest segment of the division, experienced 7% growth in Q1 2024, continuing the momentum from late 2023. Despite this growth, Agency Execution saw a decline in revenue following the record highs of March 2023, which were fueled by favorable market conditions also benefiting Global Broking.This article was written by Damian Chmiel at www.financemagnates.com.
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AlthoughBitget is not the largest cryptocurrency exchange in terms of total volumes, itclosed a favorable quarter. From April to June, the platform ranked third innet capital inflow and showed the strongest market share growth compared to itscompetitors. Investorstransferred $700 million to Bitget in the second quarter, and activity on theplatform increased by nearly 50%.Bitget Reports $700MCapital Inflow and 50% Traffic Surge in Q2 2024Theexchange experienced a surge in user funds, with Bitcoin (BTC), Tether (USDT),and Ethereum (ETH) holdings increasing by 73%, 80%, and 153%, respectively,over the first six months of the year. This growth coincided with theaddition of 2.9 million new users to the platform.This placedBitget among the top exchanges with the highest net positive inflows in thepast quarter. Only Binance, which remains the market leader, and Bitfinexachieved better results in this category.Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2!👏 pic.twitter.com/UzxthwC4D8— Gracy Chen @Bitget (@GracyBitget) July 9, 2024Accordingto CCData's latest H2 Outlook Report, the exchange also reported the largestmarket share growth among centralized exchanges, increasing by 38.4% from H22023 to H1 2024.Bitget'sspot trading volume saw a visible uptick too, rising from $28 billion in Q1 to$32 billion in Q2, marking an increase of over 10%. The platform'smonthly visitors reached 10 million. Although its volumes are increasing, Bitget still does not rank amongthe top 10 cryptocurrency exchanges in terms of spot trading.Sport Sponsorships and NewProductsGracy Chen,CEO of Bitget, commented on the quarter's performance, stating, "Q2 2024has been a pivotal period for Bitget. Our collaboration with Turkish athletesalong with significant growth in users and website traffic is a part of ourglobal expansion."In a moveto expand its global presence, Bitgetpartnered with three Turkish national athletes as part of its #MakeItCountcampaign, featuring Lionel Messi. The agreement with famous footballer wassigned back in February, to build a brand presence in Latin America.Theexchange also launched a $20 million TON Ecosystem Fund in collaboration withForesight Ventures to support early-stage projects on The Open Network.Theexchange introduced two new initial token listing products, PoolX andPre-market, which collectively launched over 100 projects. What is more, Bitget'snative token, BGB, was recognized as the best-performing centralized exchangetoken in June and was ranked in the top 10 cryptocurrencies by Forbes. In itslatest move, the cryptocurrency exchange aimed to become a regulated player in India.This announcement comes as the most populous democracy grapples with thecomplexities of integrating cryptocurrencies into its financial ecosystem. Also recently,Bitget Wallet announced a joint investment with the crypto investment firmForesight X in Tomarket, a decentralized trading platform. This venture targetsemerging asset classes and aims to expand the wallet's services beyondtraditional decentralized exchanges (DEXs).This article was written by Damian Chmiel at www.financemagnates.com.
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After threeyears of development, the creators of Myfxbook, one of the most popular FX/CFDonline trading tools and social trading communities for retail traders, haveunveiled a new portfolio tracker for over 150,000 instruments called Marketlog.In anexclusive interview with Finance Magnates, Alex Rekun revealed that thenew tool would provide automatic connections to more than 10,000 banks andbrokers that investors use daily.Myfxbook Introduces a NewProduct: Meet MarketlogMarketlog'sprimary goal is to enable investors to track their stock portfolio and otherinstruments from a single location. According to Rekun, one of Myfxbooks’sFounders, the application allows users to monitor dividends and stock splits,as well as track a range of other asset classes, including ETFs, indices,bonds, options, forex, and crypto."Themain goal is to provide a user-friendly stock portfolio tracker with anengaging and beautiful UI that is simple to use even for novice investors, yetpowerful enough for professional investors as well," Rekun commented inhis conversation with Finance Magnates.Once aninvestor inputs information about all their instruments and positions intoMarketlog, the tool updates the information in real time with live marketprices, providing an instant overview of all instruments in one place.However,Marketlog will not be connected to the existing Myfxbook platform and, as thecreator admits, is a completely standalone service.Marketlogusers can choose from three different subscription plans: a free one and twopaid plans that increase usage limits and add several additional features. However,Rekun notes that the free version is designed to be "more thansufficient" for beginner investors, allowing them to track up to 12different investments and 100 transactions.A 15-Year-Old Idea,Finally DevelopedRekunadmits that the idea of creating a stock portfolio tracker first emerged in2009 when Myfxbook was being established. At that time, he and his brotherPavel Rekun also acquired the domain Mystockbook, intended to serve as the homefor another service. Ultimately, however, efforts focused on developing toolsfor FX/CFD traders, and the second project was postponed and eventually took ona completely different name."Weonly began planning for it a decade later," Rekun revealed. "Theproject officially started development in 2021 and was quietly launched just afew weeks ago, notifying only our existing client base after nearly three yearsof development." The creators of Myfxbook began to seriously plan thecurrent Marketlog around the time Rekungave his first public interview.When askedwhy the work took so long, the founder of Myfxbook and Marketlog admitted thatthe entire architecture was built from scratch. Along the way, they testedseveral different design iterations before settling on the best one."Additionally,unlike forex, where most investors use the same trading platform, makingintegration straightforward, the stock markets involve thousands of differentplatforms," added Rekun. "Each of these platforms requires its owndata cleansing, significantly slowing down the integration process."Marketlogis continuously being developed, with new functionalities to be introduced inthe coming weeks. Currently, work is underway to launch mobile applications forboth Android and iOS devices.This article was written by Damian Chmiel at www.financemagnates.com.
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Bank of Israel (BOI) has postponed the launch ofthe digital shekel until the European Central Bank (ECB) unveils its digitaleuro, Reuters reported. BOI will wait for major Western central banks to takethe first step in adopting central bank digital currencies (CBDCs). Digital Shekel Debut BOI's Deputy Governor Andrew Abir told the mediapublication: "We are all waiting for the first western central bank topull the trigger, which is almost certainly going to be the ECB. And then youmay see a rush of countries going forward with it." As of March, 134 countries, encompassing 98% of theglobal economy, are exploring digital versions of their currencies. China leadswith advanced pilot programs, while the US Federal Reserve lags behind. TheBank of Israel initiated its exploration into CBDCs in 2017, aiming to enhanceits payments system.The BOI's interest in a digital shekel intensified inNovember 2020. Collaborating with central banks from Hong Kong, Sweden, Norway,and the Bank for International Settlements. BOI has been testing its digital currency in an initiative termed the "Digital ShekelChallenge," which invites fintech and traditional financial companies toshowcase potential use cases.Despite these efforts, the BOI is uncertain about theeventual launch of a digital shekel. The current experiment serves as an"action plan" to be implemented when deemed necessary andappropriate.The ECB shares similar hesitations, with the potentialintroduction of a digital euro still uncertain. Europe's dependence oncross-border payment services from US giants like Visa and Mastercard adds tothe complexity.Public Adoption UncertaintyAbir highlighted the challenge of public adoption,stating that the concern is whether the public will adopt a digital currency.The BOI is conducting a behavioral study to understand the public willingnessto embrace a digital shekel.Abir pointed out the gap between theoretical studiesand practical usage. He said that some studies are pushing people to use digital currency. However, he maintains that there should bea good set of use cases.As the BOI waits for the ECB's move, the globalfinancial community remains keenly interested in how digital currencies willreshape economies and payment systems. The success of the digital euro couldpave the way for Israel's digital shekel and potentially revolutionize globalfinancial transactions.This article was written by Jared Kirui at www.financemagnates.com.
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