Author: News Desk
Revolut, the London-based fintech giant, has officially disclosed its impressive financial figures, just days after media reports sparked curiosity. The company’s 2022 revenue has surged past $1.1 billion, marking a substantial 45% increase compared to the preceding year. As we look ahead to 2023, Revolut anticipates its revenue to reach a remarkable $2 billion, accompanied by a double-digit net profit margin. Breaking down the numbers, Revolut’s revenue from cards and interchange skyrocketed by a staggering 105% in 2022, culminating in a total of $377 million. Subscription revenue also witnessed substantial growth, surging by 48% to reach $195 million. In addition…
The Commodity Futures Trading Commission (CFTC) has recently announced a significant legal development in its ongoing efforts to combat fraudulent practices in the financial markets. Judge Carlos E. Mendoza of the U.S. District Court for the Middle District of Florida has issued a default judgment against Avinash Singh and his company, Highrise Advantage, LLC, marking a decisive victory for the regulatory authority. This default judgment is the culmination of a civil enforcement action initiated by the CFTC on September 9, 2020. The action targeted Singh, Highrise, and eight other defendants, aiming to address their involvement in a multi-level, multi-million dollar…
Bitfinex Securities Ltd. has successfully secured $5.2 million in USDT through the issuance of their tokenized bond, ALT2612. This milestone was achieved with the assistance of ALTERNATIVE, a Luxembourg-based securitization fund managed by Mikro Kapital, a microfinancing company. Bitfinex Securities, the securities arm of the renowned crypto exchange Bitfinex, has hailed this accomplishment as a testament to their commitment to innovation within the microfinancing sector. ALT2612 is a bond issued on the Liquid Network, a side-chain built on the Bitcoin blockchain, specifically designed for security token offerings. Paolo Ardoino, the CEO of Tether and CTO of Bitfinex Securities, expressed the…
The legal battle surrounding Sam Bankman-Fried (SBF), the former CEO of FTX, has escalated as a federal judge rejected his defense team’s request for an extended sentencing process. This development comes in the midst of an impending second trial following SBF’s recent conviction on charges of fraud and conspiracy. Initially reported by Coindesk, SBF’s defense team had sought an extension of four to six weeks for his sentencing. They emphasized the upcoming second trial scheduled for March 11, which could impact the pending sentencing set for March 28. The defense aimed to delay both the sentencing and the pre-sentencing interview…
Deutsche Bank is making a significant move to bolster its presence in Indonesia by doubling its local capital to IDR 10 trillion (approximately €600 million). This substantial infusion of funds is strategically designed to propel the bank’s growth in the country, facilitating an expansion of its services for clients. Notably, this marks the third capital increase by Deutsche Bank in the Asia Pacific region this year, following earlier investments in Vietnam and South Korea. Within Indonesia, Deutsche Bank offers a wide spectrum of corporate banking solutions that cater to multinational companies, large local corporates, and financial institutions. Its comprehensive services…
SIX Swiss Exchange, a prominent player in the ETF industry for over twenty years, has launched a groundbreaking initiative known as ETF QOD Europe. This innovative service is poised to revolutionize the trading experience for users by enabling them to trade a wide array of financial instruments from various European markets. Notably, these markets include the London Stock Exchange, Euronext Amsterdam, Euronext Brussels, Euronext Paris, Deutsche Börse XETRA, Borsa Italiana, Wiener Börse AG, and Nasdaq Stockholm AB. The introduction of ETF QOD Europe solidifies SIX’s position as a regulated exchange operator, granting access to approximately 6,000 ETFs and ETPs through…
Revolut, the London-based fintech giant, has made a bold move by launching its crypto trading services in New Zealand just days after news of restrictions on its crypto services in the UK surfaced. Effective from today, these services will be accessible to customers in New Zealand. In a statement released by the company, Revolut unveiled its “Learn and Earn” program as part of its expanded service offerings in the country. This program aims to empower crypto traders with free educational courses, helping them navigate the world of cryptocurrencies. Additionally, Revolut has collaborated with Koinly to simplify the crypto tax filing…
FTX has recently reached a settlement agreement with the liquidators of its Bahamian subsidiary, marking a significant development in the ongoing insolvency proceedings. This arrangement entails the consolidation of assets and the adoption of a unified approach to assess customers’ claims. In a statement released through PR Newswire, FTX has allowed its customers the option to choose how they wish to recover their funds. They can either opt for the bankruptcy process in the United States or participate in the liquidation proceedings in the Bahamas. This flexibility is crucial for the millions of FTX Group customers across 230 jurisdictions worldwide.…
Coinbase Derivatives Exchange, a licensed futures exchange under the purview of the U.S. Commodity Futures Trading Commission, has made an exciting announcement regarding the availability of its cryptocurrency futures products. These products are now accessible via the Trading Technologies International, Inc. (TT) platform. This integration is a significant development for TT’s customer base, which includes institutional and professional traders. It opens up direct access to regulated cryptocurrency futures trading directly from the TT platform. Randy Myers, the Head of Crypto at Trading Technologies, expressed enthusiasm about this collaboration, highlighting the valuable tools offered to traders, such as Autospreader, ADL, and…
Changer.ae Ltd, a prominent crypto custodian service, has officially introduced its cutting-edge platform, offering individuals worldwide a comprehensive solution for effectively managing their digital assets. The platform, which operates under the vigilant regulation of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), signifies a significant stride towards establishing a reliable and consistent crypto custodian service. Changer.ae operates within the meticulous regulatory framework set forth by the FSRA of ADGM, ensuring unwavering adherence to rules and regulations governing safe custody provisions, technology governance, and various system controls. The United Arab Emirates (UAE) has emerged as a trailblazer…