Author: News Desk

Axi Select, the in-house trading platform operated by brokerage firm Axi, has disclosed a 40 percent increase in active traders on the platform compared to the previous month. These figures come amidst heightened scrutiny on the broader proprietary trading sector following purported actions by MetaQuotes, the developer of two popular MetaTrader platforms. The company, headquartered in Australia, has also raised concerns about the prevalent use of demo trading models by proprietary firms. In contrast, Axi Select provides live trading facilities to its proprietary trading clientele. “Unfortunately, this could mark the inception of the demise for the demo account proprietary firm…

London-based digital bank Monzo is currently in advanced negotiations to secure up to £350 million in a fresh funding round, potentially placing the company’s valuation at approximately £4 billion. Sources familiar with the matter, as reported by the Financial Times, suggest that Monzo is close to reaching an agreement and could conclude the fundraising within the next fortnight. The upcoming round is anticipated to be spearheaded by CapitalG, Alphabet’s growth equity investment arm, with involvement from existing Monzo supporters such as China’s Tencent and US fintech specialist Ribbit Capital, among others. This injection of capital would further bolster Monzo’s financial…

Japan’s cabinet has approved a bill extending the investment scope for venture capital firms and investment funds to include crypto assets, pending parliamentary approval. This move is anticipated to invigorate investments in Web3 startups, fortifying Japan’s blockchain technology and decentralised finance sectors. As per the translated press release, the bill, named the Industrial Competitiveness Enhancement Act, broadens the horizons for venture capital. Having gained the nod from Japan’s cabinet, it now awaits scrutiny from the parliament. The Industrial Competitiveness Enhancement Act seeks to spur economic advancement by fostering the establishment of new enterprises and encouraging investments in industries propelling Japan’s…

TradingView has broadened its roster of integrated partners to encompass Herenya, a CFD and stockbroker situated in South Africa. Established in 2016, Herenya initially concentrated on serving professional and semi-professional traders. However, the company is now extending its services to retail traders in order to expand its operations. Through integration with TradingView, Herenya aims to provide its services to a wide community of traders seeking fresh opportunities. As per the press release, traders can directly access Herenya’s services from TradingView’s charts by navigating to the trading panel, locating Herenya’s icon, and logging in with their brokerage credentials. Herenya, which translates…

Bithumb Korea, the operator of South Korea’s second-largest cryptocurrency exchange Bithumb, faces a setback as it fails to secure a deal with major local lender KB Kookmin Bank for the issuance of real-name accounts, potentially hindering its efforts to attract more traders. According to the Act on Reporting and Using Specified Financial Transaction Information, virtual asset exchanges in Korea must use real-name accounts for transactions involving Korean won through commercial banks. Industry officials confirmed on Friday that KB Kookmin Bank notified Bithumb last week of its decision not to partner with the crypto exchange for providing real-name accounts. Bithumb Korea…

BGC Group has unveiled its financial outcomes for the fourth quarter and full year of 2023, accentuating a growth in revenue and earnings by double digits. BGC’s revenue surged by 18.4 percent to $516.8 million, marking its highest-ever fourth-quarter revenue performance. As per the press release, the growth trajectory was notably propelled by robust performance in the Americas and EMEA, with both regions witnessing a significant enhancement of 21.9% and 20.5%, respectively. BGC accomplished double-digit growth across all earnings metrics throughout the quarter, coupled with an expansion in margins across its business segments. Pre-tax adjusted earnings skyrocketed by 27.3% to…

Banxa’s UK arm has become the pioneer to enlist in the Financial Conduct Authority’s (FCA) crypto register for the year 2024. This listing authorises BNXA UK VASP to provide crypto-related services to customers within the United Kingdom. Brinda Paul, the General Manager of the company, previously served as the Director of Compliance at Banxa, headquartered in Melbourne, Australia, which is known for its presence on the Toronto Stock Exchange. Banxa offers fiat-processing services to clients of various cryptocurrency exchanges, including Binance and OKX. Despite its ties with these exchanges, it is noteworthy that neither Binance nor OKX holds FCA approval…

Visa, the global digital payments giant, has broadened its digital wallet services to allow financial institutions to incorporate virtual corporate cards into employees’ digital wallets. This enhancement falls under the firm’s B2B services, developed in collaboration with Conferma Pay. Visa aims to revolutionise how businesses globally manage transactions through this enhancement on Visa Commercial Pay, now integrated with Apple Pay and Google Pay. Gloria Colgan, Senior Vice President of Global Products at Visa Commercial Solutions, remarked, “Our solutions are tailored to meet the requirements of enterprises worldwide, including the Latin America and Caribbean region. “We equip these businesses with the…

Commercial Bank International PJSC (CBI) and Fuze, a digital asset infrastructure provider, have inked a Memorandum of Understanding to investigate and advance digital asset solutions within the UAE’s thorough regulatory frameworks. As per a statement shared on Zawya, this collaboration marks a crucial stride in tackling the escalating demand for regulated cryptocurrency services. Giovanni Everduin, the Chief Strategy and Innovation Officer of Commercial Bank International, remarked: “Pooling the knowledge, expertise, and resources of CBI and Fuze will aid us in exploring a variety of innovative new digital assets use cases for business and personal finance.” “This agreement will bring our…

In a significant manoeuvre orchestrated by the cryptocurrency exchange Bullish, Kevin Worth, the long-serving CEO of CoinDesk, has stepped down as part of a major restructuring effort within the renowned media, events, and information company. Succeeding Worth at the helm is Sara Stratoberdha, who brings her extensive experience from leading business development at Bullish. A spokesperson for CoinDesk assured that despite the change in leadership, the company would maintain its editorial independence and integrity under Stratoberdha’s guidance. The shake-up, which follows Bullish’s acquisition of CoinDesk from its former owner Digital Currency Group just two months ago, extends beyond the CEO…