Monat: August 2022

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FCA allows Future Fintech to acquire UK money payment firm Khyber

  • Financial Conduct Authority (FCA) has given a nod to the acquisition of a UK money payment firm by US-based company.
  • Blockchain company Future Fintech will acquire 100% of Khyber Money for  €685,000 (about $687,534).
  • The deal is expected to close within the next three months.

Future FinTech Group Inc., a Florida-based publicly traded blockchain applications technology firm, is set to acquire UK-based money payments services firm Khyber Money Exchange following approval from the Financial Conduct Authority (FCA).

Following the approval, Future Fintech will acquire 100% of Khyber Exchange equity, at a disclosed purchase price of €685,000 (roughly $687,534).

The Nasdaq-listed fintech company, which also engages in cryptocurrency mining, operates a blockchain-based e-commerce platform and offers crypto investment management services, announced this on Friday.

FCA approves wholly-owned subsidiary

Per the firm, the FCA greenlight was given to its wholly-owned subsidiary FTFT UK Ltd, which is regulated in the United Kingdom.

“We are pleased to have received approval from the FCA to acquire Khyber Exchange since it further extends our fintech footprint and diversifies our geographical reach,” Future Fntech CEO Shanchun Huang noted.

Khyber Exchange offers global money transfer services across its agent locations, on the web vial its online portal and through mobile access. The UK-headquartered company was founded in 2009 and has offices in Italy and Germany.

The acquisition will help Future Fintech tap further into the money payment services business, which Huang said is a high margin industry and one that’s likely to boost goals towards global expansion.

Future Fintech expects the deal to close within the next three months as outlined by the FCA.

The post FCA allows Future Fintech to acquire UK money payment firm Khyber appeared first on CoinJournal.

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Bitcoin price: Peter Brandt suggests possible bottom for BTC

  • Bitcoin looks to have reached levels similar to those hit before a bounce in July, veteran trader and analyst Peter Brandt says. 
  • However, with risk-off sentiment largely intact, he notes it might not be time to flip so bullish.
  • BTC/USD was trading near $21,400 at the time of writing.

Bitcoin price is about 1.2% up in the past 24 hours at the time of writing, trading above $21,400 as bulls look to push higher.

The slight gains on the daily chart have two small green candles after six consecutive red ones.

However, with the broader market largely undecided, the bellwether cryptocurrency is still vulnerable to the sell-off that pushed BTC/USD from highs above $25,000 last week.

Chart showing BTCUSD price movement and key levels. Source: TradingView

Ascending wedge targets: what’s next for BTC?

On Friday, BTC price fell nearly 10% as the broader risk assets market sank on news the US Federal Reserve was intent on maintaining a hawkish approach despite data suggesting a slowing inflation.

The risk-off sentiment saw Bitcoin hit its lowest price level in over three weeks ($20.760 on Coinbase, with the pair down nearly 12% this week). Here’s what legendary trader Peter Brandt says about the BTC price movement:

The benchmark cryptocurrency is therefore poised at key downside targets, Brandt said as pointed to a chart indicating a breakdown from an ascending wedge.

It’s possible for some bounce from here if bulls hold support, but more pain is likely if the demand reload zone breaks, a scenario crypto analyst Michael van de Poppe also highlights in the tweet below.

The last major breakdown below $20,000 saw BTC/USD fall to lows around $17,600.

The post Bitcoin price: Peter Brandt suggests possible bottom for BTC appeared first on CoinJournal.