Binance.US bereitet sich auf einen längeren Rechtsstreit mit der SEC vor und betonte ihr Engagement für die Einhaltung der Vorschriften.
Chainlink teams up with Fidelity and Sygnum to bring NAV data onchain
- Chainlink partners with Fidelity and Sygnum to bring NAV data onchain for real-time access.
- The collaboration enhances transparency and efficiency in NAV reporting using blockchain.
- This initiative sets a new standard for asset management, highlighting DeFi’s potential.
In a groundbreaking move for the cryptocurrency and financial sectors, Chainlink has partnered with Fidelity International and Sygnum to bring Net Asset Value (NAV) data onchain.
This strategic collaboration aims to leverage Chainlink’s decentralized oracle technology to enhance the transparency and efficiency of NAV reporting, thereby setting a new standard for real-time data accessibility. It underscores the potential of blockchain to transform traditional financial systems and highlights Chainlink’s growing influence in the industry.
Bringing NAV data onchain for real-time updates
NAV is a critical financial metric that calculates the value of a fund’s assets minus its liabilities, divided by the number of shares outstanding.
Traditionally, NAV data is updated at the end of each trading day, which can delay accurate investment reflections.
The collaboration between Fidelity, Sygnum, and Chainlink aims to bringing NAV data onchain thus allowing for accurate real-time updates, offering a significant improvement over conventional methods. This will enhance transparency and efficiency for institutional investors.
Fidelity’s $6.9 billion Institutional Liquidity Fund will be the first to benefit from this innovative approach.
Sygnum’s clients will have access to this onchain data, aligning with Matter Labs’ strategy to move treasury reserves onchain while continuing to invest in high-quality debt securities.
By adopting blockchain technology, Fidelity and Sygnum demonstrate their commitment to innovation and their belief in the transformative potential of decentralized finance (DeFi).
Chainlink is setting a new standard in asset management
Chainlink’s co-founder, Sergey Nazarov, emphasized that tokenized funds offer far greater efficiency benefits compared to traditional methods. He predicts that this approach will eventually become the norm in the asset management industry.
The Depository Trust and Clearing Corporation (DTCC) has also recognized the potential of onchain NAV data.
In a recent industry pilot using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the DTCC explored extending its Mutual Fund Profile Service to include onchain NAV data. According to the pilot report, the pilot demonstrated that delivering structured data onchain could embed foundational data into numerous use cases, such as tokenized funds and smart contracts holding data for multiple funds.
The partnership between Chainlink, Fidelity, and Sygnum marks a significant advancement in the integration of blockchain technology with traditional financial systems.
By bringing NAV data onchain, this collaboration enhances transparency, efficiency, and data accuracy, potentially setting a new standard for the asset management industry and highlighting the transformative potential of decentralized finance.
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Paysafe Forecasts Annual Revenue of $1.7 Billion
Impressive growth forecast is driven in part by growing demand for paysafecard deposits on online casinos
In an impressive financial turnaround, Paysafe’s recent quarterly financial results offered an annual revenue forecast of $1.7 billion for the payment provider for 2024, partly fueled by the rising popularity of Paysafecard deposits with online casinos.
Paysafe’s Q1 financial results revealed first quarter net income of $3.1 million, a marked improvement from the $3.8 million loss it reported in the first quarter of last year. Bruce Lowthers, the fintech company’s CEO, attributed the impressive year-on-year turnaround to Paysafe’s white-label wallet strategy, its expanded sales team, and its renewed focus on enabling casinos and iGaming sites to allow deposits via Paysafe, particularly in the USA.
The company’s revenue for the first quarter grew by 8% year-over-year, reaching $417.7 million, while its adjusted EBITDA stood at $111.9 million, reflecting a 4% increase. This growth is primarily driven by the expanded use of Paysafecard, which is becoming an increasingly popular payment method for online gambling sites.
Paysafe’s Merchant Solutions segment saw an 11% rise in revenue due to substantial growth in e-commerce and small to medium-sized businesses. The Digital Wallets segment also experienced growth, fueled by the gambling sector and enhanced product engagement.
Strategic Partnerships Expected to Fuel Paysafe’s Growth
Bruce Lowthers highlighted the success of Paysafe’s strategic initiatives, including the expansion of its sales team and a new white-label wallet strategy through a partnership with Xsolla. These initiatives have significantly contributed to the company’s robust performance and optimistic growth prospects.
Paysafe’s financial outlook for 2024, with expected revenue between $1.688 billion and $1.712 billion and an adjusted EBITDA ranging from $473 million to $488 million, underscores its confidence in its sustained growth. The company’s strategic focus on the iGaming sector and its collaboration with major payment networks like Visa are expected to further drive its financial success.
Online Casinos Projected to Record CAGR of 11.7%
Highlighting Paysafe’s opportunities for growth, market projections for the global online gambling sector indicate that it will reach an annual value of $153.57 billion by 2030, at a compound annual growth rate (CAGR) of 11.7% over the next six years.
This growth is driven by several key factors, including the increasing availability of free-play versions of online casino games and the adoption of advanced digital payment options.
Free-play versions of online casino games have proven to be a major draw for new users. These versions allow players to experience games without financial risk, which helps build trust and familiarity with online gambling platforms. This model also generates revenue through advertisements integrated within these free-play environments.
At the same time, the growing availability of digital payment options, including blockchain-based solutions and digital wallet solutions like Paysafe, are removing friction, making it easier for players to deposit and withdraw funds.
A significant portion of iGaming, approximately 75%, is already funded through digital payment methods such as Paysafe and cryptocurrencies. As much as 40% of these payments are made via cryptocurrencies, reflecting their growing acceptance and convenience in the online gambling space.
The combination of these payment innovations and the user-friendly nature of online casinos is contributing to the sector’s rapid expansion. This trend presents substantial growth opportunities for payment providers like Paysafe, which are well-positioned to capitalize on the increasing demand for secure, efficient, and versatile payment solutions in the iGaming industry.
As the online gambling market continues to evolve, Paysafe’s strategic focus on enhancing its digital wallet capabilities and expanding its presence in the iGaming sector will likely drive sustained growth. The company’s ability to adapt to market trends and meet the needs of modern online gamblers positions it as a key player in the future of digital payments for online casinos.
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INX and Backed launches tokenized stocks on INX starting with tokenized NVIDIA stock
- INX and Backed launch bNVDA, a tokenized NVIDIA stock, on the Ethereum network.
- Investors can trade bNVDA 24/7 with blockchain security and self-custody options.
- Future plans include expanding tokenized assets to ETFs, bonds, and commodities.
INX, a regulated marketplace for digital securities, in collaboration with Backed, a leader in real-world asset tokenization, has announced the listing of tokenized stock on the INX platform for eligible non-US users.
This innovation promises to enhance accessibility, liquidity, and security for global investors, especially those outside the US.
bNVDA, a tokenized security backed one-to-one by NVIDIA Corp (NVDA) stock, issued on the Ethereum network will be the first tokenized stock to be listed.
Revolutionizing access to traditional financial assets
The introduction of bNVDA on the INX platform marks a significant step in democratizing access to traditional financial markets.
Eligible non-US investors can now trade bNVDA with the ease and speed of cryptocurrencies, bypassing the limitations of traditional stock market hours.
This 24/7 trading capability allows investors to react to market changes in real time, providing a level of flexibility previously unattainable in the traditional financial system.
Self-custody is another revolutionary feature, allowing investors to hold their securities directly in personal wallets, thereby maintaining full control over their assets. This eliminates the need for intermediaries and enhances the security of the investment.
Furthermore, the use of blockchain technology ensures transparent and secure transactions, with ownership clearly recorded on the distributed ledger.
Bridging the gap between TradFi and DeFi
The partnership between INX and Backed is not just about convenience; it’s about creating a seamless bridge between traditional finance (TradFi) and decentralized finance (DeFi).
By tokenizing real-world assets like NVIDIA stock, INX and Backed are enabling crypto traders to build diversified portfolios that include traditional financial assets. This eliminates the need to off-ramp and allows users to manage their entire portfolio on the blockchain.
Backed’s tokenized public securities, or bTokens, are ERC-20 tokens that can be transferred freely between wallets, making them highly versatile.
These tokens, including bNVDA, are issued under an EU prospectus, ensuring full transparency for investors. The primary claim to the collateral value (in this case, NVIDIA stock) is held with a licensed custodian under an account control agreement, providing a high level of security and trust.
INX’s platform integrates crypto, fiat, and security tokens into a unified marketplace, offering a comprehensive trading experience.
The ability to fund accounts with cryptocurrency and invest in tokenized stocks streamlines the investment process, making it accessible and efficient for investors globally. This approach not only enhances liquidity but also opens up new possibilities for using tokenized stocks as collateral in DeFi applications.
Moving ahead INX and Backed plans to expand their tokenized offerings to include other assets such as ETFs, bonds, and commodities. This expansion will further enhance the versatility and appeal of the INX platform, making it a hub for tokenized real-world assets.
The recent Series A funding round completed by Backed and the reaffirmation of Republic’s commitment to partnering with INX highlight the growing momentum in the tokenized securities market.
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Australia’s crypto casino ban came into effect last month – but there’s rapid growth in these top countries
- Australia has banned the use of cryptocurrencies in online gambling
- The ban came into effect on 11th June with the introduction of the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023
- Other countries are, however, seeing increased popularity for crypto casinos, including the US and UK.
Inevitably, crypto adoption is on the rise.
However, different countries and jurisdictions are taking varied approaches to regulating crypto, including its use as a payment option in online casinos.
For example, Australia, one of the countries seeing rapid adoption of cryptocurrencies, has prohibited using crypto and digital asset-linked credit cards on online gambling sites. The ban came into effect last week.
But are there other countries where the use of crypto in online casinos is legal or allowed within existing gambling laws?
Australia bans crypto for online gambling
The Australian gambling industry entered a new era last week with the implementation of a government ban on the use of cryptocurrencies in online betting.
Australia has also banned using crypto-linked credit cards, which means online casinos are prohibited from accepting deposits from credit cards linked to digital wallets.
The ban came into effect after a bill on the same passed in the House of Representatives and Senate in 2023, introducing an amendment to the country’s Interactive Gambling Act 2001. This aligned Australia’s traditional and online gambling sectors, with both now banned from accepting cryptocurrencies.
According to authorities, the restriction on crypto use in the gambling market aims at promoting responsible gambling as well as addressing financial risks. However, gambling remains legal, with all traditional payment methods allowed.
The law outlines hefty fines, with non-compliance attracting up to 234,750 Australian dollars.
Where are crypto casinos popular? Top 10 countries
While you can no longer gamble online with your cryptocurrency in Australia, there are several countries where crypto casinos are legal. Some countries also allow offshore casinos to accept Bitcoin and cryptocurrencies, which illustrates the evolving landscape of crypto regulation.
Here are the top 10 countries where Bitcoin and other cryptocurrencies are popular, legal, and increasingly accepted in crypto casinos.
United States
While the crypto regulatory landscape in the US continues to evolve, it’s notable that cryptocurrencies are legal. However, their use in gambling varies from state to state. As for offshore casinos, the landscape is predominantly “gray,” with many online crypto casino sites having terms and conditions that prohibit US-based players. No KYC does, however, mean anyone can access these mostly reliable, offshore-regulated online casinos.
United Kingdom
Crypto is legal in the United Kingdom, where the gambling market is one of the most popular in the world. Multiple providers offer online casinos and betting sites, but the Gambling Commission implements strict regulatory oversight.
Only licensed casinos can operate, and anti-money laundering and KYC regulations apply. One of the top sites is 10bet Online Crypto Casino, which accepts Bitcoin and other crypto assets.
Canada
Cryptocurrencies are legal in Canada, but regulators implement strict oversight, and online casinos must register. Canada also does not have specific laws against crypto use on offshore casino sites.
Norway
Norwegians have increasingly turned to crypto casinos amid monopoly by the government-controlled Norsk Tipping and Norsk Rikstoto sites. As such, the country is seeing rapid growth in crypto gambling, mostly on offshore platforms that accept Bitcoin and other digital assets.
According to a recent report, Norway is one of the countries with the highest Google searches for crypto casinos.
Sweden
Online gambling is legal in Sweden. However, regulatory oversight of foreign-based online casinos has seen players turn to cryptocurrency. Demand for crypto casinos in Sweden is also high, as with its Scandinavian neighbor.
New Zealand
New Zealand has not banned digital currencies, which is helping the gambling sector explore the benefits of crypto in online casinos.
Other countries with growing crypto casino market:
Netherlands
Online gambling is legal in the Netherlands, and the country is one of the most crypto-friendly in the EU.
India
Despite regulatory woes, India is a top crypto market, and increased adoption has put the country’s crypto casino space on an upward trajectory.
Switzerland
Switzerland requires that online gambling sites be licensed and have a domestic brick-and-mortar presence. However, crypto casinos are beginning to thrive.
Mexico
Mexico’s gambling market is set for a potential streamlining with new regulation, and with crypto legal, users can explore online sites for opportunities.
Crypto casinos are legal in Malta under the country’s legal framework that supports blockchain and crypto innovation.
Wrap up
As noted, there’s a growing demand for cryptocurrency-supported online casino games, and players worldwide continue to embrace benefits such as anonymity, fast transactions, and low fees. However, regulation is still in the early stages, and some countries have banned crypto from being used in gambling.
As Australia has shown, the question of innovation versus consumer protection is currently a key factor as crypto casinos explode in popularity.
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