Der bevorstehende Merge von Ethereum sorgt im Vorfeld für viel Hype, doch die Lage ist unübersichtlich. Wir nennen drei einfache Strategien für den Umgang mit dem Umstieg.
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.
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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: TradingViewAscending 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:
For all practical purposes the target of the rising wedge in Bitcoin $BTC has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet pic.twitter.com/fB3sGa9e6o
— Peter Brandt (@PeterLBrandt) August 20, 2022
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.
If we continue to drop, it’s important to keep an eye on the $19.3K level for #Bitcoin and probably $1,400 area for #Ethereum.
Buyers should regularly step in around those zones.
— Michaël van de Poppe (@CryptoMichNL) August 20, 2022
The last major breakdown below $20,000 saw BTC/USD fall to lows around $17,600.
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Bitcoin wird so langfristig gehalten wie nie zuvor, Angebot immer knapper
Immer mehr Bitcoin-Anleger entscheiden sich für langfristiges Halten.
FTX revenue soared 1,000% amid last year’s crypto craze: report
- FTX saw its 2021 revenue grow from $89 million to hit over $1 billion as the crypto market rallied.
- Growth came amid huge expansion across the globe, CNBC said in a report citing leaked documents.
- Despite crypto winter, FTX has looked to add to its growing portfolio of companies.
FTX saw its revenue grow more than 1000% in 2021 as the massive bull market that took Bitcoin to highs of $69,000 pushed the cryptocurrency exchange’s revenue from below $90 million in 2020 to over $1 billion last year.
A CNBC report, citing leaked audited documents, revealed that the company, led by CEO Sam Bankman-Fried, generated the huge revenue amid a growing footprint built on crucial acquisitions.
FTX’s revenue hit $1.02 billion
In 2021, as rallying markets pulled in new money and helped crypto business establish a foothold following the previous market cycle, FTX emerged as one of those that took full advantage.
Financial success only helped to fuel global expansion for the company, adding to the overall revenue growth year-over-year, per documents the publication cited. Indeed, FTX’s revenue reportedly jumped from $89 million in 2020 to $1.02 billion in 2021 – reflecting an increase of more than 1000%.
The crypto exchange also saw its net income rise significantly – while in the previous year it stood at around $17 million, the crypto craze helped push that to $388 million. The company’s operating income went up from $14 million in 2020 to over $272 million in 2021.
Documents also showed FTX had cash holdings of nearly $2.5 billion at the end of 2022, with 27% profit margins.
FTX continues to grow its global footprint
The revenue in Q1 2022 was $270 million, with forecasts looking at $1.1 billion for the year. This outlook is likely to be clearer with the release of Q2 figures, given the impact of crypto winter on crypto prices during the quarter.
Despite the crypto winter, Bankman-Fried’s company has looked to continue with its acquisition blitz. Evidently, the crypto turmoil seen in the first half of the year has provided an opportunity to snap up some companies on the cheap.
For instance, June saw FTX acquire Canada-based crypto trading platform Bitvo, and FTX US acquire clearing firm Embed. The deal with the latter has been key in FTX US’ offering of stocks trading. Other deals on the FTX table are for crypto lender BlockFi and Bithumb, a South Korea-based cryptocurrency exchange.
As well as these major acquisitions, FTX has struck deals and bought multiple businesses around the world.
Notably, the leaked documents show 15 smaller firms spread across Singapore, Australia, Germany, Turkey, Switzerland and the United Arab Emirates, Cyprus and Gibraltar, among other countries.
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