Browsing:Fintech News

Coinbase turned a profit for the first time since the Q4 of 2021
2 weeks ago 1 min read

Coinbase shares have turned a profit since 2021

Following a strong fourth-quarter earnings report in which the firm swung to profit and earnings that exceeded Wall Street expectations, Coinbase’s shares increased by over 12.5% after hours. Coinbase’s net revenue in the fourth quarter exceeded consensus estimates of around $825 million, rising 45.2% from the third quarter to $905 million. At the same time, the firm turned a profit for the first time since the fourth quarter of 2021, with a net income of $273 million. Coinbase reported a $2 million net loss for the prior quarter. With $529.3 million in revenue, transaction profit accounted for most of the

During a recent interview on Fox's Sunday Morning Futures, former President Donald Trump criticized CBDCs and AI
3 weeks ago 1 min read

Former President Donald Trump voiced strong concerns about CBDCs and AI

During a recent interview on Fox’s Sunday Morning Futures, former President Donald Trump criticized central bank digital currencies (CBDCs) and artificial intelligence (AI), citing their potential to jeopardize individual privacy and global security. With Trump’s potential candidacy for the US Republican Party in the upcoming 2024 presidential election, his critical views are gaining attention. As a means of facilitating government monitoring and financial control over private citizens, Trump attacked CBDCs, calling them “extremely dangerous.” Further, he painted a picture of a time when CBDCs were seen as instruments for possible government overreach and threatened individual freedom. Trump’s stance against CBDCs

Digital Asset Investment Products Witness $500 Million Outflows, Bitcoin ETFs Remain in Focus
4 weeks ago 1 min read

Digital Asset Investment Products Witness $500 Million Outflows; Bitcoin ETFs Remain in Focus

Last week, digital asset investment products experienced a $500 million outflow, with Bitcoin-indexed exchange-traded products (ETPs) accounting for nearly 96% of the total outflows, according to asset manager CoinShares’ recent publication. Bitcoin, a key player in this scenario, saw outflows of $479 million, indicating that investors are cautious. Conversely, short positions in Bitcoin saw increased interest, with total inflows approaching $11 million. Ethereum, Polkadot, and Chainlink all experienced outflows of $39 million, $0.7 million, and $0.6 million, respectively. Despite the negative trend, Solana-indexed investment products saw an increase of $3 million in assets under management. Examining regional dynamics, the majority

Mailer Lite loses $600K in phishing attack
1 month ago 1 min read

Mailer Lite loses $600,000 in phishing attack

Mailer Lite, a digital marketing platform, was recently targeted by a phishing attack, resulting in a financial loss of more than $600,000. The attackers used a vulnerability in Mailer Lite’s system to impersonate Web3 organizations and send deceptive emails containing malicious links. Blockaid, a Web3 security and privacy firm, revealed the complex details of the attack. The perpetrators used a vulnerability in Mailer Lite’s infrastructure to create emails that appeared to be from various Web3 entities. Mailer Lite had previously been granted permission to send emails on behalf of these organizations, allowing for potential exploitation. The attackers used a technique

Donald Trump says he will stop a government-controlled digital currency (CBDCs)
1 month ago 1 min read

Donald Trump says he will stop government-controlled digital currency (CBDCs)

Former President Donald Trump has stated his intention to obstruct the development of a government-controlled digital currency. This announcement comes amid discussions between the Federal Reserve and many global banks about central bank digital currencies (CBDCs). During a recent speech in New Hampshire, Trump expressed his determination to prevent the establishment of a CBDC. His primary concern is that a government-controlled digital currency could give the authorities too much control power over monetary matters. He expressed concern that such a scenario could result in unprecedented levels of government influence, including unauthorized access to citizens’ funds. Trump’s stance reflects his commitment

Nigeria's CBN Set to Launch cNGN Stablecoin on Feb 27
2 months ago 1 min read

Nigeria’s CBN to launch cNGN stablecoin on February 27

The Central Bank of Nigeria (CBN) is preparing to launch its naira stablecoin, cNGN, on February 27, 2024, in a significant step toward embracing blockchain technology. This ground-breaking initiative is part of a pilot program within the CBN’s regulatory sandbox, and it represents a significant step forward in improving global transactions. The Africa Stablecoin Consortium, comprised of Nigerian banks and fintech firms, was instrumental in obtaining approval for the cNGN stablecoin. Working closely with regulatory authorities, their collaborative efforts are focused on ensuring the stablecoin’s stability, transparency, and compliance. Unlike the CBN-initiated eNaira digital currency, the cNGN is managed by

Congressman Tom Emmer
2 months ago 1 min read

Congressman Tom Emmer proposes a bill to reduce surveillance through CBDC

Congressman Tom Emmer’s proposed bill, aimed at reducing surveillance through a central bank digital currency (CBDC), has received widespread support, with 75 cosponsors signing on. The bill, which was first introduced in January 2022 and reintroduced in September 2023, emphasizes the importance of protecting Americans’ financial privacy in the digital currency landscape. In the context of a potential CBDC in the United States, Emmer’s legislative effort places a strong emphasis on protecting individual privacy rights. The bill addresses concerns about government surveillance of transactions, especially with the introduction of digital currencies. The proposed measures aim to strike a balance between

Hong Kong Sets the Stage for Fiat-Referenced Stablecoin Regulation, Invites Public Input Until Feb 29, 2024
2 months ago 1 min read

Hong Kong Sets the Stage for Fiat-Referenced Stablecoin Regulation, Invites Public Input Until February 29, 2024

Hong Kong has made an important step forward by revealing plans to regulate fiat-referenced stablecoins (FRS), a type of digital currency that is pegged to fiat currencies. The announcement was made on December 27 by the Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA). The regulatory bodies have invited public input on this proposal until February 29, 2024, and are accepting opinions and insights. According to the proposed rules, any company intending to offer FRS in Hong Kong must obtain a special license from the HKMA. To obtain this license, businesses must ensure that their

Philippines Explores Blockchain and CBDC for Government Bond Sales
3 months ago 1 min read

Philippines Explores Blockchain and CBDC for Government Bond Sales

The Philippines is planning to work with the central bank to investigate the possibilities of blockchain technology for the sale of government bonds. The Treasury is considering blockchain technology in light of its successful tokenized bond campaign to raise 15 billion pesos ($271 million). To better understand the benefits and drawbacks of central bank digital currency (CBDC), the Bangko Sentral ng Pilipinas (BSP) is now testing CBDC for use in major financial transactions. In this investigation, Distributed Ledger Technology (DLT) is crucial, as Deputy Treasurer Erwin Sta. Ana noted, saying, “We’re testing the DLT. With the BSP’s CBDC initiative, we

South Korea’s National Pension Service Invests Heavily in Coinbase with a $19.9M Purchase
3 months ago 1 min read

This South Korean Company Invests Heavily in Coinbase with a $19.9M Purchase

The South Korean National Pension Service (NPS), a major global pension fund with over $755 billion under management, has made an entry into the crypto sector by investing $19.9 million in Coinbase shares. This move reflects large institutional investors’ cautious yet optimistic approach to the rapidly growing crypto market. The NPS has decided to invest through the Coinbase crypto exchange rather than directly purchasing cryptocurrencies. This approach fits with the trend of large institutions investing in businesses connected to the crypto space in order to indirectly participate in the market. With its crucial position in the cryptocurrency space, Coinbase has

Kazakhstan has officially introduced its central bank digital currency (CBDC)
4 months ago 1 min read

Kazakhstan introduces its central bank digital currency (CBDC), known as the ‘digital tenge

Kazakhstan has officially introduced its central bank digital currency (CBDC), known as the ‘digital tenge.’ The first-ever transaction using this digital currency took place on November 15, orchestrated by Binur Zhalenov, the chairman of Kazakhstan’s National Payment Corporation. Zhalenov utilized a debit card linked to a CBDC account for this historic purchase in Almaty, marking the official entry of the digital tenge into the retail market. With significant developments planned for 2024, including interoperability with global payment systems like Visa and Mastercard, the digital tenge is positioned to be accessible worldwide through digital wallets such as Apple Pay and Samsung

ARK Invest Buys $9.5 Million Worth of Robinhood Shares
4 months ago 1 min read

ARK Invest Acquires $9.5 Million Worth of Robinhood Shares

Investment firm ARK Invest, led by Cathie Wood, has purchased a total of 1,141,046 shares (around $9.54 million) of Robinhood, the popular trading platform. This purchase was made just one day after Robinhood announced its plans to expand into Europe. In its third-quarter financial report, Robinhood stated that it is planning to launch brokerage services in the United Kingdom in the near future. The company also plans to offer crypto trading in the European Union after its UK launch. ARK Invest’s purchase of Robinhood shares is a sign of confidence in the company’s future growth. Despite the company’s stock price