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Bitfinex Adds Support for Solana (SOL) as Collateral on its Peer to Peer Loan Portal

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Digital asset firm Bitfinex, which offers a crypto-asset trading platform, recently added Solana (SOL) as collateral on Bitfinex Borrow, a peer-to-peer (P2P) digital token loan portal.

Bitfinex clients will now be able to acquire loans of as much as 70% of the value of their SOL holdings in USD and stablecoin Tether (USDT) as well. At the time of this announcement, the borrowing rate for SOL “was 34.31% APR” according to a release shared with CI.

Paolo Adroino, CTO at Bitfinex, stated:

“We’re pleased to add Solana to our growing list of collateral options on Bitfinex Borrow. This will provide our users with another way to take out a personal loan from our highly liquid peer-to-peer lending markets.”

Borrowers may choose SOL from the list of supported currencies that they want to use as collateral, “displayed on the Bitfinex Borrow page, before depositing sufficient collateral into their Margin wallet,” the announcement noted.

A client may then select between a variable interest rate “based upon the Flash Return Rate (FRR) or a fixed-rate loan,” the release explained while adding that the annual and daily rates, as well as total lending and repayment amounts, “are calculated based upon the amount put down as collateral, the loan amount, borrowing period and preferred interest rate option.”

As mentioned in the update, borrowers are able to select the length of time over which a loan can be repaid, with fixed-rate loans “offering a maximum 120-day term.” When an outstanding fixed-rate loan expires after 120 days “it is automatically converted into a variable-rate loan,” the announcement revealed.

The personal loan then gets credited to a borrower’s Margin wallet. Borrowers can perform partial or full repayments on the principal and interest of the loan “by moving funds back into their Margin wallet, thereby reducing their daily interest rate,” the announcement noted while adding that borrowers will have to “manage their own risk of the fluctuating SOL price.”

For additional information on Bitfinex Borrow, check here.

Established in 2012, Bitfinex describes itself as a digital token trading platform offering services for traders and global liquidity providers. In addition to a suite of sophisticated trading features and charting tools, Bitfinex offers access to P2P financing options, an OTC market and margin trading for various crypto tokens.

Bitfinex’s business strategy mainly focuses on offering the latest tools, support, innovation for professional  traders and liquidity providers or LPs across the globe.  Bitfinex is a Hong Kong-headquartered crypto exchange owned and operated by iFinex Inc., which is also based in Hong Kong and registered in the British Virgin Islands.

Bitfinex clients’ money has reportedly been stolen or lost on several occasions, and the company has not been too successful at securing reliable banking relationships. iFinex, which is Bitfinex’s parent firm, is also the parent of Tether Ltd., a company that has been the target of several lawsuits from regulators.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176377-bitfinex-adds-support-for-solana-sol-as-collateral-on-its-peer-to-peer-loan-portal/

Crowdfunding

EUROCROWD Report Explains Combining Crowdfunding European Structural and Investment Funds

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EUROCROWD, the leading European advocate for online capital formation, has published a report entitled Scaling Up Partnerships: A Blueprint For the Implementation Of Match-Funding Schemes Between Public Authorities and Crowdfunding Platforms. The report explains how to manage the use of European Structural and Investment Funds in combination with crowdfunded offerings.

EUROCROWD states that over the last three years, match-funding practices in Europe have increased significantly, proving that public authorities can create measurable impact when co-investing public resources alongside individuals.

According to the report:

“Crowdfunding has become increasingly interesting for public authorities as a further option to be included in the existing mix of financial instruments. Especially with regard to the framework of cohesion policy. Transparency, [the] democratization of finance, easier access to funds, as well as accountability and control over funded actions are only some of the benefits that this relatively young instrument can offer. Connecting regional and local authorities with crowdfunding might help tackle some of the most important barriers that the industry is currently facing at the European level, such as the uncertainty about the legal framework under which crowdfunding is regulated in different Member States, the lack of trust towards internet-based transactions, the lack of financial literacy and knowledge about the functioning mechanisms of crowdfunding, and the risk of short-term focus of crowdfunding projects.”

The report provides examples from 8 European countries along with 22 best practices that seeks to offer insight into how such partnerships can work, especially when including the use of public – such as European Structural and Investment Funds (ESIF) – resources. The goal is to highlight and provide a blueprint for crowdfunding partnerships.

In 2018, EUROCROWD first analyzed the use of European Structural and Investment Funds in combination with crowdfunding. This new study strives to demonstrate that match-funding schemes can not only work, but can also be scaled up and used as a road-map for replication by other public authorities.

The report states that:

“… experiences between crowdfunding platforms and public authorities have proven to be successful and have been extended in those areas where they had already been implemented and replicated by different organizations in other Member States and regions.”

The report advocates creating a “match-funding initiative” where public authorities and platforms collaborate on securities offerings.

The report may be downloaded here.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/177039-eurocrowd-report-explains-combining-crowdfunding-european-structural-and-investment-funds/

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Crowdfunding

Singapore based Digital Wealth and Savings App Hugo Secures $2M via Seed Round from 1982 Ventures, Others

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Singapore-based Hugo, a digital wealth and savings app, recently revealed that they’ve acquired $2 million in capital via a seed round from 1982 Ventures, established family offices and angel investors.

With the proceeds from its investment round, Hugo stated that it will be introducing additional features to help clients with improving their budgeting, savings and achieving their investing goals so that the company can support the financial wellbeing of its customers.

David Fergusson, Chief Executive Officer and Co-Founder at Hugo, stated:

“Money is the biggest cause of stress and Covid-19 has only reinforced how financially unprepared most of us are. We are excited to introduce Hugo at a time when financial wellbeing has become so relevant.”

David has also mentioned that money fears are “most people’s principal cause of stress, and we talk about Wealthcare® as being the antidote to money fears.” So Hugo plans to create a simple user interface, and an intuitive engagement method for “getting people to, basically, look after their money as they spend it, look after their money as they budget with it, and look after their money as they save with it.”

Hugo has developed a unique feature, known as the Gold Vault, which makes investing in gold more convenient and accessible for everyone. Hugo clients are able to purchase or sell gold for as low as SGD 0.01.

Gold has traditionally been a core investment for the ultra-rich and provides safety and wealth preservation during times of high inflation and socioeconomic uncertainty.

Hugo’s Gold Vault is reportedly backed by physical gold that resides in an accredited LBMA (London Bullion Market Association) vault. The gold is insured by Lloyds of London, allowing investors to benefit from the same level of protections as more established hedge funds and private banking institutions.

Herston Powers, Managing Partner, of 1982 Ventures, remarked:

“Hugo is democratizing access to gold with a low fee product that is extremely thoughtful and approachable. Singapore is a perfect market to launch the next generation of digital banking and wealth solutions.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176928-singapore-based-digital-wealth-and-savings-app-hugo-secures-2m-via-seed-round-from-1982-ventures-others/

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Saudi Arabia based Fintech Tweeq, Provider of Spending Accounts for SMEs, Secures Investment from STV, Raed Ventures

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Saudi Arabia-based Tweeq, a provider of spending accounts for individuals and small businesses operating across the country, revealed that it has finalized an undisclosed seven-figure funding round, which has been co-led by STV and Raed Ventures.

As noted by the company’s management:

“Our mission is to help individuals and SMEs in MENA to manage their money better and meet their financial needs by building the best mobile-first spending account.”

Tweeq’s investment round has been finalized after the Fintech firm’s exclusive partnership with Mastercard and Paymentology. The company will use the proceeds to further enhance its product development efforts and prepare for its launch in Saudi Arabia, followed by the wider MENA region.

Established last year by a team of experienced banking and technology professionals, Tweeq will let its customers open a feature-rich spending account within seconds via their intuitive mobile app – where they may quickly start receiving and making payments. Users may also set monthly budgets and long-term financial and investing goals. Additionally, they can monitor and manage personal spending automatically across various categories.

Clients may join the waiting list right now simply by downloading Tweeq via the Apple and Google Play stores.

Saeed Albuhairi, Co-Founder and CEO at Tweeq, stated:

“Tweeq is aiming to provide an unparalleled customer experience and a better modern alternative to the traditional banking account. We are working hard to obtain the necessary licenses and approvals to conduct our business under the Saudi Central Bank (SAMA)’s supervision to achieve the Kingdom’s ambition of developing a diversified and effective financial sector.”

The financial services sector in Saudi Arabia is undergoing rapid digital transformation, a trend that has accelerated following the COVID-19 outbreak.

As covered last month, the Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations.

The update had revealed:

“The Kingdom of Saudi Arabia came in second place (after the UAE) with a rate of 65%, … for the development of the demand side and the availability of financing, due to the various initiatives sponsored by the authorities in assisting technology centers in supporting digital financial products and solutions in the Kingdom, and to enhance financial education. In addition to the various awareness programs, enabling the access to finance for small and medium enterprises. It also ranked third at the level of the leading indices of policies & regulations, financial market infrastructure, and talents.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176938-saudi-arabia-based-fintech-tweeq-provider-of-spending-accounts-for-smes-secures-investment-from-stv-raed-ventures/

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Accenture Ventures Invests in Imburse, a Cloud enabled Payments as a Service Platform for Simplifying Global Digital Transactions

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Accenture (NYSE: ACN) has reportedly made an investment, via Accenture Ventures, into Imburse, a Cloud-powered, payments-as-a-service enterprise platform that aims to simplify the way businesses gain access to the international payments ecosystem.

Established in Zurich, Switzerland in 2018, Imburse works cooperatively with various insurers, banking institutions and other large firms to connect outdated legacy systems to the international payments ecosystem via a single connection using different APIs. Imburse works closely with several different multinational clients, which includes the Generali Group.

As firms continue to work through the complexity of digital disruption and the changing requirements of clients, payments interoperability is increasingly becoming a key part of firms’ overall digital transformation strategy.

Sulabh Agarwal, who’s responsible for leading Accenture’s Payments group internationally, stated:

“Payments systems at many companies are being stressed by changing consumer preferences – challenging them to offer the latest digital payment options while maintaining efficient operations. Imburse’s payments platform removes integration challenges and acts as the payments glue for organizations, fusing together all payments types including bank transfers, credit cards and digital wallets, to offer the customer seamless, quick and secure experiences.”

Imburse’s management noted that they’ll be joining Accenture Ventures’ Project Spotlight – an immersive engagement and investment program focused on linking emerging tech startups with the Global 2000 to fill innovation gaps.

Through the initiative, Imburse will also gain access to Accenture’s innovation network, and the chance to co-innovate with Accenture software developers, system architects and payments specialists.

Oliver Werneyer, CEO at Imburse, stated:

“We’re excited for Accenture to join our mission to make access to the global payments ecosystem easier for businesses, bringing deep industry expertise and thought leadership. Businesses around the world are under immense pressure to digitalize their payments systems and to exceed customer expectations – however the investment, time and resources required is, for many businesses, unjustifiable. Imburse and Accenture will work together to help businesses to fully optimize and future-proof their payment capabilities and leverage payments as a key strategic value driver.”

Tom Lounibos, MD at Accenture Ventures, remarked:

“Against a rapidly shifting global payments landscape, we see a huge opportunity for Imburse to add value for our clients and we’re excited to work with them to expand to new markets and scale to new industry verticals. Accenture Ventures’ investment in Imburse aligns with our commitment to solve some of the most critical business needs of our clients, which will only become more complex in the future.”

Pietro Carnevale, CEO of House of Insurtech Switzerland (HITS) AG of Generali Switzerland, added:

“The collaboration between HITS, Generali and Imburse helped us transform and digitize our payments processes in a cost effective manner, creating a better experience for our current and future customers. This is a great example of how startups and corporations can work together to solve the most pressing needs of the business. While Imburse is already working with insurers to help them update their payments processes, the startup will greatly benefit from the connections, network and industry expertise that Accenture will provide.”

Terms of the investment deal have not been shared publicly.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176941-accenture-ventures-invests-in-imburse-a-cloud-enabled-payments-as-a-service-platform-for-simplifying-global-digital-transactions/

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