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Cryptocurrency trading vs. forex: The similarities and differences

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The concept of trading cryptocurrencies is coming up fast on the outside of forex trading as a popular way of investing funds in financial markets. Some people believe that the mechanics of crypto trading are similar to trading fiat currencies like the US dollar or the British pound.

But although there are some undeniable areas of overlap, there are plenty of areas where cryptocurrency trading differs from conventional foreign exchange trading too. Let us take a closer look.

Where crypto trading differs from trading forex

• Cryptocurrencies can be traded 24/7

Unlike the foreign exchange markets, which are only accessible 24 hours a day, five days a week, cryptocurrency markets are open 24/7. There is always an opportunity to buy or sell a cryptocurrency, regardless of which cryptocurrency exchange you use. Think of cryptos as a byproduct of today’s digital society. Just like the always-on, always-connected digital world, cryptocurrency price moves wait for no-one.

• Forex liquidity is still much greater than the likes of Bitcoin

The Daily Hodl’s report into forex and crypto trading found that forex liquidity is still far greater than even the biggest crypto assets like Bitcoin. In 2016, some $5 trillion of US dollars were traded daily in the forex markets. Compare that with just $1 billion in the Bitcoin markets and it’s easy to see that cashflow still reigns supreme in the traditional forex markets – for now.

• Cryptos tend to be much more volatile than flat currencies

As cryptocurrency markets are much, much newer than conventional forex markets, they tend to be considerably more volatile. With little history to go by, the markets can fluctuate enormously in the space of 24 hours based on economic or political news. For instance, the price of Bitcoin crashed by 20% in under an hour, back in March.

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Source: Cryptocurrency trading vs. forex: The similarities and differences | AZ Big Media

Source: https://australianfintech.com.au/cryptocurrency-trading-vs-forex-the-similarities-and-differences/

AI

Listen: OakNorth CIO shares automation trends in commercial lending

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Commercial banks have been automating aspects of the lending and decisioning process, primarily at the lower end of the commercial lending spectrum, but hesitate to automate for loans more than $1 million. This means commercial banks have kept automations focused on loans of less than $1 million, explains Sean Hunter in this podcast discussion with […]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bankautomationnews.com/allposts/corp-bank/listen-oaknorth-cio-shares-automation-trends-in-commercial-lending/

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Crowdfunding

Canadian Digital Banking Platform Relay Secures $19.4 Million

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Relay, a Canada-based digital banking platform for small businesses, announced on Thursday it raised US$19.4 million in funding, which includes US$15 million through its Series A funding round that was led by Bain Capital Ventures and seed round of $4.4 million led by Better Tomorrow Ventures, Garage Capital, Tribe Capital, Panache, and Amaranthine.

Founded in 2018, Relay is looking to fully automate the finance function for small businesses through banking that deeply integrates into the back-office systems business owners rely on. The company’s product increases financial visibility and security while significantly reducing time spent on administration. Relay also noted that it is “building banking that is tailor-made” for employer SMBs, offering more customized functionality and support than a traditional bank. Relay Co-Founder and CEO, Yoseph West, further explained:

“Eighty-two percent of businesses fail due to cash flow issues, and traditional banking doesn’t help — business banking is often confusing, expensive, and siloed from other systems. We’re building a challenger bank that helps businesses succeed by offering powerful tools to increase cash flow visibility and streamline time-consuming financial processes — in addition to being affordable and easy to use.”

Relay is on track to have processed $1 billion worth of transactions by the end of 2021. The company went on to add that the funds will be used to accelerate its mission to increase the success rate of small businesses by automating financial management for business owners.

Relay will use this funding to increase customer acquisition, grow the engineering and product teams, and further integrate its platform into the small business back office.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175335-canadian-digital-banking-platform-relay-secures-19-4-million/

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Fintech

W.UP Launches Money Stories to Win Consumers’ Divided Attention

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Customer-focused banking tools provider W.UP revealed its latest development today. The Hungary-based company is launching Money Stories.

The new embeddable tool enables banks to offer their customers bite-sized snapshots of their financial lives. These easily consumable bits of content combine data analytics with digital storytelling to make it even easier for banks to help users to understand their financial standing in a fast-paced way.

The new tool takes the concept from millennial-friendly mobile apps such as Snapchat, Instagram, Facebook, and Twitter. Each of these social media platforms are notorious for enabling users to quickly publish and view life updates and ideas, share new songs, and even exchange gossip. The micro-content requires little attention from viewers, who are easily distracted and prone to multi-tasking.

Similarly, Money Stories leverages transactional and behavioral analytics to show users daily highlights, weekly and monthly forecasts, and yearly summaries. Overall, these updates take the form of unusually large transactions, double charges, sharp balance drops, recurring transitions, top spending categories, changes in spending or credit card usage, and more. In addition to showing users their historical data, Money Stories can also help users plan for the future by showing options to pay off credit card debt, avoid overdrafts, and more.

All of the graphics appear on a single screen for seven-to-ten seconds, so the user does not need to scroll or set aside much time in their day to understand the analyses.

W.UP is keeping the integration easy for banks. “When all is said and done, the only decision for banks to make remains what product and service offers to slide into the story stream to boost targeting accuracy, conversion, and customer satisfaction levels,” said W.UP Head of Product Gellért Vinnai.

Founded in 2014, W.UP takes PFM to a personalized level by leveraging AI and real-time data. These product offerings have obviously struck a chord in the banking crowd; the company has won Best of Show awards at FinovateEurope 2018, 2019, and most recently for its demo in 2020.


Photo by Karolina Grabowska from Pexels

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://finovate.com/w-up-launches-money-stories-to-win-consumers-divided-attention/

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Fintech

Fintech Rho rolls out corporate card alongside BaaS offering

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Fintech Rho Technologies today announced the roll out of its bank-issued corporate card coupled with its banking-as-a-service offering, which operates as a financial management platform on top of banking services provided by $691 million Evolve Bank and Trust. While banking as a service has been a growing trend during the past year, banking fintechs have […]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bankautomationnews.com/allposts/corp-bank/fintech-rho-rolls-out-corporate-card-alongside-baas-offering/

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