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The market cap of Ethereum’s latest craze, Ampleforth, surged 5,000% in a month

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From a pure price perspective, the best-performing crypto assets of the past two months have been Synthetix Network Token (SNX), Chainlink (LINK), Cardano (ADA), and a swath of other tokens.

But it is actually Ampleforth (AMPL/Amples) — an Ethereum-based stablecoin of sorts — that is the best-performing crypto asset.

If you look at market data, this may not seem clear: the asset is up approximately 100 percent in the past month — a great performance, sure, but one that falls short of the parabolic gains seen in other cryptocurrencies.

It’s a different story if you look at the asset’s market capitalization, which is up by approximately 5,000 percent in the past 30 days.

The Ethereum-based Ampleforth is up thousands of percent in the past month

Amples are not your average stablecoin. The Ampleforth protocol uses a rebasing system that changes the circulating supply each day, both upward and downward, to try and stabilize the price around a dollar over time. As the crypto project’s website explains:

“The AMPL protocol automatically adjusts supply in response to demand. When price is high, wallet balances increase. When price is low, wallet balances decrease.”

As there are no U.S. dollars or other assets backing the coin, the crypto has seen large deviations from its dollar peg as demand has seen immense volatility during the recent altcoin craze.

With extremely strong demand over the past month, AMPL’s market cap and price have simultaneously exploded higher. At the recent highs, the altcoin traded for $4.00, and on another day, its market cap briefly surmounted $400 million.

What’s impressive about these numbers isn’t the fact that Amples were trading hands for 300 percent above the peg, it’s that the market cap of the crypto has risen around 5,000 percent in the past 30 days.

Due to Ampleforth’s rebasing system, that means that holders that bought AMPL a month ago are up around 5,000 percent on their investment.

What’s crazy is that some think that the asset has further to run. Amber Group, a cryptocurrency finance firm, said the following about Ampleforth on Jul. 22:

“Staggering resilience in $AMPL. If prices remain at current levels with the current rate of supply expansion –> top 10 market cap in ~2 weeks time, top 3 in ~3 weeks time.”

There’s also Qiao Wang, a cryptocurrency trader who half-joked on Jul. 20 that AMPL could pass the market cap of Bitcoin:

“Not sure what to make of AMPL. Think December 31st 2020 it will either surpass Bitcoin by marketcap or go to zero. Either way it will be remembered as one of the craziest experiments in DeFi aka Degen Finance.”

He added in a later tweet that if he was a betting man, there’s an under one percent of this scenario playing out.

Notably, the asset has begun to slip lower, both in terms of its price and market cap. Nic Carter, a prominent investor and entrepreneur in this industry, has since warned that the asset could “unwind as fast as it came up.”

A 4chan-driven coin

Behind Ampleforth’s growth is many factors. But one such one is 4chan — the pseudonymous messaging forum known for its focus on the stock and crypto market.

As reported by CryptoSlate, Andrew Kang, founder of Mechanism Capital and a prominent crypto analyst, said that 4chan has legitimately moved the altcoin market over recent weeks:

“One of the most interesting market dynamics at play right now is that 4chan has become the largest market driver. More powerful than even China or institutional crypto fund capital right now.”

Although the most obvious example of the site’s influence on crypto is Chainlink, which has literally gone parabolic, there has been much promoting of AMPL on 4chan over recent weeks.

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Source: https://cryptoslate.com/the-market-cap-of-ethereums-latest-craze-ampleforth-surged-5000-in-a-month/

Crowdfunding

Nexpay Partnes with Open Banking Platform Salt Edge

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Nexpay, an EU-licensed electronic money institution, has partnered with Salt Edge, an open-banking SaaS provider.

Nexpay is a Vilnius-based Fintech startup that provides banking infrastructure for the digital assets sector. Currently, Nexpay reports that it is helping over 400 businesses build a range of payments and accounts products. Nexpay’s mission is to provide the digital assets industry a reliable and solid alternative to legacy financial institutions.

Nexpay states that in order to maintain a high-security level in the new era of open banking, it is now running SCA and all authentication processes through apps developed by Salt Edge. The authenticator app is a solution that is design to meet all the SCA requirements.

“Nexpay is built on principles of excellence in security, reliability and convenience, which is why we chose to partner with Salt Edge. The Authenticator app and their other authentication products are the best solution on the market to fit our high security requirements,” said Uldis Teraudkalns, CEO at Nexpay. “An added bonus is that we think Salt Edge is providing a much better UX compared to the SMS-based two-factor authentication processes we are replacing.”

Andrei Lisnic, CTO at Salt Edge said that Nexpay’s new partnership will provide its customers with an increased level of flexibility and security for their digital assets platforms.

“Having in place a mechanism that guarantees security of customers’ actions and privacy of their data is paramount in the trading market and the overall financial industry.”

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Source: https://www.crowdfundinsider.com/2021/09/180449-nexpay-partnes-with-open-banking-platform-salt-edge/

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Crowdfunding

Fintech dopay, a B2B2C Payments Platform for Unbanked Workers, Secures $18M via Series A

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dopay, a B2B2C payments platform that aims to serve 1.7 billion unbanked workers in emerging markets, has finalized an $18 million Series A round.

As mentioned in a release, dopay intends to address a steady and growing demand from businesses for cashless payroll and from workers for access to virtual banking and digital payments. Globally, there are numerous companies that still depend heavily cash payments while their employees don’t have access to standard bank accounts.

Through its digital banking platform, dopay aims to digitize cash transactions from employers to workers and other beneficiaries, “directly addressing one of today’s largest fintech opportunities in emerging markets.”

As noted in the announcement, the Series A round should allow dopay to continue scaling its business operations in its initial market, Egypt, while developing a range of financial services in addition to cashless payroll and prepaid cards for workers.

The investment round has reportedly been led by Force Over Mass Capital, FMO and NN Group. Mbuyu Capital and Alder Tree Investments also made considerable contributions.

The dopay platform allows staff members to receive real time payments, including weekends and holidays. Each account offers a prepaid debit card, “in partnership with Mastercard, enabling 24/7 access to funds via ATM withdrawal.”

The update also mentioned that enrolled companies can benefit from a secure and cashless payroll, with easy-to-use interfaces and “fully auditable” transparency.

Prepaid card users are able to enjoy instant and secure access to banking facilities, “no matter how much they earn.” Dopay’s agent banking license, “enabling the delivery of digital banking services and onboarding of employees and beneficiaries in seconds, puts dopay in a strong competitive position in Egypt’s salary payments space,” the announcement noted.

Wouter Volckaert, CIO at Force Over Mass Capital, stated:

“Egypt has around 2.4 million individual businesses and 104 million people, some 67% of whom do not have a bank account, while 94% have no access to credit. The dopay business model engages with business owners in the first instance, meaning they don’t have to attract individual customers. Each company signing up with dopay brings an entire workforce in a single transaction, and this is a very strong growth driver. Their new platform provides frictionless onboarding for employees, while enabling dopay to scale their business at pace.”

Michiel Timmerman, Managing Partner, Mbuyu Capital, remarked:

“We are very excited about our investment in dopay. The company’s product offers significant potential for growth, addressing the very large market of cash-paid workers with a solution that benefits employers and employees. It presents an opportunity to create financial inclusion at scale. The regulatory approvals acquired to launch their next generation platform have created a strong competitive advantage for dopay in this segment of the financial services market in Egypt.”

Frans van Eersel, Founder and CEO of dopay, noted that the value of their Series A round “confirms the investment community’s confidence in the dopay offer.”

Frans added that their commercial validity via their B2B2C model is clear, and their technology capability is “proven and strong.”

He further noted that Egypt is the largest market in the MENA region. He also mentioned that they will “serve a rapidly growing number of Egyptian businesses, from SMEs to major corporations, and their employees.”

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Source: https://www.crowdfundinsider.com/2021/09/180439-fintech-dopay-a-b2b2c-payments-platform-for-unbanked-workers-secures-18m-via-series-a/

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Payments

XBRL News about sustainability, old ladies and students

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Here are the three most relevant developments in the world of structured reporting we became aware of in the course of last week.

1  Mandatory sustainability reporting discussions in Japan and Philippines

With mandatory climate and other sustainability disclosure requirements apparently gaining impetus around the globe, the latest news this week has a Pacific flavour. In Japan, the Financial Services Agency working group on corporate disclosures has held its first meeting to discuss proposals for mandatory climate reporting, as well as further disclosure guidelines on sustainability- and governance-related factors.

It won’t be long before the Level 1-3 Carbon Flow Statement will be part of the mandatory corporate reporting just like the other financial statements.

2  Bank of England publishes final statistical taxonomy

The Bank of England is shifting from XML to XBRL for the collection of significant amounts of statistical data. To that end, it has released the final version 1.2.0 of its ‘Bank of England Statistics taxonomy,’ following two rounds of review and feedback earlier this year. The publication includes the taxonomy itself, data point model (DPM) dictionary, annotated templates and validation rules, all of which together represent the Bank’s statistics reporting requirements, which remain unchanged by the migration to the new taxonomy.

The recently ISO blessed Data Point Model is celebrating another implementation outside the EU …

3  Teach students tech (and more) with award-winning assignments

Few teaching resources exist to teach students about inline XBRL (iXBRL), even though the SEC and the EU both now require filers to use this format. To remedy this gap, Mark Holtzblatt and Kristine Brands developed a case study that asks students to examine why and how German software giant SAP SE adopted iXBRL.

You’ll have to scroll down a bit for this interesting news item. Unfortunately, I haven’t been able to find the case study proper straight away. Any pointers would be greatly appreciated!

—————————————————————

Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

 New readers can read 3 free articles.  To  become a member with full access to all that Daily Fintech offers,  the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.

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Source: https://dailyfintech.com/2021/09/16/xbrl-news-about-sustainability-old-ladies-and-students/

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Payments

Digital Health Ecosystems Part 2: The Discovery Growth Engine

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In Part-1, ecosystem characteristics and successes in digital health were discussed. In Part-2, the focus turns to Discovery’s Vitality health ecosystem.

In September ’18, John Hancock declared that it would discontinue traditional life insurance and instead offer only its Vitality branded interactive health policies. This announcement was newsworthy at the time, as behavior-based programs such as Vitality had begun to transform insurance into clickable media content. As a leader in this market, Vitality provides pertinent insights for self-tracking in health insurance. Discovery Limited, a 1992 founded South African financial services group, became the largest health insurer in South Africa at the turn of the century. It soon initiated an international expansion spree centered on Vitality, a health promotion program comprising financial and non-financial incentives. The core proposition: resulting healthy behavior lowers rates of healthcare consumption and the price of cover.

Discovery’s approach resulted in record reductions in health costs as well as policyholder mortality. The success helped it replicate the model in 20+ markets through an ecosystem of partners with global insurers such as Ping An, AIA and Sumitomo Life in Asia; John Hancock and Manulife in North America and Generali in Europe. While retaining the core tenets of motivation and reward, the model was fine tuned for each geography, aligning with nuances of wellness, business models  and regulatory contexts.

In the past year, Vitality Group’s profit increased by 38% to US$27.1 million. Fee income grew 14% and insurance partners’ Vitality-integrated premiums grew by 26% to US $1.3 billion, as Vitality expanded to 30 markets. Membership from partners grew 33% to 2.4 million with total membership touching 4.4 million.

The central brand value hinges on three pillars: behavioral assessment, improvement and reward. Members opt for standard assessments including blood pressure, cholesterol and blood sugar combined with a review of individual nutrition and wellness habits that result in Vitality points. By completing a Vitality check, customers earn up to 28,000 points. On meeting weekly fitness goals, customers can choose gifts between 150-750 Discovery Miles, which can be redeemed for rewards like  coffee or smoothies, or be saved to purchase larger rewards like plane tickets. For those that meet Vitality goals across Health, Drive, and Money, more attractive rewards are offered.

The Vitality Drive incentivizes vehicle insurance customers for safe driving behavior, using advanced telematics technology to track driver behavior. Vitality Money is offered by Discovery Bank, which rewards risk-averse financial habits like making long-term investments, purchasing insurance, and other “healthy” behaviors.

This shared-value insurance model has delivered superior value for clients, with much improved actuarial results for carriers, besides promoting a healthier society. The overarching strategy has been to pursue adjacencies while building arguably, the world’s largest behavior change platform. This strategy is most evident in cases like Ping An Health, where Discovery has a 25% equity partnership with China’s Ping An Group. In 2021 first half, this business segment witnessed a 62% growth over first half of 2020.

In the case of Generali Vitality, the program has engaged both retail and corporate customers across Europe in their journey towards healthier living. During the COVID-19 pandemic, there was heightened engagement as exercises and a healthy lifestyle reduced the risk of hospitalization, even for those with comorbidities.

Discovery continues to invest in innovation, as demonstrated in its latest Connected Care platform that connects members to a range of home-based services. Virtual consultations are remotely guided by a doctor through connected TytoHome devices, which relay live feeds of clinical-grade images for more accurate diagnosis. Members receive post-consultation feedback such as EHRs, e-scripts, treatment plans and referral appointments. This engenders a coordinated care pathway suited for members who need to better manage their chronic conditions.

In the final Part-3, other dominant players such as Manulife with a different tack to health ecosystems, are elaborated.

You get 3 free articles on Daily Fintech. After that you will need to become a member for just US$143 a year (= $0.39 per day) and get all our fresh content and our archives and participate in our forum.

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Source: https://dailyfintech.com/2021/09/16/digital-health-ecosystems-part-2-the-discovery-growth-engine/

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