Blockchain Press Releases
BGC Partners Updates its Outlook for the Second Quarter of 2023 and Provides an Update on the Corporate Conversion
NEW YORK, June 29, 2023 /PRNewswire/ — BGC Partners, Inc. (Nasdaq: BGCP) (“BGC Partners” or “BGC” or the “Company”), a leading global brokerage and financial technology company, today announced that it has updated its outlook for the quarter ending June 30, 2023, and provided an update on the timing of its corporate conversion.
Updated Outlook
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the second quarter of 2023. The Company’s outlook was contained in BGC’s financial results press release issued on May 3, 2023, which can be found at http://ir.bgcpartners.com.
Corporate Conversion Update:
BGC Partners, Inc. is expected to complete its corporate conversion to a Full C-Corporation on Saturday, July 1, 2023. The Company will change its name to “BGC Group, Inc.” and its Nasdaq ticker symbol to “BGC” from “BGCP”.
The Company plans to issue a press release on July 3, 2023, under its new name BGC Group, Inc. to announce the completion of the corporate conversion. The Company will also update its main website to http://www.bgcg.com and its investor relations website to http://ir.bgcg.com.
Non-GAAP Financial Measures
This document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Non-GAAP financial measures used by the Company include “Adjusted Earnings before noncontrolling interests and taxes”, which is used interchangeably with “pre-tax Adjusted Earnings”; “Post-tax Adjusted Earnings to fully diluted shareholders”, which is used interchangeably with “post-tax Adjusted Earnings”; “Adjusted EBITDA”; “Liquidity”; and “Constant Currency”. The definitions of these terms are below.
Adjusted Earnings Defined
BGC uses non-GAAP financial measures, including “Adjusted Earnings before noncontrolling interests and taxes” and “Post-tax Adjusted Earnings to fully diluted shareholders”, which are supplemental measures of operating results used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC believes that Adjusted Earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers when managing its business.
As compared with “Income (loss) from operations before income taxes” and “Net income (loss) for fully diluted shares”, both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or which do not dilute existing stockholders. In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the ordinary results of BGC. Adjusted Earnings is calculated by taking the most comparable GAAP measures and adjusting for certain items with respect to compensation expenses, non-compensation expenses, and other income, as discussed below.
Calculations of Compensation Adjustments for Adjusted Earnings and Adjusted EBITDA
Treatment of Equity-Based Compensation Line Item for Adjusted Earnings and Adjusted EBITDA
The Company’s Adjusted Earnings and Adjusted EBITDA measures exclude all GAAP charges included in the line item “Equity-based compensation and allocations of net income to limited partnership units and FPUs” (or “equity-based compensation” for purposes of defining the Company’s non-GAAP results) as recorded on the Company’s GAAP Consolidated Statements of Operations and GAAP Consolidated Statements of Cash Flows. These GAAP equity-based compensation charges reflect the following items:
- Charges with respect to grants of exchangeability, which reflect the right of holders of limited partnership units with no capital accounts, such as LPUs and PSUs, to exchange these units into shares of common stock, or into partnership units with capital accounts, such as HDUs, as well as cash paid with respect to taxes withheld or expected to be owed by the unit holder upon such exchange. The withholding taxes related to the exchange of certain non-exchangeable units without a capital account into either common shares or units with a capital account may be funded by the redemption of preferred units such as PPSUs.
- Charges with respect to preferred units. Any preferred units would not be included in the Company’s fully diluted share count because they cannot be made exchangeable into shares of common stock and are entitled only to a fixed distribution. Preferred units are granted in connection with the grant of certain limited partnership units that may be granted exchangeability or redeemed in connection with the grant of shares of common stock at ratios designed to cover any withholding taxes expected to be paid. This is an alternative to the common practice among public companies of issuing the gross amount of shares to employees, subject to cashless withholding of shares, to pay applicable withholding taxes.
- GAAP equity-based compensation charges with respect to the grant of an offsetting amount of common stock or partnership units with capital accounts in connection with the redemption of non-exchangeable units, including PSUs and LPUs.
- Charges related to amortization of RSUs and limited partnership units.
- Charges related to grants of equity awards, including common stock or partnership units with capital accounts.
- Allocations of net income to limited partnership units and FPUs. Such allocations represent the pro-rata portion of post-tax GAAP earnings available to such unit holders.
The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted Earnings Taxes.”
Virtually all of BGC’s key executives and producers have equity or partnership stakes in the Company and its subsidiaries and generally receive deferred equity or limited partnership units as part of their compensation. A significant percentage of BGC’s fully diluted shares are owned by its executives, partners and employees. The Company issues limited partnership units as well as other forms of equity-based compensation, including grants of exchangeability into shares of common stock, to provide liquidity to its employees, to align the interests of its employees and management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that drives cross-selling and revenue growth.
All share equivalents that are part of the Company’s equity-based compensation program, including REUs, PSUs, LPUs, HDUs, and other units that may be made exchangeable into common stock, as well as RSUs (which are recorded using the treasury stock method), are included in the fully diluted share count when issued or at the beginning of the subsequent quarter after the date of grant. Generally, limited partnership units other than preferred units are expected to be paid a pro-rata distribution based on BGC’s calculation of Adjusted Earnings per fully diluted share. However, out of an abundance of caution and in order to strengthen the Company’s balance sheet due the uncertain macroeconomic conditions with respect to the COVID-19 pandemic, BGC Holdings, L.P. has reduced its distributions of income from the operations of BGC’s businesses to its partners.
Compensation charges are also adjusted for certain other cash and non-cash items.
Certain Other Compensation-Related Adjustments for Adjusted Earnings
BGC also excludes various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period from its calculation of Adjusted Earnings. These may include compensation-related items with respect to cost-saving initiatives, such as severance charges incurred in connection with headcount reductions as part of broad restructuring and/or cost savings plans.
Calculation of Non-Compensation Adjustments for Adjusted Earnings
Adjusted Earnings calculations may also exclude items such as:
- Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions;
- Acquisition related costs;
- Certain rent charges;
- Non-cash GAAP asset impairment charges; and
- Various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period, including non-compensation-related charges incurred as part of broad restructuring and/or cost savings plans. Such GAAP items may include charges for exiting leases and/or other long-term contracts as part of cost-saving initiatives, as well as non-cash impairment charges related to assets, goodwill and/or intangibles created from acquisitions.
Calculation of Adjustments for Other (income) losses for Adjusted Earnings
Adjusted Earnings calculations also exclude certain other non-cash, non-dilutive, and/or non-economic items, which may, in some periods, include:
- Gains or losses on divestitures;
- Fair value adjustment of investments;
- Certain other GAAP items, including gains or losses related to BGC’s investments accounted for under the equity method; and
- Any unusual, one-time, non-ordinary, or non-recurring gains or losses.
Methodology for Calculating Adjusted Earnings Taxes
Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted Earnings to fully diluted shareholders as pre-tax Adjusted Earnings reduced by the non-GAAP tax provision described below and net income (loss) attributable to noncontrolling interest for Adjusted Earnings.
The Company calculates its tax provision for post-tax Adjusted Earnings using an annual estimate similar to how it accounts for its income tax provision under GAAP. To calculate the quarterly tax provision under GAAP, BGC estimates its full fiscal year GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries and the expected inclusions and deductions for income tax purposes, including expected equity-based compensation during the annual period. The resulting annualized tax rate is applied to BGC’s quarterly GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries. At the end of the annual period, the Company updates its estimate to reflect the actual tax amounts owed for the period.
To determine the non-GAAP tax provision, BGC first adjusts pre-tax Adjusted Earnings by recognizing any, and only, amounts for which a tax deduction applies under applicable law. The amounts include charges with respect to equity-based compensation; certain charges related to employee loan forgiveness; certain net operating loss carryforwards when taken for statutory purposes; and certain charges related to tax goodwill amortization. These adjustments may also reflect timing and measurement differences, including treatment of employee loans; changes in the value of units between the dates of grants of exchangeability and the date of actual unit exchange; variations in the value of certain deferred tax assets; and liabilities and the different timing of permitted deductions for tax under GAAP and statutory tax requirements.
After application of these adjustments, the result is the Company’s taxable income for its pre-tax Adjusted Earnings, to which BGC then applies the statutory tax rates to determine its non-GAAP tax provision. BGC views the effective tax rate on pre-tax Adjusted Earnings as equal to the amount of its non-GAAP tax provision divided by the amount of pre-tax Adjusted Earnings.
Generally, the most significant factor affecting this non-GAAP tax provision is the amount of charges relating to equity-based compensation. Because the charges relating to equity-based compensation are deductible in accordance with applicable tax laws, increases in such charges have the effect of lowering the Company’s non-GAAP effective tax rate and thereby increasing its post-tax Adjusted Earnings.
BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries. Certain of the Company’s entities are taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and state income tax liability or benefit related to the partnership income or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity. The Company’s consolidated financial statements include U.S. federal, state, and local income taxes on the Company’s allocable share of the U.S. results of operations. Outside of the U.S., BGC is expected to operate principally through subsidiary corporations subject to local income taxes. For these reasons, taxes for Adjusted Earnings are expected to be presented to show the tax provision the consolidated Company would expect to pay if 100 percent of earnings were taxed at global corporate rates.
Calculations of Pre- and Post-Tax Adjusted Earnings per Share
BGC’s pre- and post-tax Adjusted Earnings per share calculations assume either that:
- The fully diluted share count includes the shares related to any dilutive instruments, but excludes the associated expense, net of tax, when the impact would be dilutive; or
- The fully diluted share count excludes the shares related to these instruments, but includes the associated expense, net of tax, when the impact would be anti-dilutive.
The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends and/or distributions. Each quarter, the dividend payable to BGC’s stockholders, if any, is expected to be determined by the Company’s Board of Directors with reference to a number of factors, including post-tax Adjusted Earnings per share. BGC may also pay a pro-rata distribution of net income to limited partnership units, as well as to Cantor for its noncontrolling interest. The amount of this net income, and therefore of these payments per unit, would be determined using the above definition of Adjusted Earnings per share on a pre-tax basis.
The declaration, payment, timing, and amount of any future dividends payable by the Company will be at the discretion of its Board of Directors using the fully diluted share count. For more information on any share count adjustments, see the table titled “Fully Diluted Weighted-Average Share Count under GAAP and for Adjusted Earnings” in the Company’s most recent financial results press release.
Management Rationale for Using Adjusted Earnings
BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views results excluding these items as a better reflection of the underlying performance of BGC’s ongoing operations. Management uses Adjusted Earnings in part to help it evaluate, among other things, the overall performance of the Company’s business, to make decisions with respect to the Company’s operations, and to determine the amount of dividends payable to common stockholders and distributions payable to holders of limited partnership units. Dividends payable to common stockholders and distributions payable to holders of limited partnership units are included within “Dividends to stockholders” and “Earnings distributions to limited partnership interests and noncontrolling interests,” respectively, in our unaudited, Condensed Consolidated Statements of Cash Flows.
The term “Adjusted Earnings” should not be considered in isolation or as an alternative to GAAP net income (loss). The Company views Adjusted Earnings as a metric that is not indicative of liquidity, or the cash available to fund its operations, but rather as a performance measure. Pre- and post-tax Adjusted Earnings, as well as related measures, are not intended to replace the Company’s presentation of its GAAP financial results. However, management believes that these measures help provide investors with a clearer understanding of BGC’s financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that the GAAP and Adjusted Earnings measures of financial performance should be considered together.
For more information regarding Adjusted Earnings, see the sections of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS”, including the related footnotes, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.
Adjusted EBITDA Defined
BGC also provides an additional non-GAAP financial performance measure, “Adjusted EBITDA”, which it defines as GAAP “Net income (loss) available to common stockholders”, adjusted to add back the following items:
- Provision (benefit) for income taxes;
- Net income (loss) attributable to noncontrolling interest in subsidiaries;
- Interest expense;
- Fixed asset depreciation and intangible asset amortization;
- Equity-based compensation and allocations of net income to limited partnership units and FPUs;
- Impairment of long-lived assets;
- (Gains) losses on equity method investments; and
- Certain other non-cash GAAP items, such as non-cash charges of amortized rents incurred by the Company for its new U.K. based headquarters.
The Company’s management believes that its Adjusted EBITDA measure is useful in evaluating BGC’s operating performance, because the calculation of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, the Company’s management uses this measure to evaluate operating performance and for other discretionary purposes. BGC believes that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company’s financial results and operations.
Since BGC’s Adjusted EBITDA is not a recognized measurement under GAAP, investors should use this measure in addition to GAAP measures of net income when analyzing BGC’s operating performance. Because not all companies use identical EBITDA calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations because the Company’s Adjusted EBITDA does not consider certain cash requirements, such as tax and debt service payments.
For more information regarding Adjusted EBITDA, see the section of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted EBITDA”, including the footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.
Timing of Outlook for Certain GAAP and Non-GAAP Items
BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing an outlook for other GAAP results. This is because certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period. The Company therefore believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to non-GAAP forecasts with sufficient precision without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The relevant items that are difficult to predict on a quarterly and/or annual basis with precision and may materially impact the Company’s GAAP results include, but are not limited, to the following:
- Certain equity-based compensation charges that may be determined at the discretion of management throughout and up to the period-end;
- Unusual, one-time, non-ordinary, or non-recurring items;
- The impact of gains or losses on certain marketable securities, as well as any gains or losses related to associated mark-to- market movements and/or hedging. These items are calculated using period-end closing prices;
- Non-cash asset impairment charges, which are calculated and analyzed based on the period-end values of the underlying assets. These amounts may not be known until after period-end; and
- Acquisitions, dispositions and/or resolutions of litigation, which are fluid and unpredictable in nature.
Liquidity Defined
BGC may also use a non-GAAP measure called “liquidity”. The Company considers liquidity to be comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), financial instruments owned, at fair value, less securities lent out in securities loaned transactions and repurchase agreements (if any). The Company considers liquidity to be an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice.
For more information regarding Liquidity, see the section of this document and/or in the Company’s most recent financial results press release titled “Liquidity Analysis”, including any footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.
Constant Currency Defined
BGC generates a significant amount of its revenues in non-U.S. dollar denominated currencies, particularly in the euro and pound sterling. In order to present a better comparison of the Company’s revenues during the period, which exhibited highly volatile foreign exchange movements, BGC provides revenues year-over-year comparisons on a “Constant Currency” basis. BGC uses a Constant Currency financial metric to provide a better comparison of the Company’s underlying operating performance by eliminating the impacts of foreign currency fluctuations between comparative periods. Since BGC’s consolidated financial statements are presented in U.S. dollars, fluctuations in non-U.S. dollar denominated currencies have an impact on the Company’s GAAP results. The Company’s Constant Currency metric, which is a non-GAAP financial measure, assumes the foreign exchange rates used to determine the Company’s comparative prior period revenues, apply to the current period revenues. Constant Currency revenue percentage change is calculated by determining the change in current quarter non-GAAP Constant Currency revenues over prior period revenues. Non-GAAP Constant Currency revenues are total revenues excluding the effect of foreign exchange rate movements and are calculated by remeasuring and/or translating current quarter revenues using prior period exchange rates. BGC presents certain non-GAAP Constant Currency percentage changes in Constant Currency revenues as a supplementary measure because it facilitates the comparison of the Company’s core operating results. This information should be considered in addition to, and not as a substitute for, results reported in accordance with GAAP.
About BGC Partners, Inc.
BGC Partners, Inc. (“BGC”) is a leading global brokerage and financial technology company. BGC, through its various affiliates, specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, and Futures. BGC, through its various affiliates, also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through its brands, including Fenics®, FMX™, FMX Futures Exchange™, Fenics Markets Xchange™, Fenics Digital™, Fenics UST™, Fenics FX™, Fenics Repo™, Fenics Direct™, Fenics MID™, Fenics Market Data™, Fenics GO™, Fenics PortfolioMatch™, BGC®, BGC Trader™, kACE2™, and Lucera®, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Group, BGC Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics, Fenics.com, FMX, Sunrise Brokers, Poten & Partners, RP Martin, kACE2, Capitalab, Swaptioniser, CBID, Caventor, LumeMarkets and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC and/or its affiliates.
BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC’s Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol “BGCP”. BGC is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.
Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission (“SEC”) filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Media Contact:
Karen Laureano-Rikardsen
+1 212-829-4975
Investor Contact:
Jason Chryssicas
+1 212-610-2426
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Blockchain Press Releases
AB DAO Accelerates Global Expansion: Now AB Listed on BitMart & HTX AMA to Explore the Future of Web3
SINGAPORE, March 12, 2025 /PRNewswire/ — AB DAO announced today that $AB has been officially listed on BitMart (bitmart.com). Next, $AB will soon be listed on Lbank (lbank.com) and Biconomy (biconomy.com), further enhancing global liquidity and ecosystem influence.
At the same time, AB DAO has been invited to participate in HTX AMA, discussing AB public chain technology innovation, Real-World Asset (RWA) integration, and Web3 ecosystem development prospects.
BitMart $AB Trading Details
Trading Pair: AB/USDT
Deposit Opening: March 12, 2025, 17:00 (UTC+8)
Trading Opening: March 13, 2025, 17:00 (UTC+8)
Withdrawal Opening: March 14, 2025, 17:00 (UTC+8)
BitMart Official Announcement:
https://bitmart.zendesk.com/hc/en-us/articles/34819457308187
HTX AMA: AB Public Chain and the Future of Community Governance
As part of its global expansion, AB DAO has been invited to join the HTX AMA to explore key topics such as Layer-1 blockchain competitiveness, AB’s innovations in Real-World Assets (RWA), cross-chain interoperability, and DAO governance models.
Event Time: March 13, 2025, 20:00 (UTC+8)
AMA Topic: AB Public Chain: Unlocking the Future of Community Governance
AMA Details & Participation Link:
https://www.htx.com/en-us/live/detail/h5?id=67746&invite_code=sbs66223&inviter_id=11351630
AB DAO Global Ecosystem Continues to Expand
$AB is now available on the following exchanges:
Bitget (bitget.com)
HTX (htx.com)
MEXC (mexc.com)
BingX (bingx.com)
BitMart (bitmart.com)
Hotcoin (hotcoin.com)
UEEx (ueex.com)
4E (eeee.com)
Coming Soon:
Lbank (lbank.com)
Biconomy (biconomy.com)
The listing of $AB on BitMart marks another major step in AB DAO’s global expansion strategy. In the coming months, AB will continue listing on more exchanges, expanding its ecosystem use cases and accelerating worldwide adoption.
AB DAO’s Goal: 100 Million $AB Holders
Stay Updated with AB DAO
Official Website: https://ab.org
Telegram Global Community: https://t.me/Newtonproject
Telegram Chinese Community: http://t.me/ABgonglian
Telegram English Channel: https://t.me/AB202528
X (Twitter): https://x.com/ABDAO_Global
Discord: https://discord.gg/BSbgK6J
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Blockchain Press Releases
BingX Welcomes DeepLink Protocol to Launchpool, Offering 6,666,667 DLC Tokens for Staking
PANAMA CITY, March 12, 2025 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, introduced DeepLink Protocol ($DLC) to its Launchpool, offering its users access to decentralized cloud gaming experience powered by AI and blockchain technology. The staking pools will open from March 14th for 4 days with a total allocation of 6,666,667 DLC tokens. This collaboration aims to accelerate the growth of the web3 gaming ecosystem by supporting the AI, DePIN and decentralized computing industry with cloud-based infrastructure.
Designed for applications like cloud esports, AAA gaming, and remote gaming setups, DeepLink Protocol is transforming cloud gaming on any device by integrating AI Agents, DePIN, decentralized GPU computing, and ultra-low latency cloud rendering into a seamless ecosystem. Supporting 8K visuals and a 1-millisecond response time, it delivers a seamless experience for over 2.7 million users across 120 countries.
Bringing DeepLink Protocol to BingX Launchpool enhances the platform’s value proposition by introducing a new dimension of blockchain-powered gaming. This integration enables BingX users to benefit from DeepLink’s innovative ecosystem at no cost while reinforcing the platform’s position at the forefront of Web3 advancements.
“At BingX, we are committed to connecting our users with the most promising innovations in the Web3 space,” said Vivien Lin, Chief Product Officer of BingX. “DeepLink Protocol represents a game-changing evolution. Through this Launchpool, we empower our users to access and benefit from emerging blockchain ecosystems while reinforcing BingX as a gateway to the future of decentralized applications.”
This Launchpool event gives users the opportunity to easily engage with DeepLink Protocol before its spot trading goes live. This new integration provides early access to innovative blockchain projects while reinforcing BingX’s commitment to bridging decentralized technology with real-world applications.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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Blockchain
Blocks & Headlines: Today in Blockchain – March 11, 2025: Utah Legislature, Pakistan, Women Leaders, JPMorgan, XRPTurbo, Ripple XRP
In a digital era where decentralization and disruptive technologies are reshaping the global financial ecosystem, blockchain and cryptocurrency remain at the forefront of innovation and regulatory debate. Today’s briefing, “Blocks & Headlines: Today in Blockchain – March 11, 2025,” brings you an in-depth analysis of the latest developments that are stirring the industry. From groundbreaking legislative moves in Utah and ambitious blockchain projects in Pakistan, to celebrating the trailblazing leadership of women in blockchain and AI, and transformative investments by financial giants like JPMorgan, the news is rich with insights that will determine the future of digital assets. Rounding out the day’s highlights is XRPTurbo—a project on a mission to redefine presale dynamics on the Ripple XRP blockchain.
This comprehensive daily briefing examines each story in detail, offering both factual coverage and op-ed–style commentary on their significance for blockchain, cryptocurrency, Web3, DeFi, and NFTs. Whether you’re a seasoned investor, a tech enthusiast, or a policymaker, understanding these narratives is critical to navigating the evolving landscape. In the sections that follow, we delve into the specifics of each development, explore the broader implications for the industry, and discuss what these trends mean for the future of decentralized finance and digital innovation.
1. Utah Legislature Passes Blockchain Bill – A New Regulatory Milestone
In a decisive move that could reshape the legal landscape for digital assets, the Utah Legislature recently passed a blockchain bill that notably drops a previously contentious Bitcoin reserve provision. This legislative shift, reported by Source: Decrypt, signals a growing acceptance of blockchain technology in government circles and may serve as a catalyst for further innovation in the cryptocurrency space.
1.1 Legislative Evolution and Its Impact on Crypto Regulation
Utah’s new blockchain bill represents a significant policy realignment. Previously, the inclusion of a Bitcoin reserve provision in legislative drafts had raised concerns about the potential for overregulation and market distortion. By eliminating this clause, lawmakers are sending a clear message: they intend to foster an environment that encourages blockchain innovation without unnecessary regulatory constraints.
This legislative pivot has multiple implications:
- Regulatory Clarity: By removing the Bitcoin reserve provision, Utah is clarifying its stance on digital assets, thereby reducing legal uncertainty for businesses operating in the blockchain space.
- Innovation Incentives: A lighter regulatory touch can attract startups and established crypto firms alike, stimulating investment and innovation within the state.
- Market Confidence: Investors often view regulatory clarity as a positive signal. With fewer ambiguities in the legal framework, market participants may feel more secure in deploying capital and pursuing new ventures.
The decision by Utah lawmakers is not just a local policy update; it is part of a broader trend in which states and nations are increasingly recognizing the importance of blockchain technology. As more jurisdictions craft legislation that balances innovation with necessary oversight, the industry is likely to see a proliferation of policies that support growth while safeguarding consumer interests.
1.2 The Role of Blockchain Legislation in Shaping Future Markets
The removal of the Bitcoin reserve provision is a testament to the evolving regulatory mindset. Lawmakers are beginning to understand that overly rigid policies can stifle the very innovation that blockchain technology promises. This shift is expected to have several downstream effects:
- Encouraging Public–Private Partnerships: With a clearer regulatory framework, both public institutions and private companies may be more willing to collaborate on blockchain projects.
- Catalyzing Investment: Investors may view Utah as a “crypto-friendly” jurisdiction, leading to increased capital inflows and the establishment of innovation hubs.
- Setting Precedents: As other states and countries observe Utah’s progressive approach, similar legislative measures could be adopted elsewhere, gradually harmonizing global standards for blockchain regulation.
1.3 Strategic Commentary
From an op-ed perspective, the Utah Legislature’s decision is a forward-thinking maneuver that balances oversight with innovation. It reflects an understanding that blockchain technology, with its decentralized architecture and transparency, offers immense potential for economic growth and efficiency. By removing the restrictive Bitcoin reserve provision, Utah is not only paving the way for a more dynamic crypto market but also establishing itself as a model for other jurisdictions to follow.
This development should encourage other policymakers to reassess outdated regulatory frameworks that may hinder technological progress. As blockchain technology continues to mature, the interplay between regulation and innovation will be critical. Utah’s new bill is a strong reminder that regulatory environments must evolve alongside technology to unlock the full potential of digital assets.
Source: Decrypt
2. Pakistan Explores Blockchain for Multibillion-Dollar Remittances
In another transformative move, Pakistan is set to explore blockchain technology to facilitate multibillion-dollar remittances from abroad, as reported by Source: CoinDesk. This initiative represents a strategic effort to modernize the country’s financial infrastructure and tap into the enormous potential of decentralized finance.
2.1 Revolutionizing Cross-Border Payments with Blockchain
Remittances have long been a cornerstone of Pakistan’s economy, with millions of dollars sent home by expatriates each year. Traditional remittance systems, however, are often plagued by high fees, slow transaction times, and a lack of transparency. By leveraging blockchain technology, Pakistan aims to overcome these limitations and create a more efficient, cost-effective, and transparent remittance system.
Key benefits of blockchain in remittance include:
- Cost Reduction: Blockchain’s decentralized network minimizes the need for intermediaries, thereby reducing transaction fees.
- Speed and Efficiency: Transactions can be processed in near real time, compared to the several days often required by traditional systems.
- Enhanced Transparency: The immutable ledger ensures that all transactions are recorded and verifiable, reducing the risk of fraud and corruption.
- Financial Inclusion: Improved remittance systems can provide greater access to financial services for underserved populations, driving economic empowerment.
2.2 Strategic Considerations and Economic Impact
Pakistan’s exploration of blockchain for remittances is not just a technological upgrade—it is a strategic initiative with far-reaching economic implications. With billions of dollars in remittances flowing into the country, even small improvements in efficiency and cost reduction can translate into significant economic benefits. By reducing transaction fees and speeding up transfers, more money remains in the hands of families, potentially boosting local consumption and investment.
Furthermore, the adoption of blockchain in the remittance sector could position Pakistan as a regional leader in financial technology innovation. This initiative may inspire neighboring countries to pursue similar strategies, fostering a broader ecosystem of blockchain-based financial solutions in the region.
2.3 Strategic Commentary
From an analytical perspective, Pakistan’s move to integrate blockchain into its remittance system is a bold step towards financial modernization. In an era where digital transformation is essential for economic growth, embracing blockchain technology is not merely an option—it is a necessity. This initiative highlights the potential for blockchain to transform traditional financial systems by increasing efficiency, reducing costs, and enhancing transparency.
For policymakers and financial institutions worldwide, Pakistan’s experiment serves as a valuable case study in the practical application of blockchain for public benefit. It demonstrates that when technology is harnessed thoughtfully, it can address longstanding inefficiencies and unlock new avenues for economic development.
Source: CoinDesk
3. Celebrating Women Pioneering AI & Blockchain Leadership
In a refreshing and empowering narrative, Forbes recently spotlighted “10 Women Pioneering AI & Blockchain Leadership” in honor of Women’s History Month. This feature celebrates the achievements of female leaders who are breaking barriers and driving innovation in the intersection of artificial intelligence and blockchain technology.
3.1 Recognizing Trailblazing Leaders in a Male-Dominated Industry
For decades, the fields of blockchain and AI have been dominated by male voices. However, a growing number of women are making significant strides and reshaping the industry through visionary leadership, technical innovation, and entrepreneurial spirit. The Forbes feature highlights how these trailblazers are not only contributing to technological advancements but also inspiring a more inclusive and diverse ecosystem.
Key aspects of their contributions include:
- Innovative Solutions: These leaders are developing groundbreaking applications that leverage blockchain and AI to solve real-world problems.
- Mentorship and Advocacy: Beyond their technical achievements, many of these women are actively involved in mentoring the next generation of innovators and advocating for greater diversity within the industry.
- Strategic Vision: Their work is characterized by a forward-thinking approach that combines technical expertise with strategic insights, paving the way for new business models and technological breakthroughs.
- Community Building: By creating networks and platforms for collaboration, these leaders are fostering an environment where diverse voices can thrive and drive industry progress.
3.2 Broader Implications for Diversity and Innovation
The recognition of these pioneering women has broader implications for the blockchain and AI sectors. Greater diversity in leadership is correlated with increased innovation, better decision-making, and more resilient organizational cultures. By shining a light on these women, Forbes not only celebrates individual accomplishments but also underscores the importance of inclusivity in driving technological progress.
The impact of this narrative extends beyond the realm of technology. It serves as a powerful reminder that diversity and inclusion are critical components of sustainable growth in any industry. As more women take on leadership roles in blockchain and AI, the industry as a whole stands to benefit from a richer array of perspectives, ideas, and solutions.
3.3 Strategic Commentary
From an op-ed perspective, the spotlight on women pioneers in AI and blockchain is both timely and essential. In a rapidly evolving technological landscape, embracing diversity is not just a moral imperative—it is a strategic advantage. The innovative contributions of these women are reshaping the industry, challenging stereotypes, and setting new benchmarks for excellence.
Their success stories serve as an inspiration for organizations to invest in diversity and inclusion initiatives, which in turn can drive innovation and improve competitive positioning. For the broader blockchain and cryptocurrency communities, celebrating these trailblazers is a reminder that the future of technology is built on the strength of diverse perspectives and collaborative efforts.
Source: Forbes
4. JPMorgan’s Digital Assets and Real Estate Blockchain Integration
Financial giant JPMorgan is making headlines once again by announcing its investment of $3 million in blockchain technology for real estate digital assets. Fortune reports that this move is part of a broader strategy to leverage blockchain’s capabilities to bring transparency, efficiency, and liquidity to the traditionally opaque real estate market.
4.1 Bridging the Gap Between Traditional Finance and Blockchain Innovation
JPMorgan’s foray into integrating blockchain with real estate is a significant development for both the financial and property sectors. Real estate has historically been characterized by cumbersome processes, high transaction costs, and a lack of transparency. By using blockchain technology, JPMorgan aims to streamline property transactions, reduce administrative overhead, and create a more dynamic market for digital assets.
The benefits of blockchain integration in real estate include:
- Enhanced Transparency: Blockchain’s immutable ledger ensures that all property transactions are recorded accurately and can be audited easily, reducing the risk of fraud.
- Improved Efficiency: Smart contracts can automate various aspects of real estate transactions—from property transfers to escrow management—cutting down on processing time and costs.
- Increased Liquidity: Tokenizing real estate assets can open up new avenues for investment by allowing fractional ownership and easier transferability of assets.
- Cost Reduction: By eliminating intermediaries and streamlining processes, blockchain can significantly reduce transaction fees and administrative burdens.
4.2 Strategic Implications for the Financial Sector
JPMorgan’s investment is emblematic of a broader trend where traditional financial institutions are increasingly embracing blockchain to modernize their operations. This integration not only enhances operational efficiency but also positions banks to tap into emerging revenue streams in the digital economy. The move is likely to spur further investments in blockchain projects within the real estate sector, paving the way for innovative business models that blend traditional finance with decentralized technology.
4.3 Strategic Commentary
From an analytical standpoint, JPMorgan’s venture into blockchain-based real estate is a strategic masterstroke. It illustrates how legacy institutions can harness emerging technologies to drive efficiency and unlock new opportunities. This initiative is a clear indication that the convergence of finance and blockchain is not a fleeting trend, but a transformative shift that will redefine asset management and transactional dynamics for years to come.
For industry observers, JPMorgan’s investment serves as a blueprint for how financial institutions can innovate within traditional sectors. It is a call for banks and investment firms to reimagine their business models in an era where digital assets are becoming increasingly integral to global markets.
Source: Fortune
5. XRPTurbo: The DAOMaker of Ripple XRP’s Presale – Gaining Massive Traction
In a development that has captured the imagination of blockchain enthusiasts and investors alike, XRPTurbo is rapidly emerging as a key player in the Ripple XRP ecosystem. Globe Newswire reports that XRPTurbo is on a mission to become the “DAOMaker” of the XRP blockchain presale market—a bold initiative that has already gained massive traction among crypto communities.
5.1 Redefining Presale Dynamics on the XRP Blockchain
XRPTurbo’s ambitious vision is to revolutionize the way presales are conducted on the Ripple XRP blockchain. By leveraging decentralized autonomous organization (DAO) principles, XRPTurbo aims to create a transparent, community-driven platform that streamlines the presale process for new projects. This innovative approach addresses several pain points in traditional presales, such as lack of transparency, centralized control, and limited investor participation.
The platform’s core features include:
- Decentralized Governance: Empowering the community to participate in decision-making, ensuring that presale processes are transparent and democratically managed.
- Enhanced Liquidity: By tokenizing presale stakes, XRPTurbo provides investors with greater liquidity and the ability to trade assets more freely.
- Robust Security: Utilizing the security features of the XRP blockchain to safeguard investor funds and maintain the integrity of the presale process.
- Community Engagement: Encouraging active participation from crypto enthusiasts and investors, fostering a vibrant ecosystem around new blockchain projects.
5.2 Broader Implications for the Ripple XRP Ecosystem
XRPTurbo’s success is indicative of a broader trend in the blockchain space where decentralization and community governance are becoming increasingly important. As the Ripple XRP ecosystem continues to mature, projects like XRPTurbo are likely to drive increased adoption by making it easier for investors to access new opportunities in a secure and transparent manner.
Moreover, the initiative may set a precedent for other blockchain networks looking to implement decentralized presale mechanisms. By demonstrating the viability and benefits of a DAO-driven approach, XRPTurbo is positioning itself as a leader in the next wave of blockchain innovation.
5.3 Strategic Commentary
From an op-ed standpoint, XRPTurbo’s bold strategy reflects the disruptive potential of decentralized technologies. In an era where trust and transparency are paramount, the move to decentralize presale governance represents a significant evolution in how blockchain projects are funded and managed. XRPTurbo’s rising traction is a clear signal that the future of crypto fundraising will be defined by community empowerment and decentralized decision-making.
This development challenges traditional paradigms and encourages both investors and developers to rethink how capital is raised and allocated in the blockchain space. As more projects embrace decentralized models, the overall ecosystem will become more resilient, innovative, and aligned with the principles of blockchain technology.
Source: GlobeNewsWire
6. Synthesis: Major Takeaways from Today’s Blockchain Developments
As we reflect on the diverse developments covered in today’s briefing, several key themes emerge that are reshaping the blockchain and cryptocurrency landscape:
6.1 Regulatory Evolution and Its Ripple Effects
Utah’s legislative shift, marked by the removal of a restrictive Bitcoin reserve provision, underscores a broader trend toward regulatory clarity. By fostering an environment that encourages innovation, regulators are paving the way for a more dynamic and resilient crypto market. This trend is likely to inspire similar policy changes across other jurisdictions, promoting a global environment where blockchain technology can flourish.
6.2 Blockchain for Financial Inclusion and Efficiency
Pakistan’s initiative to leverage blockchain for multibillion-dollar remittances is a powerful example of how digital assets can transform traditional financial systems. By reducing costs and improving transparency in remittance flows, blockchain has the potential to drive significant economic growth and financial inclusion in developing markets.
6.3 Diversity as a Catalyst for Innovation
The celebration of women pioneers in AI and blockchain is not just about recognition—it is about recognizing the value of diverse leadership in driving technological innovation. Greater diversity in the tech space fosters creativity, enhances problem-solving, and ultimately leads to more robust and sustainable innovations.
6.4 Convergence of Traditional Finance and Blockchain
JPMorgan’s strategic investment in blockchain-based real estate solutions is a testament to the convergence of traditional financial systems with cutting-edge technology. As legacy institutions embrace digital assets, we can expect a radical transformation in how assets are managed, traded, and valued.
6.5 Decentralized Governance and the Future of Fundraising
XRPTurbo’s innovative approach to decentralizing presale governance on the Ripple XRP blockchain highlights the transformative potential of decentralized finance (DeFi) models. By empowering communities and ensuring transparency in fundraising, such initiatives are setting the stage for the next evolution in crypto investments.
6.6 Strategic Takeaways for Industry Stakeholders
- Embrace Regulatory Clarity: Organizations should stay abreast of evolving legislative frameworks and position themselves to leverage new regulatory environments.
- Invest in Efficiency: Blockchain’s ability to reduce costs and enhance transparency offers tremendous opportunities for sectors such as remittances and real estate.
- Champion Diversity: Fostering an inclusive environment is essential for driving innovation and ensuring sustainable growth in the blockchain space.
- Adopt Decentralized Models: The success of platforms like XRPTurbo indicates that decentralization can unlock new avenues for investment and community engagement.
- Collaborate Across Sectors: The convergence of traditional finance and blockchain underscores the need for cross-industry partnerships to harness the full potential of digital assets.
7. Conclusion: Charting the Future of Blockchain and Crypto Innovation
Today’s blockchain briefing has provided a panoramic view of an industry in rapid evolution. From progressive legislative reforms in Utah and transformative initiatives in remittances to the celebration of diversity in tech leadership and strategic investments by financial titans, the news of March 11, 2025, underscores the dynamic and multifaceted nature of the blockchain landscape.
As we have seen, each development is not an isolated event but part of a broader tapestry of innovation and transformation. Utah’s regulatory reforms and Pakistan’s blockchain experiments demonstrate that technology and policy must evolve hand in hand. Meanwhile, the stories of women leaders in blockchain and AI, JPMorgan’s foray into digital real estate, and XRPTurbo’s pioneering presale model serve as beacons of innovation—illustrating that the future of blockchain is as much about people and ideas as it is about technology.
Looking forward, the implications of these developments are profound. They signal a new era in which blockchain will not only disrupt traditional financial systems but also empower individuals, foster transparency, and drive global economic transformation. The integration of blockchain with decentralized finance, Web3 applications, and digital assets is poised to redefine everything from cross-border payments to real estate transactions, ensuring that the technology remains at the heart of a rapidly evolving digital ecosystem.
For industry leaders, investors, policymakers, and enthusiasts alike, today’s news is both a call to action and a source of inspiration. The trends discussed in this briefing offer a roadmap for navigating the challenges ahead, highlighting the importance of innovation, collaboration, and strategic foresight. As blockchain continues to evolve, its transformative power will depend on our collective ability to embrace change, address regulatory and social challenges, and build a more inclusive and resilient digital future.
In closing, “Blocks & Headlines: Today in Blockchain – March 11, 2025” is more than just a collection of news stories—it is a reflection of a movement that is redefining the boundaries of technology and finance. As we continue to witness these groundbreaking developments, one thing is clear: the future of blockchain and cryptocurrency is bright, dynamic, and full of promise.
Thank you for joining us on this deep dive into the world of blockchain and crypto innovation. Stay tuned for future updates as we continue to track the trends, analyze the breakthroughs, and provide insights that will help you navigate the ever-changing digital landscape.
The post Blocks & Headlines: Today in Blockchain – March 11, 2025: Utah Legislature, Pakistan, Women Leaders, JPMorgan, XRPTurbo, Ripple XRP appeared first on News, Events, Advertising Options.
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