Blockchain Press Releases
Cost-of-living pressures drive consumer adoption of embedded banking, fuelling brand loyalty
LONDON, July 17, 2023 /PRNewswire/ — A new independent survey from Vodeno/Aion Bank of 3,007 European consumers based in the UK, Belgium and Germany has found:
- Two in five European consumers will only stay loyal to brands that offer embedded banking products like Buy Now, Pay Later (BNPL)
- 37% are more likely to use BNPL and flexible payment options due to the cost-of-living crisis
- Embedded finance increased customer engagement with brands for over a third (36%), who said they return to that brand’s app or website between three and five times vs once a month
New research from Vodeno/Aion Bank has revealed how embedded banking adoption is significantly boosting brand loyalty for companies, with consumers more likely to use embedded banking products from brands as a result of the cost-of-living crisis.
The European Banking-as-a-Service (BaaS) provider’s study revealed that over a third (37%) are more likely to seek out brands that offer BNPL and flexible payment options due to the high cost of living, with this figure rising to 50% in the 25-34 age range. Competitive prices are cited as the most important factor to 44% of consumers when it comes to their brand loyalty, closely followed by a good selection of products (43%).
The results highlight that the availability of embedded banking products directly in the websites and apps of consumer brands are starting to make an impact on customer loyalty, with two in five (40%) consumers say they will only stay loyal to brands that offer financial benefits like BNPL and cashback, with this figure rising to 50% among 25-34-year-olds. When it comes to engagement with loyalty programmes, just under half (46%) said they are more likely to use a brand’s loyalty card to make purchases if it included BNPL. This figure was highest amongst the youngest consumers surveyed, rising to 53% for those aged 16-24 and higher still (65%) in the 25-34 demographic.
When consumers were asked how often they shop with their favourite brands, 19% of respondents said ‘monthly’ and a further 16% said ‘once every two or three weeks’. However, among those who have used a brand’s embedded banking product, 36% said they return to that brand’s app or website between three and five times a month, with this figure rising to 43% among the 25-34 age group.
Vodeno/Aion’s research highlights the commercial and loyalty benefits of embedded banking, with just under one quarter 23% saying they are more likely to recommend the brand to friends and family, while the same number (23%) said they are more likely to spend money with the brand over competitors.
Kim Van Esbroeck, Country Head for Aion Bank Belgium and Chief Revenue Officer for Vodeno/Aion said: “The benefits of embedded banking cannot be ignored, and our research offers strong evidence that consumers are not only using these products, but it is also positivity influencing their loyalty to BaaS-enabled brands.
Competition for the consumer has never been more fierce, particularly in these difficult financial times, and brands that offer flexible payment and lending options provide more choice, which can boost consumers’ spending power when they need it most. Embedded banking is also making an impact on brand loyalty, with 43% of 25-34 year olds saying they shop more at brands that offer an embedded banking product. We have already seen how BaaS-enabled embedding banking is helping to innovate customer journeys, and it is clear the next area of disruption will be to supercharge brands’ loyalty programmes.”
About Vodeno and Aion Bank
Vodeno combines a fully API-based, cloud-native platform with services based on an ECB banking licence and a team of banking experts via Aion Bank. Together, Vodeno/Aion are uniquely positioned to offer comprehensive embedded financial services for banks, lenders and merchants across multiple sectors. Covering all areas of the banking ecosystem, from ‘smart contract enabled’ core banking to accounts, onboarding, payments, cards, investment and lending solutions, Vodeno/Aion offer the ability to meet the demands of regulation while enabling innovation at speed. Vodeno and Aion Bank are separate companies and backed by global private equity firm Warburg Pincus LLC.
For more information: https://vodeno.com/
About the research
The market research was carried out from 16-22 May 2023 amongst 3,007 consumers in Europe by independent market research agency Censuswide. Censuswide is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage.
For more information, please contact Sian Bradshaw: [email protected].uk
Contact: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cost-of-living-pressures-drive-consumer-adoption-of-embedded-banking-fuelling-brand-loyalty-301876948.html
Blockchain Press Releases
Bybit Defies Odds: How the Largest Crypto Hack in History Became a Test of Resilience and Transparency
DUBAI, UAE, Feb. 23, 2025 /PRNewswire/ — In a remarkable display of resilience and professionalism, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully navigated the largest hack in crypto history. On February 21, 2025, hackers stole approximately $1.5 billion in digital assets from Bybit’s Ethereum wallet, marking the biggest cryptocurrency heist ever recorded. Despite this unprecedented breach, Bybit’s swift and transparent crisis management ensured that the crypto market remained stable, with no significant price volatility.
Swift Crisis Management
Bybit’s response to the hack was marked by swift action, transparency, and professionalism. Ben took immediate ownership of the situation, addressing the community within 30 minutes via X and conducting a livestream session just one hour after the incident. This live session, which lasted over two hours, provided real-time updates and detailed explanations, ensuring that all stakeholders were informed and reassured. Bybit’s prompt and open communication effectively prevented panic and maintained trust in the exchange, setting a high standard for crisis management in the crypto industry
Throughout the crisis, Bybit’s withdrawal and product services remained uninterrupted, with clients able to access support and their respective relationship managers at all times. This seamless continuity was a testament to the team’s preparedness and efficiency, even under extreme pressure.
Industry Unity in Support of Bybit
The crypto industry rallied around Bybit, demonstrating a united front against security threats. Major exchanges blacklisted the hacker’s wallets, preventing further movement of stolen funds. This unprecedented show of unity underscores the growing maturity of the crypto sector, where competitors become allies in times of need.
Client Fund Protection
Despite the significant scale of the hack, Bybit’s 1:1 reserve guarantee ensured that client assets remained fully intact. Bybit CEO Ben Zhou reassured users that Bybit is solvent and can cover the loss, emphasizing that all client assets are backed on a one-to-one basis. This guarantee demonstrates Bybit’s financial stability and commitment to user security.
Regulatory and Law Enforcement Collaboration
Bybit worked closely with regulators and law enforcement agencies to address the hack. This collaboration not only facilitated a swift response but also set a precedent for future cooperation between the crypto industry and regulatory bodies. As the incident unfolds, further developments are expected from this front, potentially leading to enhanced security measures and regulatory frameworks.
Rapid Recovery
Bybit demonstrated remarkable resilience in the face of the crisis, processing over 350,000 withdrawal requests efficiently within 12 hours of the hack. Despite the surge in withdrawal requests, the exchange ensured that all transactions were completed without significant delays, showcasing the team’s professionalism and experience in managing critical incidents. Bybit’s operations quickly returned to normal, with client activity rebounding to pre-hack levels within 24 hours. This swift recovery underscores the trust that clients and investors have in Bybit’s crisis management capabilities, highlighting the exchange’s ability to maintain stability even in the most challenging circumstances
Bybit’s handling of the recent hack sets a new industry standard for crisis management. The exchange’s ability to turn a potentially disastrous event into a demonstration of resilience and transparency is a testament to its long-standing culture of responsibility and openness. This incident highlights not just Bybit’s operational excellence but also the growing maturity and unity of the crypto industry as a whole.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-defies-odds-how-the-largest-crypto-hack-in-history-became-a-test-of-resilience-and-transparency-302382869.html
SINGAPORE, Feb. 23, 2025 /PRNewswire/ — In the wake of the recent $1.5 billion hack affecting a major cryptocurrency exchange, HTX hosted a live discussion on X and its Global Advisor Justin Sun addressed the growing security concerns in the cryptocurrency industry. The discussion, titled “Together Against Industry Crisis, Is There a Best Solution for the Security of the Crypto Industry?” featured insights from leading security firms SlowMist and GoPlus Security, as well as prominent KOLs.
Security: A Top Priority for HTX
Sun stressed that security is a “top priority”, demanding constant vigilance and learning. He illustrated how hacker tactics have evolved, from early hot wallet attacks to more sophisticated multi-signature wallet breaches, and declared that exchanges must continuously enhance their security protocol.
Sun emphasized that security is like personal health management, requiring internal efforts and a proactive approach. HTX has implemented multi-device login, remote login alerts, abnormal transfer alerts, and other security features, and has publicly disclosed Merkle Tree Proof of Reserve (PoR) for 28 consecutive months, maintaining reserve ratios exceeding 100%.
Sun’s Influence on Security Practices Across the Crypto Landscape
Sun’s commitment to security extends to his vision for HTX and his influential role in shaping security practices across the broader crypto landscape. He believes that the principle of security is considered fundamental to every business and product. He cited the early implementation of native multi-signature functionality in TRON as a successful example of proactive security design, demonstrating his commitment to building security into the foundation of his projects. He also highlighted the recent launch of USDD 2.0, emphasizing the deep understanding of stablecoin security risks that informed its development. “Just as exchanges should strengthen security mechanisms from the source in system design and operation, to maximize the prevention of security incidents,” Sun stated.
Sun also revealed that HTX collaborates with numerous white hat teams to conduct continuous penetration testing, security drills, and vulnerability mining. The platform actively monitors global cryptocurrency security incidents and studies hacker attack principles and methods for effective prevention.
Addressing the Situation and Industry Cooperation
Regarding the controversy surrounding CZ’s suggestion for the affected exchange to suspend withdrawals, Sun acknowledged the validity of the advice from an exchange perspective. He explained that the initial hours after a security breach are crucial for investigating the issue and ensuring safety. While suspending withdrawals is necessary to eliminate risks, the suspension period should be minimized to reduce user impact.
Sun called for closer cooperation between exchanges, security agencies, and the community to jointly address hacker threats, promote technological sharing, security innovation, and information exchange, and promote the healthy and sustainable development of the industry.
HTX’s Commitment to User Safety
HTX demonstrates its commitment to security through a proactive and continuously improving approach. The platform’s multi-faceted security strategy encompasses collaboration with leading security experts, rigorous ongoing monitoring, robust internal protocols, and a focus on enhancing multi-signature support, security alerts, and mitigating emerging threats such as hashtag scams. This comprehensive strategy reflects HTX’s dedication to safeguarding user assets and fostering a secure and reliable trading environment. This commitment was further emphasized by the specific security protocol requirements shared by Justin Sun at the February 21st Meetup in Hong Kong.
About HTX
Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, we harbor global capabilities that enable us to provide users with safe and reliable services. Our growth strategy – “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance”, underpins our commitment to providing quality services and values to virtual asset enthusiasts worldwide.
For more information on HTX, please visit the HTX Square, or https://www.htx.com/, and follow X, Telegram, Discord. For further press enquiries, please contact [email protected].
Contact Details
Ruder Finn Asia
[email protected]
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Blockchain Press Releases
Bybit Expresses Deep Gratitude as Crypto Industry Unites Against Security Threats
DUBAI, UAE, Feb. 22, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, extends its heartfelt thanks to the global crypto community for the overwhelming support received in the wake of a recent security incident. This unprecedented show of solidarity has not only reinforced Bybit’s resilience but has also laid the foundation for stronger industry-wide measures to counter and prevent future hacking incidents. From institutional liquidity providers to leading blockchain security firms, the swift and coordinated response has exemplified the strength of the Web3 community.
A United Front Against Threats
As soon as the incident was detected, Bybit’s security team took immediate action—locking down systems, securing funds, and collaborating with top cybersecurity experts. The exchange received overwhelming support from key players across the industry, all working together to track, contain, and mitigate the impact of the exploit.
Ben Zhou, Co-Founder and CEO of Bybit, expressed his gratitude:
“It’s been a challenging period for Bybit, but one thing is clear—our partners have our backs. The support from Antalpha Global, Bitget, Pionex, MEXC, SoSoValue, Galaxy Digital, FalconX, Lido Finance, Solana Foundation, Ton Foundation, Ghaf Capital, Fenbushi, Bitvavocom, Tether and many others has been nothing short of incredible. Your trust, quick action, and solidarity mean everything. We’re moving forward, stronger and more determined than ever. Thank you for standing with us.”
Industry Leaders Take Immediate Action
Several major players in both DeFi and CeFi swiftly mobilized to prevent further movement of stolen funds and uphold market stability:
- Orbiter, deBridge, SynFutures, MYX, Thruster and Owlto blacklisted exploit-related addresses, preventing unauthorized transfers.
- Chainalysis rapidly tracked and published the exploiter’s wallet addresses, enabling a coordinated industry-wide response.
- SIS cross-chain bridge stepped up to block associated addresses, restricting the attacker’s ability to launder assets.
- Zero Shadows activated its 24/7/365 Global Response team, collaborating closely on Bad Actor Tracing and Identification, Funds Tracing, and Law Enforcement Communications to support the investigation and recovery efforts.
- Institutional clients, including TMSI, Bayside trading, Mathrix, Wintermute, Cumberland, GSR Markets, maintained their trading positions, reinforcing stability amid uncertainty.
“Their trust in us, despite the circumstances, speaks volumes about the maturity and resilience of this industry,” Ben added. “It shows a defining moment that proves crypto’s strongest players stand together when it matters most.”
A Community That Stands Together
Bybit also acknowledged the unwavering support from its VIP clients, traders, and broader user base. Messages of encouragement and patience from the community have been instrumental as the exchange works around the clock to enhance security measures and safeguard funds.
“While this has been a difficult moment, it is also a powerful reminder of why we are here—to build an open, resilient, and decentralized financial future,” Ben said. “The real work has just started, and with this level of unity in this space, we know we’ll come back even stronger.”
Bybit remains committed to transparency and will continue to provide updates as it implements additional security enhancements. The exchange is working closely with industry leaders to set new standards for crisis management, ensuring the safety and trust of its users while strengthening the broader industry’s defenses against future threats.
#Bybit / #TheCryptoArk
//ENDS
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press.
For updates, please follow: Bybit’s Communities and Social Media
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-expresses-deep-gratitude-as-crypto-industry-unites-against-security-threats-302382806.html
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