Blockchain Press Releases
Cuentas Announces OLB Group’s Purchase of Controlling Interest In Cuentas SDI, and the Black011.com Commerce Platform, Enabling the Companies to Offer an Increasing Array of Next-Generation Location-Based Physical and Digital Services to Accelerate the Growth of Cuentas SDI’s Network of Over 31,000 Local Convenience “Bodega” Stores
This Announcement is Designed to Add More Power and Reach to Cuentas’ Growing Portfolio of Financial and Lifestyle Solutions for the Unbanked and Underserved, Enabling the Companies to Offer Next-Generation Location-Based Digital Services to Cuentas SDI’s Growing Network of over 31,000 Local Convenience “Bodega” Stores In the Greater New York / New Jersey Area Alone With the Opportunity to Expand Across the Nation.
MIAMI BEACH, Fla., July 17, 2023 /PRNewswire/ — Cuentas, Inc. (Nasdaq: CUEN) (Nasdaq: CUENW) (“Cuentas”), the Company that is creating an alternative financial ecosystem for a hard working population who do not have access to traditional financial alternatives, announced today that OLB Group (NASDAQ: OLB), a leading provider of fintech, digital assets and payment, has acquired the remaining controlling interest of Cuentas SDI LLC (Cuentas SDI). Cuentas is a minority shareholder of Cuentas SDI which has over 31,000 convenience stores in its network, with locations across the New York, New Jersey and Connecticut tri state area. Cuentas had been seeking a new partner to acquire the outstanding 80% and invest in the expansion of and innovation around SDI. Management is very excited to see OLB take the stake. Subject to the acquisition, Cuentas will retain its 19.99% share in Cuentas SDI and will be providing additional services to the network, including the Company’s new Cuentas Mobile Wireless Service. Management’s goal is to use its growing partnership with OLB to increase its offerings to the underserved markets, providing an exciting new array of digital and traditional commerce services, from telco, OmniCommerce, discounts, debit, and credit opportunities, that can be fulfilled digitally or directly in store via OLB’s innovative POS solutions.
Cuentas further plans to work with its partner InComm, the global financial services giant, with whom the Company announced a partnership in 2022, to add innovative digital product offers and other services to its growing network ( Link CUENTAS and Incomm). Through these partnerships, Cuentas is working to connect the physical world to the digital world, bringing together digital point of sale solutions, physical incentives and cards, digital commerce and financial solutions, with Cuentas’ telecom and communications solutions, to provide deeper and more meaningful access to the underbanked and underserved who frequent the Company’s growing convenience store network. In a world where suburban big-box retailers threaten the smaller, urban outlets, Cuentas wants to empower convenience stores to offer similar levels of connectivity and digital resources including many of the biggest brands in today’s market.
“These small stores are often the heart and soul of the communities they serve,” said Cuentas Founder and CEO, Arik Maimon. “With this announcement we are well on the way to enabling Bodegas and other convenience stores to compete head-to-head with the big-box retailers”, added Maimon.
According to the National Association of Convenience Stores (NACS), there are over 150,000 convenience stores in the US. (SOURCE NACS: LINK), and according to CNBC, over 60% of convenience stores are privately owned. Convenience stores are so common across the United States that 93% of Americans live within just a few minutes of one, yet many of these stores are struggling to stay relevant in a changing economic landscape (SOURCE CNBC LINK). Many of the Bodegas that are part of Cuentas SDI’s network are the first stop for local residents who need instant access, not only to goods but also to digital services from mobile phone bills to discount and prepaid cards. Cuentas SDI was established as a platform to enable individual convenience stores and larger groups to come together and take advantage of the network effect, combining offers, digital connectivity, modern Point of Sale (POS) solutions, and other innovations to enable stores to become increasingly important to their local communities. Management believes this announcement accelerates that journey.
“The Bodega is the place where locals go for a range of critical services beyond shopping, from paying bills to wiring funds, to obtaining discount and debit cards for a range of services,” said Cuentas President and Co-founder, Michael De Prado. “We are revolutionizing that relationship from both a physical and digital perspective,” added De Prado.
OLB has already worked with Cuentas on other initiatives and acquired the remaining equity in Cuentas SDI in this latest transaction. The Companies plan to re-brand the platform and integrate additional services to provide new revenue streams for the store owners, potentially including instant loans and advanced services to their network of customers. Both Cuentas and OLB share the mission of working together to provide new and increasingly innovative solutions to underbanked and underserved communities across North America, which has been estimated to be a trillion-dollar market opportunity.
Ronny Yakov, CEO of OLB Group, said, “We are excited to move forward with this exciting next step in our relationship with Cuentas. Our plan is to immediately focus on adding as many as 1,000 new stores to the network in the New York, New Jersey, Connecticut area and then ramp up from that initial base.”
The OLB Group will offer additional products and programs from its list of services to store owners, including wallets with instant credit loaded based on approvals, potentially issuing loans, and providing other novel services as well as building out a common point of sale network that enables store owners to participate in larger promotions and initiatives.
“There is a growing urgency and need to reinvent old financial systems to accommodate the needs of capable, deserving Americans who been increasingly left out of the system,” concluded Cuentas’ Maimon. “This announcement puts us in the heart of the communities we serve and one step closer to providing the most meaningful alternatives for this growing segment of the population who need it the most!”
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider. The Company’s eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states.
About Cuentas SDI
Cuentas SDI, LLC. is the company that owns the platform of Black011.com and the network serving over 31,000 convenience stores (“Bodegas”) in and around New York and New Jersey. The Company is managed and controlled by The OLB Group, Inc. Cuentas Inc., and is a shareholder in Cuentas SDI, LLC. Black011.com is the network that will deliver a range of services to the network’s customers, including digital incentives, promotions, gift cards, discounts, top up services, telecommunication services, money transfer solutions and other digital and physical products and solutions true the network of financial partners.
About Cuentas
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an alternative financial ecosystem for the growing global population who do not have access to traditional financial alternatives. The Company’s proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the unbanked, under-banked and underserved populations nationally in the USA. The Cuentas Platform integratesCuentas Mobile, the Company’s Telecommunications solution, with its core financial services offeringsto help entire communities enter the modern financial marketplace. Cuentas has launched its General Purpose Reloadable (GPR) Card, which includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. In Q1 of 2023, Cuentas launched Cuentas Casa, an alternative housing development initiativethat secured a 10-year supply agreement for a patented, sustainable building system that will provide the bridge between its technology solutions and the affordable housing market. Cuentas has made investments to date in affordable housing projects for over 450 apartments. LINK: https://cuentas.com
Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as “believe,” “plan,” or “expect” or similar statements are forward-looking statements.
Investor Relations
Cuentas, Inc.
800-611-3622
[email protected]
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain Press Releases
HTX Ventures: RWAFi and Stablecoin Payments Set to Dominate the Evolving DeFi Landscape
SINGAPORE, Jan. 22, 2025 /PRNewswire/ — The DeFi landscape has undergone a dramatic transformation since the “DeFi Summer” of 2020. With Donald Trump assuming office as the President of the United States, a new era of growth for DeFi is emerging, characterized by deeper integration with traditional finance.
HTX Ventures, the global investment division of HTX, has released a forward-looking report titled “A New Era for DeFi with Crypto Compliance and New Opportunities in RWA-Fi and Stablecoin Payments.“ This report analyzes the evolving environment of crypto trading in 2025, focusing on the significant opportunities and challenges RWAFi and stablecoin payments are facing.
Changes in the Crypto Trading Environment Favor Stablecoins and RWAs Prospects
The gradual easing of crypto regulatory policies is facilitating greater institutional investor participation within the crypto ecosystem. This shift has seen stablecoins and RWAs (Real-World Assets) emerge as crucial bridges connecting the traditional finance and decentralized finance worlds.
Data shows a remarkable surge in stablecoins usage in blockchain transactions, which has risen from 3% in 2020 to over 50% by the end of 2024. The core value proposition of stablecoins lies in their ability to facilitate seamless cross-border payments, making them strategically important in international trade.
The report underscores the immense potential of stablecoins, stating, “At present, the global cross-border B2B payments market processed through traditional channels is valued at approximately $40 trillion, while the consumer remittance market generates hundreds of billions of dollars in annual revenue. Stablecoins offer a new alternative for efficient cross-border payments via crypto channels. As the adoption gains momentum, stablecoins are set to penetrate and disrupt this market segment, becoming a key player in the global payments landscape.”
Furthermore, the U.S. House Financial Services Committee is actively preparing to introduce a stablecoin bill, which has the potential to be the first comprehensive crypto legislation passed by Congress. This legislation could drive widespread adoption of crypto wallets, stablecoins, and blockchain-based payment channels among traditional banks, enterprises, and individuals. Notably, several prominent traditional financial giants, including PayPal and Stripe, have already initiated active exploration within the stablecoin sector.
The RWA market saw positive growth during the recent bear market cycle, primarily driven by its stable returns. Unlike cryptocurrencies, the value of RWAs remains largely unaffected by the inherent volatility of the crypto market, a crucial characteristic for building a robust DeFi ecosystem. Industry leaders like Binance project that the RWA market could expand to $16 trillion by 2030. This immense market potential has driven companies like BlackRock and Tether to explore tokenized assets, leading to the emergence of compliance tools for RWA token issuance, such as Securitize.
Opportunities and Challenges for DeFi Projects
As stablecoins and RWAFi emerge as the cornerstones of the evolving DeFi landscape, project teams are tasked with developing innovative products tailored to the new environment and demands. While challenges are inevitable, these transformative shifts also unlock numerous opportunities.
In terms of realizing the vision of yield-generating stablecoins, the report identifies two prevailing market trends:
- Treasury-backed Stablecoins:
This approach involves utilizing the U.S. Treasury bonds as the underlying assets for stablecoins, effectively introducing traditional financial assets onto the blockchain through tokenization. This methodology preserves the stability and low-risk nature of Treasury bonds while seamlessly integrating the high liquidity and composability inherent to DeFi. Examples include USDY by Ondo Finance and a range of Treasury-backed Vault products from OpenTrade.
- Volatility-driven Yield:
The alternative approach leverages crypto market volatility and MEV to generate low-risk returns. Ethena, along with its native stablecoin USDe, serve as a prime example of this strategy.
Seamlessly integrating DeFi applications with RWAs presents another critical challenge for project teams. On one hand, the inherent stability of RWAs can effectively mitigate risk in DeFi applications. Collateralized Debt Position (CDP) stablecoins, such as Curve’s crvUSD, are increasingly incorporating RWAs as collateral to enhance their stability. On the other hand, the flexibility of DeFi can significantly boost the utilization rate of tokenized RWAs. Pendle’s newly introduced RWA section, boasting a current TVL of $150 million, exemplifies this synergy. Leveraging the composability of DeFi Lego, Pendle’s diverse yield-generating assets can offer highly attractive APYs, incentivizing users to invest in RWA stablecoins.
Emerging DeFi projects still possess significant untapped potential within niche sectors, such as addressing defaults scenarios within the private credit market within RWA domain and effectively leveraging RWA public chains to empower institutional finance. Looking ahead, the report suggests that on-chain forex, cross-border payment stacks, and multi-pool stablecoin aggregation platforms are among the promising development directions in the “New DeFi” era.
About HTX Ventures
HTX Ventures is the global investment arm of HTX, integrating investment, incubation, and research to identify and discover the best and most innovative projects in the market. Visit us here.
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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