Blockchain Press Releases

Cboe Global Markets Reports Results for Second Quarter 2023

Published

2 years ago

August 4, 2023

CISION (PR Newswire)

Second Quarter Highlights*

Diluted EPS for the Quarter of $1.57
Adjusted Diluted EPS¹ for the Quarter of $1.78, Up 7 percent
Net Revenue for the Quarter of $467.1 million, Up 10 percent
Anticipates Higher End of Organic Total Net Revenue Growth² Range of 7 to 9 percent in 2023; Reaffirms Data and Access Solutions Organic Net Revenue Growth Target² of 7 to 10 percent
Decreases 2023 Adjusted Operating Expense Guidance² to $766 to $774 million, from $769 to $779 million.

CHICAGO, Aug. 4, 2023 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the second quarter of 2023.

“In the second quarter, Cboe reported its ninth consecutive quarter of double-digit, year-over-year net revenue growth,” said Edward T. Tilly, Cboe Global Markets Chairman and Chief Executive Officer. “Our strong results were again driven by our Derivatives and Data and Access Solutions categories. The expanding toolkit of tradeable products at Cboe allows customers to choose the right product, size and time to effectively navigate market environments. Data and Access Solutions also turned in a strong quarter with trends accelerating sequentially as we continued to expand our global ecosystem of capabilities. Overall, the first half of 2023 is off to an exceptional start, and I look forward to building upon these trends in the second half of the year and beyond.”

“Cboe reported solid 10% year-over-year net revenue growth and 7% growth in adjusted diluted EPS for the second quarter,” said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer, Treasurer and Chief Accounting Officer. “Our Derivatives business continued to generate robust growth, delivering a 21% year-over-year net revenue increase in the second quarter of 2023. Data and Access Solutions net revenue trends remained solid, increasing by 9% year-over-year, while Cash and Spot markets net revenue decreased by 11% given the challenging volume environment across geographies in the second quarter. Moving forward, we expect to be at the higher end of our unchanged organic total net revenue growth² target of 7-9% for 2023, and we continue to anticipate Data and Access Solutions organic net revenue growth² will finish in the range of 7-10%. Our adjusted operating expense guidance² range for 2023 moves lower to $766 to $774 million from $769 to $779 million. The positive revenue and expense guidance revisions for 2023 speak to our ability to effectively monetize the near-term environment while continuing to invest prudently in future growth.”

*All comparisons are second quarter 2023 compared to the same period in 2022.

⁽¹⁾A full reconciliation of our non-GAAP results to our GAAP (“Generally Accepted Accounting Principles”) results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

⁽²⁾Specific quantifications of the amounts that would be required to reconcile the company’s organic growth guidance, adjusted operating expenses guidance and the effective tax rate on adjusted earnings guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and expenses that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

Consolidated Second Quarter Results -Table 1

Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended June 30, 2023 and 2022.

Table 1
Consolidated Second Quarter Results Advertisement									2Q23			2Q22
($ in millions except per share)	2Q23			2Q22 Advertisement			Change		Adjusted¹			Adjusted¹			Change
Total Revenues Less Cost of Revenues Advertisement	$	467.1		$	424.1		10 Advertisement	%	$	467.1		$	424.1 Advertisement		10	%
Total Operating Expenses	$	222.3 Advertisement		$	661.5		(66)	%	$ Advertisement	192.3		$	157.0		22	% Advertisement
Operating Income (Loss)	$	244.8		$	(237.4) Advertisement		*	%	$	274.8		$ Advertisement	267.1		3	%
Operating Margin %		52.4 Advertisement	%		(56.0)	%	*	pp Advertisement		58.8	%		63.0	%	(4.2) Advertisement	pp
Net Income Allocated to Common Stockholders	$	167.0		$ Advertisement	(184.5)		*	%	$	188.7 Advertisement		$	177.3		6	%
Diluted earnings (loss) per share Advertisement	$	1.57		$	(1.74)		* Advertisement	%	$	1.78		$	1.67 Advertisement		7	%
EBITDA¹	$	294.7 Advertisement		$	(202.0)		*	%	$ Advertisement	293.3		$	274.2		7	% Advertisement
EBITDA Margin %¹		63.1	%		(47.6)	% Advertisement	*	pp		62.8	%		64.7 Advertisement	%	(1.9)	pp

*Not meaningful

Total revenues less cost of revenues (referred to as “net revenue”) of $467.1 million increased 10 percent, compared to $424.1 million in the prior-year period, reflecting increases in derivatives markets and data and access solutions net revenue, partially offset by a decrease in cash and spot markets net revenue. Inorganic net revenue¹ in the second quarter of 2023 was $3.2 million.
Total operating expenses were $222.3 million versus $661.5 million in the second quarter of 2022, a decrease of $439.2 million, primarily due to the impairment of goodwill recognized in the Digital reporting unit in the second quarter of 2022. Adjusted operating expenses¹ of $192.3 million increased 22 percent compared to $157.0 million in the second quarter of 2022. These increases were primarily due to the acquisitions of Cboe Digital (formerly ErisX) and Cboe Canada (formerly NEO), as well as higher compensation and benefits, travel and promotional, and technology support services expenses.
The effective tax rate for the second quarter of 2023 was 30.6 percent compared with 28.2 percent in the second quarter of 2022. The higher effective tax rate in 2023 is primarily a result of the impact that the prior year Cboe Digital goodwill impairment had on discrete items recognized during the second quarter of 2022. The effective tax rate on adjusted earnings¹ was 29.7 percent, an increase of 1.3 percent when compared with 28.4 percent in last year’s second quarter. The higher effective tax rate on adjusted earnings in 2023 is primarily due to a decrease in favorable discrete items and an increase in nondeductible expenses.
Diluted EPS for the second quarter of 2023 increased to $1.57 compared to the second quarter of 2022, primarily due to the impairment of goodwill recognized in the Digital reporting unit in 2022. Adjusted diluted EPS¹of $1.78 increased 7 percent compared to 2022’s second quarter results.

Business Segment Information:

Table 2 Advertisement
Total Revenues Less Cost of Revenues by
Business Segment
(in millions)	2Q23		2Q22 Advertisement		Change
Options	$	283.2	$ Advertisement	235.3		20	%
North American Equities		90.8 Advertisement		92.7		(2)	%
Europe and Asia Pacific		47.3 Advertisement		49.9		(5)	%
Futures		29.2 Advertisement		29.6		(1)	%
Global FX		17.8 Advertisement		16.6		7	%
Digital		(1.2) Advertisement		—		*	%
Total	$ Advertisement	467.1	$	424.1		10	% Advertisement

⁽¹⁾A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

*Not meaningful, due to the establishment of the Digital segment during the second quarter of 2022 as a result of the Cboe Digital acquisition on May 2, 2022.

Discussion of Results by Business Segment¹:

Options:

Options net revenue of $283.2 million was up $47.9 million, or 20 percent, from the second quarter of 2022. The growth was driven by a double-digit increase in net transaction and clearing fees², as well as growth in market data and access and capacity fees. Net transaction and clearing fees² increased primarily as a result of a 38 percent increase in index options trading volumes versus the second quarter of 2022. Access and capacity fees were 5 percent higher than second quarter 2022 and market data fees were 11 percent higher than second quarter 2022.
Net transaction and clearing fees² increased $51.7 million, or 27 percent, reflecting a 10 percent increase in total options average daily volume (“ADV”) and a 16 percent increase in total options RPC compared to the second quarter 2022. The increase in total options RPC was due to a mix shift, with index options representing a higher percentage of total options volume.
Cboe’s Options exchanges had total market share of 33.3 percent for the second quarter of 2023 compared to 33.2 percent in the second quarter of 2022, reflecting increased proprietary index products traded compared to the second quarter of 2022.

North American (N.A.) Equities:

N.A. Equities net revenue of $90.8 million decreased $1.9 million, or 2 percent versus the second quarter of 2022, reflecting lower net transaction and clearing fees² and industry market data, offset by a $3.6 million second quarter inorganic net revenue contribution from the 2022 acquisition of Cboe Canada.
Net transaction and clearing fees² decreased by $4.3 million, or 13 percent, as compared to the second quarter of 2022. The decrease was primarily due to lower U.S. Equities exchange revenue, a result of a 15 percent decrease in U.S. Equities industry volumes and lower market share.
Cboe’s U.S. Equities exchanges had market share of 12.7 percent for the second quarter of 2023 compared to 13.6 percent in the second quarter of 2022. Cboe’s U.S. Equities off-exchange market share was 21.2 percent versus 22.7 percent in the second quarter of 2022 as overall industry alternative trading systems (“ATS”) market share declined as a percentage of off-exchange share. Canadian Equities market share rose to 14.5 percent as compared to 6.4 percent in the second quarter of 2022 given the inclusion of Cboe Canada (formerly NEO).

Europe and Asia Pacific (APAC):

Europe and APAC net revenue of $47.3 million decreased by 5 percent, reflecting slower industry volumes. On a constant currency basis², net revenues were $47.8 million, down 4 percent on a year-over-year basis. European Equities average daily notional value (“ADNV”) traded on Cboe European Equities was €9.2 billion, down 15 percent compared to the second quarter of 2022, outperforming a 17 percent decline in industry market volumes. European Equities net capture decreased 3 percent for the quarter due to a mix shift, with lower-capture Lit markets representing a higher percentage of total volume.
For the second quarter of 2023, Cboe European Equities had 23.8 percent market share, up from 23.2 percent in the second quarter of 2022.

Futures:

Futures net revenue of $29.2 million decreased $0.4 million compared to the second quarter of 2022, due to a decline in net transaction and clearing fees², partially offset by an increase in access and capacity fees.
Net transaction and clearing fees² decreased $0.6 million, reflecting an 11 percent decline in ADV during the quarter.

Global FX:

Global FX net revenue of $17.8 million increased 7 percent, primarily due to higher net transaction fees². ADNV traded on the Cboe FX platform was $42.5 billion for the quarter, up 7 percent compared to last year’s second quarter, and net capture per one million dollars traded was $2.66 for the quarter, down 2 percent compared to $2.71 in the second quarter of 2022.
Cboe FX market share was 19.5 percent for the quarter compared to 17.0 percent in last year’s second quarter, which sets a quarterly record for Cboe FX. The record was driven by new client growth and increased adoption of our diverse set of FX order types and trading protocols.

⁽¹⁾The Digital and Corporate segments are not further discussed as results were not material during the second quarter of 2023.

⁽²⁾A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

2023 Fiscal Year Financial Guidance

Cboe provided guidance for the 2023 fiscal year as noted below.

Anticipates higher end of organic total net revenue growth¹ range of 7 to 9 percentage points in 2023, above medium-term organic total net revenue¹ guidance expectations of 5 to 7 percentage points.
Revenue from acquisitions held less than a year¹ is now expected to contribute total net revenue growth of approximately 0.4 percentage points in 2023, down from previous guidance of 0.5 percentage points.
Reaffirms organic net revenue¹ from Data and Access Solutions is expected to increase by approximately 7 to 10 percentage points in 2023, in line with medium-term guidance expectations.
Adjusted operating expenses¹ in 2023 are now expected to be in the range of $766 to $774 million, down from previous guidance of $769 to $779 million. The guidance excludes the expected amortization of acquired intangible assets of $116 million, up from previous guidance of $112 million; the company reflects the exclusion of this amount in its non-GAAP reconciliation.
Depreciation and amortization expense for 2023, which is included in adjusted operating expenses above, is now expected to be in the range of $40 to $44 million, down from the previous range of $48 to $52 million, excluding the expected amortization of acquired intangible assets.
Other income (expense) benefit from minority investments is expected to contribute a $34 to $40 million benefit in 2023, up from the previous range of $27 to $33 million.
Reaffirms the effective tax rate on adjusted earnings¹ for the full year 2023 is expected to be in the range of 28.5 to 30.5 percent. Significant changes in trading volume, expenses, tax laws or rates and other items could materially impact this expectation.
Capital expenditures for 2023 are now expected to be in the range of $48 to $54 million, down from the previous guidance of $60 to $66 million.

⁽¹⁾Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and expenses that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

Capital Management

At June 30, 2023, the company had adjusted cash² of $403.0 million. Total debt as of June 30, 2023 was $1,603.1 million, a decrease of $139.5 million from March 31, 2023.

The company paid cash dividends of $53.2 million, or $0.50 per share, during the second quarter of 2023 and utilized $8.1 million to repurchase approximately 61 thousand shares of its common stock under its share repurchase program at an average price of $132.45 per share. As of June 30, 2023, the company had approximately $139.8 million of availability remaining under its existing share repurchase authorizations.

Earnings Conference Call

Executives of Cboe Global Markets will host a conference call to review its second-quarter financial results today, August 4, 2023, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company’s website at www.cboe.com under Events & Presentations. Participants may also listen via telephone by dialing (877) 255–4313 from the United States, (866) 450–4696 from Canada or (412) 317–5466 for international callers. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company’s website for replay. A telephone replay of the earnings call also will be available from approximately 11:00 a.m. CT, August 4, 2023, through 11:00 p.m. CT, August 11, 2023, by calling (877) 344–7529 from the U.S., (855) 669–9658 from Canada or (412) 317–0088 for international callers, using replay code 8520876.

⁽²⁾A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, including compensation inflation; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business and clearinghouse, including the expected benefits of our Cboe Digital acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.

Cboe Media Contacts:		Analyst Contact:
Angela Tu	Tim Cave Advertisement	Kenneth Hill, CFA
(646) 856–8734	+44 (0) 7593 506 719	(312) 786–7559
[email protected] Advertisement	[email protected]	[email protected]

CBOE-F

Trademarks:

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Bats®, BIDS Trading®, BZX®, BYX®, Chi-X®, Cboe Clear®, EDGX®, EDGA®, ErisX®, EuroCCP®, MATCHNow®, and VIX® are registered trademarks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. Key Performance Statistics by Business Segment

	2Q 2023			1Q 2023			4Q 2022 Advertisement			3Q 2022			2Q 2022
Options
Total industry ADV (in thousands)		42,964 Advertisement			46,057			42,694			39,947			39,377
Total company Options ADV (in thousands) Advertisement		14,306			14,657			14,545			13,521			13,054 Advertisement
Multi-listed options		10,622			11,062			11,186			10,592 Advertisement			10,378
Index options		3,683			3,595			3,359 Advertisement			2,929			2,677
Total Options market share		33.3	% Advertisement		31.8	%		34.1	%		33.8 Advertisement	%		33.2	%
Multi-listed options		27.1 Advertisement	%		26.1	%		28.5	% Advertisement		28.6	%		28.3	%
Total Options RPC: Advertisement	$	0.271		$	0.267		$ Advertisement	0.248		$	0.242		$	0.233 Advertisement
Multi-listed options	$	0.061		$	0.064 Advertisement		$	0.060		$	0.061		$ Advertisement	0.066
Index options	$	0.877		$ Advertisement	0.889		$	0.876		$	0.896 Advertisement		$	0.883

North American Equities
U.S. Equities – Exchange:
Total industry ADV (shares in billions) Advertisement		10.7			11.8			11.2			10.9			12.6 Advertisement
Market share %		12.7	%		12.7	% Advertisement		13.1	%		13.3	%		13.6 Advertisement	%
Net capture (per 100 touched shares)	$	0.021		$ Advertisement	0.019		$	0.024		$	0.023 Advertisement		$	0.020
U.S. Equities – Off-Exchange:
ADV (touched shares, in millions)		78.7 Advertisement			89.4			80.8			80.1			92.7
Off-Exchange ATS Block Market Share % (reported on a one-month lag) Advertisement		21.2	%		20.5	%		21.0 Advertisement	%		21.7	%		22.7	% Advertisement
Net capture (per 100 touched shares)	$	0.122		$	0.113 Advertisement		$	0.113		$	0.114		$ Advertisement	0.108
Canadian Equities:
ADV (matched shares, in millions)		124.2			150.8 Advertisement			139.0			113.2			73.7
Total market share %		14.5 Advertisement	%		14.3	%		13.6	% Advertisement		12.2	%		6.4	%
Net capture (per 10,000 shares, in Canadian Dollars) Advertisement	$	4.055		$	4.039		$ Advertisement	3.901		$	4.316		$	5.668 Advertisement

Europe and Asia Pacific
European Equities:
Total industry ADNV (Euros – in billions)	€	38.7 Advertisement		€	45.8		€	40.1		€ Advertisement	39.2		€	46.9
Market share %		23.8 Advertisement	%		24.9	%		24.9	% Advertisement		24.6	%		23.2	%
Net capture (per matched notional value (bps), in Euros) Advertisement	€	0.230		€	0.215		€ Advertisement	0.224		€	0.229		€	0.238 Advertisement
Cboe Clear Europe:
Trades cleared (in thousands)		275,519.8			359,418.1			342,472.9 Advertisement			343,051.6			357,914.1
Fee per trade cleared	€	0.009 Advertisement		€	0.008		€	0.007		€ Advertisement	0.008		€	0.009
Net settlement volume (shares in thousands)		2,402.0 Advertisement			2,661.9			2,490.5			2,546.8			2,501.6
Net fee per settlement Advertisement	€	0.887		€	0.953		€ Advertisement	0.886		€	0.902		€	0.808 Advertisement
Australian Equities:
ADNV (AUD billions)	$	0.7		$ Advertisement	0.8		$	0.7		$	0.7 Advertisement		$	0.8
Market share – Continuous		18.2	% Advertisement		18.5	%		17.2	%		16.7 Advertisement	%		17.0	%
Net capture (per matched notional value (bps), in Australian Dollars)	$ Advertisement	0.160		$	0.160		$	0.142 Advertisement		$	0.168		$	0.171
Japanese Equities: Advertisement
ADNV (JPY billions)	¥	184.3		¥	183.3 Advertisement		¥	114.1		¥	160.6		¥ Advertisement	136.0
Market share – Lit Continuous		4.1	%		4.8 Advertisement	%		2.9	%		4.4	% Advertisement		3.5	%
Net capture (per matched notional value (bps), in Yen)	¥	0.256 Advertisement		¥	0.243		¥	0.265		¥ Advertisement	0.259		¥	0.258

Futures
ADV (in thousands) Advertisement		197.4			231.8			193.3			205.0			221.7 Advertisement
RPC	$	1.826		$	1.725 Advertisement		$	1.689		$	1.700		$ Advertisement	1.677

Global FX
Spot market share %		19.5	% Advertisement		19.0	%		18.4	%		17.8 Advertisement	%		17.0	%
ADNV ($ in billions)	$ Advertisement	42.5		$	45.0		$	40.8 Advertisement		$	41.3		$	39.6
Net capture (per one million dollars traded) Advertisement	$	2.66		$	2.64		$ Advertisement	2.69		$	2.69		$	2.71 Advertisement

ADV = average daily volume; ADNV = average daily notional value.

RPC, average revenue per contract, for options and futures represents total net transaction fees recognized for the period divided by total contracts traded during the period.

Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.

Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.

U.S. Equities – Exchange, “net capture per 100 touched shares” refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off-Exchange, “net capture per 100 touched shares” refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.

Canadian Equities, “net capture per 10,000 shares” refers to transaction fees divided by the product of one-ten thousandth ADV of shares for MATCHNow and Cboe Canada and the number of trading days. Total market share represents MATCHNow and Cboe Canada volume divided by the total volume of the Canadian Equities market.

European Equities, “net capture per matched notional value” refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. “Trades cleared” refers to the total number of non-interoperable trades cleared, “Fee per trade cleared” refers to clearing fees divided by number of non-interoperable trades cleared, “Net settlement volume” refers to the total number of settlements executed after netting, and “Net fee per settlement” refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.

Asia Pacific data reflects the acquisition of Cboe Asia Pacific (formerly Chi-X Asia Pacific). Australian Equities “Net capture per matched notional value” refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days. Japanese Equities “Net capture per matched notional value” refers to transaction fees less liquidity payments in Japanese Yen divided by the product of ADNV in Japanese Yen of shares matched on Cboe Japan and the number of Japanese Equities trading days.

Global FX, “net capture per one million dollars traded” refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. Market Share represents Cboe FX volume divided by the total volume of publicly reporting spot FX venues (Cboe FX, EBS, Refinitiv, and Euronext FX).

Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.

Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three and Six Months Ended June 30, 2023 and 2022

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts) Advertisement	2023		2022		2023		2022
Revenue: Advertisement
Cash and spot markets	$	341.3	$	458.5 Advertisement	$	748.3	$	920.4
Data and access solutions Advertisement		135.3		123.9		264.7		242.8
Derivatives markets Advertisement		431.2		403.4		883.0		797.1
Total Revenues Advertisement		907.8		985.8		1,896.0		1,960.3
Cost of Revenues: Advertisement
Liquidity payments		337.4		429.0		709.2		896.5 Advertisement
Routing and clearing		20.8		20.9		44.8		43.2 Advertisement
Section 31 fees		34.5		79.6		109.4		115.3 Advertisement
Royalty fees and other cost of revenues		48.0		32.2		94.1		63.1 Advertisement
Total Cost of Revenues		440.7		561.7		957.5		1,118.1 Advertisement
Revenues Less Cost of Revenues		467.1		424.1		938.5		842.2 Advertisement
Operating Expenses:
Compensation and benefits		106.5		86.2		216.9 Advertisement		167.4
Depreciation and amortization		39.8		40.2		81.2 Advertisement		81.1
Technology support services		28.3		18.1		50.5 Advertisement		37.3
Professional fees and outside services		20.4		24.1		44.3 Advertisement		43.8
Travel and promotional expenses		13.5		5.5		19.7 Advertisement		8.4
Facilities costs		6.2		6.6		13.8 Advertisement		13.1
Acquisition-related costs		0.7		14.3		7.1 Advertisement		16.3
Goodwill impairment		—		460.1		— Advertisement		460.1
Other expenses		6.9		6.4		12.3 Advertisement		12.4
Total Operating Expenses		222.3		661.5		445.8 Advertisement		839.9
Operating Income (Loss)		244.8		(237.4)		492.7 Advertisement		2.3
Non-operating (Expenses) Income:
Interest expense, net		(13.9)		(14.6) Advertisement		(29.0)		(25.4)
Other income (expense), net		10.9		(4.8) Advertisement		26.3		(8.8)
Total Non-operating Expenses		(3.0)		(19.4) Advertisement		(2.7)		(34.2)
Income (Loss) Before Income Tax Provision (Benefit)		241.8		(256.8) Advertisement		490.0		(31.9)
Income tax provision (benefit)		74.0		(72.3) Advertisement		148.8		43.0
Net Income (Loss)		167.8		(184.5) Advertisement		341.2		(74.9)
Net income allocated to participating securities		(0.8)		– Advertisement		(1.6)		–
Net Income (Loss) Allocated to Common Stockholders	$	167.0 Advertisement	$	(184.5)	$	339.6	$ Advertisement	(74.9)
Net Income (Loss) Per Share Allocated to Common Stockholders:
Basic earnings (loss) per share	$	1.58 Advertisement	$	(1.74)	$	3.21	$ Advertisement	(0.70)
Diluted earnings (loss) per share		1.57		(1.74)		3.20 Advertisement		(0.70)
Weighted average shares used in computing income per share:
Basic		105.7		106.3 Advertisement		105.8		106.5
Diluted		106.1		106.3 Advertisement		106.1		106.5

Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, 2023 and December 31, 2022

	June 30, Advertisement		December 31,
(in millions)	2023		2022
Assets Advertisement
Current Assets:
Cash and cash equivalents	$	413.6	$ Advertisement	432.7
Financial investments		103.7		91.7
Accounts receivable, net Advertisement		363.6		369.8
Margin deposits and clearing funds		718.8		543.0 Advertisement
Digital assets – safeguarded assets		54.9		22.9
Income taxes receivable		38.0 Advertisement		48.3
Other current assets		51.7		47.6
Total Current Assets Advertisement		1,744.3		1,556.0

Investments		294.2		253.2 Advertisement
Land		2.3		2.3
Property and equipment, net		115.8 Advertisement		108.2
Operating lease right of use assets		105.4		111.7
Goodwill Advertisement		3,138.4		3,122.8
Intangible assets, net		1,614.4		1,662.8 Advertisement
Other assets, net		181.1		181.9
Total Assets	$ Advertisement	7,195.9	$	6,998.9

Liabilities and Stockholders’ Equity
Current Liabilities: Advertisement
Accounts payable and accrued liabilities	$	391.4	$	420.2 Advertisement
Section 31 fees payable		109.8		147.1
Deferred revenue		14.4 Advertisement		11.7
Margin deposits and clearing funds		718.8		543.0
Income taxes payable Advertisement		—		3.5
Digital assets – safeguarded liabilities		54.9		22.9 Advertisement
Current portion of long-term debt		164.9		304.7
Current portion of contingent consideration liabilities		13.9 Advertisement		24.1
Total Current Liabilities		1,468.1		1,477.2

Long-term debt Advertisement		1,438.2		1,437.3
Non-current unrecognized tax benefits		223.7		196.1 Advertisement
Deferred income taxes		206.1		222.9
Non-current operating lease liabilities		123.5 Advertisement		129.3
Non-current portion of contingent consideration liabilities		15.2		15.0
Other non-current liabilities Advertisement		56.7		55.8
Total Liabilities		3,531.5		3,533.6 Advertisement

Stockholders’ Equity:
Preferred stock		—		—
Common stock Advertisement		1.1		1.1
Treasury stock at cost		(222.1)		(131.0) Advertisement
Additional paid-in capital		1,482.0		1,455.1
Retained earnings		2,405.8 Advertisement		2,171.1
Accumulated other comprehensive loss, net		(2.4)		(31.0)
Total Stockholders’ Equity Advertisement		3,664.4		3,465.3

Total Liabilities and Stockholders’ Equity	$	7,195.9 Advertisement	$	6,998.9

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include net transaction and clearing fees, adjusted operating expenses, adjusted operating income, organic net revenue, inorganic net revenue, net revenues on a constant currency basis, and adjusted operating margin, adjusted net income allocated to common stockholders and adjusted diluted earnings per share, effective tax rate on adjusted earnings, net revenues on a constant currency basis, adjusted cash, EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin.

Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.

Organic net revenue, inorganic net revenue, organic non-transaction revenue and organic net revenue guidance: These are non-GAAP financial measures that exclude or have otherwise been adjusted for the impact of our acquisitions for the period or guidance, as applicable. Management believes the organic net revenue growth and guidance measures provide users with supplemental information regarding the company’s ongoing and future potential revenue performances and trends by presenting revenue growth and guidance excluding the impact of the acquisitions. Revenues from acquisitions that have been owned for at least one year are considered organic and are no longer excluded from organic net revenue from either period for comparative purposes.

Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the businesses, the relative operating performance of the businesses between periods and the earnings power of the company. Therefore, we believe performance measures excluding intangible asset amortization expense provide investors with an additional basis for comparison across accounting periods.

Acquisition-related expenses: From time to time, we have pursued acquisitions, which have resulted in expenses which would not otherwise have been incurred in the normal course of the company’s business operations. These expenses include integration costs, as well as legal, due diligence, impairment charges, and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Accordingly, we exclude these costs for purposes of calculating non-GAAP measures which provide an additional analysis of Cboe’s ongoing operating performance or comparisons in Cboe’s performance between periods.

The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures.

Organic Net Revenue Reconciliation Advertisement

Table 3	Three Months Ended				Six Months Ended
(in millions)	June 30, Advertisement				June 30,
Reconciliation of Revenues Less Cost of Revenues to Organic Net Revenue	2023		2022		2023 Advertisement		2022
Revenues less cost of revenues (net revenue)	$	467.1	$ Advertisement	424.1	$	938.5	$	842.2 Advertisement
Less acquisitions:
Acquisition revenues less cost of revenues (inorganic net revenue)	$	(3.2)	$ Advertisement	—	$	(7.6)	$	— Advertisement
Organic net revenue	$	463.9	$	424.1 Advertisement	$	930.9	$	842.2

Reconciliation of GAAP and non-GAAP Information

	Three Months Ended						Six Months Ended
Table 4	June 30, Advertisement						June 30,
(in millions, except per share amounts)	2023			2022			2023 Advertisement			2022
Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP (As shown on Table 1)
Net income (loss) allocated to common stockholders	$	167.0 Advertisement		$	(184.5)		$	339.6		$ Advertisement	(74.9)
Non-GAAP adjustments
Acquisition-related expenses (1)		0.7			14.3 Advertisement			7.1			16.3
Investment establishment costs (2)		—			— Advertisement			—			3.0
Gain on investment (3)		—			(7.5) Advertisement			—			(7.5)
Loan forgiveness (4)		—			(1.3) Advertisement			—			(1.3)
Amortization of acquired intangible assets (5)		29.3			30.1 Advertisement			60.2			60.7
Goodwill impairment (6)		—			460.1 Advertisement			—			460.1
Impairment of investment (7)		—			10.6 Advertisement			—			10.6
Income from investment (8)		(2.1)			— Advertisement			(2.1)			—
Total Non-GAAP adjustments		27.9			506.3 Advertisement			65.2			541.9
Income tax expense related to the items above		(6.8)			(143.2) Advertisement			(16.3)			(151.9)
Tax reserves (9)		0.7			— Advertisement			2.2			48.5
Net income allocated to participating securities – effect on reconciling items		(0.1)			(1.3) Advertisement			(0.3)			(1.6)
Adjusted net income allocated to common stockholders	$	188.7 Advertisement		$	177.3		$	390.4		$ Advertisement	362.0

Reconciliation of Diluted EPS to Non-GAAP
Diluted earnings (loss) per common share	$	1.57 Advertisement		$	(1.74)		$	3.20		$ Advertisement	(0.70)
Per share impact of non-GAAP adjustments noted above		0.21			3.41			0.48 Advertisement			4.10
Adjusted diluted earnings per common share	$	1.78		$ Advertisement	1.67		$	3.68		$	3.40 Advertisement

Reconciliation of Operating Margin to Non-GAAP
Revenue less cost of revenue	$	467.1		$ Advertisement	424.1		$	938.5		$	842.2 Advertisement
Non-GAAP adjustments noted above		—			—			—			— Advertisement
Adjusted revenue less cost of revenue	$	467.1		$	424.1 Advertisement		$	938.5		$	842.2
Operating expenses (10) Advertisement	$	222.3		$	661.5		$ Advertisement	445.8		$	839.9
Non-GAAP adjustments noted above		30.0 Advertisement			504.5			67.3			537.1
Adjusted operating expenses	$ Advertisement	192.3		$	157.0		$	378.5 Advertisement		$	302.8
Operating income (loss)	$	244.8 Advertisement		$	(237.4)		$	492.7		$ Advertisement	2.3
Non-GAAP adjustments noted above		30.0			504.5			67.3 Advertisement			537.1
Adjusted operating income	$	274.8		$ Advertisement	267.1		$	560.0		$	539.4 Advertisement
Adjusted operating margin (11)		58.8	%		63.0	% Advertisement		59.7	%		64.0	%

Reconciliation of Income Tax Rate to Non-GAAP Advertisement
Income (loss) before income taxes		241.8			(256.8)			490.0			(31.9) Advertisement
Non-GAAP adjustments noted above		27.9			506.3			65.2			541.9 Advertisement
Adjusted income before income taxes	$	269.7		$	249.5 Advertisement		$	555.2		$	510.0

Income tax provision (benefit) Advertisement		74.0			(72.3)			148.8			43.0
Non-GAAP adjustments noted above Advertisement		6.1			143.2			14.1			103.4
Adjusted income tax expense Advertisement	$	80.1		$	70.9		$ Advertisement	162.9		$	146.4
Adjusted income tax rate		29.7 Advertisement	%		28.4	%		29.3	% Advertisement		28.7	%

(1) This amount includes ongoing acquisition related costs primarily from the Company’s Cboe Digital and Cboe Canada acquisitions.

(2) This amount represents the investment establishment costs related to the company’s investment in 7RIDGE Investments 3 LP, which acquired Trading Technologies, Inc.

(3) This amount represents the gain on the Company’s investment in Eris Digital Holdings LLC (“ErisX”) in connection with the full acquisition of Cboe Digital.

(4) This amount represents the forgiveness of a PPP (“Paycheck Protection Program”) loan previously held by Cboe Digital.

(5) This amount represents the amortization of acquired intangible assets related to the company’s acquisitions.

(6) This amount represents the impairment of goodwill recognized in the Digital reporting unit.

(7) This amount represents the impairment of investment related to the Company’s minority investment in American Financial Exchange, LLC.

(8) This amount represents the dividend from the Company’s minority ownership of Vest Group Inc.

(9) This amount represents the tax reserves related to Section 199 matters

(10) The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in “Compensation and benefits” ($2.0 million and $1.9 million in expense for the three months ended June 30, 2023 and 2022, respectively, and $5.2 million and $2.5 million in expense for the six months ended June 30, 2023 and 2022, respectively), and are directly offset by deferred compensation income, expenses and dividends included within “Other income, net” ($2.0 million and $1.9 million in income, expense and dividends in the three months ended June 30, 2023 and 2022, respectively, and $5.2 million and $2.5 million in income, expense and dividends in the six months ended June 30, 2023 and 2022, respectively), on the condensed consolidated statements of income. The deferred compensation plans’ expenses are not excluded from “adjusted operating expenses” and do not have an impact on “Income before income taxes.”

(11) Adjusted operating margin represents adjusted operating income divided by adjusted revenue less cost of revenue.

EBITDA Reconciliations

EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. EBITDA margin represents EBITDA divided by revenues less cost of revenues (net revenue). It is presented as supplemental information that the company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the company’s core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is calculated by adding back to EBITDA acquisition-related expenses, gain on investment, loan forgiveness, investment establishment costs, goodwill impairment, impairment of investment, and income from investment. EBITDA and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company’s operating performance, or for cash flow, as a measure of the company’s liquidity. In addition, because EBITDA and Adjusted EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenue.

Table 5	Three Months Ended						Six Months Ended
(in millions, except percentages)	June 30, Advertisement						June 30,
Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and Adjusted EBITDA (Per Table 1)	2023			2022			2023 Advertisement			2022
Net income (loss) allocated to common stockholders	$	167.0		$ Advertisement	(184.5)		$	339.6		$	(74.9) Advertisement
Interest expense, net		13.9			14.6			29.0			25.4 Advertisement
Income tax provision (benefit)		74.0			(72.3)			148.8			43.0 Advertisement
Depreciation and amortization		39.8			40.2			81.2			81.1 Advertisement
EBITDA	$	294.7		$	(202.0) Advertisement		$	598.6		$	74.6
EBITDA Margin Advertisement		63.1	%		(47.6)	%		63.8 Advertisement	%		8.9	%

Non-GAAP adjustments not included in above line items
Acquisition-related expenses Advertisement		0.7			14.3			7.1			16.3
Gain on investment Advertisement		—			(7.5)			—			(7.5)
Loan forgiveness Advertisement		—			(1.3)			—			(1.3)
Investment establishment costs Advertisement		—			—			—			3.0
Goodwill impairment Advertisement		—			460.1			—			460.1
Impairment of investment Advertisement		—			10.6			—			10.6
Income from investment Advertisement		(2.1)			—			(2.1)			—
Adjusted EBITDA Advertisement	$	293.3		$	274.2		$ Advertisement	603.6		$	555.8
Adjusted EBITDA Margin		62.8 Advertisement	%		64.7	%		64.3	% Advertisement		66.0	%


Table 6
(in millions)	June 30, Advertisement			December 31,
Reconciliation of Cash and Cash Equivalents to Adjusted Cash	2023			2022
Cash and cash equivalents Advertisement	$	413.6		$	432.7
Financial investments Advertisement		103.7			91.7
Less deferred compensation plan assets		(32.7)			(27.5) Advertisement
Less cash collected for Section 31 Fees		(81.6)			(93.7)
Adjusted Cash	$ Advertisement	403.0		$	403.2

Table 7 Advertisement
(in millions)
Reconciliation of Net Transaction and Clearing Fees by Business Segment –Three Months Ended June 30, 2023 and 2022
	Consolidated				Options				N.A. Equities Advertisement				Europe and APAC				Futures				Global FX				Digital
	June 30, Advertisement				June 30,				June 30,				June 30,				June 30,				June 30, Advertisement				June 30,
	2023		2022		2023		2022 Advertisement		2023		2022		2023		2022		2023 Advertisement		2022		2023		2022		2023		2022 Advertisement
Transaction and clearing fees	$	685.7	$	735.3 Advertisement	$	384.3	$	353.0	$ Advertisement	229.4	$	304.5	$	35.6 Advertisement	$	40.6	$	22.4	$ Advertisement	23.0	$	15.0	$	14.1 Advertisement	$	(1.0)	$	0.1
Liquidity payments Advertisement		(337.4)		(429.0)		(135.8)		(158.4)		(193.1) Advertisement		(261.4)		(8.1)		(9.1)		—		— Advertisement		—		—		(0.4)		(0.1)
Routing and clearing Advertisement		(20.8)		(20.9)		(8.1)		(5.9)		(8.0) Advertisement		(10.5)		(4.4)		(4.3)		—		— Advertisement		(0.3)		(0.2)		—		—
Net transaction and clearing fees Advertisement	$	327.5	$	285.4	$ Advertisement	240.4	$	188.7	$	28.3 Advertisement	$	32.6	$	23.1	$ Advertisement	27.2	$	22.4	$	23.0 Advertisement	$	14.7	$	13.9	$ Advertisement	(1.4)	$	—

Table 8 Advertisement
(in millions)
Reconciliation of Net Revenue by Revenue Caption –Three Months Ended June 30, 2023 and 2022
	Cash and Spot Markets				Data and Access Solutions				Derivatives Markets Advertisement				Total
	Three Months Ended				Three Months Ended				Three Months Ended				Three Months Ended Advertisement
	June 30,				June 30,				June 30,				June 30,
	2023 Advertisement		2022		2023		2022		2023		2022 Advertisement		2023		2022
Transaction and clearing fees	$	279.0 Advertisement	$	359.2	$	—	$ Advertisement	—	$	406.7	$	376.1 Advertisement	$	685.7	$	735.3
Access and capacity fees Advertisement		—		—		86.9		81.8		— Advertisement		—		86.9		81.8
Market data fees		17.7 Advertisement		19.3		47.7		41.0		8.1		8.5 Advertisement		73.5		68.8
Regulatory fees		28.7		68.7 Advertisement		—		—		15.7		18.1		44.4 Advertisement		86.8
Other revenue		15.9		11.3		0.7 Advertisement		1.1		0.7		0.7		17.3		13.1 Advertisement
Total revenues	$	341.3	$	458.5 Advertisement	$	135.3	$	123.9	$ Advertisement	431.2	$	403.4	$	907.8 Advertisement	$	985.8

Liquidity payments	$	201.0 Advertisement	$	270.0	$	—	$ Advertisement	—	$	136.4	$	159.0 Advertisement	$	337.4	$	429.0
Routing and clearing fees Advertisement		12.7		15.0		—		—		8.1 Advertisement		5.9		20.8		20.9
Section 31 fees		28.7 Advertisement		68.2		—		—		5.8		11.4 Advertisement		34.5		79.6
Royalty fees and other cost of revenues		8.6		4.1 Advertisement		2.3		2.3		37.1		25.8		48.0 Advertisement		32.2
Total cost of revenues	$	251.0	$ Advertisement	357.3	$	2.3	$	2.3 Advertisement	$	187.4	$	202.1	$ Advertisement	440.7	$	561.7

Revenues less cost of revenues (net revenue)	$ Advertisement	90.3	$	101.2	$	133.0 Advertisement	$	121.6	$	243.8	$ Advertisement	201.3	$	467.1	$	424.1 Advertisement

Acquisition revenue less cost of revenues (inorganic net revenue)		(0.8)		—		(2.4)		— Advertisement		—		—		(3.2)		—

Organic net revenue Advertisement	$	89.5	$	101.2	$ Advertisement	130.6	$	121.6	$	243.8 Advertisement	$	201.3	$	463.9	$ Advertisement	424.1

Table 9
Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate Excluding Goodwill Impairment and Section 199 Matters – Three Months and Six Months Ended June 30, 2023 and 2022

	Three Months Ended, Advertisement				Six Months Ended,
	June 30,				June 30,
	2023		2022 Advertisement		2023		2022
GAAP effective tax rate	30.6	% Advertisement	28.2	%	30.4	%	(134.8) Advertisement	%
Tax effect of goodwill impairment	—	%	1.8 Advertisement	%	—	%	175.9	% Advertisement
Tax effect of Section 199 related matters	—	%	—	% Advertisement	—	%	(11.3)	%
Effective tax rate excluding goodwill impairment and Section 199 matters Advertisement	30.6	%	30.0	%	30.4 Advertisement	%	29.8	%

Table 10 Advertisement
Reconciliation of GAAP Net Revenues to Net Revenues in Constant Currency – Three Months and Six Months Ended June 30, 2023

		Three Months Ended,		Six Months Ended,
		June 30,		June 30, Advertisement
		2023		2023
Europe and Asia Pacific net revenues	$	47.3 Advertisement	$	96.6
Constant currency adjustment		0.5		3.9 Advertisement
Europe and Asia Pacific net revenues in constant currency¹	$	47.8	$	100.5 Advertisement

⁽¹⁾ Net revenues in constant currency is calculated by converting the current period GAAP net revenues in local currency using the foreign currency exchange rates that were in effect during the previous comparable period.

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Blockchain

Blocks & Headlines: Today in Blockchain – March 11, 2025: Utah Legislature, Pakistan, Women Leaders, JPMorgan, XRPTurbo, Ripple XRP

Published

9 hours ago

March 11, 2025

Peter Tolan

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.

Blockchain Press Releases

Trader Takes Home 1 BTC from Bybit’s Crypto Dawn Campaign, Beating Over 300k Participants

Published

15 hours ago

March 11, 2025

CISION (PR Newswire)

trader-takes-home-1-btc-from-bybit’s-crypto-dawn-campaign,-beating-over-300k-participants

DUBAI, UAE, March 11, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the winner of the Crypto Dawn mega event. Running from Jan. 20 to Feb. 7, 2025, the event distributed daily rewards and gave away the ultimate prize of one full BTC to the lucky winner.

Over 300,000 eligible participants completed deposit and trading tasks to collect cards to enter the lucky draw, and one lucky trader hit the jackpot. In just four weeks, Bybit traders generated over $58 billion in eligible trading volume during the event.

On Feb. 7, a BTC block hash determined the ultimate winner: the trader’s lottery ticket numbers were the closest match to the block hash, and he was awarded 1 BTC.

The winner, known as SK, said he was “shocked and surprised” when the result was announced. “I was going about my daily routine when I received an email from Bybit that I had won one BTC from the Crypto Dawn event,” he said. A platform agnostic active trader, SK has tested the features and functionalities across exchanges, and found Bybit to have “stood out to be the most comfortable and user-friendly app”, where he learned about the Crypto Dawn event.

SK started his crypto trading journey in 2019, when one BTC was worth about $8,000. His exploration into crypto territories has since shaped his strategies and long-term optimism of the digital asset industry. For the one BTC he has won in the Bybit event, he has planned to keep 50% for long-term investment, and reinvest the other half into other opportunities.

“Bybit is all about celebrating our customers’ achievements and being part of their growth journey, and we are happy to share in a moment of celebration with SK,” Joan Han, Sales and Marketing Director of Bybit. “Part of the fun of trading on Bybit is our unique giveaway events and rewards, and we are committed to giving back to our community as we make crypto history together.”

Since it’s conception, BTC has experienced multiple watershed moments and emerged as the poster child of the digital asset class and the nascent digital economy. Bybit’s Crypto Dawn campaign captured a moment in BTC history, heralding a new era of cryptocurrencies.

Find out more about trading on Bybit and its variety of offers—from derivatives products to the crypto-native Bybit Card on www.bybit.com.

#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

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View original content:https://www.prnewswire.co.uk/news-releases/trader-takes-home-1-btc-from-bybits-crypto-dawn-campaign-beating-over-300k-participants-302398352.html

Blockchain

Blocks & Headlines: Today in Blockchain – March 10, 2025 | Emirates NBD, BBVA, Pakistan Blockchain, Japan Crypto Reforms

Published

1 day ago

March 10, 2025

Peter Tolan

In today’s fast-evolving digital frontier, blockchain technology and the cryptocurrency industry continue to redefine finance, governance, and global commerce. With groundbreaking developments emerging daily, the landscape is marked by strategic partnerships, regulatory reforms, and innovative applications that push the boundaries of decentralization and digital assets. This op-ed-style daily briefing provides an in-depth analysis of the most significant news stories shaking the blockchain world—from Emirates NBD’s latest crypto trading innovation and BBVA’s approval for crypto services in Spain, to Pakistan’s ambitious blockchain remittance plans, a staggering forecast for blockchain in government, alarming trends in crypto crash liquidations, and Japan’s transformative reforms for crypto brokerages and stablecoins.

As governments and corporations accelerate their adoption of blockchain, the implications are far-reaching. Traditional financial institutions are reimagining their service offerings; emerging markets are leveraging decentralized finance (DeFi) to empower local economies; and regulatory bodies are striving to balance innovation with consumer protection. Today’s briefing will unpack these stories, providing detailed coverage and commentary on their broader significance for blockchain, cryptocurrency, Web3, DeFi, and NFTs.

Drawing on sources from industry-leading publications, this article not only summarizes the key events of the day but also offers an engaging, opinion-driven perspective on what these developments mean for the future of digital finance. Whether you’re a blockchain enthusiast, a cryptocurrency investor, or a policy maker looking to understand the pulse of the industry, our analysis aims to deliver clarity and insight amidst the complexity of today’s news.

In the following sections, we explore each headline in detail. We begin with Emirates NBD’s pioneering launch of crypto trading on the LIV-X app—a move that signals the growing integration of traditional banking with digital assets. Next, we examine BBVA’s recent regulatory milestone in Spain, which opens up crypto trading for major cryptocurrencies such as Bitcoin and Ethereum. We then turn our attention to Pakistan’s bold plan to harness blockchain for multibillion-dollar remittances, highlighting its potential to transform international money transfers. Further, we analyze a report forecasting that blockchain technology within government sectors is expected to surge to a $791.5 billion market, underscoring the immense potential of public sector adoption. We also delve into the unsettling rise in crypto crash liquidations, a stark reminder of the volatility that underpins this nascent industry. Finally, we cover Japan’s approval of new crypto brokerage measures and stablecoin law reforms—a regulatory overhaul that could set a precedent for global crypto policy.

As we navigate these developments, a few key trends become apparent. First, the convergence of traditional finance and blockchain is accelerating, as evidenced by major banks embracing crypto trading and payment innovations. Second, national strategies are increasingly prioritizing blockchain not just for economic gains, but as a means of ensuring digital sovereignty and security. Third, regulatory frameworks are evolving rapidly, attempting to keep pace with the disruptive innovations in this space while ensuring consumer protection and market stability. And lastly, while the potential for transformative change is immense, the volatility and risks inherent in cryptocurrency markets continue to pose significant challenges.

Join us as we dive deep into today’s stories, offering a comprehensive and critical analysis that goes beyond the headlines to explore the implications, challenges, and opportunities in the world of blockchain and cryptocurrency.

1. Emirates NBD Launches Crypto Trading on the LIV-X App

Bridging Traditional Banking and Digital Assets

In a significant development that underscores the fusion of conventional finance with digital innovation, Emirates NBD has recently launched crypto trading on its LIV-X app. This initiative marks a pivotal moment for the bank as it seeks to bridge the gap between traditional banking services and the fast-paced world of cryptocurrencies.

Emirates NBD’s move is not merely a technological upgrade—it is a strategic response to the increasing demand for integrated digital financial services. By enabling crypto trading on an established platform, the bank is positioning itself at the forefront of a global shift toward digital assets. The LIV-X app, already renowned for its user-friendly interface and comprehensive financial tools, now offers customers a seamless gateway to trade popular cryptocurrencies alongside traditional assets.

Strategic Rationale and Industry Impact

Enhancing Customer Offerings: The integration of crypto trading into the LIV-X app enhances the overall customer experience, providing investors with a single, unified platform to manage both traditional and digital assets. This consolidation not only improves accessibility but also drives customer engagement by offering diversified financial products.
Driving Digital Transformation: Emirates NBD’s decision reflects a broader trend in the banking sector toward digital transformation. As blockchain and crypto assets gain mainstream acceptance, financial institutions are compelled to innovate or risk obsolescence. The move to incorporate crypto trading into everyday banking is a testament to the bank’s commitment to staying ahead of the curve.
Boosting Market Competitiveness: By venturing into the crypto space, Emirates NBD is not only meeting customer demand but also positioning itself as a leader in the region’s evolving financial ecosystem. This strategic expansion is likely to attract tech-savvy clients and foster a culture of innovation within the institution.
Mitigating Risks and Compliance: Integrating crypto trading on a regulated platform like LIV-X also addresses concerns around security, compliance, and risk management. Emirates NBD is leveraging its robust infrastructure to ensure that crypto transactions are executed securely, adhering to stringent regulatory standards.

Op-Ed Insights: A Convergence of Traditions

From an op-ed perspective, Emirates NBD’s initiative is a clear indicator of the broader convergence between traditional finance and blockchain technology. This integration is not without its challenges—the regulatory landscape for cryptocurrencies remains complex and ever-changing—but the potential rewards are significant. By embedding crypto trading into its platform, Emirates NBD is not only broadening its service portfolio but also setting a benchmark for other banks in the region. The move signals a future where digital assets are as ubiquitous as conventional currencies, heralding a new era of financial inclusivity and innovation.

Source: The Paypers

2. BBVA Gains Approval for Crypto Trading Services in Spain

Opening the Doors to Mainstream Crypto Trading

Across the Iberian Peninsula, Spanish banking giant BBVA has achieved another milestone by securing approval for its crypto trading services. This regulatory green light now allows Spanish investors to access leading cryptocurrencies, including Bitcoin and Ethereum, through BBVA’s platforms—a development that could reshape the national financial landscape.

BBVA’s move is a critical step forward in the broader European crypto adoption narrative. The approval not only legitimizes crypto trading within a highly regulated market but also sends a strong signal to both retail and institutional investors about the growing maturity of the digital asset sector.

Implications for Investors and the Market

Regulatory Endorsement: The approval acts as a seal of legitimacy, encouraging more conservative investors to dip their toes into the crypto market. It demonstrates that, when executed within a robust regulatory framework, crypto trading can coexist with traditional financial services.
Enhanced Market Accessibility: With BBVA’s crypto trading services now accessible in Spain, a larger segment of the population will have the opportunity to invest in digital assets. This increased accessibility is likely to stimulate market activity and drive higher volumes of trading.
Economic Growth and Innovation: By pioneering crypto services in a regulated environment, BBVA is setting a precedent for other financial institutions across Europe. This development could spur innovation, attract fintech investments, and promote the development of complementary technologies such as blockchain-based financial instruments.
Risk Management and Security: BBVA’s adherence to strict regulatory standards ensures that investor protection and market stability are prioritized. The bank’s established infrastructure for managing digital assets helps mitigate risks commonly associated with crypto trading, such as volatility and cybersecurity threats.

Critical Analysis: The Regulatory Balancing Act

From an opinion-driven perspective, BBVA’s regulatory approval is both a cause for celebration and a reminder of the delicate balance that must be maintained between innovation and security. On one hand, the move is a clear endorsement of crypto’s potential as a mainstream asset class; on the other, it underscores the challenges regulators face in keeping pace with rapid technological change. The success of BBVA’s initiative will largely depend on its ability to navigate this complex regulatory environment while continuing to innovate and expand its offerings. In essence, BBVA is charting a course that, if successful, could accelerate the broader acceptance of digital assets across Europe and beyond.

Source: CoinFomania

3. Pakistan to Explore Blockchain for Multibillion-Dollar Remittances

Harnessing Blockchain for Financial Inclusion

In a bold strategic pivot, Pakistan is reportedly exploring the use of blockchain technology to manage multibillion-dollar remittances from abroad. As one of the world’s largest recipients of remittances, Pakistan faces significant challenges related to the efficiency and cost-effectiveness of cross-border money transfers. Blockchain’s inherent attributes—transparency, security, and decentralization—offer a promising solution to these challenges.

The initiative, advised by industry experts, suggests that blockchain could streamline remittance processes, reduce intermediaries, and drastically lower transaction fees. By leveraging blockchain, Pakistan aims to not only enhance the speed and reliability of remittance flows but also boost financial inclusion for millions of its citizens who rely on these funds for their livelihood.

Strategic Benefits and Economic Impact

Cost Reduction: One of the most compelling advantages of blockchain in remittances is its potential to cut transaction costs. By eliminating the need for multiple intermediaries, blockchain can significantly reduce fees, ensuring that a larger share of remittances reaches recipients.
Increased Transparency: Blockchain’s immutable ledger provides a transparent record of every transaction, reducing the risks of fraud and corruption. This transparency is crucial for building trust among both senders and receivers.
Enhanced Efficiency: Traditional remittance channels are often plagued by delays and inefficiencies. Blockchain technology can process transactions in real time, ensuring that funds are transferred quickly and securely.
Financial Inclusion: By making remittance processes more efficient and affordable, blockchain can play a critical role in fostering financial inclusion. This, in turn, can contribute to economic development and poverty alleviation.
Stimulating Innovation: The adoption of blockchain for remittances could act as a catalyst for broader digital transformation in Pakistan, spurring innovation in other sectors such as banking, supply chain management, and government services.

Op-Ed Reflections: A Game-Changer for Emerging Markets

From an analytical standpoint, Pakistan’s exploration of blockchain for remittances is a landmark move that could set a precedent for other emerging markets. The traditional remittance system is fraught with inefficiencies and high costs; blockchain offers a radically different approach that is both scalable and secure. However, the transition to blockchain-based remittances is not without challenges. Issues related to regulatory compliance, technology adoption, and digital literacy must be addressed to fully realize its potential. Nevertheless, if successfully implemented, this initiative could not only revolutionize remittance flows in Pakistan but also serve as a model for financial reform in other countries facing similar challenges.

Source: TradingView (via CoinDesk)

4. Blockchain in Government: Market Forecast to Reach $791.5 Billion

A Vision for Public Sector Transformation

A recent report has projected that blockchain applications within government could burgeon into a market worth $791.5 billion. This forecast highlights the immense potential for blockchain technology to transform public sector operations, enhance transparency, and drive efficiencies in government services. From streamlining administrative processes to securing sensitive data, the adoption of blockchain in government is poised to revolutionize how states interact with citizens and manage public resources.

The report envisions blockchain’s role in various government functions, including identity verification, land registration, voting systems, and supply chain management. Such applications could help eliminate bureaucratic red tape, reduce corruption, and improve service delivery across multiple sectors.

Key Drivers and Future Prospects

Transparency and Accountability: Blockchain’s decentralized ledger technology offers unparalleled transparency, enabling governments to maintain tamper-proof records. This can enhance accountability and reduce opportunities for fraud.
Operational Efficiency: By automating processes and reducing the reliance on paper-based systems, blockchain can streamline government operations. This can lead to significant cost savings and faster service delivery.
Enhanced Security: Government databases are often prime targets for cyberattacks. Blockchain’s cryptographic security measures can provide robust protection for sensitive data, ensuring the integrity of public records.
Citizen Empowerment: With blockchain, governments can create more inclusive and participatory systems. For instance, blockchain-based voting platforms could make elections more secure and accessible, while digital identity solutions can empower citizens to access services more efficiently.
Economic Stimulus: The large-scale adoption of blockchain in government could drive substantial economic growth by fostering innovation, creating jobs in technology sectors, and attracting foreign investments in digital infrastructure.

Critical Analysis: Public Sector Disruption

From an op-ed perspective, the forecasted growth of blockchain in government underscores a paradigm shift in public administration. Governments worldwide are increasingly recognizing that traditional systems are ill-equipped to meet the demands of the digital age. The adoption of blockchain represents a bold step toward modernizing governance, improving service delivery, and building trust with citizens. However, the path to full-scale implementation will require overcoming challenges such as legacy system integration, regulatory harmonization, and public acceptance. The potential rewards—a more transparent, efficient, and secure government—make this a pursuit well worth the effort.

Source: CoinGeek

5. Crypto Crash: Liquidations Soar Amid Market Volatility

Unpacking the Turbulence in Cryptocurrency Markets

Amid the rapidly shifting tides of the cryptocurrency market, recent reports indicate that crypto crash liquidations have soared to unprecedented levels. The volatility witnessed in recent weeks has not only rattled investors but also raised concerns about market stability and the long-term viability of digital assets. In times of extreme market stress, forced liquidations can exacerbate price declines, leading to a vicious cycle of selling pressure.

This turbulent episode serves as a stark reminder of the inherent risks in the crypto market. While digital assets offer transformative potential, they are also subject to dramatic fluctuations driven by factors ranging from regulatory uncertainty to macroeconomic shifts. The recent surge in liquidations reflects not only market panic but also the complex interplay between leveraged positions, automated trading algorithms, and investor sentiment.

Analyzing the Causes and Implications

Market Leverage: High levels of leverage among crypto traders can amplify losses during downturns. When market prices fall sharply, margin calls and forced liquidations can trigger a cascade of selling, further depressing prices.
Automated Trading: The prevalence of algorithmic and high-frequency trading in the crypto market can exacerbate volatility. These systems are programmed to execute trades at high speeds, and in times of rapid price movements, they can inadvertently contribute to market instability.
Regulatory Uncertainty: Shifting regulatory landscapes and the prospect of new rules can create uncertainty and prompt large-scale sell-offs as investors seek to mitigate risk.
Investor Sentiment: In a highly speculative market, shifts in investor sentiment can lead to rapid changes in market dynamics. Fear, uncertainty, and doubt (FUD) can quickly spread, triggering widespread panic and mass liquidations.
Long-Term Market Health: While liquidations are a short-term phenomenon, they raise important questions about the maturity and resilience of cryptocurrency markets. Addressing these challenges will be essential for fostering a stable environment that can support long-term innovation and growth.

Opinion-Driven Perspective: Navigating Volatility

From an op-ed standpoint, the recent surge in crypto crash liquidations should serve as both a cautionary tale and an opportunity for introspection within the industry. The volatility underscores the need for better risk management practices, more robust market infrastructure, and clearer regulatory frameworks that can mitigate extreme fluctuations. While the inherent risks of crypto remain, a more mature market will ultimately be one that can absorb shocks and emerge stronger. Investors, regulators, and exchanges alike must work together to create a more resilient ecosystem that balances innovation with stability.

Source: CoinSpeaker

6. Japan Approves Crypto Brokerage and Stablecoin Law Reforms

Regulatory Overhaul in the Land of the Rising Sun

In a landmark regulatory shift, Japan has approved significant reforms for crypto brokerages and stablecoins. This legislative overhaul marks a major step forward in Japan’s efforts to modernize its digital asset ecosystem and ensure robust consumer protection. By establishing clearer guidelines for crypto trading and stablecoin operations, the reforms aim to foster innovation while mitigating risks associated with market manipulation and fraud.

The new framework will regulate crypto brokerages more stringently, ensuring that they adhere to strict security protocols and compliance standards. Additionally, the stablecoin reforms are designed to enhance transparency and stability in digital currencies that are pegged to traditional assets. This regulatory clarity is expected to bolster investor confidence and attract more institutional participation in the crypto market.

Strategic Considerations and Industry Impact

Enhanced Consumer Protection: The reforms place a strong emphasis on safeguarding investors by mandating higher security standards and rigorous compliance measures for crypto brokerages. This move is critical for maintaining public trust in the digital asset market.
Market Stability: By instituting robust regulations for stablecoins, Japan aims to reduce volatility and prevent market distortions that can arise from poorly managed digital currencies. Stablecoins play a vital role in facilitating transactions and maintaining liquidity, making their stability crucial for a healthy market.
Fostering Innovation: While the regulatory changes impose stricter oversight, they are also intended to create a more predictable and secure environment for innovation. Clear guidelines will help startups and established players alike to develop new products and services that leverage blockchain technology.
Global Competitiveness: Japan’s proactive stance on crypto regulation positions the country as a leader in the digital asset space. By balancing innovation with security, Japan sets a benchmark for other nations seeking to develop robust crypto ecosystems.

Op-Ed Reflections: A New Regulatory Paradigm

From an opinion-driven perspective, Japan’s regulatory reforms represent a significant evolution in the global crypto landscape. These measures acknowledge the transformative potential of blockchain and cryptocurrency while addressing the critical need for risk mitigation. As countries around the world grapple with how to regulate digital assets, Japan’s balanced approach may well serve as a model for harmonizing innovation with investor protection. The reforms are a clear signal that the future of crypto is not only about rapid growth but also about establishing sustainable, secure, and transparent market practices.

Source: Blockhead

7. Synthesis of Today’s Trends: Convergence, Innovation, and Risk

Connecting the Dots in a Dynamic Ecosystem

When we examine today’s headlines collectively, several key themes emerge that are reshaping the blockchain and cryptocurrency landscape:

Integration of Traditional and Digital Finance: The moves by Emirates NBD and BBVA illustrate a growing convergence between traditional banking and the digital asset economy. As financial institutions integrate crypto trading into their platforms, we see a seamless blend of conventional finance with innovative blockchain solutions.
National Strategies and Regulatory Evolution: From Japan’s sweeping reforms to Pakistan’s exploration of blockchain for remittances, countries are increasingly prioritizing digital sovereignty and innovation. Governments are enacting regulations that aim to protect consumers while fostering an environment conducive to technological advancement.
Market Volatility and Investor Caution: The recent surge in crypto crash liquidations serves as a reminder of the risks inherent in this fast-moving market. Despite the transformative potential of blockchain, volatility remains a significant challenge that must be managed through better risk controls and regulatory oversight.
Public Sector Transformation: The forecast that blockchain in government could reach a $791.5 billion market highlights the untapped potential for public sector applications. By leveraging blockchain for transparency, security, and efficiency, governments can revolutionize how public services are delivered.
Technological Innovation and Future Opportunities: Whether through the introduction of AI-powered tools or the development of new regulatory frameworks, the blockchain space is characterized by continuous innovation. These advancements are not only enhancing current applications but also paving the way for future breakthroughs in decentralized finance (DeFi), Web3, and NFTs.

Industry Implications and Strategic Insights

For investors, policymakers, and technology innovators, today’s news provides a roadmap of both opportunities and challenges. The convergence of traditional finance with blockchain technology opens up vast new markets, while regulatory innovations ensure that these markets evolve in a sustainable and secure manner. However, the persistent issue of market volatility reminds us that risk management must remain a top priority. In essence, the future of blockchain and cryptocurrency will depend on striking the right balance between fostering innovation and maintaining stability.

Source: Aggregated insights from all sources

8. Expert Opinions and Industry Voices

Perspectives from the Blockchain Frontier

To further illuminate the current state of the industry, we turn to insights from experts and thought leaders who are at the forefront of blockchain innovation:

On Integrating Traditional Finance with Crypto:
“Emirates NBD and BBVA’s moves are significant because they demonstrate that traditional financial institutions are not only willing to experiment with crypto but are actively embracing it. This convergence is the key to mass adoption.”
— Financial Analyst, The Paypers & CoinFomania
On National Blockchain Strategies:
“Pakistan’s initiative to use blockchain for remittances is a visionary move that could redefine how emerging markets handle cross-border transactions. The potential for cost savings and enhanced security is enormous.”
— Blockchain Strategist, TradingView (via CoinDesk)
On Regulatory Innovation:
“Japan’s regulatory reforms for crypto brokerages and stablecoins set a global benchmark. Clear, consistent regulation is the foundation on which sustainable growth in the crypto space will be built.”
— Regulatory Expert, Blockhead
On Market Volatility:
“The recent surge in liquidations is a wake-up call for investors. While volatility is inherent in emerging markets, it also highlights the need for robust risk management practices and improved market infrastructure.”
— Crypto Market Analyst, CoinSpeaker
On Public Sector Adoption:
“The forecasted growth of blockchain in government sectors underscores an enormous opportunity. Governments that adopt blockchain effectively will not only increase transparency but also drive significant economic growth.”
— Public Policy Advisor, CoinGeek

These expert voices underscore the multifaceted nature of today’s blockchain landscape and reinforce the idea that a balanced, strategic approach is essential for long-term success.

9. Strategic Recommendations for Blockchain and Crypto Stakeholders

Charting a Path to a Secure and Innovative Future

Based on today’s developments and the insights of industry experts, several strategic imperatives emerge for stakeholders in the blockchain and cryptocurrency space:

Embrace Integration: Financial institutions should continue to bridge the gap between traditional finance and digital assets. Integrated platforms not only enhance user experience but also foster a more diversified and resilient financial ecosystem.
Prioritize Regulatory Compliance: As the industry evolves, staying ahead of regulatory changes is crucial. Companies must invest in robust compliance frameworks and work closely with regulators to ensure that innovation proceeds in a secure environment.
Invest in Risk Management: Given the volatility inherent in cryptocurrency markets, developing and implementing sophisticated risk management strategies is essential. Leveraging advanced analytics and automated trading safeguards can help mitigate the impact of market downturns.
Focus on Domestic Innovation: Nations should invest in developing indigenous blockchain solutions to reduce dependency on foreign technologies. This approach not only bolsters national security but also drives economic growth and technological sovereignty.
Foster Public-Private Partnerships: Collaborative initiatives between governments, private companies, and academia can accelerate the adoption of blockchain technologies. Such partnerships are key to building scalable, secure, and innovative solutions.
Enhance Investor Education: With the rapid pace of innovation, educating investors about the risks and opportunities in the crypto market is vital. Transparent communication and educational initiatives can help build a more informed investor base.
Promote Global Collaboration: Cyber threats and market volatility know no borders. International collaboration on best practices, regulatory standards, and technological advancements will be essential for long-term success in the blockchain space.
Leverage AI and Advanced Analytics: Incorporating AI-driven tools into blockchain applications can significantly enhance security, efficiency, and decision-making. Investment in these technologies will provide a competitive edge in an increasingly digital world.

By adopting these strategies, stakeholders can position themselves to navigate the challenges of today while capitalizing on the transformative opportunities that blockchain and cryptocurrency offer.

Source: Consolidated insights from all sources

10. Conclusion: Today’s Major Takeaways in Blockchain and Crypto

As we wrap up today’s briefing, the overarching narrative is clear: blockchain and cryptocurrency continue to evolve at a breathtaking pace, driving a convergence between traditional finance and digital innovation while presenting both unprecedented opportunities and significant challenges.

Emirates NBD’s launch of crypto trading on the LIV-X app and BBVA’s regulatory approval in Spain demonstrate that mainstream financial institutions are increasingly embracing digital assets, signaling a new era where the old and the new coexist seamlessly. Pakistan’s ambitious exploration of blockchain for multibillion-dollar remittances highlights the potential for blockchain to revolutionize global finance in emerging markets, while the forecast for blockchain in government—projected to reach $791.5 billion—reinforces the transformative impact of decentralized technology in public administration.

The recent surge in crypto crash liquidations, however, serves as a sobering reminder of the market’s inherent volatility, underscoring the need for robust risk management and investor education. And Japan’s groundbreaking regulatory reforms for crypto brokerages and stablecoins point to a future where clear, consistent policies pave the way for sustainable growth in the digital asset ecosystem.

From an op-ed perspective, these stories collectively paint a picture of an industry in transition—a landscape where rapid innovation is balanced by cautious regulatory oversight and where strategic partnerships and technological integration are the keys to long-term success. The journey ahead will undoubtedly be challenging, but with the right mix of innovation, collaboration, and proactive risk management, the future of blockchain and cryptocurrency is brighter than ever.

As policymakers, investors, and innovators navigate this complex environment, the lessons of today will serve as a roadmap for building a secure, resilient, and inclusive digital economy. The convergence of blockchain with traditional financial systems, the drive for domestic innovation, and the evolution of regulatory frameworks are not just trends—they are the building blocks of a transformative future.

Thank you for joining us on this in-depth exploration of today’s blockchain and cryptocurrency developments. Stay informed, stay innovative, and let’s continue to shape the future of digital finance together.

The post Blocks & Headlines: Today in Blockchain – March 10, 2025 | Emirates NBD, BBVA, Pakistan Blockchain, Japan Crypto Reforms appeared first on News, Events, Advertising Options.

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Blocks & Headlines: Today in Blockchain – March 11, 2025: Utah Legislature, Pakistan, Women Leaders, JPMorgan, XRPTurbo, Ripple XRP

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1.1 Legislative Evolution and Its Impact on Crypto Regulation

1.2 The Role of Blockchain Legislation in Shaping Future Markets

1.3 Strategic Commentary

2. Pakistan Explores Blockchain for Multibillion-Dollar Remittances

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2.2 Strategic Considerations and Economic Impact

2.3 Strategic Commentary

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3.2 Broader Implications for Diversity and Innovation

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4.1 Bridging the Gap Between Traditional Finance and Blockchain Innovation

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6.1 Regulatory Evolution and Its Ripple Effects

6.2 Blockchain for Financial Inclusion and Efficiency

6.3 Diversity as a Catalyst for Innovation

6.4 Convergence of Traditional Finance and Blockchain

6.5 Decentralized Governance and the Future of Fundraising

6.6 Strategic Takeaways for Industry Stakeholders

7. Conclusion: Charting the Future of Blockchain and Crypto Innovation

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Blocks & Headlines: Today in Blockchain – March 10, 2025 | Emirates NBD, BBVA, Pakistan Blockchain, Japan Crypto Reforms

1. Emirates NBD Launches Crypto Trading on the LIV-X App

Bridging Traditional Banking and Digital Assets

Strategic Rationale and Industry Impact

Op-Ed Insights: A Convergence of Traditions

2. BBVA Gains Approval for Crypto Trading Services in Spain

Opening the Doors to Mainstream Crypto Trading

Implications for Investors and the Market

Critical Analysis: The Regulatory Balancing Act

3. Pakistan to Explore Blockchain for Multibillion-Dollar Remittances

Harnessing Blockchain for Financial Inclusion

Strategic Benefits and Economic Impact

Op-Ed Reflections: A Game-Changer for Emerging Markets

4. Blockchain in Government: Market Forecast to Reach $791.5 Billion

A Vision for Public Sector Transformation

Key Drivers and Future Prospects

Critical Analysis: Public Sector Disruption

5. Crypto Crash: Liquidations Soar Amid Market Volatility

Unpacking the Turbulence in Cryptocurrency Markets

Analyzing the Causes and Implications

Opinion-Driven Perspective: Navigating Volatility

6. Japan Approves Crypto Brokerage and Stablecoin Law Reforms

Regulatory Overhaul in the Land of the Rising Sun

Strategic Considerations and Industry Impact

Op-Ed Reflections: A New Regulatory Paradigm

7. Synthesis of Today’s Trends: Convergence, Innovation, and Risk

Connecting the Dots in a Dynamic Ecosystem

Industry Implications and Strategic Insights

8. Expert Opinions and Industry Voices

Perspectives from the Blockchain Frontier

9. Strategic Recommendations for Blockchain and Crypto Stakeholders

Charting a Path to a Secure and Innovative Future

10. Conclusion: Today’s Major Takeaways in Blockchain and Crypto

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