Blockchain Press Releases
MyntExchange: Why Securities Need to Be on the Blockchain
From the desk of Myntfund
REYKJAVÍK, Iceland., Aug. 8, 2023 /PRNewswire/ — One of the fundamental benefits of blockchain technology is its ability to record transactions transparently in a tamper-proof ledger.
This level of openness is unprecedented in a financial sector where obscurity, complicated acronyms, and manipulation benefit only the most powerful players. Specifically, blockchain technology can shine a light on unethical tactics like the use of dark pools-private exchanges where large trades happen, hidden from the public eye. In short, these pools allow hedge funds to influence prices undetected by dumping stocks en masse.
But only a few at the top of the securities hierarchy benefit from “taking a dip” into these pools.
In 2016, Barclays and Credit Suisse were fined more than $150 million by the SEC for operating dark pools.
In the words of the famous David Fincher film “The Social Network” about Facebook’s meteoric rise:
“In the grand scheme of things, that’s a speeding ticket.”
In other words, those fines mean nothing to these firms, and the SEC is nothing but a highway patrolman catching them in the act every once in a while.
To level the investing playing field, larger technological changes are necessary.
Blockchain’s transparency permits regulators to monitor markets continually instead of relying on sporadic inspections. While the SEC changed laws recently to inspect hedge funds unannounced, their oversight remains limited. Blockchain provides constant surveillance of all network activity and assets.
This visibility deters foul play and benefits retail investors.
The inefficiencies and obfuscation of legacy financial systems ultimately stem from high costs and outdated processes. For example, the systemic practice of “beautifying” balance sheets uses significant resources to polish company images before listing publicly.
There’s another word for this process:
Fraud.
But hey, we’re not the SEC-what do we know?
Then there’s the substantial administrative overhead of managing securities through decades-old infrastructure.
For example, simply listing a stock on an exchange requires tens of millions of dollars (depending on the number of stocks issued) and over a year of jumping through hoops. The costs and complexities of issuance and trading continue to plague processes long after the initial hurdles.
This bureaucratic bottleneck contradicts the swift pace of modern business.
Let’s face it: despite the many (valid) complaints about cryptocurrencies, blockchain technology could bring securities into the 21st century.
Blockchain technology allows assets like stocks to be issued and traded in a direct peer-to-peer manner, sans middlemen. Intermediaries and gatekeepers have traditionally cream-skimmed value while saddling processes with exorbitant costs.
Not so on-chain.
Blockchain also enables fractional ownership, letting retail investors participate in opportunities otherwise accessible only to the wealthy, such as real estate or investment funds. By opening doors to diverse investors, blockchain also promotes financial inclusion in capital markets.
For issuers and companies, listing securities on the blockchain dramatically cuts down costs compared to traditional routes. Startups in particular can benefit from this affordability and lower their barriers to entry. Ongoing costs are also slashed through process automation and reduced paperwork.
Beyond listing, blockchain tech also reduces the overhead of compliance, tracking ownership, and shareholder communications. These activities typically take tremendous manual effort and expense in legacy frameworks.
Blockchain’s ability to embed rules and automate workflows via smart contracts also smooths operations throughout the security’s lifecycle.
Specialized blockchain exchanges have already emerged to solve some of these endemic industry problems. For example, MyntExchange implements an innovative fee model where transactions incur a small charge in company stock instead of cash.
Moreover, it uses smart contract technology to protect users from so-called “pump and dumps” where company leaders dump all of their stock at the highest point, leaving their investors “holding the bag” of now-worthless company stocks. (Unfortunately, this happens a lot in the crypto world.)
In a blockchain-enabled investing environment like the one we’re describing-with a unique “pay in shares” fee model-holding shares aligns the exchange’s incentives with listed firms, as well as the investors, thus avoiding conflicts of interest.
Don’t forget:
In the traditional, legacy financial system, “conflict of interest” is a synonym for “business as usual.”
Let’s say we change that, eh?
Of course, while blockchain technology improves security through encryption and resilience, risks like hacking remain. Exchanges must utilize impenetrable infrastructure and smart contract code to thwart exploits.
Users also need to manage their private keys responsibly to prevent theft. Ultimately, like all things cybersecurity, blockchain technology is only as secure as its underlying implementation.
For securities in particular, blockchain must be layered with protections against fraud. MyntExchange, for example, achieves this by isolating its ecosystem to render stolen assets worthless. In other words, the exchange also uses its native currency MintPay to enable trading between assets. This liquidity pool acts as a protective moat by only allowing whitelisted tokens.
BROADER POTENTIAL OF BLOCKCHAIN
Beyond trading, blockchain technology opens doors the doors to all kinds of other benefits for retail investors, including:
- Embedded governance
- Secure voting
- Compliance
- Automated regulatory filings
In short, shareholders can participate in transparent decision-making while companies save costs and effort.
Overall, blockchain technology presents a monumental opportunity to fix foundational flaws in the securities industry plaguing both issuers and traders. By enhancing transparency, promoting fair access, reducing costs, and enabling innovation, blockchain can propel securities into the 21st century.
The next generation of securities rests on a foundation of openness, efficiency, and equal opportunity.
To get your asset on-chain, [email protected]
CONTACT:
The following files are available for download:
https://news.cision.com/myntfund-ehf-/i/why-myntexchange-is-born-out-of-necessity,c3204270 – Why MyntExchange is born out of necessity
View original content:https://www.prnewswire.co.uk/news-releases/myntexchange-why-securities-need-to-be-on-the-blockchain-301896289.html
ChainSwap, the pioneering multi-chain decentralized exchange (DEX), has unveiled a groundbreaking feature that sets a new standard for decentralized finance (DeFi). Today, ChainSwap proudly announces the launch of its intra-chain swap capability, a monumental advancement in enabling seamless transactions across six major blockchain networks.
As the first of its kind, ChainSwap empowers users with the ability to seamlessly swap assets within the same blockchain, enhancing user retention and eliminating the need for multiple wallets across various chains. This revolutionary development revolutionizes the DeFi
landscape, offering users unparalleled freedom to traverse across different chains within a single platform.
ChainSwap stands as the epitome of decentralization, providing a one-stop-shop solution for multi-chain swaps. Powered by cutting-edge Cross-Chain Interoperability Protocol (CCIP) technology, ChainSwap ensures smooth and secure transactions across all compatible
blockchains, including Optimism, Ethereum, Arbitrum, Avalanche, Polygon, and Base.
With the launch of ChainSwap’s intra-chain swap functionality, users can now effortlessly exchange assets within their preferred blockchain, heralding a new era in digital asset transactions. This monumental achievement marks a significant milestone in the evolution of decentralized finance, propelling ChainSwap to the forefront of the industry.
The post ChainSwap Revolutionizes Multi-Chain DeFi with Intra-Chain Swaps appeared first on HIPTHER Alerts.
Blockchain Press Releases
Tiger Brokers (HK) officially launches virtual asset trading services, leading the way in Hong Kong’s online brokerage industry
Effortlessly manage traditional securities and virtual assets with one app Tiger Trade: tailored to meet diverse investment needs
- Professional investors can now trade 18 virtual assets, including Bitcoin and Ethereum, through the Tiger Trade app.
- The one-stop platform enables seamless management of traditional securities and virtual assets, fostering more flexible and diversified asset allocation strategies.
HONG KONG, May 6, 2024 /PRNewswire/ — Tiger Brokers (HK) (“Tiger Brokers (HK)” or “Tiger Brokers”) announced the launch of its virtual asset trading services, becoming one of the first online fintech brokers in Hong Kong to offer a single platform that allows trading and managing both traditional securities and virtual assets. Professional investors in Hong Kong can now use Tiger Trade, Tiger Brokers’ flagship investment app, to trade 18 virtual assets including Bitcoin (BTC) and Ethereum (ETH), alongside stocks, options, futures, US Treasury bonds, funds, and other global assets, all at an affordable cost. This eliminates the need for multiple accounts across different brokers and platforms, making global asset allocation simpler and more convenient.
John Fei Zeng, Chief Financial Officer and Director of Tiger Brokers stated: “We are honored to be among the first fintech brokerage firms in Hong Kong to introduce virtual asset trading, leading the way in meeting investors’ evolving needs. As investors’ asset allocation requirements become increasingly diverse, our expanded product portfolio will help them seize various market opportunities. Our unified trading platform allows investors to trade and manage different types of investments seamlessly, enhancing user experience and boosting investment efficiency.”
He added: “With Hong Kong’s efforts to develop into a Web3.0 hub, we are confident in its vision. Hong Kong is one of the pioneering international financial centers introducing comprehensive regulations for virtual asset and fostering a trading-friendly environment. We aspire to bolster Hong Kong’s competitiveness in the global financial landscape through our contributions.”
Secure, convenient, and affordable virtual asset trading experience
Having previously secured an upgrade to its Type 1 license conditions from the Securities and Futures Commission of Hong Kong (“SFC”), Tiger Brokers is aiming to offer professional investors secure virtual asset trading services, strictly adhering to legal and regulatory requirements.
Tiger Brokers continues to offer competitive trading rates, with virtual asset trading fees at only 0.2% of the transaction value, and custody fees waived. Unlike stock trading, virtual assets are settled instantly and can be traded 24/7. All registered users in Hong Kong can view real-time quotes, as well as top gainers and losers of virtual assets, via the user-friendly Tiger Trade interface, keeping abreast of market conditions anytime, anywhere. Furthermore, the Tiger Trade App enables instant T+0 exchange between Hong Kong dollars and US dollars.
Currently, Tiger Brokers’ virtual asset trading services are available only to professional investors. Eligible clients, including Hong Kong residents with over HKD 8 million in investment portfolio or corporate entities with assets exceeding HKD 40 million, can submit professional investor application on Tiger Trade. Customers also have the option to schedule an in-person visit to the Tiger Brokers office, where professional representatives will assist customers in completing the account opening and certification process. Looking ahead, Tiger Brokers plans to extend its virtual asset trading services to retail investors, subject to regulatory approval. Additionally, the company is considering the introduction of virtual asset spot withdrawal and deposit services.
Beyond virtual asset spot trading, Tiger Brokers also offers trading of U.S.-listed bitcoin spot ETFs and Hong Kong-listed spot bitcoin and ether ETFs to Hong Kong investors. Since entering the Hong Kong market just over a year ago, Tiger Brokers has won widespread acclaim from local users through the introduction of numerous innovative products and services. Recently, the SFC granted Tiger Brokers a Type 9 license for asset management services. With this, Tiger Brokers can offer a suite of asset management services, such as dedicated account services for both retail and professional investors, and collective investment scheme management for professional investors, thereby providing comprehensive support for the diverse investment needs of both retail and professional investors.
About Tiger Brokers (HK)
Tiger Brokers (HK) Global Limited (Central number: BMU940) holds type 1, 2, 4, 5 and 9 licenses of the SFC. Starting from 30th November 2022, with Tiger Trade, Tiger Brokers’ flagship app, Hong Kong users can trade financial products from major markets around the world, such as Hong Kong stocks, warrants, options, US stocks, US fractional shares and ETFs, etc., providing a one-stop solution to their investment needs. In the future, we will continue to expand our trading markets and categories to better serve Hong Kong investors.
About Tiger Brokers
Tiger Brokers (Nasdaq: TIGR), founded in 2014, is a leading online brokerage group with a focus on redefining global investing with technologies for the next generation.
Since our inception, the company has relentlessly offered a superior user experience to let everyone enjoy efficient and smart global investing, by bringing a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education in our pursuit of becoming a world-leading online brokerage group.
We strive to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services accessible to all with low latency.
Currently, we serve over 10 million users and over 2 million account holders worldwide on our flagship platform “Tiger Trade”, own 78 licenses and qualifications in different markets, and have over 1,000 employees on the team in Hong Kong, Singapore, New Zealand, the US, Australia, and Mainland China. In 2019, the company was listed on Nasdaq as UP Fintech Holding Limited under the ticker TIGR.
View original content:https://www.prnewswire.co.uk/news-releases/tiger-brokers-hk-officially-launches-virtual-asset-trading-services-leading-the-way-in-hong-kongs-online-brokerage-industry-302136683.html
Blockchain Press Releases
Bitget’s Blockchain4Youth Celebrates 1st Anniversary, Educated Over 6,000 Participants Worldwide
VICTORIA, Seychelles, May 6, 2024 /PRNewswire/ — Bitget, a leading crypto exchange and web3 company, announces the first anniversary of its Blockchain4Youth program and launches recap videos of the program. The initiative celebrated a year of driving Web 3.0 adoption among the youth, staying true to Bitget’s core principles of innovation, education, and empowerment. Bitget envisions a more equitable future driven by the crypto revolution, and Blockchain4Youth is a testament to that vision.
Over the past year, Blockchain4Youth has engaged over 6,000 participants and delivered over 54 campus lectures and workshops worldwide. Various events took place in Asia, the Middle East, Oceania, Europe and South America. The courses connect young participants with the tools and knowledge to understand and utilize blockchain technology, and over 2,000 certificates were issued to participants who completed the courses and passed the test.
The program’s ongoing collaborations with prominent influencers and over 51 universities, including University College London (UCL) in the United Kingdom, National Technological University in Argentina, Royal Melbourne Institute of Technology in Australia, National Taiwan University’s Blockchain Club, Ateneo De Manila University in the Philippines and many more. The program’s wide reach reinforces the company’s dedication to advancing blockchain education and empowerment initiatives.
Launched in May 2023 with $10 million committed over the following 5 years, Blockchain4Youth has quickly become a beacon of opportunity for Millennials and Generation Z. A study conducted by Bitget indicates that Millennials and Generation Z are pivotal in shaping a crypto-friendly future, with Millennials accounting for 46% of crypto enthusiasts.
Gracy Chen, Managing Director of Bitget, expresses, “Blockchain4Youth’s journey has been remarkable, and the program has transformed blockchain education, making it accessible and practical for the leaders of tomorrow,” remarks Chen. “Our dedication has not only been about imparting knowledge but about cultivating a vibrant community ready to pioneer the transformative applications of blockchain.”
Blockchain4Youth’s future plans include providing more scholarships worldwide and launching more online courses and content featuring different influencers in the field on crypto-related topics to further garner youngster’s attention.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
View original content:https://www.prnewswire.co.uk/news-releases/bitgets-blockchain4youth-celebrates-1st-anniversary-educated-over-6-000-participants-worldwide-302136617.html
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