10Q Highlights Management’s Near-Term Success in Creating its Financial and Lifestyle Platform for the Underserved, with Increases in Assets, Stockholder’s Equity and Revenue, While Continuing to Execute its Long-Term Strategy with Pipeline and Product Rollouts Across Cuentas Money, Cuentas Mobile and Cuentas Casa.
MIAMI BEACH, Fla., Aug. 15, 2023 /PRNewswire/ — Cuentas, Inc. (Nasdaq: CUEN) (Nasdaq: CUENW) (“Cuentas”), the Company that is creating an alternative financial ecosystem for the growing, hard-working segment of the population who do not have access to traditional financial and lifestyle alternatives, today announced the filing of its 2023-Q2 10Q, highlighting the progress management has made in the quarter as the Company continues to execute its long term strategy. This 10Q comes on the heels of the Company’s recent Shareholder Update, with management highlighting the progress in the Company’s strategy and its current and future potential impact on the Company’s performance.
Management further reported that it is pleased with the progress the Company has made and believes that key indicators in the 10Q reflect the Company’s increasingly strong market opportunity, as the Company moves forward to create a portfolio of opportunities for the growing segment of Americans who do not have access to traditional financial and lifestyle services. Highlights include:
- Assets Increase, Liabilities Decrease: Cuentas’ Assets increased by 249% from Dec 31, 2022 to June 30, 2023 while Liabilities increased by only 1.7%.
- Stockholders’ Equity Increase: Total stockholders’ Equity increased from –$724k to $1,471, a positive difference of $2,195k.
- Revenue Decrease: Total revenue for 2022-Q2 was $670k vs $40k for 2023. New ownership of distribution channel has reopened the main sales channel and revenue should increase significantly.
- Net Loss Decrease: Net Loss decreased from –$3.1M to –$1.4M for Q2- 2022 vs Q2-2023.
- New Property Development Initiatives for Cuentas Casa: Balance sheet improvement from Cuentas Casa?
- Cuentas Casa Construction Tech Supply Pipeline Agreement: Cuentas has reconfirmed its supply agreement with Renco, bolstered by Renco’s recent announcement of the construction of a new facility in Florida.
- Renewed Distribution Agreement and Pipeline for Cuentas Mobile and Cuentas Money: The Company has restructured its distribution agreement for its 31,000+ store retail network, which had been a major source of revenue in 2022, bringing in a new partner and creating a new product pipeline, expected to begin rolling out in 2023.
“I am very pleased by our progress in executing what is a bold strategy to create a complete lifestyle and financial ecosystem for the underserved”, said Cuentas CEO and Co-Founder Arik Maimon. “This has been a year of both repositioning and fresh accomplishments, and we are increasingly excited to bring our mission to market.”
“This report demonstrates that we are executing on our business plan and accelerating opportunities that can dramatically grow our business,” said Cuentas President and Co-Founder Michael De Prado. “We have created new business opportunities, restructured our historically profitable product pipeline, and are gaining traction across our Centas Money, Mobile and Casa brands.”
About CUENTAS Mobile
CUENTAS Mobile is Cuentas’ first step in our plan to bring increasingly powerful and cost-efficient telecommunications solutions to those that have been unable to acquire or afford them. With a growing selection of plans and services, delivered on the nation’s largest 5G and 4G LTE network, Cuentas Mobile puts the power of the network in the palm of your hand.
About CUENTAS Money
CUENTAS Money is designed to provide a broad range of instant access financial services and solutions to the growing segment of the population who do not have access to such services. In partnership combines a powerful application with even more powerful access, giving users the control of managing all their transactions, payments, money transfers, transfers in one place.
About CUENTAS SDI
Cuentas SDI, LLC. is the company that owns the platform of Black011.com and the network serving over 31,000 convenience stores (“Bodegas”) in and around New York and New Jersey. The Company is managed and controlled by The OLB Group, Inc. Cuentas Inc., is a shareholder in Cuentas SDI, LLC. Black011.com is the network that will deliver a range of services to the network’s customers, including digital incentives, promotions, gift cards, discounts, top up services, telecommunication services, money transfer solutions and other digital and physical products and solutions true the network of financial partners.
About CUENTAS Casa
CUENTAS CASA’s unique approach to property development combines state-of-the-art sustainable building technology with intelligent property management systems with the goal of developing complete residential communities in a fraction of the time and at a fraction of the cost of traditional development. By selectively acquiring locations near metropolitan areas and immediately working with our partners to move into the construction phase, CUENTAS is able to pass on the savings in construction and maintenance directly to the resident. Management has seen rental prices reduced by as much as 30% over traditional residential communities.
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an alternative financial ecosystem for the growing population who do not have access to traditional financial alternatives. The Company’s proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the under-banked and underserved populations across America and eventually, the world. The Cuentas Platform integrates Cuentas Mobile, the Company’s Telecommunications solution, with CUENTAS Money, its core financial services offerings to help entire communities enter the modern financial marketplace. In Q1 of 2023Cuentas launched Cuentas Casa, an alternative housing community development solution based on a revolutionary, patented, sustainable building system.Management believes adding this construction technology to its offerings bridges the ‘need gap’, providing a first of its kind combination of financial and lifestyle solutions to the underbanked and underserved, putting the Company in a unique position to take advantage of what has been called a Trillion-dollar opportunity (LINK Forbes Article).
CUENTAS LINK: https://cuentas.com
This news release contains “forward-looking statements,” as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as “believe,” “plan,” or “expect” or similar statements are forward-looking statements.
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Friend.Tech and Base Anti-Phishing Boosted By CoolWallet’s Web3 SmartScan
TAIPEI, Oct. 2, 2023 /PRNewswire/ — Base’s new killer DApp, the decentralized social network Friend.tech, is breaking transaction records with record adoption, but is being targeted by hackers and scammers through phishing attacks.To raise awareness of the importance of hardware wallet protection and promote its powerful Web3 SmartScan transaction screener, CoolWallet has launched a Web3 Guardian competition.
Coinbase’s new Ethereum layer-2 chain, Base, has become a favorite for DApp developers and early investors due to its outstanding performance and the innovative projects it attracts. One DApp in particular, the decentralized social media platform Friend.tech, has driven the bulk of its growth in recent weeks. helping Base repeatedly reach new transaction volume highs despite difficult market conditions.
Friend.tech’s rapid rise has garnered widespread attention- according to the latest data, the daily active user (DAU) count of friend.tech have surpassed the million mark, with its transaction volume consistently hitting new records and its total value locked (TVL) now surpassing $35 million.
However, with any crypto trends comes new security risks, in this case a familiar foe, phishing attacks. This type of social engineering attacks dominate crypto thefts, which by June 2023 had already hit the $650 million mark across the Web3 sector. This month alone has already seen successful attacks targeting high-profile victims Mark Cuban and Vitalik Buterin and stealing millions in the process.
As a result, Base and Friend.tech users are urged to use a reputable hardware wallet to secure their tech digital assets by protecting their private keys and screening transactions.
In response, hardware wallet maker CoolWallet, which natively supports the Base ecosystem, has launched an anti-phishing campaign titled Web3 Guardian Competition to create awareness and promote its unique defense capabilities such as CoolWallet SmartScan, which proactively screens all Web3 transactions and flags malicious behavior or smart contract vulnerabilities before users are exploited.
How Friend.tech works
Friend.tech has garnered a cult following among crypto enthusiasts as one of the first decentralized social networks to be built on the Base blockchain. It’s powered by blockchain and smart contracts, where users must buy “shares” of another person in order to chat with them. Its tagline is “Your network is your net worth”.
To use Friend.tech, users must first sign up with their Twitter (X) account, create a profile and then start trading shares of other users who have also signed up. A user’s share price is determined by factors like their popularity, reputation, and overall demand.
Buying shares of another user gives you access to them, allowing you to message them directly and chat. The more shares you buy, the higher a priority your messages will be.
Friend.tech recommends hardware wallet protection
With crypto phishing attacks claiming even high-profile victims such as Vitalik Buterin and Mark Cuban as victims in recent weeks, it’s no surprise that Friend.tech also places great emphasis on asset security.
It therefore recommends that users utilize a hardware wallet for enhanced protection against threats like phishing sites. Storing assets offline makes them less accessible to online hackers, thus offering greater security.
CoolWallet’s SmartScan Flags Web3 Phishing Threats
CoolWallet (established in 2014) has since the launch of its CoolWallet Pro flagship model in 2021 pivoted strongly to securing Web3 assets, which requires users to interact with DeFi protocols that could potentially drain their accounts if they authorize the wrong transaction.
CoolWallet Pro in particular makes for an ideal Friend.tech hardware wallet as it’s one of the first cold wallets to support the Base network, and boasts several elite security features, such as:
- an EAL6+ secure element
- biometric verification (both on phone and device)
- tamper proof and waterproof design
Importantly, its CoolWallet App comes with real-time Web3 transaction analysis scanning called Web3 SmartScan.
While cold storage is as safe as can be, the biggest vulnerability remains human error or a lapse in judgment, where the user is tricked into authorizing a bad transaction or revealing their recovery seed or private key to a bad actor.
CoolWallet’s SmartScan, available on its CoolWallet App, provides Web3-native protection against phishing attempts. It automatically screens transactions and flags attempted phishing, suspicious transactions and smart contract vulnerabilities. This makes using cold storage even safer to use, and elevates CoolWallet above other hardware wallet brands.
Web3 Guardian Competition- Secure Your Crypto for the Next Bull Run!
To promote Web3 asset protection among blockchain users and help them safeguard their crypto portfolio with SmartScan until the next bull run, CoolWallet is launching a global new competition aimed at enhancing user security awareness with generous rewards to participating users.
Base is a secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users on chain.
Friend.tech is an emerging DApp focused on social interactions and cryptographic asset management. It provides users with a secure and efficient blockchain platform. The platform currently operates on the Base chain and is continuously expanding its features and user base.
CoolWallet is a pioneering Web3 hardware wallet brand established in 2014 by CoolBitX that offers users the comfort of convenient and fully portable cold storage of all digital assets, including DeFi and NFT crypto assets.
CoolWallet Pro is a flagship Web3 hardware wallet that boasts a wafer-thin smart card form factor, an EAL6+ secure element, military-grade Bluetooth encryption, and a tamper proof and water-resistant exterior, while its custom CoolWallet App offers users a choice of DeFi marketplaces, DApp support and real-time transaction screening.
CONTACT: Domo Zhuang, [email protected]
Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
NEW YORK, Sept. 29, 2023 /PRNewswire/ — Today, Webb announced the launch of its much-anticipated Tangle Network Testnet, setting the stage for a new era of private and decentralized applications.
Led by founder Drew Stone, Webb is the premier cross-chain zero-knowledge messaging layer, committed to revolutionizing blockchain privacy. Backed by industry giants like Polychain, Lemniscap, and Commonwealth Labs, Webb introduces a suite of tools aimed at advancing zero-knowledge (ZK) and multi-party computation (MPC) applications across multiple blockchains.
The Challenge and Our Solution
Blockchain networks today face significant hurdles: limited interoperability, scaling difficulties, centralized control, and privacy concerns. Webb’s Tangle Network, built on the powerful Substrate framework, is designed to tackle these challenges by offering a next-generation blockchain platform.
Why Tangle Network?
Our vision is to make it easier for developers to create secure, private zero-knowledge (ZK) and multi-party computation (MPC)-based decentralized applications. Tangle Network simplifies:
- Proof Generation: Delegate computational tasks to our validators.
- Trusted Setups: Tangle Network manages complex ceremonies for you.
- Secure Signing: Utilize our threshold signing for cross-chain operations.
By removing these barriers, we massively improve the time to launch for ZK and MPC-based decentralized applications.
- Unparalleled speed, security, and scalability via Substrate.
- Decentralized control through Distributed Key Generation (DKG).
- Advanced protocols for zero-knowledge applications.
- Cross-chain compatibility with IBC and XCM.
- Easy migration of existing apps through Ethereum Virtual Machine (EVM) support.
- Smooth, forkless upgrades.
The Testnet launch kicks off with an in-depth whitepaper, followed by a series of engagement events during the testnet phase. Our mainnet is scheduled for a Q1/Q2 2024 launch, featuring hackathons, workshops, and a targeted grant program to accelerate the adoption of privacy-focused applications.
Testnet Quick Links
- Developers: Start building on Tangle today. Learn More
- Validators and Relayers: Help secure and maintain the network. Learn More
- Join the Community: Follow us on Twitter or join our Discord.
For media inquiries, partnerships, or more information, email us at [email protected]
ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
SINGAPORE, Sept. 29, 2023 /PRNewswire/ — ChainUp, a Singapore-based trailblazer and global leader in the blockchain industry, marked its sixth anniversary celebration with more than 500 business partners at Ce La Vi Singapore. During the celebration, ChainUp Founder and CEO, Sailor Zhong reflected on the journey, “Six years in the blockchain industry showcases our resilience, innovation, and forward-looking approach. As we look to the future, we are committed to shaping a digital asset environment that is reliable, transparent, and unparalleled. ChainUp aims to champion blockchain solutions beyond the applications of digital assets and bridge the gap between digital asset markets and traditional finance (TradFi) to increase effectiveness and market efficiency.”
The DEX Renaissance
As decentralized finance (DeFi) comes into prominence and focused on returning control to users, one of the sectors impacted by DeFi are the exchanges where cryptocurrencies are traded. Data from CoinMarketCap reveals that trading volumes on Decentralized exchanges (DEX) reached $1.2 trillion in 2022, indicating a 340% YoY growth. However, factors such as poor user experience impeded the rate of adoption of DEX. Recognizing this trend, ChainUp has updated its white-labeled DEX solution, incorporating advanced features, strengthening its security, improving its liquidity and aims to provide a decentralized trading experience that is on par with commonly-used centralized exchanges (CEX).
Bridging TradFi and Digital Assets Market
The traditional financial sector has been progressing very cautiously on digital assets. As more institutions lean into RWA tokenization, they unlock unparalleled liquidity in a borderless trading environment. Amidst this evolution, ChainUp’s RWA solutions emerge as an industry pioneer, offering robust tokenization protocols, seamless integration, and enhanced security, bridging the gap between TradFi and the digital future with unmatched finesse.
Minimizing Risk and Maximizing Security
ChainUp’s MPC Wallet revolutionizes crypto security by integrating MPC technology with advanced hardware isolation, ensuring utmost safety and encryption on data. The wallet offers dynamic key-refreshing mechanisms, chain-agnostic compatibility, and eliminates single-point vulnerabilities. With efficient multi-address management and 24/7 expert support, users enjoy full asset control, scalability, and cost-efficiency, all under one roof.
Compliance: The Guiding Principle
Navigating global regulations in the blockchain sector can be complex. ChainUp’s KYT subsidiary, Trustformer, offers peace of mind for enterprises tackling compliance-related challenges. ChainUp’s advanced solutions in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) show their commitment to a more secure blockchain environment.
For detailed insights into ChainUp’s innovative solutions, please visit: https://www.chainup.com?channel=pr&type=article
Headquartered in Singapore, ChainUp is a global leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange, KYT, NFT trading, wallet, liquidity, Web3.0 infrastructure, digital asset custody, security token offerings and more. Established in 2017, ChainUp has offices around the world, serving more than 1,000 clients in 30 countries, reaching over 60 million end-users.
CONTACT: Jacelynn Pang, [email protected]
- Friend.Tech and Base Anti-Phishing Boosted By CoolWallet’s Web3 SmartScan
- Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
- ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
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