Blockchain Press Releases
Cuentas adds to its Shareholder Update, Filing 10Q as Management Highlights Progress in The Companies Multiple Businesses, Reporting Increased Assets, Reduced Losses, and New Opportunities for 2024
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.
About Cuentas
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
Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as “believe,” “plan,” or “expect” or similar statements are forward-looking statements.
Investor Relations
Cuentas, Inc.
800-611-3622
info@cuentas.com
LONDON, May 7, 2024 /PRNewswire/ — Tatum, a leading platform for blockchain application development, is thrilled to announce the appointment of Dion Cornett as its new Chief Executive Officer. Dion brings to Tatum two decades of experience in the software industry and an exceptional track record in successfully scaling businesses through product led growth.
Dion Cornett is recognized as an expert in open-source software and database technologies, having held senior leadership positions at Red Hat, MariaDB, ReachForce, Liquibase and DBeaver. He has proven himself in roles that require deep expertise in go-to-market strategies aimed at developers and in building high-performing product and sales teams. Dion also holds an MBA from the Kellogg School of Management at Northwestern University and is a graduate of the US Naval Academy.
“Dion’s arrival marks a significant milestone for Tatum as we continue to expand our influence in the Web3 ecosystem,” said Zihao Xu, partner, Octopus Ventures, early investor in Tatum. “His extensive experience and consistent track record are exactly what is needed for Tatum to succeed in an increasingly competitive and maturing Web3 space.”
The Web3 industry stands on the brink of transformative growth, and there is an increasing demand for seasoned leaders with proven experience to guide companies. Dion’s background in software and his strategic insight into business development align perfectly with Tatum’s mission to innovate and expand its reach.
“I am excited to join Tatum and work with a talented team that is passionate about leveraging blockchain technology to redefine our digital future,” said Dion Cornett. “The opportunity to lead such a dynamic company at the forefront of the Web3 revolution is exhilarating. I look forward to driving our growth and solidifying our position as a leader in providing blockchain development solutions.”
Under Dion’s leadership, Tatum is poised to enhance its product offerings, strengthen its market presence, and lead the charge in making Web3 technologies accessible to all developers worldwide.
For media inquiries, please contact:
Mantas Ciuksys
[email protected]
About Tatum:
Tatum is a leading blockchain application development platform that provides the infrastructure and a unified framework for 100+ blockchain protocols, allowing any developer to build Web3 applications with no blockchain experience.
It eliminates common obstacles like running nodes and learning to code for individual blockchains by providing a comprehensive suite of easy-to-use features that speed up app development.
View original content:https://www.prnewswire.co.uk/news-releases/dion-cornett-joins-tatum-as-chief-executive-officer-302137015.html
peaq, the layer-1 blockchain for DePIN and Machine RWAs (real-world assets), announces the expansion of its ecosystem as Aizel Network joins to transform the AI industry with Web3. Aizel is building a DePIN for running secure, private, and verifiable machine learning models leveraging a variety of technologies to give people more insight into what’s happening under the hood of various AI-powered apps and services. In the longer run, the integration may pave the way for more AI use in critical industries which need utmost transparency and verifiability for their models.
As the AI industry continues to bask in the public spotlight, some of its key flaws prompt uncertainty about just how far the boom could go. The sector’s appetite for electricity is gargantuan, estimated to match that of entire countries like Argentina or Sweden in the years to come. On top of that, security researchers are already exploring various ways of tampering with models and their outputs, which may lead to dramatic consequences in real-world scenarios, from a self-driving car causing an accident to an institutional-grade trading bot crashing an entire economy.
Aizel is building a DePIN for making AI computations trustless and verifiable. It makes every inference — the processing of a specific input by a trained model — more transparent by combining it with a cryptographically-secured set of metadata. The metadata can include the specific model used to produce the output and any other variables, such as the amount of electricity the process had consumed. Aizel taps multi-party computation and trusted execution environments (secure CPU and memory areas) to protect the outputs from tampering. As a result, the user always knows what model produced the output to a desired query, making for more secure and transparent AI applications — without the kind of scaling constraints that comes with using zero knowledge computation for trustless AI.
Tapping the home of DePIN as its layer-1 backbone, Aizel will leverage the peaq SDK to make its network compatible with peaq. As part of the integration, it will deploy the smart contracts powering its core logic, including uploading AI models and user inputs, on peaq. Finally, it will set up a cross-chain module, further connecting its network with peaq, and issue a certain percentage of its token supply natively on the home of DePIN.
“Most of today’s AIs run as closed-off black boxes offering the users little to no insight into what model they are actually interacting with, and how this model produces its insights,” says Jeremy, co-founder of Aizel Network. “This naturally limits their applications in business and beyond. Aizel unlocks verifiable AI for everyone — and peaq’s powerful fundamentals, Modular DePIN Functions, and a vibrant DePIN ecosystem make it the perfect home for that.”
“To call AI a promising industry would be an understatement of how world-changing it is,” says Till Wendler, co-founder of peaq. “But to live up to its full potential and unlock new use cases, it needs transparency and verifiability. Aizel taps the Web3 stack to make that happen, and we’re excited to see it tap peaq as its layer-1 backbone for this important mission.”
The post Aizel joins the peaq ecosystem to make AI secure and verifiable appeared first on HIPTHER Alerts.
Blockchain Press Releases
Secure, Compliant but Flexible: FinchTrade Elevates Crypto Custody Offering with Fireblocks
ZUG, Switzerland, May 7, 2024 /PRNewswire/ — FinchTrade, a Swiss liquidity provider in the cryptocurrency sector, is proud to announce its integration with Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain. This strategic collaboration is set to enhance FinchTrade’s service offering, aligning with industry regulations and expanding its capabilities in asset custody.
The collaboration with Fireblocks introduces several key enhancements to FinchTrade’s operational framework:
1. Regulatory Compliance: Fireblocks’ institutional-grade technology enables FinchTrade to generate unique blockchain addresses for each client, a critical feature for Travel Rule compliance, which mandates the collection and sharing of transactional information for AML purposes.
2. Direct Custody Advantage: Fireblocks delivers a specific implementation of self-custody, providing a zero counterparty risk environment with multiple layers of security, meaning funds are never stored in an omnibus account or commingled with any other client funds, therefore eliminating the risks associated with traditional financial custodians. This approach elevates the security of client assets under FinchTrade’s management.
3. Expanded Product Offerings: With Fireblocks, FinchTrade now offers individual client wallets, expanding its services to include crypto asset custody. This enhancement allows clients to store assets, execute conversions between cryptocurrencies and fiat, and make payments — all from within their FinchTrade account, without the need for external third-party services.
4. Network Integration: By joining the Fireblocks Network, FinchTrade gains direct connectivity to a global network of over 1,800 trusted financial institutions, liquidity partners, trading venues and counterparties for secure transfers and payments.
“Collaborating with Fireblocks is a game-changer. It fortifies our commitment to IT security and enables offering a diversified service portfolio,” said Yuri Berg, Board Member of FinchTrade.
“We’re pleased to be working with FinchTrade to offer greater connectivity and security for their trading platform tailored to their clients’ needs. This collaboration highlights our mutual dedication to industry-leading security and operational efficiency, and we look forward to our continued efforts to advance the digital assets space together,” said Stephen Richardson, Managing Director, Financial Markets at Fireblocks.
The integration with Fireblocks positions FinchTrade at the forefront of digital asset security and compliance, ensuring that the company remains a trusted partner in the evolving world of cryptocurrency trading.
About FinchTrade:
FinchTrade is a Swiss-based liquidity provider specialising in cryptocurrency trading solutions. With a commitment to security, compliance, and innovation, FinchTrade offers seamless liquidity services to a global clientele.
Photo: https://mma.prnewswire.com/media/2403507/FinchTrade_Fireblocks.jpg
Logo: https://mma.prnewswire.com/media/2328998/Finch_Trade__Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/secure-compliant-but-flexible-finchtrade-elevates-crypto-custody-offering-with-fireblocks-302134372.html
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