Blockchain Press Releases
Request Finance Hits $400M Milestone in Crypto Payments, Unveils the Ultimate Guide to Crypto Treasury Management
SINGAPORE, Oct. 13, 2023 /PRNewswire/ — Request Finance, the leading enterprise crypto payments app, has achieved a remarkable milestone, processing over $400 million in crypto invoices, payroll, and expenses since launching in 2021.
It has helped over 2,000 Web3 teams, such as The Sandbox, NEAR, and The Graph to automate and simplify enterprise payments, financial reporting, and compliance for companies using crypto.
Following the overwhelming success of last year’s Ultimate Web3 CFO Guide, which saw over a thousand downloads, Request Finance is excited to announce the second edition of this invaluable resource.
This year, the guide comes with a special focus on managing crypto treasuries, especially crucial in the current bear market.
Complexities of crypto treasury management
In traditional finance, treasury management is a well-understood concept, but its application in the decentralized finance (DeFi) sector remains a complex challenge.
This guide serves as a one-stop-shop for organizations—be it DAOs, Foundations, or dApp builders—to navigate the intricacies of crypto treasury management effectively.
Christophe Lassuyt, CEO and Co-Founder of Request Finance, adds, “To combat inflationary pressures, we highlight opportunities in increasingly popular asset classes like liquid staking, structured products, and tokenized ‘real-world’ assets like US treasury bills and private credit.”
“Ultimate Guide to Crypto Treasury Management” Launched
Crafted in collaboration with nearly 700 Web3 finance and operation leaders from the Web3 CFO Club, the guide offers practical frameworks applicable to teams of all sizes and financial expertise levels. It covers:
- Liquidity management – Budgeting & forecasting, crypto payments
- Funding management – Fundraising, trading, hedging, and portfolio management
- Risk management – Identifying risks facing crypto treasuries and strategies to mitigate them
- Crypto treasury management systems – Benefits and functions
Greg Mocnik, Finance Manager at dYdX Foundation, said, “Enjoyed reading through the new Web3 CFO Guide. Well thought, comprehensive, piece of resource and reading for any finance professional bringing theory and practice together at a level and in a language that easy to understand.”
The guide is packed with actionable tools, case studies, and frameworks designed for busy professionals. It contains practical resources to help founders, operations and finance leads, or anyone responsible for FinOps, manage their crypto treasury amidst the bear market.
Get a free copy of your Crypto Treasury Management Guide here.
Photo – https://mma.prnewswire.com/media/2246389/Crypto_Treasury_Management.jpg
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Blockchain
Russian Court Jails Finiko Crypto Scam Exec for Three Years
A Finiko executive has been sentenced to three years in prison by a Russian court for her involvement in what is described as the largest crypto scam in the post-Soviet era.
According to Izvestia, Liliya Nurieva, the former head of networks at Finiko, received a four and a half year sentence from a court in Vakhitovsky, Kazan on May 17. However, the court stated that it would take into account the time she had already spent in pre-trial detention as “time served.”
Despite prosecutors’ requests for a six and a half year sentence, the judge rejected them. Nurieva, who had faced a possible 10-year imprisonment, reached a “pre-trial agreement” with prosecutors.
Nurieva’s defense attorney announced her intention to appeal the verdict. She was convicted of fraud and organized crime-related charges.
Finiko, initially presented as a crypto “investment fund” in 2018, allegedly defrauded citizens of around $1.1 billion, according to the country’s Central Bank. Much of this sum remains unrecovered.
The unraveling of the project began in 2021, leading to the flight of many Finiko figures abroad. After an international manhunt, Interpol detained co-founder Edvard Sabirov in the UAE in late 2022, while co-founder Kirill Doronin was arrested in mid-2021.
However, Nurieva is the first Finiko executive to be convicted and sentenced.
Finiko promised investors an “automated profit-generating system” with returns of “up to 30%” on investments of $1,000 or more. It also offered various lending and financial services with lucrative terms.
The company allegedly employed Ponzi scheme tactics, using funds from new investors to pay off older ones. By mid-2021, its platforms became unstable, with customers reporting delayed payments. In June of that year, payments ceased entirely, the value of its cryptocurrency plummeted, and Finiko offices nationwide abruptly closed.
During its peak, Finiko enjoyed popularity on social media, and initial estimates suggested nearly 10,000 individuals invested in its platforms.
Nurieva’s defense argued that she was unaware of Finiko’s fraudulent nature upon joining and had invested her own money in the company. It wasn’t until later interactions with senior executives that she realized the scheme’s illegitimacy.
Some Finiko investors attended the trial, with one, Lyudmila Yamshchikova from Kazan, expressing disappointment over halted payments, which she had relied on for mortgage payments and other financial obligations.
Source: cryptonews.com
The post Russian Court Jails Finiko Crypto Scam Exec for Three Years appeared first on HIPTHER Alerts.
Blockchain
Hong Kong’s Crypto Ambitions Hit Snag: Can ETFs Steer the Ship?
Hong Kong’s launch of its first Bitcoin and Ether ETFs in late April aimed to capture part of the $55 billion US market. However, the ETFs have experienced investor outflows, perplexing analysts. Experts attribute this to concerns over China’s strict crypto stance and high management fees compared to US products.
Despite initial setbacks, some analysts remain optimistic. Bloomberg’s Rebecca Sin notes that total assets under management (AUM) exceed $250 million, indicating potential growth to $1 billion within two years. Hong Kong’s crypto journey is still unfolding, facing challenges from regulatory uncertainties and regional competitors like Singapore and Dubai.
On the Flipside
High Management Fees: Hong Kong’s ETFs have higher fees than similar US products, potentially deterring investors.
Regulatory Uncertainty: The evolving regulatory landscape in Hong Kong may create hesitancy among investors.
Institutional Adoption: Established financial institutions in Hong Kong may be slow to embrace crypto, limiting market growth.
Source: dailycoin.com
The post Hong Kong’s Crypto Ambitions Hit Snag: Can ETFs Steer the Ship? appeared first on HIPTHER Alerts.
Blockchain
Binance Web3 Wallet Introduces Yield Plus and Simple Yield
In a bid to offer its users more opportunities in the Decentralized Finance (DeFi) space, Binance Web3 Wallet has introduced two new ways to earn: ‘Yield Plus’ and ‘Simple Yield’. These new features will be accessible right within the Binance Web3 Wallet Earn section.
About Yield Plus Zone
The Yield Plus Zone is a unique feature designed to showcase projects with potential airdrops or additional yield opportunities. This feature will give users easy access to projects that offer multiple levels of rewards. The initial projects that will be included are Eigenpie, Kamino Finance, Lista Dao, Marinade, Ondo Finance, Renzo, StakeStone, and SolBlaze. Binance Web3 Wallet plans to announce exclusive campaigns in future updates through the Binance Web3 X account.
About Simple Yield Zone
The Simple Yield Zone allows users to earn an Annual Percentage Rate (APR) with stablecoins and other tokens by providing liquidity to lending protocols. When providing liquidity, users may receive both the Supply APR and Distribution APR, depending on the protocol chosen.
More on Binance Web3 Wallet
Developed with a commitment to innovation, security, and seamless user experience, the Binance Web3 Wallet is a secure, self-custodial crypto wallet integrated within the Binance App. It serves as a bridge between the Exchange and Web3, enabling users to interact with multiple blockchains, trade thousands of tokens, earn yield, and explore a selection of the best decentralized applications (dApps) all in one wallet.
Source: blockchain.news
The post Binance Web3 Wallet Introduces Yield Plus and Simple Yield appeared first on HIPTHER Alerts.
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