Blockchain
RevoluGROUP Canada Inc. Correction RedCHAPINA DA For RevoluPAY®, Update RevoluVIP Car Rentals And Cruises
VANCOUVER, British Columbia, Nov. 22, 2019 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO) (“the Company”) would like to clarify the November 15, 2019 news release concerning the Definitive Agreement (“DA”) with RedCHAPINA S.A, signed on November 14th, 2019. After further analysis, the amount payable to RedCHAPINA, originally confirmed to be between $2.00 and $2.35 USD per individual beneficiary delivery into: Mexican, Salvadoran and Guatemalan territories, did not contemplate certain minor ancillary amounts. Therefore, the amount payable for said cash remittance deliveries could vary depending upon certain scenarios and, as such, the previously provided information was not accurate.
RevoluVIP Integration of Cruises And Car Rental
The company would like to inform shareholders that legal counsel has formally remitted a letter to Constellation Software subsidiary Juniper on the 21 October 2019 concerning the delays pertaining to the correct integration of: Cruises, Car Rental and Travel Packages into the RevoluVIP Travel Club platform. As an initial result of the demand, the RevoluVIP in-house software engineers have been given XML access to some Car Rental services on Nov. 19th and, are currently integrating these into the platform. With regard to Cruises and Packages, the company expects a similar rapid resolution shortly.
About RevoluPAY®
The Company’s flagship technology is RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY’s built-in features include: Leisure payments, Travel Payments, Retail and Hospitality payments, Remittance Payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and +$595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY S.L located in Barcelona. RevoluPAY S.L operates under European E-money – Directive 2009/110/EC through a licensed electronic money institution or EDE Banking Licensed entity. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO) visit the Company’s website at www.RevoluGROUP.com. The Company has approximately 150,879,439 shares issued and outstanding.
RevoluGROUP Canada Inc.
“Steve Marshall”
______________________
STEVE MARSHALL
CEO
For further information contact:
Don Mosher
RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Blockchain
SDAX Unveils World’s First Securitised Gold Tokens for Digital Exchange Users
SDAX, Singapore’s leading Digital Assets Exchange, has expanded its product offering to include a first of its kind tokenised gold product. In partnership with the Oman-based Muscat Precious Metals Refining Company LLC, the MPMT Gold Token offers investors a gold token in a securitised form, unlike other gold token offerings currently available in the market.
The MPMT Gold Tokens, which are available exclusively on the SDAX Exchange platform offer investors increased protection, being in a securitised form and issued by an independent trust and backed by physical gold bullion held in secure vaults at Le Freeport, Singapore.
This product uses securitisation techniques and offers investors who are seeking an easier way to gain exposure to gold without having to find storage methods for housing the physical bullion. Owners are also able to trade gold tokens for physical settlement with qualified market makers through the SDAX platform.
Commenting on the launch, SDAX CEO, Rachel Chia said, “We saw an opportunity in the market to make owning gold through tokenisation a much more secure proposition for investors. These securitised tokens confer an additional layer of safety, allowing investors greater peace of mind about their investments.”
With spot gold prices sitting at record highs, investors are presently faced with a multitude of gold investment options. By securitising the gold tokens, SDAX is providing investors with a convenient, reliable, and most importantly, secure alternative investment approach. The securitised tokens allow for investors to acquire and hold a beneficial ownership interest in a specified quantity of gold legally held by an independent trust for the investors. This is compared to other gold investment options like exchange traded funds (ETFs) or bank issued depository gold certificates where the gold is owned by the ETF provider or the bank.
“As gold prices continue to trade at record highs and with macro-economic forecasts supporting a likely continued trend, we thought it was the perfect time to offer a gold product exclusively to our SDAX users that was unique and not currently available in the market,” Chia added.
In partnership with the Muscat Precious Metals Refining Company LLC, Oman’s first precious metals trading company that specialises in a range of commodities including gold, silver, and platinum, SDAX is able to provide gold tokens at scale and speed.
“We are excited to be part of this new offering that allows investors to gain secure exposure to the gold market through the MPMT Gold Token. As gold prices rise, driven by safe-haven demand, central bank buying and rising geopolitical risks, it is important for investors to have options, which is why we are happy to work with SDAX on this compelling gold investment alternative. This partnership with SDAX will also allow us to reach a wider base of sophisticated investors on the SDAX platform,” said Muscat Precious Metals Refining Company LLC CEO, Shihab Al Busaidi.
The MPMT Gold Token was created with the assistance of global law firm Clifford Chance LLP, London, global trustee APEX, Jin Huang Bullion as bullion agents, and Hydra X as custodian. Walkers advised on the product and offering with respect to Cayman Islands law. BTPLaw LLC provided advice on the tokens from a Singapore law perspective.
Clifford Chance London Securitisation Partner, Kevin Ingram commented: “This product shows how securitisation techniques can add value to new concepts for the benefit of participants. We are delighted to be involved in the creation of this exciting product.”
“Hydra X is delighted to partner with SDAX and to provide custodial services and technology solutions to facilitate the tokenisation of real-world assets such as gold. This initiative reflects our commitment to making investment opportunities more accessible and leading the way in setting new standards in a blockchain-enabled, regulated digital asset landscape,” added Wee Hao Ng, COO, Hydra X.
The MPMT Gold Token is only available to accredited investors and institutional investors exclusively on the SDAX Exchange platform. For more information on the MPMT Gold Token, visit www.sdax.co/gold.
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Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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