Blockchain
DeFinity vanguard project to unveil decentralized FX settlement platform in 2021
DeFinity, a decentralised finance (DeFi) marketplace for fiat Foreign Exchange, tokenised currencies, and central bank digital currencies (CBDC), announces its intention to deliver a near real-time settlement ecosystem to help FX market participants settle their cash FX, forwards, swaps, and NDF transactions at a fraction of the cost of traditional routes.
DeFinity is a layer-2 protocol and decentralised exchange solution, utilising existing blockchain frameworks including WeOwn, Ethereum, Polkadot, Binance Smart Chain, and Cardano. With a focus on interoperability, the ambition is to create a more inclusive decentralised ecosystem that helps to bridge the old with the new.
Manu Choudhary, Chief Executive Officer of DeFinity, comments: “We hope to introduce settlement efficiencies into the traditional asset space that we believe will help established and under-capitalised market participants alike improve their service to clients, investors, pension funds, and their own bottom line in the case of proprietary trading firms and hedge funds.”
Michael Siwek, Chief Revenue Office of DeFinity, adds: “Over the last decade the FX market has evolved to offer reduced last-look times, technology that accurately measures market impact and information leakage combined with record-low order matching speed through state-of-the-art networks. The crucial aspect of credit is important to many participants that may not qualify for Tier 1 credit access. The DeFinity solution enables regulated retail and under-capitalised firms to access primary markets using the DeFinity settlement platform, which makes it an attractive solution in the $6.6 trillion daily FX market.”
Security being at the forefront of the platform, users are to benefit from the introduction of an Information Security Framework using ISO standard ISO/IEC 27001, certification, and assurance standardisation based on ISAE 3402.
Sascha Ragtschaa, Chief Technology Office at DeFinity, states: “The existing and proven technology introduces immediate transactions to the network and enables our market makers and clients to efficiently trade with each other to benefit the wider marketplace.”
Current and future regulation is at the heart of the DeFinity eco-system and its Central Bank Digital Currency offering. As such, the platform welcomes engagement with the FCA, The Bank of England, offshore Central Banks, and other relevant authorities to create a robust and future-proof service benefiting the market at large.
Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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Helping Journalists Stay Up to Date on Industry News
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Blockchain
Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR
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