Fintech PR
CRU: With Cobalt from the DRC Rising, Tracing the Source is Vital – Could Blockchain Tech be the Solution
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Cobalt demand has grown by 21% between 2016 and 2018 and CRU forecasts that it will increase a further 55% out to 2023, due to the increasing uptake of electric vehicles.
Currently, the majority of the cobalt supply comes from the DRC (Democratic Republic of Congo) where, in addition to the large-scale global mining companies, artisanal miners utilise small pockets of land not owned by large-scale miners to produce cobalt.
It is believed that as many as 100,000 diggers, sorters and washers are involved in the artisanal mining trade in the DRC. Artisanal miners often work independently and sell their ore to local co-operatives, who sell it to local merchants and traders, who in turn sell to international traders. When done correctly, artisanal mining can be an ethical source of low-cost, high-grade cobalt which also puts income directly into the hands of locals with very few alternative options available to them. Artisanal mining in the DRC has increased dramatically between 2016 and 2018 on the back of strong demand growth and rising prices.
Artisanal mining has been key in satisfying skyrocketing cobalt demand in recent years. However, the practice raises many ethical concerns. Child labour is rampant in the artisanal mining sector, as many regions suffer from abject poverty and lack a functioning schooling system – in 2014, UNICEF estimated that 40,000 children were involved in artisanal mining of all commodities produced in the DRC. As a result, Western companies have sought to distance themselves from artisanal cobalt supply in the past to forego the risk of inadvertently using raw materials sourced from child labour. The low wealth generated by these practices has also come under scrutiny. Traders of artisanal cobalt concentrates will typically sell material for around 40-50% of its cobalt value, while the artisanal miners will typically only receive 1-3% of the intrinsic value of their ore. A lack of reliable information and the complexity of the supply chain makes artisanal mining far more challenging to track as a source of cobalt supply than traditional mining sources.
Can Blockchain provide a traceability solution?
Blockchain technology can increase transparency in mineral supply chains and provide a traceability solution, while reducing the need to have a one central owner of the database. A Blockchain system starts with a mine site audit to check there is no child labour. Once the audit is passed, the mines are given ‘approved bags’ with bar codes into which the ore is placed before sealing and being passed to merchants and traders. The bar codes can be scanned at any point, and the ore’s journey can be tracked on a public ledger which is where the Blockchain comes in.
Integrating Alternative and Bank Capital on One Powerful Servicing Platform
NEW YORK, Nov. 21, 2024 /PRNewswire/ — GSCF, a leading global provider of working capital solutions, today announced the launch of its enhanced cloud-enabled liquidity management platform and the creation of the Connected Capital ecosystem. Developed on a fully modernized technology stack, this innovative platform is designed to support a financing ecosystem that seamlessly connects alternative capital and bank financing.
GSCF’s highly configurable technology platform is unique as a one-stop solution for optimizing financial operations and accelerating growth, empowering companies and their funding partners to manage the end-to-end working capital cycle. The integration of funding sources can benefit a wide range of companies seeking to complement their core bank funding with access to alternative capital, including large investment grade enterprises and extending to mid-sized companies operating in riskier jurisdictions and industry verticals.
GSCF activated its Connected Capital ecosystem through a multi-year development program aimed at modernizing and consolidating its servicing and funding platforms. The Company has now completed the migration of its currently supported working capital programs, representing approximately $60 billion in annual funding volume, onto the new Connected Capital platform which provides:
- Full-Scope Risk Coverage: One platform that offers broad-spectrum risk coverage by combining the flexibility of alternative capital solutions with the efficiency of bank funding
- Tailored Solutions to Unlock New Growth: Co-creation of custom working capital programs to meet the unique needs of a business
- Actionable Insights: A powerful data warehouse supporting advanced analytics tools that dynamically enhance working capital decision-making and provide real-time insights into performance
- Expert Managed Services: Experienced professionals capable of addressing complex program requirements and delivering efficiency through automated workflows and streamlined operations
“By leveraging our cloud-enabled platform and deep industry expertise, we are empowering organizations to unlock the full potential of their working capital strategies,” said Doug Morgan, GSCF’s Chief Executive Officer. “Our advanced platform provides a seamless and efficient way to tailor funding to meet specific needs, enabling our clients to focus on their core business and access the capital needed to fuel expansion.”
With this significant technology investment and by combining the power of funding and servicing, GSCF has further extended the scope of the Working Capital as a Service (WCaaS) solutions it delivers to corporate customers and their funding partners to address real-time liquidity in a manner that supports sustainable growth. It also positions GSCF to meet the needs of currently underserved sectors, including mid-size companies that currently lack access to capital sources which fit their specific risk profile.
About GSCF
GSCF is the leading global provider of working capital solutions. The company empowers companies and their financial institution partners to accelerate growth, unlock liquidity and manage the risk and complexity of the end-to-end working capital cycle. GSCF’s innovative Working Capital-as-a-Service offering combines the power of an end-to-end Connected Capital technology platform with expert managed services and alternative capital solutions. GSCF’s team of working capital experts operates in over 75 countries, offering a truly global and holistic perspective to solve working capital efficiency challenges. Visit www.gscf.com to learn more.
Contact Information:
GSCF
Natalie Silverman
Chief Marketing Officer
[email protected]
(609) 577-5083
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View original content:https://www.prnewswire.co.uk/news-releases/gscf-launches-connected-capital-with-next-gen-working-capital-management-solution-302313195.html
UK tech company Zenoo sees AI as key component to greater efficiency as it expands its offering to small businesses
CAMBRIDGE, England, Nov. 21, 2024 /PRNewswire/ — Over the last few years digital onboarding provider Zenoo has been exploring the use of AI to refine and improve its services and it has now become a key component in its evolution goals.
The company has already improved team performance by using AI to improve internal efficiency with automated meeting notes and follow up, plus the production of draft technical and contract documentation.
It has also explored the use of AI in automating routine coding tasks; as a natural language to code generator; and in code reviewing and debugging.
In addition, the use of AI is aiding Zenoo in opening up its services to smaller businesses as it allows the organisation to be more cost effective and reduce the time it takes to complete projects by around 35%. It does this by relieving developers of routine work and allowing them to focus on added value and innovative areas within product development. The net result for customers is an overall cost reduction.
Zenoo UK managing director George Taylor said: “Zenoo will continue to focus on AI as a cost effective way to expand and scale the business over the coming years.”
Next year, Zenoo will employ a specific team tasked with staying ahead of curve in AI development and identifying further ways it can improve business performance and customer offerings.
About Zenoo
Zenoo specialises in the remote onboarding of customers for international companies to help them improve their conversion rates, breaking down barriers and making it easier for their customers to open accounts online.
Visit partner.zenoo.com for further information.
Media enquiries
Contact Bruce Ackland on +44 7884 076548 or email [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/zenoo-refining-services-with-ai-302313194.html
DUBAI, UAE, Nov. 21, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to reaffirm its commitment to providing ease of access to digital assets for eligible P2P users in Africa at zero fee. Connecting buyers and sellers at no cost, Bybit P2P continues to be the benchmark for cost-effective and convenient trading experiences.
Since its launch in Jan. 2022, Bybit P2P has consistently provided a user-friendly platform for users seeking a safer way to participate in the digital asset class. The services are offered at no costs for merchants and takers in P2P transactions:
- Merchants: Merchants may post advertisements on Bybit P2P for free.
- Takers: Users may place an order through advertisements listed on the P2P platform at no costs. The offer stands across all fiat trading pairs. Third-party fees may incur depending on the payment method chosen, as the payment providers may charge a transaction fee.
P2P Fee Structure (Africa)
|
Taker Fee (Sell Page) |
Maker Fee (Sell Page) |
|
|
Bybit |
0 % |
0 % |
|
Competitor B |
0.5% on completed orders for certain trading pairs |
0 % |
In addition, Bybit has launched an exciting P2P Coupon Giveaway Campaign from now to Jan. 15, 2025. As part of this initiative, users can earn a share of up to 20,000 USDT in rewards by completing tasks such as depositing $100 or trading $50,000 through Bybit P2P. The rewards will be in the form of Bybit P2P coupons to be redeemed in the next purchase, making the zero-fee transactions an even better deal for winners.
“Bybit’s steadfast commitment to contributing to financial inclusion comes in all forms, and keeping our P2P services free for as long as we can, and for as many users as possible, is one of the ways to support the crypto community,” said Joan Han, Sales and Marketing Director at Bybit. “When users come to our platform with the hopes of generating income on their assets, we want to play a supportive role in helping them reach their personal financial goals,” she added.
P2P on Bybit offers an intuitive and cost-effective peer-to-peer trading platform, facilitating the buying and selling of two users’ holdings at an optimal, agreed-upon price between them. With Bybit P2P, users stand to benefit from Bybit’s enterprise-level security and advanced features including comprehensive built-in KYC and KYB verification mechanisms, rigorous asset management protocols, and 24/7 customer service.
Find out more about the event and eligibility at Bybit P2P.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-waives-p2p-transaction-fees-for-users-in-africa-302313124.html
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