The Fintech Buzz
  • Advertise
  • More from Hipther
  • Events
  • Contact Us
Connect with us
The Fintech Buzz The Fintech Buzz

The Fintech Buzz

FinVolution Group Reports Third Quarter 2020 Unaudited Financial Results

  • Latest News
    • Fintech Industry News
      • Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares

      • VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award

      • Nagad’s Digital Bank on cards, Sadaf to lead the side

      • Newly inaugurated Yashobhoomi (IICC Dwarka) to host Trescon’s DATE 2023 with Finance Minister Smt. Nirmala Sitharaman amongst the dignitaries

      • TONIK NAMED BEST CUSTOMER SERVICE DIGITAL BANK

    • Fintech PR
      • bitcoin-price-climbs-3%-on-us-shutdown-and-yields-gloom,-but-bitcoin-minetrix-raises-$200,000-and-is-the-real-winner

        Bitcoin Price Climbs 3% on US Shutdown and Yields Gloom, But Bitcoin Minetrix Raises $200,000 and Is the Real Winner

      • webb-unveils-tangle-network-testnet,-pioneering-the-future-of-private,-decentralized-applications

        Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications

      • amd-unveils-purpose-built,-fpga-based-accelerator-for-ultra-low-latency-electronic-trading

        AMD Unveils Purpose-Built, FPGA-Based Accelerator for Ultra-Low Latency Electronic Trading

      • aiib,-turkiye-sign-eur150-million-loan-agreement-as-additional-funding-for-istanbul-seismic-mitigation-and-emergency-preparedness

        AIIB, Türkiye Sign EUR150 Million Loan Agreement as Additional Funding for Istanbul Seismic Mitigation and Emergency Preparedness

      • l’oreal-groupe-officially-opens-new-uk-headquarters-in-white-city

        L’Oréal groupe OFFICIALLY OPENS NEW UK HEADQUARTERS IN WHITE CITY

  • Press Releases
  • PR Distribution
  • Advertise
  • WireUp
  • TV

Fintech PR

FinVolution Group Reports Third Quarter 2020 Unaudited Financial Results

Published

3 years ago

on

November 17, 2020

By

Vlad Poptamas
  • Share
  • Tweet

FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial and Operational Highlights

  • Net revenue increased by 12.6% to RMB1,793.3 million (US$264.1 million) for the third quarter of 2020, from RMB1,592.5 million in the same period of 2019.
  • Operating profit was RMB689.0 million (US$101.5 million) for the third quarter of 2020, representing an increase of 6.2% from RMB648.9 million in the same period of 2019.
  • Non-GAAP adjusted operating profit[1], which excludes share-based compensation expenses before tax, was RMB697.6 million (US$102.8 million) for the third quarter of 2020, representing an increase of 6.1% from RMB657.8 million in the same period of 2019.
  • Cumulative registered users[2] reached approximately 112.8 million as of September 30, 2020.
  • Cumulative number of borrowers[3] was approximately 18.6 million as of September 30, 2020.
  • Number of unique borrowers[4] was approximately 1.9 million for the third quarter of 2020.
  • Loan origination volume[5] was approximately RMB17.0 billion for the third quarter of 2020.
  • Repeat borrowing rate[6] was 89.7% for the third quarter of 2020, compared to 79.4% in the same period of 2019.
  • Average loan size[7] was RMB 4,095 for the third quarter of 2020, compared to RMB 3,156 in the same period of 2019.
  • Average loan tenure[8] was 8.3 months for the third quarter of 2020.

Mr. Feng Zhang, the Chief Executive Officer of FinVolution, commented, “We are pleased to report continued progress in our results as we continue our shift to attracting higher quality customers. Our reported operational and financial performance were better-than-expected in the third quarter of 2020, a further testament to the agility and robustness of our core capabilities. As China gradually emerges from the aftermath of COVID-19, our loan business recovery has been gathering momentum. Our loan origination volume in Mainland China for the third quarter reached over RMB17 billion[5], representing a 30% increase quarter-over-quarter and exceeding the top end of our previous guidance range.

“Encouragingly, our continual efforts to enhance our technological capabilities and strengthen our risk management have led to significant improvements in delinquency rates across the platform in particular for newly facilitated loans. Due to the shift to better quality customer cohort, our vintage delinquency[9] in the most recent quarter is expected to be significantly lower compared to the past several years.

“Our institutional funding partners continue to be supportive with ample funding and ongoing improvement in funding cost. Going forward, we expect further enhancement in funding cost as we continue to deepen our relationships with our partners.

“As part of our ongoing strategy to leverage our technological capabilities to support new  initiatives, our international operations gained significant traction. We are excited to report that our loan volume in Indonesia experienced a strong rebound from the depressed levels in the second quarter and is now much higher than pre-COVID-19 levels. We expect this strong  momentum to continue moving forward.

“With a long and proven track record in technology innovation, responsive risk management insights and effective measures taken to navigate across credit and economic cycles, we believe our focus on our core strengths and fundamentals, coupled with our strong culture of innovation, sets a solid foundation for our sustainable operation and unlocks the vast potential in the consumer finance markets in China and internationally,” concluded Mr. Zhang.

Mr. Simon Ho, the Chief Financial Officer of FinVolution, commented, “In the third quarter, amid a recovering COVID-19 environment in Mainland China, we delivered non-GAAP operating profit[10] of RMB697.6 million representing an increase of 21.1% quarter-over-quarter, and further demonstrating the resilience of our core business model. Our balance sheet and liquidity remain strong with RMB3.4 billion of cash and short-term liquidity. Armed with strong technological capabilities, and a conservative balance sheet, FinVolution is well positioned to capture additional opportunities in the evolving environment.”

[1] Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating profit.

[2] On a cumulative basis, number of users registered on our platform in Mainland China as of September 30, 2020.

[3] On a cumulative basis, number of borrowers whose loans were funded in Mainland China on or prior to September 30, 2020.

[4] Represents the total number of borrowers in Mainland China whose loans were facilitated on our platform during the period presented.

[5] Represents the loan origination volume facilitated in Mainland China during the period presented.

[6] Represents the percentage of loan volume generated by repeat borrowers in Mainland China who have successfully borrowed on our platform  before.

[7] Represents the average loan size on our platform in Mainland China during the period presented.

[8] Represents the average loan tenure period on our platform in Mainland China during the period presented.

[9] Represents the historical cumulative 30-day past due delinquency rates by loan origination vintage for all loan products in Mainland China.

[10] Please refer to “UNAUDITED Reconciliation of GAAP and Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating profit.

Third Quarter 2020 Financial Results

Net revenue for the third quarter of 2020 increased by 12.6% to RMB1,793.3 million (US$264.1 million) from RMB1,592.5 million in the same period of 2019, primarily due to the adoption of ASC 326. Before the adoption of ASC 326, gains or losses related to quality assurance commitments were recorded in one combined financial statement line item within other income. After the adoption of ASC 326, the guarantee income (i.e. the guarantee liability) was recorded as a separate financial statement line item within revenue and the credit losses for quality assurance were recorded within expenses. The increase in net revenue was partially offset by the decline in loan origination volume and decrease in average rate of transaction fees.

Loan facilitation service fees decreased by 45.6% to RMB486.3 million (US$71.6 million) for the third quarter of 2020 from RMB893.6 million in the same period of 2019, primarily due to the decline in loan origination volume and the decrease in the average rate of transaction fees.

Post-facilitation service fees decreased by 46.3% to RMB161.4 million (US$23.8 million) for the third quarter of 2020 from RMB300.7 million in the same period of 2019, primarily due to the decline in outstanding loans serviced by the Company and the rolling impact of deferred transaction fees.

Guarantee income was RMB747.1 million (US$110.0 million) for the third quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the guarantee liabilities of quality assurance commitment are released as a revenue systematically over the term of the loans subject to quality assurance commitment.

Net interest income decreased by 24.4% to RMB260.9 million (US$38.4 million) for the third quarter of 2020, from RMB345.0 million in the same period of 2019, primarily due to decreased interest income from the reduction in the outstanding loan balances of consolidated trusts and the decrease in interest rates.

Other revenue increased by 158.6% to RMB137.6 million (US$20.3 million) for the third quarter of 2020 from RMB53.2 million in the same period of 2019, primarily due to increased customer referral fees to other third-party service providers.

Origination and servicing expenses increased by 2.0% to RMB338.9 million (US$49.9 million) for the third quarter of 2020 from RMB332.1 million in the same period of 2019, primarily due to an increase in fees paid to third party service providers.

Sales and marketing expenses decreased by 49.7% to RMB115.3 million (US$17.0 million) for the third quarter of 2020 from RMB229.2 million in the same period of 2019, primarily due to the decrease in online customer acquisition expenses as a result of the decline in newly registered users on the Company’s platform.

General and administrative expenses decreased by 15.5% to RMB105.4 million (US$15.5 million) for the third quarter of 2020 compared to RMB124.8 million in the same period of 2019, due to improved operating efficiency.

Research and development expenses decreased by 14.1% at RMB93.0 million (US$13.7 million) for the third quarter of 2020, compared to RMB108.2 million in the same period of 2019, due to a more streamlined team in technology related departments.

Credit losses for quality assurance commitment were RMB326.6 million (US$48.1 million) for the third quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the expected credit losses of quality assurance commitment will be accounted for in addition to and separately from the guarantee liabilities accounted for under ASC 460.

Provision for loans receivables was RMB90.0 million (US$13.3 million) for the third quarter of 2020, compared with RMB80.1 million in the same period of 2019, primarily due to the adoption of ASC 326, which requires the Company to recognize the life time credit losses upon initial recognition and provisions for new international business.

Provision for accounts receivables and other receivables decreased by 49.3% to RMB35.1 million (US$5.2 million) for the third quarter of 2020, compared with RMB69.2 million in the same period of 2019 as a result of the decline in loan origination volume and improvement in delinquency rates, which was partially offset by provision provided on other receivables.

Operating profit increased by 6.2% to RMB689.0 million (US$101.5 million) for the third quarter of 2020 from RMB648.9 million in the same period of 2019.

Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB697.6 million (US$102.8 million) for the third quarter of 2020, representing an increase of 6.1% from RMB657.8 million in the same period of 2019.

Other income decreased by 49.5% to RMB26.3 million (US$3.9 million) for the third quarter of 2020, from RMB52.1 million in the same period of 2019. For the third quarter of 2020, other income primarily consisted gains from investments.

Income tax expenses were RMB118.4 million (US$17.4 million) for the third quarter of 2020, compared with RMB130.7 million in the same period of 2019, due to the decline in pre-tax profit and recognition of gain related to quality assurance in a subsidiary with preferential tax status due to tax planning.

Net profit was RMB596.9 million (US$87.9 million) for the third quarter of 2020, compared with RMB598.5 million in the same period of 2019.

Net profit attributable to ordinary shareholders of the Company was RMB602.7 million (US$88.8 million) for the third quarter of 2020, compared with RMB597.9 million in the same period of 2019.

As of September 30, 2020, the Company had cash and cash equivalents of RMB1,107.2 million (US$163.1 million) and short-term investments mainly in wealth management products of RMB2,278.4 million (US$335.6 million).

The following table provides the delinquency rates for all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.

As of

15-29
days

30-59
days

60-89
days

90-119 days

120-149 days

150-179 days

September 30, 2017

0.89%

1.40%

1.15%

1.02%

0.79%

0.60%

December 31, 2017

2.27%

2.21%

1.72%

1.63%

1.36%

1.20%

March 31, 2018

0.87%

2.11%

2.43%

3.83%

2.29%

1.89%

June 30, 2018                  

0.83%

1.21%

1.05%

0.98%

1.60%

2.03%

September 30, 2018                  

1.03%

1.77%

1.49%

1.29%

1.06%

1.02%

December 31, 2018                  

0.92%

1.63%

1.41%

1.45%

1.44%

1.34%

March 31, 2019

0.80%

1.61%

1.45%

1.29%

1.31%

1.20%

June 30, 2019

0.86%

1.42%

1.37%

1.19%

1.26%

1.21%

September 30, 2019

0.90%

1.50%

1.35%

1.31%

1.17%

1.20%

December 31, 2019                  

1.34%

2.40%

1.86%

1.76%

1.62%

1.53%

March 31, 2020

1.34%

3.03%

2.33%

2.44%

2.64%

2.17%

June 30, 2020

0.71%

1.36%

1.70%

2.00%

2.75%

2.38%

September 30,2020

0.46%

0.72%

0.74%

0.90%

1.07%

1.43%

The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage in Mainland China for all loan products facilitated through the Company’s online marketplace as of September 30, 2020:

Click here to view the chart

Month on Book

Vintage

2nd

3rd

4th

5th

6th

7th

8th

9th

10th

11th

12th

2017Q3 . . . .

2.22%

3.05%

4.13%

5.18%

6.13%

6.64%

6.88%

7.04%

7.16%

7.22%

7.26%

2017Q4 . . . .

2.86%

4.24%

5.19%

5.69%

5.98%

6.19%

6.29%

6.39%

6.47%

6.49%

6.50%

2018Q1 . . . .

1.37%

2.20%

2.99%

3.67%

4.32%

4.86%

5.23%

5.50%

5.66%

5.74%

5.77%

2018Q2 . . . .

1.87%

3.12%

4.39%

5.46%

6.33%

6.99%

7.47%

7.80%

7.99%

8.08%

8.13%

2018Q3……

1.45%

2.51%

3.53%

4.39%

5.09%

5.59%

5.97%

6.28%

6.50%

6.64%

6.72%

2018Q4. . . .

1.43%

2.49%

3.55%

4.42%

5.18%

5.76%

6.20%

6.54%

6.81%

7.01%

7.16%

2019Q1……

1.34%

2.38%

3.45%

4.36%

5.13%

5.75%

6.22%

6.65%

6.99%

7.25%

7.43%

2019Q2……

1.33%

2.34%

3.31%

4.18%

5.05%

5.82%

6.44%

6.98%

7.34%

7.50%

7.52%

2019Q3…….

1.02%

2.16%

3.42%

4.55%

5.64%

6.45%

6.92%

7.13%

7.20%

7.20%

7.15%

2019Q4…….

0.83%

2.07%

3.37%

4.45%

5.12%

5.50%

5.68%

5.79%

2020Q1…….

0.81%

1.73%

2.46%

2.97%

3.35%

2020Q2……

0.44%

0.92%

Changes in Board of Directors and Management

The Board of Directors of the Company (the “Board”) has approved and appointed Mr. Simon Tak Leung Ho as a member of the Board effective on November 16, 2020. At the same time, the Board has approved the appointment of Mr. Jiayuan Xu, as the Company’s new Chief Financial Officer, effective on December 1, 2020. Mr. Xu currently serves as the Company’s Senior Vice President for Finance and will succeed Mr. Ho, who tendered his resignation from the position as the Company’s incumbent Chief Financial Officer due to personal reasons. To ensure a smooth transition, Mr. Ho will remain in his capacity until November 30, 2020.

Mr. Jiayuan Xu has been serving as our Senior Vice President for Finance and Head of Financial Institutions Department since March 2018. Mr. Xu served as the Vice President for finance from June 2016 to March 2018. Mr. Xu joined us as our Financial Controller in June 2015. Prior to joining us, Mr. Xu served as the Head of Financial Management Department of Nanyang Commercial Bank (China) Co., Ltd. from 2008 to 2015. Mr. Xu was an Audit Manager at PricewaterhouseCoopers Zhong Tian LLP from 2003 to 2008. Mr. Xu received his bachelor’s degree in international trade and finance from Shanghai Jiaotong University in and FMBA degree from China Europe International Business School. Mr. Xu is also a member of Chinese Institute of Certified Public Accountants.

Company’s Share Repurchase Update

As of November 12, 2020, the Company has deployed approximately US$10.9 million under its existing repurchase program with an authorization of US$60 million to repurchase its American Depositary Shares (“ADSs”). In combination with the Company’s previous repurchase program with authorization of US$120 million, the Company has deployed a total of approximately US$121.9 million to repurchase its ADSs.

FinVolution Group’s Chairman Ownership Update

Mr. Shaofeng Gu, the Chairman and Chief Innovation Officer of the Company, has informed the Company on August 11, 2020 that he had continued to purchase in his personal capacity 0.4 million of the Company’s ADSs in the second quarter of 2020. The purchases were made during an open window period and in compliance the Company’s guidelines. As of September 30, 2020, Mr. Shaofeng Gu beneficially owned an aggregate number of 414,256,580 ordinary shares, representing approximately 28.9% of beneficial ownership in the Company.

Business Outlook

As China gradually recovers from the aftermath of the COVID-19 outbreak, the Company has continued to experience improvements in delinquency trends for newly facilitated loans. The Company will continue to closely monitor the global development of the pandemic and remain agile in its business operations. The Company holds a cautiously optimistic view on its operations and expects progressive growth for its loan origination volume in the fourth quarter of 2020 to be in the range of RMB18 billion to RMB20 billion. With a gradual recovery in the macro economy, the Company expects it’s vintage delinquency9 risks to further improve.

The above outlook is based on current market conditions and reflects the Company’s preliminary expectations as to market conditions, its regulatory and operating environment, as well as customer and institutional investor demand, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 17, 2020 (8:00 PM Beijing/Hong Kong time on November 17, 2020).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

International:

1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

852-3018-4992

Mainland China:

400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 24, 2020, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10149966

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Related Topics:FinVolutionlatest-newsThird Quarter
Up Next

New Study Reveals the Struggles that Many Businesses Face in Getting Paid During the COVID-19 Pandemic

Don't Miss

Sarwa Unveils Next Gen Sarwa X and Announces Partnership with Saxo Bank

Continue Reading

You may like

  • Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares

  • VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award

  • Nagad’s Digital Bank on cards, Sadaf to lead the side

  • Newly inaugurated Yashobhoomi (IICC Dwarka) to host Trescon’s DATE 2023 with Finance Minister Smt. Nirmala Sitharaman amongst the dignitaries

  • TONIK NAMED BEST CUSTOMER SERVICE DIGITAL BANK

  • Libra Internet Bank, the top partner for fintechs in Romania, selects Temenos for Cross-Border Payments

Click to comment

Leave a Reply

Cancel reply

Your email address will not be published. Required fields are marked *

Fintech PR

Bitcoin Price Climbs 3% on US Shutdown and Yields Gloom, But Bitcoin Minetrix Raises $200,000 and Is the Real Winner

Published

1 day ago

on

September 29, 2023

By

CISION (PR Newswire)
bitcoin-price-climbs-3%-on-us-shutdown-and-yields-gloom,-but-bitcoin-minetrix-raises-$200,000-and-is-the-real-winner

NEW YORK, Sept. 29, 2023 /PRNewswire/ — The Bitcoin price is defying macro gloom to put on a 3% gain as it recaptures $27,000, but it is yield-bearing Bitcoin Minetrix ($BTCMTX) that’s raised $200,000 and could be the biggest winner.

Bitcoin, after briefly slipping below $25k last month and struggling to make headway since peaking at 27,431 on September 19th, is threatening to retake that near-term high.

The move higher has been assisted by a confluence of factors and comes despite gathering storm clouds in the stock and bond markets.

Also, although equities had a green session on Thursday, it comes on the back of a negative week.

The S&P500 has fallen from 4,452 to 4,296, and the Nasdaq Composite slid 500 points, from 13,714 to 13,200. Meanwhile, US 10-Year Treasury yields continue their march higher, now at 4.66%.

And then there is US interest rates at 5.25-5.5% despite the Fed pause, making all risk assets look less attractive, plus a surging US dollar to factor in too.

Bitcoin teasing that it is a safe haven play after all?

Markets worry that US inflation will be stickier than hoped and that a soft landing could be for the birds. The weakening of the narrowly based bullish sentiment that has seen the Nasdaq make a 20% advance this year, has been evident for a few weeks now.

Fed chairman Jerome Powell’s speech on Thursday has done little to calm nerves.

The past few days have seen the gloom merchants come to the fore as a shutdown of the government looms and the real estate debt crisis deepens in China.

But the past few days have seen the gloom merchants come to the fore as a shutdown of the government looms and the real estate debt crisis deepens in China.

Against this backdrop, Bitcoin appears to be gaining in strength, although it is too early to say whether some safe-haven inflows are behind the improvement.

But when the ratings agencies start to talk about US debt losing its top-tier rating, fears of a recession mounting, the auto industry strike spreading, oil prices heading back to $100, and core inflation remaining as sticky as ever, the green shoots in the Bitcoin market are even more noticeable.

Add to the mix that good news for Coinbase – it needs some – came when it received permission to offer crypto futures trading to its non-US customers.

US competitor exchange Kraken announcing it planned to open its door to stock traders may have added to the positive vibes, although that development could be read as a sign of desperation on Kraken’s part as it scrabbles around for revenue.

What’s good for Bitcoin is good for crypto, and especially Bitcoin derivative coins like Bitcoin Minetrix

Bitcoin remains the bellwether of the crypto industry, so generally speaking, there tends to be a positive correlation between it and all other assets.

However, that correlation is magnified for so-called Bitcoin derivative and clone coins, of which Bitcoin Minetrix is the latest of the crop.

When Bitcoin does well, so do the likes of longstanding forked clones like Bitcoin Cash and Bitcoin SV, as well as new upstarts such as the HPOS10I (BITCOIN) meme coin, Bitcoin 2.0 and BTC20.

Bitcoin Minetrix is different from all those aforementioned coins though, because of its tangible connection with the Bitcoin network.

Its use case is to contribute to the hash power of the network by marshaling the collective might of retail investors – or stakers – to earn credits that can then be deployed in cloud mining Bitcoin.

Bitcoin Minetrix is the first stake-to-mine platform in crypto. There are certainly plenty of cloud-mining outfits out there, but none are fully decentralized. BTC Minetrix’s unique selling point is in effectively tokenizing cloud mining and harnessing the many advantages that it gives it over competitors.

https://twitter.com/bitcoinminetrix/status/1707002226898559469

Bitcoin Minetrix banishes fraudsters, makes mining Bitcoin cheaper and safer for all

With Bitcoin Minetrix there is no need to worry about fraud because everything is handled on-chain, and no cash changes hands.

Bear in mind, too, that Bitcoin Minetrix’s smart contract is fully audited by Coinsult – it passed with no major issues.

Smart contract automation makes withdrawal of funds super easy, as does earning credits and empowering individual stakers to decide how much mining they want to engage in and when.

Bitcoin Minetrix takes the complication and expense out of mining. You don’t need to understand how difficulty is calculated or how to keep your client software up to date.

What’s more, there’s no need to make a considerable capital outlay and be exposed to the risk of making a loss on your business undertaking.

Better than Bitcoin because Bitcoin Minetrix is a yield-bearing hedge where you can reinvest mining profits

But where does the Bitcoin and Macro interplay come into the picture, you might ask? Well, it comes down to bond yields.

Rising bond yields make non-yield-bearing assets less appealing. At the present time, lenders are demanding a higher return for buying US government debt. Among the biggest holders of US debt is China. Given the geopolitical uncertainties and tension, that relationship may not end well.

The price of bonds, which move inversely to yields, are going down because there are fewer buyers when inflation is high, cutting into fixed-income asset returns.

Now consider the economics of Bitcoin Minetrix. While Bitcoin has no yield-bearing property, Bitcoin Minetrix does.

However, in addition to token stakers earning a yield paid out of the tokens allocated for community rewards, they also earn credits that are then invested in cloud mining bitcoin.

https://twitter.com/bitcoinminetrix/status/1706639837304881263

Bitcoin Minetrix is in essence reinvesting dividends, the most powerful mechanism for wealth creation in finance.

Against the backdrop of rising yields, stocks, and in particular higher-risk growth stocks, become a riskier proposition, which is why the smart money looks for opportunities to lock in income streams.

Still, you don’t just want any old bond – Treasury Inflation Protected Securities (TIPS) are the ones to hold because they are index-linked.

But you could go one better and hold BTCMTX token and get an income stream plus capital appreciation and a built-in mechanism that reinvests your dividends.

Bitcoin Minetrix tokens do not have the indexation of TIPS, but arguably, they achieve pretty much the same thing via staking and cloud mining.

And if you just want a safe way to get into Bitcoin mining and all the rest is just cherry on the cake, then Bitcoin Minetrix really is the standout solution. Crypto analyst Michael Wrubel told his 300k YouTube subscribers pretty much exactly that in his latest video.

https://youtu.be/Cr48YdiTmUA

How to buy Bitcoin Minetrix ($BTCMTX)

Stake-to-mine innovator Bitcoin Minetrix is in phase 1 of its four-part roadmap. After the presale phase, the other three phases commence, encompassing development, launch, and mass adoption.

Although not scheduled until phase 2 and 3, talks with cloud providers and work on the stake-to-mine dashboard for app and desktop has already started.

To buy the $BTCMTX token you will need ETH, USDT, BNB or a bank card. If you plan to purchase with ETH you can start staking-to-earn straightaway.

Buy Bitcoin Minetrix today

Notes for editors

Website: https://bitcoinminetrix.com

Social Channels: Twitter | Discord | Telegram Community 

Presale stages:

Presale Stage

Token Price

Percentage

Amount of Tokens

USD Value

Phase 1

$0.01100000

10 %

280,000,000

$3,080,000

Phase 2

$0.01110000

10 %

280,000,000

$3,108,000

Phase 3

$0.01120000

10 %

280,000,000

$3,136,000

Phase 4

$0.01130000

10 %

280,000,000

$3,164,000

Phase 5

$0.01140000

10 %

280,000,000

$3,192,000

Phase 6

$0.01150000

10 %

280,000,000

$3,220,000

Phase 7

$0.01160000

10 %

280,000,000

$3,248,000

Phase 8

$0.01170000

10 %

280,000,000

$3,276,000

Phase 9

$0.01180000

10 %

280,000,000

$3,304,000

Phase 10

$0.01190000

10 %

280,000,000

$3,332,000

 

  • Soft Cap – $15.6M – 1,400,000,000 Tokens
  • Hard Cap – $32M
  • Ethereum
  • ERC-20
  • $BTCMTX
  • Starting Price – $0.011
  • Presale Starting Date – 26/09/2023
  • Minimum Buy – $10

Photo: https://mma.prnewswire.com/media/2235370/Bitcoin_Minetrix.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/bitcoin-price-climbs-3-on-us-shutdown-and-yields-gloom-but-bitcoin-minetrix-raises-200-000-and-is-the-real-winner-301943232.html

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Continue Reading

Fintech PR

Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications

Published

1 day ago

on

September 29, 2023

By

CISION (PR Newswire)
webb-unveils-tangle-network-testnet,-pioneering-the-future-of-private,-decentralized-applications

NEW YORK, Sept. 29, 2023 /PRNewswire/ — Today, Webb announced the launch of its much-anticipated Tangle Network Testnet, setting the stage for a new era of private and decentralized applications.

About Webb

Led by founder Drew Stone, Webb is the premier cross-chain zero-knowledge messaging layer, committed to revolutionizing blockchain privacy. Backed by industry giants like Polychain, Lemniscap, and Commonwealth Labs, Webb introduces a suite of tools aimed at advancing zero-knowledge (ZK) and multi-party computation (MPC) applications across multiple blockchains.

The Challenge and Our Solution

Blockchain networks today face significant hurdles: limited interoperability, scaling difficulties, centralized control, and privacy concerns. Webb’s Tangle Network, built on the powerful Substrate framework, is designed to tackle these challenges by offering a next-generation blockchain platform.

Why Tangle Network?

Our vision is to make it easier for developers to create secure, private zero-knowledge (ZK) and multi-party computation (MPC)-based decentralized applications. Tangle Network simplifies:

  • Proof Generation: Delegate computational tasks to our validators.
  • Trusted Setups: Tangle Network manages complex ceremonies for you.
  • Secure Signing: Utilize our threshold signing for cross-chain operations.

By removing these barriers, we massively improve the time to launch for ZK and MPC-based decentralized applications.

Noteworthy Features

  • Unparalleled speed, security, and scalability via Substrate.
  • Decentralized control through Distributed Key Generation (DKG).
  • Advanced protocols for zero-knowledge applications.
  • Cross-chain compatibility with IBC and XCM.
  • Easy migration of existing apps through Ethereum Virtual Machine (EVM) support.
  • Smooth, forkless upgrades.

What’s Next?

The Testnet launch kicks off with an in-depth whitepaper, followed by a series of engagement events during the testnet phase. Our mainnet is scheduled for a Q1/Q2 2024 launch, featuring hackathons, workshops, and a targeted grant program to accelerate the adoption of privacy-focused applications.

Testnet Quick Links

  • Whitepaper: Read here.
  • Get Started: PolkadotApps for Tangle Network
  • Documentation: docs.webb.tools

Get Involved

  • Developers: Start building on Tangle today. Learn More
  • Validators and Relayers: Help secure and maintain the network. Learn More
  • Join the Community: Follow us on Twitter or join our Discord.

Contact Us
For media inquiries, partnerships, or more information, email us at [email protected] 

Visit our website

View original content:https://www.prnewswire.co.uk/news-releases/webb-unveils-tangle-network-testnet-pioneering-the-future-of-private-decentralized-applications-301940846.html

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Continue Reading

Fintech PR

AMD Unveils Purpose-Built, FPGA-Based Accelerator for Ultra-Low Latency Electronic Trading

Published

1 day ago

on

September 29, 2023

By

CISION (PR Newswire)
amd-unveils-purpose-built,-fpga-based-accelerator-for-ultra-low-latency-electronic-trading

— New AMD Alveo fintech accelerator card provides trading firms and brokerages with breakthrough trade execution performance at nanosecond speed and AI-enabled trading strategies —

— Solution partners Alpha Data, Exegy and Hypertec add to growing ecosystem of ultra-low latency solutions for fintech market —

LONDON, Sept. 29, 2023 /PRNewswire/ — AMD (NASDAQ: AMD) today announced the AMD Alveo™ UL3524 accelerator card, a new fintech accelerator designed for ultra-low latency electronic trading applications. Already deployed by leading trading firms and enabling multiple solution partner offerings, the Alveo UL3524 provides proprietary traders, market makers, hedge funds, brokerages, and exchanges with a state-of-the-art FPGA platform for electronic trading at nanosecond (ns) speed.

The Alveo UL3524 delivers a 7X latency improvement over prior generation FPGA technology1, achieving less than 3ns FPGA transceiver latency2 for accelerated trade execution. Powered by a custom 16nm Virtex™ UltraScale™+ FPGA, it features a novel transceiver architecture with hardened, optimized network connectivity cores to achieve breakthrough performance. By combining hardware flexibility with ultra-low latency networking on a production platform, the Alveo UL3524 enables faster design closure and deployment compared to traditional FPGA alternatives.

“In ultra-low latency trading, a nanosecond can determine the difference between a profitable or losing trade,” said Hamid Salehi, director of product marketing at AMD. “The Alveo UL3524 accelerator card is powered by the lowest latency FPGA transceiver from AMD—purpose-built to give our fintech customers an unprecedented competitive advantage in financial markets.”  

Hardware Flexibility and AI-Enabled Trading Strategies

Featuring 64 ultra-low latency transceivers, 780K LUTs of FPGA fabric, and 1,680 DSP slices of compute, the Alveo UL3254 is built to accelerate custom trading algorithms in hardware, where traders can tailor their design to evolving strategies and market conditions. Supported by traditional FPGA flows using Vivado™ Design Suite, the product comes with a suite of reference designs and performance benchmarks that allow FPGA designers to quickly explore key metrics and develop custom trading strategies to specification, backed by global support from AMD domain experts.

To simplify the increasing adoption of AI in the algorithmic trading market, AMD is providing developers with the open-sourced and community-supported FINN development framework. By using PyTorch and neural network quantization techniques, the FINN project enables developers to reduce the size of the AI models while retaining accuracy, compiling to hardware IP, and integrating the network model into the algorithm’s datapath for low latency performance. As an open-source initiative, the solution gives developers flexibility and accessibility to the latest advancements as the projects evolve.

Enabling a Growing Ecosystem of Ultra-Low Latency Fintech Solutions

The Alveo UL3524 and purpose-built FPGA technology are enabling strategic partners to build custom solutions and infrastructure for the fintech market. Currently available partner solutions include offerings from Alpha Data, Exegy, and Hypertec.

The AMD Virtex™ UltraScale+ VU2P FPGA powering the Alveo UL3524 accelerator card is enabling ultra-low latency appliances from Alpha Data.

“The new Virtex UltraScale+ FPGA from AMD brings a step change to ultra-low latency trading and networking,” said David Miller, managing director of Alpha Data. “We’ve developed the ADA-R9100 rack-mount appliance which allows customers to easily access the full potential of the new AMD FPGA device.”

Exegy, a provider of end-to-end, front-office trading solutions, is supporting the Alveo UL3524 card with its nxFramework, a software and hardware development environment tailored for creating and maintaining ultra-low latency FPGA applications within the financial industry.   

“By combining the pioneering ultra-low latency FPGA technology from AMD with Exegy’s expertise in capital markets, we’re able to deliver a comprehensive solution that addresses the ever-increasing optimization needed to build the trading infrastructure of tomorrow,” said Olivier Cousin, director of FPGA solutions at Exegy.

Hypertec has optimized its ORION HF X410R-G6 High Frequency Server for the Alveo UL3524 with a custom cooling system to deploy in a 1U server form factor.   

“The engineers at Hypertec specifically designed the HF X410R-G6 to extract the best out of the capabilities and speed of the Alveo UL3524 platform, catering our solution to the most demanding low-latency tasks,” said David Lim, director of product marketing, Hypertec.

The AMD Alveo UL3524 accelerator card is currently in production and shipping to global financial services customers.

Supporting Resources

  • Learn more about the Alveo UL3524 accelerator card
  • Become a fan of AMD on Facebook
  • Follow AMD on Twitter

About AMD

For more than 50 years AMD has driven innovation in high-performance computing, graphics, and visualization technologies. Billions of people, leading Fortune 500 businesses, and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work, and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn, and Twitter pages.

AMD, the AMD Arrow logo, Alveo, Virtex, Vivado and combinations thereof are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

1 Testing conducted by AMD Performance Labs as of 8/16/23 on the Alveo UL3524 accelerator card, using Vivado™ Design Suite 2023.1 and running on Vivado Lab (Hardware Manager) 2023.1. Based on the GTF Latency Benchmark Design configured to enable GTF transceivers in internal near-end loopback mode. GTF TX and RX clocks operate at same frequency of ~644MHz with a 180 degrees phase shift. GTF Latency Benchmark Design measures latency in hardware by latching value of a single free running counter. Latency is measured as the difference between when TX data is latched at the GTF transceiver and when TX data is latched at the GTF receiver prior to routing back into the FPGA fabric. Latency measurement does not include protocol overhead, protocol framing, programmable logic (PL) latency, TX PL interface setup time, RX PL interface clock-to-out, package flight time, and other sources of latency. Benchmark test was run 1,000 times with 250 frames per test. Cited measurement result is based on GTF transceiver “RAW Mode”, where PCS (physical medium attachment) of the transceiver passes data ‘as-is’ to FPGA fabric. Latency measurement is consistent across all test runs for this configuration. System manufacturers may vary configurations, yielding different results. ALV-10

2 Based on simulation comparison between Virtex UltraScale+ GTY transceivers and ultra-low latency GTF transceivers.

View original content:https://www.prnewswire.co.uk/news-releases/amd-unveils-purpose-built-fpga-based-accelerator-for-ultra-low-latency-electronic-trading-301943169.html

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Continue Reading
Advertisement

Latest news

  • Bitcoin Price Climbs 3% on US Shutdown and Yields Gloom, But Bitcoin Minetrix Raises $200,000 and Is the Real Winner
  • Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
  • AMD Unveils Purpose-Built, FPGA-Based Accelerator for Ultra-Low Latency Electronic Trading
  • AIIB, Türkiye Sign EUR150 Million Loan Agreement as Additional Funding for Istanbul Seismic Mitigation and Emergency Preparedness
  • L’Oréal groupe OFFICIALLY OPENS NEW UK HEADQUARTERS IN WHITE CITY
  • Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
  • Swoop and Sage Unveil Global Partnership to Revolutionise Business Funding and Cost-Savings Solutions
  • Swoop and Sage Unveil Global Partnership to Revolutionize Business Funding and Cost-Savings Solutions
  • BGC Group Updates its Outlook for the Third Quarter of 2023
  • Halifax Agrees to Acquire the Worldwide Home Care Division of Sodexo
  • 2023 World Design Cites Conference Opens in Shanghai
  • Embracing common values of whole mankind: China’s commitment to brighter future
  • CRAYFISH BIDCO OY EXTENDS OFFER PERIOD UNDER ITS TENDER OFFER FOR CAVERION CORPORATION UNTIL 1 NOVEMBER 2023; EXPECTS TO OBTAIN REMAINING MERGER CONTROL CLEARANCE IN FINLAND IN OCTOBER
  • Tetragon Financial Group Limited August 2023 Monthly Factsheet
  • ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets

Trending

  • Fintech PR2 weeks ago

    2023 Asian Green and Low-Carbon Development Roundtable successfully held

  • aon-joins-international-emissions-trading-association-as-first-member-with-risk-capital-capabilities aon-joins-international-emissions-trading-association-as-first-member-with-risk-capital-capabilities
    Fintech PR2 weeks ago

    Aon Joins International Emissions Trading Association as First Member with Risk Capital Capabilities

  • wearable-devices-and-iot-revolutionize-healthcare-monitoring-and-weight-management wearable-devices-and-iot-revolutionize-healthcare-monitoring-and-weight-management
    Fintech PR2 weeks ago

    Wearable Devices and IoT Revolutionize Healthcare Monitoring and Weight Management

  • myeg-partners-china’s-beitou-it-innovation-to-showcase-digital-identity-credentials-service-on-the-zetrix-blockchain myeg-partners-china’s-beitou-it-innovation-to-showcase-digital-identity-credentials-service-on-the-zetrix-blockchain
    Fintech PR2 weeks ago

    MYEG PARTNERS CHINA’S BEITOU IT INNOVATION TO SHOWCASE DIGITAL IDENTITY CREDENTIALS SERVICE ON THE ZETRIX BLOCKCHAIN

  • tom-fitzpatrick-joins-rj.-o’brien-as-managing-director,-global-markets-insights tom-fitzpatrick-joins-rj.-o’brien-as-managing-director,-global-markets-insights
    Fintech PR2 weeks ago

    Tom Fitzpatrick Joins R.J. O’Brien as Managing Director, Global Markets Insights

  • max-exchange-and-bitget-announce-strategic-partnership,-marking-max-token’s-debut-on-an-international-exchange max-exchange-and-bitget-announce-strategic-partnership,-marking-max-token’s-debut-on-an-international-exchange
    Fintech PR2 weeks ago

    MAX Exchange and Bitget announce strategic partnership, marking MAX Token’s debut on an international exchange

  • stockings-shift-toward-subscriptions-this-holiday-season-for-uk-shoppers,-according-to-recurly-research stockings-shift-toward-subscriptions-this-holiday-season-for-uk-shoppers,-according-to-recurly-research
    Fintech PR2 weeks ago

    Stockings shift toward subscriptions this holiday season for UK shoppers, according to Recurly research

  • ronesans-secures-prodigious-ranking-in-enr-list:-9th-european-largest-international-contracting-company,-and-38th-worldwide ronesans-secures-prodigious-ranking-in-enr-list:-9th-european-largest-international-contracting-company,-and-38th-worldwide
    Fintech PR2 weeks ago

    Rönesans secures prodigious ranking in ENR list: 9th European largest international contracting company, and 38th worldwide

The Fintech Buzz
  • Advertise
  • PR Distribution
  • Privacy Policy
  • Terms Of Service
  • Contact Us

TheFintechBuzz: Your premier source for the latest trends, insights, and innovations in the world of financial technology. Navigating the fintech landscape? Stay informed with TheFintechBuzz.

Contact us: [email protected]

Editorial / PR Submissions

Copyright © 2007 - 2023 Hipther Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

Go to mobile version