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Interoperability layer Union Labs raises $4M to revolutionize cross-chain infrastructure

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The seed funding round was led by prominent industry VCs, Galileo, Semantic Ventures, Tioga Capital, and Nascent

DOVER, Del., Nov. 16, 2023 /PRNewswire/ — Union Labs, the team creating a hyper-efficient, zero-knowledge interoperability layer, has successfully raised $4 million in seed funding to build the first fully trustless bridge that connects appchains, layer 1, and layer 2 networks. Capital secured is also earmarked for the expansion of Union’s seasoned team, comprised of leaders from Composable Finance; Consensys; Tokensoft; and Polygon; in anticipation of its upcoming mainnet launch. Other notable investors in the round include Lightshift and Chorus One.

Karel Kubat, Founder of Union Labs, commented: “This support signifies trust in Union and the team, while also showing strong support from the industry for projects focussed on sovereignty and decentralization: the keys to an equitable digital economy. The most prominent hacks are bridge hacks, yet bridges remain critical infrastructure for almost all projects, showing the need for better, more resilient products. It is our responsibility to innovate new ways to protect these assets and further the adoption of ZK technologies to realize a secure and interoperable, cross-chain future.”

With over $1.6 billion stolen in bridge hacks in 2022, the need for a razor-sharp bridging stack to secure the Web3 space is critical in future-proofing the industry. Developed to be the first fully trustless and censorship-resistant powerhouse enabling horizontal scalability, Union’s infrastructure layer addresses the growing need for efficient and secure data transfer and interaction between various blockchains. Its unique consensus engine allows the transfer of any asset natively to any chain and prioritizes efficiency, security, scalability, and interoperability, without relying on third parties, oracles, multi-signatures, or MPC (Multi-Party Computation). Unlike other contemporary bridging solutions, Union does not grant relayers a special authority. This way, private keys are not a target for hackers, as they cannot take control of the protocol. Instead, messages are verified using zero-knowledge proofs.

David Feiock, Founder at Galileo, commented: “Secure, reliable, cost-efficient communication between networks and dApps, facilitated by ZK infrastructure, ultimately means more use cases and more users. The advent of Union represents a watershed moment for the entire crypto industry: trust-minimized interoperability between Ethereum and IBC-connected blockchains. As a core contributor to the multichain movement, Union will unlock new, unforeseen opportunities for all Web3 users.” 

Union’s ZK bridges architecture includes two key components that allow the project to enable IBC on Ethereum; CometBLS, the prover mechanism, and Galois, providing consensus verification. CometBLS, developed by Union Labs, is an augmentation of Tendermint—a core contributor to the Cosmos network—that reduces both state growth and light client verification costs. It will replace current systems which are unequipped to adequately scale with the required amount of validators in space-restricted chains such as Ethereum. Galois focuses on consensus verification, emphasizing fast execution, low operational costs, and decentralized infrastructure.

Dan Elitzer, Co-Founder at Nascent, concluded: “During a period where many projects are making small iterations on existing protocols, Union Labs is building genuinely new infrastructure that enables improvements to UX and security that will be necessary for the next phase of crypto adoption.”

This investment will also support Union’s commitment to providing a user-friendly experience through its high-level API, ensuring developers from various ecosystems can easily integrate and utilize its technology. Collectively, these objectives serve as a solid springboard in helping Union Labs achieve its ultimate mission: trustless financial infrastructure.

To learn more about Union Labs, visit union.build.

About Union Labs:

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Union is the interoperability layer built for the next century. Union’s trustless bridge uses zero-knowledge proofs to connect any appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Union is building ZK solutions that remedy the cost and security issues plaguing the industry to unlock a horizontally-scaled future, where thousands of chains can permissionlessly connect, communicate, and prosper.

 

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BTY Welcomes Jack McInerney to Ownership Group

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DUBLIN, Oct. 9, 2024 /PRNewswire/ — BTY is proud to announce that Jack McInerney, Managing Director responsible for Infrastructure Advisory globally and BTY’s Europe expansion, has joined the firm’s ownership group. This recognition highlights his exceptional leadership in driving BTY’s growth across North America and Europe over the past decade.

Under McInerney’s leadership, BTY has continued to evolve as one of the top-ranked advisory firms, delivering an extensive portfolio of over $100 billion in project investments across more than 200 deals in various sectors, including social infrastructure, renewables and clean energy, transportation, aviation, mobility, environment, and data and digital connectivity.

“Our success is rooted in fostering high-performing, integrated teams built on empowered and growth-oriented succession and mentorship,” said Jack McInerney. “We ensure clients benefit from the depth and breadth of BTY’s industry relationships, and the wealth of expertise across project, finance, and construction disciplines that we consistently deliver.”

McInerney has been instrumental in opening new sectors for BTY, establishing the firm’s reputation as a trusted advisor on complex, first-of-their-kind projects. These include landmark deals such as the Ontario Line RSSOM and Southern Civil Stations and Tunnel projects in Canada, LaGuardia Airport Terminal B and the I-4 Ultimate in the U.S., and the Higher Education Bundle 1 and Project Opus in Europe—one of the region’s largest transactions, involving the Dublin Convention Centre, and major telecom and healthcare assets across Ireland.

Toby Mallinder, BTY’s Managing Director, recognized McInerney’s accomplishments saying, “Jack exemplifies how we cultivate talent and maximize the value our approach delivers to clients in capital markets and asset management. His efforts have significantly propelled BTY’s growth by assembling a top-tier team with a unique, client-focused approach that spans every sector and delivery model in the global infrastructure landscape.”

Having joined BTY in 2011 and originally based in Vancouver, McInerney was appointed to spearhead the firm’s entry into linear infrastructure, with a particular focus on transportation assets and transit systems. McInerney and the team used this approach to rapidly expand BTY’s infrastructure client base across North America, and more recently, in Europe, where Dublin has become the firm’s launchpad for expansion in the region.

“This is an exciting new chapter for BTY,” added McInerney. “We look forward to sharing our new strategic direction with clients and industry partners, particularly our rapidly growing capabilities in the U.S., as well as renewables and energy, decarbonization, connectivity, operational services, and more.”

About BTY
BTY is an award-winning professional consultancy offering complete project solutions in real estate and infrastructure asset planning, development, operations, and transactions. Founded in Western Canada in 1978, the firm now has offices across Canada, the United States, Ireland, the United Kingdom, and Turkey, with a diverse global portfolio. BTY’s core services encompass Cost Management, Project Monitoring & Lender Services, Infrastructure Advisory, and Project Management. To learn more, visit BTY.COM.

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Miami International Holdings Participates in the 2024 Ring the Bell for Financial Literacy Initiative during World Investor Week

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PRINCETON, N.J., Oct. 9, 2024 /PRNewswire/ — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today ceremoniously rang the opening bell at its Princeton, N.J. headquarters in honor of the World Federation of Exchanges’ (WFE) Ring the Bell for Financial Literacy initiative.

“The importance of financial literacy to support an equitable future for all global investors cannot be overstated and we are pleased to once again participate in this year’s Ring the Bell for Financial Literacy initiative,” said Thomas P. Gallagher, Chairman and CEO of MIH. “MIH enthusiastically supports educational initiatives that help pave the way for future investors and we actively partner with schools in our community to empower students with knowledge to help maximize their future financial success.”

The Ring the Bell for Financial Literacy ceremony supports the International Organization of Securities Commissions’ (IOSCO) World Investor Week (WIW) 2024, a global campaign to raise awareness about the importance of investor education and protection. This marks the fifth consecutive year that IOSCO and the WFE are working in partnership on the Ring the Bell for Financial Literacy initiative. 

Mr. Gallagher added, “In furthering our financial literacy efforts, MIH proudly sponsors the John Lothian News Futures Discovery video series that provides a unique, peer-led learning experience for young investors to learn about futures markets from students at Roosevelt University in Chicago.” 

Additional details and information on the IOSCO WIW 2024 campaign is available at https://www.worldinvestorweek.org. Information on the WFE’s Ring the Bell for Financial Literacy 2024 campaign is available at https://www.world-exchanges.org/ring-bell-financial-literacy-2024.

About MIAX
MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire LLC (MIAX SapphireTM), MIAX Futures Exchange, LLC (MIAX FuturesTM), LedgerX LLC d/b/a MIAX Derivatives Exchange (MIAXdxTM), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. MIAX also serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).

MIAX Futures is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures. MIAX Futures is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.

MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF) with the CFTC.

BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

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Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.

MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MIAX Futures offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.

To learn more about MIAX visit www.miaxglobal.com.

To learn more about MIAX Futures visit www.miaxglobal.com/miax-futures.

To learn more about MIAXdx visit www.miaxdx.com.

To learn more about BSX visit www.bsx.com.

To learn more about Dorman Trading visit www.dormantrading.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Media Contact:
Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091
[email protected]

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Newmark Group’s Third Quarter 2024 Financial Results Announcement to be Issued Prior to Market Open on Tuesday, November 5, 2024

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Conference call scheduled for the same day at 10:00 a.m. ET

NEW YORK, Oct. 9, 2024  /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today announced the details of its third quarter 2024 financial results press release and conference call. The Company plans to issue an advisory press release regarding the availability of its consolidated quarterly financial results at 8:00 a.m. ET on Tuesday, November 5, 2024. Newmark’s advisory release will notify the public that a full-text financial results press release will be accessible at the following pages:

http://ir.nmrk.com (PDF version of the full press release, PDF of a quarterly results investor presentation, link to the webcast, and supplemental Excel financial tables)

https://www.nmrk.com/media (PDF version of the full press release only)

Newmark will host a conference call on Tuesday, November 5, 2024, at 10:00 a.m. ET to discuss its results.

WHO:                  Newmark Group, Inc. (Nasdaq: NMRK)
WHAT:                Third Quarter 2024 financial results conference call
WHEN:                Tuesday, November 5, 2024, at 10:00 a.m. ET
WHERE:              https://event.webcasts.com/starthere.jsp?ei=1692463&tp_key=fa28476e56

For those who are unable to join the webcast, the Company expects to post dial-in information before the day of the call on the event’s page at http://ir.nmrk.com

Webcast Replay

Expected Available From – To:

                   11/05/2024 at 1:00 p.m. ET – 11/05/2025 at 11:59 p.m. ET

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Replay Link:

https://event.webcasts.com/starthere.jsp?ei=1692463&tp_key=fa28476e56

Note: If clicking the above links does not open a new webpage, you may need to cut and paste the URLs into your browser’s address bar.

ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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