Fintech PR
JCET Q2 2024 Net Profit Attributable to the Parent Increased by 258% Quarter-on-Quarter, Hitting a Record High for Revenue
Q2 2024 Financial Highlights:
- Revenue was RMB 8.64 billion, an increase of 36.9% year-on-year and 26.3% quarter-on-quarter. A record high Q2 in the company’s history.
- Generated RMB 1.65 billion cash from operations. With net capex investments of RMB 0.93 billion, free cash flow for the quarter was RMB 0.72 billion.
- Net profit attributable to owners of the parent was RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter.
- Earnings per share was RMB 0.27, as compared to RMB 0.22 in Q2 2023.
1H 2024 Financial Highlights:
- Revenue was RMB 15.49 billion, an increase of 27.2% year-on-year.
- Generated RMB 3.03 billion cash from operations. With net capex investments of RMB 1.87 billion, free cash flow for the first half of 2024 was RMB 1.16 billion.
- Net profit attributable to owners of the parent was RMB 0.62 billion, an increase of 25.0% year-on-year.
- Earnings per share was RMB 0.35, as compared to RMB 0.28 in 1H 2023.
SHANGHAI, Aug. 23, 2024 /PRNewswire/ — Today, JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, announced its financial results for the first half year of 2024. The financial report shows that in the first half of 2024, JCET achieved revenue of RMB 15.49 billion, and net profit attributable to owners of the parent of RMB 0.62 billion, both increased over 25%. In Q2 2024 JCET achieved revenue of RMB 8.64 billion, an increase of 36.9% year-on-year, a record high Q2 in the company’s history, and net profit attributable to owners of the parent of RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter, generating RMB 1.65 billion cash from operations.
During the reporting period, the company’s capacity utilization has significantly increased, with enlarged investment to expand production capacity of core production lines. In the first half of the year, the revenue of communications, computing, and consumer electronics businesses increased respectively by 48%, 23%, and 33% year-on-year. The company is consistently strengthening the research and development in advanced packaging technologies, with R&D investment of RMB 0.82 billion in 1H 2024, a year-on-year increase of 22.4%.
JCET is also actively promoting strategic projects to enhance its smart manufacturing. After two years construction, the new advanced packaging factory “JCET Microelectronics Wafer-level Microsystems Integration High-end Manufacturing Base” with an area of over 130,000 square meters is progressing with equipment mobilization. The new automotive chip back-end manufacturing base has completed building the factory structure. The acquisition of a high-density memory chip packaging factory has obtained necessary approvals, and the project is progressing towards completion.
Mr. Li Zheng, CEO of JCET, said, “JCET actively promotes innovative applications of advanced packaging technologies and continues to expand its production capacity in China, Singapore and South Korea, with steady growth in performance in the first half of 2024. The company will continue to increase investment in R&D and strategic projects, strengthen innovation cooperation in the industrial chain and sustainable development, and create higher value for shareholders, customers, employees and society.”
For more information, please refer to the JCET 1H FY2024 Report.
About JCET Group
JCET Group is the world’s leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.
Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive, and industrial, through advanced wafer-level packaging, 2.5D/3D, System-in-Package, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, eight manufacturing locations in China, Korea, and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to our global customers.
CONSOLIDATED BALANCE SHEET (Unaudited) |
RMB in millions |
||||||||
Jun 30, 2024 |
Dec 31, 2023 |
||||||||
ASSETS |
|||||||||
Current assets |
|||||||||
Currency funds |
10,621 |
7,325 |
|||||||
Trading financial assets |
1,605 |
2,306 |
|||||||
Derivative financial assets |
0 |
4 |
|||||||
Accounts receivable |
4,066 |
4,185 |
|||||||
Receivables financing |
71 |
38 |
|||||||
Prepayments |
132 |
104 |
|||||||
Other receivables |
115 |
87 |
|||||||
Inventories |
3,408 |
3,195 |
|||||||
Other current assets |
393 |
375 |
|||||||
Total current assets |
20,411 |
17,619 |
|||||||
Non-current assets |
|||||||||
Long-term receivables |
31 |
33 |
|||||||
Long-term equity investments |
666 |
695 |
|||||||
Other equity investments |
434 |
447 |
|||||||
Investment properties |
84 |
86 |
|||||||
Fixed assets |
18,408 |
18,744 |
|||||||
Construction in progress |
2,039 |
1,053 |
|||||||
Right-of-use assets |
519 |
563 |
|||||||
Intangible assets |
659 |
662 |
|||||||
Goodwill |
2,262 |
2,248 |
|||||||
Long-term prepaid expenses |
13 |
17 |
|||||||
Deferred tax assets |
377 |
364 |
|||||||
Other non-current assets |
66 |
48 |
|||||||
Total non-current assets |
25,558 |
24,960 |
|||||||
Total assets |
45,969 |
42,579 |
|||||||
LIABILITIES AND EQUITY |
Jun 30, 2024 |
Dec 31, 2023 |
|||||||
Current liabilities |
|||||||||
Short-term borrowings |
467 |
1,696 |
|||||||
Derivative financial liabilities |
2 |
0 |
|||||||
Notes payable |
300 |
223 |
|||||||
Accounts payable |
5,773 |
4,782 |
|||||||
Contract liabilities |
260 |
185 |
|||||||
Employee benefits payable |
732 |
781 |
|||||||
Taxes and surcharges payable |
116 |
167 |
|||||||
Other payables |
368 |
354 |
|||||||
Current portion of long-term liabilities |
1,806 |
1,491 |
|||||||
Other current liabilities |
2 |
3 |
|||||||
Total current liabilities |
9,826 |
9,682 |
|||||||
Non-current liabilities |
|||||||||
Long-term borrowings |
7,749 |
5,777 |
|||||||
Lease liabilities |
480 |
530 |
|||||||
Long-term payables |
3 |
0 |
|||||||
Long-term employee benefits payable |
14 |
14 |
|||||||
Deferred income |
438 |
384 |
|||||||
Other non-current liabilities |
38 |
41 |
|||||||
Total non-current liabilities |
8,722 |
6,746 |
|||||||
Total liabilities |
18,548 |
16,428 |
|||||||
Equity |
|||||||||
Paid-in capital |
1,789 |
1,789 |
|||||||
Capital reserves |
15,228 |
15,237 |
|||||||
Accumulated other comprehensive income |
591 |
543 |
|||||||
Specialized reserves |
1 |
0 |
|||||||
Surplus reserves |
257 |
257 |
|||||||
Unappropriated profit |
8,680 |
8,239 |
|||||||
Total equity attributable to owners of the parent |
26,546 |
26,065 |
|||||||
Minority shareholders |
875 |
86 |
|||||||
Total equity |
27,421 |
26,151 |
|||||||
Total liabilities and equity |
45,969 |
42,579 |
|||||||
CONSOLIDATED INCOME STATEMENT (Unaudited) |
RMB in millions, except share data |
||||||||
Three months ended |
Six months ended |
||||||||
Jun 30, 2024 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||
Revenue |
8,645 |
6,313 |
15,487 |
12,173 |
|||||
Less: Cost of sales |
7,410 |
5,359 |
13,417 |
10,525 |
|||||
Taxes and surcharges |
22 |
27 |
35 |
47 |
|||||
Selling expenses |
64 |
51 |
118 |
100 |
|||||
Administrative expenses |
209 |
175 |
433 |
347 |
|||||
Research and development expenses |
438 |
360 |
819 |
669 |
|||||
Finance expenses |
(19) |
(7) |
(11) |
51 |
|||||
Including: Interest expenses |
99 |
68 |
192 |
131 |
|||||
Interest income |
80 |
27 |
141 |
35 |
|||||
Add: Other income |
47 |
40 |
86 |
73 |
|||||
Investment income / (loss) |
(4) |
(24) |
(14) |
(21) |
|||||
Including: Income / (loss) from investments in associates and joint ventures |
(12) |
(10) |
(29) |
(21) |
|||||
Gain / (loss) on changes in fair value of financial assets/liabilities |
0 |
37 |
(5) |
46 |
|||||
Credit impairment (loss is expressed by “-“) |
(14) |
(6) |
(7) |
(1) |
|||||
Asset impairment (loss is expressed by “-“) |
(20) |
(5) |
(38) |
0 |
|||||
Gain / (loss) on disposal of assets |
2 |
13 |
5 |
16 |
|||||
Operating profit / (loss) |
532 |
403 |
703 |
547 |
|||||
Add: Non-operating income |
0 |
2 |
1 |
3 |
|||||
Less: Non-operating expenses |
2 |
0 |
2 |
4 |
|||||
Profit / (loss) before income taxes |
530 |
405 |
702 |
546 |
|||||
Less: Income tax expenses |
47 |
19 |
85 |
50 |
|||||
Net profit / (loss) |
483 |
386 |
617 |
496 |
|||||
Classified by continuity of operations |
|||||||||
Profit / (loss) from continuing operations |
483 |
386 |
617 |
496 |
|||||
Classified by ownership |
|||||||||
Net profit / (loss) attributable to owners of the parent |
484 |
386 |
619 |
496 |
|||||
Net profit / (loss) attributable to minority shareholders |
(1) |
0 |
(2) |
0 |
|||||
Add: Unappropriated profit at beginning of period |
8,374 |
7,264 |
8,239 |
7,154 |
|||||
Less: Cash dividends declared |
178 |
358 |
178 |
358 |
|||||
Unappropriated profit at end of period (attributable to owners of the parent) |
8,680 |
7,292 |
8,680 |
7,292 |
|||||
Other comprehensive income, net of tax |
36 |
481 |
48 |
350 |
|||||
Comprehensive income attributable to owners of the parent |
36 |
481 |
48 |
350 |
|||||
Comprehensive income not be reclassified to profit or loss |
(8) |
6 |
(13) |
17 |
|||||
Remeasurement gains or losses of a defined benefit plan |
0 |
0 |
0 |
1 |
|||||
Change in the fair value of other equity investments |
(8) |
6 |
(13) |
16 |
|||||
Comprehensive income to be reclassified to profit or loss |
44 |
475 |
61 |
333 |
|||||
Exchange differences of foreign currency financial statements |
44 |
475 |
61 |
333 |
|||||
Total comprehensive income |
519 |
867 |
665 |
846 |
|||||
Including: |
|||||||||
Total comprehensive income attributable to owners of the parent |
520 |
867 |
667 |
846 |
|||||
Total comprehensive income attributable to minority shareholders |
(1) |
0 |
(2) |
0 |
|||||
Earnings per share |
|||||||||
Basic earnings per share |
0.27 |
0.22 |
0.35 |
0.28 |
|||||
Diluted earnings per share |
0.27 |
0.22 |
0.35 |
0.28 |
|||||
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) |
RMB in millions |
||||||||
Three months ended |
Six months ended |
||||||||
Jun 30, 2024 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||
Cash receipts from the sale of goods and the rendering of services |
8,784 |
6,178 |
16,590 |
13,162 |
|||||
Receipts of taxes and surcharges refunds |
81 |
122 |
198 |
216 |
|||||
Other cash receipts relating to operating activities |
181 |
110 |
283 |
163 |
|||||
Total cash inflows from operating activities |
9,046 |
6,410 |
17,071 |
13,541 |
|||||
Cash payments for goods and services |
6,078 |
4,069 |
11,254 |
8,454 |
|||||
Cash payments to and on behalf of employees |
1,056 |
878 |
2,248 |
2,072 |
|||||
Payments of all types of taxes and surcharges |
197 |
254 |
289 |
466 |
|||||
Other cash payments relating to operating activities |
61 |
22 |
253 |
128 |
|||||
Total cash outflows from operating activities |
7,392 |
5,223 |
14,044 |
11,120 |
|||||
Net cash flows from operating activities |
1,654 |
1,187 |
3,027 |
2,421 |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||
Cash receipts from returns of investments |
4,800 |
4,350 |
9,050 |
8,280 |
|||||
Cash receipts from investment income |
2 |
38 |
15 |
52 |
|||||
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets |
2 |
7 |
5 |
32 |
|||||
Total cash inflows from investing activities |
4,804 |
4,395 |
9,070 |
8,364 |
|||||
Cash payments to acquire fixed assets, intangible assets and other long-term assets |
937 |
749 |
1,870 |
1,588 |
|||||
Cash payments for investments |
4,650 |
3,200 |
8,350 |
5,980 |
|||||
Total cash outflows from investing activities |
5,587 |
3,949 |
10,220 |
7,568 |
|||||
Net cash flows from investing activities |
(783) |
446 |
(1,150) |
796 |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||
Cash proceeds from investments by others |
6 |
230 |
776 |
230 |
|||||
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries |
0 |
86 |
765 |
86 |
|||||
Cash receipts from borrowings |
728 |
1,317 |
3,007 |
1,664 |
|||||
Total cash inflows from financing activities |
734 |
1,547 |
3,783 |
1,894 |
|||||
Cash repayments for debts |
657 |
755 |
1,963 |
1,740 |
|||||
Cash payments for distribution of dividends or profit and interest expenses |
272 |
414 |
352 |
467 |
|||||
Other cash payments relating to financing activities |
34 |
16 |
53 |
48 |
|||||
Total cash outflows from financing activities |
963 |
1,185 |
2,368 |
2,255 |
|||||
Net cash flows from financing activities |
(229) |
362 |
1,415 |
(361) |
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
2 |
45 |
4 |
37 |
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
644 |
2,040 |
3,296 |
2,893 |
|||||
Add: Cash and cash equivalents at beginning of period |
9,977 |
3,306 |
7,325 |
2,453 |
|||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
10,621 |
5,346 |
10,621 |
5,346 |
Logo – https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/jcet-q2-2024-net-profit-attributable-to-the-parent-increased-by-258-quarter-on-quarter-hitting-a-record-high-for-revenue-302229441.html
Fintech PR
Elliott Criticizes the Republic of Korea’s Decision to Continue to Challenge the US $100 Million Arbitral Award at the Expense of Its Citizens
WEST PALM BEACH, Fla., Sept. 12, 2024 /PRNewswire/ — Elliott Investment Management L.P. (“Elliott”), today issued the following statement:
On September 12, 2024, the Republic of Korea (“ROK”) filed court papers to appeal the High Court of England and Wales’s (the “English Court”) dismissal of its application to set aside the US $100 million Arbitral Award (“Award”). Elliott will continue to vigorously defend the Award and its rights under the U.S.-Korea Free Trade Agreement (the “Treaty”).
The Award was issued against the ROK in June 2023 to compensate for the damages Elliott suffered when the ROK government corrupted the Korea National Pension Service’s decision-making process in relation to the controversial 2015 Samsung Merger. The arbitral panel found that the ROK’s intervention – which resulted in numerous criminal convictions of government and Samsung officials – violated the investor protection provided under the Treaty.
The ROK’s continued refusal to honor the Award is not surprising yet deeply wrong-headed, particularly given that the ROK has already attempted and failed to set aside the Award. The English Court dismissed the ROK’s application at the threshold without even hearing the merits, issuing a comprehensive judgment after the hearing that was held in London in July 2024.
Elliott encourages the ROK to reconsider its decision to appeal the English Court’s ruling. The ROK’s actions undermine its efforts to build a reputation as a fair, transparent and trustworthy capital market, further perpetuating the “Korea Discount.” Additionally, the ROK’s ongoing refusal to honor the Award is only increasing the burden on Korean taxpayers, as interest on the Award continues to accrue at a rate of more than US $10,000 every day, along with the potential for further cost liability arising from the ROK’s appeal. The ROK should stop trying to distract the Korean public from the government’s own corrupt conduct and mistakes. Rather than further increasing the cost its citizens will ultimately have to bear, it should comply with the judgment and put this episode behind it.
More information regarding this matter can be found on the website of the Permanent Court of Arbitration by following the link below:
https://pca-cpa.org/en/cases/197/
About Elliott
Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
Media Contacts:
U.S.
Casey Friedman
Elliott Investment Management L.P.
T: +1 212 478 1780
[email protected]
London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
[email protected]
Seoul
Jin Kim
Nine Crosby
T: +82 2 866 9455
[email protected]
Logo – https://mma.prnewswire.com/media/1179754/Elliot_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/elliott-criticizes-the-republic-of-koreas-decision-to-continue-to-challenge-the-us-100-million-arbitral-award-at-the-expense-of-its-citizens-302247171.html
Fintech PR
REALTY ONE GROUP INTERNATIONAL’S PRESIDENT, CORY VASQUEZ, TAKES REINS IN NEW ERA OF GROWTH
Network of Raving Fans Fuels the Opening of New Realty ONE Group Locations Around the World
LAGUNA NIGUEL, Calif., Sept. 12, 2024 /PRNewswire/ — Realty ONE Group International, a modern, purpose-driven lifestyle brand and ONE of the fastest-growing franchisors in the world, is ambitiously entering a new era of growth pioneered by a dream team of leaders, including its new president, Cory Vasquez.
The UNBrokerage, as it’s known in real estate, just surpassed 20,000 real estate professionals worldwide as the brand’s popularity continues to soar because of its 100% commission model and comprehensive offering of business coaching, support, tools and marketing.
“We know we have the model of now and of the future and for so many Brokers who are nervous and uncertain, this is an easy plug-and-play to take their office and their real estate professionals to the next level,“ said Kuba Jewgieniew, CEO and Founder of Realty ONE Group International. “I’m proud of how this executive team, with Cory as our new President, is leading with calm and cleverly innovating new ways to keep growing the brand so we can help more people achieve greater success faster.”
Vasquez and industry legend Vinnie Tracey have been Co-Presidents for the last few months until Tracey’s official retirement this week. Tracey will remain an advisor to the thriving brand who recently welcomed 1,200 real estate professionals across ten branches in Florida last month. The conversion of ONE of the country’s top independent brokerages is proof that more entrepreneurs see Realty ONE Group as the model of the future.
Vasquez has almost thirty years of marketing, communications and management experience, nearly two decades of which are in real estate.
Realty ONE Group International claimed the No. 1 spot for real estate franchisors for the third year in a row on Entrepreneur’s highly competitive 2024 Franchise 500® list. The only modern, lifestyle brand in the industry now has more than 20,000 real estate professionals in more than 450 locations in 49 U.S. states, Washington D.C. and 20 more countries and territories.
Learn more at www.OwnAOne.com.
About Realty ONE Group International
Realty ONE Group International is one of the fastest growing, modern, purpose-driven lifestyle brands in real estate whose ONE Purpose is to open doors across the globe – ONE home, ONE dream, ONE life at a time. The organization has rapidly grown to more than 20,000 real estate professionals in over 450 locations across 20 countries and territories because of its proven business model, full-service brokerages, dynamic COOLTURE, superior business coaching through ONE University, outstanding support and its proprietary technology, zONE. Realty ONE Group International has been named the number ONE real estate brand by Entrepreneur Magazine for three consecutive years and continues to surge ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com.
Logo – https://mma.prnewswire.com/media/260011/realty_one_group___logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/realty-one-group-internationals-president-cory-vasquez-takes-reins-in-new-era-of-growth-302247067.html
Fintech PR
HTX Ventures: Bitcoin Scripting Advances Unlock Potential for Secure and Scalable BTCFI
SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.
HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.
The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.
There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”
There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.
Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties, “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.
The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.
Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.
The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.
Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.
The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.
To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.
Feel free to contact us for investment and collaboration at [email protected]
Photo – https://mma.prnewswire.com/media/2504324/image_838145_58339345.jpg
Logo – https://mma.prnewswire.com/media/2391903/image_ID__Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/htx-ventures-bitcoin-scripting-advances-unlock-potential-for-secure-and-scalable-btcfi-302246924.html
-
Fintech PR7 days ago
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
-
Fintech PR7 days ago
TCL Introduces the FreshIN 3.0 Inverter Air Conditioner at IFA 2024: Redefining Air Quality and Energy Efficiency
-
Fintech PR6 days ago
Bybit Expands Global Reach, Receives Formal Consent for Full Authorization in Kazakhstan
-
Fintech PR6 days ago
Board the TOKEN2049 Treasure Express With Bybit and Dive Into an $80,000 Prize Pool
-
Fintech PR7 days ago
Shanghai Electric Reports FY 2024 H1 Revenue of RMB 49.869 Billion with 22.6% YoY Net Profit Growth
-
Fintech PR7 days ago
BingX Concludes OVER Launchpool with 90 Million USDT Staking
-
Fintech PR7 days ago
Infosys and The Financial Times Unveil the ‘FT Money Machine’ Through Immersive Extended Reality Experience
-
Fintech PR7 days ago
Trintech Positioned as a Leader in the 2024 SPARK Matrix™ for Financial Close Management (FCM) by Quadrant Knowledge Solutions