Latest News
iMining Technologies Launches Staking on the Avalanche Blockchain
CanETH Staking Services Inc. a wholly owned subsidiary of iMining Technologies Inc., enables Avalanche (“Avax”) token staking. The staking operation will secure the Avalanche Blockchain while generating additional cryptocurrency.
Vancouver, British Columbia–(Newsfile Corp. – November 25, 2021) – iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining“) announced today that its wholly-owned subsidiary, CanETH Staking Services Inc. (“CanETH”) has launched staking solutions for the native token of the Avalanche blockchain, AVAX.
Recently, Avalanche has outshined its peers, including Ethereum and Bitcoin, as it has been able to further develop its entire ecosystem. Similar to Ethereum, Avalanche also has smart contract capability; however, Avalanche is able to process transactions faster with lower fees. “Avalanche keeps its transaction fees at a low static level by maintaining a balance between inflationary and deflationary functions. It is deflationary because the transaction fees are taken out of the circulating supply (burned) and it is inflationary because the validators are rewarded in Avax for securing the network,” said Dwain Pereira, VP Staking Solutions.
Avalanche blockchain received further support when Ava Labs, a team developing on the Avalanche blockchain, highlighted that it has formed a partnership with Deloitte Consulting to improve security and accuracy of Federal Emergency Management Agency (FEMA) funding. Deloitte will implement Avalanche blockchain to build efficient disaster-relief platforms.
Avalanche is the fastest smart contract platform in the blockchain industry, as measured by time-to-finality. Ethereum developers can quickly and easily build on Avalanche to create powerful, reliable, and secure applications. iMining’s initiative with Avalanche includes the development of Avalanche staking platform capabilities for institutional customers. Avalanche is the 11th largest blockchain with a market cap of US$26.5 billion.
“We are excited to have our subsidiary building out a wide range of new Avalanche capabilities on our platform. We are creating more wealth-building tools for our customers, including the ability to stake Avax, Avalanche’s native token, to earn rewards,” said Khurram Shroff, CEO of iMining. “We’re also looking to increase DeFi and NFT functionalities on our platform through Avalanche’s high-performing technology, which instantly processes thousands of transactions within a second. We’re excited to offer this to our client base.”
About iMining Technologies Inc.
iMining develops technology for Proof of Stake (“POS”) infrastructure on Ethereum, Cardano and Solana Blockchains and invests in revenue-generating crypto and blockchain assets linked to Decentralized Finance (“DeFi”) and Non-Fungible Tokens (“NFT”). iMining also owns BitBit Financial, an ATM Network and crypto exchange. The expansion also entails a cross-ecosystem development effort of the iMining and select Avalanche-based DeFi and NFT applications.
With diverse blockchain investment and infrastructure solutions, iMining is a leader in accelerating the growth of value creating DeFi opportunities for the enterprise market. The company’s operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.
About Avalanche
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Along with its speed, Avalanche is low cost and eco-friendly. Avalanche is the 11th largest blockchain with a market cap of $26.5 Billion.
www.avax.network
ON BEHALF OF THE BOARD
Signed “Khurram Shroff“
Khurram Shroff, President & CEO
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Email: [email protected]
Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Email: [email protected]
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105116
Powered by WPeMatico
Latest News
Basel Committee highlights rising risks from finance digitalisation in new report
The post Basel Committee highlights rising risks from finance digitalisation in new report appeared first on HIPTHER Alerts.
Latest News
French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
Latest News
FinTech IPO Index Edges Up 1.7% as Katapult Earnings Lead Platforms Higher
This week was dominated by earnings reports from fintech firms specializing in connecting supply and demand, such as those in lending and modernizing payments between merchants and consumers. Despite ongoing stock volatility, the FinTech IPO Index climbed 1.7%.
FinTech IPO Index Highlights
Katapult saw its stock soar by 18.5% this week. The company reported that Katapult Pay gross originations grew over 150% year-over-year to $55.6 million, with 55.9% of these originations in Q1 2024 coming from repeat customers. Total revenue increased by 18.1% to $65.1 million.
Blend Labs experienced a share increase of just over 15%. Their Q1 2024 earnings revealed total company revenue of $34.9 million, comprising $23.8 million from the Blend Platform segment and $11.1 million from the Title segment. Within the Blend Platform, mortgage suite revenue declined by 15% year-over-year to $15.1 million, while consumer banking suite revenue rose by 29% to $6.7 million. Professional services revenue increased by 21% to $2.1 million.
Paysafe saw a 15.2% rise in its stock. The company’s earnings report indicated an 11% increase in revenue from its Merchant Solutions segment, driven by strong eCommerce performance and SMB client demand. Digital wallet-related revenue increased by 5%, mainly due to growth in the gambling sector. Overall, consolidated revenue rose by 7% to $418 million on a constant currency basis, with total payment volume up 7% to $36.1 billion, and transactions per active user increasing by 14%.
Open Lending shares climbed 7.8% following their partnership with Core Specialty Insurance Holdings, which will now provide credit default insurance policies for Open Lending’s Lenders Protection platform.
Robinhood saw a modest increase of 3.4% over the past week. The company exceeded Q1 profit expectations, driven by strong cryptocurrency trading volumes and a 22% rise in net interest revenue to $254 million. Retail traders, optimistic about economic prospects, have reentered the market, resulting in a 59% increase in transaction-based revenue.
Oportun shares rose by 2.7%. The company’s official Q1 report on May 9 confirmed preliminary results, showing aggregate originations of $338 million, down from $408 million last year. The portfolio yield was 32.5%, an increase of 113 basis points from the previous year, and the annualized net charge-off rate improved to 12% from 12.1% a year ago and 12.3% in the previous quarter.
Declines in the Index
dLocal experienced a significant decline, with shares dropping by 27%. Despite a 49% year-over-year increase in total payment volume to $5.3 billion and a 34% rise in revenue to $184.4 million, gross profit margins were pressured by renegotiated terms with a top merchant and higher payout volumes. Consequently, operating income fell by 32% year-over-year.
Nu Holdings reported the addition of 5.5 million customers in Q1, bringing its global total to 99.3 million by the end of March. The company, now the fourth-largest financial institution in Latin America by customer count, saw monthly average revenue per active customer grow by 30% year-over-year. However, its shares slipped by 0.6%. The NPL ratio for its Brazilian consumer credit portfolio was 5%, consistent with expectations and historical patterns.
Expensify added unlimited virtual cards to its spend management platform. The new Expensify Visa Commercial Card allows businesses to manage expenses across employees and merchants, setting fixed or monthly spending limits for each card. Despite this innovation, the company’s shares fell by 3.4%.
In summary, the fintech sector showcased a range of performances, with several companies delivering strong earnings that boosted the FinTech IPO Index, while others faced challenges that impacted their stock prices.
Source: pymnts.com
The post FinTech IPO Index Edges Up 1.7% as Katapult Earnings Lead Platforms Higher appeared first on HIPTHER Alerts.
-
Latest News7 days ago
Sobha Developers bring to Singapore an Exclusive Dubai Property Showcase
-
Latest News6 days ago
Al Hassan Ghazi Ibrahim Shaker Co. announces a strong start to FY24, reporting a 12.09% YoY increase in net profit to reach SAR 32.25 million in Q1-FY24
-
Latest News5 days ago
Major Korean pension fund invests in carbon solutions with Stafford Capital Partners
-
Latest News5 days ago
Newgen Recognized in the Gartner® Market Guide for Commercial Banking Cash Management and Trade Finance Solutions 2023 Report
-
Latest News5 days ago
Precisely Showcases Critical Role of Trusted Data in AI at the Gartner® Data & Analytics Summit in London
-
Latest News5 days ago
One United Properties posts a consolidated turnover of 84.3 million euros and a gross profit of 37 million euros in the first three months of 2024
-
Latest News5 days ago
XREX Singapore Receives MAS Major Payment Institution Licence
-
Latest News4 days ago
KuCoin Research Report Reveals: $1 Billion in Financing and Rising Stablecoin Issuance Amid Market Fluctuations