Coinbase, the largest cryptocurrency exchange in the US, is launching a “wallet as a service” business that would allow companies to personalize blockchain wallets for their own consumers. The service might be used by gaming apps that include tokens or non-fungible tokens (NFT), or by organizations who wish to embed a wallet within an app and make it “virtually undetectable to the end user,” according to Patrick McGregor, Coinbase’s head of product for Web3 developer platforms. In addition to individuals who use the exchange, Coinbase Wallet, and institutional investors who utilize its trading and custody solutions, Coinbase (NASDAQ:COIN) is working to broaden its capabilities to blockchain developers. Meanwhile, The INX Digital Company, Inc. (NEO:INXD) (OTCQB:INXDF) has launched INX.One, the world’s first fully regulated platform, bringing together investment and trading in security tokens, cryptocurrencies, and capital raising offerings in one location. CME Group (NASDAQ:CME), Block Inc (NYSE:SQ), and PayPal Holdings, Inc (NASDAQ:PYPL) are other companies innovating in the crypto space.
The INX Digital Company, Inc. (NEO:INXD) (OTCQB:INXDF) is the first digital asset trading platform for both cryptocurrencies and security tokens that is regulated by the SEC. On March 23, the company announced that it will be facilitating the first-ever security token dividend distribution using blockchain technology on its platform.
Trucpal Token issuer HGC Info Tech will be leveraging INX’s SEC-registered Transfer Agent solution to distribute dividends in the form of USDC stablecoins. This dividend payment represents the next evolution of digital asset investing and is the first of its kind globally. HGC’s dividend payout with INX provides issuers with enhanced possibilities for reducing operational costs, deepening engagement with investors, and raising capital. For investors, it offers liquidity and an opportunity for more wealth creation that wasn’t previously available.
“Trucpal’s first dividend distribution to its investors is a full circle moment for the INX team, and implementation of the company’s vision to allow true democratization of finance,” said INX Digital’s deputy CEO and COO Itai Avneri. “We have supported HGC through its entire journey, starting with its first capital raise for the Trucpal Token, the first security token offering on INX.One, and now the next evolution of the token’s life cycle in the form of a dividend.”
“With the support of INX and Magic Circle, we are proud to issue the first dividend to Trucpal investors – more than 6 months ahead of schedule,” said HGC Founder Wendong Zhang. “Even more significant will be the launch of the Trucpal Token, exclusively on INX.One, which allows HGC to share the long-term benefits of the SaaS ecosystem with investors, shareholders, management team and users, rapidly scaling Trucpal’s business in a quantifiable flywheel effect.”
In December, INX Digital announced a strategic partnership with SICPA, a global leader in authentication, revenue realization, and secure traceability solutions, to help governments create digital assets that are both innovative and sovereign.
The Swiss-based joint venture integrates blockchain infrastructure and digital cash technologies to meet the core needs for Central Bank Digital Currencies, which include privacy, security, financial inclusion, resilience, and other factors. This paves the way for the development and deployment of a secure and scalable environment in which all central banks can use digital currencies.
INX‘s CBDC and blockchain experience will be combined with that of SICPA’s digital team to create CBDC solutions and the ecosystems that support them. These solutions will assist clients in strengthening monetary sovereignty and efficiently growing the country’s GDP. The merged team will set the bar for developing innovative approaches to meeting critical needs from central banks and their ecosystems, including compliance, scalability, cross-border transactions, and programmability. The CBDC ecosystem will make extensive use of SICPA’s complex and advanced security features.
In the third quarter of 2022, INX Digital had $25.8 million in cash and cash equivalents and $8.7 million in short-term and long-term assets. The vast majority of short- and long-term investments are in investment-grade corporate bonds and Treasury securities issued by the US government.
Throughout the quarter, INX took significant steps to establish cutting-edge technology that would aid in the creation of a new and responsible digital economy. It also formed new, strategic international relationships and launched a slew of new projects to broaden the Company’s services and reach, promote brand recognition, and increase sales in the future.
Crypto Companies Report Revenue Growth
Despite massive system shocks, Coinbase Global (NASDAQ:COIN) and cryptocurrency proved to be rather durable in 2022. Revenue has been diversifying, with Q4 net revenues increasing 5% year-over-year, mostly due to subscription and services. While transaction revenue fell 12% year on year in Q4, subscription and services revenue increased 34% year on year to $283 million. Coinbase is aiming to improve full-year 2023 Adjusted EBITDA in absolute dollar terms against full-year 2022, and the Company believes its recent cost-cutting measures will help it get there.
CME Group (NASDAQ:CME) has published its February 2023 market figures, averaging 28.2 million contracts on a daily basis. Interest Rate ADV grew 8% to second-highest monthly ADV ever. The company had record SOFR futures and options volume, and record Micro Copper futures volume. Bitcoin futures ADV increased by 22% while Ether futures ADV increased by 14%. CME Group will, assuming regulatory approval, begin offering options on its current US Dollar/Offshore Chinese Renminbi (USD/CNH) futures on April 3.
Block Inc (NYSE:SQ), a multinational technology firm with a concentration on financial services, is making its first social impact investment in the UK by contributing £2 million to ART Business Loans (ART), with matching funds from reputable ethical lender Unity Trust Bank. ART, a Community Development Financial Institution (CDFI) with headquarters in Birmingham, was established in 1997 with the goal of reducing poverty via entrepreneurship by facilitating loans for local companies. Businesses in underserved and underprivileged communities who are unable to receive their entire requirements from conventional Banks are given loans from ART ranging from £10,000 to £150,000.
In the fourth quarter of 2022, PayPal Holdings, Inc. (NASDAQ:PYPL) reported net revenues of $7.4 billion, up 7% and 9% on an FX-neutral basis (FXN). Total Payment Volume (TPV) was $357.4 billion, up 5% and 9%; GAAP EPS was $0.81 in Q4 2022 compared to $0.68 in Q4 2021, while non-GAAP EPS was $1.24 compared to $1.11 in the prior year quarter. Since introducing Buy Now Pay Later in FY’20, PayPal has provided loans to close to 30 million clients totaling over 200 million. The Company rolled out a new PayPal Rewards program to the digital wallet, giving users an easy way to purchase and earn rewards all in one spot. In keeping with Paypal’s continued commitment to provide new ways to spend, send, receive, and manage money with Venmo, Pay with Venmo ramped up to full availability for U.S. Amazon customers.
INX is led by an experienced and devoted team of business, financial, and technology experts that share the ambition of transforming capital markets using blockchain technology and an innovative regulatory approach.
Featured Image MegaPixl @ Grejak
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