interest Archives -
California regulators want to seize Cash America Advance’s license, alleging the storefront lender duped customers into taking out installment loans with triple-digit interest rates.
The California Department of Business Oversight, in a legal accusation filed late last month, said Cash America…
Wage growth accelerated last month to its best year-over-year rate since 2009 in a strong jobs report released Friday, increasing the likelihood that Federal Reserve officials will keep hiking a key interest rate to head off higher inflation.
The Labor Department reported that the U.S. added 201,000…
U.S. stock indexes fell Friday after President Trump said he may intensify his trade war with China. And a strong jobs report pushed investors to brace for higher interest rates.
The Standard & Poor’s 500 index bounced between modest gains and losses in an up-and-down day, but its most decisive…
Federal Reserve Chairman Jerome H. Powell on Friday defended the central bank’s policy of gradually increasing a key interest rate, brushing off President Trump’s recent public criticisms.
Powell did not mention Trump in a speech at a central bankers conference in Jackson Hole, Wyo. But speaking…
The Philippines government-owned Cagayan Economic Zone Authority (Ceza) is in the process of issuing more crypto licenses. Interest for the license by offshore companies “surpassed all our expectations,” Ceza administrator said. Seventeen firms have already paid in full; 19 more are in the pipeline. Ceza expects to earn about $ 68 million from crypto licensing.
17 Companies Paid in Full
Ceza previously announced that it will issue 25 Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) licenses. The permits allow licensees “to establish a financial tech, crypto, and blockchain office” at the zone, Bitpinas news outlet described.
According to the Philippines News Agency, Ceza administrator and chief executive officer Raul Lambino revealed last week:
17 fintech and offshore virtual currency firms have already paid in full the application and license fees for the digital coin trading under Ceza … 19 companies are in the pipeline to pay their application and license fees to Ceza.
Last week, Ceza awarded a license to Liannet Technology Ltd., a subsidiary of the Apsaras Group. It was the second license Ceza has issued; the first went to Hong Kong company Golden Millennial Quickplay Inc. in June.
The Philippines Daily Inquirer cited Lambino, revealing:
Other firms that had already paid fees to operate in Ceza were Formosa Financial Holdings, Sino-Phil Economic Zone Agency Development and Management Corp., Asia-Pacific International Ltd., Hong Kong Yuen Shing-Hong Ltd., Tanzer Inc. and Rare Earth.
Boosting Revenues with Crypto License Fees
Lambino said in a press statement Friday that the income from Ftsovc application and license fees “exceeded 2017 revenue by more than 50 percent,” the news outlet detailed. The interest expressed by offshore companies to operate in Ceza “surpassed all our expectations,” he added, noting that fintech operations are expected to create an initial 20,000 jobs.
Ceza “has earned more than P200 million [~$ 3.7 million] from offshore financial technology firms to raise its total revenues to at least P340 million [~$ 6.4 million] by the end of the second quarter of the year,” the publication described, elaborating:
Ceza expects to earn some PHP3.6 billion (~US$ 68 million) from the issuance of Ftsovc licenses, on top of the 0.1 percent share for every transaction value of registered digital coin exchanges.
Recently, there have also been reports that Ceza is launching its own cryptocurrency. However, Ceza staff told Bitpinas last week that this is not the case.
What do you think of all these crypto firms wanting to operate in Ceza? Let us know in the comments section below.
Images courtesy of Shutterstock and Ceza.
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The post Interest in Philippines Economic Zone Crypto License Spikes – 17 Firms Paid in Full appeared first on Bitcoin News.
Trump is pressuring the Fed to keep interest rates low. Nixon actually did it — and damaged the economyJuly 29, 2018 | dailybusinessnews
The Federal Reserve was raising interest rates and the president wasn’t happy about it.
No, it wasn’t President Trump, who took the unusual step of publicly criticizing the independent central bank last week. It was another volatile president — Richard Nixon — and the experience presents a cautionary…
Before this week, it had been more than a quarter-century since a sitting U.S. president publicly pressured the independent Federal Reserve on interest rates.
On Friday, President Trump did it for the second day in a row.
In unprecedented back-to-back statements, Trump escalated his criticism of…
Toronto police on Wednesday returned to a home linked to suspected serial killer Bruce McArthur and discovered “items of interest,” a spokeswoman said.
CNN.com – RSS Channel – Regions – Americas
This week the cryptocurrency firm Circle revealed it has seen a significant uptick in institutional interest. According to Circle CEO and co-founder, Jeremy Allaire says even though cryptocurrency markets were down in during the month of May the company saw a 30 percent spike from institutional clients last month.
Despite the Sliding Market Prices — Circle Sees a 30% Uptick in Family Offices and Venture Capital Firms Investing in Cryptocurrencies
Cryptocurrency markets are down over 69 percent since December 16, 2017, and the past few months of 2018 has been awfully bearish. However, during this period of time, lots of companies like Coinbase, Bitgo, Circle, and others have been opening their doors to institutional investors. This week according to Circle’s co-founder Jeremy Allaire the firm had seen a notable increase in from institutional investors.
“In May, which was a challenging month, we saw a sharp increase of unique new counter-parties,” explains Allaire during an interview this week. “A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.”
Circle states that it handles roughly $ 2 billion USD worth of trades on its platform every month. Allaire explains that before the flurry of corporate clientele Circle couldn’t facilitate extremely large orders of $ 100K to $ 1Mn trades in a high-frequency fashion. However now ‘Circle Trade’ can handle those types of fast swaps, and the company emphasizes that since then interest has stemmed from family offices and venture capital firms. Circle notes this type of clientele added 15 times more transaction volume per day than last year. Allaire details this week the industry is maturing greatly stating:
Major institutional investors don’t go through a telephone broker. They go through an electronic interface — We’re maturing this into a more traditional product; it’s much faster and a more flexible way to trade.
Circle Details How it Lists New Digital Assets and How the Firm Will Handle Future Forks and Airdrops
The news from the Unicorn cryptocurrency firm Circle follows the company’s recent explanation of how the firm chooses digital assets to be listed on its trading platforms. Furthermore, the company has provided a form for cryptocurrency development teams to apply for an asset listing. Circle also takes time to explain how they will handle future blockchain splits, forks, and airdrops that stem from coins they list.
“Because these events can be sporadic and dependent on circumstance, we plan to evaluate on a case-by-case basis — We are more likely to support these events if they are planned, documented and communicated well in advance,” Circle details.
We’ll communicate our decision as to whether or not to support an event at least 5 days in advance through the Notices section of the exchange homepage and an email to users holding a balance in the asset affected.
What do you think about Circle seeing an increase in interest from institutional investors like family offices and venture capital firms? Let us know your thoughts in the comment section below.
Images via Shutterstock, Twitter, Pixabay, Circle, and EJ Insight.
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The post Cryptocurrency Firm Circle Sees Institutional Interest Spike 30% appeared first on Bitcoin News.
The man named as a new person of interest in XXXTentacion’s murder case has had a lot of run-ins with the law, much like the arrested murder suspect … TMZ has learned. 22-year-old Robert Allen’s rap sheet in Broward County, FL dates back to early…