2023-11-15 11:17

Copyrighted Image by: Reuters. In a significant move aimed at supporting Ukraine's economy amidst ongoing conflict, Marsh McLennan (NYSE:MMC), a global professional services firm, has launched an initiative titled 'Unity.' This program, in collaboration with Ukrainian entities and Germany's DZ Bank, is designed to bolster grain exports from Ukraine. The Unity initiative provides a substantial financial safety net for the vital grain export sector of Ukraine. It offers $50 million in hull and protection & indemnity (P&I) war risk insurance underwritten by insurers from Lloyd's of London. This coverage is crucial for shipping vessels navigating through hazardous areas due to the war, ensuring that grain exports can continue despite the risks. Furthermore, Unity is reinforced by standby letters of credit from two Ukrainian banks, Ukreximbank and Ukrgasbank. These financial instruments serve as a guarantee of payment, providing additional security and confidence for international transactions involving Ukrainian grain exports. This move follows Marsh McLennan's commitment back in June 2023 to provide pro-bono services to Ukraine. The company had pledged to support the war-torn country through various means, including a war risk data platform and advisory services from Oliver Wyman, one of its subsidiaries. https://www.investing.com/news/commodities-news/marsh-mclennan-and-partners-launch-unity-to-support-ukrainian-grain-exports-93CH-3234815

2023-11-15 09:22

Copyrighted Image by: Reuters. Citigroup (C) is Developing Blockchain FX Solution under the Monetary Authority of Singapore’s Project Guardian Citi (C) has developed an innovative application that uses blockchain infrastructure to price and execute bilateral spot foreign-exchange (FX) trades. The application is a part of Project Guardian(i), a collaborative initiative by the Monetary Authority of Singapore (MAS) and the financial industry. While the current phase of the application tested spot FX for USD/SGD, the underlying solution could be used for any fiat currency pair. The application is not currently available to clients. Citi’s on-chain solution provides real-time streaming of price quotes while recording trade executions on a blockchain, which supports the immutable, cryptographically secure record-keeping of trade data. At the same time, allowing for compliance and conformity with institutional practices and where applicable regulatory requirements, with only counterparties to a quote or trade having access to the underlying trade details. Sam Hewson, Head of FX Sales at Citi, said: “We are taking steps towards building foundational capabilities to offer liquidity, pricing and risk management to our global clients wherever they choose to trade – be it on traditional rails or on blockchain.” The request for streaming (RFS) application explores the use of oracles for bilateral messaging and would enable best execution analysis through real-time post-trade analysis on a single platform. Shobhit Maini, Co-Head of Digital Assets for Markets at Citi, said: “While blockchains have demonstrated promise for streamlining post-trade processes, our objective is to drive improvement at all stages of the trade life cycle, including pre-trade and execution.” Citi collaborated with T. Rowe Price Associates, Inc and Fidelity International on its application under the Project Guardian initiative. Blue Macellari, Head of Digital Asset Strategy at T. Rowe Price Associates, Inc, said: “Developing user-friendly institutional grade execution is key to future scalability. This application is an important first step towards unlocking the value of a full end-to-end blockchain based trading lifecycle.” Emma Pecenicic, Head of Digital Propositions and Partnerships, APACxJ Distribution, Fidelity International said: “Distributed ledger technology will revolutionise financial systems over time and has the potential to democratise access to financial services and alternative investments. As a global asset manager, we are very keen to engage with partners like Citi to explore technological innovations like its Blockchain FX Solution, to understand the efficiencies it can bring to our processes and ultimately for the benefit of investors.” A private permissioned instance of the Avalanche blockchain was used for the current phase to capture price quotes, as well as trade confirmations specific to each counterparty. (i) The Monetary Authority of Singapore’s Project Guardian is a collaborative initiative with the financial industry that seeks to test the feasibility of applications in asset tokenization and DeFi, while managing risks to financial stability and integrity. https://www.investing.com/news/cryptocurrency-news/citigroup-is-developing-blockchain-fx-solution-under-the-monetary-authority-of-singapores-project-guardian-432SI-3234627

2023-11-15 09:20

NEW YORK - Circle, a leading player in the crypto stablecoin arena, is grappling with a shrinking market share of its USDC stablecoin, which has dipped below 19% in the $126 billion sector. The company, supported by high-profile investors including Goldman Sachs, is navigating these headwinds while considering a public offering next year. USDC is a digital currency pegged to the US dollar and is widely used as a medium for transactions between fiat currencies and cryptocurrencies like Bitcoin. Despite Circle's financial achievements this year, surpassing its 2022 earnings in the first half of the year, it hasn't been enough to stem the loss of market dominance. This decline comes amidst a broader context where Tether's USDT has seen an increase in popularity. Circle's challenges have been compounded by external economic factors and incidents impacting trust in its stablecoin. The rise in US Treasury yields has led some investors to swap their USDC holdings for dollars, seeking better returns. Additionally, the turmoil following the March collapse of Silicon Valley Bank, one of the custodians of USDC's reserves, sparked a panic sell-off that temporarily unpegged USDC from its dollar parity. This event caused a significant reputational hit to Circle and resulted in a $10 billion reduction in USDC's circulation within just a month. Despite these setbacks, Circle boasts robust financial health with over $1 billion in cash reserves and backing from notable investors such as BlackRock Inc (NYSE:BLK)., Marshall Wace LLP, and Goldman Sachs. It faces fierce competition from other fintech firms like PayPal (NASDAQ:PYPL) but remains hopeful that upcoming U.S. legislation on stablecoins may favor its operations and help regain some lost ground. As CEO Jeremy Allaire steers Circle through these turbulent times, the crypto community and investors are watching closely how the company will adjust its strategies ahead of the potential IPO next year. The evolving landscape of digital currencies continues to present both opportunities and challenges for market participants like Circle. https://www.investing.com/news/cryptocurrency-news/circles-usdc-market-share-falls-below-19-as-it-eyes-ipo-93CH-3234633

2023-11-15 09:19

NEW YORK - In the cryptocurrency market, Lido DAO's governance token, LDO, has experienced a notable surge in price, attributed to increased whale activity and a decrease in the token's availability on exchanges. Over the period from October 8 to today, LDO's price has rallied by 51%, a movement closely tied to several key developments observed within the token's ecosystem. During this timeframe, the supply of LDO tokens held on exchanges fell from 7% to 5.52%. This reduction in exchange supply typically indicates a lower propensity for selling among token holders, which can alleviate downward pressure on the asset's price. This shift was accompanied by consistent withdrawals of LDO from exchanges, a pattern that often supports price appreciation as it suggests holders are moving tokens to private wallets for long-term holding or other purposes. The bullish sentiment is further bolstered by on-chain metrics showing heightened activity among LDO holders. There has been an upswing in the number of active addresses and trading volume, which mirrors the token's price increase. This heightened activity points to a growing interest and engagement with LDO. Adding to the positive outlook are statistics revealing a substantial increase in the number of high-value LDO addresses. Specifically, the count of addresses holding between $1 million and $10 million worth of LDO tokens jumped by 19.76%, while those containing $10 million or more saw an even more impressive rise of 65.74%. Currently, LDO is trading at $2.459 and appears poised to maintain its bullish momentum over the short term, supported by these encouraging on-chain indicators. The recent developments suggest a robust interest from larger investors and a potential shift in holder behavior towards accumulation and away from immediate selling on exchanges. InvestingPro Insights The recent surge in Lido DAO's governance token, LDO, is supported by compelling data from InvestingPro. The 7-day moving average trading volume has seen an uptick of 31.5%, demonstrating increased market activity. The token's market cap, currently standing at $1.09 billion, suggests there is considerable room for growth. However, the token's volatility index over the past month is at 0.75, indicating that price swings may continue. InvestingPro Tips, gleaned from this data, suggest that the rising trading volume and dwindling exchange supply could make LDO a good candidate for long-term holding. Nevertheless, given the relatively high volatility index, investors who prefer a less risky approach may want to diversify their investments. These insights are just a snippet of the wealth of information available on InvestingPro, which boasts hundreds more tips for savvy investors. https://www.investing.com/news/cryptocurrency-news/lido-dao-token-surges-51-amid-whale-activity-and-reduced-exchange-supply-93CH-3234606

2023-11-15 09:07

NEW YORK - Digital currency XRP faced a downturn on Tuesday, dropping by 6.13% to $0.6295, following a slight gain the previous day. The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs is casting a shadow over the asset's future, with market participants closely monitoring developments that hint at a protracted dispute potentially lasting until late 2025 due to possible appeals. The SEC v Ripple case took a decisive turn on Monday when Judge Torres issued a scheduling order that heightened investor worry. As part of the remedies-related discovery phase, the SEC must propose an appropriate fine for Ripple by February 12, 2024. This action stems from allegations involving $770 million in institutional sales of XRP. Legal analyst John E. Deaton has offered insights suggesting that Ripple's penalty might be less than their $150 million legal expenses, citing the non-fraudulent nature of the case and the exclusion of On-Demand Liquidity (ODL) sales from the proceedings. Despite some optimism among observers, there is an acknowledgment that the case could extend into the summer of 2024. From a technical perspective, XRP's price has remained above both the 50-day and 200-day Exponential Moving Averages (EMAs), which are typically considered bullish indicators. A push above the immediate resistance level of $0.6354 could set XRP on a path toward $0.7047. Conversely, a fall below $0.60 might lead to a decline beneath the trend line and down to the support level at $0.5835. The 14-day Relative Strength Index (RSI) stands at 54.30, suggesting there may be room for a rise to the $0.6354 resistance before potentially entering overbought territory. Investors are now eyeing these technical thresholds alongside the legal developments, as both will likely play significant roles in shaping XRP's value trajectory in the coming months. https://www.investing.com/news/cryptocurrency-news/xrp-falls-613-amid-sec-lawsuit-uncertainty-potential-penalties-loom-93CH-3234597

2023-11-15 08:41

Copyrighted Image by: Reuters. NEW YORK - Marathon Digital (NASDAQ:MARA) Holdings, a leading Bitcoin mining company, is bolstering its operations and preparing for the Bitcoin halving event next year, with significant strides in international expansion and increased hash power. The company reported a substantial year-over-year increase in Bitcoin production, with a 467% surge from the third quarter of last year to the same period this year. The firm's current online hash rate stands at 19.2 EH/s, and it holds an impressive 13,396 BTC valued at approximately $474 million. Marathon has set ambitious targets to further boost its hash rate to 23 EH/s, despite recent energization delays at its Garden City, Texas facility. Marathon is making strategic moves to mitigate high operational costs and delays experienced in the US by transitioning to an international joint venture model. This approach is focused on geographical diversification and cost reduction. The company has planned expansions in Abu Dhabi and Paraguay for 2024, which will include a 30% increase in capacity through new plants. These ventures, particularly in Paraguay where renewable-powered Bitcoin mining is planned, mark a significant step towards diversifying their energy sources and reducing costs. The broader Bitcoin network is experiencing intense competition with its daily average hash rate nearing an all-time high of 428 EH/s and mining difficulty reaching a peak of 64.6T. Despite a recent uptick in Bitcoin prices, mining profitability remains challenging across the industry, with hash price lingering at $0.079 per TH/s per day. Marathon's proactive strategy aims to position the company advantageously within this competitive landscape. However, there are concerns about the company's cost structure which remains higher than many of its peers. This could risk profit margins should Bitcoin prices dip below the $30,000 mark following the halving event. The halving event is highly anticipated within the cryptocurrency community as it historically impacts both the supply side dynamics and market prices of Bitcoin. As such, Marathon's efforts to scale up operations and reduce costs through international partnerships could be crucial in maintaining profitability in a post-halving environment. https://www.investing.com/news/cryptocurrency-news/marathon-digital-expands-mining-ahead-of-bitcoin-halving-93CH-3234591