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Celsius Network, a crypto lender that went bankrupt in July 2022, will distribute over $3 billion of cryptocurrency and fiat to its creditors as the company emerges from bankruptcy. The plan also includes creating a Bitcoin mining company, Ionic Digital, and existing Celsius creditors will receive a stake in it.Restructuring of CelsiusAnnounced yesterday (Wednesday), the reorganization plan was approved by about 98 percent of Celsius’ account holders and cleared by the bankruptcy court last November. The company additionally increased the amount of cryptocurrencies distributed among the creditors by $250 million. These proceeds were obtained by converting altcoins to BTC or ETH and through previous settlements. A separate court filing revealed that PayPal and Coinbase will distribute the cryptocurrencies to the creditors of Celsius. Additionally, Celsius will shut down its operations, including mobile and web applications, by February 28.Celsius last coin report and this waterfall have a $1.1B discrepancy in liquid crypto available for distributions. Likewise, Campagna said under oath there was $4.2B in allowed claims, but here it has $4.9B in claims. So where did the $700m in extra claims come from? And where… pic.twitter.com/xXdbIPkW8v— Tony V (@elveton101) February 1, 2024A New Mining CompanyFurther, the new mining company, operated by Hut 8 with a four-year management agreement, will deliver recoveries to creditors, who will own equity as common stocks. Hut 8’s Chief Commercial Officer, Matt Prusak, has been named as the CEO of Ionic Digital.“When we were appointed in June 2022, everyone assumed Celsius would disappear completely like the other crypto lenders that were filing bankruptcy around the same time,” David Barse and Alan Carr, members of the Special Committee of the Board of Celsius, said. “We, however, believed that Celsius could navigate complicated legal, regulatory, and business issues.”The two further highlighted that Celsius negotiated and settled not only with the creditors but also with US enforcement agencies, including the Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.Indeed, earlier, the company faced fraud charges and settled with the US agencies, paying $4.7 billion during the bankruptcy process. Its former CEO, Alex Mashinsky, was also arrested on fraud charges but was later released with a $40 million bail bond.“We are proud of the preservation and distribution of cryptocurrency assets and enhanced recovery for customers and claim holders,” added Barse and Carr.This article was written by Arnab Shome at www.financemagnates.com. via News – Finance Magnates | Financial and business news https://ift.tt/W49ewN3

This article dives into the technical outlook for gold and major FX pairs (EUR/USD, USD/JPY and GBP/USD) following the Fed monetary policy decision. The piece also offers an in-depth analysis of key price thresholds worth watching later this week. via DailyFX - Market News https://ift.tt/HcgwNtu

​​Meta’s huge stock price surge has carried it to new record highs, helped along by a rise in active users and increased advertising revenues.​ via DailyFX - Market News https://ift.tt/rYw8v3G

The Federal Reserve kept interest rates unchanged for the fourth consecutive meeting, but adopted a slightly more dovish outlook by removing its tightening bias from the monetary policy statement. via DailyFX - Market News https://ift.tt/I86K1s3

RobertJ. Van Eyden, a known figure in the financial industry, has announced hisappointment as the Chief Executive Officer of Scope Markets South Africa,effective February 1st. His tenure at the helm of Scope Markets is anticipatedto usher in a new era of innovation and growth in the realm of online tradingservices.ProfessionalBackgroundVanEyden brings a wealth of experience to his new role, having previously servedas the CEO of IG South Africa, the country's foremost online trading platform.During his tenure, IG South Africa achieved unparalleled success, settingrecords in performance metrics, customer satisfaction, and market share.Moreover,Van Eyden is a member of the Board of Directors at the South African Instituteof Financial Markets, where he contributes his expertise to promoteprofessionalism and integrity within the financial markets.Beyondhis corporate endeavors, Van Eyden has made significant contributions toacademia and literature. He serves as an author under Penguin Random HouseSouth Africa, where his work titled "Badass Trader" explores theintricacies of trading principles and strategies. Additionally, he has engagedwith academia, lecturing at esteemed institutions such as the University ofPretoria and completing an associate coaching course at the Graduate School ofBusiness, University of Cape Town.Scope Markets Appoints Global Sales Director Earlier,Scope Marketshas bolstered its team with the addition of David Andres Restrepo asthe Global Sales Director, stationed in London, as reported by Finance Magnates. Restrepotransitions from Eurotrader, where he held the position of Head of Global Salesfor three years. Prior, he served a brief tenure of five months at ActivTradesas the Head Of Business Development LATAM.Restrepo'sjourney in the trading industry commenced at OvalX (formerly ETX Capital),where he initially assumed the role of Financial Sales Executive in May 2014.Over the years, he ascended to the role of Head Of Business Development ManagerIB/Affiliates before departing at the close of 2019. His diverse experiencepositions him strategically to contribute to Scope Markets' global salesinitiatives and growth trajectory.This article was written by Tareq Sikder at www.financemagnates.com. via News – Finance Magnates | Financial and business news https://ift.tt/kli63Hs

Eurex, Europe's derivatives exchange, has appointedRobbert Booij from ABN Amro as its new CEO. The decision reflects the exchange'sambitions amid the uncertainties related to Brexit and its aspirations to compete in London's derivatives industry.Departing from the conventional German leadership,Booij, formerly of ABN Amro, brings a fresh perspective to Eurex's strategicdirection. Booij's appointment underscores Eurex's response toBrexit's repercussions, particularly in the lucrative euro interest rate swapsclearing market, the Financial Times reported.Booij’s Journey at Eurex Frankfurt AGBooij's tenure at ABN Amro Clearing Bank and hisprevious role as the Chair of Eurex's exchange council position him as an industryinsider with a deep understanding of derivatives trading dynamics.Booij is set to take on the role of Chief ExecutiveOfficer at Eurex Frankfurt AG, starting from July 1, 2024, succeeding MichaelPeters. Peters, who has been with Eurex Frankfurt AG since 2006 and served asCEO since 2020, will step down effective in September 2024.According to the statement shared by Deutsche BorseGroup, Booji mentioned: "I know Eurex well from my current role at ABNAMRO Clearing Bank N.V. and had the honour to be the Chairman of the EurexExchange Council. Eurex is a global derivatives powerhouse, both in trading andclearing." "I feel very privileged to be appointed as CEOof Eurex Frankfurt AG. I am excited to work with the team and Eurex's clientsin my new role, and to build upon the great achievements delivered under theleadership of Michael." Eurex's growth trajectory is evidenced byits rising clearing volumes, which surged to €185 billion last year, marking asignificant uptick from previous years. Eurex's Strategic Response to Regulatory ShiftsAs the EU's regulators seek to reclaim control overeuro derivatives, Eurex positions itself as a viable alternative, intensifyingits efforts to attract traders and firms to its platform.Eurex, owned by Deutsche Börse, has embarked on aproactive campaign to attract market share from London's derivatives hub.Introducing innovative profit-sharing schemes and expanding product offerings,including daily options, the exchange aims to solidify its position as aformidable contender in the evolving European financial landscape.This article was written by Jared Kirui at www.financemagnates.com. via News – Finance Magnates | Financial and business news https://ift.tt/4SxzW39

Apple is scheduled to report its first (Q1) earnings on Thursday, February 1, 2024. via DailyFX - Market News https://ift.tt/F5NfUIw

In a panel discussion held at theFinance Magnates London Summit 2023, esteemed figures gathered to explore thepivotal role of marketing in driving success for fintech startups. Moderated byKimberley Waldron, Co-Founder at SkyParlour, the panel featured insights fromRomain Bonnet, Principal at Rival; Amanda Lieu, Director of Brand, ProductMarketing & Growth at SEON; and Harry Luscombe, Co-Founder & CEO at Boodil.Data-Driven Marketing:Unlocking Competitive Advantage in FintechThe discussion, themed"Differentiating for Success: The Power of Marketing in FintechStartups," the discussion delved into strategic insights and experiencesnavigating the competitive landscape of financial technology. Panelists offered diverseperspectives on the evolving marketing strategies and differentiation tacticswithin the fintech sector.Bonnet emphasized thefoundational role of data-driven decision-making in <a href="https://www.financemagnates.com/tag/marketing/">marketing</a> endeavors.He stressed the importance of leveraging internal data to understand marketpositioning and drive competitive advantage in the <a href="https://www.financemagnates.com/tag/fintech/">fintech</a> industry.“One piece of advice I alwaysgive is to make extensive use of <a href="https://www.financemagnates.com/tag/data/">data</a>. In fintech, it'srare to see people utilizing their data effectively early on, but leveragingdata in marketing can give you a competitive advantage in such a busy world,"said Bonnet.Luscombe highlighted thesignificance of consistency in content creation as a cornerstone of effectivemarketing strategy. Drawing from his experience at Social Chain, Luscombeunderscored the importance of developing a compelling <a href="https://www.financemagnates.com/tag/brand/">brand</a> identity andfostering community engagement to drive awareness and credibility within the <a href="https://www.financemagnates.com/tag/market/">market</a>.Luscombe mentioned: "Fromday one, you need to identify your target audience and understand why theywould choose to buy from you. This could involve creating case studies, whichmight be challenging initially. You can also focus on producing thoughtleadership content to provide valuable <a href="https://www.financemagnates.com/tag/information/">information</a> aboutyour <a href="https://www.financemagnates.com/tag/business/">business</a>. Itcan be difficult to navigate from the beginning, especially if your business isstill in its early stages, but it's essential to start producing content,pursuing PR opportunities, and attending events."Lieu shed light on the challengesof scaling from seed to Series B funding stages. Lieu emphasized the iterativeprocess of refining messaging, testing different channels, and leveraging datainsights to optimize marketing <a href="https://www.financemagnates.com/tag/strategies/">strategies</a>. Sheemphasized the development of a robust playbook to guide growth initiatives andcapitalize on funding opportunities effectively.She said: "Data is socrucial for us, especially in the first year. You might think that marketing isall about fun, creative campaigns and storytelling, but the reality is, thefoundation lies in getting your data right. With that data, you can pinpointwhat's working and what isn't. So, in the initial year, there was a lot oftesting—trying out different channels, mediums, forms, and messaging.”Balancing Act: Navigating Techand Humanity in MarketingThe panelists collectivelyemphasized the critical importance of trust in the fintech sector, particularlyin fraud prevention and <a href="https://www.financemagnates.com/tag/defi/">decentralizedfinance (DeFi)</a> domains. They underscored the need for establishing trustamong diverse stakeholders, including customers, investors, and industrypartners, as foundational to sustained growth and market relevance.Throughout the discussion, themoderator and panelists explored various facets of marketing strategies,customer feedback, and product development within the fintech landscape. Theyemphasized…

In a monumental stride toward the future of global finance,the United Arab Emirates (UAE) <a href="https://www.binance.com/en/feed/post/3444597689242">has achieved a historic feat</a> by completing thefirst cross-border payment using the Digital Dirham. This groundbreakingtransaction, initiated by Sheikh Mansour bin Zayed Al Nahyan, Chairman of theCentral Bank of the UAE, involved the transfer of AED50 million (approximately$13.6 million) to China. The success of this endeavor, facilitated through thecollaborative "mBridge" platform, signifies a transformative era forCentral Bank Digital Currencies (CBDCs) and their potential impact on theinternational financial landscape.The "mBridge" Platform: RevolutionizingCross-Border PaymentsThe "mBridge" platform, a joint effort of the BISInnovation Hub, four founding central banks, and over 25 observing members,introduces <a href="https://www.bis.org/innovation_hub/projects/mbridge_brochure_2311.pdf">a pioneering approach to cross-border payments</a>. Leveragingdistributed ledger technology (DLT), this initiative aims to establish a commonplatform for multiple Central Bank Digital Currencies (multi-CBDCs). Theoverarching goal is to address longstanding inefficiencies in cross-bordertransactions, including high costs, slow processing times, lack of transparency,and operational complexities.Implications for the Future of CBDCsThe successful completion of the UAE's cross-border digitalpayment holds <a href="https://www.financemagnates.com/cryptocurrency/smart-wallets-smart-money-cbdcs-impact-on-banking-and-payments/">profound implications for the future of CBDCs</a>. Firstly, itshowcases the potential for international collaboration among central banks tocreate a seamless and efficient global payments infrastructure. The"mBridge" initiative demonstrates the feasibility of leveraging DLTto enhance transparency and reduce the friction associated with cross-bordertransactions.Furthermore, the UAE's pioneering move highlights theevolving narrative around CBDC adoption. As more countries explore and embracedigital currencies, the global financial landscape is shifting towards a moreinclusive and interconnected system. CBDCs offer the promise of faster,cheaper, and more transparent cross-border payments, paving the way for afuture where traditional barriers to international transactions aresignificantly reduced.Implications for Banks and Payment ProcessorsThe evolution of CBDCs brings about significantimplications for traditional banks and payment processors. As digitalcurrencies gain traction, financial institutions are compelled to adapt to thechanging landscape or risk becoming obsolete. Here are key considerations forbanks and payment processors:1. Technological Integration:Banks and payment processors must invest in advancedtechnologies, including DLT, to seamlessly integrate with emerging CBDCplatforms. Technological readiness is crucial to stay competitive and provideefficient services in the evolving digital economy.2. Enhanced Efficiency:CBDCs have the potential to streamline cross-borderpayments, reducing the reliance on intermediaries and cutting transactiontimes. Traditional financial entities need to enhance their operationalefficiency to compete with the speed and cost-effectiveness offered by digitalcurrencies.3. Regulatory Adaptation:The rise of CBDCs necessitates a reevaluation of existingregulatory frameworks. Financial institutions must navigate evolvingregulatory landscapes to ensure compliance with emerging standards, fostering asecure and trustworthy digital financial ecosystem.4. Innovation Collaboration:To remain relevant, payment processors and/or banks shouldactively seek collaborative opportunities with fintech companies and otherstakeholders driving CBDC innovation. Partnerships can facilitate thedevelopment of interoperable solutions that benefit both traditional anddigital financial systems.Conclusion: A Glimpse into the FutureThe successfulcompletion of the UAE's cross-border digital payment using the Digital…

Sucden Group, a commodities trading firm, haspartnered with Intercontinental Exchange, Inc. (ICE), the global technology anddata provision platform, to bolster global trading and investmentactivities.In this collaboration, Sucden aims to leverage ICE'sPortfolio Analytics platform for real-time pricing, trading, and riskmanagement of derivatives, signaling a commitment to staying ahead in a dynamicmarket.The Portfolio Analytics platform offers market data and analytics streaming services. According to a statement by ICE, the platform will enable Sucden to price andmonitor exposure on an intraday basis.Enhancing Portfolio Management Efficiency Greg Merran, the Head of Portfolio Management andChief Investment Officer at Sucden, mentioned: "We are on continuous watchto improve or complement our portfolio management platform. Although we alreadyhave different analytical tools and frameworks to support our portfolio ofcross-asset volatility and correlation positions, ICE's excellence in analyticsand data will further enrich our capabilities." ICE's Portfolio Analytics, a hosted solution, handlesall computational processes, delivering resulting data directly to Sucden. Thisintegration of analytical data with other applications and tools ensuressignificant efficiencies and simplified workflows for the trading firm.Sucden Group Taps ICE forDerivatives SolutionsSucden's front, middle, and back-office teams willhave access to ICE Portfolio Analytics, allowing them to analyze holdings atboth a single security and portfolio level. This access, covering multipleasset classes, will aid in pre-trade price discovery, decision support tools,risk management, and analytics.Last year, Sucden extended its collaboration with Nasdaq, the global exchange powerhouse. The renewed partnership, as reported byFinance Magnates, enables the company to leverage Nasdaq's technology toelevate its market coverage and data analytics.The partnership enables Sucden Financial tobolster its real-time monitoring and mitigation of market and liquidity risksacross its diverse trading portfolios, both proprietary and client-based. Thismove occurred at a crucial time when financial markets faced increasing volatilityand uncertainty.Besides that, the agreement integrates enhancedcontrols into the Nasdaq Risk Platform, expanding its market coverage toinclude new exchanges in Europe, North America, and Asia. This expansion alignswith Sucden Financial's commitment to meeting evolving client needs and stayingahead in an ever-changing market landscape.This article was written by Jared Kirui at www.financemagnates.com. via News – Finance Magnates | Financial and business news https://ift.tt/VSEmIgR