In a noticeably quiet week for news, here are the news stories that dominated the forex, fintech, and crypto worlds in our best of the week segment.
Binance Partners with Swipe to Issue Its Crypto Card
Topping the headlines in a flat week in crypto news was talk of Binance partnering with Swipe for an upcoming crypto debit card.
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A recent accidental update on its website has confirmed the partnership between the two.
Read more on the Binance Crypto Card here.
Lithuania to Launch its Own Central Bank-Backed Digital Token
As Finance Magnates reported this week, the first digital coin produced by a central bank will soon be issued in the Euro Zone, according to media reports, with Lithuania set to launch its own digital token – LBCOIN.
Next week the Baltic country, which has been overall friendly to cryptocurrencies, will issue the digital coin as part of a project to trial central bank digital currencies and blockchain technology in everyday use.
Read more on the LBCOIN launch here.
What Does Wirecard’s Shutdown Say About Fintech’s Systemic Weaknesses?
Wirecard’s UK subsidiary temporarily shut down by the FCA, revealing a number of structural weaknesses in fintech. Finance Magnates asked the question: What now?
With insight from Kris Marszalek, CEO of Crypto.com, Jeff Truitt, Chief Legal Officer at Securrency, and Seamus Donoghue, VP Sales and Business Development at METACO, this is a must-read analysis on Wirecard’s demise and its impact on the fintech world.
Read more on the Wirecard demise here.
Has Volatility and Volumes Returned to FX?
This week, the Finance Magnates newsroom reported a number of brokers and liquidity providers announcing improved results.
CMC Markets Operating Income for Q1 2021 in Excess of £102.3m
CMC Markets Plc has published a trading update for the period spanning across the 1st of April 2020 until the 30th of June, which is the first quarter of its 2021 fiscal year, revealing that, although volatility has dropped off, the trading provider continues to see solid trading activity.
Client activity remained around double that from what the company saw during the same period a year ago.
As a result, the UK-based company reported that net operating income for Q1 of 2021 is in excess of that reported in the first half of 2020, which was £102.3 million.
Read more on CMC Markets Plc’s results here.
ActivTrades’ Revenue Set to Reach Record High in H1 2020
London-based online brokerage ActivTrades announced today that it is on track to post its best-ever half-year results, thanks to an increase in trading volumes and strong growth in the number of clients.
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With only a few days to go to the end of the second quarter, the company has recorded £30 million in revenue for the first half of 2020, more than trebling the £8 million registered in the same period last year and already well above the £20.6 million it recorded for the whole of 2019.
Read more on the ActivTrades results here.
FXSpotStream Volumes Rise 20pct in June As Volatility Returns
Foreign exchange trading volumes rebounded strongly across FXSpotStream LLC platforms, as a rise in volatility encouraged more buying and selling of currencies.
FXSpotStream reported an average daily volume (ADV) of $43.2 billion, up from $36.1 billion back in May 2020.
Read more on the FXSpotStream Volumes Increase here.
Jefferies’s FXCM Posts Record Financials for Q2 2020
Jefferies Financial Group, this week published its financial numbers for the second quarter of its 2020 fiscal year ended March 31, 2019, showing a 4.1 percent rise in the figures for a similar quarter a year earlier.
The earnings report also revealed that Jefferies subsidiary FXCM had a record last quarter.
Read more on the Jefferies Financial Group results here.
TradeON Summit 2020 Agenda Revealed!
Summer may be officially here, but markets are showing no signs of slowing down this July. The surge of market volatility provides the perfect backdrop for the TradeON Summit 2020, which will take place on July 28.
The virtual event will cover all key market verticals and asset classes. For those worried about traveling or reluctant to leave your desk or trading terminal TradeON Summit has got you covered!
Read more on the TradeOn Summit 2020 here