cityam--2020-09-01--Greencoat Wind to buy SSE wind farm stake for £350m

Renewable investment fund Greencoat Wind will buy SSE ’ s 25.1 per cent stake in two wind farms off the coast of Cumbria for £350m .
The Walney wind farms , which are situated nine miles off the Cumbrian coast , have a capacity of 367.2 megawatts .
Read more : Ovo pays out £1.2m over SSE ’ s missed smart meter targets Danish power company Orsted holds a 50.1 per cent stake in the assets , which started operating in July 2011 .
The acquisition is Greencoat ’ s third investment in wind farms since it listed in 2013 @ @ @ @ @ @ @ 37 such assets , both onshore and offshore .
As a result of the new purchase , the firm ’ s generating capacity has now surpassed one gigawatt .
One of the firm ’ s partners , Laurence Fumagalli , said that the investment should deliver “ attractive investment returns ” .
“ Looking ahead , we continue to see a strong pipeline of investment opportunities , both onshore and offshore , and remain committed to our disciplined investment approach ” , he added .
Before the Open newsletter : Start your day @ @ @ @ @ @ @ market data Shares in the FTSE 250 firm slipped just over one per cent in this morning ’ s trading .
SSE said that the sale was the first stage in its plan to offload £2bn in assets in the next year .
“ The sale of Walney marks the first stage of SSE ’ s disposal plans .
As previously announced , a significant part of the disposal programme will be non-core assets ” , the firm said in a statement .
“ As essentially a financial investment , Walney clearly falls @ @ @ @ @ @ @ indicative of the quality and optionality contained in SSE ’ s portfolio of projects and assets , demonstrating its ability to deliver value through disposals.
” Read more : Ofgem to slash energy price cap by £84 for 15m households in October The cash from the acquisition will go towards the firm ’ s five-year , £7.5bn investment plan , which will see the blue-chip stock grow its stake in projects such as the Seagreen , Dogger Bank , and Viking wind farms .
All three projects are currently under construction , with @ @ @ @ @ @

Greencoat Wind to buy SSE wind farm stake for £350m
Renewable investment fund Greencoat Wind will buy SSE’s 25.1 per cent stake in two wind farms off the coast of Cumbria for £350m.
The Walney wind farms, which are situated nine miles off the Cumbrian coast, have a capacity of 367.2 megawatts.
Danish power company Orsted holds a 50.1 per cent stake in the assets, which started operating in July 2011.
The acquisition is Greencoat’s third investment in wind farms since it listed in 2013. The firm now holds investments in 37 such assets, both onshore and offshore.
As a result of the new purchase, the firm’s generating capacity has now surpassed one gigawatt.
One of the firm’s partners, Laurence Fumagalli, said that the investment should deliver “attractive investment returns”.
“Looking ahead, we continue to see a strong pipeline of investment opportunities, both onshore and offshore, and remain committed to our disciplined investment approach”, he added.
Before the Open newsletter: Start your day with the City View podcast and key market data
Shares in the FTSE 250 firm slipped just over one per cent in this morning’s trading.
SSE said that the sale was the first stage in its plan to offload £2bn in assets in the next year.
“The sale of Walney marks the first stage of SSE’s disposal plans. As previously announced, a significant part of the disposal programme will be non-core assets”, the firm said in a statement.
“As essentially a financial investment, Walney clearly falls into this category. The transaction is indicative of the quality and optionality contained in SSE’s portfolio of projects and assets, demonstrating its ability to deliver value through disposals.”
The cash from the acquisition will go towards the firm’s five-year, £7.5bn investment plan, which will see the blue-chip stock grow its stake in projects such as the Seagreen, Dogger Bank, and Viking wind farms.
All three projects are currently under construction, with SSE leading the development programme.


cityam--2020-09-01--The Race for Digital Asset Supremacy

The Race for Digital Asset Supremacy

The financial services industry is in the midst of a generational transition .
Where once cryptocurrencies and digital assets represented a counterculture movement , developed as a direct response to the failings of the financial system in the 2008/9 financial crash , today they have become a central part of the financial services industry .
The adoption of digital assets and distributed ledger technology ( DLT ) use-cases by governments , financial institutions , and global corporations has reached a peak that we have not seen before .
PayPal recently announced that it will bring crypto trading to its 325M+ @ @ @ @ @ @ @ accelerating their plans for Central Bank Digital Currencies ( CBDCs ) and Visa has filed a patent for its own blockchain based digital dollar .
Secure custody infrastructure is the cornerstone upon which the success of many of these digital asset use-cases will lie .
There are far too many reports of crypto use-cases compromised by hacks and stolen funds due to ineffective infrastructure , and financial institutions , in particular , require institutional grade solutions .
Considering the rapidly evolving lifecycle of digital assets , the significance of the Office of the @ @ @ @ @ @ @ OCC ) announcement that all nationally chartered banks can provide custody services for cryptocurrencies can not be overstated .
It is the biggest news of the year in digital asset adoption and a complete game changer .
With the stroke of a pen , the OCC has transformed the landscape for crypto custody in the US and globally , as it is likely that a trickle down effect will occur as other jurisdictions follow suit .
This development did not occur in a vacuum , and has undoubtedly been influenced by the regulatory @ @ @ @ @ @ @ in Europe and Asia .
Fidelity recently reported on the considerable disparity in the adoption of digital assets by institutional investors in the US versus those in Europe .
In the US only 27 per cent of institutional investors are invested in digital assets , a figure rising to 45 per cent in Europe .
It is in jurisdictions where regulators have a clear taxonomy for crypto and a licensing regime such as Germany , Switzerland , Japan , and Singapore , that we have already seen legacy banks develop crypto custody capabilities @ @ @ @ @ @ @ by the US financial giants , many of whom have been quietly experimenting with cryptocurrencies and digital assets without a clear roadmap of the business case or timing for productive deployment–hamstrung by a lack of regulatory clarity .
That murkiness has now decisively cleared and looks likely to set off a race among banks to develop secure custody infrastructure solutions .
Already the signals of such competition are emerging , with Standard Chartered Bank publicly declaring its intent to build a Digital Asset Custodian for the launch of crypto custody offerings .
Enabling @ @ @ @ @ @ @ huge step towards mainstream institutionalization and retail access to cryptocurrencies .
Once the incumbent players in financial markets offer access , adoption of digital assets will significantly increase .
If you can trade Bitcoin futures through the same broker and exchange that you trade Eurodollar futures , the ease of access and seamless integration with your existing rails removes the barriers to entry to crypto futures markets .
As the race for development heats up among financial institutions , the question of speed to market and “ build or buy ” will no @ @ @ @ @ @ @ can expect a significant increase in M & A , with a focus on the larger incumbent digital native custodians by banks that want to jump start their business , market share , and also acquire the technical know-how required to manage a digital custodian .
For those crypto custodians that are not acquired and don ’ t have significant balance sheets , this is an existential change and will drive further vertical consolidation , as we have seen with trading firms acquiring custodians in an effort to survive and compete with the @ @ @ @ @ @ @ heed caution in the pace of change that we can expect famously guarded banks to move at , the reality is that many institutions have had plans primed for some time now , and this regulatory greenlight will see many move quickly .
We are moving to an exciting phase for the markets as custody , the foundation for digital asset markets , migrates from the fringes to a core offering of financial markets .
A fundamental restructuring of the financial services industry is underway , now is the time for stakeholders to @ @ @ @ @ @ @ Seamus has extensive domain expertise in investment banking , wealth management , commodities and crypto markets that spans market structure , regulation and technology .
He spent 20 years building and managing trading operations across all the global financial centres with JP Morgan , Deutsche Bank , Barclays and Bank of America Merrill Lynch .
Since 2011 he has been active as a founder , leader , and investor in fintech and crypto projects including founding Allocated Bullion Solutions , an award winning open architecture technology platform for wholesale precious metals risk management @ @ @ @ @ @ @ Asia managing director of the Swiss digital asset exchange Lykke .

The Race for Digital Asset Supremacy
Getty Images
The financial services industry is in the midst of a generational transition.
Where once cryptocurrencies and digital assets represented a counterculture movement, developed as a direct response to the failings of the financial system in the 2008/9 financial crash, today they have become a central part of the financial services industry.
The adoption of digital assets and distributed ledger technology (DLT) use-cases by governments, financial institutions, and global corporations has reached a peak that we have not seen before. PayPal recently announced that it will bring crypto trading to its 325M+ users, a number of governments are accelerating their plans for Central Bank Digital Currencies (CBDCs) and Visa has filed a patent for its own blockchain based digital dollar.
Secure custody infrastructure is the cornerstone upon which the success of many of these digital asset use-cases will lie. There are far too many reports of crypto use-cases compromised by hacks and stolen funds due to ineffective infrastructure, and financial institutions, in particular, require institutional grade solutions.
Considering the rapidly evolving lifecycle of digital assets, the significance of the Office of the Comptroller of the Currency’s (OCC) announcement that all nationally chartered banks can provide custody services for cryptocurrencies cannot be overstated. It is the biggest news of the year in digital asset adoption and a complete game changer.
With the stroke of a pen, the OCC has transformed the landscape for crypto custody in the US and globally, as it is likely that a trickle down effect will occur as other jurisdictions follow suit. This development did not occur in a vacuum, and has undoubtedly been influenced by the regulatory warmth towards digital assets by many jurisdictions in Europe and Asia.
Fidelity recently reported on the considerable disparity in the adoption of digital assets by institutional investors in the US versus those in Europe. In the US only 27 per cent of institutional investors are invested in digital assets, a figure rising to 45 per cent in Europe. It is in jurisdictions where regulators have a clear taxonomy for crypto and a licensing regime such as Germany, Switzerland, Japan, and Singapore, that we have already seen legacy banks develop crypto custody capabilities.
These developments had not gone unnoticed by the US financial giants, many of whom have been quietly experimenting with cryptocurrencies and digital assets without a clear roadmap of the business case or timing for productive deployment–hamstrung by a lack of regulatory clarity.
That murkiness has now decisively cleared and looks likely to set off a race among banks to develop secure custody infrastructure solutions. Already the signals of such competition are emerging, with Standard Chartered Bank publicly declaring its intent to build a Digital Asset Custodian for the launch of crypto custody offerings.
Enabling banks to offer crypto custody is a huge step towards mainstream institutionalization and retail access to cryptocurrencies. Once the incumbent players in financial markets offer access, adoption of digital assets will significantly increase. If you can trade Bitcoin futures through the same broker and exchange that you trade Eurodollar futures, the ease of access and seamless integration with your existing rails removes the barriers to entry to crypto futures markets.
As the race for development heats up among financial institutions, the question of speed to market and “build or buy” will no doubt be a focal point. One can expect a significant increase in M&A, with a focus on the larger incumbent digital native custodians by banks that want to jump start their business, market share, and also acquire the technical know-how required to manage a digital custodian.
For those crypto custodians that are not acquired and don’t have significant balance sheets, this is an existential change and will drive further vertical consolidation, as we have seen with trading firms acquiring custodians in an effort to survive and compete with the new challengers.
While some industry experts heed caution in the pace of change that we can expect famously guarded banks to move at, the reality is that many institutions have had plans primed for some time now, and this regulatory greenlight will see many move quickly.
We are moving to an exciting phase for the markets as custody, the foundation for digital asset markets, migrates from the fringes to a core offering of financial markets.
A fundamental restructuring of the financial services industry is underway, now is the time for stakeholders to innovate, or be left behind.
Seamus Donoghue VP Sales and Business Development at METACO
Seamus has extensive domain expertise in investment banking, wealth management, commodities and crypto markets that spans market structure, regulation and technology. He spent 20 years building and managing trading operations across all the global financial centres with JP Morgan, Deutsche Bank, Barclays and Bank of America Merrill Lynch. Since 2011 he has been active as a founder, leader, and investor in fintech and crypto projects including founding Allocated Bullion Solutions, an award winning open architecture technology platform for wholesale precious metals risk management and distribution automation, and as the Asia managing director of the Swiss digital asset exchange Lykke.


cityam--2020-09-01--FTSE reshuffle: ITV set to tumble from the big league

The FTSE 100 is set for another dramatic reshuffle as the blue-chip index adapts to life during the coronavirus pandemic , with telly stalwart ITV almost certain to drop from the list and bargain retailer B & M likely to rise .
FTSE Russell , which runs the index , will decide who ’ s up and who ’ s down according to prices at the end of today .
The changes will then come into effect on 21 September .
Read more : ITV profit halves during pandemic amid ‘ most challenging period in history ’ The coronavirus pandemic @ @ @ @ @ @ @ .
The travel , energy and banking sectors have been battered , while online retailers , supermarkets and technology firms have performed better .
In the coming quarterly reshuffle , ITV is set to fall out of the prestigious FTSE 100 index .
Already under pressure from the likes of Netflix , its advertising revenue has slumped during Covid-19 as companies cut costs .
“ September should have been a month of celebration for ITV as it marks the 65th year since the iconic TV company was founded , ” said Susannah Streeter @ @ @ @ @ @ @ .
“ Instead , it could be retiring from the FTSE 100.
” “ The Love Island broadcaster ’ s revenue has fallen dramatically as companies have cut advertising spend , ” she added .
In March , the company cancelled its 2019 dividend .
The group ’ s market value has fallen around 60 per cent this year .
Discount retailer B & M is likely to win promotion to the big league .
It currently in the top 90 UK companies by market capitalisation , putting it in line for automatic @ @ @ @ @ @ @ at The Share Centre , said : “ It is a rare thing to see a physical retailer doing well.
” Read more : UK economy unlikely to recover until 2023 , KPMG says “ But B & M has been a significant beneficiary of the crisis .
As a discount retailer , it has already been doing well in recent years from the increased economic uncertainties but Covid-19 has led to sales jumping.
” Also near the drop zone are packaging firm DS Smith and property development company British Land .
Property @ @ @ @ @ @ @ since construction was allowed to restart .
But with people working from home they are now feeling the pinch from their corporate portfolios .
Russ Mould , investment director at AJ Bell , said British Land is “ teetering on the brink ” around the 110th position .
“ Any further slippage could open the door to a FTSE 250 firm and a number of companies are jockeying for position.
” “ They include former FTSE 100 members Direct Line , Convatec , Weir and Foreign & Colonial Investment Trust , ” he @ @ @ @ @ @ @ last relegated in September 2019 , December 2017 , September 2015 and September 2009 respectively.
” Read more : Sir Graham Brady calls on ministers to get workers back to the office At the last reshuffle in May , airline Easyjet , British Gas-owner Centrica , cruise firm Carnival and aerospace firm Meggitt were all demoted .
They were replaced by antivirus software firm Avast , gambling group GVC , home repairs group Homeserve and B & Q-owner Kingfisher .

FTSE 100 reshuffle: ITV set to tumble from the big league
ITV and the BBC suffered a dramatic fall in viewers on Friday evening.
The FTSE 100 is set for another dramatic reshuffle as the blue-chip index adapts to life during the coronavirus pandemic, with telly stalwart ITV almost certain to drop from the list and bargain retailer B&M likely to rise.
FTSE Russell, which runs the index, will decide who’s up and who’s down according to prices at the end of today. The changes will then come into effect on 21 September.
The coronavirus pandemic has dramatically altered the UK corporate landscape. The travel, energy and banking sectors have been battered, while online retailers, supermarkets and technology firms have performed better.
ITV hit hard by virus ahead of FTSE reshuffle
In the coming quarterly reshuffle, ITV is set to fall out of the prestigious FTSE 100 index. Already under pressure from the likes of Netflix, its advertising revenue has slumped during Covid-19 as companies cut costs.
“September should have been a month of celebration for ITV as it marks the 65th year since the iconic TV company was founded,” said Susannah Streeter, senior investment analyst at Hargreaves Lansdown. “Instead, it could be retiring from the FTSE 100.”
“The Love Island broadcaster’s revenue has fallen dramatically as companies have cut advertising spend,” she added.
In March, the company cancelled its 2019 dividend. The group’s market value has fallen around 60 per cent this year.
Bargain retailer B&M has benefitted from the coronavirus pandemic’s squeeze on incomes
Bargain retailer B&M could rise
Discount retailer B&M is likely to win promotion to the big league. It currently in the top 90 UK companies by market capitalisation, putting it in line for automatic promotion.
Helal Miah, research analyst at The Share Centre, said: “It is a rare thing to see a physical retailer doing well.”
“But B&M has been a significant beneficiary of the crisis. As a discount retailer, it has already been doing well in recent years from the increased economic uncertainties but Covid-19 has led to sales jumping.”
British Land ‘teetering on brink’
Also near the drop zone are packaging firm DS Smith and property development company British Land.
Property firms have staged something of a comeback since construction was allowed to restart. But with people working from home they are now feeling the pinch from their corporate portfolios.
Russ Mould, investment director at AJ Bell, said British Land is “teetering on the brink” around the 110th position. “Any further slippage could open the door to a FTSE 250 firm and a number of companies are jockeying for position.”
“They include former FTSE 100 members Direct Line, Convatec, Weir and Foreign & Colonial Investment Trust,” he said. “[They] were last relegated in September 2019, December 2017, September 2015 and September 2009 respectively.”
At the last reshuffle in May, airline Easyjet, British Gas-owner Centrica, cruise firm Carnival and aerospace firm Meggitt were all demoted.
They were replaced by antivirus software firm Avast, gambling group GVC, home repairs group Homeserve and B&Q-owner Kingfisher.


cityam--2020-09-01--Ex-Prince William aide Simon Case appointed as new cabinet secretary

Former adviser to Prince William , and Boris Johnson ally , Simon Case has been appointed as the UK ’ s top civil servant .
Case will take over as cabinet secretary , and head of the civil service , on 9 September after serving as Number 10 ’ s permanent secretary .
Read more : Top civil servant Sir Mark Sedwill hits out at ‘ sniping ’ from inside government Case was seconded from Prince William ’ s private office to assist Number 10 during the coronavirus pandemic , with the expectation he would eventually return to Kensington Palace @ @ @ @ @ @ @ by chief Johnson aide Dominic Cummings with reforming the civil service as cabinet secretary .
The Times reports that Cummings recently told government aides that a “ hard rain is coming ” to Whitehall and that he wants to “ smaller , more focused and more elite centre ” .
Before the Open newsletter : Start your day with the City View podcast and key market data It was reported today that Johnson called Prince William to ask for his permission to keep Case on full-time in the civil service .
“ It @ @ @ @ @ @ @ Cabinet Secretary and Head of the Civil Service , ” Case said .
“ Over these few months of working on the Covid response , I have seen how much hard work is being done by the Civil Service to support the government and our country through unprecedented times .
“ It is a privilege to come into this role to lead a Service that is working day in , day out to deliver for people right across the country.
” Read more : Tony Abbott : UK-Australia freedom of movement could begin @ @ @ @ @ @ @ , Boris Johnson said : “ Simon will make a fantastic Cabinet Secretary and Head of the Civil Service .
“ His years of experience at the heart of government and working for The Royal Household make him ideally suited for this crucial role .
”

Ex-Prince William aide Simon Case appointed as new cabinet secretary
Former adviser to Prince William, and Boris Johnson ally, Simon Case has been appointed as the UK’s top civil servant.
Case will take over as cabinet secretary, and head of the civil service, on 9 September after serving as Number 10’s permanent secretary.
Case was seconded from Prince William’s private office to assist Number 10 during the coronavirus pandemic, with the expectation he would eventually return to Kensington Palace.
Instead, he has been tasked by chief Johnson aide Dominic Cummings with reforming the civil service as cabinet secretary.
The Times reports that Cummings recently told government aides that a “hard rain is coming” to Whitehall and that he wants to “smaller, more focused and more elite centre”.
Before the Open newsletter: Start your day with the City View podcast and key market data
It was reported today that Johnson called Prince William to ask for his permission to keep Case on full-time in the civil service.
“It is an honour to be appointed as Cabinet Secretary and Head of the Civil Service,” Case said.
“Over these few months of working on the Covid response, I have seen how much hard work is being done by the Civil Service to support the government and our country through unprecedented times.
“It is a privilege to come into this role to lead a Service that is working day in, day out to deliver for people right across the country.”
Commenting on the appointment, Boris Johnson said: “Simon will make a fantastic Cabinet Secretary and Head of the Civil Service.
“His years of experience at the heart of government and working for The Royal Household make him ideally suited for this crucial role.”


cityam--2020-09-01--Decentralised Finance aka “DeFi” - A Bigger Bang

In 2008 the financial world changed when Bitcoin was released into the wild and started the decentralised financial ( “ DeFi ” ) revolution which is now gathering pace .
This was a Big Bang event and this new DeFi universe expanded quickly , initially there were just clones of Bitcoin , one project was very different from Bitcoin .
That project is called Ethereuem at first created the world ’ s biggest ever crowdfunding movement called Initial Coin Offerings ( ICO ) .
These ICOs flamed out over time due to regulatory concerns and abuse however they are making @ @ @ @ @ @ @ out of this speculation phase and into protocol market fit .
It ’ s now gaining momentum as the next decentralised finance innovator with projects launching on it generating huge amounts of real cash flow .
This DeFi boom , which currently has over $ 6 billion locked into it and growing fast , is also directly down to Ethereum and Bitcoin coming together , which we will explain later in this piece .
There is regularly too much focus on crypto prices in the media which can be very distracting , but @ @ @ @ @ @ @ the DeFi surge in volume is drawing a lot of interest .
This fledgling DeFi movement has a tiny community currently of around a few thousand people echoing the early ICO ) crowd who were evangelists for the technology , and not focused on speculation .
In financial terms the DeFi boom will possibly eclipse the ICO boom of 2017/2018 .
The excitement around DeFi is with the adoption of blockchain technology and its impact on new financial services and these new DeFi projects are not just speculation , they are generating huge @ @ @ @ @ @ @ the core decentralisation concept of Bitcoin , the radical financial project that started it all , and pushing it to the next level .
This DeFi movement is just the next phase of blockchain technology finding a ‘ protocol market ’ fit and we will likely see many more .
DeFi , like the ICO , promises a new dawn of financial freedom for all involved but this time it ’ s actually got real use .
What is DeFi ?
DeFi is a set of blockchain based financial services and applications focused @ @ @ @ @ @ @ alternative savings and asset management to name a few and is intended to augment or replace the currently existing financial system using decentralised technology .
There is also a new meme in Yield Farming where borrowers relend the assets out and ‘ farm ’ the yields .
DeFi ’ s roots are very much fixed in that ICO revolution which was that anyone could participate in tech investing from anywhere in the world .
Silicon Valley was so over !
Although a small amount of ICOs ’ still continue today ICO ’ s @ @ @ @ @ @ @ abuse by speculators and scammers .
DeFi offers a more sustainable version of the ICO movement .
One that is less about speculation and more about real involvement and utility .
Ultimately , DeFi has improved risk and reward dynamics for participants and on top of this greater regulatory scrutiny has emerged in the past couple of years .
Most DeFi projects are fairly simple to use and if you want to explore them further , they have layers of financial complexity but the entry points are super simple .
All you need @ @ @ @ @ @ @ .
Most attractively for participants , the rewards are in the form of sought after tokens in the platforms themselves .
These tokens have governance , financial and technical aspects to them .
Governance in the form of voting power , financial with fee distribution and technical in so far as they need active engagement .
An example of an area of DeFi is the Decentralised Exchange or DEX which aims to replace the centralised exchange .
The earlier centralised exchanges were riddled with hacks , corruption and a lack of trust .
@ @ @ @ @ @ @ you keep control of your assets and can trade in a more secure environment .
Individuals can supply their own crypto assets into these new trusted DEX pools and earn rewards in these new DEX exchange tokens .
The potential returns from these DeFi token rewards can be outstanding .
However it should be noted there are potentially better returns for just investing , holding and selling than lending , but it suits a different requirement and risk appetite .
Most DeFi services need digital assets as collateral to earn a return but @ @ @ @ @ @ @ are other risks associated of course , such as the project being hacked with funds being stolen , and the assets decreasing in value against each other if one spikes in value , but nothing comes without risk and just as your bank deposit is insured against bank heists , there are insurance solutions within DeFi to protect your digital assets .
One of the main drivers of this boom is that Bitcoin is moving into the Ethereum blockchain which is spawning all these new DeFi services .
It makes Bitcoin and Ethereum @ @ @ @ @ @ @ like Bitcoin missed the whole innovation cycle that it partially promised .
This huge inflow of Bitcoin into Ethereum is creating new liquidity opportunities for Bitcoin as until now it has been trapped as a fluid asset , and is just used as a store of value or payment instrument .
This unlocking of Bitcoin is in the form of wrapped Bitcoin such as wBTC or the more decentralised renBTC , and tBC to come and it all flows into Ethereum .
This may change as other blockchains launch such as Polkadot or @ @ @ @ @ @ @ to Ethereum with new more trusted Decentralised Exchanges ( DEX ) that are now , after years of development , ready for primetime .
DEX had $ 1.51 billion of transactions in June 2020 , that ’ s 70 % more than in May and a 46 % increase on the all-time high in March .
The DEX volume still only represents 2.1 % of the volume on centralised exchanges , but the needle is moving fast .
In May it was just 0.84 % !
Without this confluence of rising DEX volume @ @ @ @ @ @ @ of Bitcoin flowing to Ethereum and entrepreneurs building on Ethereum , the DeFi boom would not be happening .
Bitcoin is finally being unlocked into a whole new load of innovative services via Ethereum .
Currently the darlings of DeFi are projects such as Compound and Balancer who are some new unicorns which touched Implied Network Valuations of nearly a billion dollars .
Many more will follow and hope to emulate unicorn status with token releases such as Uniswap , Curve , Sythentix , Nexus Mutual and Vega to name a few .
@ @ @ @ @ @ @ built on Ethereum , the biggest public blockchain , but there are other blockchains that will compete in this DeFi boom .
Many of the Ethereum competitors are in the final stages of being built such as Polkadot , Dfinity , Tezos and Cosmos .
These other chains exist because Ethereum hasn ’ t solved its scaling issues .
They offer higher transactions throughput and interchain interoperability which Ethereum doesn ’ t .
These blockchains are like expanding universes , each will have their own expansion and grow to vast economic sizes .
@ @ @ @ @ @ @ are currently unimaginable .
Perhaps trillions of dollars on some .
Before you laugh at this , there is a migration of derivatives into digital assets and onto blockchains .
Derivatives have a real world volume of $ 12 trillion .
Blockchain is a much more efficient platform for derivatives so we will see that move on chain from 2021 onwards with projects such as Serum and Vega launching .
The blockchains that fail to capture enough economic activity will slowly collapse and merge with the more dominant chains .
When two industries @ @ @ @ @ @ @ new industry and this is what we are witnessing with DeFi which is a new paradigm in decentralised computing and financial services .
It ’ s taken a few years to get mature to make an impact but now it ’ s really rolling and unstoppable .
DeFi ’ s impact and size will take us all by surprise in the coming months and years ahead .
KR1 plc is invested in Ethereum , Dfinity , Cosmos and Polkadot and Vega .
Keld van Schreven , Managing Director and Co-Founder of KR1 plc @ @ @ @ @ @ @ tech industry since 1995 and Bitcoin since 2013 .
Previously , he has started several tech start-ups including SmartTrade App , a leading UK mobile payment app .
Keld is a true advocate for the use of blockchain technology and a regular speaker at industry events , including Techcrunch and MoneyX .
KR1 is a leading digital asset investment company supporting early-stage decentralised and open-source blockchain projects .
Founded in 2016 and publicly traded in London ( KR1 : AQSE ) , KR1 has built a notable reputation for generating significant returns by @ @ @ @ @ @ @ designed to power the decentralised platforms and protocols that are emerging to form new internet infrastructures .
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice .
It is not intended as an offer or solicitation for the purchase or sale of any financial instrument , in particular KR1 shares , or as an official confirmation of any transaction .
Opinions , estimates and assumptions expressed herein are made as of the date of @ @ @ @ @ @ @ without notice .
This communication has been prepared based upon information , including market prices , data and other information , believed to be reliable ; however , KR1 does not warrant its completeness or accuracy .
All market prices and market data contained in or attached to this communication are indicative and subject to change without notice .

Decentralised Finance aka “DeFi” – A Bigger Bang
In 2008 the financial world changed when Bitcoin was released into the wild and started the decentralised financial (“DeFi”) revolution which is now gathering pace.
This was a Big Bang event and this new DeFi universe expanded quickly, initially there were just clones of Bitcoin, one project was very different from Bitcoin. That project is called Ethereuem at first created the world’s biggest ever crowdfunding movement called Initial Coin Offerings (ICO). These ICOs flamed out over time due to regulatory concerns and abuse however they are making a comeback. Ethereum has finally moved out of this speculation phase and into protocol market fit. It’s now gaining momentum as the next decentralised finance innovator with projects launching on it generating huge amounts of real cash flow.
This DeFi boom, which currently has over $6 billion locked into it and growing fast, is also directly down to Ethereum and Bitcoin coming together, which we will explain later in this piece. There is regularly too much focus on crypto prices in the media which can be very distracting, but greater price leads to greater attention and the DeFi surge in volume is drawing a lot of interest. This fledgling DeFi movement has a tiny community currently of around a few thousand people echoing the early ICO) crowd who were evangelists for the technology, and not focused on speculation.
In financial terms the DeFi boom will possibly eclipse the ICO boom of 2017/2018. The excitement around DeFi is with the adoption of blockchain technology and its impact on new financial services and these new DeFi projects are not just speculation, they are generating huge cash flows already. DeFi is taking the core decentralisation concept of Bitcoin, the radical financial project that started it all, and pushing it to the next level. This DeFi movement is just the next phase of blockchain technology finding a ‘protocol market’ fit and we will likely see many more. DeFi, like the ICO, promises a new dawn of financial freedom for all involved but this time it’s actually got real use.
What is DeFi? DeFi is a set of blockchain based financial services and applications focused around insurance, banking, investing, alternative savings and asset management to name a few and is intended to augment or replace the currently existing financial system using decentralised technology. There is also a new meme in Yield Farming where borrowers relend the assets out and ‘farm’ the yields.
DeFi’s roots are very much fixed in that ICO revolution which was that anyone could participate in tech investing from anywhere in the world. Silicon Valley was so over! Although a small amount of ICOs’ still continue today ICO’s have fallen out of favour because of abuse by speculators and scammers. DeFi offers a more sustainable version of the ICO movement. One that is less about speculation and more about real involvement and utility. Ultimately, DeFi has improved risk and reward dynamics for participants and on top of this greater regulatory scrutiny has emerged in the past couple of years.
Most DeFi projects are fairly simple to use and if you want to explore them further, they have layers of financial complexity but the entry points are super simple. All you need is some crypto and a crypto wallet. Most attractively for participants, the rewards are in the form of sought after tokens in the platforms themselves. These tokens have governance, financial and technical aspects to them. Governance in the form of voting power, financial with fee distribution and technical in so far as they need active engagement. An example of an area of DeFi is the Decentralised Exchange or DEX which aims to replace the centralised exchange. The earlier centralised exchanges were riddled with hacks, corruption and a lack of trust. Decentralisation solves this trust issue, so you keep control of your assets and can trade in a more secure environment.
Individuals can supply their own crypto assets into these new trusted DEX pools and earn rewards in these new DEX exchange tokens. The potential returns from these DeFi token rewards can be outstanding. However it should be noted there are potentially better returns for just investing, holding and selling than lending, but it suits a different requirement and risk appetite. Most DeFi services need digital assets as collateral to earn a return but that collateral is at risk. There are other risks associated of course, such as the project being hacked with funds being stolen, and the assets decreasing in value against each other if one spikes in value, but nothing comes without risk and just as your bank deposit is insured against bank heists, there are insurance solutions within DeFi to protect your digital assets.
One of the main drivers of this boom is that Bitcoin is moving into the Ethereum blockchain which is spawning all these new DeFi services. It makes Bitcoin and Ethereum more interconnected than ever. It feels like Bitcoin missed the whole innovation cycle that it partially promised. This huge inflow of Bitcoin into Ethereum is creating new liquidity opportunities for Bitcoin as until now it has been trapped as a fluid asset, and is just used as a store of value or payment instrument. This unlocking of Bitcoin is in the form of wrapped Bitcoin such as wBTC or the more decentralised renBTC, and tBC to come and it all flows into Ethereum. This may change as other blockchains launch such as Polkadot or Dfinity.
Combine this flow of Bitcoin to Ethereum with new more trusted Decentralised Exchanges (DEX) that are now, after years of development, ready for primetime. DEX had $1.51 billion of transactions in June 2020, that’s 70% more than in May and a 46% increase on the all-time high in March. The DEX volume still only represents 2.1% of the volume on centralised exchanges, but the needle is moving fast. In May it was just 0.84%! Without this confluence of rising DEX volume, hundreds of millions of dollars worth of Bitcoin flowing to Ethereum and entrepreneurs building on Ethereum, the DeFi boom would not be happening. Bitcoin is finally being unlocked into a whole new load of innovative services via Ethereum.
Currently the darlings of DeFi are projects such as Compound and Balancer who are some new unicorns which touched Implied Network Valuations of nearly a billion dollars. Many more will follow and hope to emulate unicorn status with token releases such as Uniswap, Curve, Sythentix, Nexus Mutual and Vega to name a few.
Almost all of these DeFi projects are built on Ethereum, the biggest public blockchain, but there are other blockchains that will compete in this DeFi boom. Many of the Ethereum competitors are in the final stages of being built such as Polkadot, Dfinity, Tezos and Cosmos. These other chains exist because Ethereum hasn’t solved its scaling issues. They offer higher transactions throughput and interchain interoperability which Ethereum doesn’t. These blockchains are like expanding universes, each will have their own expansion and grow to vast economic sizes.
Most will expand to such sizes that are currently unimaginable. Perhaps trillions of dollars on some. Before you laugh at this, there is a migration of derivatives into digital assets and onto blockchains. Derivatives have a real world volume of $12 trillion. Blockchain is a much more efficient platform for derivatives so we will see that move on chain from 2021 onwards with projects such as Serum and Vega launching. The blockchains that fail to capture enough economic activity will slowly collapse and merge with the more dominant chains.
When two industries collide there is the formation of a new industry and this is what we are witnessing with DeFi which is a new paradigm in decentralised computing and financial services. It’s taken a few years to get mature to make an impact but now it’s really rolling and unstoppable. DeFi’s impact and size will take us all by surprise in the coming months and years ahead.
KR1 plc is invested in Ethereum, Dfinity, Cosmos and Polkadot and Vega.
Keld van Schreven, Managing Director and Co-Founder of KR1 plc. Keld has been involved in the tech industry since 1995 and Bitcoin since 2013. Previously, he has started several tech start-ups including SmartTrade App, a leading UK mobile payment app. Keld is a true advocate for the use of blockchain technology and a regular speaker at industry events, including Techcrunch and MoneyX.
KR1 is a leading digital asset investment company supporting early-stage decentralised and open-source blockchain projects. Founded in 2016 and publicly traded in London (KR1:AQSE), KR1 has built a notable reputation for generating significant returns by investing in many key projects that are designed to power the decentralised platforms and protocols that are emerging to form new internet infrastructures.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, in particular KR1 shares, or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, KR1 does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.


Unfinished Business

Back in 2015 , I co-founded a challenger Bank called Starling with a super smart group of people ( plus me ) with different talents – mine was technology – and with a common drive , determination and goal ‘ to change financial services for the better ’ .
I think we went a long way in achieving that aim , helping people keep on top of their finances , to help them save and manage their money and importantly build a positive relationship with them .
We didn ’ t want to ‘ rip you off ’ when you @ @ @ @ @ @ @ didn ’ t need or want , as we all know that the old banks do daily .
I had many years working at Barclays and I learned who comes first in these big banks , and it ’ s not their customers .
Hence the initial arrogance of those banks , “ you neo-banks will never get any traction ” was first replaced with a desire , and now a need , to compete .
Many of them tried , but failed , to launch their own challenger brands : think RBS @ @ @ @ @ @ @ result , hundreds of millions of shareholder funds ( and customer funds in the case of Nationwide ) , wasted .
When Starling launched the FCA was keen to support fintechs equipped to make the leap to a Bank , with licences issued to the likes of Atom , Tandem and Oaknorth .
Starling , with me as CTO , was the first ever to design , build and launch a proprietary cloud-native ( and fully open source ) banking platform .
That tech remains at the heart of Starling today , giving @ @ @ @ @ @ @ on other company ’ s technology .
‘ Legacy ’ before they even landed their first customer .
The business models and perceived advantage of becoming a fully regulated UK bank are now understood… and it ’ s not good is it ?
Just look at recent results announcements .
Customers didn ’ t switch from the old incumbents in the numbers forecast , so how can one understand their ability to repay an overdraft or loan with no salary coming in or standing orders and direct debits going out ?
You can @ @ @ @ @ @ @ banks can ’ t lend as much , so their profits aren ’ t as strong .
In a climate of ‘ the lowest interest rates ever ’ , the surplus funds the banks hold with the Bank of England aren ’ t earning interest .
If that wasn ’ t bad enough – the impact of Covid 19 sends shockwaves across the world .
For banks it means an increase in bad debts and , with severely restricted travel , no income from FX or the use of the bank ’ s @ @ @ @ @ @ @ rebate from Mastercard or Visa when their customers use their cards .
So , to my unfinished business The world has changed a lot in 5 years .
Open Banking , PSD2 , the movement of digital currencies into the ‘ mainstream ’ mean choices that were made back then aren ’ t those we ’ d make today .
Regulation is important to ensure customer money is safe which is why Ziglu has applied for an EMI licence .
Unlike banks Ziglu can provide crypto alongside traditional currency plus many all the @ @ @ @ @ @ @ challengers ’ .
Crypto had a poor ‘ rep ’ from some naysayers , it still does , but the pool is shrinking with each new global bank , government or regulator accepting the inevitability of its place in the monetary landscape .
Remember when ‘ cloud ’ was too risky and insecure to run a production bank on ?
That was a battle I had in 2015 , but I digress .
Importantly for me personally , banks ignore whole sections of our society , the unbanked need access to a simple @ @ @ @ @ @ @ help , usually citing Know Your Customer ( KYC ) concerns if they don ’ t have an address .
That ’ s rubbish as you don ’ t need an address to provide basic banking services , its selfish profiteering and it grates on me .
Crypto will help everyone to gain access to financial services and so will Ziglu .
Our launch product will be followed up with further releases to widen the market to include everyone .
As it should be .
It doesn ’ t have to be that @ @ @ @ @ @ @ wasted on their aborted challenger brands ?
It doesn ’ t have to be that way ; at Ziglu we designed , built and launched a complex banking platform .
Our platform has hundreds of real-time ( API ) integrations internally and externally to exchanges , FX providers , card processors , KYC/AML providers , banks , credit institutions and cold storage providers with a bunch of microservices on the latest cloud native , open-source technology .
Our security , resilience , availability and overall service is best in class .
But how @ @ @ @ @ @ @ downloads Ziglu from the Apple App Store or Google Play customers will get a super slick 3-minute onboarding process , yes , we have timed it .
Customers are provided with an account with a UK sort code and account number .
We remove the complexity of crypto keys , security and risk and make it simple to buy and sell crypto whether that is £10 or £50,000 .
We are the only challenger to offer you £50,000 of free insurance , a better price than anyone else in the UK ( test @ @ @ @ @ @ @ and a brilliantly designed app that enables you to send any currency you hold instantly to another Ziglu user anywhere .
More ways to send and spend money such as a debit card will be added within a matter of weeks .
• Always own your own tech .
* • Technology firms are and will continue to change the world for the better – it ’ s barely started .
• If you believe something hard is impossible you will never start it .
• Execution is vital .
So many great @ @ @ @ @ @ @ it ’ s a commodity or can be replaced as a best in breed non-material provider .
Mark Hipperson is the Founder and CEO of Ziglu a leading crypto challenger launched in June 2020 .
He previously co-founded a UK retail bank and two financial technology businesses .
He is a commentator and speaker on banking , FinTech , crypto , technology , PSD2 and open banking .
At Starling Bank he was responsible for helping to secure the UK banking licence with regulators and obtaining the initial funding the Bank achieved in @ @ @ @ @ @ @ for the design , build , implementation and support of the Bank ’ s IT platform , apps and infrastructure .
Mark started his career at Barclays where he was Head of Technology .

Unfinished Business
Mark Hipperson, Founder and CEO of Ziglu
Back in 2015, I co-founded a challenger Bank called Starling with a super smart group of people (plus me) with different talents – mine was technology – and with a common drive, determination and goal ‘to change financial services for the better’.
I think we went a long way in achieving that aim, helping people keep on top of their finances, to help them save and manage their money and importantly build a positive relationship with them.
We didn’t want to ‘rip you off’ when you went overdrawn or flog you stuff you didn’t need or want, as we all know that the old banks do daily. I had many years working at Barclays and I learned who comes first in these big banks, and it’s not their customers. Hence the initial arrogance of those banks, “you neo-banks will never get any traction” was first replaced with a desire, and now a need, to compete. Many of them tried, but failed, to launch their own challenger brands: think RBS’s Bo or Nationwide. The result, hundreds of millions of shareholder funds (and customer funds in the case of Nationwide), wasted.
When Starling launched the FCA was keen to support fintechs equipped to make the leap to a Bank, with licences issued to the likes of Atom, Tandem and Oaknorth. Starling, with me as CTO, was the first ever to design, build and launch a proprietary cloud-native (and fully open source) banking platform. That tech remains at the heart of Starling today, giving it a competitive advantage over those sitting on other company’s technology. ‘Legacy’ before they even landed their first customer.
It’s 2020. Everything has changed.
The business models and perceived advantage of becoming a fully regulated UK bank are now understood… and it’s not good is it? Just look at recent results announcements.
Customers didn’t switch from the old incumbents in the numbers forecast, so how can one understand their ability to repay an overdraft or loan with no salary coming in or standing orders and direct debits going out? You can’t.
Accordingly, the new banks can’t lend as much, so their profits aren’t as strong. In a climate of ‘the lowest interest rates ever’, the surplus funds the banks hold with the Bank of England aren’t earning interest. If that wasn’t bad enough – the impact of Covid 19 sends shockwaves across the world. For banks it means an increase in bad debts and, with severely restricted travel, no income from FX or the use of the bank’s debit card. Banks get a small rebate from Mastercard or Visa when their customers use their cards.
So, to my unfinished business
The world has changed a lot in 5 years. Open Banking, PSD2, the movement of digital currencies into the ‘mainstream’ mean choices that were made back then aren’t those we’d make today. Regulation is important to ensure customer money is safe which is why Ziglu has applied for an EMI licence. Unlike banks Ziglu can provide crypto alongside traditional currency plus many all the services that customers love from the ‘challengers’.
Crypto had a poor ‘rep’ from some naysayers, it still does, but the pool is shrinking with each new global bank, government or regulator accepting the inevitability of its place in the monetary landscape. Remember when ‘cloud’ was too risky and insecure to run a production bank on? That was a battle I had in 2015, but I digress.
Importantly for me personally, banks ignore whole sections of our society, the unbanked need access to a simple account but the banks don’t help, usually citing Know Your Customer (KYC) concerns if they don’t have an address. That’s rubbish as you don’t need an address to provide basic banking services, its selfish profiteering and it grates on me.
Crypto will help everyone to gain access to financial services and so will Ziglu. Our launch product will be followed up with further releases to widen the market to include everyone. As it should be.
It doesn’t have to be that way
Remember how much RBS and Nationwide wasted on their aborted challenger brands?
It doesn’t have to be that way; at Ziglu we designed, built and launched a complex banking platform. Our platform has hundreds of real-time (API) integrations internally and externally to exchanges, FX providers, card processors, KYC/AML providers, banks, credit institutions and cold storage providers with a bunch of microservices on the latest cloud native, open-source technology. Our security, resilience, availability and overall service is best in class.
But how are we different?
When a customer downloads Ziglu from the Apple App Store or Google Play customers will get a super slick 3-minute onboarding process, yes, we have timed it. Customers are provided with an account with a UK sort code and account number. We remove the complexity of crypto keys, security and risk and make it simple to buy and sell crypto whether that is £10 or £50,000.
We are the only challenger to offer you £50,000 of free insurance, a better price than anyone else in the UK (test us!), great customer service and a brilliantly designed app that enables you to send any currency you hold instantly to another Ziglu user anywhere. More ways to send and spend money such as a debit card will be added within a matter of weeks.
A modern challenger does traditional currency alongside crypto.
Finally, my five ‘founder’ beliefs
Always own your own tech.* Technology firms are and will continue to change the world for the better – it’s barely started. If you believe something hard is impossible you will never start it. Luck and timing are important. Execution is vital. So many great ideas……such poor execution.
*Caveat – unless it’s a commodity or can be replaced as a best in breed non-material provider.
Mark Hipperson is the Founder and CEO of Ziglu a leading crypto challenger launched in June 2020. He previously co-founded a UK retail bank and two financial technology businesses. He is a commentator and speaker on banking, FinTech, crypto, technology, PSD2 and open banking.
At Starling Bank he was responsible for helping to secure the UK banking licence with regulators and obtaining the initial funding the Bank achieved in December 2015. He was also responsible for the design, build, implementation and support of the Bank’s IT platform, apps and infrastructure.
Mark started his career at Barclays where he was Head of Technology.


cityam--2020-09-01--Tony Abbott: UK-Australia freedom of movement could begin on 1 January

Former Australian Prime Minister Tony Abbott has said there could be freedom of movement between Britain and Australia from next year as the two countries look to strike a free trade agreement .
Abbott , who is tipped to become Britain ’ s joint president of the Board of Trade , told a virtual event today that a UK-Australia trade deal should be completed by 1 January and that “ free movement of people…for work , not welfare ” is a real possibility to be included .
Read more : Spirits , telecoms and financial services set to be in @ @ @ @ @ @ @ began formal negotiations on a free trade deal earlier this year as Britain plans to leave the EU customs union and single market on 31 December .
Talks with Australian trade representatives are happening alongside similar negotiations with the EU , Japan , the US and New Zealand .
Trade secretary Liz Truss is expected to tell MPs this week that a potential deal between the two nations will involve scrapping tariffs for cars , clothing and spirits .
Before the Open newsletter : Start your day with the City View podcast and @ @ @ @ @ @ @ to tell MPs that agreements on financial services , telecoms and technology could be in the deal , according to the Sunday Telegraph .
Abbott said today that a deal should be completed before the UK exits the post-Brexit transition period on 31 December .
“ I would hope that on 1 January next year trade between Britain and Australia in goods is entirely free of tariffs and quotas , that there is full recognition of standards and qualifications and there is to a very great extent – possibly subject to a generous @ @ @ @ @ @ @ work , not welfare , ” he said .
“ I think that it ’ s in Britain ’ s interests and Australia ’ s interests that this particular free trade deal is done as quickly as possible and we have as much trade as we can between like-minded countries with comparable standards of living.
” He also said the deal could see the UK enter the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP ) .
The partnership includes 11 countries , including Japan , Canada , Australia and New Zealand @ @ @ @ @ @ @ goods within the bloc traded without tariffs .
Read more : Ex-Australian PM Tony Abbott to be given top UK trade role Abbott , who was Australian ’ s prime minister between 2013 and 2015 , is expected to soon be unveiled as one of Boris Johnson ’ s top trade advisers and joint president of the Board of Trade .
He said today that he could not comment on speculation on his potential appointment .

Tony Abbott: UK-Australia freedom of movement could begin on 1 January
Tony Abbott, who is tipped to become Britain’s joint president of the Board of Trade, told a virtual event today that a UK-Australia trade deal should be completed by 1 January and that “free movement of people…for work, not welfare” is a real possibility to be included.
Former Australian Prime Minister Tony Abbott has said there could be freedom of movement between Britain and Australia from next year as the two countries look to strike a free trade agreement.
Abbott, who is tipped to become Britain’s joint president of the Board of Trade, told a virtual event today that a UK-Australia trade deal should be completed by 1 January and that “free movement of people…for work, not welfare” is a real possibility to be included.
The UK and Australia began formal negotiations on a free trade deal earlier this year as Britain plans to leave the EU customs union and single market on 31 December.
Talks with Australian trade representatives are happening alongside similar negotiations with the EU, Japan, the US and New Zealand.
Trade secretary Liz Truss is expected to tell MPs this week that a potential deal between the two nations will involve scrapping tariffs for cars, clothing and spirits.
Before the Open newsletter: Start your day with the City View podcast and key market data
Truss is also expected to tell MPs that agreements on financial services, telecoms and technology could be in the deal, according to the Sunday Telegraph.
Abbott said today that a deal should be completed before the UK exits the post-Brexit transition period on 31 December.
“I would hope that on 1 January next year trade between Britain and Australia in goods is entirely free of tariffs and quotas, that there is full recognition of standards and qualifications and there is to a very great extent – possibly subject to a generous quota – free movement of people for work, not welfare,” he said.
“I think that it’s in Britain’s interests and Australia’s interests that this particular free trade deal is done as quickly as possible and we have as much trade as we can between like-minded countries with comparable standards of living.”
He also said the deal could see the UK enter the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The partnership includes 11 countries, including Japan, Canada, Australia and New Zealand, and sees 95 per cent of goods within the bloc traded without tariffs.
Abbott, who was Australian’s prime minister between 2013 and 2015, is expected to soon be unveiled as one of Boris Johnson’s top trade advisers and joint president of the Board of Trade.
He said today that he could not comment on speculation on his potential appointment.


cityam--2020-09-01--Exclusive: Google to pass on digital tax cost to advertisers

Google will increase the price of advertising on its platforms in the UK due to the Digital Services Tax , City A.M. can reveal .
In an email sent to advertisers today , seen by City A.M. , the tech giant laid out plans for a two per cent ‘ UK DST Fee ’ which will be added to invoices from November 2020 .
The fee will apply to all adverts served in the UK across both Google Ads and YouTube .
Read more : Amazon to pass on Digital Services Tax to customers The firm will also apply a @ @ @ @ @ @ @ in Austria , due to a similar digital services tax , while it will also levy a five per cent ‘ regulatory operating cost ’ on all activity in Turkey due to “ significant increases in the complexity and cost ” of regulations there .
Google is the latest tech giant to pass on the costs of the tax to customers , with Amazon earlier this month announcing it would increase seller fees on its platform in response to the two per cent tax increase .
The UK ’ s digital tax , @ @ @ @ @ @ @ is intended to be temporary until a global agreement is reached , placing a two per cent levy on companies that operate search engines , social media websites and online marketplaces with revenues above £500m .
A Google spokesperson told City A.M. : “ Digital service taxes increase the cost of digital advertising .
“ Typically , these kinds of cost increases are borne by customers and like other companies affected by this tax , we will be adding a fee to our invoices , from November .
“ We will continue to @ @ @ @ @ @ @ UK , and to encourage governments globally to focus on international tax reform rather than implementing new , unilateral levies .
”

Exclusive: Google to pass on digital tax cost to advertisers
Google will increase the price of advertising on its platforms in the UK due to the Digital Services Tax, City A.M. can reveal.
In an email sent to advertisers today, seen by City A.M., the tech giant laid out plans for a two per cent ‘UK DST Fee’ which will be added to invoices from November 2020.
The fee will apply to all adverts served in the UK across both Google Ads and YouTube.
Read more: Amazon to pass on Digital Services Tax to customers
The firm will also apply a five per cent fee on ads served in Austria, due to a similar digital services tax, while it will also levy a five per cent ‘regulatory operating cost’ on all activity in Turkey due to “significant increases in the complexity and cost” of regulations there.
Google is the latest tech giant to pass on the costs of the tax to customers, with Amazon earlier this month announcing it would increase seller fees on its platform in response to the two per cent tax increase. eBay have said they will not increase fees.
The UK’s digital tax, announced by former chancellor Philip Hammond, is intended to be temporary until a global agreement is reached, placing a two per cent levy on companies that operate search engines, social media websites and online marketplaces with revenues above £500m.
A Google spokesperson told City A.M.: “Digital service taxes increase the cost of digital advertising.
“Typically, these kinds of cost increases are borne by customers and like other companies affected by this tax, we will be adding a fee to our invoices, from November.
“We will continue to pay all the taxes due in the UK, and to encourage governments globally to focus on international tax reform rather than implementing new, unilateral levies.”
Advertising trade body ISBA said they feared the move had been coming.
Phil Smith, Director General of the body, said: “While this is disappointing news for our members, it is the inevitable outcome of the UK’s unilateral approach to digital taxation.
“We have been consistent in warning government of the potential consequences of this approach, including the risk of an increase in costs to advertisers in the UK market.
“With further headwinds from government hitting the advertising sector in the coming years, it’s time government proved that they recognise the importance of the sector to the economic recovery.”


cityam--2020-09-01--Climate protesters target Lloyd's of London over fossil fuels insurance

Returning Lloyd ’ s of London employees have been met with protesters who are demanding the insurer ditch its fossil fuels insurance to protect the climate .
Campaign group Insure Our Future launched its campaign outside Lloyd ’ s of London office this morning as the insurer reopened its underwriting hall .
Read more : Extinction Rebellion to block London streets in climate change protest Protesters are criticising Lloyd ’ s for failing to take “ meaningful action ” on climate change and undermining the positive moves made by other insurers .
Since 2017 , 19 global insurers have restricted @ @ @ @ @ @ @ sands .
Lloyd ’ s has instead stepped in to cover these controversial projects , which include the proposed Adani Carmichael coal mine in Australia and reinsurance for Polish coal mines .
Campaigners are calling on Lloyd ’ s to “ wash its hands of coal and tar sands ” as it highlights that coal remains the biggest single source of carbon emissions .
In April 2018 , the insurer committed to divest from and screen out investments in companies heavily associated with coal .
However , the Insure Our Future campaign claims @ @ @ @ @ @ @ assets held by Lloyd ’ s market .
Campaigners are calling on Lloyd ’ s and its members to stop insurer new coal and tar sand projects and companies , as well as new oil and gas expansion projects .
Read more : Blackrock punishes 53 companies over inaction on climate change Lindsay Keenan , Insure our Future European coordinator says : “ Lloyd ’ s needs to act on the science , follow other leading insurers and stop providing the insurance cover that supports and enables climate destroying coal and tar sands @ @ @ @ @ @ @ both a moral imperative and a long-term self interest to act as society ’ s risk manager and stop being a stain on the European insurance industry.
” The protests come ahead of further protests by Extinction Rebellion this week .
The climate change activist group are planning to block roads around parliament today as they call on MPs to back a climate emergency bill .
A spokesperson for Lloyd ’ s said : “ At Lloyd ’ s , we take climate change extremely seriously and recognise the important role insurance is @ @ @ @ @ @ @ the transition to a low carbon economy.
” “ Whilst the Lloyd ’ s Corporation does not set underwriting policy in the market , unless there is a specific legal or regulatory requirement to do so , we are nevertheless committed to building consensus across the 90-plus syndicates that operate at Lloyd ’ s to drive this transition .
”

Climate protesters target Lloyd’s of London over fossil fuels insurance
Returning Lloyd’s of London employees have been met with protesters who are demanding the insurer ditch its fossil fuels insurance to protect the climate.
Campaign group Insure Our Future launched its campaign outside Lloyd’s of London office this morning as the insurer reopened its underwriting hall.
Protesters are criticising Lloyd’s for failing to take “meaningful action” on climate change and undermining the positive moves made by other insurers.
Since 2017, 19 global insurers have restricted insurance for investments in coal and tar sands.
Lloyd’s has instead stepped in to cover these controversial projects, which include the proposed Adani Carmichael coal mine in Australia and reinsurance for Polish coal mines.
Campaigners are calling on Lloyd’s to “wash its hands of coal and tar sands” as it highlights that coal remains the biggest single source of carbon emissions.
In April 2018, the insurer committed to divest from and screen out investments in companies heavily associated with coal. However, the Insure Our Future campaign claims this only covers around £2bn of the assets held by Lloyd’s market.
Campaigners are calling on Lloyd’s and its members to stop insurer new coal and tar sand projects and companies, as well as new oil and gas expansion projects.
Lindsay Keenan, Insure our Future European coordinator says: “Lloyd’s needs to act on the science, follow other leading insurers and stop providing the insurance cover that supports and enables climate destroying coal and tar sands projects.”
“Lloyd’s has both a moral imperative and a long-term self interest to act as society’s risk manager and stop being a stain on the European insurance industry.”
The protests come ahead of further protests by Extinction Rebellion this week. The climate change activist group are planning to block roads around parliament today as they call on MPs to back a climate emergency bill.
A spokesperson for Lloyd’s said: “At Lloyd’s, we take climate change extremely seriously and recognise the important role insurance is playing in supporting, accelerating and de-risking the transition to a low carbon economy.”
“Whilst the Lloyd’s Corporation does not set underwriting policy in the market, unless there is a specific legal or regulatory requirement to do so, we are nevertheless committed to building consensus across the 90-plus syndicates that operate at Lloyd’s to drive this transition.”


cityam--2020-09-01--Retail footfall jumps as consumers get their fill of Eat Out to Help Out scheme

Footfall across the UK ’ s retail destinations rose six per cent last week as consumers rushed to take advantage of the last full week of the Eat Out to Help Out initiative .
According to retail analysts Springboard , footfall increased across all three types of shopping destination , giving the sector its best week since the end of lockdown .
Shopping centres saw footfall increase 9.1 per cent , while on the UK ’ s high streets there was a jump of 4.8 per cent .
Finally , at the country ’ s retail parks , there was @ @ @ @ @ @ @ cent .
Year-on-year , footfall remains down 26.1 per cent , but this was again an improvement on the prior week ’ s figure of 30.7 per cent .
In addition , Springboard said that the Bank Holiday weekend had been a “ remarkable success ” , with retail destinations seeing just 11 per cent less footfall than last year .
The data firm ’ s insights director Diane Wehrle said : “ The last full week of the ‘ Eat Out to Help Out ’ scheme led to the most positive footfall @ @ @ @ @ @ @ increases in all three destination types from the week before , and year on year declines that were the most modest since the start of the lockdown .
Before the Open newsletter : Start your day with the City View podcast and key market data “ Not only did the week as a whole yield far more positive results those previously but , given the situation we find ourselves in and the much cooler weather this year , the Bank Holiday weekend proved to be a remarkable success for retail destinations.
” As @ @ @ @ @ @ @ discounted meals were claimed under the Eat Out to Help Out scheme , according to figures from the Treasury .
The discount scheme , which ended yesterday , allowed dine-in customers to receive a 50 per cent discount on food and soft drinks , up to the value of £10 , on Mondays , Tuesdays and Wednesdays throughout August .
Such was the success of the scheme that some restaurants have decided to extend the discount into September .
In London , footfall picked up again by 6.8 per cent last week , @ @ @ @ @ @ @ the week prior to that .
Read more : UK retail sector enjoys ‘ significant ’ jump in footfall as economy recovers However , compared to last year , footfall in the centre of London remains down 55.4 per cent , compared to 43.4 per cent in the rest of the UK ’ s cities .
With more workers expected to return to the office this month , the figure could well continue to increase as the weeks go on .

Retail footfall jumps as consumers get their fill of Eat Out to Help Out scheme
Footfall across the UK’s retail destinations rose six per cent last week as consumers rushed to take advantage of the last full week of the Eat Out to Help Out initiative.
According to retail analysts Springboard, footfall increased across all three types of shopping destination, giving the sector its best week since the end of lockdown.
Shopping centres saw footfall increase 9.1 per cent, while on the UK’s high streets there was a jump of 4.8 per cent. Finally, at the country’s retail parks, there was an increase in footfall of five per cent.
Year-on-year, footfall remains down 26.1 per cent, but this was again an improvement on the prior week’s figure of 30.7 per cent.
In addition, Springboard said that the Bank Holiday weekend had been a “remarkable success”, with retail destinations seeing just 11 per cent less footfall than last year.
The data firm’s insights director Diane Wehrle said: “The last full week of the ‘Eat Out to Help Out’ scheme led to the most positive footfall result of any week so far with increases in all three destination types from the week before, and year on year declines that were the most modest since the start of the lockdown.
Before the Open newsletter: Start your day with the City View podcast and key market data
“Not only did the week as a whole yield far more positive results those previously but, given the situation we find ourselves in and the much cooler weather this year, the Bank Holiday weekend proved to be a remarkable success for retail destinations.”
As of a week ago, over 64m discounted meals were claimed under the Eat Out to Help Out scheme, according to figures from the Treasury.
The discount scheme, which ended yesterday, allowed dine-in customers to receive a 50 per cent discount on food and soft drinks, up to the value of £10, on Mondays, Tuesdays and Wednesdays throughout August.
Such was the success of the scheme that some restaurants have decided to extend the discount into September.
In London, footfall picked up again by 6.8 per cent last week, the same increase as was recorded in the week prior to that.
However, compared to last year, footfall in the centre of London remains down 55.4 per cent, compared to 43.4 per cent in the rest of the UK’s cities.
With more workers expected to return to the office this month, the figure could well continue to increase as the weeks go on.


cityam--2020-09-01--Prices fall as retailers ramp up discounting to entice shoppers

Shop prices fell in August as retailers continued to offer discounts in a bid to entice shoppers back onto high streets .
Prices fell 1.6 per cent last month , compared to a drop of 1.3 per cent in July , driven by a decline in non-food prices which were down 3.4 per cent .
Read more : Retail footfall jumps as consumers get their fill of Eat Out to Help Out scheme Retailers have slashed prices in order to tempt consumers back into stores following the UK coronavirus lockdown .
British Retail Consortium chief executive Helen Dickinson said : @ @ @ @ @ @ @ driven by cheaper non-food goods , as many retailers have continued to run promotions and sales in order to entice customers to spend and make up for lost ground during lockdown.
” Food inflation eased to 1.3 per cent , down from 1.5 per cent the previous month , due to the availability of fresh , seasonal produce .
Supermarket sales were per buoyed by the number of families staying in the UK over the summer holidays .
Fresh food inflation slowed to 0.2 per cent and ambient food inflation increased to 2.8 @ @ @ @ @ @ @ the latest BRC-Neilsen research .
However , experts warned that lower prices were under threat from costs associated with coronavirus safety measures and the uncertainty over a trade deal between the UK and the European Union .
Read more : Exclusive : Sky to open first retail stores as it takes on high street rivals Dickinson added : “ The absence of a tariff-free deal will lead to higher prices for consumers as thin retail margins force retailers to raise prices in response to higher import costs .
“ Furthermore , without a @ @ @ @ @ @ @ the UK supply chain faces severe disruption , reducing the availability of goods and further raising prices for consumers .
”

Prices fall as retailers ramp up discounting to entice shoppers
Shop prices fell in August as retailers continued to offer discounts in a bid to entice shoppers back onto high streets.
Prices fell 1.6 per cent last month, compared to a drop of 1.3 per cent in July, driven by a decline in non-food prices which were down 3.4 per cent.
Retailers have slashed prices in order to tempt consumers back into stores following the UK coronavirus lockdown.
British Retail Consortium chief executive Helen Dickinson said: “The faster rate of decline was driven by cheaper non-food goods, as many retailers have continued to run promotions and sales in order to entice customers to spend and make up for lost ground during lockdown.”
Food inflation eased to 1.3 per cent, down from 1.5 per cent the previous month, due to the availability of fresh, seasonal produce.
Supermarket sales were per buoyed by the number of families staying in the UK over the summer holidays.
Fresh food inflation slowed to 0.2 per cent and ambient food inflation increased to 2.8 per cent in August, according to the latest BRC-Neilsen research.
However, experts warned that lower prices were under threat from costs associated with coronavirus safety measures and the uncertainty over a trade deal between the UK and the European Union.
Dickinson added: “The absence of a tariff-free deal will lead to higher prices for consumers as thin retail margins force retailers to raise prices in response to higher import costs.
“Furthermore, without a deal that reduces checks and red-tape, the UK supply chain faces severe disruption, reducing the availability of goods and further raising prices for consumers.”


cityam--2020-09-01--The City View: Linda Plant, The Apprentice interrogator, on why working from home must come to an en

In this episode Christian talks to entrepreneur and business coach Linda Plant about why she thinks working from home is overrated and unsustainable .
Linda says that in addition to the economic consequences of ghost-town city centres , the lack of human contact and creative sparks is bad for business .
She knows not everyone will agree , but she makes her case in a forthright way .
Also on the show , Christian looks at the latest high-street footfall figures ; Google ’ s decision to pass on the cost of the UK ’ s digital services tax ; @ @ @ @ @ @ @ get civil servants back in the office .
ETX Capital is one of the UK ’ s leading spread betting and CFD trading providers , offering services to retail , institutional , professional and high net worth customers via an award-winning trading platform .
With over 50 years of experience in the financial markets , customers and service are always put first at ETX , and the company prides itself in offering a tailor-made trading experience to every customer .
The multi-device TraderPro platform delivers a fully customisable , award-winning trading technology with @ @ @ @ @ @ @ 5,000 markets to trade .
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage .
75.1 % of retail investor accounts lose money when spread betting or trading CFDs with ETX .
You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money .
Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721 .
ETX Capital provides an execution-only service and therefore @ @ @ @ @ @ @ or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice .
ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind .
Any instruments that are mentioned throughout are cited only for illustrative and educational purposes .

The City View: Linda Plant, The Apprentice interrogator, on why working from home must come to an end
In this episode Christian talks to entrepreneur and business coach Linda Plant about why she thinks working from home is overrated and unsustainable.
Subscribe to The City View Podcast: Apple / Google / Spotify / RSS
Linda says that in addition to the economic consequences of ghost-town city centres, the lack of human contact and creative sparks is bad for business. She knows not everyone will agree, but she makes her case in a forthright way.
Also on the show, Christian looks at the latest high-street footfall figures; Google’s decision to pass on the cost of the UK’s digital services tax; and David Blunkett’s calls to get civil servants back in the office.
ETX Capital is one of the UK’s leading spread betting and CFD trading providers, offering services to retail, institutional, professional and high net worth customers via an award-winning trading platform. With over 50 years of experience in the financial markets, customers and service are always put first at ETX, and the company prides itself in offering a tailor-made trading experience to every customer. The multi-device TraderPro platform delivers a fully customisable, award-winning trading technology with customisable charts, instant execution and over 5,000 markets to trade.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.1% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.
Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124721.
ETX Capital provides an execution-only service and therefore any market analysis, opinion, commentary or other information provided during this webinar is for educational purposes only and is not intended to be a personal recommendation or construed as advice. ETX Capital and the presenter are not financial or investment advisors and do not recommend any instrument of any kind. Any instruments that are mentioned throughout are cited only for illustrative and educational purposes.


cityam--2020-09-01--Protest to call for London Stock Exchange to delist £1bn of Belarus bonds

The London Stock Exchange has been hit by calls to delist almost £1bn of Belarus government bonds in the wake of alleged vote rigging by the country ’ s President Alexander Lukashenko .
In June , the Belarusian government listed $ 1.25bn ( £930bn ) of bonds on the London Stock Exchange for the first time .
Read more : EU threatens Belarus with sanctions over alleged election fraud A group of Belarus expats – called Nadezya which translates to Hope in English – will protest outside the stock exchange in the City of London on Thursday to demand the @ @ @ @ @ @ @ the bonds “ ultimately fund the terror regime of Alexandr Lukashenko in Belarus ” .
The London Stock Exchange declined to comment on the protest .
Minsk has been gripped with protests since Lukashenko – often described as Europe ’ s last dictator – won the country ’ s election last month with 80 per cent of the vote .
The result has not been recognised in many countries – including the UK – as evidence has emerged .
Before the Open newsletter : Start your day with the City View podcast and @ @ @ @ @ @ @ opponent in the election , Sviatlana Tsikhanouskaya , would have won a free and fair election .
The peaceful protests have been met with a violent reaction from the country ’ s police , with thousands arrested and at least four killed .
There have been many stories of locked up protesters being tortured , while foreign journalists have also been arrested .
Liudmila D ’ cruz , one of the organisers of Nadzeya , said the City of London had a moral responsibility to not help fund the Lukashenko regime .
“ @ @ @ @ @ @ @ government has been using financial instruments created in a democratic country – the United Kingdom – to raise funds for a violent , illiberal and immoral regime .
“ I absolutely think the City has a responsibility to stand up against this .
“ [ Foreign secretary ] Dominic Raab issued a statement to say the UK does not recognise the election result and I believe financial institutions should also respond in a similar way.
” Nadzeya is also calling for the government to level sanctions on the Belarusian government and companies associated @ @ @ @ @ @ @ Belarus : There will be no new election , says Lukashenko The UK recently passed a Magnitsky law , which allows the government to sanction foreign internationals for human rights abuses .
When asked to about the potential use of this law against Belarusian figures , the Foreign and Commonwealth Office declined to comment .

Protest to call for London Stock Exchange to delist £1bn of Belarus bonds
Minsk has been gripped with protests since Lukashenko – often described as Europe’s last dictator – won the country’s election last month with 80 per cent of the vote.
The London Stock Exchange has been hit by calls to delist almost £1bn of Belarus government bonds in the wake of alleged vote rigging by the country’s President Alexander Lukashenko.
In June, the Belarusian government listed $1.25bn (£930bn) of bonds on the London Stock Exchange for the first time.
A group of Belarus expats – called Nadezya which translates to Hope in English – will protest outside the stock exchange in the City of London on Thursday to demand the bonds are delisted.
The group claims the bonds “ultimately fund the terror regime of Alexandr Lukashenko in Belarus”.
The London Stock Exchange declined to comment on the protest.
Minsk has been gripped with protests since Lukashenko – often described as Europe’s last dictator – won the country’s election last month with 80 per cent of the vote.
The result has not been recognised in many countries – including the UK – as evidence has emerged.
Before the Open newsletter: Start your day with the City View podcast and key market data
Most experts believe his opponent in the election, Sviatlana Tsikhanouskaya, would have won a free and fair election.
The peaceful protests have been met with a violent reaction from the country’s police, with thousands arrested and at least four killed.
There have been many stories of locked up protesters being tortured, while foreign journalists have also been arrested.
Liudmila D’cruz, one of the organisers of Nadzeya, said the City of London had a moral responsibility to not help fund the Lukashenko regime.
“What is happening is that the Belarusian government has been using financial instruments created in a democratic country – the United Kingdom – to raise funds for a violent, illiberal and immoral regime.
“I absolutely think the City has a responsibility to stand up against this.
“[Foreign secretary] Dominic Raab issued a statement to say the UK does not recognise the election result and I believe financial institutions should also respond in a similar way.”
Nadzeya is also calling for the government to level sanctions on the Belarusian government and companies associated to the regime.
The UK recently passed a Magnitsky law, which allows the government to sanction foreign internationals for human rights abuses.
When asked to about the potential use of this law against Belarusian figures, the Foreign and Commonwealth Office declined to comment.


cityam--2020-09-01--IMF Explains Crypto as Tether Surpasses Bitcoin and Paypal’s Daily Transfer Value

This week CryptoCompare data shows the price of Bitcoin ( BTC ) started testing the $ 12,000 area once again , but moved back down below $ 11,200 during a correction .
Since then , thanks to the Federal Reserve ’ s new attitude towards inflation , it has been moving up and is now trading at $ 11,600 .
Ether ( ETH ) , the second-largest cryptocurrency by market capitalization , started the week at $ 405 but started moving up after dipping to $ 370 .
CryptoCompare data shows the cryptocurrency is trading at $ 423 as the @ @ @ @ @ @ @ week the International Monetary Fund ( IMF ) , an organization of 189 countries established in 1945 working to foster global monetary cooperation and secure financial stability , explained in a tutorial the problems with existing centralized payments solutions and addresses cryptocurrencies , their pros and cons , and how they could be the future of money .
In the explainer , the IMF pointed out that when we buy or sell things payments are more often than not processed by a bank or credit card company , and that these companies often @ @ @ @ @ @ @ We have to trust these companies to protect the data from hackers , and international payments take a long time and are expensive .
The answer to these problems , the IMF ’ s video points out , could be a “ special type of currency that is secure and based on the science of cryptography , which is a way of protecting information using mathematics .
The IMF added these are cryptocurrencies , which only exist in computer networks .
The organization did point out there are some risks associated with using @ @ @ @ @ @ @ untraceable .
Which “ can make it easier for the bad guys to make payments without being noticed.
” Moreover , if a password is lost the funds in a wallet can be lost forever , and their prices are highly volatile at the moment , among other things .
The IMF nevertheless pointed out that if the risks can be countered , cryptocurrencies “ could be the next step in the evolution of money.
” Headlines in the cryptocurrency space were also dominated by the Federal Reserve ’ s new attitude toward @ @ @ @ @ @ @ where the organization ’ s Chairman Jerome Powell revealed the central bank will allow inflation to rise “ moderately ” above 2 % , as it focuses on increasing broad-based employment .
Former macro hedge fund manager Raoul Pal reacted to the Federal Reserve ’ s desire for higher inflation by claiming it ’ s good for “ the two hardest assets – gold and bitcoin.
” As the Fed ’ s attitude towards inflation changed , a report from CoinMetrics revealed that “ months of rapid growth ” have seen Tether ’ @ @ @ @ @ @ @ 7-day average adjusted transfer value .
The stablecoin ’ s average transfer value surpassed $ 3.55 billion on August 20 , while bitcoin ’ s average transfer value was $ 2.94 billion .
Economist John Paul Koning pointed out on social media that Tether ’ s average daily transfer value of $ 3.55 billion is above PayPal ’ s $ 2.93 billion per day , reported in the company ’ s Q2 report .
Cryptocurrency miners have signaled they are still bullish on bitcoin , as miner holdings hit a two-year high this @ @ @ @ @ @ @ mining difficulty hit a new all-time high .
This means miners are working to keep as many BTC as possible form their coinbase rewards , while also adding more hardware to their operations .
The trading volume of Bakkt ’ s Bitcoin Monthly Futures contracts have also hit a new all-time high close to $ 150 million this month , as institutional interest in the space keeps on growing .
Similarly , companies are betting on BTC in a bid to hedge against a potential economic downturn , with Canadian startup Snappa revealing @ @ @ @ @ @ @ “ as a reserve asset , ” shortly after MicroStrategy made a $ 250 million investment in the cryptocurrency .
A group of cybercriminals has reportedly been launching distributed denial of service ( DDoS ) attacks against financial service providers while demanding bitcoin payments as extortion fees for the attacks to stop .
This type of attack is known as “ DDoS-for-Bitcoin ” and has already hit a number of financial behemoths , including MoneyGram , YesBank India , WorldPay , PayPal , Braintree , and Venmo , before moving to the New @ @ @ @ @ @ @ On the NZX , these attacks caused various outages .
Notably , the darknet ’ s largest market exit scammed with $ 30 million worth of bitcoin under its control .
An anonymous moderator from the market has claimed the administrators of the market decided to shut it down after being forced to pay a DDoS attacker between $ 10,000 and $ 15,000 in BTC per week to keep the attacks at bay .

Crypto AM: Inside Blockchain with Troy Norcross

IMF Explains Crypto as Tether Surpasses Bitcoin and Paypal’s Daily Transfer Value
Pixabay
This week CryptoCompare data shows the price of Bitcoin (BTC) started testing the $12,000 area once again, but moved back down below $11,200 during a correction. Since then, thanks to the Federal Reserve’s new attitude towards inflation, it has been moving up and is now trading at $11,600.
Ether (ETH), the second-largest cryptocurrency by market capitalization, started the week at $405 but started moving up after dipping to $370. CryptoCompare data shows the cryptocurrency is trading at $423 as the decentralized finance space keeps growing.
This week the International Monetary Fund (IMF), an organization of 189 countries established in 1945 working to foster global monetary cooperation and secure financial stability, explained in a tutorial the problems with existing centralized payments solutions and addresses cryptocurrencies, their pros and cons, and how they could be the future of money.
In the explainer, the IMF pointed out that when we buy or sell things payments are more often than not processed by a bank or credit card company, and that these companies often take a cut of the transaction. We have to trust these companies to protect the data from hackers, and international payments take a long time and are expensive.
The answer to these problems, the IMF’s video points out, could be a “special type of currency that is secure and based on the science of cryptography, which is a way of protecting information using mathematics. The IMF added these are cryptocurrencies, which only exist in computer networks.
The organization did point out there are some risks associated with using cryptocurrencies: some are entirely anonymous and untraceable. Which “can make it easier for the bad guys to make payments without being noticed.” Moreover, if a password is lost the funds in a wallet can be lost forever, and their prices are highly volatile at the moment, among other things. The IMF nevertheless pointed out that if the risks can be countered, cryptocurrencies “could be the next step in the evolution of money.”
Headlines in the cryptocurrency space were also dominated by the Federal Reserve’s new attitude toward inflation in a major policy shift, where the organization’s Chairman Jerome Powell revealed the central bank will allow inflation to rise “moderately” above 2%, as it focuses on increasing broad-based employment.
Former macro hedge fund manager Raoul Pal reacted to the Federal Reserve’s desire for higher inflation by claiming it’s good for “the two hardest assets – gold and bitcoin.” As the Fed’s attitude towards inflation changed, a report from CoinMetrics revealed that “months of rapid growth” have seen Tether’s USDT stablecoin flip bitcoin’s 7-day average adjusted transfer value.
The stablecoin’s average transfer value surpassed $3.55 billion on August 20, while bitcoin’s average transfer value was $2.94 billion. Economist John Paul Koning pointed out on social media that Tether’s average daily transfer value of $3.55 billion is above PayPal’s $2.93 billion per day, reported in the company’s Q2 report.
Tether is now doing $3.55 billion in daily transfer value: https://t.co/CpW34wL3jA via @coinmetrics
Not bad. In Q2 2020, @PayPal did just $2.94 billion per day: https://t.co/kD3Bt9BEYF pic.twitter.com/uxaagM9pXU — John Paul Koning (@jp_koning) August 25, 2020
Cryptocurrency miners have signaled they are still bullish on bitcoin, as miner holdings hit a two-year high this week, and the cryptocurrency’s mining difficulty hit a new all-time high. This means miners are working to keep as many BTC as possible form their coinbase rewards, while also adding more hardware to their operations.
The trading volume of Bakkt’s Bitcoin Monthly Futures contracts have also hit a new all-time high close to $150 million this month, as institutional interest in the space keeps on growing. Similarly, companies are betting on BTC in a bid to hedge against a potential economic downturn, with Canadian startup Snappa revealing this week it’s holding bitcoin “as a reserve asset,” shortly after MicroStrategy made a $250 million investment in the cryptocurrency.
‘DDoS-for-Bitcoin’ Trend Hits PayPal and MoneyGram
A group of cybercriminals has reportedly been launching distributed denial of service (DDoS) attacks against financial service providers while demanding bitcoin payments as extortion fees for the attacks to stop.
This type of attack is known as “DDoS-for-Bitcoin” and has already hit a number of financial behemoths, including MoneyGram, YesBank India, WorldPay, PayPal, Braintree, and Venmo, before moving to the New Zealand stock exchange (NZX). On the NZX, these attacks caused various outages.
Notably, the darknet’s largest market exit scammed with $30 million worth of bitcoin under its control. An anonymous moderator from the market has claimed the administrators of the market decided to shut it down after being forced to pay a DDoS attacker between $10,000 and $15,000 in BTC per week to keep the attacks at bay.
Crypto AM: Market View in association with Ziglu