Connect with us

Published

on

Moomoo, an investment and trading platform known for its professional-grade tools and investor empowerment philosophy, has recently unveiled an upgrade to its Cash Sweep program . Aimed at U.S. investors, this program allows users to earn passive income on their idle cash with a 5.1% annual percentage yield (APY)*.Empowering Investors

Moomoo focuses on providing tools and insights aimed at enhancing the capabilities of investors. The platform offers a variety of professional yet accessible tools designed to be useful for users ranging from beginners to more experienced investors. Moomoo seeks to positions itself as a platform that supports the concept of investing as a long-term endeavor, emphasizing its role that users can engage effectively in investment activities like buying and selling shares and performing various stock analyses.

Moomoos platform provides real-time market data, free Level 2 data for funded accounts, advanced technical analysis tools and free detailed order book data to help users define and refine their trading strategies. With a mission driven by transparency, innovation and community , Moomoo aims to provide a comprehensive investment experience for individuals at every level of investing expertise.High APY With No Fees to Join

At the heart of Moomoo's Cash Sweep program is a competitive APY of up to 5.1% for new and qualified users. In stark contrast, TD Ameritrade only provides less than 1% APY. Robinhood offers 5% but this is on the condition of Robinhood Gold subscription, which charge a $5 monthly fee. This is also 11 times of the national average saving account rate.

Moreover, unlike other platforms that might attach various conditions or hidden user fees to their high-yield offerings, Moomoo maintains a transparent and straightforward approach to its cash sweep program. The program is free to join, has no account fees and has no cap on deposit amounts.Flexibility And Ease of Use

Flexibility is another cornerstone of the Cash Sweep program. Investors have the freedom to withdraw or invest their funds at any time, meaning there are no lock-up periods for your money like with Certificate of Deposits (CDs), stablecoin staking platforms or the like. This ensures investors can quickly respond to potential market opportunities without affecting their brokerage account's purchasing power. The program is designed for ease of use, with interest accruing daily and being paid monthly, requiring no manual transfers from the users.Security And Peace of Mind

Security is a paramount concern for any investor. Recognizing this, Moomoo partners with banks that provide coverage for the swept funds in the Cash Sweep program, which is insured by the Federal Deposit Insurance Corporation (FDIC) up to $1 million, subject to FDIC coverage limitations.

Heres how FDIC coverage works for cash sweep accounts and its limitations.

When the uninvested cash in an investors brokerage account is swept to deposit accounts at Program Banks, it becomes eligible for FDIC insurance up to $1 million or $250,000 per Program Bank, inclusive of any other deposits they may already hold at the bank in the same ownership capacity, which may impact how much is covered.

An investor is responsible for monitoring the total amount of deposits they have with each Program Bank in order to determine the extent of FDIC deposit insurance coverage available to them. MFI is not responsible for any insured or uninsured portion of the Deposit Accounts or any other deposits at the program banks.Moomoos Cash Sweep Program

Moomoo's Cash Sweep program introduces an inventive approach for U.S. investors to potentially maximize returns on idle cash. With a 5.1% APY, this program seems to stand out as a robust opportunity to generate interest on idle cash. Beyond offering higher yields, this initiative also embodies Moomoo's commitment to transparency, innovation and fostering a sense of community among its users, aligning with its broader mission to redefine the investing experience.

Featured photo courtesy of Moomoo.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.

*Cash Sweep 5.1% APY is only for new & users that meet either qualifying deposit, transfer, or referral requirements. If conditions are not met, the rate is 0.03%. Rate as of 11/9/23 and can change. Terms & conditions apply.

The Moomoo Financial Inc. (MFI) Cash Sweep Program is a feature of your brokerage account. Interest is earned on the uninvested cash swept from your MFI brokerage account to program banks. Program banks then pay interest on your swept cash, minus any fees paid to MFI. The APY might change at any time at the program banks' or Moomoo Financial's discretion.

Additionally, any fees Moomoo Financial receives may vary and is subject to change. Neither Moomoo Financial Inc. nor any of its affiliates are banks. For more information on the cash sweep program, click here .

When the uninvested cash in your brokerage account is swept to deposit accounts at program banks, it becomes eligible for FDIC insurance up to $1 million or $250,000 per program bank, inclusive of any other deposits you may already hold at the bank in the same ownership capacity, which may impact how much is covered. You are responsible for monitoring the total amount of deposits that you have with each Program Bank, in order to determine the extent of FDIC deposit insurance coverage available to you. MFI is not responsible for any insured or uninsured portion of the Deposit Accounts or any other deposits at the program banks.

Please note that until funds are swept to a program bank, they are held in your brokerage account which is protected by SIPC. Once funds are swept, they are no longer held in your brokerage account and are not protected by SIPC. However, these funds are eligible for FDIC insurance through the Program Banks subject to FDIC insurance coverage limits.

Investing is risky. Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. In the U.S., investment products and services on Moomoo are offered by Moomoo Financial Inc., Member FINRA/SIPC.

Benzinga was commissioned for this article and is not affiliated with the Moomoo app or its affiliated companies. This includes Moomoo Technologies Inc. (MTI) provider of the app and Moomoo Financial Inc. (MFI) Member FINRA/SIPC, which offers securities in the U.S.

Continue Reading

UK

Russian captain of ship in North Sea crash charged with gross negligence manslaughter

Published

on

By

Russian captain of ship in North Sea crash charged with gross negligence manslaughter

The Russian captain of the Solong container ship involved in the North Sea crash has been charged with gross negligence manslaughter.

Vladimir Motin, 59, of Primorsky, St Petersburg, has been remanded in police custody and is due to appear at Hull Magistrates Court on Saturday, Humberside Police said.

On Monday morning, about 13 miles off the coast of East Yorkshire, the Solong sailed into the US-registered oil tanker Stena Immaculate, which was carrying jet fuel for the US Navy.

One member of the Solong crew is presumed dead. He has been named by the Crown Prosecution Service as 38-year-old Filipino national Mark Angelo Pernia.

Smoke billows from the MV Solong cargo ship in the North Sea, off the Yorkshire coast, Tuesday, March 11, 2025, England. (Dan Kitwood/Pool Photo via AP)
Image:
The MV Solong cargo ship following Monday’s North Sea crash. Pic: AP

Five Russians had been on board the Solong, Russian state agency TASS quoted the Russian embassy in London as saying, Reuters reported.

In the immediate aftermath of the collision, dozens of people were forced to abandon the vessels as they caught fire.

The coastguard rescued 36 crew members after the alarm was raised at 9.48am on Monday.

More from UK

The Stena Immaculate, operated by US firm Crowley, was stationary and at anchor while waiting for a berth to become available at the Port of Killingholme, on the River Humber, when it was struck by the smaller Solong, causing huge fires and explosions – the smoke from which was visible from space.

The Solong had been sailing from Grangemouth in Scotland to Rotterdam in the Netherlands at the time.

It was initially feared it was carrying sodium cyanide but the German owner Ernst Russ said four containers on the vessel had previously been carrying the chemical.

Salvage companies boarded the two vessels on Thursday and were carrying out initial damage assessments. Small fires were still being reported on the Solong’s top deck, the coastguard said.

The US oil tanker MV Stena Immaculate following the collision. Pic: PA
Image:
The US oil tanker MV Stena Immaculate after the collision. Pic: PA

Police said extensive lines of inquiry were continuing but it was taking time given the vessels were still at sea and there were a large number of witnesses.

Frank Ferguson, from the CPS, said: “We have authorised Humberside Police to charge a Russian national in relation to a collision involving two vessels in the North Sea off the east coast of England.

“The Portuguese-registered cargo ship, the Solong, collided with the American-registered oil tanker, the Stena Immaculate, just before 10am on Monday, 10 March 2025.

“Filipino national Mark Angelo Pernia, 38, died.

“Vladimir Motin, 59, from St Petersburg, Russia, who was the vessel’s captain, is due to be charged with one count of gross negligence manslaughter.”

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

Technology

Buy now, pay later lender Klarna files for U.S. IPO

Published

on

By

Buy now, pay later lender Klarna files for U.S. IPO

Pedestrians walk by an advertisement for Klarna.

Daniel Harvey Gonzalez | In Pictures via Getty Images

Klarna, a provider of buy now, pay later loans filed its IPO prospectus on Friday, and plans to go public on the New York Stock Exchange under ticker symbol KLAR.

Klarna, headquartered in Sweden, hasn’t yet disclosed the number of shares to be offered or the expected price range.

The decision to go public in the U.S. deals a significant blow to European stock exchanges, which have struggled to retain homegrown tech firms. Klarna CEO Sebastian Siemiatkowski had hinted for years that a U.S. listing was more likely, citing better visibility and regulatory advantages.

Klarna is continuing to rebuild after a dramatic downturn. Once a pandemic-era darling valued at $46 billion in a SoftBank-led funding round, Klarna saw its valuation slashed by 85% in 2022, plummeting to $6.7 billion in its most recent primary fundraising. However, analysts now estimate the company’s valuation in the $15 billion range, bolstered by its return to profitability in 2023.

Revenue last year increased 24% to $2.8 billion. The company’s operating loss was $121 million for the year, and adjusted operating profit was $181 million, swinging from a loss of $49 million a year earlier.

Founded in 2005, Klarna is best known for its buy now, pay later model, a service that allows consumers to split purchases into installments. The company competes with Affirm, which went public in 2021, and Afterpay, which Block acquired for $29 billion in early 2022. Klarna’s major shareholders include venture firms Sequoia Capital and Atomico, as well as SoftBank’s Vision Fund.

Continue Reading

Politics

UK authorizes charges against NCA officer for alleged Bitcoin theft

Published

on

By

UK authorizes charges against NCA officer for alleged Bitcoin theft

UK authorizes charges against NCA officer for alleged Bitcoin theft

The agency responsible for conducting criminal prosecutions in England and Wales announced that a National Crime Agency (NCA) officer was due to be charged with the alleged theft of Bitcoin worth roughly $75,000 in 2017.

In a March 14 notice, the Crown Prosecution Service said it had authorized the Merseyside Police to charge NCA officer Paul Chowles with 15 offenses related to the alleged Bitcoin (BTC) theft “during an investigation into online organized crime.” Authorities said Chowles could face one count of theft, 11 charges for concealing, disguising, or converting criminal property and three counts for acquiring, using or possessing criminal property.

The 50 Bitcoin, worth roughly $75,000 before the December 2017 bull run, was valued at more than $4.2 million at the time of publication at a BTC price of $84,541. The NCA officer is expected to appear at the Liverpool Magistrates’ Court on April 25.

Related: British man sues council for $647M over lost Bitcoin in landfill

In April 2024, amendments to the UK’s Economic Crime and Corporate Transparency Act authorized NCA officers and local police to seize crypto from suspected criminals without arresting them. The Crown Prosecution Service did not mention how Chowles allegedly stole the Bitcoin or whether the funds were connected to illicit activities.

Crypto policies across the pond

The NCA said in December 2024 that it had seized roughly $26 million in cash and crypto and arrested 84 people as part of a global campaign to fight money laundering and organized crime. Some of the crypto addresses targeted by UK authorities at the time “showed regular exposure to Garantex.” The founder of the Russian crypto exchange was arrested in India in March and is expected to be extradited to the US to face criminal charges. 

The UK government is expected to move forward on creating a comprehensive regulatory framework for digital assets in 2025 following the Labour government’s election victory. The country remains a significant market for crypto users, with Coinbase securing approval to operate from the financial regulatory body in February.

Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

Continue Reading

Trending