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Theres a gap in the financial services market when it comes to integrating crypto into the mainstream financial system. FinXP is a European fintech company that is working to close this gap and help boost crypto adoption. It is a trusted partner for crypto companies requiring fiat banking and payment solutions; solutions that have now become notoriously limited in the sector.

While there is distrust around crypto in the mainstream financial industry, crypto use and adoption continue to grow. The global market for cryptocurrency was worth $4.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030.

The average daily trading volume for crypto sits at around $50 billion. In 2020 there were over 120 million financial transactions made with Bitcoin, the largest and most valuable crypto.

By 2027, it is predicted that crypto will have over 993 million users globally. This will bring user penetration from its current rate of 8.8% to approximately 12.5% worldwide. However, there is a significant barrier that is hurting the retail adoption of crypto. That is the difficulty that many have in finding an onramp to convert easily between crypto and fiat currency.

Traditional banking institutions have been skeptical about crypto adoption and transacting with crypto exchanges. The problem has grown more acute in the short term, as major players in the cryptocurrency banking industry, such as Signature Bank and Silvergate Bank, have pulled out of the sector.

In recent months there have also been moves made by regulators in an attempt to slow down transactions between crypto exchanges and banks. In 2020, 63% of financial institutions still described crypto as a risk rather than an opportunity.

Allowing users to deposit and withdraw fiat funds through crypto exchanges is key to onboarding the growing base of crypto users. This gap in the fintech market has created a space for forward-thinking alternatives to traditional banking.Why Exchanges Are Turning To Closed-Loop Payments

One solution that seems to be gaining traction in the fintech space is closed-loop payments. A closed-loop payment system is where both the end-user and the merchant share a common payments ecosystem.

If both a crypto exchange and its users hold accounts with the same banking partner, then payments between them would be fast, approval would be almost guaranteed, and cross-border payments wouldnt be an issue.

User accounts could also be linked to debit cards enabling individuals to more easily spend or withdraw their funds, thus adding to the utility of the account.

Closed-loop payment systems are seeing increasing popularity, with almost two-thirds of fintech and payment firms saying they will launch a closed-loop payment product by the end of 2023. A reason for their popularity is their high transaction approval rate and their ability to simplify and increase the speed of cross-border transactions.

FinXP is a leading provider of closed-loop payments for crypto exchanges. As an award-winning payments and banking solutions provider, FinXP stands out by not just providing banking solutions to the crypto industry, but they also offer several payment processing solutions.

The company works with crypto exchanges and crypto wallet providers to provide specialized custom payment solutions. It believes that many crypto investors are willing to open an IBAN account specifically to facilitate trading and investing in crypto. Its confident that its solutions can help boost crypto adoption and increase customer loyalty for its clients.

Visit FinXPs website to learn more about the company, or stay up to date with the industrys news and subscribe to FinXPs newsletter.

Read prior coverage by Benzinga on FinXP here.

Image used under license from FinXP from stock.adobe.com.

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

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Politics

Starmer must delicately balance his risky EU reset as UK braces for Trump’s next move on tariffs

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Starmer must delicately balance his risky EU reset as UK braces for Trump's next move on tariffs

As Donald Trump kicks off his threatened trade war by slapping tariffs on both friends and foes alike, Number 10 is preparing for the moment he turns his attention to the UK.

The unpredictability of the returning president, emboldened by a second term, means the prime minister must plan for every possible scenario.

Under normal circumstances, the special relationship might be the basis for special treatment but the early signs suggest, maybe not.

Donald Trump and Keir Starmer.
Pic:Reuters
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Donald Trump and Keir Starmer. Pic: Reuters

It was never going to be an easy ride, with Sir Keir Starmer’s top team racking up years of insults against Trump when they were in opposition.

The bad feeling continued when Peter Mandelson was proposed as the UK’s new ambassador to the US – prompting speculation he might even be vetoed.

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Tariffs against Canada ‘will put US jobs at risk’

Amid all of this, the much-anticipated call between the two leaders seemed slow to take place, although it was cordial when POTUS finally picked up the phone last Sunday, with a trip to Washington to come “soon”.

It is against this slightly tense backdrop that the future of transatlantic trade will be decided, with Westminster braced for the impact of the president’s next move.

So, it’s unsurprising that as he waits, Sir Keir will spend the next few days resetting a different trading relationship – with Europe.

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Sky’s Ed Conway explains Donald Trump’s plan for tariffs

In this area, he is on slightly firmer ground, as the spectre of a global trade war makes European leaders want to huddle closer together to weather the storm.

And conversely, the Labour government’s track record works in their favour here, as they cash in their pro-EU credentials and wipe the slate clean after the bad-tempered Boris Johnson years.

Read more:
Lib Dem leader shrugs off Musk insult
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Ursula von der Leyen and  Keir Starmer address the media in Brussels.
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Ursula von der Leyen and Keir Starmer address the media in Brussels in October. Pic: Reuters

It is still, however, an ambitious and risky endeavour to begin the delicate process of removing some of the most obstructive post-Brexit bureaucracy.

For minimal economic benefits on both sides, the UK must convince the Europeans that they are not letting Britain “have its cake and eat it”.

At the same time, Brexiteers back at home will cry betrayal at any hint that the UK is sneaking back into the bloc via the back door.

Donald Trump takes questions as he speaks to reporters.
Pic Reuters
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Pic: Reuters

To make it even trickier, it must all be done with one eye on Washington, because while a united Europe may be necessary in the Trump era, the prime minister will not want to seem like he is picking sides so early on.

As with so many things in politics, it’s a delicate balancing act with the most serious of consequences, for a prime minister who is still to prove himself.

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Politics

Starmer ‘should be rediverting his plane’ to US to see Trump instead of flying to EU talks, says shadow business secretary

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Starmer 'should be rediverting his plane' to US to see Trump instead of flying to EU talks, says shadow business secretary

Sir Keir Starmer should be prioritising the UK’s relationship with the US rather than the EU, the shadow business secretary has said.

Andrew Griffith, a former Conservative minister, said the prime minister – who is heading to Brussels on Monday for talks with EU leaders – “should be rediverting his plane tomorrow” to Washington DC”.

Speaking on Sky’s Sunday Morning With Trevor Phillips, Mr Griffith said the UK economy needed “all the help it can get at the moment” as he criticised the tax increases in the chancellor’s budget and declining business confidence.

Overnight President Trump imposed tariffs on Mexico and Canada – prompting fears that he could do the same with the UK and jeopardise Rachel Reeves’ mission to grow the economy.

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Senior Tory denies Brexit a failure despite poll

Mr Trump declared an economic emergency in order to place duties of 25% on goods from Mexico and Canada, and 10% on all imports from China.

The tariffs also include a mechanism to escalate the rates if the countries retaliate – which Canada and Mexico did overnight.

In response to Canada’s retaliation, Mr Trump went further by threatening that the neighbouring country should become “our cherished 51st state”.

Analysis:
PM’s risky reset must balance Trump threat

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Tariffs will put US jobs at risk – Canadian PM

Mr Griffith told Sky News there was “a lot of jeopardy” for the UK “if the world goes into this era of increasing tariffs” and that necessitated moving closer to the US.

“The UK depends upon free trade, we don’t run particular trade deficits with the United States but, clearly, our economy needs all the help it can get at the moment after this government has come in, they’ve destroyed confidence, put up taxes, they’re proposing lots of extra red tape,” he said.

“So, the economy needs help and one of the big opportunities for the UK right now would be to get much closer to the US, our biggest trading partner.

“We have a trade deal with the European Union already, so, alongside that, a trade deal with the US would be a big win.”

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Ed Davey ‘advocates strongly’ for UK-EU customs union

The Labour government has long sought to reset the UK’s relationship with the EU in order to tackle problems such as small boat crossings in the Channel.

As well as travelling to Brussels on Monday, Sir Keir is also hosting German Chancellor Olaf Scholz at his Chequers country residence today.

Speaking to reporters at Chequers, Sir Keir said he had been “very clear” that while he does want a reset of the relationship between the UK and EU, “that does not involve a return to the EU”.

“We had a referendum here on that and that matter is settled, but I do want to see a close relationship on defence and security, on energy, on trade and our economy, and that is what we’re working on and I think that is certainly in the UK’s best interests,” he said.

Read more:
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His words were echoed by Yvette Cooper, the home secretary, who said the UK wanted “stronger relationships with the US” and the European Union.

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Return to customs union ‘remains a red line’

She admitted that the tariffs Mr Trump has imposed against Canada, Mexico and China risked having a “really damaging impact” on the global economy.

“Well, tariff increases really right across the world can have a really damaging impact on global growth and trade, so I don’t think it’s what anybody wants to see,” she told the BBC’s Sunday With Laura Kuenssberg.

“The focus for Johnny Reynolds, our business and trade secretary, is on building trade links and better trading relationships, and removing barriers to trade, with the US, and also with other European countries and with countries right across the world.

“We want to reduce the barriers to trade, make it easier for businesses.”

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Environment

Cutting-edge Renault Filante concept hopes to break EV efficiency records

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Cutting-edge Renault Filante concept hopes to break EV efficiency records

The new Renault Filante Record 2025 concept is a racy, aerodynamically-sculpted piece of rolling electric lab equipment designed to push the envelope of energy efficiency and set new records for power consumption and range.

Built around the same 87 kWh li-ion battery as the Renault Scenic E-Tech electric car, the Renault Filante Record 2025 is a single-seat technology demonstrator that uses minimalist design engineering and lightweight, composite materials to bring its weight down to an impressive 1000 kg – a number made even more impressive when you realize that fully 600 kg of that mass comes from the battery!

“We designed this vehicle as a sculpture in motion. Inspired by fighter planes and the speed records of the nineteenth century,” says Sandeep Bhambra, Director of Advanced Design, Renault and Ampere. “(The concept) reflects both performance and timeless elegance. Every inch of the surface was crafted to capture the light and showcase the body lines, which appear to melt into the air. The blue windows and colour palette further underline this light and airy impression. The design as a whole seeks to convey an impression of flow and lightness.”

1926 Renault 40 CV des records

Record-setting 40 CV des records; via Renault.

Inspired by the 1926 Renault 40 CV des records, which set a number of speed records at the track in Montlhéry, France, between 1924 and 1926, the Renault Filante Record 2025 concept features a special new “Ultraviolet Blue” paint that flops between blue and purple, depending on the viewing angle. The paint serves to give the the impression of movement, even when it’s sitting still.

Renault says the final design was a collaborative effort between the stylists and aerodynamicists and meant to invoke the same sense of newness and speed as the now 100-year-old 40 CV des records. Adding to that “vibe” are bespoke, 3d-printed parts, unique friction-reducing prototype tires, and both steer-by-wire and brake-by-wire technologies that are expected to make their way into the next generation of Renault EVs.

The concept will be on display at this year’s Rétromobile motor show in Paris from February 5th through the 9th, before real-world test sessions and the hunt for a new efficiency record begins in earnest in Q2 of this year.

Electrek’s Take

Renault – and, by extension, the Renault Group – has been making steady progress on both the electrification and autonomous vehicle fronts for years, even logging several million miles on its deployed fleet of electric semi trucks. So while it’s easy to dismiss the claims made to hype up concept cars (which are, by definition, marketing exercises), it seems just as easy to underestimate Renault and its ability to drive at least parts of its concepts to production.

SOURCE | IMAGES: Renault, The Originals; via Electrive.

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