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Brexit and Fintech – Fintexit 2: This time it’s personnel

As the UK leaves the EU, Britain is left finding a new way in the world. Chlorinated chicken and twice-price medicine are all on the menu (yum-yum), but how is the fintech landscape shaping up post Br…

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As the dust settles on Ann Widdecombe’s European Parliament seat, the chamber free from one shrill shriek, Britain is left finding a new way in the world. Chlorinated chicken and twice-price medicine are all on the menu (yum-yum), but how is the fintech landscape shaping up post Brexit?

There are two elements to Fintexit, and they are the components that make any organisation. Funding and people. The success (or failure) of Brexit in the fintech space will come down to how well innovative UK fintechs can continue to garner investment and recruit talent.

 

Funding

On this score, the situation is still looking relatively rosy. 2019 saw the UK set a new record for investment into fintech startups, with $4.9bn pumped into the industry. That figure puts the UK at the top of the European leaderboard in spite of Brexit uncertainty.

You can almost feel the smugness emanating from Widdecombe as she takes up her new political seat on Nigel Farage’s lap at Brexit Party HQ.

Globally, 2019 saw the UK rise to second in the fintech investment scene, peering over the US’s shoulder. The UK now sit above India and China, who saw a decrease of 93% in funding since 2018. There has been no dramatic cooling of investment in UK fintech.

This figure also pleases Ann. But, she can’t for the life of her work out what ‘fintech’ means. She thinks she’s heard of a Baltic nation with the demonym ‘Fin’, and once heard Farage talk of his love of techno music. It probably has something to do with those two, she decides.

In fact, the UK blows its European counterparts out of the water when it comes to funding. Slotting in behind the UK was Germany with $1.3bn and Sweden sat behind them on $778m.

A neon bright picture of the UK fintech landscape is being painted.

 

People

However, when it comes to recruiting talent, it’s not so much plain sailing in post-Brexit seas than navigating an asteroid field. The UK’s fintech scene has relied on European talent to drive technical innovation, and major proportions of the UK’s largest companies are recruited from abroad.

Ann doesn’t like that fact, and mutters something about ‘bloody foreigners’. Farage tries to make a disapproving face but only manages a smirk.

These concerns have been propagated by a number of industry leading individuals. Nikolay Storonsky of Revolut commented that “with all of the political uncertainty kicking off right now, lengthy immigration processes and bureaucracy will only slow down the UK fintech industry’s growth.” The UK will lose out on the best talent to other fintech hubs in Europe like France and Germany, he went on to say. Acting on these concerns, Revolut have made considerable efforts to align the business with Europe in post-Brexit times, recently announcing plans to shift European payments to Ireland and Lithuania post-Brexit.

Likewise, founder and Executive Chairman of Azimo, Michael Kent has echoed these sentiments. “Access to talent is a huge and on-going problem – the fintech sector relies heavily on global talent to plug the serious skills gap facing this country.” UK fintech Azimo is also looking to build out its payments platform and expand its presence in Poland. Just days after to UK withdrew from the EU, the European Investment Bank invested $23m in the money transfer company. The message is if UK fintechs want to shore up their operations on the continent, Europe is only too happy to accommodate.

 

This time it’s personnel

The old narrative of finance remaining relatively unaffected by political upheaval holds some truth in Fintexit. Investment is on the up, and despite 3 years of real uncertainty surrounding Brexit, the UK is still a global hub of activity in the sector.

But, there is a caveat. The UK tech sector is propped up massively by recruiting the brightest and best from Europe. Affordability, good work life balance and interesting job prospects in other European cities are proving attractive. Combined with bureaucratic obstacles like visas, the continued recruitment of European talent could prove a real stumbling block in the post-Brexit fintech landscape.

“What have the Europeans ever done for us?” cries Ann Widdecombe.

They prop up the UK fintech scene with talented individuals, Ann.

Source: https://www.fintechconnect.com/digital-transformation/articles/brexit-and-fintech-fintexit-2-this-time-its-personnel

Blockchain

Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

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It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.

The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.

Carbon Neutral Bitcoin Mining

After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.

The company is committed to the cause, and it plans to invest in US-based renewable energy projects.

According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.


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Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:

“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”

Musk’s Message Resonates

Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.

Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.

The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.

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Source: https://cryptopotato.com/bitcoin-mining-company-vows-to-be-carbon-neutral-following-teslas-recent-statement/

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There is something different this time around for MATIC and ETH

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MATIC’s growth has been community and developer-driven. Trading at the $1.13 level and registering 27% gain in price in the past 24 hours, MATIC’s rally is an extended one, leading the altcoin season 2.0. However, there is something different this time around, MATIC is currently rallying alongside ETH, more as an ally, than a competitor. With ETH’s price above the $3700 level, and MATIC’s rally, the alt season has offered several opportunities, consolidating alts and rallies following closely after.

Here's why traders are bullish on MATIC and ETH

MATIC network || Source: Twitter

Since the release of the latest transparency report on Polygon Multisigs, Polygon has become more relevant and there is increased demand for the altcoin across exchanges. Multisigs are used by top projects that have the feature of updating smart contracts. This is not the case for Ethereum, since smart contracts on Ethereum are immutable by design ie. they can not be changed once deployed.

However, this feature also means that if there is an inherent error or potential exploit in the code, there is no way to fix it. Upgradeable contracts are needed and that’s where Polygon’s narrative fits in, making it a much-needed scaling solution and an upgrade on ETH.

The current network statistics for MATIC are looking bullish since there are over 65.8 Million total transactions in over half a million wallet addresses and at $10.4 Billion market capitalization. The trade volume has increased consistently since the beginning of 2021 and more buyers are lining up across spot and derivative exchanges.

The demand for MATIC and the number of transactions have increased and are expected to increase to the level of Ethereum before the end of the alt season. The increase in wallet addresses and unique users is a direct measure of MATIC’s demand as an L2 scaling solution for the #1 altcoin in the crypto market.

The competition with ETH is no longer as intense, considering the fact that ETH’s increasing popularity contributes to the network growth and inflow of investment to MATIC. MATIC’s transaction volume largely depends on ETH’s network and the fact that ETH needs a scaling solution despite the launch of L2, has led to a symbiotic relationship between the two altcoins.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/there-is-something-different-this-time-around-for-matic-and-eth

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Ripple Partners with Sustainability Leaders to Reach Goals by 2030

Ripple has added its voice to the ongoing cryptocurrency sustainability pool with the announcement that it aims to hit carbon net zero by 2030. And it has partnered with various sustainability leaders to achieve that aim.

The post Ripple Partners with Sustainability Leaders to Reach Goals by 2030 appeared first on BeInCrypto.

Republished by Plato

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Ripple has added its voice to the ongoing cryptocurrency sustainability pool with the announcement that it aims to hit carbon net zero by 2030. And it has partnered with various sustainability leaders to achieve that aim.

In a tweet shared on May 15, Ripple (XRP) linked to a post on its website. The page detailed a number of aspects of their environmental strategy. This included a list of their partners, which already counts the Bill & Melinda Gates Foundation, Mercy Corps, Mojaloop Foundation, and the Institute for Business and Social Impact among them.

Overall, Ripple has non-government organization (NGO) partners in more than 80 countries.

Now, sustainability leaders like the Renewable Energy Buyers Alliance (REBA), the Energy Web Foundation, and Watershed have joined their ranks. The page also states:

“Our current global financial system does not meet the needs of 1.7 billion unbanked people. “Digital assets and distributed ledger technology (DLT) have the potential to transform how unbanked and underbanked populations access basic financial services and send and receive money across borders, making it more accessible, affordable and secure.”

The report on the website also referred to how green XRP is, compared to leading cryptocurrencies bitcoin (BTC) and ethereum (ETH). More specifically, XRP uses only 63,000 gallons per 100 million transactions. Meanwhile, BTC uses nearly 4 billion gallons per 100 million transactions. And ETH uses another 239 million gallons.

Sustainability and crypto

Cryptocurrency’s environmental implications have been the subject of much debate in recent weeks. Not least in light of Elon Musk raising the issue of fossil fuel emissions incurred by bitcoin mining.

The businessman took such a strong stance on this issue that he suspended BTC as a currency option for purchases at Tesla. This decision prompted a swift decline in BTC’s price, falling below the $50,000 threshold.

Even so, Musk’s decision was not met without criticism. Tim Draper, for one, made the point that the present banking system caused its share of environmental issues. The global investor suggested that, by Musk’s philosophy, he should stop accepting purchases in fiat currency as well.

Meanwhile, other nations are putting other measures in place to protect the environment against BTC mining. On May 15, reports stated that the Iranian authorities would enforce fines to anyone caught mining off household electricity.

Other updates on XRP

It’s an eventful time for Ripple at the moment. As a pending lawsuit against the U.S. Securities and Exchange Commission (SEC) continues. The next major event in the case is due to take place on May 17, primarily surrounding John E. Deaton’s Motion to Intervene. Deaton is scheduled to reply to Ripple and the SEC’s respective positions on his motion. The SEC will also respond to Ripple’s position on that Motion to Intervene.

But it’s not all bad, as on May 16, data indicated that XRP was up over 12% in a 24-hour period. XRP are currently ranked the fifth most valuable cryptocurrency by market capitalization.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/ripple-partners-with-sustainability-leaders-to-reach-goals-by-2030/

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