BLOCKCHAIN
CloudWalk | June 28, 2022
CloudWalk, a Brazilian fintech company that offers payment solutions for small and medium-sized businesses, has reached a new milestone: it will launch its own blockchain, a ledger that records cryptocurrency transactions and operations. This announcement comes just seven months after CloudWalk announced it had raised US$150 million in a new investment round and had reached a market valuation of US$2.15 billion.
To grow the business is the objective, which has already been accomplished. With its own network, it can process 500 transactions per second, which is 70 times more than before it was based on Ethereum and Polygon and other blockchain platforms. The ambitious target for the upcoming months is to process 5,000 transactions per second.
Blockchain makes this speed possible. For instance, it can take up to a day for store owners to collect their money when they use Visa or Master. They can receive the funds in as little as two seconds using blockchain and our currency, The proprietary ecosystem will be responsible for the entire Smart Lending platform, which includes money storage, as well as authorization and settlement of payment transactions. CloudWalk intends to make the financial industry more agile and efficient."
Luis Silva, The CEO and Founder, CloudWalk
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CORE BANKING
GrandSouth | June 22, 2022
First Bancorp and GrandSouth Bancorporation announced a merger where First Bancorp will acquire GrandSouth at a share value of $31.43 per share, or a total value of $181.1 million in an all-stock transaction.
GrandSouth is in great communities with talented bankers. Our cultures are very similar and we are excited to bring our teams together."
Mike Mayer, President and CEO of First Bank
Approved by the boards of directors of both companies, the merger is expected to close in the fourth quarter of 2022 or early first quarter of 2023. On closing of the merger agreement, shareholders of GrandSouth will receive 0.910 shares of First Bancorp. The combined company is also slated to have $12 billion in assets and $7 billion in loans, as well as $10 billion in deposits.
GrandSouth is currently operating through eight branches in key towns and cities in South Carolina. The merger will bolster First Bank’s specialization in small business banking.
We are very excited about this partnership and the unique opportunity it presents. We have long admired First Bancorp, and our combined company will be positioned to capitalize on an enhanced presence in exceptional markets, talent, and financial strength."
J.B. Schwiers, President and Director of GrandSouth
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PAYMENTS
LianLian Global | June 27, 2022
LianLian Global, a leading global cross-border payment service provider, announced the launch of its multi-currency Cross-Border Wallet after securing licenses to operate in all 50 states. The cross-border digital wallet is designed to make payments faster, more accessible and cheaper than the traditional cash and bank transfers for U.S.-based retailers and merchants that sell their products internationally on marketplaces such as Allegro, Amazon, Cdiscount, Fruugo and Kaufland.de.
Data Catalyst found that almost 70 percent of U.S. SMEs use third-party online marketplaces or their web store, with most firms opting to use multiple online markets. However, despite having such a significant digital presence and many selling to multiple countries, cross-border payments remain a significant challenge for U.S. businesses, especially small and medium-sized organizations looking to make payments in less familiar, emerging market currencies in Africa, Asia and the Middle East.
For instance, the evolving international regulatory requirements and capital control policies concerning the transfer and movement of funds in local currencies adds a considerable compliance burden for many U.S. ecommerce businesses. This is particularly true in relation to China, Vietnam and other vital Asian supply chain hubs. Such supplier payment challenges can significantly impact the supply of goods and services from those regions. LianLian Global's Cross-Border Wallet is designed to address these concerns by enabling U.S. businesses to make and receive payments or convert U.S. Dollars to certain regional currencies quickly and compliantly.
The introduction of LianLian Global's Cross-Border Wallet virtually eliminates the bureaucratic burden of facilitating payments between Western businesses, customers and suppliers in China and other emerging markets worldwide. LianLian Global allows ecommerce customers of all sizes to make payments up to U.S.$1.5 million at a time. Additionally, the wallet can hold multiple currencies, including U.S. Dollar, Canadian Dollar, Hong Kong Dollar, British Pound Sterling, European Euro, Chinese Yuan and Polish Złoty.
We are delighted to have launched our fully-licensed Cross-Border Wallet in the United States, and see the positive response from US businesses. This is an evolution of our globally trusted platform that our customers around the world have come to rely on, Our new cross-border wallet helps businesses of all sizes grow, by making it easy to manage multiple currencies on a single platform and do foreign exchange (FX) conversion at fair and transparent rates. Our aim is to help our U.S. customers better navigate the complexity of cross-border payments and the volatility of FX."
David Messenger, Executive Chairman, LianLian Global.
Unlike other prominent providers in the market, customers can use LianLian Global's Cross-Border Wallet without committing to an annual fee or (in certain countries including the U.S., U.K. and China) paying to open an account or receive payments. Instead, LianLian Global charges a fixed 0.5% rate for FX conversion, with even more competitive rates available to high-volume customers.
LianLian Global is a global cross-border payments provider with offices in 12 different countries that helps more than 1.2 million ecommerce stores grow their cross-border businesses. LianLian Global owns over 60 licenses worldwide, with full coverage in all 50 U.S. states. The company has also partnered with leading financial institutions such as Citi, Deutsche Bank, and J.P. Morgan to power their solutions.
About LianLian Global
LianLian Global is a leading cross-border payments company that connects local sellers to global opportunities. We make it easy for ecommerce merchants to do more international business. So when sellers need to receive international payouts, get financing, solve shipping logistics, manage foreign exchange, or pay tax obligations abroad, we simplify the complexity of operating in other countries, giving merchants and sellers the freedom to do business seamlessly. Part of LianLian Digitech, and with licenses and offices in the Americas, Europe and throughout Asia, LianLian Global is integrated into mainstream ecommerce platforms worldwide, with services covering more than 100 countries and regions.
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