Goldman ranks as top activism defense firm, beating Morgan Stanley

Goldman, Morgan Stanley | March 06, 2020

Goldman Sachs (GS.N) ranked as the top adviser to companies targeted by activist investors in 2019, dethroning Morgan Stanley (MS.N), which had held the top spot for three straight years, according to Refinitiv data published on Friday. In 2019 Goldman advised on 48 campaigns to capture the top spot while Morgan Stanley advised on 37 campaigns, the data shows. Goldman worked on some of the year’s biggest campaigns, helping defend Sony (6758.T) against hedge fund Third Point, AT&T (T.N) against Elliott Management, and eBay (EBAY.O) against Elliott and Starboard Value. In 2018, the two New York-based investment banks advised on roughly the same number of campaigns each with Morgan Stanley having been involved in 33, compared with Goldman Sachs’ 32, Refinitiv data shows. Spotlight Advisors, founded by Greg Taxin, a lawyer who worked as an investment banker at Goldman Sachs and Bank of America Securities, captured the No. 3 spot last year with 31 campaigns.

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FINANCIAL MANAGEMENT

Wave Financial Launches ADA Yield Fund to Support Cardano DeFi Ecosystem Growth

Wave Financial | April 01, 2022

Wave Financial LLC (Wave), a SEC regulated digital asset investment management company, is pleased to announce the launch of the Wave ADA Yield Fund. The fund is designed to provide liquidity with millions in line to support new decentralized finance (DeFi) platforms launched in the Cardano ecosystem starting with an initial $100M. We're thrilled to continue breaking ground in the field of cryptocurrency through the creation of innovative new funds, and today we are launching what we believe is the first pure liquidity provisioning fund in crypto, Our new fund will support the new decentralized exchanges, lending protocols, and stablecoin issuers building on Cardano. Each of these decentralized applications adds to the strong foundation of the Cardano blockchain as it realizes a fully functional and diverse ecosystem." David Siemer, CEO of Wave Financial. The new ADA Yield Fund represents the continuation of Wave's mission to support promising entrepreneurs within the crypto space beyond the early stage and foster greater innovation in the overall crypto ecosystem. Since the formal launch of smart contracts in 2021, the Cardano community has launched and funded hundreds of companies building on the Cardano blockchain, Cardano's growing ecosystem is hosting an ever expanding universe of applications supporting significant numbers of active users – it's critical for the success of the ecosystem that Cardano-based projects thrive, and so we are pleased that the ADA Yield Fund is committing substantial financial resources to facilitate continued growth and market acceptance." Charles Hoskinson, founder of Input Output. Historically, DeFi dApps are among the most popular in crypto in terms of bringing more users and applications on-chain. Specifically, decentralized exchanges (DEX) and DeFi lenders have gained the fastest popularity in terms of attracting users and capital. DEX typically are set up without market makers, but with two pools of assets that represent each side of a trading pair that serve as a source for DEX counterparties to trade against when they want to transact on either side of the pair. Wave will be using the ADA Yield Fund to provide liquidity to these pairs of pools to support Cardano DEXes. For DeFi lenders, there will also be a similar form of support to augment liquidity to facilitate lending. Also, Wave will continue to support and expand stake pools to strengthen the Cardano network. EMURGO is excited to support the creation of this valuable ADA Yield Fund to further drive expansion and adoption of Cardano's quickly developing DeFi ecosystem, Providing strategic capital resources through the fund will help talented entrepreneurs and projects to build essential DeFi services on Cardano, ultimately delivering impactful solutions and onboarding more users to the global Cardano community." Ken Kodama, founder & CEO of EMURGO. About Wave Financial Wave Financial LLC (Wave) is a Los Angeles based investment management company that provides institutional and private wealth digital asset management solutions. Led by a team of highly experienced financial services professionals, Wave provides investable funds via diverse investment strategies applied to digital assets and tokenized real assets. Wave also offers managed accounts for HNWIs and family offices seeking tailored digital asset exposure, bespoke treasury management services, and early-stage venture capital and strategic consultation to the digital asset ecosystem. Wave is registered with the US Securities & Exchange Commission as an investment adviser.

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TRADING SYSTEMS

GMEX launches interoperable trading and post-trade hub bridging access between traditional and digital asset markets

GMEX MultiHub Limited | January 10, 2022

GMEX MultiHub Limited (GMEX), a new business unit of the GMEX Group, is pleased to announce the launch of Digital MultiHub (MultiHub). MultiHub is a global cloud-enabled trading and post-trade digital market infrastructure platform which facilitates 3rd party trading and post-trade services across traditional and digital asset markets. Delivered through a Platform-as-a-Service, microservices distribution model, MultiHub enables capital markets participants to gain simple access to regulated digital assets and market infrastructure. Digital assets are becoming increasingly relevant in capital markets portfolios. According to recent research from Fidelity Digital Assets, 84% of US and European institutional investors are interested in purchasing institutional investment products that hold digital assets. However, a lack of standards, platform interoperability and time to market challenges remain across multiple blockchains and traditional infrastructure. MultiHub addresses this fragmentation, providing the growing global market of institutional participants with a faster and safe clearing and settlement solution for hybrid digital and traditional trading. MultiHub provides global access to turnkey digital asset exchange, custody, and governance solutions. The platform facilitates credit allocation and checking, collateral management and margin trading, order routing, netting and settlement across multiple trading venues, custodians and participants. To develop MultiHub, GMEX worked with AWS and with Luxoft as a development partner, to implement and deploy the MultiHub platform powered by AWS Cloud and core ledger technology. AWS and GMEX jointly developed the business case, and together created a go-to-market plan to help GMEX grow their business. Other initial partners and customers include: Trustology, a UK FCA registered digital asset custodian incubated and backed by ConsenSys and also backed by Two Sigma Ventures; GCEX, a regulated UK based traditional and digital assets broker; SECDEX Group, a Seychelles licensed securities, commodities and derivatives exchange; and Arabian Bourse, an Abu Dhabi Global Market based crypto asset exchange and custodian. They are all part of a continuously expanding capital markets infrastructure ecosystem of partners, backers, and customers. These companies provide access to some of the fastest growing regulated digital asset markets and regions. GMEX chose to build MultiHub on AWS Cloud so that it could benefit from a diverse array of tools and harness reliable, scalable and highly secure infrastructure. Using AWS also ensures that the solution is flexible, easy to access and cost effective. GMEX Group CEO, Hirander Misra commented: “MultiHub is a unique multi-asset network of networks service that enables cross-venue, cross-participant trading, clearing and settlement of both traditional and digital assets with a single point of connectivity for both industries, which negates the need to integrate across venues. This complements our mission to cost-effectively drive the accelerated institutional take-up of digital assets by making it easier to trade, clear, settle and pledge them alongside traditional assets, heralding the new age of Exchange 4.0.” “This marks a significant move in capital markets. The GMEX MultiHub will drive digital transformation within the space and at the same time allows for accelerated execution and custody for institutional players as they get into or scale their digital assets activity”, said Alex Batlin, Founder & CEO of London-based digital assets custodian Trustology, which has brought its scalable on-chain and on-exchange capabilities to GMEX MultiHub on AWS Marketplace. Lars Holst, CEO of GCEX, a digital assets broker, added, “I am now able to have a broader range of customers access our execution capabilities more efficiently and am able to convert that gain in velocity to an increase in liquidity confidence for our partners and their customers within the GMEX MultiHub community.” Anoop Nannra, Global Blockchain Lead at AWS, commented: “The portability of digital assets has become an increasing challenge impacting trading and volumes.” He added, “GMEX MultiHub makes it easier for customers to access, trade and settle digital assets with a reduced carbon footprint, compared to trades that use the blockchain. This is because digital assets can be pledged by custodians without moving onto a blockchain. That alone means that the carbon created by the trade is far reduced when compared to trades that use the blockchain which is compute intensive.” Hugh Richards, MD, Products & Solutions, Luxoft, added: “As institutions increasingly adopt digital assets as part of their digital transformation agenda, the need for hybrid (both traditional and digital) settlement and custody solutions is required to simplify this adoption. Luxoft is pleased to be the development support partner for GMEX MultiHub, responding to the increasing demand for such decentralised trading solutions.” GMEX MultiHub will be globally available via AWS Marketplace (an online software store that helps customers find, buy, and immediately start using the software and services that run on AWS), with plans to broaden regional coverage to meet the needs of different jurisdictions. For more information, please visit https://www.gmex-group.com/multihub-digital-market-infrastructure-platform/

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PAYMENTS

OwlPay Partners with Nium to Launch Global B2B Cross-Border Payment Service

OwlTing Group | May 11, 2022

OwlTing Group, a global blockchain services company, today announced a partnership with Nium, the global platform for modern money movement, to power OwlPay, OwlTing's new real-time cross-border payments service for e-commerce and travel platforms in Southeast Asia. OwlPay provides a one-stop financial services integration service for global B2B transactions. The new service covers automatic reconciliation, online currency swaps, and cross-border payment services, to streamline traditional payment processes and significantly enhance operational efficiency for enterprises. Using developer-friendly APIs, OwlPay connects to business' internal management systems and provides a one-stop service for the administration of orders and providers, financial reconciliation, online audit, and payment process automation. In addition, Nium's competitive exchange rate, extensive settlement network, and support of more than 100 currencies with online currency exchange adds a unique advantage for businesses to complete real-time international remittance on the web interface. We are optimistic about the benefits OwlPay brings to global enterprises, cross-border e-commerce platforms, as well as online travel agencies (OTAs) offering various products and services. OwlPay's partnership with Nium provides a new B2B payment experience. OwlPay not only allows enterprises to integrate cash flow and information flow, but helps them achieve operational excellence without the need to build an internal payment infrastructure that costs extra time and effort. It is estimated that OwlPay can save up to 50% labor cost for the financial team, Currently, the average cross-border remittance fee falls between 25 to 30 USD per transaction, while OwlPay charges lower than 10 USD with same-day settlement. Payees can receive full payments even for a small amount, which makes OwlPay a faster and cheaper payment solution tailored to the needs of global enterprises. In addition, OwlPay supports six currencies for deposit, and the funds can be directly exchanged to local currency for payouts. By depositing funds to designated accounts in Singapore or Hong Kong in advance, enterprises can leverage OwlPay's worldwide network and payout to global vendors in just a few clicks. Singapore- and Hong Kong-based enterprises can even enjoy further cost reduction through domestic deposits and experience OwlPay's powerful services instantly." Una Peng, Senior Manager of OwlPay. OwlTing will first target Southeast Asia, where the digital economy is fast growing. As pointed out in the Southeast Asia Digital Economy Trend Report released by Google, Temasek Holdings, and Bain & Company, the Internet penetration rate in Southeast Asia in 2021 was up to 75%. The Gross Merchandise Volume (GMV) of the internet economy was up to 174 billion USD, and it is expected to reach 363 billion USD in 2025. As a leading blockchain company, we're actively looking for global partners to make B2B payments faster and cheaper. We are very pleased to cooperate with Nium to grow from domestic financial services to multi-currency, cross-border payments services. OwlPay's services will expand from Asia to North and South America, and Europe. With OwlPay, we aim to help global enterprises enhance operational and capital arrangement efficiency with a new type of payment and send real-time remittances to other countries with ease. We plan to introduce stablecoins and various settlement networks to explore the infinite possibilities of financial innovation and digital payment development." Darren Wang, Founder and CEO of OwlTing Group. About OwlTing Blockchain Payment Service – OwlPay OwlPay provides a one-stop integration payment service for global enterprises. Through developer-friendly APIs, OwlPay integrates functions including reconciliation, mass transfers, auto payouts to innovate B2B cross-border transactions for real-time settlement and clearance. OwlPay charges lower than 10 USD per transaction with same-day settlement, which makes OwlPay a faster and cheaper payment solution tailored to the needs of global enterprises. OwlPay aims to create a new FinTech experience to help enterprises enhance operational efficiency and save labor cost. About OwlTing Group Founded in 2010, OwlTing Group covers B2B, B2B2C, and B2C services. As a Taiwan-based company, OwlTing has branch offices in the US, Japan, Thailand, Malaysia, Hong Kong, and Singapore, and seeks to expand globally. In 2018, OwlTing announced an eight-figure USD investment from Japanese financial giant SBI Group. In recent years, OwlTing has formed partnerships with government, industry, and academia globally and applied the blockchain technology to the medical industry, automotive industry, defense industry, food industry, forestry, agriculture, etc. OwlTing aims to build blockchain services for various industries.

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BITCOIN AND CRYPTO

Engiven, Inc. Launches IRS Tax Form and Appraisal Service for Cryptocurrency Donations

Engiven | March 30, 2022

Engiven, Inc., a pioneer in the cryptocurrency donation arena, announces the release of its IRS tax form and appraisal service for cryptocurrency donations. The Engiven platform now saves time and adds tremendous value by automatically generating the required IRS Form 8282 for nonprofits and IRS Form 8283 for crypto donors. Additionally, Engiven will provide a free appraisal to all donors who give $5,000 of crypto or more to nonprofits using the Engiven platform. With tax season upon us, we want to ensure that donors and nonprofits on the Engiven platform have the required, pre-filled, tax forms needed to comply with IRS regulations for cryptocurrency donations. By automating the tax form creation process, we hope to bring value to donors and enable nonprofits to save time and free them up to focus on their mission." James Lawrence, Engiven's CEO. Engiven's IRS tax form and appraisal service works as follows. If a cryptocurrency donation of $500 or more is exchanged for USD, it is necessary for the nonprofit to file IRS Form 8282 for the donation. The Engiven platform automatically enters the donation information into the Form 8282 and sends the completed form to the nonprofit to sign and file. If a donor gives a cryptocurrency donation of $500 or more, the donor must file Form 8283 with their tax return for the donation. If the donation is $5,000 or more, the donor must also obtain an appraisal, which can be a major expense to the donor. The Engiven platform now automatically sends the donor a contribution receipt with a secure link for the donor to generate their Form 8283 and the appraisal. The appraisal is free to the donor. Engiven understands what nonprofits and their donors need when it comes to processing crypto donations. Their new tax form service saves us a significant amount of time and provides the donor with a turn key solution, which until now, was time consuming and expensive." Amy Fox, Chief Financial Officer of Players Philanthropy Foundation. Engiven believes cryptocurrency will continue to provide an exceptional tax-based giving opportunity for donors who have been holding crypto long-term, and handling the tax form creation for nonprofits and their donors provides the next level of service to the crypto community. About Engiven Founded in 2018, Engiven is a leading provider of cryptocurrency donation services to nonprofits and faith-based organizations. The Engiven platform provides a highly automated crypto giving solution that includes block chain monitoring, automatic exchanges, gift receipts, bank deposits, IRS tax form creation, custody options, and a full suite of developer APIs. Engiven's nonprofit clients include some of the most respected charities and ministries in the United States including The Salvation Army, US Figure Skating, Compassion International, Texas A&M, and North Point Ministries. Engiven does not provide tax advice. Please consult your tax advisor before filing.

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Spotlight

With$27.5 trillion in assets under custody and administration, and $2.4 trillion in assets under management at march.Whether you are an asset manager, asset owner, alternative asset manager, insurance company, pension fund or official institution, you can rely on us to be focused on your challenges. We are committed to doing what it takes to help you perform better — now and in the future.

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