BITCOIN AND CRYPTO
WazirX | September 19, 2022
Continuing with its efforts towards bringing awareness to the crypto space, WazirX, the largest crypto exchange in the country, launches another ‘Learn & Earn’ campaign in association with the Ethereum-based play-to-earn metaverse game, The Sandbox. The campaign includes a two-level contest where the top five winners will receive free Alpha passes for The Sandbox’s recently launched Alpha Season 3. The campaign commences on September 19, 2022, at 10 am (IST).
In the first step of the contest, participants have to answer a ten-question intriguing quiz about The Sandbox Alpha. After this, they must trade at least 10 SAND from 19th September at 10 am to 25th September till 10 pm IST. Winners will be chosen randomly from participants who complete both rounds. They will be awarded Alpha passes that will give them complete access to the all-new world of a metaverse in the game and a chance to win 500 SAND tokens.
The latest season of The Sandbox Alpha provides users with multiple gameplay options. Being one of the largest and most interactive seasons, Alpha Season 3 offers around 90+ solo and multiplayer experiences.
“We intend to make learning about crypto fun and interesting experience for those new to it. This is precisely what we are trying to achieve through our ‘Learn & Earn’ campaign in collaboration with The Sandbox. We are looking forward to wide-scale participation from crypto enthusiasts and gamers.”
-Rajagopal Menon, Vice President, WazirX
Before this, WazirX successfully conducted its P2P (peer-to-peer) contest under the ‘Learn & Earn’ initiative. It was intended to familiarize first-time investors with P2P trading. Hosted between 21st to 28th June 2022, the event saw participation from more than 8000 crypto enthusiasts who completed the contest quiz and the winners were rewarded with WRX worth ₹200.
WazirX is an India-based crypto exchange platform that allows users to buy, sell, and trade various crypto-assets like Bitcoin, Ether, Litecoin, and more. WazirX is India’s largest crypto exchange and has over 12 million users. WazirX is on a mission to make crypto accessible to everyone in India.
Solvd and Siguler Guff | October 03, 2022
Solvd Inc., a global technology consultancy and software engineering company, today announced that it has secured a majority investment from Siguler Guff & Company, LP (Siguler Guff), a global multi-strategy private markets investment firm with deep experience in the digital product development industry. With Siguler Guff's support, Solvd can continue to expand its distributed development division and will seek to strengthen its advanced capabilities in test automation, application development, and DevOps for its clients. The Company will also look to further support its management team by adding senior sales and engineering-focused professionals in the U.S.
Founded in 2011, Solvd's team of over 600 engineers spans eight countries in Latin America, North America and Eastern Europe. Solvd services Fortune 500 clients across several high-growth industries including FinTech, Retail, Media & Entertainment, Software and Health & Wellness. In each of the last three years, the Company has doubled its sales by leveraging Zebrunner, their innovative proprietary quality management platform.
"Siguler Guff's investment is an important validator of the truly valuable experience our employees and management team have achieved for our clients, Siguler Guff's industry insights, strong relationships, and collaborative style make them an ideal partner. We are thrilled to be a core investment from their flagship growth fund and welcome Drew Guff and Shaun Khubchandani to our Board of Directors."
-Alex Khursevich, CEO of Solvd
Drew Guff, Managing Director and a Founding Partner of Siguler Guff, commented, Having previously invested in industry leaders EPAM Systems and GlobalLogic, our firm is focused on backing digital transformation. We couldn't be more excited to continue this commitment by partnering with the Solvd team to support the development of their outstanding software product and client services. We look forward to working together in this new phase of accelerated growth and expansion of the Company's delivery footprint.
Shaun Khubchandani, Managing Director and a Portfolio Manager of Siguler Guff, added, Across all sectors, successfully migrating to digital has become a crucial differentiator for businesses globally. Solvd's engineering expertise and IP-focused culture enable it to lead this paradigm shift and competitively gain market share over its competition. The Company provides meaningful opportunities to the growing tech talent base in Europe and Latin America, and Siguler Guff is uniquely positioned to use its sector experience to bolster Solvd's talent base organically and through acquisitions.
Solvd is a global technology consultancy and software engineering company with over 600 engineers located across eight countries in Latin America, North America and Europe. Solvd has built a core competency in software QA and test automation consulting and its solutions have broadened to include custom app development, DevOps, AR / VR development among other solutions which the Company has developed to meet their client's growing needs. The Company has also developed a rich intellectual property library which includes Zebrunner, an innovative proprietary quality management platform. Solvd services Fortune 500 clients across several high-growth industries which include FinTech, Retail, Media & Entertainment, Software and Health & Wellness. Solvd is headquartered in Roseville, CA, and has 7 development centers in Ukraine, Poland, Georgia, Argentina, Brazil, Mexico and a sales office in Hungary.
About Siguler Guff
Siguler Guff is a leading global multi-strategy private markets investment firm, which together with its affiliates, has approximately $17 billion of assets under management, as of June 30, 2022, and over 30 years of investment experience. Siguler Guff seeks to generate strong, risk adjusted returns by focusing opportunistically on market niches. Siguler Guff's core investment strategies include opportunistic and private credit, small business private equity, distressed real estate and emerging markets. Siguler Guff's investment products include direct investment funds, multi-manager funds, and customized separate accounts. Founded in 1991 and headquartered in New York, Siguler Guff maintains offices in Boston, London, Mumbai, São Paulo, Shanghai, Seoul, Tokyo, Hong Kong and Houston, TX.
FINANCIAL MANAGEMENT, FINTECH
Illuminate Financial Management | November 30, 2022
Illuminate Financial, the specialist venture capital investor dedicated to early-stage FinTech and enterprise software companies, today announced a strategic partnership with Singapore Exchange (SGX Group), Asia's leading international multi-asset exchange.
In connection with the partnership, SGX Group will become a limited partner in Illuminate Financial's latest venture capital strategy, which backs early-stage FinTech and enterprise software companies globally driving innovation in the financial services industry.
"As a pioneering innovator in Asia's capital markets infrastructure, SGX Group has invested in digital solutions and technology that capture the future of capital markets across asset classes. We look forward to partnering with Illuminate Financial, and to connecting with FinTech players globally that are at the forefront of innovation."
-Amit Kedia, Head of Strategic & Fintech Investments, SGX Group
Luca Zorzino, Head of Asia Investments at Illuminate Financial said: We are excited to work with SGX Group as our first strategic partner in Asia to continue driving the FinTech innovation agenda in Asia-Pacific. This expansion marks a natural progression in Illuminate Financial's evolution as a global investor in B2B FinTech companies.
Southeast Asia remains attractive for FinTech funding investments despite external pressures. Singapore accounts for a lion's share of ASEAN FinTech investments, securing more than half of the total 163 deals, amounting to US$1.8 billion, and 43% of total funding in the first three quarters of 2022, according to a UOB report.
Illuminate Financial is led by Mark Beeston, Founder and Managing Partner, alongside partners Alexander Ross and Rezso Szabo. The venture firm, which operates out of London, New York, and Singapore, has to date invested in more than 30 late-Seed to Series A companies addressing core challenges across financial services. Investment themes within enterprise FinTech include Digital Assets Infrastructure, Climate and ESG, Data and Private Markets, as well as Tech Infrastructure that targets the financial services industry.
About Illuminate Financial Management
Illuminate Financial Management (Illuminate Financial) is a thesis-driven venture capital firm focused on FinTech and enterprise software companies defining the future of financial services. With offices in London, New York, and Singapore, Illuminate Financial's deep networks and trusted partnerships with key industry participants provide real insight into what the industry needs and helps their portfolio companies achieve their full potential.
Wells Fargo and HSBC Holdings plc | November 18, 2022
Wells Fargo & Company (NYSE: WFC) and HSBC Bank plc today announced that the blockchain-based solution they are using for bilateral FX settlements is expanding to include the offshore yuan (CNH). The offshore yuan marks the fifth currency to be settled between the two banks using a shared settlement ledger that currently encompasses the U.S. dollar, Canadian dollar, British pound sterling, and the euro. Since launching the shared DLT solution in December 2021, HSBC and Wells Fargo have settled over $200 billion in transactions and plan to add additional currencies over the coming months.
“We are pleased to expand the capabilities of the platform to include CNH, allowing us to reduce risk in the payment settlement process, The collaboration shows that we can pursue innovative technologies and apply them in a way that enhances our existing infrastructure and ultimately benefits our clients.”
-Vince Hindman, global head of Rates and FX Solutions, Wells Fargo Corporate & Investment Bank
Commenting on the announcement, Mark Williamson, global head of FX Partnerships & Propositions at HSBC said: Extending CNH PvP settlement to Wells Fargo is an important milestone for reducing Herstatt Risk outside G10 currencies. This development is only our first step in extending our coverage into Emerging Markets currencies.
The shared, private ledger is managed by joint Operations teams at HSBC and Wells Fargo with full visibility by each of the parties to the relevant FX settlement, along with shared FX transaction records. The platform is governed under the framework of an agreed rulebook that facilitates efficient netting and settlement of FX transactions between HSBC and Wells Fargo in EUR, GBP, CAD, USD and now CNH. Participants in the network are only privy to transactions in which they are a counterparty.
The platform runs on Baton Systems’ proprietary CORE distributed ledger technology and is governed by the Baton rulebook. The platform enables participants to efficiently settle bilateral cross-border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP risk reduction opportunities.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.
About HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,985bn at 30 June 2022, HSBC is one of the world’s largest banking and financial services organisations.