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The mainstream adoption of blockchain technology continues to pick up steam as stories like Microstrategy using Bitcoin (BTC) to pay bonuses for its board of directors and Topps announcing plans to release nonfungible token collectible trading cards make headlines on a almost daily basis.
As more companies and organizations explore what the integration of blockchain technology can do for them, tokens that offer enterprise solutions and provide simple ways for interested parties to explore and use distributed ledger technology have seen triple-digit gains in 2021.
Stellar (XLM), XRP, and XinFin Network (XDC) are three enterprise-focused cryptocurrencies that have seen their prices outperform the field over the past few weeks as global businesses increasingly look to blockchain to help create a simplified and efficient global trade network.
XRP is perhaps one of the most well-known crypto projects behind Bitcoin and Ethereum as it has a large group of supporters often referred to as the XRP Army for their willingness to defend the somewhat controversial project.
While growth for XRP in 2021 was initially slowed due to regulatory actions by the U.S. Securities and Exchange Commission which led to the delisting of XRP on multiple cryptocurrency exchanges, its price has surged in the month of April.
Trading volume and social activity for XRP picked up significantly in early April when the platform refocused its marketing efforts on promoting how Ripplenet can help create a “more financially inclusive and sustainable future.”
The refocus also included the acquisition of a 40% stake in cross-border payments specialist Tranglo on April 5 and the announcement of a partnership with Mercury FX on April 9. The goal of these partnerships is to help develop an international payments system throughout Africa, and this coincided with the last major spike in the price of XRP.
Stellar is an open network that was originally founded in 2014 as a result of a hard fork from the Ripple Labs protocol due to differences in the vision of where the project should be headed.
Over the years its mission has morphed from that of trying to increase inclusion by reaching the world’s unbanked to helping financial firms connect with each other with blockchain technology.
Some of the biggest news for XLM came at the beginning of March with the release of Horizon 2.0:
Big news… we’ve just released Horizon 2.0!
This major release has been years in the making. It lets people deploy Horizon with fewer resources, under looser constraints, and with far more flexibility than ever before!
Read morehttps://t.co/YdopATxMkx pic.twitter.com/M3IVkPSPNJ
— Stellar (@StellarOrg) March 1, 2021
According to the announcement, Horizon 2.0 created a new way to run the Stellar network infrastructure that “enables large organizations and small developers alike to deploy Horizon with fewer resources, under looser constraints, and with far more flexibility than ever before.”
The team also announced partnerships with Velo protocol to help foster international payments in Southeast Asia and with the Cowrie Integrated Systems to help develop payment corridors throughout Africa, with an initial focus on Nigeria.
On April 6, the Stellar Development Foundation’s (SDF) validator nodes temporarily stopped validating transactions on the Stellar network causing concern for community members. According to the SDF, the network remained online during this time as most nodes on the network were still functioning and processing transactions.
After an initial pullback in XLM price due to the SDF nodes being taken offline, the reaffirmation in the security and decentralization of the Stellar network led to a quick recovery and breakout to $0.656, its highest level since January 2018.
A lesser-known enterprise-ready solution that has burst onto the scene in 2021 is XinFin Network (XDC), a hybrid Blockchain technology company optimized for international trade and finance that “combines the power of public & private blockchains with Interoperable smart contracts.”
The XDC protocol utilizes the XinFin Delegated Proof of Stake (XDPoS) consensus mechanism which is designed to create a ‘highly scalable, secure, permissioned, and commercial grade’ blockchain network.
2021 got off to a slow start for XDC due to a hack of the AlphaEX exchange in December 2020 that saw 300 million Ethereum-based XDC (XDCE) stolen and sold on the open market.
A series of steps were taken to mitigate the effects of this hack, which included the burning of 500 million XDCE and the decision to eventually phase out the XDCE contract and focus solely on the XDC token.
Following the community resolution of the hack, XDC price has exploded to a new all-time high of $0.076 on April 10 thanks to protocol upgrades like the ability to send tokens while offline and a XinFin to Corda bridge that enables XDC to move freely between the Corda Network and XinFin.
XDC also benefited from being listed on multiple exchanges including Liquid Global and Probit, as well as the launch of a regulated index for XinFin digital assets by the regulated index provider Vinter.
@vinterco launches regulated index for @XinFin_Official digital asset – $XDC – to enable asset managers to deliver regulated ETFs @atulkhekade @riteshkakkad https://t.co/LeeQGAvBE1 #EBR #IOSCO #european #regulation
— André Casterman (@AndreCasterman) March 17, 2021
As blockchain technology continues its integration into multiple sectors and businesses explore what DLT has to offer, enterprise-focused solutions like XRP, XLM and XDC are well-positioned to see further growth due to the fact that they offer simple solutions that allow people to create and transact cryptocurrencies with minimal effort.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Jordan Finneseth
LOS ANGELES, Feb. 2, 2021 /PRNewswire/ — InvestCloud, an award winning global FinTech firm has completed a recapitalization that values the business at $1 billion. New financial investors are led by Motive Partners (“Motive”) with Clearlake Capital Group, L.P. (“Clearlake“) and include other InvestCloud client shareholders. Under the terms of the agreement, Motive Partners will also contribute two portfolio businesses, Finantix and Tegra118, into InvestCloud, creating a global Software-as-a-Service (“SaaS”) wealth solutions platform.
“The recapitalization achieves our first objective,” said John Wise, InvestCloud’s Co-founder and Chief Executive Officer. “At a valuation of $1 billion, we can reward early investors in the business, while injecting new capital to fuel the next stage of our growth, further supporting our clients’ needs. Crucial to our ultimate objective – which is to build the world’s largest financial supermarket – is the partnership with Rob and the Motive team, Clearlake and the Tegra118 and Finantix businesses. Together with Cheryl, Christine and their exceptional teams, they enable us to accelerate our plans to build platforms serving the main markets in global wealth and asset management, each utilizing the proven SaaS design principles, architecture and data models of the InvestCloud platform.”
John Wise continues, “Tegra118 has the largest integrated platform in the US, with fund sponsors (asset managers: 9 of the top 12 in the USA) connecting to distributors (wealth managers: 7 of the top 10 Broker Dealers in the USA) for financial products. Combining this with the Digital Platform of InvestCloud provides the best-in-class digital advice to Advisor Networks and Advisors. With our existing clients, InvestCloud will now build a worldwide financial supermarket using Tegra118 as the base. Finantix adds further strength in Europe and Asia – particularly in the private banking space – to fulfill our ambition to distribute the InvestCloud platform and our collective solutions globally.”
“Huge forces are impacting the wealth sector,” said Rob Heyvaert, Founder and Managing Partner, Motive Partners and Chairman of InvestCloud. “Whether it’s demographics, democratization or disintermediation, the sector will change massively in years ahead. We believe the use of InvestCloud’s cloud technology and platform with our existing assets (Tegra118 and Finantix) will determine the winners. This investment, and the commitment of two of our existing businesses and their exceptional talent, creates a global wealth platform provider that has proven technology with the ability to scale and serve the needs of our global clients and their customers through existing, new and hyper-personalized solutions.”
“Wealth managers are faced with several operational complexities, including increased demand for tailored, diverse investment products as a result of the shift towards open banking,” said Behdad Eghbali, Co-Founder and Managing Partner, and James Pade, Partner, of Clearlake. “We believe InvestCloud’s leading software solutions, in combination with Finantix and Tegra118, uniquely position the company to address these trends and deliver significant value to its global customer base.”
In addition to their established reputations, blue chip customer base and rich functional capabilities, the addition of the Finantix and Tegra118 businesses further establishes InvestCloud as a leader in the wealth and asset management marketplace. InvestCloud will now have in excess of $4 trillion of assets on its platform and revenues over $285 million, with a team of over 900 people and a truly global footprint, by adding locations and expert knowledge of continental European and Asian markets.
InvestCloud will now organize its business to serve clients through four distinct market opportunities for its unique and proven platform capability within the wealth and asset management arenas:
- Wealth Advisor Platform – with over $2 trillion AUM already, the InvestCloud platform will continue to build upon its success in North America, the UK, continental Europe and Asia.
- Private Banking Platform – using the Finantix product as its core, InvestCloud will offer an international private banking platform using its proven technology.
- Financial Supermarket – using the Tegra118 product (already $2 trillion AUM), and its extensive network of existing distribution relationships with asset managers, broker-dealers and custodians, InvestCloud will continue to build an international financial supermarket to connect manufacturers (asset managers) to distributors (wealth managers).
- Custom Financial Platform – using the hyper-modular cloud platform, clients can truly design and build unique Intellectual Property (IP) using InvestCloud’s design-first methods and AI PWP (Programs Writing Programs)TM to create cloud solutions.
John Wise is Chief Executive Officer of InvestCloud, and Rob Heyvaert (Founder & Managing Partner, Motive Partners) is Chairman. Cheryl Nash of Tegra118 will become the CEO of the Financial Supermarket division and Christine Mar Ciriani of Finantix will become the CEO of the Private Banking division. Both will join the global InvestCloud management team reporting to John Wise.
InvestCloud is a global company specializing in digital platforms that enable the development of financial solutions, pre-integrated into the Cloud. The company offers on-demand client experiences and intuitive operations solutions using an ever-expanding library of modular apps, resulting in powerful products. Headquartered in Los Angeles, InvestCloud has over 20 global offices including New York, London, Geneva, Singapore and Sydney, supporting trillions in assets across hundreds of diverse clients – from the largest banks in the world to wealth managers, asset managers and asset services companies.
For more information, visit InvestCloud.com.
About Motive Partners
Motive Partners is a specialist private equity firm with offices in New York City and London, focusing on control-oriented growth equity and buyout investments in software and information services companies based in North America and Europe and serving five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies.
More information on Motive Partners can be found at www.motivepartners.com
Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials, and consumer. Clearlake currently has approximately $25 billion of assets under management and its senior investment principals have led or co-led over 200 investments. The firm has offices in Santa Monica and Dallas.
More information on Clearlake can be found at www.clearlake.com and on Twitter @ClearlakeCap.
InvestCloud Media Contact:
The U.S. Office of the Comptroller of the Currency (OCC) said in a statement on Friday that it is seeking public comment on the development of new rules to prevent banks from refusing to provide services for the legitimate business of companies.
OCC Director Brian Brooks said, “We must stop the total boycott of the entire industry.”
The statement pointed out that the bank refused to provide services to Alaska’s oil and gas companies and Planned Parenthood.
Brooks pointed out the bipartisan nature of many of these prohibitions: “These things are not politically partisan, but we have found various attempts to weaponize the banking system politically. The banking industry is quietly politicizing, this It’s very dangerous.”
“In the United States, encryption is legal, but companies involved in these businesses have different licensing requirements, so it’s clear that if a bank is providing banking services for one of these businesses, then as part of its investigation, the bank will consider One thing is whether the exchange or other business has been approved in the state.”
In other words, banks cannot disqualify potential crypto customers based on their industry. Uncertain regulatory and reputational risks have caused banks to cut off services to crypto businesses around the world.
Brooks was in charge of Coinbase’s legal team and took over the OCC in May of this year. He took the lead in taking a series of measures to coordinate the relationship between crypto and the banking industry.