Stake Financial News

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The founder of China's Huobi Group, which runs one of the world's largest cryptocurrency exchanges, is in talks with investors to sell his almost 60% stake in the exchange for over $1 billion, Bloomberg News reported on Friday.

It is the first and only digital securities exchange that has won approval from the FCA with permissions covering trading, custody and brokerage and will launch later this year.Stephen Bird, CEO, abrdn, says: “Blockchain technologies are inevitably going to form a big part of the future of financial markets. There is the potential to offer greater transparency, greater speed and less trading friction by using these nascent digital technologies."Abrdn plans to use Archax as a route through which investors can access new investment opportunities through digital securities, connect to existing offerings in a new way through tokenisation and facilitate a shift towards greater operating efficiencies through the adoption of new technologies like blockchain.“With Archax, we will have a meaningful footprint in this fast-developing market - which is likely to evolve in a multitude of different ways that are relevant to our core businesses," says Bird.Despite the onset of a crypto winter, asset managers are looking to get in on the sector.

Leon Li, the co-founder of global crypto exchange Huobi, is reportedly in talks to sell the majority of his stake in the company that could be valued at over $1 billion.

The selling of Huobi Group founder's majority stake in the crypto-exchange could be the industry's biggest takeover since a $2 trillion global crypto rout started, according to Bloomberg.

Abrdn's move reflects a wider surge in interest in digital assets from institutional investors.

Abrdn has acquired a stake in digital securities exchange Archax, following through on the £508bn asset manager's ambitions to enter the digital assets market.

SoftBank said 10 August that it planned to reduce its stake in Chinese e-commerce company Alibaba as part of a settlement of financial contracts that it expects to add $34bn to pretax income in the current quarter.

Binance does not own any stake in Indian cryptocurrency exchange WazirX, the global crypto platform’s founder told ET on Friday. This follows a money laundering investigation against Zanmai Labs – WazirX’s parent entity — by the Directorate of Enforcement (ED). “Binance does not own any shares in Zanmai Labs, the entity operating WazirX and established by the original founders,” founder and chief executive Changpeng Zhao told ET in response to queries about the ED probe.

The transaction underlines the growing interest in digital assets within the mainstream investment management industry.

Founded in 2018, Copper provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 45 exchanges. The company's flagship product is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across multiple networks.

Founded in 2018, Copper provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 45 exchanges. The company's flagship product is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across multiple networks.

Consensus algorithms are processes where validators (also known as nodes or miners) within a blockchain network agree on the current state of the network. This mainly entails agreeing on whether a transaction submitted by a validator is authentic. Fraudulent or inaccurate transactions are rejected by the network assuming all validators are acting fairly with no malicious intent. Validators are rewarded with cryptocurrency for submitting accurate and authentic transactions, whilst malicious actors are penalized depending on the consensus protocol. 

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The transaction underlines the growing interest in digital assets within the mainstream investment management industry.

Schroders has acquired a minority stake in a blockchain and digital assets focused asset manager in a move that could allow it to offer tokenised funds to investors.

Lightyear, a European challenger to trading platform Robinhood, has raised $25 million of funding in an investment round backed by British billionaire Richard Branson.

The Bitcoin (BTC) network uses a proof-of-work (PoW) consensus protocol to secure the network, which means network participants can earn mining rewards (if they choose to mine the digital currency), but they can’t earn staking rewards natively. 

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