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Pick five of this week’s top news stories from the world of finance and technology.
abrdn buys stake in Archax
Scottish asset manager abrdn has completed a transaction to become the largest outside shareholder of UK-based regulated digital asset exchange Archax.
Founded in 2018, Archax helps institutional investors access blockchain-based digital assets, claiming to act as a bridge to traditional capital markets. It will be available later this year.
Archax claims to be the first and only digital stock exchange to be licensed by the Financial Conduct Authority (FCA) to trade, store and broker.
Through its investment in Archax, abrdn aims to offer new investment opportunities to its clients through digital securities.
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The United Nations Conference on Trade and Development (UNCTAD) has outlined the risks and costs of cryptocurrencies to developing countries in three policy briefs and suggests ways to limit their expansion.
UNCTAD, which promotes the interests of developing countries in global trade, details how cryptocurrencies are a potential threat to financial stability, the allocation of capital and resources, and the security of monetary systems within developing countries. increase.
Citizens of emerging economies such as Kenya, Venezuela and India are disproportionately likely to own digital currencies, with 15 of the top 20 countries with the highest shares of digital asset ownership being emerging economies, according to UNCTAD. is.
It calls on developing countries to curb crypto advertising and introduce strong regulation of crypto exchanges, digital wallets and other aspects of decentralized finance. It also proposes banning financial institutions from holding cryptocurrencies.
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Horace Hires Giles Andrews as Non-Executive Director
Private UK bank C Hoare & Co has appointed fintech veteran Giles Andrews as an independent non-executive director.
Andrews has been involved in a number of fintech companies, but he is best known for his role as co-founder of digital bank Zopa turned peer-to-peer lending business.
Andrews founded Zopa in 2004 as the company’s Chief Financial Officer, became CEO in 2007, and Chairman in 2015. He is currently a member of the Unicorn Board of Directors, a position he has held since 2019.
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Market research reveals that Challenger Banks Sterling and Monzo are the UK banks most likely to be recommended by customers.
The results are based on an independent study conducted between July 2021 and June 2022 by market research firm Ipsos as part of regulatory requirements, the results of which have been made public at the request of the Competition and Markets Authority (CMA). .
Starling and Monzo came in second for overall quality of service, with 81% of customers likely to recommend them, beating out big banks like Santander, NatWest and Lloyds.
The CMA says the study will promote competition and “create a better experience for all account holders.”
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Swyftx cuts its workforce by a fifth
Australian cryptocurrency exchange Swyftx will furlough 74 employees, or 21% of its workforce, as it seeks to scale back its operations to deal with increasingly challenging global economic conditions.
In a company-wide memo, co-CEOs Alex Harper and Ryan Parson cited high inflation, rising interest rates, “very volatile markets across all asset It cites an uncertain business environment of the upcoming global recession.
We have started to grow our team in a very different world, and it is wise now to ensure that our cost base is responsive to this prolonged economic uncertainty, Harper and Ryan said. increase.
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