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Western Union Makes Offer to Acquire Cross-Border Payments Firm MoneyGram

Financial giant, Western Union is in discussions to acquire cross-border payments company MoneyGram according to a June 1 article by Bloomberg.

Western Union Co. is seeking to acquire MoneyGram International Inc. in a transaction that would bring together two of the largest US providers of cross-border payments. The news comes via an anonymous Bloomberg source, who the publication cannot identify as the matter has not been made public – according to the source familiar with the matter.

Officials representatives from both companies have declined to comment on Western Union’s alleged takeover offer for cross-border payments company MoneyGram.

COVID Climate and FinTech Competitors

MoneyGram’s business has been in decline as more and more people lean towards online payments. Financial Technology (FinTech) payment services are now offering solid competition to the established cross-border payments companies and policymakers are intent on bringing down fees associated with moving money around the world.

The onset of the coronavirus pandemic disruption has put MoneyGram under further duress and the cross-border payments company has been forced to close many of its operations around the globe.

Earlier this year, Ripple made an initial investment of $30 million in MoneyGram equity at the same time that it signed the commercial agreement with MoneyGram for cross-border settlement using digital assets. After this most recent $20 million investment, Ripple now owns 9.95 percent of the outstanding common stock of MoneyGram, and approximately 15 percent on a fully-diluted basis including non-voting warrants held by Ripple.

The deal seemed to be motivated by the FinTech competition and online trends of consumers during COVID, MoneyGram attempted to boost its digital remittance services but according to their first quarter report for 2020, digital cross-border remittance only made up just under 20% of their business.

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Microsoft and Finastra Open Cloud Solution to Exponentially Accelerate Innovation for 8,500 Banks and Institutions

Finastra and Microsoft Corp have announced a strategic, multiyear cloud agreement to help accelerate the digital transformation of financial services and help realize an open-source future for finance.

In a release shared with Blockchain.News on July 21, Finastra and Microsoft announced a multiyear global strategic agreement to accelerate the transformation of financial services. The alliance will support demand for cloud solutions, aiming to compress years of innovation into months for 8,500 banking and financial institutions worldwide.

Open Source Future of Finance

The alliance of Finastra and Microsoft marks a commitment and builds on the 3,000 banks and financial institutions already supported by both companies across payments, lending, treasury, and retail banking on Azure. The agreement, paired with the unparalleled disruption of the industry, will reimagine the way banks and credit unions use technology and how we all think about sustainable, open finance.

Simon Paris, CEO, Finastra said, “We believe the future of finance is open. Together with Microsoft, we can provide people, businesses, and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone. As the pandemic has brought the future forward with regard to digitization, our vision to transform the world of financial services aligns closely with Microsoft’s ambitions, and I believe that together we can help accelerate this digital shift.”

According to the release, leveraging Microsoft platforms has already allowed Finastra to accelerate its product road maps to bring even more of its mission-critical solutions to the cloud for its 8,500 customers, alongside advancements in data, AI, and open banking.

“Finastra’s open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services. By helping with capabilities such as e-signatory and e-notary, Finastra is able to quickly extend those solutions for more customers,” said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. “By delivering on operational efficiencies and reducing risk, we will help increase productivity and enable deeper client engagement.”

The Workplace of the Future

Along with the strategic partner relationship, Finastra’s Fusion Fabric.cloud open innovation platform will continue to encourage co-innovation of next-generation financial services applications.

The solution is powered by Microsoft Azure, and allows developers unprecedented access to build right on top of Finastra’s core systems for faster incubation of applications at scale. In addition, Microsoft Azure, the Power Platform and Office 365 are also being leveraged by Finastra to transform its own business and optimize operations.

With a focus on creating a workplace of the future, the Microsoft Workplace Analytics capabilities could also foster faster, and more definitive decision-making.

Crypto.com Officially Becomes the Philadelphia 76ers Team's Jersey Patch Partner

Hong Kong-based cryptocurrency exchange Crypto.com announced that it has formally formed a partnership with the Philadelphia 76ers, becoming its official jersey logo-designated sponsor.

The Crypto.com logo will appear on the left shoulder of all four 76ers jerseys in the new season.

In the next regular season against the New Orleans Pelicans on October 20, the new jersey with the Crypto.com logo will officially debut on that day.

It is reported that this is the first cooperation with an NBA team with more than 10 million cryptocurrency exchanges, with a total transaction volume of more than 400 million U.S. dollars.

According to the jersey logo partner agreement, crypto.com will use its expertise to launch the first non-fungible token (NFT) in team history for the 76ers.

Fans can purchase non-fungible tokens of Philadelphia 76ers through Crypto.com NFT, a newly launched NFT trading platform focusing on art, design, entertainment, and sports.

President of Business Operations Chris Heck from the 76ers team said that this cooperation would jointly change the pattern of cryptocurrency entering the sports world and noted that crypto.com is what they have always thought of as creative, innovative partnerships.

Kris Marszalek, the co-founder and CEO of Crypto.com, said that:

“The NBA is one of the most popular leagues in the world, and the 76ers were an obvious choice. Together we’re going to create integrated experiences for fans everywhere; our patch and court integrations are just the beginning.”

Crypto.com’s cooperation with NBA teams is not just the beginning of its entry into the sports field. As early as this March, Crypto.com signed a one-year sponsorship agreement with the Montreal Canadiens of the NHL.

Last week,Crypto.com reached 3-year cooperation with Paris Saint-Germain worth 29.5 million to 35.4 million U.S. dollars. As reported by Blockchain. News on June 30, Crypto.com has paired with Formula1 as its Global Partner.

Bitso Inks Deal as the Official Sponsor of Sao Paulo Football Club

South American trading platform, Bitso has inked a partnership with the Sao Paulo Football Club to be the team’s official sponsor from now until the next three years.

As reported by Aithority, the partnership will see Bitso’s brand logo incorporated and showcased on SPFC’s official team jerseys, a move that will expand the exchange’s continent and global brand awareness strategy.

“We are very proud to announce this partnership and support the Brazilian soccer team with the most international titles. Most importantly, Bitso and São Paulo share a common goal of pursuing excellence, and, now, we will happily pursue this together from this day forward,” said Beatriz Oliveira, Head of Marketing for Latin America at Bitso. “This partnership kicks off Bitso’s support for Brazilian sports, aligned with our growth goals in Brazil as we work to demonstrate that the crypto market is reliable, secure, and simple.”

With a current customer base of over 3.7 million people spread across Latin America, the partnership with Sao Paulo FC will put the exchange into the frontlines of over 20 million fans across Brazil. The partnership also puts prestige on the trading platform which now ranks as the first trading platform to back the club which is known for its numerous international trophies.

The partnership will afford Sao Paulo FC fans to pay for tickets and merchandise through digital currencies through the Bitso platform. Additionally, as many as 18,000 seats at the Morumbi Stadium have been reserved for Bitso customers.

With the Bisto partnership, trading platforms are now confirmed to be engrafting their feet into the sports adverts scene. As reported earlier by Blockchain.News, the American cryptocurrency exchange giant FTX sponsors the University of California, Berkeley (UCB) with $17.5 million in cryptocurrency in exchange for getting the 10-year naming right of the California Memorial Stadium. Beyond this, partnership deals for sports clubs are no longer uncommon amongst blockchain and cryptocurrency trading platforms.

Crypto.com Signs 5-Year Deal with Australian Football League, Worth $25m Sponsorship

Hong Kong-based Crypto.com – one of the most fastest-growing cryptocurrency exchanges, said Monday, January 17, that it has signed a five-year partnership agreement with the Australian Football League (AFL).

The exchange will act as a partner for the Toyota AFL Premier League season and NAB AFLW matches, as the exclusive title partner for the “Crypto.com AFL Score Review”, providing major financial support to the Australian Women’s Football (AFLW) and sponsoring it for $25 million to develop sports business.

Crypto.com said AFL and AFLW football are the most popular spectator sport in the country, Australian women are more likely to invest in cryptocurrencies than women from other countries, that’s why Crypto.com has been investing in Australia.

The chief executive Gillon McLachlan of the AFL said the partnership would open a new chapter in Australian football, stating that:

“Cryptocurrency and blockchain technology is a dynamic and emerging industry, and the AFL is delighted to partner with Crypto.com to be at the forefront of the industry’s growth in Australia.”

In addition to forming alliances with Australian sports leagues, Crypto.com also works with representative sports teams from other countries.

Last month, Crypto.com, announced that it has partnered with Los Angeles’ Angel City Football Club (ACFC) for exclusive rights to issue official cryptocurrencies and NFTs.

Several months ago, Crypto.com signed a 20-year cooperation deal worth $700 million with Anschutz Entertainment Group (AEG), which owns the Staples Center and the L.A. Live.

The Staples Center will be renamed to Crypto.com Arena, and the official change in the arena’s name will take place on December 25, when the Lakers will be hosting the Brooklyn Nets.

Crypto.com and LeBron James Partner on Web3.0 Educational Opportunities

Singapore-based cryptocurrency exchange Crypto.com has announced its strategic partnership with basketball legend LeBron James and LeBron James Family Foundation (LJFF) to help bring education and workforce development initiatives on Web3.0 to underserved individuals.

As announced by the trading platform, “the partnership will give students and families connected to the I PROMISE program access to the tools and educational resources needed to participate and succeed in building Web3, the future of the internet.” While the financial aspects of the deal were not unveiled, Crypto.com will help in advancing the scope of the LJFF program, and the number of people that are being reached.

“Blockchain technology is revolutionising our economy, sports and entertainment, the art world, and how we engage with one another. I want to ensure that communities like the one I come from are not left behind,” said James. “Crypto.com and I are aligned on the need to educate and support my community with the information and tools they need for inclusion. I’m looking forward to working with them to bring these opportunities to my community.”

While blockchain technology is maybe just a decade old, its impacts are far-reaching, and the tech is revamping all aspects of human lives ranging from finance to education and more. With the LeBron James Family Foundation committing to human capital development even in reshaping employability and skill acquisition for students, the partnership with Crypto.com will help give a direct exposure per a company directly involved in Web3.0 emancipation.

“LeBron James and his foundation have been pioneers in truly transforming the lives of those in his community through education, and our partnership is based on a true alignment of values,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “We couldn’t be more proud to join LJFF in providing opportunities to increase educational and workforce development while delivering the tools and access that will empower the next generation to build a better and more inclusive future.”

Crypto.com has been advancing its partnership and networking in recent months, which helps give back to key stakeholders that can benefit from the unique offerings of the industry it is growing in as a leader.

Manchester United Selects Blockchain Firm Tezos as Technical Partner

Manchester United has inked a multi-year deal with Tezos, a proof-of-stake (POS) blockchain provider, as the club’s training kit sponsor.

The new partnership came after the deal expired with AON last season; Manchester United’s first-team squad will, therefore, team up with a Tezos-branded training kit.

In a statement, Man. Utd. said that it chose Tezos because it is one of the providers of sustainable, reliable, and advanced blockchains needed to revolutionize how the club and fans interact.

Victoria Timpson, Manchester United’s CEO of Alliances and Partnerships, welcomed the partnership and said:

“We are especially pleased to be partnering with one of the most eco-friendly blockchains, using technology that is energy-efficient, limits carbon emissions, and lowers costs, consistent with the club’s wider efforts to promote environmental sustainability.”

As a 13 time English Premier League (EPL) champion, the Red Devils seeks to render community-led innovation as the world gears to a new digital revolution. Therefore, Tezos emerged as its “blockchain of choice.”

Edward Adlard, the head of adoption and business development at Tezos, noted:

“Tezos will enable Manchester United to use blockchain and Web3 to transform fan, player, team, and partner engagement.”

Tezos will fund Manchester United Foundation’s objective of inspiring, educating, and training youths within the local community using its cryptocurrency XTZ or Tez. Furthermore, the strategic partnership will also render new fan experiences developed on the Tezos blockchain.

With the non-fungible token (NFT) sector booming, Tezos has been one of the proof-of-stake networks empowering this sector. For instance, innovative protocols such as AmplifyX, an NFT music marketplace, are based on the Tezos blockchain.

PoS blockchains are favoured in the modern era because they are deemed more environmentally friendly and cost-effective than the proof-of-work (PoW) networks used by digital assets like Bitcoin (BTC).

Payments Firm FIS Worldpay Taps Shyft Network, Enhance Global Crypto Regulation Compliance

FIS, a US multinational corporation that offers a wide range of financial products and services, on Wednesday announced that its subsidiary business, Worldpay, has selected the Shyft Network, as part of its commitment to help its merchants comply with cryptocurrency-related regulations designed to build a secure transaction ecosystem.

The partnership will enable Worldpay’s clients (merchants, companies, and businesses) to use Shyft’s Veriscope solution to meet multi-jurisdictional requirements set out by the FATF (Financial Action Task Force) Travel Rule.

The FATF Travel Rule targets the anonymity of crypto transactions and transfers and focuses on fighting money laundering and other financial crime in the crypto ecosystem.

Shyft created the Verified Shyft Compliant Optimized Participant Exchange (Veriscope) to enhance data collection and compliance for custodial wallets, cryptocurrency exchanges, brokerage companies, and other virtual asset service providers (VASPs).

Worldpay, which offers card-to-crypto processor services to the majority of major crypto exchanges, will become a member of the Shyft Federation. Worldpay platform will be powered by Shyft’s Veriscope solution to validate transactions and provide data attribution.

Nabil Manji, head of crypto and emerging business at Worldpay, talked about the development and said: “Worldpay from FIS is thrilled to join the Shyft Network as a federation member. Our partnership with Shyft reflects our ongoing work to support growth in the cryptocurrency sector and our commitment to connecting the world to the digital asset economy, all in a safe and secure manner.”

Meanwhile, Joseph Weinberg, co-founder of Shyft Network, also commented about the partnership and stated: “We are very excited to work alongside Worldpay from FIS to accelerate the adoption of cryptocurrencies. Regulation and compliance are critical to continued institutional growth, and infrastructure that can enable institutions and merchants to mitigate risks while reaping the benefits these technologies have to offer is crucial to accelerating adoption.”

Enhancing Financial Services

While digital finance has facilitated cross-border transactions, it has made the monitoring of transactions more complex for financial institutions and competent authorities.

As part of efforts to reshape the financial sector, FIS is working hard on know-your-customer (KYC) rules to meet the standards set out by the FATF.

Headquartered in Florida, FIS has continued to be a leading provider of technology solutions for banks, merchants, and capital markets firms across the world.

In April last year, FIS expanded its payment processing capabilities into the rapidly growing markets of Nigeria, Malaysia, and South Africa. FIS obtained a domestic acquiring license in Malaysia to provide its Worldpay payment processing platform. In Nigeria and South Africa, FIS is providing domestic payment processing services through its partnership with payments technology company Flutterwave.

Through its Worldpay product portfolio, FIS processes billions of transactions every year across 146 countries and more than 300 payments types in 126 currencies.

Crypto Exchange Bit.com to Enhance TON Ecosystem

Bit.com, a Singapore-based crypto exchange, has partnered with TON, which stands for “The Open Network,” to expand, enhance, and develop its ecosystem.

Upon listing TON’s native token in January 2022, Bit.com has seen significant strides, and this is one factor cementing the strategic partnership, according to Bit.com’s chief marketing officer Toya Zhang.

He added:

“After learning about TON’s history and roadmap, as well as observing the performance of TON after bit.com’s listing. We are convinced about TON’s potential. Bit.com and Matrixport have a rich variety of product offerings, including trading and asset management tools.”

TON is a third-generation proof of stake (PoS) blockchain designed in 2018 by the Durov brothers who founded Telegram Messenger. Furthermore, it is a community-driven blockchain project that prompts rapid transactions and aids various decentralized applications (dapps).

TON swap is already being supported from TON to USD Coin (USDC) or Tether (USDT) by Matrixport, Bit.com’s sister platform.

Steve Yun, a TON foundation member, welcomed the partnership. He believes this is a stepping stone towards more adoption. He noted:

“Matrixport is the first world’s leading CeFi platform to offer a variety of institutional-grade services that are vital to the TON ecosystem. Custody and escrow solutions, in addition to the innovative asset management products, provide great value for institutions and retails alike.”

In terms of the trading volume, Bit.com emerged as the second-largest in the Bitcoin (BTC) and Ethereum (ETH) options market.

Furthermore, it supports the options, futures, and perpetual products of ETH, BTC, and Bitcoin Cash (BCH).

Based on TON’s objective of offering lightning-fast transactions and being user-friendly and ultra-cheap, Bit.com seeks to make this a reality.

With crypto emerging as a lifeline for ordinary Russians amid heavy sanctions, cryptocurrencies are showing themselves as powerful fundraising tools and stores of value.

Binance’s Partnership with Eqonex Raises Concern from UK’s Financial Regulator

UK’s Financial Conduct Authority (FCA), a popular financial regulatory body in the United Kingdom, has expressed concerns about Binance’s latest partnership with the Nasdaq-listed crypto firm Eqonex.

The deal appears to give Binance control of Eqonex through a convertible loan worth $36 million. Binance is providing the loan via its newly launched payments technology firm Bifinity, announced on Monday.

Eqonex Limited is the parent company of Digivault Limited, one of the cryptocurrency businesses registered by the FCA under the Money Laundering Regulations. According to the FCA, individuals and entities that are part of the Binance Group may have become beneficial owners of Digivault following the deal’s transaction.

The FCA admitted that it did not have powers to assess the propriety and fitness of the new beneficial owners or the change in control before the transaction was completed. However, the regulator stated that: “it can take steps to suspend or cancel the registration of a crypto-asset business if it is not satisfied the firm or its beneficial owner is fit and proper.”

The watchdog further mentioned that “it has powers to suspend or cancel a firm’s crypto-asset registration on several grounds, including where a firm has not complied with obligations under the Money Laundering Regulations.”

The Regulator Still Worried over Binance

In June last year, the FCA ordered Binance to stop its unregistered activities in the UK after the regulator warned that the exchange posed a significant risk to consumers.

Last month the agency also expressed concerns over a partnership deal between Binance and UK payments firm Paysafe that gave Binance access to a key UK payment network. The FCA admitted that its concerns about Binance remain. However, the regulator said that it had limited powers to object to the arrangement with Paysafe, despite its concerns about Binance offering high-risk and complex investments to consumers.

In June, the FCA ordered Binance to halt all UK regulated activity over worries about weak consumer protections amid a wider crackdown on the crypto industry’s potential role in money laundering and fraud.