Fazzaco Weekly Digest: Kraken Enables Deposit via SHIB; David Beckham Ties with GemForex; IG to Nadex and Small Exchange

Take a look at the latest happenings in this week's news digest from around the forex, fintech and crypto industries. Here are some of the top headlines from this past week.

1. Kraken Enables Users to Deposit via Shiba Inu (SHIB)

US-based crypto exchange Kraken announced on Monday that it has added support for deposits via Shiba Inu (SHIB), an Ethereum-based memecoin inspired by Dogecoin.

Starting from today, users can add SHIB to their Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. The minimum deposit is 373,000 SHIB. Deposits would require 20 confirmations or five minutes. Moreover, Kraken will enable order entry and execution. 

2. GemForex Taps Global Sporting Icon David Beckham as Brand Ambassador​

GemForex, an Asian broker offering currencies, CFDs, metals globally, has inked a multi-year partnership with the sporting icon David Beckham, who will help to promote GemForex and its services across Asia.

One of the World's most recognised personalities, David Beckham is a true football icon with a career boasting over 20 years with some of the biggest clubs in the world. After retiring from playing, he has established himself as a successful businessman, entrepreneur and philanthropist working strategically and creatively with many of the world's leading brands.

3. IG Group to Sell Nadex and Small Exchange for $216M​

IG Group has announced the proposed sale of North American Derivatives Exchange, Inc. (Nadex) and Small Exchange, Inc, the latter of which the Group owns approximately 39%, to Foris DAX Markets, Inc.

The proposed sale is a cash transaction with an approximate, aggregate price for the IG shareholdings in both companies of $216 million. The closing of the transaction is expected to be in the first half of 2022, subject to the satisfaction of customary conditions, including regulatory review.

4. Cboe FX Markets Reports $776.5 Billion Total Volume in November 2021​

Cboe FX Markets, a foreign exchange provider to the institutions, has published its monthly trading volume numbers for November 2021. The demand for the platform's services increased on a month-on-month basis.

More specifically, the broker registered a total volume of $776.5 billion, a MoM jump of more than 8.2%. But on a yearly basis, the FX trading demand slipped marginally by 1.6%. The Average daily volume (ADV) for the month reached $35.3 billion, 3.2% higher than that of the previous month. November had 22 trading days, compared to 21 in October.

5. Celsius CFO Yaron Shalem Suspended After His Arrest in Israel

Celsius Network, the industry-leading cryptocurrency rewards-earning platform, has suspended its Chief Financial Officer, Yaron Shalem, after his arrest in Israel.

The latest arrest by the Israeli authorities was related to a massive crypto fraud. In addition to Shalem, several other leading names, including crypto mogul Moshe Hogeg, were also arrested during the same crackdown.

6. Indian Credit Card Challenger slice Lands $220M Series B Funding Round​

The Indian credit card fintech slice has secured $220 million in a Series B financing round, which took its valuation to more than $1 billion.

The latest round was led by Tiger Global and Insight Partners, with participation from Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i.

7. InstaForex Prolongs Partnership with Borussia Dortmund

InstaForex, a licensed Retail FX and CFDs broker that provides access to the global trading floors, announced that it has extended the partnership with the German football club, Borussia Dortmund for 2 more years.

The partnership extension is beneficial to both brands as well as to existing and would-be InstaForex clients. A lot of traders will have an opportunity to enjoy a firsthand VIP experience at the club's stadium, to take part in the charity Stay-home contest, to be a guest at InstaForex Gala Dinner, etc.