Fazzaco Weekly Digest: Revolut Reaches $45 Billion Valuation; Capital One and Citigroup to Join FedNow; FYNXT to Exhibit at FMPS:24; More Prop Firms Close Down; Executive Moves Report

Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. We also updated 51 executive moves of 45 industry firms since June.

Below are some of the most read news and articles from Fazzaco.

Revolut Reaches $45 Billion Valuation, Setting New Benchmark for European Tech Companies

Revolut, the UK-based fintech challenger, has achieved a landmark valuation of $45 billion, making it the most valuable private technology company in Europe. This significant valuation comes after a secondary share sale that has provided liquidity to the company's employees, generating an anticipated $500 million for them.

Capital One and Citigroup Set to Integrate with FedNow System​

In a move that signals the growing adoption of real-time payment systems, major U.S. banks Capital One and Citigroup have announced their plans to join the Federal Reserve's instant payments network, FedNow.

Both banks have confirmed that they are in the process of integrating with the system, which enables instant payment settlements, contrasting with the traditional banking system's multi-day clearance process.

Hong Kong's Crypto Exchanges Face Licensing Challenges Amid Inspection Concerns

Hong Kong's ambitions to establish itself as a leading digital-asset hub are encountering obstacles as 11 crypto exchanges face uncertainty over obtaining full licenses. These exchanges had received initial approvals earlier this year, but recent inspections by the Securities and Futures Commission (SFC) have raised several issues.

FYNXT to Exhibit at FMPS:24 in Sydney, Australia​

FYNXT, an award-winning and ISO-certified fintech company based in Singapore, is participating in the highly anticipated FMPS:24 event in Sydney, Australia. The event, known for bringing together the brightest minds and leading companies in the financial sector, will take place from August 27-29. FYNXT will be stationed at Booth No. 10, where they will showcase their innovative fintech solutions.

More Prop Firms Are Closing Down, When Will This Sh*tshow End?

Fazzaco has observed in the past month that the prop trading community seems to be facing yet another turbulent period. With Eightcap once again severing platform support for a number of small, medium-sized prop firms, leaving them unable to access MetaTrader 4 and MetaTrader 5, a new wave of prop firm closures has ensued - approximately twenty firms have shut down so far.

A Dynamic Report of 51 Executive Moves of 45 Brokers, Fintechs & Crypto Firms Since Jun 2024​

This year, we are continuously following the executive moves of various brokers and fintech companies in the financial sector, as well as crypto firms. In the following article, we present a statistical analysis of the executive movements in the forex / crypto market from June 15 2024 to August 20 2024.