GAIN Raises $80m, FXCM Sells FastMatch and Cryptocurrencies March On – Best of the Week

Last week we saw FXCM continue to repay its loan to Leucadia and a plethora of brokerages and technology providers begin to offer Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. In addition, the new Finance Magnates Quarterly Industry Report is out, examining the lifecycle of the retail brokerage, the decline of the binary options industry, and more.

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Fastmatch sold off

Two major shareholders of Fastmatch sold off their shares in the platform provider this week. On Monday we reported that FXCM has sold its 30% share to Leucadia for $46.7 million, which goes part of the way to repaying the former’s debt to the latter. Brendan Callan, CEO of FXCM Group, commented: “With the close of this deal we have made a significant step towards reducing the Leucadia debt.”

On Thursday, NEXT Investors, Credit Suisse’s fintech investment fund, sold off its share of Fastmatch to Euronext, in a move that strengthens Euronext’s FX product range and Fastmatch’s European presence.

Tech providers add cryptocurrencies to platforms

Last week saw cryptocurrencies continue their move into the mainstream as two trading technology developers announced major moves.

On Tuesday we reported that industry stalwart SpotOption has made over 30 cryptocurrencies available for trading. Founder Pini Peter said: “At a time when the total market cap for Bitcoin alone has an estimated value of $64 billion, it seemed only natural that we would include this popular and rising currency to our portfolio.”

Airsoft, a firm with offices in Cyprus and Hong Kong, announced on Thursday its intention to launch its own altcoin this year. CEO Shay Benhamou said: “The launch of the first online industry coin will basically give Airsoft clients a true/final one stop shop where a complete circle of all in solution fully integrated products.”

FM Intelligence Report shows decline in binary options deposits

Finance Magnates is proud to present the latest issue of the QIR. This issue discusses the decline of the binary options industry as the regulatory pinch takes its toll on results. As always, a wide selection of topics vital to the industry today are examined at length, including of course cryptocurrencies.

IQ Options expands to FX and CFDs

The only regulator currently allowing binary options trading is CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term, but even in this jurisdiction the squeeze cannot be escaped. IQ Option, a leader in the binary options industry, has been reforming its product in line with the shifting legal demands, and has now begun to move into FX and cryptocurrency trading. “We have already launched forex and cryptocurrencies, and we are planning to launch share trading soon,” said Dmitriy Zaretskiy, CEO.

GAIN raises money

On Wednesday we reported that GAIN Capital is going to offer $80 million worth of paper with an additional 30 day option for another $12 million to cover potential over-allotments. The sale is going to refinance existing obligations and provide for a $15 million buyback program. The notes will be convertible at the option of holders until the 15th of April 2022. By the following day, GAIN had already priced the issue, stating that $80 million worth of senior convertible notes were to be priced at a fixed rate of 5 percent.

The crypto-wagon

Cryptocurrencies continue to make multiple headlines - last week saw no less than three major brokerages introducing cryptocurrencies as tradeable assets.

On Wednesday we reported that CySEC-regulated NordFX has integrated the BTC/USD, LTC/USD, and ETH/USD pairs into its MT4 platform. On Thursday, multi-asset HotForex launched Bitcoin trading for its customers – the firm had already approved Bitcoin deposits earlier in the year. A spokesperson said: “…we believe in helping our clients keep up with the latest instruments, the newest tools and the best educational resources: adding this popular new cryptocurrency to our products was the natural next step.” And finally, on Friday FX and CFD broker IC Markets supplemented its platform with the BTC/USD pair. “We’re pleased to be giving investors the opportunity to go long or short Bitcoin with an Australian owned and regulated broker,” said Director Angus Walker.