Businesswire




Mastercard to Participate in Upcoming Investor Conference





PURCHASE, N.Y.--(BUSINESS WIRE)--Mastercard Incorporated (NYSE: MA) today announced that Raj Dhamodharan, executive vice president, blockchain & digital currencies, will present at the Deutsche Bank Technology Conference in Las Vegas on Thursday, September 1. The discussion will begin at 11:45 a.m. Eastern Time and last for approximately 35 minutes.

There will be a live audio webcast of the discussion at investor.mastercard.com . Following the session, a replay will be archived on the site for 30 days.

About Mastercard Incorporated (NYSE: MA), www.mastercard.com Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. Contacts

Investor Relations: Jud Staniar, investor.relations@mastercard.com , 914-249-4565 Communications: Seth Eisen, seth.eisen@mastercard.com , 914-249-3153

A New Type of Blockchain Announced by Unifi Protocol (UNFI) - Solving Volatility and Speculation in the Cryptocurrency Industry





WILMINGTON, Del.--(BUSINESS WIRE)-- $UNFI #blockchain -- Unifi Protocol ( $UNFI ) is creating the next class of blockchain, built on the principle of economic sustainability.

Unifi Protocol claims to have solved the issues of volatility and speculation that plague the cryptocurrency industry. Stablechain , the new blockchain announced today by Unifi, will not have its own native cryptocurrency, but rather will rely on existing stablecoins to pay for transaction costs (gas). Stablecoins are pegged to another currency, like the US Dollar, and usually do not fluctuate in price.

How Does Stablechain Work?

A stablecoin as the gas token removes transaction volatility and speculation from the expense of running a business utilizing blockchain technology. Unpredictable operating costs is currently the biggest hurdle to blockchain adoption.

What Does Stablechain Offer?

Businesses will be able to build on Stablechain with known costs and no exposure to holding volatile cryptocurrencies. All industries can benefit from these efficiencies and cut down on their network and server costs by incorporating blockchain tech into their business models. While previously this was seen as disruptive and risky, building on Stablechain can offer a seamless transition to Web3 without requiring customers to interact with any “crypto app.”

Unifi Protocol - the Team Behind Stablechain

Stablechain is a brand new type of blockchain free of the limitations imposed from building a network that relies on cryptocurrency tokenomics to operate. Unifi Protocol is no stranger to pioneering innovative blockchain solutions. Unifi is launching its fully-collateralized UP token on the first of many blockchains, serving as one of the first "crypto savings accounts" with low-risk, secure yield generation.

Juliun Brabon , Unifi Protocol CEO, says, “A tokenless blockchain like Stablechain will incentivize innovation across all industries more sustainably, by creating a cycle of reliability, predictability, and efficiency. When businesses and users are only paying for the cost of using the network, instead of acting as investors in a native token, it creates the stable ecosystem necessary for innovation. I cannot wait to see what people will build on Stablechain.”

About Unifi Protocol

Unifi Protocol is a community-founded organization, with the drive, passion, and ability to be disruptive in the most disruptive industry of our lifetimes. We believe blockchain technology has a crypto problem, so we’re looking to challenge the standards of the industry and build a more economically sustainable blockchain without creating a native currency.

Website | Twitter | YouTube | Governance | Blog Contacts

Media Contact: Steve Green - Operations steve@unifiprotocol.com

1Kosmos and Simeio Join Forces to Deliver Customized Solutions that Combine Passwordless Multi-Factor Authentication with Verified Identity



  Global IAM Managed Services Provider to Provide End-to-End Services for 1Kosmos BlockID Deployments

SOMERSET, N.J. & ALPHARETTA, Ga.--(BUSINESS WIRE)-- #Blockchain -- 1Kosmos , the only company that unifies identity proofing and passwordless authentication, and Simeio, a global managed services provider focused on identity and access management in the cybersecurity industry, today announced a partnership to help customers transition from passwords to identity-based verification using the 1Kosmos BlockID platform.

For organizations looking to implement advanced identity and access management (IAM) capabilities including passwordless and Zero Trust access, Simeio will provide end-to-end plan, build, run and refresh services for deploying the BlockID platform. The 1Kosmos platform combines indisputable digital identity proofing with advanced biometrics and passwordless authentication while storing user data encrypted in a private, permissioned distributed ledger.

“Simeio continuously aims at scaling efforts to secure our clients in this day where hacks are sophisticated. Supporting our clients to transition from legacy passwords to passwordless authentication is one way to help achieve that goal,” said Chris Schueler, CEO, Simeio. “We believe that 1Kosmos will be an excellent partner to enhance that effort through their platform BlockID, with its added security and trust that comes with blockchain technology."

“Simeio is a global leader in solving customers identity challenges and providing managed services for multi-vendor environments,” said Hemen Vimadalal, CEO of 1Kosmos. “Together we will make passwordless, MFA and identity verification accessible to any size organization even if they lack in-house identity management expertise.”

1Kosmos BlockID is a distributed identity cloud service that integrates identity proofing, verification and live biometrics authentication. It enables organizations to provide workers, customers and partners with a user-friendly, passwordless login experience that protects against identity impersonation, account takeovers, and transaction fraud. Government agencies can modernize IAM with identity-based authentication, advanced MFA and give residents a verified digital identity they control and use to access government services. Meanwhile, financial institutions, healthcare providers and other regulated enterprises can quickly verify and onboard customers in compliance with Know Your Customer (KYC) and similar mandates with BlockID.

Typical enterprise IAM environments are a hodgepodge of legacy systems, on-premise solutions from multiple vendors and cloud-based components. Simeio makes all of these technologies work together through design and implementation services that span access governance, identity and risk management, predictive analytics, managed services, system and technology integration and more.

About Simeio

Simeio is an award-winning global managed services provider offering Identity and Access Management solutions delivered as a service and interoperable with leading IAM tools. With 700+ employees worldwide, Simeio secures over 160 million identities globally for large enterprises and government entities. Services and solutions from Simeio include Customer Identity & Access Management, Privileged Access Management, Identity Proofing, Access Management & Federation, Identity Governance & Administration, Application Onboarding, and Simeio Identity Orchestrator. The company has been recognized for its business and technical leadership and highly rated by Gartner, Forrester, and KuppingerCole, and was ranked by Great Places to Work®. For more information visit www.simeio.com . For the latest developments follow Simeio on LinkedIn

About 1Kosmos

1Kosmos enables passwordless access for workers, customers and citizens to securely transact with digital services. By unifying identity proofing and strong authentication, the BlockID platform creates a distributed digital identity that prevents identity impersonation, account takeover and fraud while delivering frictionless user experiences. BlockID is the only NIST, FIDO2, and iBeta biometrics certified platform that performs millions of authentications daily for some of the largest banks, telecommunications and healthcare organizations in the world. The company is funded by Forgepoint Capital and Gula Tech Adventures with headquarters in Somerset, New Jersey. For more information, visit www.1kosmos.com and follow us on Twitter and LinkedIn . Contacts

Media Contact: Marc Gendron Marc Gendron PR for 1Kosmos marc@mgpr.net 617-877-7480

AMTD IDEA Group to Inject US$500 Million Worth of Global Portfolio of Premium Real Estate Assets Located in Major Cities into AMTD Digital Inc.





NEW YORK & SINGAPORE & HONG KONG--(BUSINESS WIRE)--AMTD IDEA Group (“ AMTD IDEA Group ”) (NYSE: AMTD; SGX: HKB), a subsidiary of AMTD Group Company Limited (“ AMTD Group ”) and a leading platform for comprehensive financial services and digital solutions, and AMTD Digital Inc. (“ AMTD Digital ”) (NYSE: HKD), a controlled and consolidated subsidiary of AMTD IDEA Group and a comprehensive one-stop digital solutions platforms in Asia, jointly announced that AMTD IDEA Group had entered into certain agreements (the “ AMTD Assets Agreements ”) with AMTD Group and AMTD Digital. Pursuant to the terms of the AMTD Assets Agreements: AMTD Group will inject into AMTD IDEA Group 100% of the equity interest in AMTD Assets Group (“ AMTD Assets ”), which represents the letter “A” of AMTD Group’s “IDEA” strategy, and holds a global portfolio of premium whole building properties, with a fair market value of approximately US$500 million. After deducting the outstanding liabilities associated with the properties, the net purchase consideration amounted to US$268 million, which will be settled by the issuance of 30,875,576 newly issued Class B ordinary shares of AMTD IDEA Group at US$8.68 per share (equivalent to a value of US$8.68 per American depositary share of AMTD IDEA Group at a conversion ratio of each American depositary share of AMTD IDEA Group representing one ordinary share of AMTD IDEA Group), and Following the completion of the above transaction, AMTD IDEA Group will inject AMTD Assets into AMTD Digital at the same valuation in return for 515,385 newly issued Class B ordinary shares of AMTD Digital at US$520 per share (equivalent to a value of US$208 per American depositary share of AMTD Digital at a conversion ratio of every five American depositary shares of AMTD Digital representing two ordinary shares of AMTD Digital).

The transactions contemplated under each of the AMTD Assets Agreements are subject to certain closing conditions and are expected to close in September 2022. Upon the completion of the foregoing transactions, AMTD Digital will own 100% of the equity interest in AMTD Assets, and AMTD IDEA Group will further increase its ownership interest in AMTD Digital to 87.64% of and continue to consolidate AMTD Digital.

AMTD Assets is the real estate arm of AMTD Group, focusing on and specialising in hospitality and lifestyle concepts globally. AMTD Assets offers a customer-centric VIP members approach for its business portfolio in the key areas comprising stylish hotels and serviced apartments, property rental, food and beverage, and club membership services across major cities.

The Board of Directors and Audit Committees of each of AMTD IDEA Group and AMTD Digital have unanimously approved the AMTD Assets Agreements to which it is a party, and the transactions contemplated thereunder.

In addition, AMTD IDEA Group and AMTD Digital understand that in the next two years, (i) AMTD Group, Dr. Calvin Choi, the founder and chairman of AMTD Group (together with his holding company Infinity Power Investments Limited), and the executive officers of AMTD IDEA Group have undertaken that they will not sell any shares they own in AMTD IDEA Group in the open market, and (ii) AMTD Group, Dr. Calvin Choi (together with his holding company Infinity Power Investments Limited), AMTD IDEA Group and the executive officers of AMTD Digital have also undertaken that they will not sell any shares they own in AMTD Digital in the open market.

Dr. Feridun Hamdullahpur, Chairman of the Board of Directors of AMTD IDEA Group, stated that, “The injection of such premium properties into AMTD Digital provides a solid foundation to support the future innovations and continuous growth of AMTD Digital in a new era. The premium assets portfolio also serves as the community pivot for our clients, business partners and ecosystem members. Furthermore, it provides a bridge to the Entertainment and Lifestyle District that we are building in the Metaverse establishing our presence as “AMTD SpiderNet World”. It is exciting to recognize that this will become one of the best and most promising Metaverse, including but not limited to the well-known “The Sandbox” through the opening of AMTD x L’Officiel land, which will become the Metaverse headquarters for entertainment and creative content attached to our creative production and entertainment business segment of the AMTD Digital Media & Entertainment Group.

I should further emphasize the trust and confidence in the long-term vision and strategy of AMTD IDEA Group and AMTD Digital. The voluntary two-year lock-up undertaking is a strong demonstration of the key shareholders’ commitment to the long-term development of the two listed companies.”

Dr. Timothy Tong, Chairman of the Board of the Directors of AMTD Digital, indicated: “We are committed to promoting contemporary art and cultural activities, producing international top-tier films and digital music contents, and generating supreme connectivity amongst local communities linking them with our Entertainment and Lifestyle District in the Metaverse and physical hotels in our premium assets portfolio: Dao by Dorsett AMTD Singapore, iclub AMTD Sheung Wan in Hong Kong, and AMTD Versante in Canada. Our one-stop digital solutions platform will embrace and provide a meaningful, impactful platform combining lifestyle, social issues and fashion trends of Generation Z and beyond.”

Mr. Mark Lo, CEO of AMTD Digital, mentioned, “Our platform aims to extend our capability to allow for tokenizing of real estate assets utilizing blockchain technology. We intend to provide clients with direct access to real estate investments by removing intermediaries, reducing cost of transactions, and stepping up the efficiency of overall processes. We are committed to building innovative approaches in traditional sectors through digital tools and technologies.” Hotel Brand iclub AMTD Dao by Dorsett AMTD Versante Sheung Wan AMTD Singapore Location Sheung Wan, Hong Kong SAR Shenton Way, Singapore Vancouver, Canada Guestrooms & Suites 98 268 100 Storey 32 26 14

About AMTD IDEA Group

AMTD IDEA Group, formerly known as AMTD International Inc. (NYSE: AMTD; SGX: HKB), represents a premier Asian financial institution and digital solutions group connecting companies and investors from Asia, including China and Hong Kong as well as the ASEAN markets with global capital markets. Its comprehensive one-stop financial services plus digital solutions platform addresses different clients’ diverse and inter-connected financial needs and digital requirements across all phases of their life cycles. Leveraging its deep roots in Asia and its unique ecosystem — the “AMTD SpiderNet” — AMTD IDEA Group is uniquely positioned as an active super-connector between clients, business partners, investee companies, and investors, connecting the East and the West. For more information, please visit www.amtdinc.com or follow us on Twitter at “@AMTDGroup.” For AMTD IDEA Group’s announcements, please visit https://ir.amtdinc.com/news .

About AMTD Digital Inc.

AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform in Asia. Its one-stop digital solutions platform operates four main business lines including digital financial services, SpiderNet ecosystem solutions, digital media, content and marketing, as well as digital investments. It is the fusion reactor at the core of the AMTD SpiderNet ecosystem and empowers and integrates the various digital businesses within its ecosystem. For AMTD Digital’s announcements, please visit https://ir.amtdigital.net/investor-news .

About AMTD Assets Group

AMTD Assets Group is the real estate arm of AMTD Group, focusing and specialising in hospitality and lifestyle concepts globally. AMTD Assets Group offers a customer-centric VIP members approach for its business portfolio in the key areas comprising stylish hotels and serviced apartments, property rental, food and beverage, and club membership services across major cities globally.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of AMTD IDEA Group and AMTD Digital Inc., are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of AMTD IDEA Group and AMTD Digital Inc. with the SEC. All information provided in this press release is as of the date of this press release, and neither AMTD IDEA Group nor AMTD Digital Inc. undertakes any obligation to update any forward-looking statement, except as required under applicable law. Contacts

For AMTD IDEA Group: IR Office AMTD IDEA Group TEL: +852 3163-3389 EMAIL: ir@amtdinc.com

For AMTD Digital Inc.: IR Office AMTD Digital Inc. TEL: +852 3163-3298 EMAIL: ir@amtdigital.com

AMTD IDEA Group to Inject US$500 Million Worth of Global Portfolio of Premium Real Estate Assets Located in Major Cities into AMTD Digital Inc.





NEW YORK & SINGAPORE & HONG KONG--(BUSINESS WIRE)--AMTD IDEA Group (“ AMTD IDEA Group ”) (NYSE: AMTD; SGX: HKB), a subsidiary of AMTD Group Company Limited (“ AMTD Group ”) and a leading platform for comprehensive financial services and digital solutions, and AMTD Digital Inc. (“ AMTD Digital ”) (NYSE: HKD), a controlled and consolidated subsidiary of AMTD IDEA Group and a comprehensive one-stop digital solutions platforms in Asia, jointly announced that AMTD IDEA Group had entered into certain agreements (the “ AMTD Assets Agreements ”) with AMTD Group and AMTD Digital. Pursuant to the terms of the AMTD Assets Agreements: AMTD Group will inject into AMTD IDEA Group 100% of the equity interest in AMTD Assets Group (“ AMTD Assets ”), which represents the letter “A” of AMTD Group’s “IDEA” strategy, and holds a global portfolio of premium whole building properties, with a fair market value of approximately US$500 million. After deducting the outstanding liabilities associated with the properties, the net purchase consideration amounted to US$268 million, which will be settled by the issuance of 30,875,576 newly issued Class B ordinary shares of AMTD IDEA Group at US$8.68 per share (equivalent to a value of US$8.68 per American depositary share of AMTD IDEA Group at a conversion ratio of each American depositary share of AMTD IDEA Group representing one ordinary share of AMTD IDEA Group), and Following the completion of the above transaction, AMTD IDEA Group will inject AMTD Assets into AMTD Digital at the same valuation in return for 515,385 newly issued Class B ordinary shares of AMTD Digital at US$520 per share (equivalent to a value of US$208 per American depositary share of AMTD Digital at a conversion ratio of every five American depositary shares of AMTD Digital representing two ordinary shares of AMTD Digital).

The transactions contemplated under each of the AMTD Assets Agreements are subject to certain closing conditions and are expected to close in September 2022. Upon the completion of the foregoing transactions, AMTD Digital will own 100% of the equity interest in AMTD Assets, and AMTD IDEA Group will further increase its ownership interest in AMTD Digital to 87.64% of and continue to consolidate AMTD Digital.

AMTD Assets is the real estate arm of AMTD Group, focusing on and specialising in hospitality and lifestyle concepts globally. AMTD Assets offers a customer-centric VIP members approach for its business portfolio in the key areas comprising stylish hotels and serviced apartments, property rental, food and beverage, and club membership services across major cities.

The Board of Directors and Audit Committees of each of AMTD IDEA Group and AMTD Digital have unanimously approved the AMTD Assets Agreements to which it is a party, and the transactions contemplated thereunder.

In addition, AMTD IDEA Group and AMTD Digital understand that in the next two years, (i) AMTD Group, Dr. Calvin Choi, the founder and chairman of AMTD Group (together with his holding company Infinity Power Investments Limited), and the executive officers of AMTD IDEA Group have undertaken that they will not sell any shares they own in AMTD IDEA Group in the open market, and (ii) AMTD Group, Dr. Calvin Choi (together with his holding company Infinity Power Investments Limited), AMTD IDEA Group and the executive officers of AMTD Digital have also undertaken that they will not sell any shares they own in AMTD Digital in the open market.

Dr. Feridun Hamdullahpur, Chairman of the Board of Directors of AMTD IDEA Group, stated that, “The injection of such premium properties into AMTD Digital provides a solid foundation to support the future innovations and continuous growth of AMTD Digital in a new era. The premium assets portfolio also serves as the community pivot for our clients, business partners and ecosystem members. Furthermore, it provides a bridge to the Entertainment and Lifestyle District that we are building in the Metaverse establishing our presence as “AMTD SpiderNet World”. It is exciting to recognize that this will become one of the best and most promising Metaverse, including but not limited to the well-known “The Sandbox” through the opening of AMTD x L’Officiel land, which will become the Metaverse headquarters for entertainment and creative content attached to our creative production and entertainment business segment of the AMTD Digital Media & Entertainment Group.

I should further emphasize the trust and confidence in the long-term vision and strategy of AMTD IDEA Group and AMTD Digital. The voluntary two-year lock-up undertaking is a strong demonstration of the key shareholders’ commitment to the long-term development of the two listed companies.”

Dr. Timothy Tong, Chairman of the Board of the Directors of AMTD Digital, indicated: “We are committed to promoting contemporary art and cultural activities, producing international top-tier films and digital music contents, and generating supreme connectivity amongst local communities linking them with our Entertainment and Lifestyle District in the Metaverse and physical hotels in our premium assets portfolio: Dao by Dorsett AMTD Singapore, iclub AMTD Sheung Wan in Hong Kong, and AMTD Versante in Canada. Our one-stop digital solutions platform will embrace and provide a meaningful, impactful platform combining lifestyle, social issues and fashion trends of Generation Z and beyond.”

Mr. Mark Lo, CEO of AMTD Digital, mentioned, “Our platform aims to extend our capability to allow for tokenizing of real estate assets utilizing blockchain technology. We intend to provide clients with direct access to real estate investments by removing intermediaries, reducing cost of transactions, and stepping up the efficiency of overall processes. We are committed to building innovative approaches in traditional sectors through digital tools and technologies.” Hotel Brand iclub AMTD Sheung Wan Dao by Dorsett AMTD Singapore AMTD Versante Location Sheung Wan, Hong Kong SAR Shenton Way, Singapore Vancouver, Canada Guestrooms & Suites 98 268 100 Story 32 26 14

About AMTD IDEA Group

AMTD IDEA Group, formerly known as AMTD International Inc. (NYSE: AMTD; SGX: HKB), represents a premier Asian financial institution and digital solutions group connecting companies and investors from Asia, including China and Hong Kong as well as the ASEAN markets with global capital markets. Its comprehensive one-stop financial services plus digital solutions platform addresses different clients’ diverse and inter-connected financial needs and digital requirements across all phases of their life cycles. Leveraging its deep roots in Asia and its unique ecosystem — the “AMTD SpiderNet” — AMTD IDEA Group is uniquely positioned as an active super-connector between clients, business partners, investee companies, and investors, connecting the East and the West. For more information, please visit www.amtdinc.com or follow us on Twitter at “@AMTDGroup.” For AMTD IDEA Group’s announcements, please visit https://ir.amtdinc.com/news .

About AMTD Digital Inc.

AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform in Asia. Its one-stop digital solutions platform operates four main business lines including digital financial services, SpiderNet ecosystem solutions, digital media, content and marketing, as well as digital investments. It is the fusion reactor at the core of the AMTD SpiderNet ecosystem and empowers and integrates the various digital businesses within its ecosystem. For AMTD Digital’s announcements, please visit https://ir.amtdigital.net/investor-news .

About AMTD Assets Group

AMTD Assets Group is the real estate arm of AMTD Group, focusing and specialising in hospitality and lifestyle concepts globally. AMTD Assets Group offers a customer-centric VIP members approach for its business portfolio in the key areas comprising stylish hotels and serviced apartments, property rental, food and beverage, and club membership services across major cities globally.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of AMTD IDEA Group and AMTD Digital Inc., are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of AMTD IDEA Group and AMTD Digital Inc. with the SEC. All information provided in this press release is as of the date of this press release, and neither AMTD IDEA Group nor AMTD Digital Inc. undertakes any obligation to update any forward-looking statement, except as required under applicable law. Contacts

For AMTD IDEA Group: IR Office AMTD IDEA Group TEL: +852 3163-3389 EMAIL: ir@amtdinc.com

For AMTD Digital Inc.: IR Office AMTD Digital Inc. TEL: +852 3163-3298 EMAIL: ir@amtdigital.com

BitGo Reacts to Receipt Of Galaxy Digital’s Notice of Merger Termination



Believes Galaxy’s Actions Are Improper and Plans to Hold Galaxy Legally Accountable and to Seek Damages of $100 Million+

PALO ALTO, Calif.--(BUSINESS WIRE)--BitGo, the market leader in digital asset financial services, today said that it intends to hold Galaxy Digital legally responsible for its improper decision to terminate the merger agreement with BitGo, which was not scheduled to expire until December 31, 2022, at the earliest and to not pay the $100 million reverse break fee it had promised back in March 2022 in order to induce BitGo to extend the merger agreement. Galaxy informed BitGo of both decisions this past Friday. BitGo said it has hired litigation powerhouse Quinn Emanuel to take appropriate legal action .

“The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd,” said R. Brian Timmons, a partner with Quinn Emanuel. “BitGo has honored its obligations thus far, including the delivery of its audited financials. It is public knowledge that Galaxy reported a $550 million loss this past quarter, that its stock is performing poorly, and that both Galaxy and Mr. Novogratz have been distracted by the Luna fiasco. Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more.”

BitGo’s founder and CEO Mike Belshe noted that “BitGo’s business has continued to grow and its operational and strategic outlook remain strong. BitGo ended 2021 with over $64B in assets in custody. Client growth was strong and BitGo grew by over 3 times year over year and client growth continues into 2022, which underscores the need for BitGo to remain focused on our mission. We have an expanding pipeline of product launches and we are dedicating even more resources to building institutional-grade products and services for our clients and the industry. We are now turning 100% of our focus to these exciting initiatives for the benefit of our clients, shareholders and employees. I have never been more bullish about our future.”

About BitGo

BitGo is the first digital asset company that has been focused exclusively on serving institutional clients since 2013. BitGo provides institutional investors with custody, liquidity, and security solutions. Active in both centralized and decentralized finance, BitGo offers market leading trading, lending, and borrowing services through its prime brokerage services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.

In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. In 2020, BitGo launched BitGo Prime, Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2022, BitGo launched institutional-grade DeFi, NFT and web3 services. BitGo processes approximately 20% of all global Bitcoin transactions, and supports over 500 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. For more information, please visit www.bitgo.com and or contact press@BitGo.com . Contacts

press@BitGo.com

OLB Group Continues Record Revenue Growth for 2022





First Six Months Year Over Year Revenue Increased 3X from $5.1 Million to $17.2 Million

NEW YORK--(BUSINESS WIRE)--The OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced record revenue in 2022. Highlights for the period include the following: Adjusted EBITDA $745,169 vs. Negative EBITDA (-$1,180,698) as of June 30, 2022 and 2021, respectively. Total Corporate Assets $43,000,000 at June 30, 2022 Cash Balance at June 30, 2022 approximately $3,600,000 Zero Debt other than an equipment lease to finance the purchase of 100 Miners for approximately $750,000 For the Six Months Ended 6/30/2022 For the Six Months Ended 6/30/2021 Total revenue $17,158,894 $5,059,976 Total operating expense $20,445,623 $6,709,257 Loss from operations ($3,286,729) ($1,649,281) Total other income & expense $393,179 ($116,712) Net Loss ($2,893,550) ($1,765,993)   Amortization expense $1,901,943 $431,807 Depreciation expense $1,594,250 $0 Interest expense $0 $0 EBITDA $602,643 ($1,334,186) Stock based compensation expenses $141,386 $153,488 Adjusted EBITDA $745,169 ($1,180,698)

Link to the fillings: https://www.sec.gov/ix?doc=/Archives/edgar/data/1314196/000121390022047522/f10q0622_olbgroup.htm

Link to today earnings call https://us06web.zoom.us/meeting/register/tZYld-CtrDIqGtEsK1DYEYDzXa_n2__SBnC6

OUTLOOK FOR 2022

OTHER BUSINESS UPDATES AS OF June 30, 2022 : No corporate debt other than equipment financing lease for approximately $700,000. $3.6 million cash on hand Insider Share Ownership Approximately 32% Diversified revenue sources (eCommerce merchant services and Bitcoin mining) 98% of revenue earned from profitable eCommerce operations Annualized revenue run rate at $36 Million vs. 2021 revenue of $9.6 Million As of August 12, 2022, company market capitalization was $24.7 Million and Price to Sales Ratio of 1.44 Increase in revenues projected from organic growth, acquisitions, new initiatives in crypto payments and Bitcoin mining eCommerce and Bitcoin mining annualized revenue run rate projected to be between $36 million and $38 million by the end of 2022

Future OLB Press Releases and Updates

Interested investors or shareholders can be notified of future Press releases and Industry Updates email to: ir@olb.com

About The OLB Group, Inc.

The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin utilizing sustainable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers.

For more information about The OLB Group, please visit https://www.olb.com and http://investors.olb.com

Safe Harbor Statement

All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a cryptocurrency mining operation and our ability to earn revenue from the new operations. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement. Contacts

OLB Group Investor Relations Rick Lutz IR@OLB.com (212) 278-0900 Ext. 333

FRMO Corp. Announces Results for Fiscal 2022 and Virtual Annual Meeting





WHITE PLAINS, N.Y.--(BUSINESS WIRE)--FRMO Corp. (the “Company” or “FRMO”) (OTC Pink: FRMO) today reported its financial results for the fiscal year 2022, ended May 31, 2022.

Financial Highlights

FRMO’s book value as of May 31, 2022 was $314.3 million ($7.14 per share on a fully diluted basis), including $132.9 million of non-controlling interests. This compares with book value at the prior fiscal year ended May 31, 2021 of $298.9 million ($6.78 per share), including $121.0 million of non-controlling interests. Current assets, comprised primarily of cash and equivalents and equity securities, amounted to $223.8 million as of May 31, 2022, and $208.9 million as of May 31, 2021. Total liabilities were $23.9 million as of May 31, 2022, and $29.9 million as of May 31, 2021, comprised primarily of securities sold, not yet purchased and deferred taxes.

Annual net income (loss) attributable to the Company in the fiscal year ended May 31, 2022 was $2,945,877, or $0.07 per share, compared to $60,158,194, or $1.37 per share, a year earlier.

For the three months ended May 31, 2022, the net (loss) income attributable to the Company was $14,343,798 ($0.33 per diluted share) compared to $13,967,651 ($0.32 per diluted share) in 2021.

Net income attributable to the Company excluding the effect of unrealized (loss) gain from equity securities net of taxes for the three months ended May 31, 2022 was $4,014,188 ($0.09 per diluted share) compared to $5,217,832 ($0.12 per diluted share) for the three months ended May 31, 2021.

For the fiscal year ended May 31, 2022, the figure was $(1,621,363) (($0.04) per diluted share) compared to $36,102,670 ($0.82 per share) for the year ended May 31, 2021.

Net income attributable to the Company excluding the effect of unrealized loss from equity securities net of taxes is a measure not based on GAAP and is defined and reconciled to the most directly comparable GAAP measures in “Information Regarding Non-GAAP Measures” at the end of this release.

Valuation of securities and cryptocurrencies are subject to change after May 31, 2022. The market value of several securities and cryptocurrencies might have changed substantially since that date. We look forward to finding new ways to expand our cryptocurrency mining operations.

As of May 31, 2022 and 2021, the Company held a 21.88% and 22.02% equity interest in Horizon Kinetics Hard Assets LLC (“HKHA”), a company formed by Horizon Kinetics LLC and certain officers, principal stockholders, and directors of FRMO Corp. (“the Company”). Due to the common control and ownership between HKHA and the Company’s principal stockholders and directors, HKHA has been consolidated within the Company’s financial statements. The noncontrolling interest of 78.12% and 77.98% in HKHA has been eliminated from results of operations for the periods ended May 31, 2022 and 2021.

Further details are available in the Company’s Consolidated Financial Statements for the fiscal year ended May 31, 2022. These statements have been filed on the OTC Markets Group Disclosure and News Services, which may be accessed at www.otcmarkets.com/stock/FRMO/filings . These documents are also available on the FRMO website at www.frmocorp.com .

Annual Meeting

Murray Stahl, Chairman and CEO, and Steven Bregman, President and CFO, will host the 2022 Annual Meeting of Shareholders (“Meeting”) at 3:00 p.m. ET on Thursday, September 8, 2022, which will be held online via webcast only at www.virtualshareholdermeeting.com/FRMO2022 .

Admission to the Meeting is limited to stockholders who owned Common Stock as of the close of business on July 25, 2022, the record date, or their duly appointed proxies, or properly registered guests. Guests may register for the webcast by entering their first and last names and a valid email address. Only shareholders with valid control numbers will be able to vote and ask questions at the Annual Meeting. Shareholders and guests may submit questions in advance to info@frmocorp.com by 11:59 P.M. Eastern Time on Wednesday, September 7, 2022 (the day before the Meeting). Condensed Consolidated Balance Sheets (in thousands) May 31, May 31, 2022 2021   Assets Current Assets: Cash and cash equivalents $ 33,289   $ 34,971   Equity securities, at fair value   187,386     171,733   Other current assets   3,083     2,148   Total Current Assets   223,758     208,852   Investment in limited partnerships and other equity investments, at fair value   82,630     86,854   Investments in securities exchanges   4,815     4,815   Other assets   2,178     1,698   Investment in Horizon Kinetics LLC   14,702     16,366   Participation in Horizon Kinetics LLC revenue stream   10,200     10,200   Total Assets $ 338,282   $ 328,785     Liabilities and Stockholders' Equity Current Liabilities: Securities sold, not yet purchased $ 2,573   $ 6,118   Other current liabilities   212     2,249   Total Current Liabilities   2,785     8,367   Deferred Tax Liability   20,470     20,774   Mortgage payable   700     730   Total Liabilities   23,955     29,871     Stockholders' Equity: Stockholders' Equity Attributable to the Company   181,409     177,905   Noncontrolling interests   132,919     121,009   Total Stockholders' Equity   314,327     298,914     Total Liabilities and Stockholders' Equity $ 338,282   $ 328,785     (Components may not sum to totals due to rounding) Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except share data) Three Months Ended Years Ended May 31, May 31, May 31, May 31, 2022   2021   2022   2021 (Unaudited) Revenue: Fees $ 873   $ 1,354   $ 4,678   $ 3,723   Equity earnings from limited partnerships and limited liability companies   625     4,237     653     6,531   Unrealized gains (losses) from investments   3,502     2,483     (5,576 )   44,818   Other   (536 )   35     141     (726 ) Total revenue before unrealized gains from equity securities   4,464     8,109     (104 )   54,346   Unrealized gains from equity securities   41,175     34,201     13,978     96,223   Total Revenue   45,638     42,310     13,874     150,569   Total Expenses   250     298     1,380     1,350     Income from Operations before Provision for Income Taxes   45,388     42,012     12,493     149,219   Provision for (Benefit from) Income Taxes   257     2,999     (774 )   19,890   Net Income   45,131     39,013     13,267     129,329   Less net income attributable to noncontrolling interests   30,787     25,046     10,321     69,171   Net Income Attributable to FRMO Corporation $ 14,344   $ 13,967   $ 2,946   $ 60,158     Diluted Net Income per Common Share $ 0.33   $ 0.32   $ 0.07   $ 1.37     Weighted Average Common Shares Outstanding Basic   44,017,781     44,032,781     44,016,014     44,020,233   Diluted   44,034,588     44,059,278     44,034,813     44,038,179     (Components may not sum to totals due to rounding)

About FRMO Corp.

FRMO Corp. invests in and receives revenues based upon consulting and advisory fee interests in the asset management sector.

FRMO had 44,017,781 shares of common stock outstanding as of May 31, 2022.

For more information, visit our website at www.frmocorp.com .

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, the general economics of the financial industry, our ability to finance growth, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market.

Further information on our risk factors is contained in our quarterly and annual reports as filed on our website www.frmocorp.com and on www.otcmarkets.com/stock/FRMO/filings .

Information Regarding Non-GAAP Measures

Net income (loss) attributable to the Company excluding the effect of unrealized gains (loss) from equity securities is net income (loss) attributable to the Company exclusive of unrealized gains (loss) from equity securities, net of tax. Net income (loss) attributable to the Company is the GAAP measure most closely comparable to net income (loss) attributable to the Company excluding the effect of unrealized gains (loss) from equity securities.

Management uses net income (loss) attributable to the Company excluding the effect of unrealized gains (loss) from equity securities, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including unrealized gains (loss) from equity securities, which may vary significantly between periods. Net income (loss) attributable to the Company excluding the effect of unrealized gains (loss) from equity securities is provided as supplemental information, and is not a substitute for net income attributable to the Company and does not reflect the Company’s overall profitability.

The following table reconciles the net income (loss) attributable to the Company excluding the effect of unrealized gains (loss) from equity securities to net income (loss) attributable to the Company for the periods indicated: Three Months Ended Three Months Ended Years Ended Years Ended May 31, 2022 May 31, 2021 May 31, 2022 May 31, 2021 (Unaudited) (Unaudited)   Amount   Diluted earnings per common share   Amount   Diluted earnings per common share   Amount   Diluted earnings per common share   Amount   Diluted earnings per common share (000’s except per common share amounts and percentages) Net Income Attributable to the Company Excluding the Effect of Unrealized Gain from Equity Securities and Diluted Earnings per Common Share Reconciliation:   Net income attributable to the Company $ 14,344   $ 0.33 $ 13,967   $ 0.32 $ 2,946   $ 0.07 $ 60,158   $ 1.37   Unrealized gain from equity securities   41,175     34,201     13,978     96,223   Unrealized gain from equity securities attributable to noncontrolling interests   30,543     24,829     9,397     68,712   Unrealized gain from equity securities attributable to the Company   10,632     9,372     4,581     27,511   Tax benefit on unrealized gain from equity securities attributable to the company   (302 )   (622 )   (13 )   (3,455 ) Unrealized gain from equity securities attributable to the Company, net of taxes   10,330   $ 0.24     8,750   $ 0.20     4,568   $ 0.10     24,056   $ 0.55     Net income (loss) attributable to the Company excluding the effect of unrealized gain from equity securities $ 4,014   $ 0.09   $ 5,217   $ 0.12   $ (1,622 ) $ (0.04 ) $ 36,102   $ 0.82     Weighted average diluted shares outstanding   44,034,588     44,059,278     44,034,813     44,038,179     (Earnings per share components may not sum to totals due to rounding)

  Contacts

Thérèse Byars Corporate Secretary Email: tbyars@frmocorp.com Telephone: 646-495-7337 www.frmocorp.com

OLB Group to Present at Sidoti & Company Microcap Virtual Investor Conference on Aug 17, 2022





Corporate Development Updates and Second Quarter Financials to be Focus of Presentation

NEW YORK--(BUSINESS WIRE)--The OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced today that Ronny Yakov, CEO of OLB Group, will present a 30 minute presentation at the Sidoti & Company LLC Microcap Virtual Investor Conference on Aug 17, 2022 10:45 AM.

The OLB Group presentation can be accessed live at: https://sidoti.zoom.us/webinar/register/WN_06uQlm3tTkSWVCgHEcFZsg . The presentation will be available for viewing 90 days following the event.

Free registration for investors is available at https://www.meetmax.com/sched/event_85147/conference_register.html?attendee_role_id=SIDOTI_INVESTOR

OLB Group management will also host virtual one-on-one meetings with investors throughout the conference. To register for a one-on-one meeting, visit https://www.sidoti.com/events/august-micro-cap-virtual-conference .

About The OLB Group, Inc.

The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. DMint, a wholly-owned subsidiary of OLB Group, is engaged in the mining of Bitcoin utilizing sustainable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers

Future OLB Press Releases and Updates

Interested investors or shareholders can be notified of future Press releases and Industry Updates by e-mailing: IR@olb.com

For more information about The OLB Group, please visit https://www.olb.com and financial information https://investors.olb.com/

About Sidoti and Company

Sidoti's mission is to provide a nexus between issuer and investor Sidoti's institutional investor clients enjoy a combination of quality equity research, a small and micro-cap focused nationwide sales effort and broad access to corporate management teams. At the same time, Sidoti provides its covered companies insightful research and the opportunity (along with other publicly traded issuers) to interact with many of Sidoti's ~500 North American institutional clients by appearing at the Company's small and micro-cap conferences. Most of Sidoti's investors and clients manage portfolios with $200 million to $2 billion of assets and have a specific interest in the small and micro-cap arena, creating a mutually beneficial forum for information exchange.

Safe Harbor Statement

All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a cryptocurrency mining operation and our ability to earn revenue from the new operations. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement. Contacts

OLB Group Investor Relations Rick Lutz IR@OLB.com (212) 278-0900 Ext. 333

KuCoin Labs Advances Metaverse Exploration by Incubating Univers Network





VICTORIA, Seychelles--(BUSINESS WIRE)-- KuCoin Labs , the investment and incubation arm of the KuCoin ecosystem, has officially announced its proceeding incubation programme with Univers Network , a metaverse infrastructure project designed to empower communities and revolutionize Web-3.

As an independent metaverse project designing infrastructure tools to enable interoperability across virtual worlds, Univers Network has over 50+ developers from its team based in Paris, France, working in both blockchain and game engines to develop an SDK that will allow for metaverse interconnectivity.

The Univers Network is developing a proprietary mechanism called 'Choose-to-Earn', which will connect developers and users while creating value for the user bases of both projects involved. Its Decentralized Publishing Company (DPC) will be launched later this year, with additional projects and development studios to be involved in their ecosystem.

Another main focus for the Univers Network in 2022 will be the unification of game engines, bringing E-Sports to the blockchain, with the goal of redefining the way humans interact with virtual worlds.

"KuCoin Labs aims to enhance Web-2 entrepreneurs' understanding and adoption of Web-3 . KuCoin Labs is advising Univers Network in various aspects, sharing knowledge regarding Web-3 community incentives, technical structures, business strategy, marketing orientations, fundraising, as well as go-to-market plans, etc,” stated Lou YU, Head of KuCoin Labs.

In the future, KuCoin Labs will explore potential and diversified collaborations with Univers Network, which will grant it the scalability and resources required to be the leading innovative and metaverse infrastructure solution.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusiveness and community action reach, it offers over 700 digital assets. Currently, it provides Spot trading, Margin trading, P2P fiat trading, Futures trading, staking, and lending to its 20 million users in 207 countries and regions.

In 2022, KuCoin raised over $150 million in investments through a pre-Series B Round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges, according to CoinMarketCap. In 2021 Forbes named KuCoin one of the Best Crypto Exchanges. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts. For more information, please, visit https://www.kucoin.com .

About KuCoin Labs

Since its launch in May 2018, the KuCoin investment and incubation program has brought together a group of crypto experts for in-depth market research, analysis, investment, and incubation in the crypto industry. KuCoin Labs has diversified investments into early-stage projects to help project owners achieve sustainable growth and success in the decentralized world.

For more information, please visit https://www.kucoin.com/land/kucoinlabs

About Univers Network

The Univers Network is an independent metaverse project designing infrastructure tools to enable interoperability across virtual worlds. It is providing a suite of tools and SDKs to create and connect the first true metaverse.

Univers’ core values are based on the importance of freedom in the metaverse that will be expressed through technology capable of engine interoperability, a blockchain SDK for developers, and a robust DeFi infrastructure.

For more information, visit https://www.univers.io/ Contacts

Emma Haul media@kucoin.com

Usio Announces Second Quarter 2022 Financial Results





SAN ANTONIO--(BUSINESS WIRE)--Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment solutions provider, today announced financial results for the second quarter, which ended June 30, 2022.

Louis Hoch, President and Chief Executive Officer of Usio, said, “I am pleased to report another quarter of revenue growth, our eighth consecutive quarter of year-over-year revenue growth. Revenue growth in the quarter was driven by new all-time quarterly records in credit card dollars and transactions processed, strong year-over-year growth in prepaid card volumes and transactions, as well as a double-digit increase in total transaction/pieces processed at Output Solutions. While up sequentially, ACH electronic check transactions and dollars processed in the quarter were down from last year’s record volumes, while returned check transactions in the quarter increased 39%. Results once again demonstrate the strength of our diversification strategy as we achieved growth despite weakness in one of our end markets, cryptocurrency."

"Based upon our strong year to date performance, our new business pipeline, and the prepaid card spoilage anticipated to be earned in the third and fourth quarters, offset by an anticipated 25 - 30% reduction in third quarter ACH transactions as compared to the same period in 2021, resulting from the loss of the Voyager ACH business, we are revising our expectations for full year 2022 revenue growth to 12% - 18%, conditioned on the continued enthusiasm in the fintech lending industry and favorable economic conditions. Our pipeline for ACH, like all our business lines is rich, and we believe we will be able to, over time, replace the lost revenue from Voyager through new sales. For instance, we are seeing an increase in consumer lending, which we believe could lead to as much as 50% growth in third quarter 2022 returned check transactions as compared to the same period in 2021. We expect that there are other similar opportunities, not only in ACH, but across our entire portfolio.”

"Revenues for the first three and six months of the year are up in each of our business lines except for ACH when compared to those periods last year. For the quarter, ACH was competing against an outsized year ago quarter when cryptocurrency activity was at its peak. Prepaid was our fastest growing business line for both the quarter and first half of the year on a percentage basis. We expect our strong relationships, growing number of programs served and cards in circulation to lead to continued growth over the second half of the year, as well as beginning to generate revenue from card spoilage. Output Solutions continues to outperform management's expectations. This business is benefitting from the synergies generated within the various Usio business lines, and is set to have another strong second half. Credit card revenues were up 5%, where we achieved record volumes primarily due to the growth of our PayFac business. The PayFac business has one of our strongest new business pipelines and has the potential to dramatically change its growth trajectory."

Over the past few months Usio has undertaken a number of strategic actions to strengthen the business and build shareholder value. During the second quarter the Board authorized a $4 million share repurchase program, and through June 30, 2022, we repurchased over 180,000 shares at a cost of approximately $450,000. In addition, we welcomed Michelle Miller to our Board of Directors, where she will serve as a member of the Company’s Audit and Compensation Committees and expand the size of the Board to six. We are pleased to welcome Mrs. Miller to the Board as we will benefit from her wealth of banking and business development experience as well as her vast knowledge that complements the skills of our existing Board members. With our strong balance sheet, aggressive marketing strategy, and growing reputation for outstanding service in all our business lines, we believe we have a plan in place that will enable us to achieve our growth objectives of continued year-over-year revenue growth.

Second Quarter 2022 Revenue Detail

Revenues for the quarter ended June 30, 2022, increased 6% to $16.2 million, reflecting growth in the Credit Card, Prepaid and Usio Output Solutions lines of business.       Three Months Ended June 30, 2022       2022     2021     $ Change     % Change                                     ACH and complementary service revenue   $ 3,899,612     $ 4,001,897     $ (102,285 )     (3 )% Credit card revenue     6,885,697       6,558,076       327,621       5 % Prepaid card services revenue     1,388,110       1,077,531       310,579       29 % Output solutions revenue     4,042,267       3,595,637       446,630       12 % Total Revenue   $ 16,215,686     $ 15,233,141     $ 982,545       6 %     Six Months Ended June 30, 2022       2022     2021     $ Change     % Change                                     ACH and complementary service revenue   $ 7,742,928     $ 7,080,353     $ 662,575       9 % Credit card revenue     13,653,919     $ 12,281,785       1,372,134       11 % Prepaid card services revenue     4,156,557     $ 1,964,107       2,192,450       112 % Output solutions revenue     8,773,625       7,368,446       1,405,179       19 % Total Revenue   $ 34,327,029     $ 28,694,691     $ 5,632,338       20 %  

Gross profits for the quarter were $3.3 million while gross margins were 20.1%. Margins reflect revenue mix in the quarter, primarily a slight decrease in our highest margin, ACH business, and an increase in the revenue from lower margin business lines.

Other selling, general and administrative expenses were $3.8 million for the quarter ended June 30, 2022, up 35% compared to $2.8 million in the prior year period. The increase reflects continued investments in our ACH, PayFac, Prepaid and Output Solutions business lines, a substantial portion of which represents an investment in strengthening our infrastructure to not only support our current growth, but specifically to assure we can provide the service levels in customer support for anticipated new cardholders and other clients. Beginning in the third quarter, we believe expenses should start to decrease due to a reduction in customer service and other prepaid services expenses attributable to the loss of any existing or anticipated Voyager card programs.

We reported an operating loss of $1.9 million for the quarter and an Adjusted EBITDA loss of $0.6 million in the quarter. We reported a net loss of $1.9 million, or ($0.10) per share, for the quarter ended June 30, 2022, compared to a net income of $0.2 million, or $0.01 per share, for the same period in the prior year. Contributions to this loss include increased revenue contribution from lower margin lines of business and continued investments to support our current growth, customer support service levels, security and IT infrastructure, as well as staffing and employee retention.

Adjusted Operating Cash Flows (excluding merchant reserve funds, prepaid card load assets, customer deposits and net operating lease assets and obligations) used was $1.2 million for the six-month period ended June 30, 2022. Cash flows used by operating activities was ($22.1) million for the quarter, compared to cash flows provided by operating activities of $2.6 million in the same period a year ago, primarily due to timing differences between periods.

We continue to be in solid financial condition with $5.1 million in cash and cash equivalents on June 30, 2022.

Conference Call and Webcast

Usio, Inc.'s management will host a conference call on Friday, August 12, 2022, at 11:00 am Eastern time to review financial results and provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-844-883-3890. International callers should call +1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at www.usio.com/investors .

A replay of the call will be available approximately one hour after the end of the call through August 26, 2022. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (U.S.) or 1-412-317-0088 (international). The replay conference playback code is 5469449.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. With the acquisition of the assets of IMS in December 2020, the Company now offers additional services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville.

Websites: www.usio.com , www.payfacinabox.com , www.akimbocard.com and www.usiooutput.com . Find us on Facebook® and Twitter.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, EBITDA and adjusted EBITDA, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA and adjusted EBITDA as indicators of the Company's operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations.

Management believes EBITDA and adjusted EBITDA are helpful to investors in evaluating the Company's operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded. EBITDA and adjusted EBITDA are supplemental non-GAAP measures, which have limitations as an analytical tool. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Non-GAAP financial measures do not reflect a comprehensive system of accounting, may differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. For a description of our use of EBITDA and adjusted EBITDA, and a reconciliation of EBITDA and adjusted EBITDA to operating income (loss), see the section of this press release titled "Non-GAAP Reconciliation."

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "continue,” "potential," and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, or overall economic challenges including performance of the cryptocurrency industry, supply chain disruptions, risks related to retaining and hiring qualified employees, the realization of opportunities from the IMS acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2021. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.   USIO, INC. CONSOLIDATED BALANCE SHEETS       June 30, 2022     December 31, 2021       (Unaudited)           ASSETS                 Cash and cash equivalents   $ 5,102,061     $ 7,255,321   Accounts receivable, net     3,854,077       4,979,493   Settlement processing assets     36,927,255       63,824,646   Prepaid card load assets     15,104,808       36,590,893   Customer deposits     1,471,214       1,364,193   Inventory     488,382       434,532   Prepaid expenses and other     829,902       426,963   Current assets before merchant reserves     63,777,699       114,876,041   Merchant reserves     6,815,073       6,381,153   Total current assets     70,592,772       121,257,194                     Property and equipment, net     3,432,039       3,607,157                     Other assets:                 Intangibles, net     3,227,962       4,163,894   Deferred tax asset, net     1,504,000       1,504,000   Operating lease right-of-use assets     3,083,555       2,802,113   Other assets     345,357       345,357   Total other assets     8,160,874       8,815,364                     Total Assets   $ 82,185,685     $ 133,679,715                     LIABILITIES AND STOCKHOLDERS' EQUITY                 Current liabilities:                 Accounts payable   $ 719,379     $ 1,400,100   Accrued expenses     2,177,000       2,325,665   Operating lease liabilities, current portion     579,442       504,027   Equipment loan, current portion     43,386       54,760   Settlement processing obligations     36,927,255       63,824,646   Prepaid card load obligations     15,104,808       36,590,893   Customer deposits     1,471,214       1,364,193   Deferred revenues     —       17,647   Current liabilities before merchant reserve obligations     57,022,484       106,081,931   Merchant reserve obligations     6,815,073       6,381,153   Total current liabilities     63,837,557       112,463,084                     Non-current liabilities:                 Equipment loan, non-current portion     55,698       71,434   Operating lease liabilities, non-current portion     2,690,378       2,476,291   Total liabilities     66,583,633       115,010,809                     Stockholders' equity:                 Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at June 30, 2022 (unaudited) and December 31, 2021, respectively     —       —   Common stock, $0.001 par value, 200,000,000 shares authorized; 26,837,978 and 26,807,145 issued, and 25,295,875 and 25,473,453 outstanding at June 30, 2022 (unaudited) and December 31, 2021, respectively     195,250       195,235   Additional paid-in capital     93,468,139       93,100,129   Treasury stock, at cost; 1,542,103 and 1,333,692 shares at June 30, 2022 (unaudited) and December 31, 2021, respectively     (2,951,047 )     (2,404,458 ) Deferred compensation     (6,167,870 )     (6,842,195 ) Accumulated deficit     (68,942,420 )     (65,379,805 ) Total stockholders' equity     15,602,052       18,668,906                   Total Liabilities and Stockholders' Equity   $ 82,185,685     $ 133,679,715

    USIO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)       Three Months Ended June 30,     Six Months Ended June 30,       2022     2021     2022     2021                                     Revenues   $ 16,215,686     $ 15,233,141     $ 34,327,029     $ 28,694,691   Cost of services     12,955,782       11,105,696       27,557,996       21,660,009   Gross profit     3,259,904       4,127,445       6,769,033       7,034,682                                     Selling, general and administrative:                                 Stock-based compensation     473,701       317,285       1,024,383       645,000   Other SG&A expenses     3,848,696       2,845,213       7,643,842       5,505,247   Depreciation and amortization     807,934       627,149       1,522,869       1,249,356   Total selling, general and administrative expenses     5,130,331       3,789,647       10,191,094       7,399,603                                     Operating income (loss)     (1,870,427 )     337,798       (3,422,061 )     (364,921 )                                   Other income and (expense):                                 Interest income     1,166       2,169       1,747       4,636   Interest expense     (1,084 )     (1,484 )     (2,301 )     (1,484 ) Other income and (expense), net     82       685       (554 )     3,152                                     Income (Loss) before income taxes     (1,870,345 )     338,483       (3,422,615 )     (361,769 ) Income tax expense     70,000       120,000       140,000       140,000                                     Net income (Loss)   $ (1,940,345 )   $ 218,483     $ (3,562,615 )   $ (501,769 )                                   Income (Loss) Per Share                                 Basic income (loss) per common share:   $ (0.10 )   $ 0.01     $ (0.18 )   $ (0.03 ) Diluted income (loss) per common share:   $ (0.10 )   $ 0.01     $ (0.18 )   $ (0.03 ) Weighted average common shares outstanding                                 Basic     20,316,572       19,993,387       20,298,573       19,962,661   Diluted     20,316,572       24,962,389       20,298,573       19,962,661     USIO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)       Six Months Ended       June 30, 2022     June 30, 2021   Operating Activities                 Net (loss)   $ (3,562,615 )   $ (501,769 ) Adjustments to reconcile net (loss) to net cash provided (used) by operating activities:                 Depreciation     586,936       313,423   Amortization     935,933       935,933   Bad debt     —       86,402   Non-cash stock-based compensation     1,024,383       645,000   Amortization of warrant costs     17,970       17,970   Changes in operating assets and liabilities:                 Accounts receivable     1,125,416       (383,213 ) Prepaid expenses and other     (402,939 )     (130,662 ) Operating lease right-of-use assets     (281,442 )     (367,654 ) Other assets     (53,850 )     (38,452 ) Inventory     —       (45,883 ) Accounts payable and accrued expenses     (829,390 )     177,315   Operating lease liabilities     289,502       377,957   Prepaid card load obligations     (21,486,085 )     1,547,277   Merchant reserves     433,920       (164,402 ) Customer deposits     107,021       105,311   Deferred revenue     (17,647 )     (22,454 ) Net cash provided (used) by operating activities     (22,112,887 )     2,552,099                     Investing Activities                 Purchases of property and equipment     (411,818 )     (533,854 ) Net cash (used) by investing activities     (411,818 )     (533,854 )                   Financing Activities                 Proceeds from equipment loan     —       165,996   Payments on equipment loan     (27,110 )     (13,221 ) Purchases of treasury stock     (546,589 )     (79,264 ) Net cash provided (used) by financing activities     (573,699 )     73,511                     Change in cash, cash equivalents, prepaid card loads, customer deposits and merchant reserves     (23,098,404 )     2,091,756   Cash, cash equivalents, prepaid card loads, customer deposits and merchant reserves, beginning of year     51,591,560       22,192,225                     Cash, Cash Equivalents, Prepaid Card Loads, Customer Deposits and Merchant Reserves, End of Period   $ 28,493,156     $ 24,283,981                     Supplemental disclosures of cash flow information                 Cash paid during the period for:                 Interest   $ 2,301     $ —   Income taxes     —       92,850   Non-cash transactions:                 Issuance of deferred stock compensation     12,330       —     USIO, INC. STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)       Common Stock     Additional Paid- In     Treasury     Deferred     Accumulated     Total Stockholders'       Shares     Amount     Capital     Stock     Compensation     Deficit     Equity                                                             Balance at December 31, 2021     26,807,145     $ 195,235     $ 93,100,129     $ (2,404,458 )   $ (6,842,195 )   $ (65,379,805 )   $ 18,668,906                                                             Issuance of common stock under equity incentive plan     61,600       62       267,856       —       (12,330 )     —       255,588   Warrant compensation costs     —       —       8,985       —       —       —       8,985   Deferred compensation amortization     —       —       —       —       295,092       —       295,092   Purchase of treasury stock costs     —       —       —       (66,494 )     —       —       (66,494 ) Net (loss) for the period     —       —       —       —       —       (1,622,270 )     (1,622,270 )                                                           Balance at March 31, 2022     26,868,745     $ 195,297     $ 93,376,970     $ (2,470,952 )   $ (6,559,433 )   $ (67,002,075 )   $ 17,539,807                                                             Issuance of common stock under equity incentive plan     54,233       52       258,636       —       —       —       258,687   Warrant compensation costs     —       —       8,985       —       —       —       8,985   Reversal of deferred compensation amortization that did not vest     (85,000 )     (85 )     (176,465 )     —       97,621       —       (78,929 ) Deferred compensation amortization     —       —       —       —       293,942       —       293,942   Purchase of treasury stock costs     —       —       —       (480,095 )     —       —       (480,095 ) Net (loss) for the period     —       —       —       —       —       (1,940,345 )     (1,940,345 )                                                           Balance at June 30, 2022     26,837,978     $ 195,264     $ 93,468,126     $ (2,951,047 )   $ (6,167,870 )   $ (68,942,420 )   $ 15,602,052                                                             Balance at December 31, 2020     26,260,776     $ 194,692     $ 89,659,433     $ (2,165,721 )   $ (5,926,872 )   $ (65,058,171 )   $ 16,703,361                                                             Issuance of common stock under equity incentive plan     51,000       51       120,484       —       —       —       120,535   Warrant compensation costs     —       —       8,985       —       —       —       8,985   Cashless warrant exercise     19,795       19       (19 )     —       —       —       —   Reversal of deferred compensation amortization that did not vest     (17,111 )     (17 )     (48,599 )     —       5,994       —       (42,622 ) Deferred compensation amortization     —       —       —       —       249,801       —       249,801   Purchase of treasury stock costs     —       —       —       (49,454 )     —       —       (49,454 ) Net (loss) for the period     —       —       —       —       —       (720,252 )     (720,252 )                                                           Balance at March 31, 2021     26,314,460     $ 194,745     $ 89,740,284     $ (2,215,175 )   $ (5,671,077 )   $ (65,778,423 )   $ 16,270,354                                                             Issuance of common stock under equity incentive plan     61,556       61       150,481       —       —       —       150,542   Warrant compensation costs     —       —       8,985       —       —       —       8,985   Reversal of deferred compensation amortization that did not vest     (115,000 )     (115 )     (237,085 )     —       158,096       —       (79,104 ) Deferred compensation amortization     —       —       —       —       245,847       —       245,847   Purchase of treasury stock costs     —       —       —       (29,810 )     —       —       (29,810 ) Net income for the period     —       —       —       —       —       218,483       218,483                                                             Balance at June 30, 2021     26,261,016     $ 194,691     $ 89,662,665     $ (2,244,985 )   $ (5,267,134 )   $ (65,559,940 )   $ 16,785,297

    Contacts

Joe Hassett, Investor Relations joeh@gregoryfca.com 484-686-6600 Read full story here

OLB Group to Conduct Earnings Conference Call on August 15, 2022 at 4:30 Eastern Time





NEW YORK--(BUSINESS WIRE)--The OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, will hold an Earnings Conference Call on August 15, 2022 at 4:30 PM Eastern Time. Shareholders and interested investors are invited to participate in the Company's earnings call. Questions can be submitted after registering and during the call.

Register in advance for this meeting:

https://us06web.zoom.us/meeting/register/tZYld-CtrDIqGtEsK1DYEYDzXa_n2__SBnC6

After registering, participants will receive a confirmation email containing information about joining the meeting.

Future OLB Press Releases and Updates

Interested investors or shareholders can be notified of future Press releases and Industry Updates by e-mailing: IR@olb.com

For more information about The OLB Group, please visit https://www.olb.com and financial information https://investors.olb.com/

About The OLB Group, Inc.

The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. DMint, a wholly-owned subsidiary of OLB Group, is engaged in the mining of Bitcoin utilizing sustainable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers.

Safe Harbor Statement

All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a cryptocurrency mining operation and our ability to earn revenue from the new operations. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement. Contacts

OLB Group Investor Relations Rick Lutz IR@OLB.com (212) 278-0900 Ext. 333

MPC22 to Explore The Currency of Change with Digital Commerce Leaders





12th Annual MPC: The Digital Commerce Event to run Aug. 22 to 24, 2022 in Atlanta

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- MPC22, The Digital Commerce Event, today announced its all-star lineup of keynote speakers for its 12th annual conference, to be held Aug. 22-24, 2022 at the Westin Atlanta Perimeter North. The three-day event is back in-person this year for the first time since 2019 and will feature addresses from industry leaders across the fintech, banking, security and technology sectors discussing this year’s theme “The Currency of Change.”

Marla Ellerman, Executive Director of the MPC Digital Commerce Event, thanked MPC keynote speakers for bringing a diversity of perspectives to MPC22. “This is a transformative time for digital commerce, and we’re excited to share thought leadership from global innovators from across the commerce value chain,” Ellerman said.

EXPANSIVE AGENDA

Ellerman stated the keynote addresses will further explore the conference theme. “Thought leaders and decisionmakers in our space will share perspectives on everchanging trends, payment flows and the future of digital commerce,” she said.

Barry McCarthy, CEO of Deluxe and MPC22 keynote speaker agreed, stating, “The only constant in any industry is change, but it’s particularly applicable to payments. Understanding how the industry is changing is vital to futureproofing your organization.”

MPC22 organizers indicated that additional keynote addresses are in the works, citing the following confirmed keynote topics and thought leaders in order of appearance:

NLP Technologies and Applications : Fei Huang, Senior Director, Principal Researcher, Alibaba DAMO Academy

Optimizing the Value of Fintech Partnerships : Allen Kent Merrill, Senior Managing Director, Ankura Consulting Group

The Next Revolution in FinTech: Barry McCarthy, President and CEO, Deluxe

Why ESG is Fundamental to Blockchain and the Future of Payments: Nitin Guar, Digital Assets & Technology Design, State Street Corp .

Optimizing for Mobile Payments: Shane Logsdon, Director, Product Management, Heartland

The Secret Weapon: Fighting Off FinTechs with Digital Bill Pay: Jed Rice, CEO, Aliaswire

The Power of Embedded Real-time Payments: Peter Gordon, Head of Emerging Money Movement & Business Digital Officer, U.S. Bank

What Do Consumers Hate About Payments? Nick Hughes, Head of Growth, GoCart

From Share of Wallet to Share of Life: Deconstructing the Fintech Flywheel: Amy Young, Industry Digital Strategist, Microsoft

Fraud Always Follows the Money: Casey Zenner, Vice President, Global Sales, Kount, an Equifax Company

SAVE YOUR SEAT

Event planners encourage attendees to reduce registration fees with MPC22 sponsor discounts; check with an MPC sponsor to obtain your unique promotion code. For more information about the conference and to register for the event, visit: https://mobilepaymentconference.com/register-now-2022/

ABOUT MPC: THE DIGITAL COMMERCE EVENT

MPC: The Digital Commerce Event is the premier annual conference and exhibition on the future of alternative payments worldwide. MPC is known for bringing together thought leaders, innovators and decision-makers from financial, technology, government, retail, marketing, and mobile industries to discuss the evolution of the payments industry. Attendees benefit from access to the world’s foremost experts in emerging payments and commerce, blockchain and digital currencies, cybersecurity and consumer privacy, customer experience and loyalty, and customer engagement and marketing. For more information, visit: https://mobilepaymentconference.com/ and follow us on Twitter at https://twitter.com/mpcevent and LinkedIn at https://www.linkedin.com/company/mpc-digital-commerce/ Contacts

Media Shilo Lusson shilo@mpcevent.com 480-630-0294

Dibbs Announces Two C-Suite Hires Enhancing B2B Capabilities with Marketing and Compliance Leadership



B2B marketing visionary, Ben Plomion, joins as Chief Marketing Officer and crypto leader, Bill Plumeri, joins as Chief Compliance Officer

LOS ANGELES--(BUSINESS WIRE)-- #NFT --Today, Dibbs announced the appointment of two C-suite hires as the company grows beyond its origins as a collectibles marketplace towards becoming the platform for tokenization and custody of physical and digital items for IP owners and collectors. Dibbs appointed Ben Plomion as Chief Marketing Officer to develop and lead the company’s go-to-market strategy with brands as well as Bill Plumeri as Chief Compliance Officer as the company proactively advances its regulatory commitments. The leadership expansion comes on the heels of Dibbs being named a member of the Global Digital Asset & Cryptocurrency Association (Global DCA), a self-regulatory association for the digital asset and cryptocurrency industry. Dibbs has unparalleled experience in the collectibles ecosystem via its real-time, blockchain-enabled marketplace and is now applying that expertise to provide an onramp for physical items into Web3.

Plomion joins Dibbs with over two decades of B2B marketing & commercial experience, including his most recent seven year tenure at contextual intelligence company, GumGum, where he served as Chief Growth Officer. Plomion also led Chango’s marketing team during its acquisition by Magnite in 2015 and is a board member of MMA Global , a marketing trade association that brings together the full ecosystem of marketers, technology providers, and sellers working collaboratively to shape the future.

A Certified Anti-Money Laundering Specialist, Plumeri joins Dibbs with a deep understanding of both traditional and digital asset fintech compliance having worked on both sides of these financial services industries. He joins Dibbs from digital asset lending platform, BlockFi, where he led the global institutional compliance program. Prior to BlockFi, Plumeri was the Director of Compliance at Securitize, a digital transfer agent and registered ATS, where he designed and implemented a compliance program focused on tokenizing traditional securities on the blockchain. Plumeri held other leadership roles at cryptocurrency exchange, Gemini, as well as JPMorgan and BNP Paribas.

“At Dibbs, we have been keenly focused on building the critical infrastructure needed to positively contribute to the maturation of the digital asset ecosystem. Digital-first consumers are asking for ways to engage with the collectibles and brands that matter most to them, and enabling new utility of physical items in the digital world is a massive opportunity,” said Evan Vandenberg, CEO and co-founder, Dibbs. “Marketing and compliance are critical factors in bringing this opportunity to fruition and both Ben and Bill’s expertise will have a huge impact on Dibbs’ future.”

“Joining Dibbs gives me the opportunity to bridge two of my passions; marketing and the exciting world of NFTs,” said Plomion. “Dibbs has already laid a firm foundation for digital ownership and it’s exciting to use my experience to ensure this foundation is utilized wisely by the IP owners that seek to increase customer engagement and retention in the new digital world.”

“The future of NFTs is predicated on trust derived from compliance for both consumers and the brands that seek to create and grow relevance for their IP in the digital world. As someone who has navigated the complexities of digital asset compliance, it’s exciting to join a company that is at the forefront of providing greater utility and accountability as this sector matures in the years to come,” said Plumeri.

About Dibbs

Dibbs was originally founded as a real-time, blockchain-enabled marketplace for collectors. It’s grown to become the trusted service for tokenization and redemption of physical collectibles. Since its launch in 2021, Dibbs has processed millions of dollars across hundreds of thousands of transactions. Dibbs has raised more than $15 million in venture capital from a variety of notable investors, ranging from Amazon, Foundry Group, CourtsideVC, Founder Collective and Tusk Venture Partners to athletes including Chris Paul, Channing Frye, Skylar Diggins-Smith, DeAndre Hopkins, Kevin Love and Kris Bryant. Contacts

Media Kate Gundry dibbs@pluckpr.com

Structure.fi Launches in El Salvador to Bring Multi-Asset Investing Opportunities to Millions of Underserved Users



Structure.fi’s mobile investment app removes barriers to entry and allows a new class of investor to participate in global financial markets.

ROAD TOWN, British Virgin Islands--(BUSINESS WIRE)-- Structure.fi , a mobile-first financial platform that offers investors seamless access to both traditional and crypto markets, has officially launched in El Salvador on Thursday, August 11. In the coming weeks and months, millions of people in emerging markets around the world will be able to utilize its unique service as the company prioritizes some of the most historically underserved populations, in countries like Mexico, Nigeria, and India.

Structure.fi aims to make financial services accessible to millions of people across El Salvador and believes that financial accessibility will empower these individuals, families, and communities to take advantage of a new world of opportunities that they have been barred from.

“With the implementation of the Bitcoin Law, the government of El Salvador is providing access to one-of-a-kind financial opportunities for Salvadorans. People here are now free to choose to invest in assets and services that can secure their personal financial future”, said Cristian Flores, Presidential Commissioner for Strategic Projects. "We are very pleased to see new companies, such as Structure.fi, coming into the country to provide services and tools that will attract more investors to El Salvador. The decentralization of finance is the next logical step for the crypto revolution, along with the access to the Internet and the infrastructure provided by blockchain. Structure.fi is leading this process. Every person, business, and our own government will experience more liberty, more opportunities and more wealth. DeFi will bring prosperity to El Salvador and beyond,” he concluded.

“We are choosing to launch in El Salvador because the country’s senior leaders are committed to using every possible financial tool to facilitate easier access to financial opportunities for all classes of its people,” said Structure.fi’s President and co-founder Bryan Hernandez “Structure.fi opens the door to the next generation of personal financial security for a class of investor that has been unfairly denied those benefits.”

With its intuitive, easy-to-use interface, Structure.fi gives investors of all experience levels the chance to invest, earn interest, borrow, and lend both traditional and digital financial assets on one simple, and secure platform. On Structure.fi, with a few taps, anyone can execute trades that in the past would have required a series of complex executions, possibly across multiple platforms. Structure.fi users will also be able to send and receive payments in the tokens of their choosing by simply selecting the tokens, the amount, and the recipient, and letting the platform do the rest.

Importantly, every tokenized asset that its users access on the platform is backed 1-to-1 and held in Structure.fi’s custody. Additionally, with Structure.fi, the barriers to participation, like account minimums that can require significant assets to simply open an account, have been removed, enabling investors to engage with the market regardless of how much money they have to invest.

About Structure.fi

Structure.fi is a global financial platform that opens the door for mainstream investors to seamlessly participate in the DeFi and Crypto markets without the traditional educational and financial barriers. Guided by the principles of DeFi, Structure.fi will allow investors of all experience levels to quickly and simply trade assets on an easy-to-use, secure platform and eventually to earn, borrow and lend. Offering 24/7 access, hands-on support and seamless transaction Structure.fi’s consumer-first approach brings accessibility and simplicity to the complex financial worlds of DeFi and Crypto. To learn more about Structure.fi’s innovative and inclusive approach to DeFi investment, please visit www.structure.fi . Contacts

Media Contact: Darius Goore structure@wachsman.com

Ether Capital Corporation Reports Second Quarter 2022 Financial Results





TORONTO--(BUSINESS WIRE)-- $ETHC --Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO: ETHC) announces its financial results as at and for the three and six months period which ended June 30, 2022: The total value of Ether and Staked Ether held by the Company was $58.6 million compared to $180.5 million at the end of the prior quarter, March 31, 2022, including Cash of $3.8 million ($4.2 million at March 31, 2022). The total value of the Company’s assets was $67.4 million compared to $193.2 million at March 31, 2022. The total shareholders’ equity of the Company was $66.2 million compared to $192.7 million at March 31, 2022. The Company recorded revenue during the quarter of $1.08 million and operating expenses of $1.13 million compared to $1.2 million and $0.8 million respectively for the quarter which ended March 31, 2022. Net Loss after tax, after incorporating Non-Operating and Intangible Expenses of $58.9 million was $58.45 million, or $1.74 per share, primarily attributable to the impairment recognized in income on the Company’s digital intangible assets. Net Book Value per Share was $1.96 compared to $5.74 at March 31, 2022.

The Company’s revenue of $1.08 million for the quarter included both consulting revenue of $.393 million ($.843 million year to date) from Purpose Investments pertaining to its crypto ETFs ( BTCC and ETHH ) and $.687 million ($1.4 million year to date) from Staked Ether Rewards, which since inception has not been redeemed. The gross yield on Staked Ether was approximately 4.65% during the second quarter and any future redemptions of Staking Rewards would generate Canadian dollars to fund operations and investments. Consulting revenue remains under pressure due to the impact of market volatility on the ETFs. Operating expenses have increased year-over-year primarily related to salaries and benefits with the addition of talent in recent months. Details about these results and developments are included in the Company’s financial statements and the Management Discussion and Analysis (MD&A).

“The second quarter was extremely difficult for all industry participants and I am pleased that Ether Capital was able to avoid the challenging conditions endured by others. Our liquidity puts us at a competitive advantage at a time when other companies in the sector are experiencing financial headwinds,” said Brian Mosoff, CEO of Ether Capital. “Our plan is to continue generating yield by staking our Ether and using the rewards to build out our business. Current market conditions have underscored the need for quality infrastructure to be built and this is exactly where we want to be. We’re also very bullish on Ethereum's transition to Proof of Stake and believe the upcoming Merge anticipated this fall will prompt a new wave of enthusiasm for the protocol from both institutional and retail investors.”

“Although we generated a modest pre-tax operating loss of approximately $0.05 million in the quarter, our cash resources of $3.8 million as at June 30 and the lack of external debt provide us with financial flexibility,” said Ian McPherson, President & CFO of Ether Capital. “The major decrease in asset value is attributable to the price of Ether declining from US$3,284 on March 31 to US$1,020 on June 30 — a decline of 69% in the quarter. The price of Ether is volatile and the Company is optimistic for its very strong price appreciation over the medium term.”

Ether Capital’s portfolio company, Wyre, also entered into an acquisition agreement with Bolt, a leading American checkout and shopper network company, during Q2 2022. Details on the transaction are not yet public. The transaction is expected to close before the end of 2022 and is subject to multiple regulatory approvals and customary closing conditions.

Summarized below are the primary digital assets held by Ether Capital as at June 30, 2022:   Ether Staked Ether Staked Ether Rewards Units (ETH/Staked ETH) 23,610 20,512 460 Dollar Value (CAD) $31.02 million $26.95 million $0.63 million

To access unaudited interim financial statements for the quarter, which ended June 30, 2022, please refer to the Company’s website at http://ethcap.co/ . The Company’s unaudited interim financial statements, including the MD&A, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed under the Company’s profile at www.sedar.com .

The Company will host a webinar on August 15, 2022, at 11:45am ET to go over its Q2 financial results, which you can register for by clicking here . Ether Capital’s CEO Brian Mosoff and President & CFO Ian McPherson will also discuss the significance of Ethereum’s transition to Proof of Stake (the Merge) and what impact this pivotal upgrade will have on shareholders.

About Ether Capital Corporation

​​Ether Capital (NEO: ETHC) is a leading public technology company with a long-term objective to become a central business and investment hub for the Ethereum ecosystem. The company has invested the majority of its balance sheet in Ethereum’s native utility token “Ether” as a core strategic asset and yield-generating instrument. The company is focused on building institutional-grade financial infrastructure that supports the Ethereum blockchain and delivers corporate value. Ether Capital’s management team and Board of Directors are comprised of crypto natives, leading venture capitalists and capital markets experts, which uniquely positions the company to identify and capitalize on opportunities in the digital asset ecosystem. For more information, visit http://ethcap.co .

The content of this document is for informational purposes only and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained on this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement, or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information contained in this document is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. The information provided is subject to change without notice and neither Ether Capital Corporation, nor any of its affiliates, will be held liable for inaccuracies in the information presented.

Non-GAAP Measures

The Company’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, the Company discloses the gross value of its assets and the gross value per basic common share, which are non-GAAP financial measures. These non-GAAP measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Company has presented such non-GAAP measures as management believes they are relevant measures of the value of the Company’s underlying assets. Non-GAAP measures should not be considered as alternatives to the information set out in the Company’s financial statements.

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements in regard to the Ethereum ecosystem. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “on pace,” “anticipates,” or “does not anticipate,” “believes,” and similar expressions or state that certain actions, events or results “may,” “could,” “would,” “should,” “might,” or “will” be taken, occur or be achieved.

Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; market volatility of Ether, uncertainties in regard to the development and acceptance of blockchain technology (including Proof of Stake and Ethereum 2.0), and the Ethereum platform and anticipated timing and impact of the Ethereum network upgrade, timing and terms of proposed transactions related to non-core asset dispositions, assumptions and judgements related to fair value estimates, and the other risk factors discussed in the Company’s Annual Information Form dated March 23, 2022, the Risk Factors section in its most recently filed management’s discussion and analysis, the Risk Factors section in its Supplement and Base Shelf Prospectus and its other filings available online at www.sedar.com . Although the forward-looking information contained in this press release is based on assumptions that the Company believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. In addition, the Company cautions the reader that information provided in this press release is provided to give context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws. Contacts

Brian Mosoff Chief Executive Officer brian@ethcap.co

Ian McPherson President and Chief Financial Officer imcpherson@ethcap.co

MoneyLion Reports Record Second Quarter 2022 Results, Raises Full Year Adjusted Revenue Guidance and Reaffirms Breakeven Adjusted EBITDA Target Exiting 2022



Record Quarterly Adjusted Revenue up 131% Year-over-Year Record New Customer Adds of ~950k; Total Customers Grew 124% Year-over-Year to 4.9 million Maintained Leading Unit Economics: CAC Decreased to $9 ($16 in Q1), ARPU Increased to $76 ($74 in Q1) 1 Management Raises Full Year 2022 Adjusted Revenue Guidance and Reaffirms Breakeven Adjusted EBITDA Target Exiting 2022

NEW YORK--(BUSINESS WIRE)--MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for financial content, products and advice, today announced financial results for the second quarter ended June 30, 2022. MoneyLion will host a conference call and webcast at 8:30 a.m. ET today. An earnings presentation and link to the webcast are available at investors.moneylion.com.

“ In the second quarter, we continued to execute on our efficient growth strategy,” said Dee Choubey, co-founder and CEO of MoneyLion. “ We delivered our sixth consecutive quarter of triple-digit Adjusted Revenue growth, while further improving our Adjusted EBITDA margin. We added a record number of new customers and ended the quarter with 4.9 million Total Customers, maintained strong unit economics and further diversified our revenue mix.”

Choubey continued, “ Our strong fundamental performance during the second quarter demonstrates that our unique strategy is disrupting traditional finance. Our original and user-generated content has driven tangible engagement results as demonstrated by a substantial increase in engagement rates through Q2. Similarly, our network of over 1,000 Enterprise Partners further expanded MoneyLion’s large top-of-funnel and broadened our product set, creating more monetization opportunities. The benefits of our two-sided Consumer and Enterprise ecosystem and distinct content strategy are just beginning to surface. As we lean into this momentum, we believe MoneyLion has never been better positioned to win.”

“ Our record second quarter Adjusted Revenue exceeded the high end of our guidance and we realized record Adjusted EBITDA margin, which resulted in second quarter Adjusted EBITDA within guidance. Our revised full year 2022 guidance reflects 103% Adjusted Revenue growth. As we continue to scale and drive margin improvement, we are reaffirming our target to reach breakeven Adjusted EBITDA exiting the year,” said Rick Correia, MoneyLion’s Chief Financial Officer. Financial Results 2*       Three Months Ended June 30,   (in thousands)   2022     2021     % Change   GAAP                   Total revenues, net   $ 87,340     $ 38,180       129 % Gross profit     48,100       22,255       116 % Net income (loss)     (23,065 )     (39,213 )     —                             Non-GAAP                         Adjusted Revenue   $ 84,057     $ 36,453       131 % Adjusted Gross Profit     48,099       22,256       116 % Adjusted EBITDA     (18,531 )     (13,590 )     —                             (in millions)                         Key Operating Metrics                         Total Customers     4.9       2.2       124 % Total Products     10.4       5.9       75 % Total Originations   $ 439     $ 237       85 %

Total revenues, net increased 129% to $87.3 million for the second quarter of 2022 compared to the second quarter of 2021. Adjusted Revenue increased 131% to $84.1 million for the second quarter of 2022 compared to the second quarter of 2021.

Gross profit increased 116% to $48.1 million for the second quarter of 2022 compared to the second quarter of 2021. Adjusted Gross Profit increased 116% to $48.1 million for the second quarter of 2022 compared to the second quarter of 2021.

MoneyLion recorded a net loss of $23.1 million for the second quarter of 2022 versus a loss of $39.2 million in the second quarter of 2021. Adjusted EBITDA was ($18.5) million for the second quarter versus ($13.6) million in the second quarter of 2021, when adjusted for the following non-operating costs:     Three Months Ended June 30,       2022     2021       (in thousands)   Net income (loss)   $ (23,065 )   $ (39,213 ) Add back:                 Interest related to corporate debt     2,653       1,849   Income tax expense (benefit)     16       17   Depreciation and amortization expense     6,006       502   Changes in fair value of warrant liability     (2,951 )     17,586   Changes in fair value of subordinated convertible notes     -       9,622   Change in fair value of contingent consideration from mergers and acquisitions     (8,480 )     -   Stock-based compensation expense     5,248       1,321   One-time expenses     2,042       (2,198 ) Less:                 Origination financing cost of capital     -       (3,077 ) Adjusted EBITDA   $ (18,531 )   $ (13,590 )

Customer, Origination and Product Growth

Total Customers grew 124% year-over-year to 4.9 million for the second quarter of 2022. Total Products of 10.4 million was up 75% year-over-year for the second quarter of 2022. Total Originations grew 85% year-over-year to $439 million for the second quarter of 2022.

2022 Financial Guidance:

For the full year 2022, MoneyLion is updating its guidance to the following: Adjusted Revenue of approximately $330 to $340 million, reflecting 103% year-over-year growth at the midpoint Adjusted Gross Profit margin of 55% to 60% Adjusted EBITDA of approximately ($65) to ($55) million Targeting to exit 2022 with breakeven Adjusted EBITDA

For the third quarter of 2022, MoneyLion expects: Adjusted Revenue of $85 to $90 million, reflecting 108% year-over-year growth at the midpoint Adjusted Gross Profit margin of 55% to 60% Adjusted EBITDA of ($15) to ($10) million

(1) Customer Acquisition Cost (“CAC”) reflects fully loaded acquisition spend per customer added, which is inclusive of performance marketing, brand marketing and on-boarding data costs. Average Revenue per User (“ARPU”) is calculated by dividing annualized Adjusted Revenue for the period by average Total Customers for the period.

(2) Adjusted Revenue, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures. Refer to the definitions in the discussion of non-GAAP financial measures and the accompanying reconciliations below.

* Based on information available to MoneyLion as of the date of this release and subject to the completion of its quarterly closing procedures and review by MoneyLion’s independent registered public accounting firm.

Conference Call

The Company will hold a conference call today at 8:30 a.m. ET to discuss its second quarter results. A live webcast will be available on MoneyLion’s Investor Relations website at investors.moneylion.com . Please dial into the conference 5-10 minutes prior to the start time and ask for the MoneyLion second quarter 2022 earnings call.

Toll-free dial-in number: 1-877-502-7184 International dial-in number: 1-201-689-8875

Following the call, a replay and transcript will be available on the same website.

About MoneyLion

MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.

For more information about the company, visit www.moneylion.com . For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding, among other things, MoneyLion’s financial position, results of operations, cash flows, prospects and growth strategies. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MoneyLion’s management, are subject to a number of risks and uncertainties and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MoneyLion. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, among other things, factors relating to the business, operations and financial performance of MoneyLion, including market conditions and global and economic factors beyond MoneyLion’s control, including the COVID-19 pandemic; intense and increasing competition in the industries in which MoneyLion and its subsidiaries, including Malka Media Group LLC (“MALKA”) and Even Financial Inc. (“Even Financial”), operate, and demand for and consumer confidence in MoneyLion’s products and services, including as a result of any adverse publicity concerning MoneyLion; MoneyLion’s ability to realize strategic objectives and avoid difficulties and risks of any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures and other transactions; MoneyLion’s reliance on third parties to provide services; MoneyLion’s ability to service loans or advances properly and the performance of the loans and other receivables originated through MoneyLion’s platform; MoneyLion’s ability to raise financing in the future, to comply with restrictive covenants related to its long-term indebtedness and to manage the effects of changes in the cost of capital; MoneyLion’s success in retaining or recruiting, or changing as required, its officers, key employees and directors, including MALKA’s ability to retain its content creators; MoneyLion’s ability to comply with the extensive and evolving laws and regulations applicable to its business; risks related to the proper functioning of MoneyLion’s IT systems and data storage, including as a result of cyberattacks and other security breaches or disruptions suffered by MoneyLion or third parties upon which it relies; MoneyLion’s ability to protect its intellectual property rights; MoneyLion’s ability to comply with laws and regulations applicable to its business and the outcome of any legal or governmental proceedings that may be instituted against MoneyLion; MoneyLion’s ability to establish and maintain an effective system of internal controls over financial reporting; and MoneyLion’s ability to maintain the listing of MoneyLion’s Class A common stock and of MoneyLion’s publicly traded warrants to purchase MoneyLion Class A common stock on the New York Stock Exchange and any volatility in the market price of MoneyLion’s securities. There may be additional risks that MoneyLion presently knows or that MoneyLion currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MoneyLion’s expectations, plans or forecasts of future events and views as of the date of this press release. MoneyLion anticipates that subsequent events and developments will cause its assessments to change. However, while MoneyLion may elect to update these forward-looking statements at some point in the future, MoneyLion specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing MoneyLion’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Financial Information; Non-GAAP Financial Measures

Some of the financial information and data contained in this press release, such as Adjusted Revenue, Adjusted Gross Profit and Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). MoneyLion management uses these non-GAAP measures for various purposes, including as measures of performance and as a basis for strategic planning and forecasting. MoneyLion believes these non-GAAP measures of financial results provide relevant and useful information to management and investors regarding certain financial and business trends relating to MoneyLion’s results of operations. MoneyLion’s method of determining these non-GAAP measures may be different from other companies’ methods and, therefore, may not be comparable to those used by other companies and MoneyLion does not recommend the sole use of these non-GAAP measures to assess its financial performance. MoneyLion management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in MoneyLion’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review MoneyLion’s financial statements, which are included in MoneyLion’s filings with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate MoneyLion’s business.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure are set forth below. To the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, which could be material based on historical adjustments. Accordingly, a reconciliation is not available without unreasonable effort.

Definitions:

Adjusted Revenue : A non-GAAP measure, defined as total revenues, net plus amortization of loan origination costs less provision for loss on subscription receivables, provision for loss on fees receivables and revenue derived from phased out products.

Adjusted Gross Profit : A non-GAAP measure, defined as gross profit less revenue derived from phased out products.

Adjusted EBITDA : A non-GAAP measure, defined as net income (loss) plus interest expense related to corporate debt, income tax expense (benefit), depreciation and amortization expense, change in fair value of warrants, change in fair value of subordinated convertible notes, change in fair value of contingent consideration from mergers and acquisitions, stock-based compensation and one-time expenses less origination financing cost of capital.

Total Customers : Defined as customers that have opened at least one account, including banking, membership subscription, secured personal loan, cash advance, managed investment account, cryptocurrency account or affiliate product. Total Customers also include customers that have submitted for, received and clicked on at least one offer, including loans, credit cards, mortgages, savings and insurance products, from a Product Partner via our Even Financial marketplace.

Total Products : Defined as the total number of products that our Total Customers have opened including banking, membership subscription, secured personal loan, cash advance, managed investment account, cryptocurrency account, affiliate product, or signed up for our financial tracking services (with either credit tracking enabled or external linked accounts), whether or not the customer is still registered for the product. Total Products also include products that our Total Customers have submitted for, received and clicked on via our Even Financial marketplace. If a customer has funded multiple secured personal loans or Instacash advances or submitted for, received and clicked on multiple products via our Even Financial marketplace, it is only counted once for each product type.

Total Originations : Defined as the dollar volume of the secured personal loans originated and cash advances funded within the stated period.

Enterprise Partners : Comprised of Product Partners and Channel Partners. Product Partners are financial institutions and financial service providers. Channel Partners are organizations that allow us to reach a wide base of consumers, including but not limited to news sites, content publishers, product comparison sites and financial institutions. MONEYLION INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollar amounts in thousands, except per share amounts)       Three Months Ended June 30,     Six Months Ended June 30,       2022     2021     2022     2021   Revenue                         Service and subscription revenue   $ 84,823     $ 36,419     $ 151,969     $ 67,887   Net interest income on loan receivables     2,517       1,761       5,085       3,423   Total revenue, net     87,340       38,180       157,054       71,310   Operating expenses                                 Provision for credit losses on consumer receivables     26,981       15,698       50,025       21,406   Compensation and benefits     26,498       8,172       48,541       15,229   Marketing     9,477       9,166       20,893       13,529   Direct costs     29,386       10,543       50,590       20,446   Professional services     6,652       4,451       13,940       8,037   Technology-related costs     5,409       2,257       9,914       4,456   Other operating expenses     9,842       1,275       20,611       2,357   Total operating expenses     114,245       51,562       214,514       85,460   Net loss before other (expense) income and income taxes     (26,905 )     (13,382 )     (57,460 )     (14,150 ) Interest expense     (7,584 )     (1,849 )     (13,758 )     (3,320 ) Change in fair value of warrant liability     2,951       (17,586 )     6,861       (48,816 ) Change in fair value of subordinated convertible notes     —       (9,622 )     —       (49,561 ) Change in fair value of contingent consideration from mergers and acquisitions     8,480       —       3,820       —   Other income (expense)     9       3,243       (907 )     3,270   Net loss before income taxes     (23,049 )     (39,196 )     (61,444 )     (112,577 ) Income tax (benefit) expense     16       17       (28,401 )     42   Net loss     (23,065 )     (39,213 )     (33,043 )     (112,619 ) MONEYLION INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share amounts)                   June 30,     December 31,       2022     2021   Assets             Cash   $ 154,059     $ 201,763   Restricted cash, including amounts held by variable interest entities (VIEs) of $60,127 and $39,396     63,161       44,461   Consumer receivables     156,477       153,741   Allowance for credit losses on consumer receivables     (23,124 )     (22,323 ) Consumer receivables, net, including amounts held by VIEs of $154,075 and $92,796     133,353       131,418   Enterprise receivables     17,517       6,002   Property and equipment, net     2,045       1,801   Intangible assets, net     209,226       25,124   Goodwill     161,678       52,541   Other assets     42,608       28,428   Total assets   $ 783,647     $ 491,538   Liabilities and Stockholders’ Equity                 Liabilities:                 Secured loans   $ 88,399     $ 43,591   Accounts payable and accrued liabilities     50,242       36,868   Warrant liability     1,399       8,260   Other debt, including amounts held by VIEs of $152,881 and $143,000     152,881       143,000   Other liabilities     76,795       38,135   Total liabilities     369,716       269,854   Commitments and contingencies                 Redeemable convertible preferred stock (Series A), $0.0001 par value; 200,000,000 and 0 shares authorized as of June 30, 2022 and December 31, 2021, respectively, 28,693,931 shares issued and outstanding as of June 30, 2022 and 0 shares issued and outstanding as of December 31, 2021     193,647       —   Stockholders’ equity:                 Class A Common Stock, $0.0001 par value; 2,000,000,000 shares authorized as of June 30, 2022 and December 31, 2021, 242,920,847 and 241,950,847 issued and outstanding, respectively, as of June 30, 2022 and 231,452,448 and 230,482,448 issued and outstanding, respectively, as of December 31, 2021     24       23   Additional paid-in capital     731,916       701,234   Accumulated deficit     (501,956 )     (469,873 ) Treasury stock at cost, 970,000 shares at June 30, 2022 and December 31, 2021     (9,700 )     (9,700 ) Total stockholders’ equity     220,284       221,684   Total liabilities, redeemable convertible preferred stock and stockholders’ equity   $ 783,647     $ 491,538   MONEYLION INC. AND SUBSIDIARIES RECONCILIATION OF REVENUE TO ADJUSTED REVENUE (dollar amounts in thousands)                   Three Months Ended June 30,     Six Months Ended June 30,       2022     2021     2022     2021       (in thousands)     (in thousands)   Total revenues, net   $ 87,340     $ 38,180     $ 157,054     $ 71,310   Add back:                                 Amortization of loan origination costs     143       495       467       575   Less:                                 Provision for credit losses on receivables - subscription receivables     (1,221 )     (945 )     (2,762 )     (1,179 ) Provision for credit losses on receivables - fees receivables     (2,204 )     (1,277 )     (4,205 )     (1,892 ) Revenue derived from products that have been phased out     (1 )     1       (21 )     125   Adjusted Revenue   $ 84,057     $ 36,453     $ 150,534     $ 68,939   MONEYLION INC. AND SUBSIDIARIES RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT (dollar amounts in thousands)                   Three Months Ended June 30,     Six Months Ended June 30,       2022     2021     2022     2021       (in thousands)     (in thousands)   Total revenue, net   $ 87,340     $ 38,180     $ 157,054     $ 71,310   Less:                                 Cost of Sales                                 Direct costs     (29,386 )     (10,543 )     (50,590 )     (20,446 ) Provision for credit losses on receivables - subscription receivables     (1,221 )     (945 )     (2,762 )     (1,179 ) Provision for credit losses on receivables - fees receivables     (2,204 )     (1,277 )     (4,205 )     (1,892 ) Technology related costs     (2,525 )     (1,454 )     (4,986 )     (2,860 ) Professional services     (1,129 )     (741 )     (2,185 )     (1,482 ) Compensation and benefits     (2,657 )     (905 )     (3,671 )     (1,791 ) Other operating expenses     (118 )     (59 )     (222 )     (109 ) Gross Profit   $ 48,100     $ 22,255     $ 88,433     $ 41,549   Less:                                 Revenue derived from products that have been phased out     (1 )     1       (21 )     125   Adjusted Gross Profit   $ 48,099     $ 22,256     $ 88,412     $ 41,674   MONEYLION INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (dollar amounts in thousands)                   Three Months Ended June 30,     Six Months Ended June 30,       2022     2021     2022     2021       (in thousands)     (in thousands)   Net income (loss)   $ (23,065 )   $ (39,213 )   $ (33,043 )   $ (112,619 ) Add back:                                 Interest related to corporate debt     2,653       1,849       4,040       3,320   Income tax expense (benefit)     16       17       (28,401 )     42   Depreciation and amortization expense     6,006       502       9,427       1,016   Changes in fair value of warrant liability     (2,951 )     17,586       (6,861 )     48,816   Changes in fair value of subordinated convertible notes     -       9,622       -       49,561   Change in fair value of contingent consideration from mergers and acquisitions     (8,480 )     -       (3,820 )     -   Stock-based compensation expense     5,248       1,321       8,516       1,839   One-time expenses     2,042       (2,198 )     6,819       (936 ) Less:                                 Origination financing cost of capital     -       (3,077 )     -       (5,844 ) Adjusted EBITDA   $ (18,531 )   $ (13,590 )   $ (43,322 )   $ (14,804 ) Contacts

Sean Horgan Head of Investor Relations, MoneyLion O: (332) 258-7621 M: (646) 675-9084 shorgan@moneylion.com

Cody Slach, Alex Kovtun Gateway Investor Relations (949) 574-3860 ir@moneylion.com

MoneyLion Communications pr@moneylion.com Read full story here

CI Financial Reports Financial Results for the Second Quarter of 2022



Diluted EPS of $0.81, adjusted EPS 1 of $0.78 Pre-tax income of $219.0 million, adjusted EBITDA 1 of $251.0 million Operating cash flow of $141.2 million, free cash flow 1 of $176.4 million Total assets of $333.7 billion, a year-over-year increase of 12% Completed acquisitions of two U.S. RIAs with $7.7 billion in combined assets Completed acquisition of Northwood Family Office, a Canadian leader in the family office segment Repurchased 4.1 million shares for $59.8 million Paid quarterly dividend of $0.18 a share, totalling $34.7 million All financial amounts in Canadian dollars at June 30, 2022, unless stated otherwise. Financial amounts for the quarter are unaudited.

TORONTO--(BUSINESS WIRE)-- $CIXX #CIFinancial --CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today released financial results for the quarter ended June 30, 2022.

“These results validate our corporate strategy and capital allocation policies,” said Kurt MacAlpine, CI Chief Executive Officer. “Our expansion in wealth management in the United States and Canada has added stability and diversification to our business, with our U.S. operations making increasing contributions to revenues and earnings. Despite continued volatility in capital markets, we achieved year-over-year growth in overall EBITDA, earnings per share and free cash flow per share. 1

“While the Canadian fund industry had total redemptions of $19 billion during the quarter, our flows in Canadian retail asset management were relatively stable, supported by improving overall investment performance and several successful product launches,” Mr. MacAlpine said.

“We continue to advance our U.S. wealth management strategy, both through acquisitions of selected, high-quality RIAs and through an array of initiatives to capture synergies, expand our services and support to clients, and foster organic growth. The success of these programs can be seen in the attractive, growing margins of our U.S. business.” Operating and financial data highlights   [millions of dollars, except share amounts] As of and for the quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Total AUM and Client Assets:           Asset Management AUM 116,065 136,271 144,247 139,380 138,187 Canada Wealth Management assets 74,128 78,957 80,633 76,859 75,521 U.S. Wealth Management assets 143,520 145,768 151,339 96,974 83,764 Total assets 333,712 360,996 376,219 313,213 297,472             Asset Management Net Inflows:           Retail (381) (861) 142 684 530 Institutional (3,203) (264) (331) (126) (360) Australia (122) (305) 82 159 (33) Closed Business (160) (203) (195) (146) (194) U.S. Asset Management (195) 402 260 250 413 Total (4,060) (1,231) (42) 821 356             IFRS Results           Net income attributable to shareholders 156.2 138.1 123.7 43.8 117.6 Diluted earnings per share 0.81 0.70 0.62 0.22 0.57 Pretax income 219.0 185.8 175.1 82.4 166.6 Pretax margin 38.6 % 29.3 % 28.3 % 15.9 % 31.7 % Operating cash flow before the change in operating assets and liabilities 141.2 207.7 179.2 135.2 158.1             Adjusted Results           Adjusted net income 149.1 166.8 171.0 159.2 153.0 Adjusted diluted earnings per share 0.78 0.85 0.86 0.79 0.74 Adjusted EBITDA 251.0 272.9 277.2 258.1 242.3 Adjusted EBITDA margin 44.5 % 46.5 % 47.7 % 47.0 % 48.4 % Free cash flow 176.4 201.6 187.1 180.9 164.1             Average shares outstanding 191,151,896 196,111,771 196,816,227 199,321,002 203,039,536 Ending shares outstanding 189,037,762 192,987,082 197,422,270 197,443,135 201,327,517             Total debt 3,688 3,530 3,776 3,408 3,350 Net debt 3,538 3,352 3,453 2,655 2,461 Net debt to adjusted EBITDA 3.5 3.0 3.1 2.6 2.5 Free cash flow, net debt, adjusted net income, adjusted earnings per share and adjusted EBITDA are not standardized earnings measures prescribed by IFRS. For further information, see “Non-IFRS Measures” note below.

Financial highlights

Net income grew to $156.2 million in the quarter from $138.1 million in the first quarter. Excluding non-operating items, adjusted net income declined to $149.1 million in the quarter from $166.8 million in the first quarter of 2022 as higher earnings in CI’s U.S. and Canadian wealth businesses were more than offset by lower earnings from the Asset Management segment due to the pressure on global financial assets.

Second quarter total net revenues declined 10.6% to $566.7 million in the quarter from $633.8 million in the first quarter of 2022. Excluding non-operating items, adjusted total net revenue fell 3.9% to $598.3 million, primarily driven by lower revenues from the Asset Management segment due to lower average AUM.

Second quarter total expenses declined 22.4% to $347.7 million in the quarter from $448.0 million in the first quarter of 2022. Excluding non-operating items, adjusted total expenses were essentially unchanged at $386.0 million, reflecting disciplined cost controls in a challenging operating environment, partially offset by the impact of acquisitions that closed during the quarter.

Capital allocation

In the second quarter of 2022, CI repurchased 4.1 million shares at a cost of $59.8 million, for an average cost of $14.67 per share, and paid $34.7 million in dividends at a rate of $0.18 per share.

The Board of Directors declared a quarterly dividend of $0.18 per share, payable on January 13, 2023 to shareholders of record on December 30, 2022. The annual dividend rate of $0.72 per share represented a yield of 4.9% on CI’s closing share price of $14.67 on August 10, 2022.

Second quarter business highlights CI announced its intention to sell up to 20% of its U.S. wealth management business via a U.S. initial public offering (“IPO”). CI stated that it intends to use the net proceeds from the IPO to pay down debt, and that a final decision on the IPO size, conditions and timing is pending and will be subject to market conditions. CI completed the acquisitions of two registered investment advisors (“RIAs”): Corient Capital Partners, LLC, of Newport Beach, California, which serves ultra-high-net-worth individuals and families across the United States, and Galapagos Partners, LP of Houston, a multi-family office serving wealthy families and individuals. Both transactions closed on April 29, 2022. CI Private Wealth US, LLC applied for a charter to establish and operate a South Dakota trust company, which, when granted, will allow CI’s wealth management business to offer administrative trust solutions. CI completed the acquisition of Toronto-based Northwood Family Office Ltd., giving CI a leading presence in the country’s multi-family office segment. The transaction was completed on April 1, 2022. In the latest initiatives to modernize CI’s asset management business, CI Global Asset Management (“CI GAM”) continued to enhance and broaden its product lineup. The firm introduced a private infrastructure investment solution managed by HarbourVest Partners, a global leader in private markets investing. CI GAM also launched CI Galaxy Blockchain ETF, CI Galaxy Metaverse ETF and CI Floating Rate Income Fund (ETF Series). Additionally, CI GAM claimed compliance with the Global Investment Performance Standards (“GIPS ® ”) from CFA Institute. The GIPS standards are universal and voluntary standards based on the fundamental principles of full disclosure and fair representation of investment performance. CI’s success in implementing innovative technologies and processes across its organization was recognized through a 2022 Digital Transformation Award (Large Private Sector category) from IT World Canada. CI joint venture Axia Real Assets launched a new U.S. real estate fund, the Axia U.S. Grocery Net Lease Fund II LP, through a private placement. The investment vehicle will be used to acquire a portfolio of dominant net lease grocery real estate assets across the U.S.

Analysts’ conference call

CI will hold a conference call with analysts today at 9:00 a.m. EDT, led by Chief Executive Officer Kurt MacAlpine and Chief Financial Officer Amit Muni. A live webcast of the call and slide presentation can be accessed here , or through the Investor Relations section of CI’s website.

Alternatively, investors may listen to the discussion through the following numbers (access code: 884850): Canada toll-free: 1-833-950-0062 United States toll-free: 1-844-200-6205 United States (New York local): 1-646-904-5544 All other locations: 1-929-526-1599.

A recording of the webcast will be archived on CI’s Investor Relations site.

About CI Financial

CI Financial Corp. is an integrated global wealth and asset management company. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian wealth management through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., Northwood Family Office Ltd., CI Direct Investing (WealthBar Financial Services Inc.), and CI Investment Services Inc.

CI’s U.S. wealth management businesses consist of Barrett Asset Management, LLC, Balasa Dinverno Foltz LLC, Bowling Portfolio Management LLC, Brightworth, LLC, BRR OpCo, LLC (Budros, Ruhlin & Roe), The Cabana Group, LLC, Corient Capital Partners, LLC, CPWM, LLC (Columbia Pacific Wealth Management), Columbia Pacific Advisors, LLC, Congress Wealth Management LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, Galapagos Partners, LP, GLASfunds, LLC, Gofen & Glossberg, LLC, Matrix Capital Advisors, LLC, McCutchen Group LLC, OCM Capital Partners, LLC, Portola Partners Group LLC, Radnor Financial Advisors, LLC, RegentAtlantic Capital, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, R.H. Bluestein & Co., Segall Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC, and Surevest LLC.

CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. Further information is available at www.cifinancial.com.

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and condition and its intention to conduct an IPO of its US wealth management business. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that CI will proceed with the IPO, that all outstanding acquisitions will be completed and their asset levels will remain stable, that the investment fund industry will remain stable and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, the risk that the IPO may not occur in its expected timeframe or at all, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

This communication is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.

CI Global Asset Management is a registered business name of CI Investments Inc. CONSOLIDATED STATEMENT OF INCOME     For the three-month period ended June 30       2022 2021 [in thousands of Canadian dollars, except per share amounts] $ $ REVENUE     Canada asset management fees 404,279 441,139 Trailer fees and deferred sales commissions (123,952) (137,685) Net asset management fees 280,327 303,454 Canada wealth management fees 130,103 119,901 U.S. wealth management fees 168,949 71,400 Other revenues 21,210 17,982 Foreign exchange gains (losses) (32,864) 8,174 Other gains (losses) (1,069) 3,830 Total net revenues 566,656 524,741       EXPENSES     Selling, general and administrative 239,521 173,936 Advisor and dealer fees 99,711 93,412 Interest and lease finance 36,235 24,249 Amortization and depreciation 11,909 9,702 Amortization of intangible assets from acquisitions 27,436 11,669 Transaction, integration, restructuring and legal settlements 4,587 17,543 Change in fair value of contingent consideration (74,977) 22,410 Other 3,230 5,258 Total expenses 347,652 358,179 Income before income taxes 219,004 166,562       Provision for (recovery of) income taxes     Current 46,835 54,764 Deferred 13,901 (6,614)   60,736 48,150 Net income for the period 158,268 118,412 Net income attributable to non-controlling interests 2,057 792 Net income attributable to shareholders 156,211 117,620 Basic earnings per share attributable to shareholders $0.82 $0.58 Diluted earnings per share attributable to shareholders $0.81 $0.57       Other comprehensive income (loss), net of tax     Exchange differences on translation of foreign operations 17,662 (10,475) Total other comprehensive income (loss), net of tax 17,662 (10,475) Comprehensive income for the period 175,930 107,937 Comprehensive income attributable to non-controlling interests 2,996 792 Comprehensive income attributable to shareholders 172,934 107,145 CONSOLIDATED BALANCE SHEET       As at As at   June 30, 2022 December 31, 2021 [in thousands of Canadian dollars] $ $ ASSETS     Current     Cash and cash equivalents 154,844 230,779 Client and trust funds on deposit 1,462,148 1,199,904 Investments 37,981 131,772 Accounts receivable and prepaid expenses 247,057 272,962 Income taxes receivable 12,556 3,607 Total current assets 1,914,586 1,839,024 Capital assets, net 54,687 52,596 Right-of-use assets 140,266 142,606 Intangibles 6,471,980 6,185,237 Deferred income taxes 45,887 56,901 Other assets 439,440 383,187 Total assets 9,066,846 8,659,551 LIABILITIES AND EQUITY     Current     Accounts payable and accrued liabilities 283,796 369,081 Current portion of provisions and other financial liabilities 321,062 572,432 Redeemable non-controlling interests 598,130 — Dividends payable 68,054 71,072 Client and trust funds payable 1,467,614 1,202,079 Income taxes payable 12,841 19,035 Current portion of long-term debt 314,573 444,486 Current portion of lease liabilities 20,390 20,216 Total current liabilities 3,086,460 2,698,401 Long-term debt 3,373,540 3,331,552 Provisions and other financial liabilities 248,414 379,641 Deferred income taxes 484,511 480,777 Lease liabilities 150,921 153,540 Total liabilities 7,343,846 7,043,911 Equity     Share capital 1,742,376 1,810,153 Contributed surplus 35,374 28,368 Deficit (72,182) (226,715) Accumulated other comprehensive loss (12,629) (23,289) Total equity attributable to the shareholders of the Company 1,692,939 1,588,517 Non-controlling interests 30,061 27,123 Total equity 1,723,000 1,615,640 Total liabilities and equity 9,066,846 8,659,551 STATEMENT OF CASH FLOWS     For the three-month period ended June 30       2022 2021 [in thousands of Canadian dollars] $ $ OPERATING ACTIVITIES (*)     Net income for the period 158,268 118,412 Add (deduct) items not involving cash     Other (gains) losses 1,069 (5,307) Change in fair value of contingent consideration (74,977) 22,410 Contingent consideration recorded as compensation 670 939 Recognition of vesting of redeemable non-controlling interests (3,420) — Equity-based compensation 6,325 6,660 Amortization and depreciation 39,345 21,371 Deferred income taxes 13,901 (6,614) Loss on repurchases of long-term debt — 212 Cash provided by operating activities before net change in operating assets and liabilities 141,181 158,083 Net change in operating assets and liabilities 22,929 (27,989) Cash provided by operating activities 164,110 130,094       INVESTING ACTIVITIES     Purchase of investments (78) (1,384) Proceeds on sale of investments 71 6,194 Additions to capital assets (5,553) (1,255) Decrease (increase) in other assets 13,287 (41,780) Additions to intangibles (2,713) (2,113) Cash paid to settle acquisition liabilities (38,626) (45,468) Acquisitions, net of cash acquired (155,828) (371,958) Cash used in investing activities (189,440) (457,764)       FINANCING ACTIVITIES     Repayment of long-term debt — (16,514) Issuance of long-term debt 85,000 1,075,460 Repurchase of long-term debt — (4,779) Repurchase of share capital (59,248) (132,043) Payment of lease liabilities (5,110) (4,203) Issuance of redeemable non-controlling interest 9,577 — Net distributions to non-controlling interest (1,348) (580) Dividends paid to shareholders (34,748) (36,728) Cash provided by (used in) financing activities (5,877) 880,613 Net increase (decrease) in cash and cash equivalents during the period (31,207) 552,943 Cash and cash equivalents, beginning of period 186,051 248,394 Cash and cash equivalents, end of period 154,844 801,337 (*) Included in operating activities are the following:     Interest paid 55,574 30,281 Income taxes paid 54,951 46,401 ASSETS UNDER MANAGEMENT AND NET FLOWS [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Beginning AUM 136.3 144.2 139.4 138.2 132.6 Gross inflows 4.8 4.9 5.2 5.1 6.1 Gross outflows 8.7 6.6 5.5 4.5 6.1 Net inflows/(outflows) (3.9) (1.6) (0.3) 0.6 (0.1) Acquisitions — — — — 0.2 Market move and FX (16.3) (6.3) 5.2 0.6 5.5 Ending AUM 116.1 136.3 144.2 139.4 138.2 Proprietary AUM 30.8 34.5 36.2 34.7 34.5 Non-proprietary AUM 85.3 101.8 108.0 104.7 103.7 Average assets under management 125.4 138.2 143.0 141.1 135.9 Annualized organic growth (11.4) % (4.6) % (0.9) % 1.6 % (0.2) %             Gross management fee/average AUM 1.31 % 1.30 % 1.30 % 1.31 % 1.31 % Net management fee/average AUM 0.89 % 0.88 % 0.88 % 0.88 % 0.88 %             Net Inflows           Retail (0.4) (0.9) 0.1 0.7 0.5 Institutional (3.2) (0.3) (0.3) (0.1) (0.4) Closed business (0.2) (0.2) (0.2) (0.1) (0.2) Total Canada net inflows (3.7) (1.3) (0.4) 0.4 — Australia (0.1) (0.3) 0.1 0.2 — Total net inflows/(outflows) (3.9) (1.6) (0.3) 0.6 (0.1) RETAIL (ex Closed Business) [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Beginning AUM 108.4 114.6 110.4 109.1 103.9 Net Flows (0.4) (0.9) 0.1 0.7 0.5 Market Move / FX (12.9) (5.3) 4.1 0.6 4.5 Acquisitions ___ ___ ___ 0.2 ___ Ending AUM 95.1 108.4 114.6 110.4 109.1 Average AUM 101.4 109.6 113.8 111.8 106.8 INSTITUTIONAL [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Beginning AUM 12.7 13.3 13.0 13.0 12.7 Net Flows (3.2) (0.3) 0.3 (0.1) (0.4) Market Move / FX (1.1) (0.3) 0.6 0.1 0.7 Acquisitions ___ ___ ___ ___ ___ Ending AUM 8.4 12.7 13.3 13.0 13.0 Average AUM 10.2 12.9 13.2 13.3 13.0 AUSTRALIA [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Beginning AUM 6.6 7.3 7.0 6.9 7.1 Net Flows (0.1) (0.3) 0.1 0.1 (0.0) Market Move / FX (1.4) (0.4) 0.2 0.0 (0.2) Acquisitions ___ ___ ___ ___ ___ Ending AUM 5.1 6.6 7.3 7.0 6.9 Average AUM 5.8 7.0 7.1 7.0 7.1 CLOSED BUSINESS [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Beginning AUM 8.6 9.1 9.0 9.1 8.9 Net Flows (0.2) (0.2) (0.2) (0.2) (0.2) Market Move / FX (0.9) (0.3) 0.3 (0.0) 0.4 Acquisitions ___ ___ ___ ___ ___ Ending AUM 7.5 8.6 9.1 8.9 9.1 Average AUM 8.0 8.7 9.0 9.0 9.0 AUM BY ASSET CLASS [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Balanced 50.9 59.4 62.1 60.3 60.3 Equity 41.4 49.3 52.3 50.1 49.8 Fixed income 11.7 13.1 14.2 14.1 13.9 Alternatives 3.6 4.9 5.7 5.0 4.3 Cash/Other 3.4 3.0 2.7 2.8 2.9 Total Canada asset management 111.0 129.7 137.0 132.4 131.3 Australia 5.1 6.6 7.3 7.0 6.9 Total asset management segment 116.1 136.3 144.2 139.4 138.2 CANADA WEALTH MANAGEMENT CLIENT ASSETS [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Beginning client assets 79.0 80.6 76.9 75.5 71.1 Acquisitions 2.4 — — — — Net flows and market move (7.2) (1.7) 3.8 1.3 4.5 Ending client assets 74.1 79.0 80.6 76.9 75.5 Average client assets 77.7 79.0 78.9 77.0 73.1 Wealth management fees/average client assets 0.91 % 0.95 % 0.93 % 0.94 % 0.91 % U.S. WEALTH MANAGEMENT CLIENT ASSETS [billions of dollars] Quarters ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Beginning billable client assets 141.2 146.4 96.1 82.9 30.7 Acquisitions 7.1 1.1 49.3 10.1 49.5 Net flows and market move (9.5) (6.3) 1.0 3.1 2.7 Ending billable client assets 138.8 141.2 146.4 96.1 82.9 Unbillable client assets 4.8 4.6 4.9 0.9 0.8 Total client assets 143.5 145.8 151.3 97.0 83.8 Fees/beginning billable client assets 1 0.48 % 0.46 % 0.50 % 0.52 % 0.71 % 2Q/21 adjusted for the timing of Segall Bryant & Hamill acquisition.    

NON-IFRS MEASURES

In an effort to provide additional information regarding our results as determined by IFRS, we also disclose certain non-IFRS information which we believe provides useful and meaningful information. Our management reviews these non-IFRS financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-IFRS measurements so as to share this perspective of management. Contacts

Investor Relations Jason Weyeneth, CFA Vice-President, Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com

Media Canada Murray Oxby Vice-President, Communications 416-681-3254 moxby@ci.com

United States Jimmy Moock Managing Partner, StreetCred 610-304-4570 jimmy@streetcredpr.com ci@streetcredpr.com Read full story here

Arbor Ventures Establishes Strategic Partnership With Tokio Marine to Accelerate Innovation in the Insurance Industry





SINGAPORE--(BUSINESS WIRE)--Tokio Marine Asia Pte. Ltd. ("Tokio Marine") today announced a strategic partnership with Arbor Ventures ("Arbor"), a leading global Fintech / InsurTech-focused venture capital firm, headquartered in Singapore. This partnership, established through its Innovation Lab in Singapore, marks Tokio Marine's commitment to accelerating the digital transformation of the global insurance industry.

The Tokyo-headquartered insurance group has been promoting transformational digital initiatives on a global basis, leveraging on collaborations with startups and service providers with key strategic capabilities.

To accelerate the identification and development of new business models, Tokio Marine Holdings, Inc. ("Tokio Marine Holdings") has announced earlier in April 2022 on the launch of its corporate venture capital ("CVC") fund partnering with World Innovation Lab, Tokio Marine Future Fund, to invest in early-stage startups.

Tokio Marine will identify and invest directly in high-growth potential startups through the CVC Fund in addition to partnering with Arbor and other leading VCs for unique insights and access to promising startups leading the digital transformation in Insurance. Arbor's addition to Tokio Marine's group of collaborative VCs significantly heightens its future opportunities.

Arbor is a global FinTech/InsurTech-focused VC with offices in Singapore, USA, Japan as well as a presence in EMENA. Arbor's global connectivity and portfolio as well as its engagement in local markets will further enable Tokio Marine group's innovation labs, spread across seven cities, including Singapore, to collaborate broadly with synergy beyond borders.

Masashi Namatame, Group Chief Digital Officer at Tokio Marine Holdings, said: "Arbor's target to create the future of FinTech resonates with Tokio Marine's digital strategy. With Arbor's network and astute scouting of startups with strong potential in the FinTech space, it will greatly complement Tokio Marine's collaborative efforts to serve innovative products and services in insurance industry and beyond."

Melissa Guzy, Managing Partner of Arbor Ventures, similarly commented: "Tokio Marine is a world-renowned leader that Arbor is proud to add as a strategic partner in building the future of FinTech / InsurTech. Arbor looks forward to building the next generation of transformational InsurTech startups together."

About Tokio Marine Group

Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions in 46 countries and regions worldwide.

About Arbor Ventures

Founded in 2013, Arbor Ventures is a global investment firm focused on companies that leverage advanced technologies such as artificial intelligence, cloud computing, composable service offerings and blockchain applications to facilitate, broaden or fundamentally change the way financial services are served, consumed, and managed. Arbor uses its global vantage point, extensive network and deep sector knowledge to identify key trends and partner closely with leading entrepreneurs to build transformational companies. Notable investments include Paidy, True Accord, Forter, Nomi Health, Tabby, Fundbox and HiBob.

For more information, click here . Contacts

Stephanie Zepeda, stephanie@arborventures.com Loh Mei Yan, Senior Manager (Digital Strategy, Brand & Communications), Email: my.loh@tokiomarineasia.com

Coinfirm is Setting the Crypto AML Compliance Standard





LONDON--(BUSINESS WIRE)--RegTech heavyweight Coinfirm – in its award-winning AML Platform – has introduced support for cross-blockchain risk analysis, in addition to rolling out Entity Due Diligence (Entity DD).

Cross-blockchain analysis gives crypto compliance monitoring teams unprecedented levels of insight in contexts where a crypto address was involved in a transaction crossing between different blockchains. Entity DD, on the other hand, provides detailed information about entities operating in the blockchain ecosystem.

Cross-blockchain analysis takes into account incoming and outgoing transactions on the monitored bridges, asset types, block heights, timestamps and other on-chain data. The analysis type is incorporated into the AML Platform’s Proximity Path algorithms, allowing for the scrutiny of cross-blockchain flows – no matter how many times inter-blockchain bridges have been crossed.

Entity DD allows for easy and fast checking of the risks associated with a specific entity. Coinfirm is perpetually enriching useful databases for compliance by screening virtual asset service providers (VASPs), such as searching for negative news and reviewing the know your customer (KYC) processes of the said VASPs, to help our ecosystem understand the exact risks associated with doing business with a given organisation.

Coinfirm created Entity DD for compliance officers, investors, regulators, and those needing to understand the risks related to a given VASP. Information provided by Entity DD on Coinfirm’s AML Platform includes, among others: overall risk, business activity nature, licensing and authorisation information, countries of identified activity, AML and KYC information, known negative news and services or products offered by the entity in question.

“Leveraging our asset and chain coverage, combined with cross-chain analyses and detailed insights in VASPs and other crypto entities, empowers compliance officers with actionable intelligence to create a safer blockchain economy.” – Dr. Mircea Mihaescu, Coinfirm CEO

Coinfirm has also extended support to over 920,000 tokens and 45 blockchains, making the firm the undisputed industry leader in terms of coverage for AML/CFT compliance.

About Coinfirm

Coinfirm is the world leader in blockchain analytics and RegTech solutions, creating a safer blockchain economy – by protecting entities from being tainted with funds originating from illicit activities like ransomware hacks, human trafficking and terrorist financing – through risk scoring entities, addresses and transactions.

The company, using 350+ proprietary risk algorithms while monitoring 25k+ blockchain entities, provides seamless, scalable tools to comply with stringent regulatory requirements for both CeFi and DeFi.

Founded in 2016, Coinfirm is headquartered in the UK, with the company retaining offices in Poland, Canada, France and Japan. Over 300 entities have trusted the company to provide RegTech solutions.

For more information visit: www.coinfirm.com Contacts

Rafal Janik rafal.janik@coinfirm.com +48 668 031 914

Are High APRs in Crypto Markets a Scam? Unifi Protocol CEO Writes a Scathing Report on the State of DeFi





LAS VEGAS--(BUSINESS WIRE)-- $UNFI #APR --Juliun Brabon, CEO of Unifi Protocol , has published a critical article on the current state of the crypto industry, with the title “APR is Dead.”

[What follows are excerpts from that article.]

Not only does no one want APR, APY or Yield, those terms only serve to ostracize the greater blockchain community. Public sentiment surrounding the blockchain sector's inability to use the term APR has all but ruined market appetite for it.

Year to date we have seen the complete collapse of user confidence in the DeFi space. Users are utterly disinterested in a dead fad that resulted in one of the greatest losses by a single industry. The ultimate dissolution of several unsustainable multi-billion dollar companies was the inevitable result of the mass hysteria around these terms.

Looking further, the DeFi market as a whole is decimated. What remains only further demonstrates the complete public disinterest in APR. According to Defi Llama , less than 9% of the entire crypto market is participating in DeFi today. Considering the loose definition for “participation,” as well as the duplication of tokens and derivatives, it is likely far less.

What remains of the DeFi market is sequestered in “non-DeFi” products. This refers to an overwhelming majority of funds tied up in derivatives such as stablecoins, BTC, and ETH at absolutely paltry yields.

The crypto world does not want APR.

They simply don't want to lose money.

The market needs to evolve, and one does not have to look far to see what’s coming. Sustainable, low risk, low yield crypto strategies.

We at Unifi Protocol are working to create opportunities to get ahead of the market. You can and should be your own bank, but why not consider opening a savings account too? Diversify a portion of your crypto portfolio into a sustainable asset that doesn’t subject you to hidden risk. One you can feel comfortable holding long-term with minimal management.

About Unifi Protocol DAO

Unifi Protocol has been building the foundation for a truly sustainable blockchain economy since 2018. We continue to bring groundbreaking blockchain applications to market with a vision for a decentralized future.

Website | Twitter | YouTube | Governance | Blog   Contacts

Media Contact: Steve Green - Operations steve@unifiprotocol.com

BitPay Launches Cash Back Rewards for BitPay Cardholders Through a Partnership with Cardlytics



Automatic Cash Back at Thousands of Places in Person and Online

ATLANTA--(BUSINESS WIRE)-- BitPay , the world’s largest provider of Bitcoin and cryptocurrency payment services, today added a reward program to its BitPay Prepaid Card. Cardlytics (NASDAQ: CDLX), a cash-back rewards platform, is managing the rewards where the BitPay cardholder automatically receives up to 15 percent cash back on purchases every time they use their card at participating retailers.

“Cryptocurrencies are becoming increasingly popular and widely used as many like the option to live life on crypto. Adding a reward program through Cardlytics offers crypto enthusiasts another incentive to get and use the BitPay Card,” said Stephen Pair, CEO of BitPay. “It’s easy, just load the BitPay Card with crypto, spend with dollars, get cash back and see rewards in the BitPay app.”

Cardlytics works at thousands of retailers across shopping, dining, entertainment and travel with the largest offer catalog of national and local retail brands for in-store and online. When searching for deals in the BitPay App, BitPay cardholders can see specific deals available where they shop at brands such as adidas, Costco, Office Depot and Finish Line. The rewards program positively impacts people's lives by moving billions of dollars to millions of people.

“Working with BitPay, we offer their crypto cardholders a customized shopping experience where they can earn cash back making the BitPay Card easy to use anytime they shop,” said Farrell Hudzik, EVP Financial Institutions, Cardlytics. “We have thousands of brands on our platform and are always looking at where consumers shop to add new merchants to benefit new and existing cardholders.”

The crypto market is huge and a recent study with PYMNTS found the estimated value of purchases consumers will make using cryptocurrency in the next 12 months at $55 Billion and 93% of owners of cryptocurrency would make purchases with it in the future. BitPay currently supports ApeCoin (APE), Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) and XRP (XRP), and five USD-pegged stable coins (BUSD, DAI, GUSD, USDC and USDP) and one Euro-backed stable coin EUROC.

The BitPay Card enables customers to instantly convert cryptocurrency into dollars, which is then loaded onto the card and can be spent anywhere Mastercard is accepted around the world. Customers can also use the cards online for purchases and to withdraw cash from ATMs. A virtual card can be used with Apple Pay and Google Pay on mobile devices.

BitPay cardholders are automatically enrolled to earn cash back. No additional enrollment or sign up is required. The roll out will occur over the next week, so the rewards may not be immediately available until the app updates. Cardholders who refer new customers receive $10 on the BitPay Card. The BitPay Card requires the BitPay Wallet app where cardholders can reload the card, view transaction history and manage card settings. Cardholders can also load the BitPay Card from their Coinbase account. The BitPay app can be downloaded from the App Store (iOS) or Google Play Store (Android), Windows 10 and Linux.

About BitPay

Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.

About Cardlytics

Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their rewards programs that promote customer loyalty and deepen relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, Los Angeles, San Francisco, Austin, Detroit, and Visakhapatnam. Learn more at www.cardlytics.com .

BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.

Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

MCB does not house cryptocurrency and does not provide FDIC insurance for cryptocurrency funds.

Cryptocurrency must be converted to USD before being spent on the card. Contacts

Jan Jahosky BitPay jan@bitpay.com 404.448.1035

Jack Coster Teneo for Cardlytics jack.coster@teneo.com

Schwab Q3 Trader Sentiment Survey: Most Traders See a Recession Beginning This Year



Inflation continues to drive bearish sentiment although trader confidence remains high

WESTLAKE, Texas--(BUSINESS WIRE)--The latest Charles Schwab Trader Sentiment Survey reveals that nine in 10 traders see a U.S. economic recession as somewhat to highly likely and 74% anticipate it will begin this year. The potential of a recession is now the primary concern for 18% of traders, up 6% from the previous quarter. However, a strong majority (69%) expect that a recession would last a year or less and only one in five are moving money out of the stock market to hedge against a continued down market or recession. Many traders also plan to add money to their portfolios at the same rate as last quarter (40%) and most say they are taking the same or slightly less risk in Q3 (59%).

The Charles Schwab Trader Sentiment Survey is a quarterly study that explores the outlook, expectations, and perspectives of traders at Charles Schwab and TD Ameritrade. It found: Traders’ primary Q3 concerns Likelihood of a recession Expected length of a recession Hedging against down market/recession by: Inflation 21% Highly likely 43% Less than 3 months 5% Moving assets out of stock market 20% Potential recession 18% Likely 28% 3 – 6 months 24% Gold 12% The DC political landscape 15% Somewhat likely 19% 6 – 12 months 39% Bonds 10% Geopolitical issues 9% Somewhat unlikely 4% 1 – 3 years 28% Crypto 6% Unlikely 1% 3+ years 3% Not Hedging Against Recession 42% Highly unlikely 1% Shifting Allocations or Other Actions 34% Don’t know 4%

“Recession fears surpassed domestic and geopolitical worries in the third quarter amid ongoing concerns about inflation,” said Barry Metzger, Head of Trading and Education at Charles Schwab. “Already though, we saw a strong finish for the markets in July. There is some optimism in traders’ outlook when it comes to the duration of a potential economic downturn, which most expect to be short-lived. And many traders are not taking specific action to hedge against a recession as they feel confident in their decision-making.”

Inflation continues to drive bearish sentiment

Traders have a more bearish outlook for the current quarter (59% are bearish vs 53% in Q2) with young traders experiencing the most significant dip in optimism. Only 28% of young investors report a bullish outlook for the US stock market, down 11% from the previous quarter.

Inflation remains the top concern around money and investing for traders (21%), but most think it will ease by the end of 2023 (79%). Likewise, most traders think the Fed will slow the pace of interest rate increases as we move through the remainder of the year. Expected interest rate change at Fed meeting   Expected timing for inflation to ease Increase more than .50 points Sept: 18% Nov: 7% Dec: 6%   3Q 2022 13% Increase .50 points Sept: 43% Nov: 30% Dec: 18%   4Q 2022 16% Increase .25 points Sept: 30% Nov: 43% Dec: 39%   1Q 2023 18% No change Sept: 9% Nov: 20% Dec: 37%   2Q 2023 15%       3Q 2023 10%       4Q 2023 7%       2024+ 21%

Overall, traders are confident in their ability to weather the storm. Of the traders who think the market is due for a significant correction, most (69%) are confident that they have a plan to withstand it. Half think it’s a good time to invest and 64% of traders overall are confident in their decision-making.

“This is the first time some young traders are riding out a more prolonged bear market, so it’s no surprise their optimism took a hit,” Metzger continued. “The good news is that across generations, traders are confident in their ability to navigate challenging markets, which speaks to their mindset, but also the level of access they have to exceptional tools, resources and education to help them develop trading strategies and make decisions.”

Sectors and Asset Classes

Traders are broadly optimistic about Healthcare, Energy and Utilities, and though at a sector level many are bearish on Finance, a strong cohort believe Tech (39%) and Finance (27%) can be bought at a discount right now. Bullish over the next three months   Bullish and currently at a discount     Bearish over the next three months Health Care 54%   Tech 39%   Real Estate 65% Energy 52%   Finance 27%   Consumer Discretionary 58% Utilities 48%   Healthcare 25%   Finance 44% Consumer Staples 40%   Energy 25%   Industrials 43%

Half of traders are bullish on value stocks, and about half are bearish on growth stocks (52%), international stocks (53%) and equities in general (52%). Traders are also notably bearish on meme stocks (63%) and cryptocurrencies (63%). Few traders plan to buy cryptocurrency and for those who do, most are not first-time crypto investors. Buying the crypto dip Own it and buying more 13% Buying for first time 2% Own it but not investing in more 20% Do not own it and have no plans to 66%

About the Charles Schwab Trader Sentiment Survey

The Charles Schwab Trader Sentiment Survey is a quarterly study exploring the outlooks, expectations, trading patterns and points of view of active traders at Charles Schwab and TD Ameritrade — defined as those making more than 80 equity trades, more than 12 options trades, or those who make futures or forex trades over the course of the year. The study included 968 Active Trader clients at Charles Schwab and TD Ameritrade between the ages of 18-75 and was fielded from July 6-18, 2022.

About Charles Schwab

At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

More information is available at aboutschwab.com . Follow us on Twitter , Facebook , YouTube , and LinkedIn .

Disclosures

Investing involves risk including loss of principal.

0822-29BR Contacts

Margaret Farrell Charles Schwab (203) 434-2240 Margaret.farrell@schwab.com

Balance introduces Balance Compliance for Canadian MSBs dealing in virtual currency





TORONTO--(BUSINESS WIRE)-- #bitcoin --Balance, Canada’s largest digital asset custodian, today unveiled Balance Compliance, a turnkey solution which streamlines regulatory compliance for FINTRAC reporting entities dealing in virtual currency such as money services businesses (MSBs).

Balance Compliance is the result of over 18 months of work and enables Balance Custody clients which are FINTRAC reporting entities to perform the following on the platform: designate default originators (i.e., conductors) and beneficiaries on digital wallets as well as external accounts to streamline compliance workflows; submit instructing third party information on large deposits and automatically submit Large Virtual Currency Transaction Reports (LVCTRs); comply with sanctions policies through our integration with Chainalysis, a leading blockchain data platform; comply with Travel Rule requirements through our integration with Travel Rule Universal Solution Technology (TRUST), a leading industry solution; export Large Virtual Currency Transaction (LVCT) records and records of virtual currency transfers equivalent to $1,000 or more in a standardized format.

“The regulatory burden for Canadian companies entering the space in 2022 is non-trivial. Depending on the business model, you might be looking at $100k+ in costs for just developing the LVCTR reporting system alone. For early stage startups these costs tend to be prohibitive, creating a barrier to entry and slowing down innovation. We’re happy to provide a solution where submitting LVCTRs is as easy as delegating Balance as your service provider in FINTRAC Web Reporting. ” - Nuno Silva, Chief Product Officer

“ Given FINTRAC’s recent retraction of its position with respect to merchant servicing and payment processing, certain virtual currency payment providers and crowdfunding platforms now need to register as MSBs. For a large majority of them, this new compliance overhead translates into negative unit economics. That doesn’t have to be the case. At scale, these costs blend in for us. Come leverage our platform for compliance peace of mind and focus on the core and spirit of your business instead.” - George Bordianu, Chief Executive Officer

Balance successfully serves crypto exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, and corporate entities and foundations. To find out more, visit www.balance.ca .

Press release issued on July 20, 2022

Further to the press release issued on July 20, 2022, Balance wishes to clarify that Balance itself is not a “qualified custodian” as such term is defined pursuant to applicable securities laws and that crypto trading platforms that are licensed with securities authorities in Canada are expected to use qualified custodians, absent any discretionary relief that may be granted by these regulatory authorities.

Disclaimer

PARADISO VENTURES INC. O/A Balance is a private company incorporated under the laws of the Canada Business Corporations Act, R.S.C., 1985, c. C-44, with the registered office address at 325 Front St W, 4th floor (Attn: Balance), M5V 2Y1, Toronto, Ontario, Canada which sells digital goods and services. This is not an offer or solicitation of any investment contract or financial security and should not be misconstrued as such. Digital assets and the blockchain are early technologies and as such have an associated high degree of risk. Balance cannot and does not offer financial or investing advice. For informational purposes only. Contacts

Dustin Plett dustin@balance.ca +1 (833) 225-7030

Coinbase Releases Second Quarter 2022 Shareholder Letter





Remote-First-Company/BROOKLYN, N.Y.--(BUSINESS WIRE)--Coinbase Global, Inc. (the “Company” or “Coinbase”) announced today the release of its second quarter 2022 shareholder letter. The letter, including the Company’s financial results, can be found on its Investor Relations website at investor.coinbase.com .

The Company will hold a question and answer session to discuss its second quarter 2022 financial results on Tuesday, August 9, 2022 at 2:30 p.m. PT.

To register for the webcast, please use this link . A live webcast of the call will be available on the Investor Relations website at investor.coinbase.com . Following the call, a replay of the call, as well as a transcript, will be available on the same website.

Disclosure Information

Coinbase uses the investor.coinbase.com and blog.coinbase.com websites, as well as press releases, public conference calls, public webcasts, our Twitter feed (@coinbase), our Facebook page, our LinkedIn page, our YouTube channel, and Brian Armstrong’s Twitter feed (@brian_armstrong) as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

About Coinbase

Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy. Contacts

Press: press@coinbase.com

Investor Relations: investor@coinbase.com

SoFi Launches First-of-its-Kind Web 3 ETF and a Smart Energy ETF to Empower People to Invest in the Future



SoFi’s new ETFs join a robust lineup of funds designed to make investing more accessible to everyone

SAN FRANCISCO--(BUSINESS WIRE)--SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced that SoFi Invest 1 is launching two new ETFs, SoFi Web 3 2 (NASDAQ: TWEB) and SoFi Smart Energy (NYSE: ENRG), designed to make it easier than ever for people to invest in two of the world’s fastest-growing industries and put their dollars into the causes and technology they are most excited about.

"Our selection of SoFi-branded ETFs enables us to offer accessible, affordable and diversified investments designed with our members in mind, which has proved especially important for the influx of new investors we’ve welcomed recently,” said Anthony Noto, CEO of SoFi. “SoFi has a unique perspective on how the next generation spends, saves, and invests their money given our breadth of products. With this next phase of ETF launches, we’re focusing on funds that help people get their money right while also allowing them to invest in what they are most passionate about right now. We know many of our members look at Web 3 and clean energy as important parts of the future, and we are thrilled to be providing low-cost investment vehicles designed to meet those interests.”

Additionally, SoFi is officially rebranding the existing SoFi Gig Economy (NASDAQ: GIGE) ETF as the SoFi Be Your Own Boss (NASDAQ: BYOB) ETF. This change will better reflect the fund’s goal of investing in companies that embody the future of work, and have transformed the way people access goods, services, and work over recent years. The BYOB ETF is actively managed, with some of its top current holdings including Airbnb (2.25%), Shopify (2.89%) and Roblox (3.44%), in each case as of August 9, 2022. Holdings are subject to change, and current BYOB holdings can be found at https://www.sofi.com/invest/etfs/byob .

Each of the funds described in this release are available through SoFi Invest, as well as all other brokerage platforms. The new SoFi Web 3 and SoFi Smart Energy funds will be available for 59 basis points for all investors.

The SoFi Web 3 ETF (TWEB)

The SoFi Web 3 ETF provides investors with access to the companies powering the next tech revolution and driving a decentralized approach to the internet, such as the metaverse and artificial intelligence. TWEB tracks the SoFi Solactive ARTIS® Web 3.0 Index, providing diversification by investing in 40 securities across four themes - NFTs & Tokenization, Blockchain Technology, Metaverse, Big Data & AI - solving the key problems with the internet today.

The SoFi Smart Energy ETF (ENRG)

In 2021, a survey of SoFi Invest members showed 73% of members reported they wanted a clean tech ETF. SoFi is meeting that strong interest with the SoFi Smart Energy ETF (ENRG), partnering with iClima to provide investors greater access to clean energy investing.

ENRG is joining the SoFi ETF family (known previously as iClima Distributed Smart Energy ETF , Ticker: SHFT), and the fund tracks the iClima Distributed Renewable Energy Index. The index identifies companies rapidly modernizing energy solutions by replacing centralized fossil fuel-based grids with technologies that enable electricity generation and storage using renewable energy sources in a local, decentralized, and modular way.

Web 3 & Clean Energy Education

As part of the launch of the SoFi Web 3.0 and SoFi Smart Energy funds, SoFi is also launching two new educational hubs: the Sustainable Investing Guide for Beginners and Web 3 Guide for Beginners. Many investors don’t know where to start when investing in sectors or themes they are passionate about. These new educational hubs will simplify complex topics to help investors of every experience level better understand these industries.

With the influx of new retail traders and new industries that have grown quickly in recent years, SoFi is committed to providing vital educational resources and easy access to Certified Financial Planners to ensure all members make the right decisions to help them achieve their financial goals.

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over four million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

About Tidal

Formed by ETF industry pioneers and thought leaders, Tidal sets out to disrupt the way ETFs have historically been developed, launched, marketed and sold. With a transparent, partnership approach, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. As advocates for ETF innovation, Tidal helps RIAs, institutions and investment firms launch, manage and grow innovative ETFs that clients demand. For more information, visit tidaletfservices.com .

Cautionary Statement Forward-Looking Statements

This Press Release contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; and the impact on our business of the regulatory environment and increased complexities with compliance that accompany regulation as a bank holding company. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press Release, words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting us will be those that we have anticipated. Among those risks and uncertainties are our ability to achieve the value creation contemplated by the SoFi Invest product, including our ability to enhance our existing financial products and offer more competitive rates for our members, the impact of additional regulation as a result of becoming a bank holding company, changes in government regulations, market conditions, including market interest rates, the trading price and volatility of our common stock and risks relating to our business, including those described in periodic reports that we file from time to time with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

SOFI-F

Disclosures

1) SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-Registered Investment Adviser (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC. 2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA( www.finra.org )/SIPC( www.sipc.org ), (“Sofi Securities). Clearing and custody of all securities are provided by APEX Clearing Corporation. 3) SoFi Crypto is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of SoFi Digital Assets, LLC, please visit www.sofi.com/legal .

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.

2) Web 3.0 is the next iteration of the web and is expected to be built upon the core concepts of decentralization, openness, and greater user utility. Web 3.0 is likely to be built, in part, with tokenization capabilities, such as non-fungible tokens (“NFTs”), and blockchain technologies, each as described more below. It is anticipated that technologies like blockchains will be used to build Web 3.0’s fundamental building blocks. Additionally, it is anticipated that big data analysis and artificial intelligence approaches will play key roles in the development and support of Web 3.0.

Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less than their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.

IMPORTANT INFORMATION

Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by going to https://www.sofi.com/invest/etfs/ . Please read the prospectus carefully before you invest. There is no guarantee a Fund’s investment strategy will be successful and you can lose money on your investment in the fund. Shares may trade at a premium or discount to their NAV in the secondary market.

TWEB Risks: Big Data & AI Risks. Companies that develop or support the development of Big Data analytics systems and AI systems may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Blockchain Technology Risk. Blockchain technology is a relatively new and untested technology which operates as a distributed ledger. The risk associated with the blockchain technology may not emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Cybersecurity Risk. With increased use of technologies such as the internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Metaverse Risk. Metaverse companies provide internet navigation services and reference guide information and publish, provide or present proprietary advertising and/or third party content. In addition, they often derive a large portion of their revenues from advertising, and a reduction in spending by or loss of advertisers could seriously harm their business. Models and Data Risk. The composition of the index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). NFT & Tokenization Industry Risk. The NFT and tokenization industries are rapidly evolving and intensely competitive, and are subject to changing technologies, shifting user needs, and frequent introductions of new products and services. If the NFT marketplace fails to continue to grow, firms that support NFT marketplaces may lose money or go out of business. Foreign Securities Risk. Investments in securities or other instruments of non U.S. issuers involve certain risk not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of its investment merit.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Because the Fund is “non-diversified”, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

ENRG Risks. An investment in the Fund is subject to numerous risks including the possible loss of principal. There can be no assurance that the Fund will achieve its investment objective. Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate. As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate the Fund’s NAV per share (but the market price sometimes may be higher or lower than the NAV. The Fund is new with a limited operating history. There are a limited number of financial institutions authorized to buy and sell shares directly with the Fund, and there may be a limited number of other liquidity providers in the marketplace. There is no assurance that Fund shares will trade at any volume, or at all, on any stock exchange. Low trading activity may result in shares trading at a material discount to NAV. Please see the prospectus and summary prospectus for a complete description of principal risks. Models and Data Risk : The composition of the Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). Non Diversification Risk : Because the Fund is “non diversified”, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Investments in securities or other instruments of foreign securities involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Distributed Energy Companies typically face intense competition, short product lifecycles and potentially rapid product obsolescence. These companies may be significantly affected by fluctuations in energy prices and in the supply and demand of renewable energy, tax incentives, subsidies and other governmental regulations and policies.

SoFi ETFs are distributed by Foreside Fund Services. Contacts

Media Melanie Garvey mgarvey@sofi.org

Investors SoFi Investor Relations IR@sofi.com

Interactive Brokers Expands Cryptocurrency Trading



New Features Include 24/7 Trading and Additional Coins

GREENWICH, Conn.--(BUSINESS WIRE)-- Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today introduced the ability for customers to access 24/7 crypto trading through an enhanced web application available from Paxos Trust Company. Clients who elect to manage the funding of their crypto account themselves can pre-fund their crypto accounts at Paxos during regular US banking hours and then trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), plus additional coins around the clock.

“This gives our clients a simple and low-cost way to access crypto markets at any time,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. “With the added ability to pre-fund accounts, our clients have greater flexibility to react to market events and manage their cryptocurrency exposure.”

The new features let clients: Trade crypto 24/7 in their Paxos account Trade additional cryptocurrencies offered by Paxos, including BTC, ETH, LTC, BCH, plus several others Hold both USD and crypto in their Paxos account Access additional order types in their Paxos account

While other crypto exchanges and brokers charge trading fees as high as 2.00% of trade value or more, Interactive Brokers customers trading with Paxos pay low crypto commissions of just 0.12% - 0.18% of trade value, depending on monthly volume, with a USD 1.75 minimum per order. In addition, there are no added spreads, markups, or custody fees.

The new crypto features are available to US residents and clients of Interactive Brokers in over 100 countries with individual or joint accounts, as well as certain types of institutional accounts. In addition, clients of Interactive Brokers can trade crypto alongside stocks, options, futures, bonds, and funds on a single unified platform. Cryptocurrency trading is available through the company’s trading platforms, including Trader Workstation , Client Portal , IBKR Mobile , and IBKR GlobalTrader , IBKR’s simple new mobile app for global stock trading, as well as through the Paxos web application.

For more information, visit ibkr.com/crypto .

About Interactive Brokers Group, Inc.: Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities and foreign exchange around the clock on over 150 markets in numerous countries and currencies, from a single unified platform to clients worldwide. We service individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation has enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. For the fifth consecutive year, Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its March 25, 2022, Best Online Brokers Review. Contacts

Contacts for Interactive Brokers Group, Inc. Media: Katherine Ewert, media@ibkr.com

Kora, the Personal Finance App Just for College Students, Reaches 100,000 Active Users on Budgeting Tool



Kora Insights, their premier budgeting tool, is achieving record usage amidst rising tuition and nationwide inflation

CHICAGO--(BUSINESS WIRE)-- Kora , a financial technology company exclusively serving college students, announced they’ve reached 100,000 active users on their Kora Insights budgeting tool 1 . This milestone arrives as students throughout the U.S. grapple with the rising costs of college and associated living expenses.

“It’s uplifting to see so many members of Gen Z be proactive about their personal finance, and take the initiative to become more financially literate,” said Hao Liu, CEO of Kora. “Gen Z has realized that if they are going to experience the same or better lifestyle of their parents and grandparents, they have to start budgeting and planning now.”

Kora Insights 1 allows users to securely connect their banking accounts for a full scope of their assets, and also categorizes users’ transactions to make budgeting easier. This tool is one of four additional personal finance offerings including Cash 1 , Card 2 , and Drive 1 . The Kora Blog is an additional resource for students, and is updated weekly with fresh financial education and insights on a diverse range of college-related topics.

“Taking control of finances at a young age is crucial in establishing confidence when it comes to personal finances,” said Jose Duarte, co-founder and CMO of Kora. “Although digital assets like cryptocurrency are becoming popularized, the need for financial competency in traditional finance is much more pressing. The recent crypto crash has reminded young people that before you moonshot, you must first have a solid grounding in financial education.”

This 100,000 users feat comes on the heels of Kora’s recent launch of the Kora Rewards Program 1 , a partnership with Cardlytics , that allows users to get cash back rewards of up to 10% when they shop with the KoraCard 2 .

About Kora

Kora is a fast-growing financial institution dedicated to serving college students and helping them achieve a better financial future. In 2021, Kora was founded by a team that has been working for years to increase student access to financial products, financial literacy, and developing an app-first experience that will coach the next generation of college students to graduate with a healthy financial outlook. Learn more about Kora at www.koramoney.com or your preferred app store.

About MetaBank®

MetaBank®, N.A., a national bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH). MetaBank is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all®. MetaBank strives to increase financial availability, choice, and opportunity across its strategic service lines including Payments, Commercial Finance, and Consumer Solutions, which is comprised of tax services and consumer lending. These solutions are seamlessly integrated to provide the end-to-end support to the individuals and businesses who are powering the everyone economy. Additional information can be found by visiting www.metafinancialgroup.com .

1 This optional offer is not a Pathward product or service.

2 The Kora Visa® Prepaid Card is issued by Pathward, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Card may be used everywhere Visa debit cards are accepted. No ATM access. Contacts

Kora Carly Cao 3Points Carly@3PtsComm.com

Qualitest Acquires Hyderabad-based Quality Engineering Company ZenQ



The acquisition expands Qualitest’s NextGen capabilities while extending the company’s operations in India

LONDON--(BUSINESS WIRE)-- #Hyderabad --Qualitest ( https://qualitestgroup.com ), the world’s leading AI-powered quality engineering company, announces today the acquisition of ZenQ PvT Ltd. ( http://zenq.com/ ), an India-based software testing company. This acquisition not only extends Qualitest’s strong geographical footprint in India with ZenQ’s facilities in Hyderabad, but also adds to their NextGen capabilities in Phygital, Analytics, Blockchain, and DevOps. Through this acquisition, Qualitest will add ZenQ’s 600+ quality engineers to its ranks, along with an energetic and effective leadership team that will support Qualitest’s growth and deepen its expertise.

Founded in 2003, ZenQ is a leading provider of software testing services in various industries, including healthcare, BFSI, education, and retail. ZenQ’s clients will benefit from Qualitest’s technologically advanced quality engineering solutions, positioning the combined businesses as the preferred digital transformation partner with expansive global resources.

“Becoming a part of Qualitest means becoming a part of something bigger,” said Murali Bollu, CEO of ZenQ. “Qualitest and ZenQ share a common vision to provide the most advanced and customer-centric quality engineering capabilities available in the world. By joining forces, we will leverage our varied expertise to assure the quality of our clients’ deployments and their overall operational readiness.”

“The acquisition of ZenQ represents yet another milestone in our journey to become the world’s preferred Quality Engineering firm,” said Anbu Muppidathi, Qualitest CEO. “ZenQ has cultivated excellent relationships with its clients and nurtured a strong innovation culture. I look forward to us working as one team, serving our clients together, and being able to offer innovative solutions to accelerate digital transformation.”

About Qualitest

Founded in 1997, Qualitest offers a wide range of AI-powered quality engineering solutions, designed to mitigate the business risk associated with digital adoption. Qualitest achieves this by deploying engagement models tailored to the precise quality engineering needs of technology platforms in the financial services, telecom, healthcare, insurance, tech, retail, media, and utilities industries. It has operations in the US, UK, Germany, Romania, Israel, Argentina, Mexico, and Portugal, and serves over 400 blue-chip customers worldwide. Qualitest is majority-owned by international private equity group Bridgepoint, which acquired the company in October 2019 via its €5.7 billion flagship fund BE VI. Learn more at https://qualitestgroup.com/ .

About ZenQ

Founded in 2003, in Hyderabad India, ZenQ is a leading provider of software testing services to clients across the globe. ZenQ operates with 600+ engineers working across key Industry verticals including Banking, Healthcare and Retail alongside building significant capability in NextGen technologies such as Blockchain (Crypto), Phygital, Drones, Internet of Things (IoT) and Analytics. For more information visit http://zenq.com/ . Contacts

Qualitest Media Contact Lauren Perry SlicedBrand for Qualitest lauren@slicedbrand.com

MicroStrategy to Present at Canaccord Genuity Growth Conference





TYSONS CORNER, Va.--(BUSINESS WIRE)-- MicroStrategy® (Nasdaq: MSTR), the largest independent publicly-traded business intelligence company, today announced that it will present at the Canaccord Genuity 42nd Annual Growth Conference on Tuesday, August 9, 2022, at 1:45 p.m. Eastern Time.

Interested investors and other parties can access a live webcast of the presentation by visiting the “Events and Presentations” section on MicroStrategy’s investor relations website at https://www.microstrategy.com/en/investor-relations . An online replay will be available for a limited time on the same website following the presentation.

About MicroStrategy Incorporated

MicroStrategy (Nasdaq: MSTR) is the largest independent publicly-traded analytics and business intelligence company. The MicroStrategy analytics platform is consistently rated as the best in enterprise analytics and is used by many of the world’s most admired brands in the Fortune Global 500. We pursue two corporate strategies: (1) grow our enterprise analytics software business to promote our vision of Intelligence Everywhere and (2) acquire and hold bitcoin, which we view as a dependable store of value supported by a robust, public, open-source architecture untethered to sovereign monetary policy.

MicroStrategy is a registered trademark of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners. Contacts

MicroStrategy Incorporated Shirish Jajodia Investor Relations ir@microstrategy.com (703) 848-8600

Bakkt Study Finds Nearly 50% of Gig Workers Open to Getting Paid a Portion in Crypto



Fielded during June & July, Volatility Study Illustrates Continued Crypto Prominence

ALPHARETTA, Ga.--(BUSINESS WIRE)--Bakkt Holdings, Inc. (NYSE: BKKT) a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients, today released findings from its “Gig Workers & Crypto Study” examining various segments of gig workers and their openness to and understanding of cryptocurrency. While the study was fielded during peak crypto volatility between mid-June and early July, 38% said they were open to getting paid in crypto and openness rose to nearly 50% when asked if they were open to getting paid a portion in crypto.

“The increasing appeal and the existing usage of cryptocurrency among gig workers came through clearly in our study,” said Nicolas Cabrera, Chief Product Officer Payments at Bakkt. “While this group could benefit from increased understanding of how crypto can be used, rideshare drivers, food delivery drivers and other gig workers cite crypto as the next generation of currency and are drawn to the potential increase in the value of their pay.”

Crypto adoption is already well underway with this demographic of workers, and they appear to be crypto savvy, with 20% claiming they have already been paid in crypto. Within that group, freelance writers/designers/developers, grocery shoppers, social influencers and those who rent properties were most likely to say they have been previously paid in crypto. And when asked what percentage they would be interested in taking in crypto, gig workers selected 20-40% of income in crypto as the most prominent range (34% overall), including rideshare drivers (42%), handymen (40%), and market sellers (40%).

Key National Findings

Crypto Payout Within the gig economy workforce, there are differences among the type of worker who is open to getting paid a portion of income in crypto, with freelance writers/designers/developers and property renters with the highest openness rate (62%), followed by rideshare drivers (56%), and grocery shoppers (55%). 34% of workers would opt to receive 20-40% of their income in crypto, 31% of workers would opt for 20% or less of their income and another 21% would opt to receive 40-60% of their income in crypto.

Crypto-Appeal: Potential for increase in value of pay rated as the most compelling reason for getting paid in crypto (49%), followed by getting paid immediately instead of a waiting period (26%), it is non-tangible currency that can replace cash (13%), and its potential as a long-term investment plan for retirement (11%). A maximum differential statistical method was used to determine desired features in signing up for crypto payments and found the top drivers of signup to be: ability to cash out at any time, platform security, instantaneous delivery of crypto, and being ability to hold crypto as long as desired to build value. 33% rate their crypto knowledge as “above average” or “very high” compared to only 26% who were equally familiar with more traditional investment vehicles such as exchange-traded funds (ETFs).

Crypto Barriers Education remains a priority as 48% of gig workers still say they don’t know much about crypto. Other concerns include the need to be able to pay bills in USD (34%), it’s too risky/volatile (33%), and workers don’t want to risk their paycheck decreasing in value (33%).

Gig Worker Perceptions More than half of gig workers consider their income as necessary for fulfilling basic living needs for themselves and their families, as opposed to “nice to have” income. 70% of gig workers are working 2 or more gig jobs, and over 30% are working 3 or more. Almost 40% of gig workers say they see themselves continuing in the gig economy for the next 3 or more years. Gig worker satisfaction is high overall, but gig workers who own crypto are more satisfied with their primary gig job than gig workers who do not own crypto (78% vs. 68%). 66% of gig workers use their own money to fund costs associated with their gig job

About the Study

Commissioned by Bakkt® and conducted via the insights automation platform quantilope , the study surveyed 1,018 gig workers across the U.S. and was fielded in June and July 2022, providing insight into how gig workers think about the future of crypto payments, as well as examining how crypto adoption and sentiments vary across gig work segments.

To learn more about this research, please click here .

To download the Bakkt App, visit the App Store® and Google Play Store™ .

About Bakkt:

Bakkt is a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients. Bakkt’s platform, available through the Bakkt App and to partners, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/

This does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell, or otherwise transact in any investment, including any of the product(s) mentioned herein, or an invitation, offer or solicitation to engage in any investment activity. This information is provided solely on the basis that you will make your own investment decisions, and Bakkt does not take account of any investor's investment objectives, particular needs, or financial situation. It is strongly recommended that you seek professional investment advice before making any investment decision.

Source: Bakkt Holdings, Inc.

Bakkt-C Contacts

Lauren Post, VP – Communications Lauren.Post@bakkt.com

Reinsurance Providers Global Market Opportunities and Strategies Report 2022 - ResearchAndMarkets.com





DUBLIN--(BUSINESS WIRE)--The "Reinsurance Providers Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.

The global reinsurance providers market reached a value of nearly $512.55 million in 2021, having grown at a compound annual growth rate (CAGR) of 5.6% since 2016. The market is expected to grow from $512.55 million in 2021 to $756.56 million in 2026 at a rate of 8.1%. The market is then expected to grow at a CAGR of 7.2% from 2026 and reach $1,068.74 million in 2031.

Growth in the historic period resulted from strong economic growth in emerging markets, insurance reforms led by the government, rising healthcare costs and an increase in natural disasters. Factors that negatively affected growth in the historic period were increasing popularity of self-insurance, low insurance penetration in undeveloped countries and lack of awareness.

Going forward, increased incidence of chronic illnesses and incapability, impact of COVID-19, growing middle-class population in emerging markets, and a rise in claims in the life insurance sector will drive market growth. Factors that could hinder the growth of the reinsurance providers market in the future include additional charges by insurance brokers.

The reinsurance providers market is segmented by type into property and casualty reinsurance providers and life and health reinsurance providers. The property and casualty reinsurance providers market was the largest segment of the reinsurance providers market segmented by type, accounting for 70.2% of the total in 2021. Going forward, the property and casualty reinsurance providers segment is expected to be the fastest growing segment in the reinsurance providers market segmented by type, at a CAGR of 9.1% during 2021-2026.

The reinsurance providers market is also segmented by distribution channel into direct writing and broker. The broker market was the largest segment of the reinsurance providers market segmented by distribution channel, accounting for 53.0% of the total in 2021. Going forward, the direct writing segment is expected to be the fastest growing segment in the reinsurance providers market segmented by distribution channel, at a CAGR of 8.3% during 2021-2026.

The reinsurance providers market is also segmented by mode into online and offline. The offline market was the largest segment of the reinsurance providers market segmented by mode, accounting for 94.6% of the total in 2021. Going forward, the online segment is expected to be the fastest growing segment in the reinsurance providers market segmented by mode, at a CAGR of 16.5% during 2021-2026.

The reinsurance providers market is also segmented by organization location into domestic and international. The international market was the largest segment of the reinsurance providers market segmented by organization location, accounting for 73.9% of the total in 2021. Going forward, the domestic segment is expected to be the fastest growing segment in the reinsurance providers market segmented by organization location, at a CAGR of 9.2% during 2021-2026.

Western Europe was the largest region in the reinsurance providers market, accounting for 42.3% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the reinsurance providers market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 9.6% and 9.5% respectively. These will be followed by Africa and North America where the markets are expected to grow at CAGRs of 9.1% and 8.3% respectively.

The reinsurance providers market is highly fragmented, with a large number of large players dominating the market. The top ten competitors in the market made up to 42.90% of the total market in 2021. The market concentration can be attributed to the high entry barriers and high costs associated with expansion.

Going forward the market is expected to experience further consolidation with the rising number of mergers and collaboration among players in the market. Munich Reinsurance Company was the largest competitor with 9.53% share of the market, followed by Swiss Re Ltd. with 7.67%, Hannover Re with 6.40%, SCOR SE with 4.06%, Berkshire Hathaway Inc. with 3.94%, Landstar China Reinsurance Group Corp. with 3.35%, Lloyd's with 2.72%, Reinsurance Group of America Inc. with 1.95%, Everest Re Group Ltd. with 1.77%, and Korean Reinsurance Co. with 1.51%.

The top opportunities in the reinsurance providers market segmented by type will arise in the general property and casualty reinsurance providers and life and health reinsurance providers, which will gain $756.56 million of global annual sales by 2026. The top opportunities in the reinsurance providers market segmented by distribution channel will arise in the broker segment, which will gain $125.8 million of global annual sales by 2026.

The top opportunities in the reinsurance providers market segmented by mode will arise in the offline segment, which will gain $212.3 million of global annual sales by 2026. The top opportunities in the reinsurance providers market segmented by organization location will arise in the international segment, which will gain $170.3 million of global annual sales by 2026. In 2026, the reinsurance providers market will gain the most in the USA at $52.8 million.

Key Topics Covered:

1. Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction And Market Characteristics

6.1. General Market Definition

6.2. Summary

6.3. Reinsurance Providers Market Definition and Segmentations

6.4. Market Segmentation by Type

6.4.1. Property And Casualty Reinsurance Providers

6.4.2. Life And Health Reinsurance Providers

6.5. Market Segmentation by Distribution Channel

6.5.1. Direct Writing

6.5.2. Broker

6.6. Market Segmentation by Mode

6.6.1. Online

6.6.2. Offline

6.7. Market Segmentation by Organization Location

6.7.1. Domestic

6.7.2. International

7. Reinsurance Providers Market Product Analysis - Product Examples

8. Supply Chain Analysis

9. Customer Information

9.1. Global Reinsurance Rates Trouble Insurers

9.2. Global Insurers Plan to Maintain A Risk-On Investment Approach

9.3. Reinsurance Risks Will Experience Rate Increases at The January 2022 Renewals

9.4. The Boom in Reinsurance Industry

9.5. The Use of Insurance-Linked Securities (ILS), Or Alternative Reinsurance Capital Is Likely To Rise

10. Major Market Trends

10.1. New Models, Personalized Products

10.2. Technologies To Aid Automation of Reinsurance

10.3. Increasing Applications of Artificial Intelligence

10.4. Use of Blockchain Technology

10.5. InsurTech Partnerships

10.6. Cyber Reinsurance as Top Priority

10.7. Increasing Number of Mergers and Acquisitions

11. Global Market Size and Growth

11.1. Market Size

11.2. Historic Market Growth, 2016 - 2021, Value ($ Billion)

11.2.1. Drivers of The Market 2016 - 2021

11.2.2. Market Restraints 2016 - 2021

11.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Billion)

11.3.1. Drivers of The Market 2021 - 2031

11.3.2. Market Restraints 2021 - 2026

12. Reinsurance Providers Market, Regional Analysis

12.1. Global Reinsurance Providers Market, by Region, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)

12.2. Global Reinsurance Providers Market, 2016 - 2026, Historic and Forecast, by Region

12.3. Global Reinsurance Providers Market, 2021 - 2026, Growth and Market Share Comparison, by Region

13. Global Reinsurance Providers Market Segmentation

13.1. Global Reinsurance Providers Market, Segmentation By Type, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)

13.2. Global Reinsurance Providers Market, Segmentation By Distribution Channel, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)

13.3. Global Reinsurance Providers Market, Segmentation By Mode, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)

13.4. Global Reinsurance Providers Market, Segmentation By Organization Location, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)

14. Global Reinsurance Providers Market Comparison with Macro Economic Factors

14.1. Reinsurance Providers Market Size, Percentage Of GDP, Global

14.2. Per Capita Average Reinsurance Providers Market Expenditure, Global

Companies Mentioned Munich Reinsurance Company Swiss Re Ltd. Hannover Re SCOR SE Berkshire Hathaway Inc.

For more information about this report visit https://www.researchandmarkets.com/r/qbvdxj Contacts

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

WPP 2022 Interim Results



Strong first half: broad-based growth, sustained demand from clients, transformation programme on track. 2022 growth guidance upgraded again

NEW YORK & LONDON--(BUSINESS WIRE)--WPP (NYSE: WPP) today reported its 2022 Interim Results.

Key figures £ million   H1 2022   +/(-) % reported 1   +/(-) % LFL 2   H1 2021 Revenue   6,755   10.2   8.7   6,133 Revenue less pass-through costs   5,509   12.5   8.9   4,899                   Reported:                 Operating profit   539   11.4       484 Profit before tax   419   6.1   -   394 Diluted EPS (p)   22.7   10.2   -   20.6 Dividends per share (p)   15.0   20.0   -   12.5                   Headline 3 :                 Operating profit   639   8.2   -   590 Operating profit margin   11.6%   (0.5pt*)   -   12.1% Profit before tax   562   12.0   -   502 Diluted EPS (p)   33.0   15.0   -   28.7   * Margin points  

H1 and Q2 financial highlights Client demand strong across most segments and regions H1 reported revenue up 10.2%, LFL revenue 8.7% (Q2 9.3%) H1 revenue less pass-through costs up 12.5%, LFL revenue less pass-through costs up 8.9% (up 9.4% on H1 2019) Q2 LFL revenue less pass-through costs up 8.3%: US 10.4%, UK 6.2%, Germany 11.5%, China (6.1)% (affected by lockdowns), Australia 3.2% Strong new business performance: $3.4 billion net new billings in H1 H1 headline operating profit margin 11.6%, down 0.5pt on prior year as expected, as a result of higher personnel costs and a return to business travel Trade working capital cash outflow £232 million year-on-year; still expected to be around flat year-on-year at year-end Adjusted net debt at 30 June 2022 £3.1 billion, up £1.6 billion year-on-year after £1.1 billion of share buybacks since June 2021

Strategic progress, shareholder returns and outlook Continued recognition of extraordinary creativity: WPP awarded most creative company at Cannes Lions for second year running Faster growth areas of experience, commerce and technology around 39% of revenue less pass-through costs in Global Integrated Agencies ex-GroupM in H1 Strong performance by industry sector: H1 LFL revenue less pass-through costs growth 12% in Technology, 7% in CPG and 7% in Healthcare Investing for growth: enhancing our data capabilities through Choreograph and launch of Everymile, direct-to-consumer ecommerce offer Focused M&A: acquisition of Village Marketing to accelerate creator economy growth and Bower House Digital, a leading marketing technology agency Further simplification to enhance offer to clients: creation of EssenceMediacom and Design Bridge and Partners Transformation programme on track to deliver expected £300 million of annual savings this year over a 2019 base £637 million share buybacks in H1, total of £800 million to be completed in 2022; 15.0p 2022 interim dividend declared, +20% Full year 2022 LFL revenue less pass-through costs growth now expected to be 6.0-7.0%; headline operating profit margin up around 50 bps

Mark Read, Chief Executive Officer of WPP, said:

“We have enjoyed a strong first half, with broad-based growth across our creative, media and public relations businesses. This reflects the improved competitive position of our creative businesses, with their growing capabilities in commerce, experience and technology, our continued strength in media and the resurgence in demand for strategic communications advice from our public relations agencies.

“Our services are business-critical – driving growth, building brands, innovating and helping clients navigate an increasingly complex marketing environment. As major advertisers increasingly look to integrate their marketing investments, we are well positioned to serve the world’s largest companies, demonstrated by our success with Coca-Cola, which we are now onboarding at pace. The second quarter saw significant assignment wins from Audi, Audible, Danone and Nationwide.

“Our commitment to creativity was recognised at Cannes Lions in June where WPP was awarded the most creative company, recognising the quality of our work in all areas, spanning film, digital, media, commerce and creative business transformation. It’s a testament to our investment in creativity and the talent of our people, and I am committed to making WPP the most creative company in the world.

“Our clients are continuing to invest in WPP’s services, which reflects our attractive industry exposure in technology and healthcare, our broad global footprint, and the importance of what we do for their businesses. The actions we have taken over the last four years leave WPP much better positioned with a more uncertain economic environment ahead.”

To access WPP’s 2022 Interim Results financial tables, please visit www.wpp.com/investors

First half overview

Market environment

The market has continued to be strong in the first half of the year, with many sectors seeing significant growth in advertising spend. GroupM now expects global advertising to grow by 8.4% 4 in 2022, marginally lower than the 9.7% estimate in December 2021, mainly due to a softer outlook for China amid ongoing lockdowns.

GroupM expects 12% growth in digital advertising revenues in 2022, a deceleration from the 32% growth in 2021. Overall, digital advertising on pure-play platforms represents 67% of total advertising revenues. Retaining its critical brand-building role, spend on television advertising is forecast to grow at 4% in 2022.

By geography, the US advertising market is expected to remain robust, growing by 10.0% 4 while the UK is expected to grow by 9.3%. Germany, Europe’s second-largest advertising market, is forecast to grow at a similarly high pace in 2022 at 9.1%. China is expected to grow by 3.3% in 2022, a downgrade from the 10.2% forecast in December 2021, reflecting the impact of the lockdowns during much of the first half of 2022.

Performance and progress

Revenue in the first half was £6.8 billion, up 10.2% from £6.1 billion in the first half of 2021, and up 8.7% like-for-like. Revenue less pass-through costs was £5.5 billion, up 12.5% from £4.9 billion in the first half of 2021, and up 8.9% like-for-like.

We have seen good momentum in the first half of the year, with LFL growth in revenue less pass-through costs across most sectors and most major markets. On a three-year basis LFL revenue less pass-through costs is up 9.4% in the first half.

Client demand remains healthy across all services. Revenue less pass-through costs from higher-growth areas of our offer in experience, commerce and technology was 39% of our Global Integrated Agencies, excluding GroupM, compared to 35% in 2019. Our digital billings mix within GroupM increased to 46%, compared to 43% in the first half of 2021. In addition, we have seen strong demand for commerce services, with GroupM’s commerce billings increasing 26% year-on-year in the first half.

Clients and partners

In terms of client sector performance, we have seen good growth in the technology, CPG and healthcare & pharma sectors, which together represent around 54% of our revenue less pass-through costs 5 for designated clients. In the first half these sectors saw LFL revenue less pass-through costs growth of 12%, 7% and 7% respectively. Compared to 2019, their growth rates were 27%, 17% and 20%. Travel and leisure has continued to rebound, growing 23% in the first half, although the sector remains below 2019 levels. We saw some softness in the automotive sector due to ongoing chip shortages.

We have won $3.4 billion of net new business billings in the first half, compared to $2.9 billion in the first half of 2021. Key assignment wins include Audi, Audible, Danone, Mars and Nationwide. Following the unprecedented account win last year, Coca-Cola has been onboarded at pace. During the first half we unveiled the first consistent, global ad platform for Sprite, with the ‘Heat Happens’ campaign which will be rolled out across 200 markets.

In addition, we have developed new, and expanded existing, partnerships with global technology companies. During the period we announced a partnership with Epic Games, the company behind Fortnite and Unreal Engine, to help WPP agencies develop digital experiences in the metaverse. We also unveiled a first-of-its-kind partnership with Instacart, the leading online grocery platform in North America, giving WPP early product insights, access to custom features and a co-developed certification programme.

Creativity and awards

While data and technology play an increasingly important role in modern marketing, creativity is still at the heart of our work, because clients understand that the most effective campaigns start with an insight or idea. We are committed to maintaining our differentiation through sustained investment in creative talent, and integrating creativity with our experience, commerce and technology expertise.

WPP won the prestigious title of most creative company of the year at the Cannes Lions International Festival of Creativity for the second year in a row. WPP agencies collected a total of 176 Lions, including a Titanium Lion, 4 Grand Prix and 36 Gold Lions. Ogilvy won global network of the year, recognised for its investment in diverse talent, scaled technology and digital capabilities, and thought leadership.

In the 2022 WARC rankings, Ogilvy also topped the creativity ranking and placed second for effectiveness, becoming the only agency to secure top rankings in both categories and reflecting the breadth of its offer. WARC also named Mindshare the number one media agency network for the third consecutive year. WPP agencies also made their mark at the 2022 Clio awards, where work from AKQA Group, Wunderman Thompson and Ogilvy was recognised with the most prestigious, Grand Clio award.

Our media business, GroupM, retained its ranking as the world’s largest media agency group, as calculated by COMvergence in their 2021 full year report. Once again, GroupM ranked number one in APAC and EMEA and improved to joint second place in North America.

Investment for growth

During the first half we have invested in strategically important capabilities, continuing our focused approach to acquisitions. We announced the acquisitions of Village Marketing, the industry leader in influencer marketing in North America and Bower House Digital, a leading Australian marketing technology services agency. In July we announced the acquisition of Corebiz, a leading Latin American ecommerce agency specialising in VTEX implementation, one of the largest enterprise digital commerce platforms in the region.

We have invested organically in new platforms to provide a future-facing offer to clients and innovate for the long term. The main areas of our investment are Choreograph, to accelerate our data capabilities; the launch of Everymile, our commerce-as-a-service platform; and our market-leading programmatic and connected TV businesses within GroupM Nexus. In addition, we launched GroupM Premium Marketplace, a unified programmatic marketplace supported by global partnerships.

Transformation programme

We continue to make good progress on our transformation plan, designed to achieve £600 million in annual cost efficiencies by 2025. We are on target to achieve our annual runrate of £300 million in efficiencies this year, against a 2019 baseline.

In property, we now have around 50,000 people occupying 34 campuses, having opened new campuses in Santiago, Tokyo and Toronto in 2022. By the end of the year, we aim to have 4 further campuses opened and around half of our people working from a campus building.

We are continuing to consolidate and modernise the tools used by our people, predominantly through the roll-out of ERP systems Workday and Maconomy. We are live with Workday in Wunderman Thompson North America. On Maconomy, we now have around 18,500 users on a common technology platform, which is an important stepping-stone for further process optimisation and finance shared services deployment.

In our broader IT transformation, we have moved nearly 1,000 people from agency roles into WPP and established global hubs in Chennai and Mexico. We have begun to realise opportunities identified from a zero-based budgeting review across Corporate IT and Ogilvy, and are commencing work on rolling out this approach across the remaining IT spend in WPP.

In procurement, we hosted a supplier day for 30 key suppliers to communicate our procurement strategy and align incentives, driving incremental savings. We are implementing a new procurement operating model leveraging our global scale, aligned around categories and consolidating suppliers.

We have also merged more of our businesses to simplify our organisation and respond to our clients’ needs. Within GroupM we announced the merger of Essence and MediaCom to form EssenceMediacom and the formation of Nexus which brings together Finecast, Xaxis and GroupM Services to form one of the world’s leading media performance organisations. Last month we announced the merger of our specialist design agencies, Design Bridge and Superunion to create a single leading design company, Design Bridge and Partners.

Finally, we have made progress in streamlining our operating model, reducing statutory entities by approximately a further 150 in the first half of the year.

Purpose and ESG

People

We have continued to invest in our people strategy in order to attract, retain and grow top talent and ensure that we are an employer of choice for all. We recently launched the Making Space initiative, giving our people a company-wide break along with a series of events across our campuses and offices to inspire and reconnect. To support access to women’s healthcare across the United States, we have updated our benefits plan to providing funding for travel that allows consistent access to healthcare and resources, including abortion care, across all regions.

WPP is working to accelerate change in diversity, equity, and inclusion. We continue to link our DE&I goals to leaders’ compensation and performance reviews. WPP was named among the best places to work for LGBTQ+ equality by the Human Rights Campaign; and WPP Unite, our LGBTQ+ community, won Outstanding Employee Network of the Year at the Burberry British Diversity Awards.

We are committed to our $30 million pledge to fund inclusion programmes within WPP and to support external organisations, as part of our Racial Equity Programme. During the period we invited our global agencies to apply for the second round of funding for resources to run impactful programmes to advance racial equity. Successful second-round grants include GroupM GradX Africa Academy, a 12-month media programme for people of colour in South Africa; RGBlack project, an educational platform that helps to mitigate the impacts of coded bias in AI-powered tools, originating from Brazil; and GIZMOLOGY, a hands-on creative technology apprenticeship programme for Black and historically marginalised communities operating out of WPP’s Deeplocal’s studio in Pittsburgh.

Planet

Last year we announced our new commitments to reduce carbon emissions from our own operations to net zero by 2025 and across our supply chain by 2030. Our net zero pledges are backed by equally ambitious science-based reduction targets, which have been verified by the Science-Based Targets initiative. We have committed to reducing our absolute Scope 1 and 2 emissions by at least 84% by 2025 and reduce Scope 3 emissions by at least 50% by 2030, both from a 2019 base year.

During the half, WPP was awarded a ‘Prime’ ESG rating by ISS, one of the world’s leading rating agencies for sustainable investment. We are also proud to be rated A- by the Carbon Disclosure Project (CDP) in 2021 and look forward to continuing to take action in 2022.

Media accounts for more than half of WPP’s supply chain emissions. In July GroupM launched a framework to measure and reduce ad-based carbon emissions, an important first step to standardise and accelerate carbon reduction across different media channels.

Clients

Our clients are bringing purpose and sustainability to the forefront of their brand strategies. Many of our successes at the Cannes Lions International Festival of Creativity were in recognition of purpose-driven work, including a Titanium Grand Prix for Cadbury work by Ogilvy and Wavemaker, which uses personalised adverts for local businesses hit by COVID-19; and a Grand Prix for the I Will Always Be Me campaign on behalf of Dell and Intel by VMLY&R to make life easier for people with motor neurone disease. VMLY&R also won a Grand Prix for Maxx Flash’s The Killer Pack, which helps combat, through biodegradable packaging, deadly diseases like malaria and dengue caught outdoors in India.

Communities

Our colleagues in Ukraine continue to show extraordinary resilience and bravery and we remain in regular contact with our leaders to support our employees. In early March, the Board of WPP concluded that WPP's ongoing presence in Russia would be inconsistent with our values as a company and we have subsequently divested our businesses there. This led to a loss on disposal of £65 million. Russia represented approximately 0.6% of WPP’s revenue less pass-through costs in 2021.

WPP partnered with the UNHCR, the UN refugee agency, to support an emergency fundraising appeal to help people forced to flee their homes in Ukraine, raising over $150 million, including more than $1.3 million from WPP’s employee match-funding programme. We are also working in partnership with the Ukrainian Government on a new campaign to support the country’s economic recovery. WPP agencies from Ukraine, Poland and Czech Republic will work pro bono on ‘Advantage Ukraine’ to demonstrate that Ukraine is open for business. The initiative will target business leaders within the region and across the world to encourage inward investment to support the economic recovery of the country.

2022 guidance

Performance in the first half of 2022 has been strong, and we expect continued growth in the second half. As a result, we are updating our guidance for 2022 as follows: Organic growth (defined as like-for-like revenue less pass-through costs growth) of 6.0-7.0% (previously 5.5-6.5%) Headline operating profit margin up around 50 bps, reflecting greater top-line momentum offset by inflationary cost pressures, the impact of Chinese lockdowns and investment in growth areas including Choreograph and Everymile Effective tax rate (measured as headline tax as a % of headline profit before tax) of around 25.5% Capex £350-400 million with around £100 million relating to ERP system deployment previously included in capex guidance now included in restructuring costs Trade working capital expected to be flat year-on-year Current foreign exchange rates imply around a 4.5% tailwind to reported revenue less pass-through costs from the movement in sterling year-on-year We also anticipate mergers and acquisitions will add around 0.3% to revenue less pass-through costs growth, net of the divestment of our Russian operations We expect to execute around £800 million of share buybacks in 2022, of which £637 million has already been completed

Medium-term guidance

We remain confident in our ability to deliver annual revenue less pass-through costs growth of 3-4% and headline operating profit margin of 15.5-16%, as a result of the actions we have taken to broaden and strengthen our services, to increase our exposure to attractive industry segments and to leverage our global scale.

We will provide guidance for the 2023 year at our 2022 preliminary results announcement in February 2023.

Financial results

Unaudited headline income statement: Six months ended (£ million)   30 June 2022     30 June 2021   +/(-) % reported   +/(-) % LFL                   Revenue   6,755   6,133   10.2   8.7 Revenue less pass-through costs   5,509   4,899   12.5   8.9 Operating profit   639   590   8.2     Operating profit margin %   11.6%   12.1%   (0.5)pt     Income from associates   12   29   (56.5)     PBIT   651   619   5.3     Net finance costs   (89)   (117)   23.7     Profit before tax   562   502   12.0     Tax   (143)   (115)   (25.2)     Profit after tax   419   387   8.2     Non-controlling interests   (43)   (34)   (24.9)     Profit attributable to shareholders   376   353   6.5     Diluted EPS   33.0p   28.7p   15.0    

Reconciliation of operating profit to headline operating profit: Six months ended (£ million)   30 June 2022   30 June 2021           Operating profit   539   484 Amortisation and impairment of acquired intangible assets   31   30 Losses on disposal of investments and subsidiaries   48   1 Gains on remeasurement of equity interests arising from a change in scope of ownership   (60)   - Litigation settlement   -   22 Restructuring and transformation costs   75   34 Restructuring costs in relation to COVID-19   6   19 Headline operating profit   639   590

Reported billings were £24.6 billion, up 5.1%, and up 3.9% like-for-like.

Reported revenue from continuing operations was up 10.2% at £6.8 billion. Revenue on a constant currency basis was up 7.2% compared with last year. Net changes from acquisitions and disposals had a negative impact of 1.5% on growth, leading to a like-for-like performance, excluding the impact of currency and acquisitions, of 8.7%.

Reported revenue less pass-through costs was up 12.5%, and up 9.2% on a constant currency basis. Excluding the impact of acquisitions and disposals, like-for-like growth was 8.9%. In the second quarter, like-for-like revenue less pass-through costs was up 8.3%.

Business sector review

Revenue analysis     Q2       H1     £m   +/(-) % reported   +/(-) % LFL       £m   +/(-) % reported   +/(-) % LFL Global Int. Agencies   3,111   13.0   10.2       5,701   9.6   9.3 Public Relations   302   28.0   9.0       572   27.2   11.2 Specialist Agencies   251   1.5   (0.3)       482   0.5   0.2 Total Group   3,664   13.3   9.3       6,755   10.2   8.7

Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases Global Integrated Agencies’ Q2 and H1 2021 revenue by £18 million and £33 million respectively and reduces Specialist Agencies’ by the same amount.

Revenue less pass-through costs analysis     Q2       H1     £m   +/(-) % reported   +/(-) % LFL       £m   +/(-) % reported   +/(-) % LFL Global Int. Agencies   2,432   13.1   8.2       4,538   10.8   8.4 Public Relations   283   26.7   7.3       545   27.0   10.5 Specialist Agencies   220   14.6   10.9       426   14.3   11.9 Total Group   2,935   14.4   8.3       5,509   12.5   8.9

Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases Global Integrated Agencies’ Q2 and H1 2021 revenue less pass-through costs by £15 million and £28 million respectively and reduces Specialist Agencies’ by the same amount.

Headline operating profit analysis £ million   2022   % margin*   2021   % margin* Global Int. Agencies   507   11.2   489   11.9 Public Relations   83   15.2   63   14.8 Specialist Agencies   49   11.4   38   10.3 Total Group   639   11.6   590   12.1   * Headline operating profit as a percentage of revenue less pass-through costs

Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. This increases Global Integrated Agencies’ H1 2021 headline operating profit by £6 million and reduces Specialist Agencies’ by the same amount.

Global Integrated Agencies like-for-like revenue less pass-through costs was up 8.4% in the first half and up 8.2% in the second quarter. All of our integrated agencies were in growth in the first half. GroupM, representing 37% of WPP revenue less pass-through costs saw 11.8% like-for-like growth in the half and 10. Contacts

Investors and analysts Peregrine Riviere +44 7909 907193 Anthony Hamilton +44 7464 532903 Caitlin Holt +44 7392 280178 Media Chris Wade +44 20 7282 4600 Richard Oldworth, +44 7710 130 634 Buchanan Communications +44 20 7466 5000 wpp.com/investors Read full story here

Razorfish and Korea Blockchain Week Explore Cultural Relevance as a Catalyst for Mainstream Adoption of Emerging Technology



Presented by Razorfish as part of Korea Blockchain Week 2022, the Day 1 panel will feature Bobby Hundreds, Betty, Jeff Hood, and Kai Henry

NEW YORK--(BUSINESS WIRE)-- #NFTs -- Razorfish , a global leader in marketing transformation, today announced an addition to the Korea Blockchain Week 2022 lineup with a panel discussion focused on the connection between cultural relevancy and mainstream adoption of NFTs.

Hosted by FactBlock and co-hosted by Hashed, Korea Blockchain Week 2022 brings together leaders from around the world for keynotes, panel discussions, and workshops that explore the foremost cutting-edge technologies and innovations impacting brands today, including blockchain, cryptocurrency, DeFi, NFT, metaverse, Web3, and more.

Presented by Razorfish, “Cultural Relevancy and Mainstream Adoption of NFTs” will be produced and moderated by Drew Kim (founder, Sleepy Tiger ) and features a curated slate of panelists that will generate an authentic and engaging discussion about what it will take to drive mainstream adoption by both individuals and brands alike. Panelists include: Bobby Hundreds , Co-founder of Los Angeles streetwear brand The Hundreds and the Adam Bomb Squad NFT collection Betty , Co-founder of Deadfellaz , a PFP NFT collection minted on the Ethereum blockchain Jeff Hood , Co-founder and CEO of Metacurio , a Web3 creative studio Kai Henry , Chief Strategy Officer of FaZe Clan , a next-generation e-sports and entertainment organization

“Razorfish was founded on the premise that disruptive technology would become ubiquitous, which no one would disagree has held true,” says Josh Campo, president, Razorfish. “With ubiquity comes pressure for brands to not only nimbly flex into the emerging spaces their customers are embracing, but to resonate through purpose, relevance and innovation. Our nearly 30-year heritage is grounded in partnering with our clients to do exactly that, which is why we’re proud to bring together these pioneering entrepreneurs to have this powerful conversation at Korea Blockchain Week 2022.”

Since creating the first animated website and banner ads in the early 1990s, Razorfish has been a leader in driving marketing transformation for clients around the world, illustrated this year through several, high-profile client activations oriented around the metaverse and broader Web3. Furthermore, findings from research by Razorfish and VICE Media Group have reinforced both the magnitude and importance of the opportunity for brands in the emerging technology of the metaverse and Web3, particularly when underpinned by clear and resonant brand purpose .

Korea Blockchain Week 2022—Asia’s largest blockchain event—takes place during the week of August 7 at the Grand Intercontinental Seoul Parnas, with the Razorfish panel taking place on Monday, August 8 th from 4:00-4:30 PM on Stage Busan.

About Razorfish

Razorfish is a global leader in marketing transformation. We help brands and businesses grow by creating unforgettable experiences that connect and enrich people’s lives. A digital pioneer since the dawn of the internet, we’re back to write a new chapter. Everything we make starts with people. Our 1,400 strategy, data, creative and technology experts combine digital innovation, data and cultural insights to help us understand what people want at every part of the journey. Through capabilities in products & platforms; physical & digital; and campaigns & content, we turn ideas into experiences that make a difference for our clients, their customers, and the world we all live in.

Learn more at razorfish.com . Twitter: @wearerazorfish | LinkedIn | Instagram | Facebook . Razorfish is part of Publicis Groupe [Euronext Paris FR0000130577, CAC 40], a global leader in communication. Contacts

Media: David LaBar, Razorfish (New York) 646.456.4505 david.labar@razorfish.com

Margaret Key, MSL (Seoul) margaret.key@mslgroup.com

Block Announces Second Quarter 2022 Results





DISTRIBUTED-WORK-MODEL/SAN FRANCISCO--(BUSINESS WIRE)--Block, Inc. (NYSE: SQ) has posted its results for the second quarter of 2022 on the Financials section of its Investor Relations website at investors.block.xyz and filed these results with the Securities and Exchange Commission.

Block will host a conference call and earnings webcast at 2:00 p.m. Pacific time/5:00 p.m. Eastern time today to discuss these financial results. To register to participate in the conference call, please visit the Events & Presentations section of Block’s Investor Relations website at investors.block.xyz .

About Block

Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution. Contacts

Media Contact press@block.xyz

Investor Relations Contact ir@block.xyz

Metallicus Forms Advisory Board of Banking Regulatory and Compliance Experts





SAN FRANCISCO--(BUSINESS WIRE)--Metallicus, a leader in digital assets technologies, today announced the formation of its Advisory Board comprised of former senior officials from the U.S. Federal Reserve, the Office of the Comptroller of the Currency, and executives with experience in regulatory compliance and internal audit at major financial institutions.

“From the start, we’ve built Metallicus with a vision that the future of crypto is secure and compliant,” said Marshall Hayner, founder and CEO. “Our new Advisory Board will provide invaluable expertise as we advance our strategy to build the most customer centric digital asset banking network supporting retail and corporate clients and enable innovations to meld seamlessly with traditional finance in a secure, regulated environment. Lee Woolley, Metallicus’ Head of Banking Strategy, has done a fantastic job in assembling a team of forward-thinking experts – bridging the world of traditional and decentralized finance.”

The five initial members of Metallicus’ Advisory Board are:

Lauren Hargraves : Lauren is a former central bank leader who spent more than 35 years at the Federal Reserve Bank of New York. During her time at the Federal Reserve, she successfully ran and transformed businesses in the Fed's three major areas, financial stability and regulation, financial services, and monetary policy. Lauren actively contributed to international regulatory and financial stability policy development through her committee work at the Bank for International Settlements and the Financial Stability Board. Lauren has interacted with a wide array of C-suite executives at Fortune 100 financial institutions.

Bryan Hubbard : Bryan has provided communication and policy counsel to Presidential appointees and chief executives in the financial services and defense sectors for more than 30 years. Most recently he served as deputy comptroller for public affairs at the Office of the Comptroller of the Currency (OCC), supporting the supervision of the $14 trillion U.S. federal banking system. He previously headed strategic communications at the Defense Finance and Accounting Service at the Department of Defense and served as an officer in the U.S. Air Force, which included assignments on the Secretary of the Air Force’s public affairs staff.

Mark Carawan : Mark is currently a senior fellow at the New York University School of Law Program for Corporate Compliance and Enforcement (PCCE) and on the Board of the Institute of Internal Auditors. Mark’s professional career most recently includes serving as Citigroup’s chief compliance officer and a member of the Citigroup Executive Committee. Prior to this, he was the Barclays Group chief internal auditor based in London. Mark had formerly been a partner at Deloitte, specializing in enterprise-wide risk management, and at Andersen, where he managed the Privatization and Emerging Markets Division, focusing on financial sector restructuring and privatization projects globally.

Sergio Rodriguera, Jr : Sergio is co-founder at Straylight Systems, an advanced Artificial Intelligence (AI) company accelerating data engineering and software engineering workloads for banks, fintechs and DeFis through its AI OS. In addition, he is senior vice president at General Radar focused on providing strategic revenue and investor relations. Most recently, he was senior consultant for AI at the Federal Reserve Bank of Boston and was a professional staff member on the House Financial Services Committee. He earned multiple medals and awards, including the Defense Meritorious Service Medal as a Naval Intelligence Officer conducting multiple tours, including Afghanistan and the Joint Chiefs of Staff.

Marc Joseph : Marc is a bank regulatory and financial services attorney with 40 years of experience. Most recently, Marc served as managing counsel for BNY Mellon N.A. supporting the wealth management division. Previously, Marc served for eight years as general counsel of Capmark Bank, an $8 billion FDIC-regulated Utah industrial bank. While at Capmark Bank, Marc advised the board and audit committee on bank regulation and compliance matters. Marc also spent five years as the general counsel of Merrill Lynch Credit Corp., an entity engaged in residential lending and securitization activities. Marc previously served on the board as well as the audit committee of The Delaware Trust Company, acting as the sole outside director.

Metallicus’ expanding portfolio includes Metal Pay, a custodial fiat and cryptocurrency banking app that enables users to deposit fiat into a (free to open) FDIC-insured bank account in our partner bank and to buy and sell 65+ cryptocurrencies; and Proton Blockchain, a Layer 1 Delegating Proof of Stake (DPoS) blockchain that uses very little energy, eliminates gas fees, uses human readable account addresses, and powers a series of DeFi and NFT applications that remain regulated through a verified identity (Know Your Customer or KYC) on-chain protocol.

About Metallicus

Founded in 2016 in San Francisco, Metallicus believes that strong regulation, security, identity, and a simple customer experience are essential for integrating and scaling uses of digital assets and cryptocurrencies into financial services and economic activities. Metallicus builds compliant, secure technologies where banking, payroll and other financial and economic activities meld seamlessly with the world of cryptocurrencies, blockchain, DeFi and Web3. The company's flagship products include the mobile apps Metal Pay and WebAuth as well as the Proton Blockchain, the only blockchain with Verified Decentralized Identity. Contacts

Remi Lederman RLederman@apcoworldwide.com

Insights Firm Brooks Bell Finds 28% of Gen Z Consumers that Recently Switched Banks Cite Branch Location as a Key Factor



Recent research from nearly 750 U.S. consumers reveals behaviors and generational preferences around financial outlook, banking experience and customer expectations

RALEIGH, N.C.--(BUSINESS WIRE)-- Brooks Bell , the digital transformation firm dedicated to helping global brands build remarkable customer experiences through conversion rate optimization and personalization, today released its latest research-driven report, “ Banking Personas . ” The report provides business decision makers with data-driven insights on U.S. consumer banking preferences and expectations to inform better customer engagement.

“Finance and banking customer needs are constantly evolving, thanks to rapid shifts in technology, heightened consumer expectations and the changing ways we live our lives,” said Suzi Tripp, VP of Insights at Brooks Bell. “Gaining valuable insights into your customers now is crucial to help design future experiences and retain members during a time when a plethora of new banking options are available. We hope this focused look at different consumer groups across generations helps brands build and test new customer experiences, and experiment with ways to refresh existing features to exceed customer expectations and provide impactful resources.”

Brooks Bell surveyed nearly 750 U.S. consumers in Q2 2022 who shared their sentiment towards a range of experiences from their financial institutions and banking interactions: Banking relationships are all about location, location, location…and fees. 1/3 of consumers cited lower account fees and minimums as a reason they switched banks and 1/4 cited branch location as a key factor. Surprisingly, Gen Z is more likely to be concerned with physical locations of their branches than any other age group — 28% of that audience say it’s a reason they switched institutions. This points to a disconnect between in-branch and online experience, which banks can dig into and then take action to incorporate that solution online (i.e., Is the quality of information sharing better in-branch for some reason?). 1/3 of respondents chose “hope” to describe their financial situation. However, 1 in 5 of respondents describing themselves as hopeful also self-defined as “struggling.” This points to an opportunity for financial institutions to provide more guidance and empowerment – 33% of consumers are bringing optimism with them, and it’s important that their banking interactions continue their hopefulness and build their confidence. Asian (53%) and Black (38%) respondents have the most hopeful outlooks on their financial situations — but Hispanic or Latinx bank customers aren’t as confident (22%), and Indigenous communities are even less so (11%). Banks have an opportunity to adjust strategies to meet the needs of these less hopeful groups. In the growing Hispanic and Latinx populations in the U.S., for example, the top three features this demographic looks for in a bank are overdraft protection, fraud and identity protection, and nearby ATMs. 37% of cryptocurrency investors are concerned about the amount of debt they hold. And while the “crypto bro” stereotype held up in the findings (25% of men surveyed hold cryptocurrency investments compared to 10% of women surveyed), the majority of both men and women plan to invest in some level of cryptocurrency over the next 10 years (64% of men, compared to 51% of women). 38% of self-defined, financially “thriving” consumers have overdrawn their checking account at least three times in the past year, which may indicate that they have funds spread across different accounts with balances that they aren’t monitoring closely. This demographic also has a high rate of in-person bank visits (45%) – and branch location is the top consideration for 70% of those who switched banks in the past 24 months. 1/3 of Millennials are concerned about debt and 43% of financially-independent Millennials describe themselves as “struggling.” Gen Z uses “anger” and “power” to describe their financial situations more than any other generation, whereas Millennials are more likely to use “overwhelm” and “enthusiasm.” This somewhat paradoxical combination of traits further supports the need for personalized experiences that acknowledge which end of the spectrum their customer is on.

“By testing tools to make customers’ unique situations better — like budgeting apps or consolidation cards for the 'strugglers' group — banks can make a huge difference in their lives and earn long-term loyalty that will pay dividends when their financial situations turn around,” said Tripp. “At Brooks Bell, we know that understanding your customers isn’t a one-and-done activity. Fostering a consistent experimentation program focused on customer insights is key to supporting both memorable customer experiences and positively impacting a business’s bottom line.”

To download the full report and uncover more insights on consumer sentiment toward banking, including opportunities for optimizing customer engagement to each persona group, visit this link: https://www.brooksbell.com/resource/white-paper/banking-personas-data-report/ .

About Brooks Bell

Founded in 2003, Brooks Bell is a consulting firm focused exclusively on building insight-driven organizations. The consulting firm has spent the last 18 years building world-class optimization programs and helping companies leverage data, human-centered design and technology to deliver a better customer experience. Their engagements are focused on generating consumer insights that can be utilized effectively throughout organizations. Brooks Bell enables teams to take full ownership of their testing, personalization, analytics and user research programs to become masters of their own experimentation success. Learn more at www.brooksbell.com . Contacts

Walker Sands for Brooks Bell brooksbell@walkersands.com

Seamless Group Inc., a Leading Global Fintech Platform, to Become Publicly Traded Via Combination with INFINT Acquisition Corporation



~ Transaction values Seamless at an enterprise value of $400 million ~ ~ Seamless’ state-of-the-art digital ecosystem empowers hundreds of millions of consumers and businesses in over 150 countries ~ ~ Seamless Leadership will continue to lead the Newly Combined Company, including public company veteran, Dr. Ronnie Hui as CEO ~  ~ Chairman and CEO of INFINT to join Newly Combined Company Board of Directors ~ ~ Transaction is expected to provide Seamless with the capital to accelerate mission to become the leading Asia fintech platform providing cross-border digital remittances and cashless payment solutions ~ ~ Transaction expected to close by the end of the first quarter of 2023 ~

NEW YORK--(BUSINESS WIRE)--Seamless Group Inc., a leading global fintech platform (“Seamless”), and INFINT Acquisition Corporation (“INFINT”) (Nasdaq: IFIN, IFIN.WS), a special purpose acquisition company, today announced the signing of a definitive business combination agreement that is expected to result in a newly-combined company (the “Company”) currently known as Seamless, to be rebranded as part of the business combination. Upon closing of the transaction, the Company will continue to be led by Seamless’ CEO, Dr. Ronnie Hui, a 14-year public company veteran with a proven track-record of execution and achievement of value creation, and Founder, Alex Kong. The boards of directors of Seamless and INFINT have each unanimously approved the transaction.

Seamless delivers global financial inclusivity for the unbanked and migrant workers in South East Asia. Under the Seamless solutions umbrella are Tranglo, one of Asia’s leading cross-border payment hubs that provides smart services not only for airtime top-ups, but also foreign remittance and business payments, and WalletKu, a fintech application that aims to help Indonesian micro, small and medium enterprises develop digital selling businesses. Seamless enables cross-border digital remittances as well as cashless payment solutions to millions without proper access to mainstream financial services.

Dr. Ronnie Hui, CEO of Seamless, stated, “Today’s announcement is truly an incredible milestone for Seamless Group. This transaction is a step towards broadening our capabilities and reach, enabling the Seamless platform to expand to further depths globally. Currently, our prominent presence in South East Asia is focused in highly populated areas with a large unbanked population which make traditional banking services inefficient and expensive. Our platform enables us to reach these populations, generating continued market opportunity. Though we have experienced great success to-date, we are excited about our further potential, and we believe that we have just begun to scratch the surface in realizing our mission of bringing instantaneous banking to the unbanked by enabling real time, cost efficient cross-border transfers. I am very much looking forward to the partnership with the team at INFINT as we embark on what I believe to be one of the most exciting times in Seamless’ history, to become a vertically integrated fintech group in Asia.”

Mr. Sasha Edgarov, CEO of INFINT, stated, “Upon formation of INFINT Acquisition Corporation, our team has been hard at work focused on finding the best partner and have evaluated a number of potential candidates. Ultimately, we believe that we have found the ideal partner in Seamless Group, a leading global fintech platform. We believe Seamless is uniquely positioned in the remittance market and our commitment to them will further help build upon what is already a growing business and enhance its value proposition over time.”

INFINT raised gross proceeds of approximately $200 million in its initial public offering, including the overallotment, and was listed on the NYSE on November 19, 2021, with the objective to identify and consummate an initial business combination with a target that can benefit from the investment, operating, and innovating experience of INFINT’s management team and sponsor.

Seamless Investment Highlights: Seamless makes available instantaneous banking and other essential financial services for all consumers, including the estimated 2 billion unbanked population in the world with a current and prominent presence in South East Asia State-of-the-art digital ecosystem empowers hundreds of millions of consumers and businesses in over 150 countries Tangible market opportunity to further expand the platform and presence globally Seamless’ focus is foremost on serving people by giving financial services to those unbanked leveraging both its B2B and B2C platforms, Tranglo and WalletKu: Tranglo Founded in 2008, the leading Asia Remittance Hub An increasing global network of more than 150 countries, 2,000 banks/ wallets, 140,000 cash pick up points and 600 mobile operators Ripple, the leading provider of enterprise blockchain and digital currency solutions for cross-border payments, entered into strategic partnership with Tranglo in 2021 to scale RippleNet and their On-Demand Liquidity (‘ODL’) service Highly regulated industry with four central bank licenses in Malaysia, Singapore, U.K, and Indonesia Total Processing Value (Remittances) in 2021 of $3.3 Billion, total revenue of $48.7 Million and $6.5 Million of EBITDA WalletKu A fintech application aiming to assist Indonesian micro, small and medium enterprises (‘MSMEs’) to develop digital selling businesses Operating in the strategic cities of Jakarta, Depok, Bogor, Bekasi, Bandung, Smarang, Solo and Yogyakarta Invested in strong financial partnerships that spur growth, optimizing the entire value chain of the company High barriers to entry in emerging markets Increasing pipeline of deals for growth supported by a strong network of strategic partnerships Highly experienced leader CEO, Dr. Ronnie Hui, will continue to lead the newly-combined company Prior to the completion of the business combination, the Company is expected to hire a Chief Financial Officer with U.S. public company experience

The Company’s board is expected to be comprised of five directors, including Eric Weinstein, INFINT’s Chairman, Sasha Edgarov, INFINT’s CEO, Alex Kong, Seamless’ Founder and Chairman, and two additional appointees of Seamless. At least three of the directors will be independent, consistent with the applicable NYSE listing rules.

Transaction Summary

Under the terms of the proposed transaction, Seamless will combine with INFINT and will become a publicly traded entity under a new company name. The transaction values Seamless at an enterprise value at closing of $400 million.

In connection with the transaction, the aggregate consideration to be paid to Seamless’ equity holders will be $400 million of rollover equity. Assuming no redemptions by INFINT existing public shareholders, the Company will have up to $189 million of cash on its balance sheet following the transaction, which is expected to provide financial flexibility and facilitate organic and inorganic growth opportunities.

The transaction will require approval of the shareholders of INFINT and is expected to close by the end of the first quarter of 2023, subject to the satisfaction of customary closing conditions.

Advisors

ARC Group Limited is acting as sole financial and M&A advisor to INFINT. Nelson Mullins Riley & Scarborough LLP is acting as legal counsel to Seamless. Greenberg Traurig, LLP is acting as legal counsel to INFINT.

About Seamless Group

Seamless Group Inc. pioneers a global fintech banking platform for e-wallets, financial institutions and merchants worldwide, delivering frictionless interoperable real-time fund transfers and instant messaging. Our state-of-the-art digital ecosystem empowers billions of smart consumers and businesses to win in over 150 countries.

About INFINT Acquisition Corporation

INFINT Acquisition Corporation is a Special Purpose Acquisition Corporation (SPAC) company on a mission to bring the most promising financial technology company from the North America, Asia, Latin America, Europe and Israel to the U.S. public market. As a result of the pandemic, the world around us is changing rapidly, and in unique, unexpected ways. Thanks to growth and investment in the global digital infrastructure, legal, healthcare, automotive, financial, and other fields are evolving at a faster rate than ever before. We believe that the greatest opportunities in the near future lie in the global fintech space and are looking forward to merging with an exceptional international fintech company.

Additional Information and Where to Find It

This press release relates to the transaction, but does not contain all the information that should be considered concerning the transaction and is not intended to form the basis of any investment decision or any other decision in respect of the transaction. INFINT intends to file with the SEC a registration statement on Form S-4 relating to the transaction that will include a proxy statement of INFINT and a prospectus of INFINT. When available, the definitive proxy statement/prospectus and other relevant materials will be sent to all INFINT shareholders as of a record date to be established for voting on the transaction. INFINT also will file other documents regarding the transaction with the SEC. Before making any voting decision, investors and securities holders of INFINT are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the transaction as they become available because they will contain important information about INFINT, Seamless and the transaction.

Investors and securities holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by INFINT through the website maintained by the SEC at www.sec.gov . In addition, the documents filed by INFINT may be obtained free of charge from INFINT’s website at https://infintspac.com/ or by written request to INFINT at INFINT Acquisition Corporation, 32 Broadway, Suite 401, New York, NY 10004.

Participants in the Solicitation

INFINT and Seamless and their respective directors and officers may be deemed to be participants in the solicitation of proxies from INFINT’s shareholders in connection with the transaction. Information about INFINT’s directors and executive officers and their ownership of INFINT’s securities is set forth in INFINT’s filings with the SEC, including INFINT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 23, 2022. To the extent that such persons’ holdings of INFINT’s securities have changed since the amounts disclosed in INFINT’s Annual Report on Form 10-K, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the names and interests in the transaction of INFINT’s and Seamless’ respective directors and officers and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the transaction between Seamless and INFINT, including statements regarding the benefits of the transaction, the anticipated timing of the completion of the transaction, the services offered by Seamless and the markets in which it operates, the expected total addressable market for the services offered by Seamless, the sufficiency of the net proceeds of the proposed transaction to fund Seamless’ operations and business plan and Seamless’ projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all; (ii) the risk that the transaction may not be completed by INFINT’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by INFINT; (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the shareholders of INFINT and Seamless, the satisfaction of the minimum trust account amount following redemptions by INFINT’s public shareholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (vi) the effect of the announcement or pendency of the transaction on Seamless’ business relationships, performance, and business generally; (vii) risks that the transaction disrupts current plans and operations of Seamless as a result; (viii) the outcome of any legal proceedings that may be instituted against Seamless, INFINT or others related to the business combination agreement or the transaction; (ix) the ability to meet New York Stock Exchange listing standards at or following the consummation of the transaction; (x) the ability to recognize the anticipated benefits of the transaction, which may be affected by a variety of factors, including changes in the competitive and highly regulated industries in which Seamless operates, variations in performance across competitors and partners, changes in laws and regulations affecting Seamless’ business and the ability of Seamless and the post-combination company to retain its management and key employees; (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction (xii) the risk that Seamless may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; (xiii) the ability to attract new users and retain existing users in order to continue to expand; (xiv) Seamless’ ability to integrate its services with a variety of operating systems, networks and devices; (xv) the risk that Seamless will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xvi) the risk that the post-combination company experiences difficulties in managing its growth and expanding operations; (xvii) the risk of product liability or regulatory lawsuits or proceedings relating to Seamless’ business; (xviii) the risk of cyber security or foreign exchange losses; (xix) the risk that Seamless is unable to secure or protect its intellectual property; (xx) the effects of COVID-19 or other public health crises on Seamless’ business and results of operations and the global economy generally; and (xxi) costs related to the transaction. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of INFINT’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/prospectus discussed above and other documents filed by INFINT from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Seamless and INFINT assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Seamless nor INFINT gives any assurance that either Seamless or INFINT will achieve its expectations.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of INFINT or Seamless, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or exemptions therefrom.

Non-GAAP Financial Measures

This press release uses EBITDA, which is a Non-GAAP financial measure, to present the financial performance of Seamless. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Seamless’ operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP. We believe the Non-GAAP financial measures are useful to investors because such results provide insights into underlining trends in Seamless’ business. The presentation of these measures may not be comparable to similarly titled measures of other companies’ reports. You should review Seamless’ audited financial statements, which will be included in the registration statement to be filed in connection with the proposed transactions. Contacts

Investor Contacts Shannon Devine / Mark Schwalenberg MZ Group North America 203-741-8811 shannon.devine@mzgroup.us

PR Contact Kati Waldenburg MZ Group North America 973-924-9797 kati.waldenburg@mzgroup.us

Naver Z Chooses Payoneer to Pay Content Creators Globally





The partnership marks Payoneer’s growth within Asia’s digital content creator economy and provides Naver Z’s users a quicker payment experience

NEW YORK & SEOUL, South Korea--(BUSINESS WIRE)-- Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, has been chosen by Naver Z, a subsidiary of Naver Corp., one of Asia’s largest internet companies and an early leader in the content creator economy, as their global payment provider. Naver Z owns ZEPETO, a global metaverse platform with 320 million registered users. This partnership marks Payoneer’s increased focus on the content creator industry, and how it connects entertainment platforms with their global ecosystem.

Payoneer will support ZEPETO’s content creators in their ability to expediently pay and get paid in multiple currencies and geographies helping scale the creator’s business through an expanding global clientele. By tapping into Payoneer’s unrivaled global financial infrastructure, Naver Z will be able to send payments to these creators more quickly, easily, and cost effectively than before. Together, Payoneer and Naver Z will help content creators reach previously untapped markets while being supported by a [more]secure and flexible payment solution.

“Opportunities to create income from the creative economy in virtual worlds continue to expand and it is essential that Naver Z is prepared to provide our creators with the best payment experience,” said Ricky Kang, Head of Business at Naver Z. “In addition to helping Naver Z improve the speed of payments, Naver Z’s partnership with Payoneer expands the economic opportunity for our creators by allowing them to sell into new markets and receive payments regardless of location.”

“Naver Z is a pioneer of content creation in the virtual world and Payoneer is thrilled to meet the needs of digital creators by reducing the friction that can exist in cross-border payments in the digital economy due to the nature of complex financial operating systems,” said Woo Yong Lee, Regional Head of East Asia at Payoneer. “We look forward to supporting the next phase of Naver Z’s growth and providing a quicker, more convenient payments platform for its 320 million international users.”

To learn more, please visit https://www.payoneer.com/

About Naver Z and ZEPETO

ZEPETO is a burgeoning metaverse that enables the next generation to experience the truly personalized identity in the virtual worlds. With over 320 million lifetime users, ZEPETO is the fastest growing avatar platform joined by the world’s most popular IP, Brands, Celebrities, and millions of Creators.

About Payoneer

Payoneer is the world's go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy. Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.

Forward-Looking Statements

This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements”. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to the occurrence of any of the risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements”, as well as any further risks and uncertainties contained, in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2021 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements. Contacts

Investor contact Investor Relations investor@payoneer.com

Media contact Irina Marciano PR@Payoneer.com

KuCoin Ventures Makes Strategic Investment in sKCS.io, a Liquidity-Staking Protocol on KCC





VICTORIA, Seychelles--(BUSINESS WIRE)-- KuCoin , a leading global cryptocurrency trading platform, announced that its venture capital arm – KuCoin Ventures, has made a strategic investment in sKCS.io, the first liquidity-staking protocol based on the KuCoin Community Chain ( KCC ). The KCS Management Foundation, a governing structure responsible for the development of the KCS ecosystem, joined the investment round.

sKCS.io is dedicated to providing users with a simple and easy-to-use DeFi product with stable returns, allowing users to stake KCS and receive sKCS. sKCS can be used to participate in other DeFi products to obtain higher returns or unstake to KCS at any time.​ As an underlying asset protocol on KCC, sKCS.io helps users experience the composability of DeFi protocols in one click. Apart from the attractive yields that sKCS.io offers, it is also expected to become the next highly-recognized asset on the KCC. Currently, nearly 10,000 KCS are staked in the sKCS.io.

The financing will support sKCS.io's team expansion and many other aspects, such as product, technology, and security to improve its user experience and launch more innovative products. With the official launch of sKCS.io, it will focus on developing the market and cooperating with more KCC-based projects to accelerate the prosperity of the KCC ecosystem.

Justin Chou, the Chief Investment Officer of KuCoin, said: "As an important infrastructure for KuCoin to explore the Web-3 environment, we are accelerating the development of the KCC ecosystem. As the first liquidity staking protocol in the KCC ecosystem, sKCS.io creates new use cases for KCS, and plays an important role in the KCC ecosystem. We look forward to working with sKCS.io to facilitate the development of the KCC ecosystem."

Duke Smith, the CEO of sKCS.io, stated: "Liquidity is critical for crypto assets. It is an honor to receive a co-investment from KuCoin Ventures and the KCS Management Foundation. With the support of both parties, we will work to build the KCC ecosystem and facilitate the free flow of asset values."

With the launch of sKCS.io, a Staking campaign will be held, where users can stake KCS to share rewards. In addition, KCS Whales can enjoy more exclusive privileges by participating.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 20 million users in 207 countries and regions.

In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2021. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.

About KuCoin Ventures

KuCoin Ventures is the leading investment arm of KuCoin Exchange that aims to invest in the most disruptive cryptocurrency and blockchain projects in the Web-3 era. With the commitment of empowering Crypto/Web-3 Builders with Deep Insights and Global Resources, it is also a community-friendly and research-driven full-stage corporate venture that focuses on DeFi, Game-Fi, Web-3, and infrastructure, working closely with its portfolio projects throughout the journey of entrepreneurship.

About sKCS

sKCS.io is a liquidity staking protocol for KCS on the KCC. Users can stake KCS into sKCS.io and receive sKCS. sKCS can be used to participate in other DeFi products to obtain higher returns or unstake to KCS at any time.

Learn more: https://skcs.io Contacts

Emma Haul media@kucoin.com