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Hacks Have Taken Billions From Both Centralized And Decentralized Crypto Exchanges — Is Swopblock The Answer?

Benzinga

By James Wells, Benzinga Learn more about and invest in Swopblock via Wefunder The crypto community has faced a series of unfortunate incidents over the past two years, punctuated by the collapse of FTX, a large centralized exchange (CEX). These situations have led many investors – who are still awaiting compensation – to question the reliability of CEXs. Decentralized exchanges (DEXs) propose a solution by removing third parties and allowing users to handle their own assets. Nevertheless, many DEXs still rely on centralized components such as bridges and pipes, limiting their reach to full decentralization. Swopblock, a pioneering decentralized crypto exchange, stands out by enabling cross-chain trading with 100% liquidity distribution across user wallets. This could surpass the limitations of existing DEXs and CEXs, potentially positioning Swopblock as a leader in the decentralized finance (DeFi) field. Centralized Exchanges: A Double-Edged Sword Centralized Exchanges (CEXs) such as Binance, Coinbase and Kraken are popular cryptocurrency platforms known for their reliability and a range of benefits, including liquidity, fast transactions and user-friendly interfaces. However, these advantages come with a downside: CEXs have a custodial nature, which means they hold users' assets on their behalf. This setup increases the risk associated with relying on the exchange as an intermediary. The increased counterparty risk in CEXs can lead to potential problems. For example, some exchanges like Celsius have faced insolvency issues, while others like FTX experienced irretrievable losses of funds due to unethical practices. While CEXs offer convenience by simplifying asset management through exchange-managed wallets, it requires users to place significant trust in the exchange, making them vulnerable to these risks. Transition To Decentralization: Not The Ultimate Solution Yet Cross-chain Decentralized Exchanges (DEXs) attempt to mitigate CEXs' counterparty risk by compartmentalizing custodial control into pipes and bridges, but this does not completely eliminate the risk of custodial control failure. This can lead to single points of failure, causing significant losses if compromised (hacks, bugs, etc.). DEXs like Uniswap mitigate CEXs' counterparty risk by prohibiting cross-blockchain trading altogether, this requires using these CEXs to gain access between DEXs on other blockchains. According to Binance Research, DEXs were the most used type of decentralized application (dApp) among institutions in Q2 2023. While CEXs are an established technology, DEXs retain most centralized exchange capabilities and often provide access to more niche and experimental projects. The Swopblock Solution: Distributed Liquidity for Complete Decentralization Swopblock is a trailblazer in the DEX industry as the first fully decentralized exchange. Unlike its competitors, such as Thorchain or PancakeSwap, Swopblock ensures an impressive 100% liquidity distribution across all user wallets, significantly reducing vulnerability to liquidity pool and bridge hacks. Despite liquidity pools being decentralized, these remain susceptible targets for attacks due to the accumulation of assets. The alarming $2.1 billion lost to hacks and exploits in 2022 alone emphasizes the urgent need for more decentralized liquidity distribution. The true innovation of Swopblock lies in its decentralized liquidity distribution, setting it apart from other platforms. Powered exclusively by SWOBL, users contribute liquidity individually for their trades while retaining full control within their wallets. This approach not only addresses self-custody issues typically associated with Centralized Finance (CeFi) but also eliminates the 'honeypot' risks inherent in traditional DEXs like Trader Joe, Uniswap, and PancakeSwap. Swopblock: Ushering in a New Era of Genuine Decentralization in Crypto Exchanges As the DEX sector continues to thrive in the aftermath of the FTX fallout, and with the increasing focus on self-custody, it's crucial that both investors and developers maintain their focus on the overarching goal of crypto: decentralization. Many decentralized projects, despite their emphasis on improving capital efficiency, user-friendliness, and other metrics, have overlooked the enormous flaw of integrating any kind of single-point custodial-control failure into a decentralized exchange system. Swopblock, with its innovative technology emphasizing distributed liquidity powered by its protocol driven medium of exchange, stands as a truly disruptive force that prioritizes decentralization. As the demand for a genuinely decentralized exchange method grows, Swopblock stands ready to meet it, raising the bar across the industry. Learn more about and invest in Swopblock via Wefunder. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

August 15, 2023 09:00 AM Eastern Daylight Time

OLB Group (NASDAQ: OLB) Acquires Controlling Interest In Prepaid Phone Platform, Potentially Expanding Its Services For The Underbanked To An Additional 31,000 Locations

Benzinga

By David Willey, Benzinga OLB Group, Inc. (NASDAQ: OLB) is a diversified payment and omnicommerce technology services provider that provides the benefits of traditional banking to financially underrepresented communities. It is boosting its services to the underbanked through the acquisition of a controlling interest in Cuentas SDI LLC, a company that owns the platform of Black011.com along with a network serving over 31,000 convenience stores. OLB acquired an 80% share in the company and will offer its services, including the prepaid General Purpose Reloadable (GPR) program, to the stores and customers already on SDI’s network. The company has appointed a new Vice President (VP) of Sales, Jeff Jorgge, to lead the expansion. Jorgge has over 15 years of experience leading similar projects with other major companies. His campaign will involve rebranding the SDI platform under the OLB Payment Platform and ECO payment system and offering OLB’s services to the 31,600 convenience stores currently part of SDI’s network. The campaign will highlight the ability of members on the Black011 platform network to use one integrated Point-of-Sale (POS) system so their customers can purchase products and reload their phones from the same system. Jorgge commented, “I have been involved in indirect channel distribution for the past 15 years in the New York, New Jersey and Connecticut area and am very excited about all the additional unique services that OLB will bring to the merchants on the SDI network. The OLB Group applications of in-store and on-mobile online App and will help to bridge the digital divide for the unbanked, underbanked, and underserviced population.” OLB’s Current Focus – The First 1,000 Locations OLB believes this controlling acquisition of SDI will increase its service to convenience stories and their customers. The company is starting its campaign by targeting 1,000 prime locations, including convenience stores and ‘bodegas,’ in the tri-state area. These locations often serve unbanked or underbanked households, which represent almost 18% of America’s more marginalized communities. There are over 150,000 convenience stores in the U.S., and it is estimated that over 90% of Americans live within a short distance of one of these stores. However, these stores can struggle in the changing economic environment, and OLB’s acquisition will allow it to better serve this significant market. OLB Group CEO Ronny Yakov commented on the acquisition, “We are excited to move forward with this exciting next step in our relationship with Cuentas. Our plan is to immediately focus on adding as many as 1,000 new stores to the network in the New York, New Jersey, Connecticut area and then ramp up from that initial base.” Expanding SDI Services Cuentas Inc. (NASDAQ: CUEN), which used to own Cuentas SDI, still owns almost a 20% share of the company. It will continue helping SDI serve financially underrepresented communities and plans to add the network to its new Cuentas Mobile Wireless Service. It will also continue working with the leading global financial services company InComm, to add innovative digital solutions to the SDI network in aid of the underbanked. OLB will be able to offer these locations numerous benefits, including access to OLB’s network of customers, wallets with instant credit and the ability to issue loans and other financial services. The acquisition of the SDI network will also enhance OLB’s GPR program. GPR cards function like debit cards, except they are pre-paid and reloadable, and unlike debit cards, they are not connected to a bank. Integrating the SDI network with OLB’s financial services means owners of merchant locations will be able to reload funds to their accounts as well as use OLB’s electronic portal to offer customers instant access to digital products. Other companies that offer services similar to OLB, including integrated fintech/payment, are large-cap names like Shopify, Inc. (NYSE: SHOP) and BigCommerce Holdings (NASDAQ: BIGC). This initiative to expand into a very large underserved market could be a major contributor to OLB’s revenue and income growth going forward as the company executes on their roll out plan to the new market sector of bodegas and convenience stores. Want to read more about what OLB Group is doing to serve the underbanked? Check out its website. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

August 15, 2023 09:00 AM Eastern Daylight Time

Sekur’s Suite Of Encrypted And Private Communication Tools Will Now Be Available To Morocco’s Largest Telecommunications And Banking Companies Thanks To New Agreement

Benzinga

By Rachael Green, Benzinga This month, Sekur Private Data Ltd. (OTCQB: SWISF) (CSE: SKUR) (FRA: GDT0) announced a new distribution agreement with Digital Smart Solution Sarl (DSS), a Morocco-based IT services consulting company. The agreement will see Sekur’s suite of privacy solutions, including SekurMesenger, SekurVPN and SekurMail offered to some of Morocco’s largest companies in the telecommunications and banking sectors. Sekur Is A Leader In Developing Truly Private And Secure Communication And Internet Access Among the solutions that will be distributed under the new agreement is SekurMessenger. The proprietary chat, voice-message and file-sharing app allows users to communicate via a secure and very private channel without disclosing their phone number or other contact information. It also comes with a self-destruct timer that users can set to automatically clear message history at regular intervals. That’s true even when using the app to chat with someone who doesn’t have SekurMessenger through its chat-by-invite feature. The enterprise version archives all communications at server level for compliance, and offers full users’ permissions and onboarding, offering a compliant true private closed loop communications solution for businesses and their client base and offering an alternative to other non-compliant messaging applications in use today by many employees in the financial, legal and medical sectors. According to a CNBC article dated Aug 8th, 2023, U.S. regulators announced a combined $549 million in penalties against Wall Street firms that failed to maintain electronic records of employee communications. That level of privacy and data protection could be a game changer in a market that currently suffers from a lack of robust cybersecurity. “Approximately 90% of African businesses are operating without cybersecurity protocols in place, making them vulnerable to cyber threats, such as hacking, phishing, and malware attacks,” said Sekur CEO Alain Ghiai. Privacy is still an issue even within the cybersecurity services market, though. Data mining and third-party leaks are major issues among virtual private network (VPN) providers, for example. VPNs are meant to offer users a way to browse the internet while concealing their IP address and making the rest of their data less vulnerable to hackers. But many VPN providers structure their service in a way that leaves glaring loopholes for data leaks. In July, for example, Meta (NASDAQ: META) was fined AU$20 Million by the Australian Competition and Consumer Commission after its subsidiary, Onavo Protect VPN, was found to be monitoring and logging user activity and sharing that data with its parent company. Even when a VPN provider promises that it doesn’t log user activity, it might use third-party servers or bundle its VPN with third-party services like ad blockers or anti-virus software that don’t make the same data privacy guarantees. That’s what Sekur wanted to solve with its SekurVPN launched in April. The VPN service is hosted entirely on Sekur’s own servers based in Switzerland, where data privacy laws are especially strict. It’s also a pure VPN service with no other third-party add-ons bundled into the plan. The result is a no-frills, easy-to-use VPN that not only guarantees that it won’t monitor or log user data but avoids the risk of third-party providers tracking or sharing that data as well. This level of privacy and security is especially important for businesses that are often handling not just their own data but that of customers and, as a result, are more likely to be targeted by cybercriminals. DSS Distribution Agreement Aligns With Sekur’s Recent Push Into Enterprise Security Market Under the new deal, DSS will start by approaching two of the largest telecom operators in Morocco which serve a combined mobile subscriber base of well over 20 million users. This comes as Sekur takes major steps to grow its enterprise services segment, including plans to launch major marketing campaigns by the fourth quarter of this year targeting the 30 million small businesses in the United States, where two-thirds of today’s VPN users are based. Alongside its expanded distribution and marketing strategy, the company is also developing a suite of Sekur Enterprise solutions to better cater to this segment as its network of enterprise customers grows. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

August 15, 2023 09:00 AM Eastern Daylight Time

Fintech MoneyLion (NYSE: ML) Reports Growth In Q2 2023 Earnings, Surpasses Guidance Fueled By Combined Consumer & Enterprise Ecosystem

Benzinga

By James Wells, Benzinga MoneyLion (NYSE: ML) is a leader in financial technology and embedded finance that has received multiple awards for its services, including the 2019 Fintech Award For Innovation In Personal Finance from Benzinga. The company offers multiple AI-powered consumer services including digital banking, cash advances, automated investing, credit-building loans, budgeting and financial tracking and rewards. It also offers enterprise marketplace solutions and boasts a network of more than 1,000 enterprise partners. The company recently announced its Q2 financial results for 2023, showcasing robust performance across both enterprise and consumer segments. Below are the essential details. Financial Performance MoneyLion reported record revenue of $107m, a significant increase of 22% year-over-year. The revenue exceeded guidance of $95m -$100m, reflecting strong growth in its core business segments. The second quarter gross profit margin was 59%, surpassing the expected range of 54-58%. Additionally, the company posted an adjusted EBITDA of $9 million, marking the second consecutive quarter of positive performance and exceeding the projected guidance of $1 million to $8 million. Both achievements reflect advantages in the consumer and enterprise ecosystems. “Revenue, gross profit margin, and Adjusted EBITDA all exceeded the high end of our guidance. For the third quarter of 2023, we expect revenue of $110 to $115 million, gross profit margin of 55% to 60% and Adjusted EBITDA of $6 to $10 million,” said Rick Correia, MoneyLion’s Chief Financial Officer. Customer and Product Growth The company reported 10 million total customers, with a record addition of two million in the second quarter, reflecting 114% growth year-over-year. Alongside this, the company's total products expanded by 71% year-over-year, showcasing MoneyLion's capacity to connect more customers with suitable financial solutions. Future Outlook MoneyLion's co-founder and CEO, Dee Choubey, emphasized the solid diversification of products and anticipates continued growth throughout the year. He stated, “Performance in the second quarter was driven by product diversification and margin expansion in our Enterprise marketplace business and continued momentum and robust credit performance in our Consumer business. With this platform strength, a robust balance sheet and our pipeline of innovative product releases and features, MoneyLion is poised to build on its momentum of scaling profitably.” MoneyLion: Growing Revenues In A Fast-Growing Market MoneyLion operates in a growth market – according to Allied Market Research, the global embedded finance market was worth $66.8 billion in 2022, and it is expected to grow at a compound annual growth rate (CAGR) of 25.4% between 2023 and 2032 to reach a value of $622.9 billion in 2032. The rising trend of digital transformation in several sectors including finance is a key factor driving the market’s growth. Embedded finance is revolutionizing the way financial services are delivered and consumed, and MoneyLion seems well-placed to continue to be a part of the growth of this sector. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

August 14, 2023 09:00 AM Eastern Daylight Time

Be Ready for Back to School

News Media Group, Inc.

Contact Details Karl Wayne +1 334-440-6397 karl@newsmg.com Company Website https://newsmg.com/

August 14, 2023 06:00 AM Eastern Daylight Time

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News Release

Givex CEO Don Gray reveals strong 2Q performance and strategies for sustained growth

Givex Corp

Givex Corp CEO Don Gray joined Proactive's Stephen Gunnion with details of the company's strong second-quarter financial performance. For the three months ended June 30, Givex reported revenue of $19.4 million, up 15% year-over-year, and gross profit of $1.9 million, up 16% year-over-year. Adjusted EBITDA rose 69% to $1.7 million over the same span and the net loss narrowed 75% from $3.9 million to $978,000. Gray attributed the positive results to consistent strategies over the past few years, including attracting new clients, signing new business, and successful acquisitions. He emphasized the company's goal to increase gross profit and adjusted EBITDA, while aiming to reduce the net loss to zero and potentially achieve positive earnings. Gray acknowledged the challenge of managing operational costs, particularly payroll expenses, and discusses efforts to maintain control and possibly lower the payroll-to-gross-profit ratio. Regarding annual recurring revenue (ARR), Gray highlighted a 20% increase in trailing ARR, emphasizing the significance of new contracted revenue from acquisitions and new clients. He anticipated continued growth throughout the year, especially in the stronger third and fourth quarters. Contact Details Proactive Investors +1 604-688-8158 na-editorial@proactiveinvestors.com

August 11, 2023 02:08 PM Eastern Daylight Time

Video

Boost Mobile's New Unlimited Plan And Focus On Better Connectivity Set It Apart From Competitors

Benzinga

With the school year quickly approaching, parents and students around the country are looking to find the best phone plans. Whether you’re buying a first phone for a younger child or a teenager going off to college and purchasing your own plan for the first time, affordability and accessibility are important to consider. When it comes to prepaid providers, Boost Mobile (NASDAQ: DISH) is one of the best in the game. CNET recently named Boost’s unlimited plan 1 one of the “ Best Prepaid Phone Plans,” and for a good reason. Boost Mobile has recently introduced a new unlimited plan that is just $12.50 for the first month – offering unlimited talk, text and data for $25 per month with AutoPay 2. This plan stands out from the crowd as it is not tied to 12-month increments, unlike Mint Mobile's 12-month plan. This offer is only available to new Boost customers who bring their own phone or purchase a full SRP phone from Boost Mobile. The plan includes 5G access, 30GB of high-speed data per month and a hotspot 3. Boost has been actively working on expanding its 5G capacity so all customers have the best connectivity available, and the company is ahead of the competition when it comes to providing 5G. With the evolution of mobile technology, 5G promises to deliver high-capacity and blazing-fast mobile technology that will enable the next wave of mobile wireless innovation. Boost plans to leverage its 2.5 GHz spectrum and deploy Massive MIMO radio technology to achieve this goal. The Massive MIMO technology can deliver greater capacity than current LTE systems, which will enable Boost to offer faster speeds, increased network capacity and an overall better experience for its wireless customers. When it comes to cell phone plans, there are typically two options available: pre-paid and post-paid. Post-paid plans, like Verizon or T-Mobile, are traditional contract-based plans that require customers to pay a monthly bill for a set amount of data, talk time, and texts. Pre-paid plans, on the other hand, allow customers to pay for their service upfront and only pay for what they need. This is why the unlimited plan is appealing to a wide range of consumers: its flexibility and inexpensive price point. One of the main benefits of pre-paid plans is that they offer more flexibility and control over spending. Customers can choose to pay only for the services they need and can adjust their usage accordingly. Prepaid providers often do not require a credit check, making them incredibly valuable for customers with lower credit or young people with no credit history. With pre-paid plans, customers avoid unexpected charges because they are only charged for what they use. This can be particularly beneficial for those on a tight budget or for those who do not use their phone frequently. The company's commitment to providing value to its customers is evident in its no-contract policy. The company’s BoostOne app also offers daily discount opportunities. Given all the benefits it offers, Boost Mobile is a highly attractive choice for those seeking a reliable and cost-effective cell phone service provider for merely $25/month. 1 Based on a comparison of the Boost $25/mo. unlimited plan to other carriers’ unlimited plans. 2 Taxes and fees extra. 3 5G requires a compatible device. 5G is not available everywhere. Mobile hotspot draws from data allotment. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

August 11, 2023 09:25 AM Eastern Daylight Time

Video

Back-to-School Shopping 101

News Media Group, Inc.

Contact Details News Media Group, Inc. Karl Wayne +1 334-440-6397 karl@newsmg.com Company Website https://newsmg.com/

August 11, 2023 06:00 AM Eastern Daylight Time

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The Game Day Launches Four New Websites, Expands Portfolio in the North American Sports Market

The Game Day

Following two years of significant growth for its flagship site www.thegameday.com, leading US iGaming affiliate company The Game Day has announced the launch of four new websites dedicated specifically to the NFL, NBA, MLB and NHL. With the introduction of the four sites - TheGameDayFootball.com, TheGameDayBasketball.com, TheGameDayBaseball.com, and TheGameDayHockey.com – the New York-based media company is looking to expand its existing coverage in order to take advantage of the burgeoning demand for sports betting content in the US. “We’re thrilled to be building on the success of the past 24 months,” says The Game Day Co-founder & COO Steve Carey. “As the market continues to evolve at pace, these new sport-specific sites will enable us to keep growing our market-leading coverage in a way that lets us reach an increasingly wide audience base.” Director of Sports Content Tim Heaney adds “ This new expansion gives our portfolio of industry-leading writers an even bigger platform from which to deliver the types of in-depth analysis, features and interviews that have already won a huge and loyal fanbase in the US. We can’t wait to see where the next two years takes us – and the wider industry as a whole.” The Game Day is a sports entertainment and media company geared toward millennials and Gen Z. Launched in 2020, The Game Day bridges the gap between casual sports fans and sports bettors, creating and promoting original digital- and social-first content. Fans can follow all of The Game Day’s social content: TikTok, Twitter, Facebook, and Instagram. Contact Details The Game Day Lauren Polkey +356 9916 0849 laurenpolkey@thegameday.com The Game Day Brian Courcelle +1 518-281-7872 briancourcelle@thegameday.com Company Website https://thegameday.com/

August 10, 2023 11:11 AM Eastern Daylight Time

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