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]]>Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November.
In an 8-K filing to the Securities and Exchange Commission on Dec. 4, Robinhood noted that “November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels.”
The activity however equity trading volumes and options contracts traded were roughly flat in the same month compared to October.
The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing.
As a result, its Q3 revenue came in below analyst estimates for the quarter at $467 million. Transaction-based revenues declined by 11% year-on-year to $185 million, largely due to the fall in crypto volumes over 202
Robinhood could be eyeing a more profitable fourth quarter in light of the recent crypto market rally, which has seen total capitalization surge 40% to $1.6 trillion over the past two months.
Robinhood co-founder and CEO Vlad Tenev told investors in a November earnings call that the platform could eventually reel “nine figures” in annual revenue.
Speaking to Yahoo Finance on Dec. 4, Tenev said that retail investors were starting to show interest in crypto again.
“You’re starting to see retail investors wake up to certain segments of the rally, and in crypto activity, you’re seeing a groundswell,”
“What tends to happen is, as we’ve seen in the past, as the price of Bitcoin approaches all-time highs, the media coverage and intensity increases,” he said before adding, “I think that plays a role also.”
Related: Robinhood to roll out US stock trading in British market
HOOD prices have gained this year, up just 18% since the beginning of 2023. The company stock however has been down-trending since mid-July after reaching a 2023 high of just over $13. HOOD was priced at $9.95 in after-hours trading after gaining 2.5% daily.
In addition to launching equities to U.K. markets, Robinhood plans to launch futures trading in 2024, pending regulatory approval.
In August, Cointelegraph reported that Robinhood had accumulated 118,000 BTC worth around $3 billion at the time.
Magazine: Web3 Gamer: 65% plunge in Web3 Games in ’23 but ‘real hits’ coming, $26M NFL Rivals NFT
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]]>Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.
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]]>This week’s rundown of new products and updates for ecommerce companies includes cybersecurity, fulfillment, tax reporting, social commerce, resale tools, AI, machine learning, real-time payments, and ecommerce marketing,
Got an ecommerce product release? Email [email protected].
Walmart introduces Parcel Stations to speed up delivery. Walmart has over 4,000 U.S. stores operating as delivery hubs. The company is now adding parcel stations to its hubs. Parcel stations resemble mini post offices that receive and deliver packages using Walmart’s private fleet to transport online orders. Packages originate in fulfillment centers and move to a sortation center or directly to stores, where they are then delivered to a customer’s home using the last-mile delivery network.
IRS helps casual sellers by delaying the lower Form 1099-K reporting threshold. The IRS has announced a delay of the new reporting threshold for “settlement organizations” — payment apps and marketplaces — for calendar year 2023. Reporting will not be required for 2023 unless the organization receives over $20,000 and has more than 200 transactions in 2023. The IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold.
U.K.-based fintech Crezco raises $12 million and integrates with accounting platform Xero. Crezco, a U.K. fintech using open banking for B2B invoicing and bill payments, has secured $12 million from MMC Ventures and 13books Capital. Crezco has also integrated with Xero accounting. Crezco’s application will allow small businesses to manage, approve, and pay their bills simply and securely without leaving Xero’s platform.
Security provider CrowdStrike launches on Amazon Business. Cybersecurity provider CrowdStrike has launched Falcon Go, its AI-powered cybersecurity platform for small and medium businesses, now available on Amazon Business. Designed to help SMBs with cybersecurity threats, Falcon Go delivers CrowdStrike’s protection in a simplified package for smaller teams and non-technical users. CrowdStrike says this is its first offering on Amazon’s B2B store and the broadest dedicated distribution channel for CrowdStrike’s SMB offerings to date.
TikTok Shop partners with U.K. Royal Mail’s “Click & Drop” service. TikTok Shop has partnered with Royal Mail and its primary shipping solution, Click & Drop. Merchants can integrate Royal Mail’s Click & Drop service with their TikTok Shop account to arrange shipments to customers. Click & Drop will be available to TikTok Shop sellers who install the integration from TikTok’s Service Market in the Seller Center, with merchants also able to set up via Royal Mail.
Paysafe offers network tokenization for merchants with Visa. Paysafe, a multinational online payments company, has extended its collaboration with Visa to integrate Visa Network Tokens as an alternative to primary credit and debit card account numbers. Visa Network Tokens update expired card numbers in real-time, eliminating unnecessary declines and ensuring recurring payment subscriptions remain uninterrupted. The integration allows merchants to access the Visa Network Tokenization Service through Paysafe’s Single Payments API.
Real-time payments platform Volt expands into Australia. Volt, a U.K.-based real-time payments platform, has announced its expansion into Australia. Volt’s gateway will be integrated with PayTo, an Australian digital payment platform that enables consumers to authorize and control payments directly from their bank account. Ticketing platform Megatix is the first merchant in Australia to integrate Volt’s technology. The expansion into Australia follows Volt’s $60 million funding earlier this year.
Personalization platform Birdseye raises $3 million to help retailers leverage AI. Birdseye, a developer in retail and ecommerce AI, received a seed investment of $3 million from Drive Capital. Birdseye’s platform helps retailers execute hyper-personalized campaigns, matching shoppers with the products they are likely to buy at any given time and price. This technology is powered by an AI algorithm trained on extensive retail transaction data. Through Birdseye’s AI, retailers can also match excess inventory with customers.
Nexi and Microsoft expand partnership for digital payments in Europe. Nexi, a European fintech that supports the global digital economy and payment ecosystem, and Microsoft have expanded their partnership to integrate Nexi’s digital payment services within Microsoft applications. The companies will launch joint go-to-market and communication activities, including partner evangelization and technical training. The integration will start in Italy and extend to other key European markets.
Consumer cashback service CheckRewards receives $1.2 million in funding. CheckRewards, a consumer cashback service leveraging machine learning technology, has received a $1.2 million investment from Mitgo Group, a Germany-based technology company promoting entrepreneurship. CheckRewards is a smart shopping tool that assists with overall budget management, providing access to promotions, cashback rewards for everyday purchases and receipt scans, and expenditure tracking to help manage finances.
Reflaunt and SuperCircle announce joint resale and recycling offering. Reflaunt, a resale technology platform, has partnered with fashion textile recycling platform SuperCircle. The combined offering will enable consumers to resell products through a brand’s website, with Reflaunt handling the resale process and SuperCircle managing the recycling of items unsuitable for resale. According to the companies, integrating resale and recycling services will simplify the process for brands and consumers, offering sustainability and economic value.
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]]>The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing titled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets.” The meeting began with a discussion of Hamas’s use of crypto for fundraising. However, the committee’s Chair, Representative French Hill, declared that as “phone and the internet aren’t to be blamed for terror financing,” crypto shouldn’t be either. The witnesses, including representatives from Consensys and Chainalysis, spoke about the need for international and public-private collaboration in stopping the misuse of digital assets, the need for well-crafted legislation and the intricacies of blockchain sleuthing.
At another hearing held by the Senate Special Committee on Aging, U.S. Senator Elizabeth Warren highlighted the dangers of cryptocurrency scams. Steve Weisman, a recognized expert on scams and cybersecurity as described by Warren, confirmed that unlike credit card fraud, which can be swiftly identified, stopped and traced, crypto poses greater challenges with transparency. Weisman expressed support for Warren’s Digital Asset Anti-Money Laundering Act, which seeks to ensure that digital assets are subject to the same Anti-Money Laundering laws as traditional fiat currency.
Meanwhile, the New York State Department of Financial Services (NYDFS) unveiled new restrictions that mandate crypto companies submit their coin listing and delisting policies for NYDFS approval. Company policies will be measured against more stringent risk assessment standards set forth by the NYDFS to protect investors. Technological, operational, cybersecurity, market, liquidity and illicit activity risks of the tokens are among the factors to be considered by the NYDFS. The incoming changes apply to all digital currency business entities licensed under the New York Codes, Rules and Regulation or limited purpose trust companies under the state’s banking law.
Republican United States Presidential candidate Vivek Ramaswamy unveiled a crypto policy framework called “The Three Freedoms of Crypto.” Ramaswamy vows to “direct government prosecutors to prosecute bad actors, not the code they use and not the developers who write that code” if elected president. In an accompanying speech, Ramaswamy specifically targeted sanctions against crypto mixer Tornado Cash, stating: “The case brought against the Tornado Cash folks, for example. […] You can’t go after the developers of code.”
The presidential candidate also promises to provide regulatory clarity that gives new cryptocurrencies “safe harbor” exemptions from securities laws for a period of time after they are launched and to prevent any federal agency from creating rules that limit the use of self-hosted wallets.
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The Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment of decentralized finance and wrapping crypto tokens for individuals, clarifying its intent to continue taxing Australians on capital gains when wrapping and unwrapping tokens. In May 2022, the ATO outlined crypto capital gains as one of four key focus areas. Building on the initiative, the Australian tax authority recently clarified a raft of taxable actions in its jurisdiction. The transfer of crypto assets to an address that the sender does not control or that already holds a balance will be regarded as a taxable CGT event, the ATO said in its statement.
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The Democratic Party of Korea, which holds 167 out of 300 seats in the National Assembly, has made it mandatory for prospective candidates to disclose their digital asset holdings before the 2024 general election. The disclosure will be a part of the party’s effort to show the “high moral standards” of its candidates. In the case of false reports, the party will cancel that person’s candidature. However, there would be no consequences for holding crypto. The information on prospective candidates will be made available to the public on a separate online platform featuring details of their careers, educational background and legislative activity plans.
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]]>“Ecommerce Product Releases” is our weekly rundown of new releases and updates from companies offering services to online merchants. This installment addresses video commerce, ecommerce marketing, social commerce, cross-border payments, composable commerce, fraud protection, SMS payments, and supply chain management.
Got an ecommerce product release? Email [email protected].
Video commerce platform Bambuser launches in-video social selling. Bambuser, a video commerce platform, has launched Social Selling, enabling companies to create shoppable videos directly on social media. When a product is featured in a video, a product card appears on screen with a unique shop code, taking viewers directly to the product detail page by simply typing the code in the chat. Social Selling will initially launch on Facebook, with other platforms coming.
Amazon says it will run shopping ads on Snap. Amazon said it would allow Snapchat U.S. users to buy products directly from the Snapchat app. The tie-up will enable customers to shop directly from Amazon ads on Snapchat and check out without leaving the app, per Amazon. Potential buyers would also see real-time pricing, Prime eligibility, delivery estimates, and product details on select Amazon product ads on Snapchat.
BNPL provider Afterpay partners with ecommerce tech platform Rokt to expand ads business. Rokt, an ecommerce post-sale marketing platform, has partnered with Afterpay, a buy-now, pay-later provider. Leveraging Rokt’s technology, Afterpay and its retail partners can deliver targeted advertising to customers during checkout. According to Rokt, this creates a more engaging shopping experience, deepening customer lifetime value.
UPS introduces the Supply Chain Symphony Portal. UPS has released the UPS Supply Chain Symphony Portal, which integrates supply chain components into a single platform. From real-time inventory checks to data-driven performance monitoring and specialized healthcare modules, UPS Supply Chain Symphony syncs previously stand-alone UPS tools, including shipping services, global logistics and distribution, global freight forwarding, customs brokerage, supplier management, express critical service, mail innovations, and coyote logistics service.
London-based Diginius launches app to streamline Microsoft Shopping campaigns for Shopify stores. Diginius, a SaaS digital performance platform, has launched Diginius Shopping for Shopify. According to Diginius, the app streamlines Microsoft Shopping management for Shopify store owners advertising on Bing. Store owners can create a Microsoft Advertising account in-app, automate product feed syncing between the Shopify store and Microsoft ads while managing campaigns, and track advertising metrics.
Composable commerce platform Kibo announces product enhancements. Kibo Commerce, a composable commerce platform, has announced a series of product updates for customers and partners. Kibo resources now include Kibo Academy with self-paced training videos and Kibo Partner Portal with new onboarding documents, training, demo videos, and go-to-market assets. Kibo is also offering the ability to use Kibo Commerce free for 60 days. Users can access a free sandbox of Kibo’s composable platform and Kibo Academy videos.
Amazon to sell Hyundai cars. In 2024, auto dealers will be able to sell vehicles in Amazon’s U.S. store, starting with Hyundai. As part of a multiyear agreement, Hyundai will also migrate its on-premises applications to AWS, and AWS and Hyundai have implemented a program to train Hyundai engineers in critical cloud skills. Starting in 2025, customers who purchase Hyundai vehicles can access a hands-free Alexa experience.
Transaction guarantee platform Vesta partners with Stripe for fraud protection. Vesta, a transaction guarantee platform, has partnered with Stripe to enable a comprehensive fraud prevention and risk protection service that indemnifies merchants for losses from fraudulent transactions. Under the partnership, Vesta Payment Guarantee will incorporate Stripe Radar risk scores to offer fraud and revenue protection options to increase transaction approval rates and thwart first-party and third-party chargebacks.
Asia-based payment platform PingPong and fintech Modifi partner on B2B cross-border payments. Fintech Modifi has announced a global B2B buy-now, pay-later functionality in partnership with PingPong, an Asia-based payment platform in 200-plus countries. The collaboration will enable cross-border exporters and merchants to offer BNPL payment options to their B2B customers. Sellers can benefit from instant invoice payments. Meanwhile, buyers enjoy a suite of adaptable and flexible payment terms.
Amazon adds buyer benefits to its offsite “Buy with Prime” program. Last year, Amazon introduced Buy with Prime to let merchants offer customers Amazon’s checkout to Prime members. Amazon has added benefits wherein Prime members can view and track orders placed through Buy with Prime, both on Amazon.com and in the mobile app. Prime members can access round-the-clock customer service through a live chat feature on an order detail page and use the Prime returns process.
B2B payments platform VerityPay introduces B2C payments with SMS integration. VerityPay, a B2B SaaS payments platform, is enabling businesses to make payments via SMS directly into the digital wallets of their customers, similar to PayPal and Venmo. VerityPay’s SMS integration allows businesses to transfer funds and make payments without needing app installations, QR codes, or payment cards. According to VerityPay, the SMS integration employs encryption and multi-factor authentication to protect both senders’ and receivers’ financial data.
American Express to create “Door to Shop Small” experience for Small Business Saturday. American Express has announced that its 14th annual Small Business Saturday on Nov. 25, 2023, will introduce a “Door to Shop Small” augmented reality experience to help get more shoppers through the physical and virtual doors of businesses. Physical, blue door frame installations will pop up in Chicago’s Magnificent Mile, Los Angeles’ Westfield Century City, and New York City’s Gansevoort Plaza. Integrated QR codes will drive visitors to the AR experience to browse hand-picked small business products.
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]]>Here is a list of new product releases and updates from companies offering services to ecommerce and omnichannel merchants. There are updates on composable commerce, AI-powered shopping, open banking, tax compliance, logistics, and holiday shopping promotions.
Got an ecommerce product release? Email [email protected].
Mozilla introduces AI-powered Fakespot Chat to assist with shopping. Mozilla is testing an AI agent and large language model, Fakespot Chat, to guide shoppers by answering questions. Fakespot Chat is currently available for Amazon shoppers in the U.S. Users can click the thumbs up or thumbs down button for accurate or inaccurate responses, improving the model’s accuracy. Mozilla’s goal with Fakespot Chat is to reduce product research time and improve shoppers’ decisions.
Meta lets users purchase on Amazon without leaving Facebook or Instagram. Meta users can now link their Amazon accounts to shop from ads and check out without leaving Facebook and Instagram. The opt-in experience will enable users to see real-time pricing, Prime eligibility, delivery estimates, and product details on select Amazon product ads. This account linking is voluntary, and users can choose to unlink Amazon and Meta accounts at any time in the Accounts Center.
Commercetools collaborates with PayPal Braintree on consumer checkouts. Commercetools, a developer of composable commerce, is collaborating with PayPal Braintree to offer a range of payment options. The integration includes debit and credit cards, digital wallets, PayPal Later, and local payment methods for 200 markets in 135 currencies. The integration also has customizable fraud tools and dispute automation.
Alibaba launches AI-suite “Aidge” to streamline global commerce operations. Alibaba announced the launch of Aidge, commerce-centric AI-powered APIs to streamline global operations for enterprises. Aidge is built on Alibaba’s large language models and trained on the company’s insights into global ecommerce. During the pilot, Alibaba will test more than 15 APIs with software-as-a-service partners and independent vendors. The APIs cover global commerce-related content localization, marketing, design, and customer service.
Open banking platform TrueLayer integrates with Shopify. TrueLayer, an open banking payments network in Europe, announced its new app is live in the Shopify App Store, allowing U.K. and E.U. merchants to add open banking payments to their checkout. TrueLayer’s open banking payments are digitally native and require no manual data entry. Open banking payments allow for real-time settlement of funds and enable businesses to process refunds faster.
ShipStation partners with ChannelEngine to streamline shipping and warehouse operations. ShipStation, an ecommerce shipping platform, has partnered with ChannelEngine, a global marketplace integration platform. Through the collaboration, ShipStation merchants will have access to ChannelEngine’s network of 700 marketplaces and digital sales channels worldwide. Sellers can list on marketplaces, synchronize sales and inventory across all channels, and automate aspects of their ecommerce operations. ShipStation’s integration with ChannelEngine is now live in the U.K., France, Germany, Australia, and North America.
ShippyPro raises $15 million to expand globally. ShippyPro, a commerce shipping platform, announced a $15 million Series B round from Five Elms Capital. Additionally, the company has launched two products: Out Of Home delivery and Data Optimize. Out Of Home delivery lets consumers receive orders at diverse drop-off points, including postal offices, supermarkets, and local shops. Data Optimize provides brands with oversight and control over their shipping info.
Google releases tools to find shopping deals ahead of the holidays. Google is launching a deals destination on Search that helps shoppers find on-sale products across the web. Users will find promotions and markdowns on the deals page in top holiday categories, such as apparel, electronics, toys, and beauty. Chrome can proactively look for discount codes to help shoppers save money. Merchants can manage where their deals show up across Google in their Merchant Center settings.
Vertex partners with Shopify to streamline compliance. Vertex, a global tax software and technology provider, announced a partnership with Shopify. The partnership will enable enterprise merchants using Shopify Tax to automate tax calculation and compliance on a global scale. Vertex states it’s the first global tax technology partner to join Shopify Tax, offering businesses a unified global solution to streamline the complexities of cross-border indirect taxation.
Amazon to launch Black Friday shopping a week early. Amazon announced that its Black Friday event will start Friday, November 17. Amazon will continue the seasonal promotional savings throughout its Cyber Monday weekend event from Saturday, November 25, through Monday, November 27. According to Amazon, new deals will drop as often as every five minutes during select periods throughout the deal events.
ZIM relaunches eCommerce Xpress for China-U.S. West Coast service. ZIM Integrated Shipping Services, a global container shipping company, has relaunched ZIM eCommerce Xpress, its expedited line connecting South China to the U.S. West Coast. The service features a 12.5-day transit time from South China to Los Angeles. The service’s first resumed departure will occur from Yantian on November 22, 2023.
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