New Huo Tech Reports Explosive Revenue Growth Amidst Increased Losses

New Huo Tech, a Hong Kong-listed tech company, recently reported its mid-year financial performance for the period ending on March 31, 2023. The report reveals a complex financial picture with some noteworthy trends and developments.

Most striking is the company’s exceptional growth in revenue. Compared to the same period in 2022, revenue has surged by a staggering 612.3% from HKD 352 million to HKD 2.506 billion. This substantial growth underscores the effectiveness of New Huo Tech’s business model and its success in gaining a significant foothold in its market.

The virtual asset trading and lending segment appears to be the powerhouse of New Huo Tech’s operations, contributing a whopping HKD 2.386 billion, or 95.21% of total revenue. The prominence of this business segment may signal the increasing trend and acceptance of virtual assets in the market. It also indicates New Huo Tech’s competitive strength and strategic positioning in this high-potential industry.

However, the financial report also reveals a concerning aspect. Despite the robust growth in revenue, New Huo Tech’s losses have widened significantly. The net loss for the period was HKD 232 million, an increase from a loss of HKD 49 million in the corresponding period in 2022. This discrepancy suggests that despite its high revenues, the company’s cost structure may need recalibration, or it may be making substantial investments for future growth.

New Huo Tech’s strategic decisions have also been noteworthy. The company has withdrawn its license applications in Singapore and Hong Kong, attributing the move to a strategic shift in business focus and planning. While the specific reasons and implications are not entirely clear, it suggests a reevaluation of the company’s business strategies and priorities, possibly in response to evolving market dynamics or regulatory environments.

New Huo Tech, with its diverse operations in trading, lending, Over The Counter (OTC) services, and custodian services, has also recently clarified that it has no business or equity relationship with Huobi Hong Kong. 

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First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

Asia’s leading trust company and qualified custodian, First Digital, is making waves in the global financial ecosystem with the announcement of its new stablecoin, First Digital USD (FDUSD). Launched by FD121 Limited under the brand “First Digital Labs,” this novel stablecoin pledges to bring stability, diversification, and innovation to the existing financial landscape.

Stablecoins, digital currencies pegged to stable assets like the U.S. dollar, provide a hedge against volatility, a means of remittance, and a cost-effective gateway to financial services. With FDUSD, First Digital Group aims to enhance these benefits by offering a programmable stablecoin backed 1:1 by U.S. dollar reserves held in regulated Asian financial institutions.

First Digital Trust Limited, the custodian and trust company, will maintain FDUSD reserves in segregated accounts, ensuring a secure and robust financial framework for the stablecoin. Notably, the redeemable nature of FDUSD adds to its appeal, as users can exchange their tokens for equivalent U.S. dollar value, strengthening the trust in the 1:1 backing.

Vincent Chok, CEO of First Digital, underscored the significance of this development, “The launch of this stablecoin marks a significant milestone in our mission to provide a secure, efficient digital currency seamlessly integrated into everyday transactions. Especially in these uncertain times, we see a growing demand for predictability. This was a driving factor in conceptualizing FDUSD.”

First Digital remains committed to transparency, pledging open scrutiny for every aspect of FDUSD. In collaboration with local and overseas regulatory authorities, First Digital Labs aims to ensure comprehensive compliance with all applicable laws, both present and future. Their objective is to set new standards of trust and stability in digital currency, guided by regulatory compliance.

In a world increasingly moving towards digital currencies, First Digital’s FDUSD brings a novel, secure, and reliable alternative to the table, marking a significant stride forward in digital asset innovation. For detailed information, prospective users are advised to review the FDUSD Stablecoin Whitepaper, the FD121 Account User Agreement, the FDD Terms, the Privacy Policy, and the FDD Risk Factors.

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Tether USD₮ Sets New Record Cementing Its Status as the Top Stablecoin for Global Financial Freedom

Tether, the leading blockchain-enabled platform behind the widely used stablecoin, USD₮, has achieved a significant milestone by surpassing its previous all-time high market cap of $83.2 billion, which was set in May 2022. The company’s Chief Technical Officer, Paolo Ardoino, attributes this achievement to the growing demand for financial freedom and the trust that customers have placed in Tether.

Ardoino stated, “Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.” He emphasized Tether’s role in providing a safe haven for the unbanked and enabling individuals in emerging markets to preserve their buying power, even in the face of currency devaluation. Tether’s resilience in volatile markets and its commitment to transparency have earned the trust of customers, resulting in its current success. The company aims to expand access to financial freedom globally, with a particular focus on emerging markets.

Since its establishment in October 2014, Tether has solidified its position as the leading stablecoin and a trailblazer in financial freedom and innovation. The USD₮ stablecoin has become the most traded cryptocurrency, surpassing all competing offerings combined. Tether combines the advantages of digital currency, such as instant global transactions, with the stability of traditional currency. By prioritizing transparency and compliance, Tether provides a fast and cost-effective method for conducting financial transactions.

Tether’s recent attestation further underscores its commitment to transparency and highlights its efforts in emerging markets as a refuge from volatile markets. The company’s impressive performance in the first quarter, reporting a net profit of $1.48 billion, has significantly strengthened its reserves. With approximately 85% of its investments in cash, cash equivalents, and short-term deposits, along with a 20% increase in token supply quarter over quarter and excess reserves of around 2.5 billion, Tether has firmly established itself as a trustworthy entity with a positive outlook for the future.

Tether remains dedicated to providing financial freedom and innovation to users worldwide, especially in emerging markets. As a trusted stablecoin, Tether continues to lead in transparency, resilience, and accessibility, offering a secure and stable digital currency option for individuals globally.

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