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Archax makes abrdn money market fund accessible and transferable on Algorand blockchain using Quantoz EURD electronic money token

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Algorand’s native “no-code” atomic settlement allows for efficient trading without having to rely on smart contract code

BARCELONA, Spain and LONDON and UTRECHT, The Netherlands, June 27, 2024 /PRNewswire/ — Today, the Algorand Foundation, Archax, and Quantoz Payments announced:

The first ever tokenized money market fund has arrived on Algorand following the issuance by Archax of tokenized interests in abrdn’s €3.8 billion Euro Money Market fund1.Integration between Quantoz Payments and Archax allows for the use of EURD electronic money on the Archax digital assets platform.  Native “no-code” atomic settlement of EURD/fund token in peer-to-peer secondary market transactions enables instant execution of interdependent transactions in a predefined order.

Combining robust tokenized assets, on-chain digital money, and native atomic settlement, the partners have been able to illustrate the feasibility and efficiency of moving the end-to-end investment and cash settlement process on-chain: investment, asset transfer, trading, settlement, and distributions. 

Nick Haasnoot, CEO of Quantoz Payments, comments: “The use of EURD to purchase Money Market Funds in tokenized format is a ramp up to deploy more tokenized financial instruments.  Delivery Versus Payment via regulated electronic money will form the basis of an expected wide acceptance of this product, with opportunities for both retail and institutional investors towards a variety of assets.”

Graham Rodford, CEO and co-founder of Archax, comments: “There is now real momentum building for tokenized real-world assets, and yield-bearing, regulated instruments, like money-market funds, are at the forefront of this activity.  Solving the “cash-leg” of on-chain settlement has generally proved more challenging than the “asset-leg” and the use of digitally-native money, like EURD, can be an important tool to unlock the benefits that on-chain financial markets can bring. We are pleased to be working with Algorand and Quantoz to deliver the improved transparency and efficiency that blockchain/DLT offer.”  

Russell Barlow, abrdn’s Global Head of Multi-Asset and Alternative Investment Solutions, commented: “At abrdn, we are committed to leading digital innovation in investment management and are delighted to see continued progress in this field. The development highlights the importance of institutional infrastructure providers, and we congratulate Archax, Quantoz and the Algorand Foundation on this key milestone.” 

“The future of finance is truly instant – including the instant finality of transactions. This partnership between Archax and Quantoz to bring both a digital euro and a tokenized fund to Algorand makes this a reality for registered investors across Europe,” said Eric Wragge, global head of business development and capital markets for the Algorand Foundation. “The impact of combining tokenized assets and a digital euro is significant, and we look forward to bringing even more innovation like this to Algorand’s institutional-grade, quantum-secure blockchain.”

EURD and Quantoz Payments

EURD, a programmable European Union digital euro, is issued on Algorand by Quantoz Payments, an Electronic Money Institution (EMI) authorized and regulated by the Dutch Central Bank.  EURD in issuance are more than covered by a 102% surplus of high quality liquid assets that are subject to strict Central Bank oversight and held in a bankruptcy remote foundation, Stichting Quantoz.  EURD may be created by sending funds via the SEPA payment network and holders have the right to redeem for par value at any time. 

Asset tokenization and Archax

Archax is based in London and is the first-ever firm to be authorized by the UK Financial Conduct Authority (“FCA”) as a digital securities exchange, custodian and brokerage, as well as the first to be listed on the regulator’s Cryptoasset Register.  Consistent with these regulatory permissions and its status as a distributor of abrdn products, Archax is able to a) purchase and hold fund units in bankruptcy remote trust, b) issue Algorand Standard Asset tokens representing beneficial ownership of the underlying fund units, and c) observe the Algorand blockchain to identify peer to peer transfers and ownership changes.  Additionally, given its integration with Quantoz, it is able to accept, distribute, and redeem EURD, which can be used to accept deposits, process withdrawals, distribute coupons, interest pay-outs, or dividends.

Subject to Archax onboarding procedures, qualified investors may invest in, custody, and trade the range of tokenized products available on Archax’s digital assets platform, which includes access to the abrdn’s money market funds.

To abide by AML and regulatory requirements, tokens issued by Archax may only be transferred between wallets whitelisted by Archax.

Transaction orchestration and Algorand

A unique feature of the Algorand blockchain is that atomic swap functionality – controlled exchange of assets if and only if all parties fulfill their side of the bargain- is built into the protocol itself and does not require smart contract programming. Algorand atomic swaps allow for the execution of group transactions, without counterparty risk and with precise transaction ordering, enforced by consensus, a critical requirement of several types of complex financial workflows.

In addition, atomic swaps benefit from Algorand’s instant finality, which means that all transactions are final the moment a new block is created (~ 3 seconds). All interdependent transactions that are part of an atomic swap, are guaranteed to be executed in the same block.

About Quantoz Payments and EURD

Quantoz Payments is incorporated in the Netherlands and is a 100% subsidiary of Quantoz N.V. Quantoz Payments is an issuer of electronic money in the form of e-money tokens. The Company holds an Electronic Money Institution (EMI) license from the Dutch supervisory authority, the Dutch Central Bank.

EURD is the e-money token issued by Quantoz Payments. The funds received in exchange for the e-money tokens are held by Stichting Quantoz, a bankruptcy remote entity, which ensures that these funds are safeguarded following the requirements of MiCAR. The e-money tokens in circulation are 102% overcollateralized. Quantoz Payments and Stichting Quantoz are subject to prudential supervision by DNB.

Notice: The EURD white paper will be published on quantozpay.com. EURD e-money token holders have redemption rights at any time at par value, with redemption terms outlined in the EURD White Paper.

About Archax

Archax is a global, regulated, digital asset exchange, brokerage and custodian based in London. Founded by experts from the financial markets world and backed by an accomplished advisory board, Archax offers a credible bridge between the blockchain-centric crypto community and the traditional investment space. Archax is the first-ever firm to receive FCA regulation as a digital securities exchange, custodian and brokerage. It was also the first firm to be listed on the FCA’s Cryptoasset Register as a VASP (Virtual Asset Service Provider). Archax has been designed specifically for institutional investors to trade in all types of digital assets, from cryptocurrencies to digital securities. It is built using existing, proven, resilient, scalable, high-performance exchange infrastructure, hosted in top-tier datacentre space, and integrated into the existing institutional trading workflow. For more information, go to www.archax.com.

About Algorand Foundation
Algorand’s mission is to power a world where information has integrity and innovative ideas can scale. The Algorand Foundation supports Algorand’s rapidly growing ecosystem by providing a best-in-class developer environment, supporting key infrastructure and setting technical standards, offering comprehensive support to builders and entrepreneurs, and providing the infrastructure for decentralized governance.

Founded by Turing Award-winning cryptographer Silvio Micali in 2019, Algorand has grown into a vibrant ecosystem of developers, entrepreneurs, and enterprise partners that benefit from institutional-grade certainty and resilience, while features like low fees, instant finality, and a minimal carbon footprint also appeal to the protocol’s millions of retail users. Builders of all kinds can use common programming languages like Python to develop advanced apps and protocols that solve important problems at a global scale: instant payments in war and disaster zones, self-sovereign identity for the disenfranchised, supply-chain traceability for global commerce, permissionless protocols addressing financial inclusion, and the creation of entirely new markets through tokenization, to name a few. To learn more and start your journey on Algorand, visit algorand.foundation.

1 Assets under management as at 30 April 2024, https://abrdn.kurtosysweb.com/pdfs/F_STDI_en-GB-NN_LU0966092131.pdf

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Rad Power Bikes Expands Its Omnichannel Retail Experience to Include BestBuy.com and Select Best Buy Stores

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Additional physical and digital channels provide Rad Power Bikes customers more ways to interact with the brand and access Rad’s latest ebike models.

SEATTLE, Sept. 25, 2024 /PRNewswire/ — Rad Power Bikes™ today announced its teaming up with Best Buy to increase the brand’s retail presence to include 150 Best Buy stores nationwide and BestBuy.com. After several product launches, this availability enhances the seamless integration of Rad’s retail channels, enriching the customer journey from online to in-store. This expansion of Rad’s omnichannel experience underscores the company’s dedication to creating a world where transportation is not only energy-efficient and accessible but also enjoyable for everyone, no matter where they shop or how they engage with the brand.

Rad Power Bikes Expands Its Omnichannel Retail Experience to Include BestBuy.com and Select Best Buy Stores

As Rad continues to redefine sustainable transportation, the expansion to Best Buy will provide more customers with direct access to Rad’s industry-leading products in physical retail locations and online. Starting today, customers can purchase some of our rider’s favorite Rad products and accessories at BestBuy.com, and next month in 150 Best Buy stores nationwide.

“Rad Power Bikes is strategically positioning itself for sustained growth by focusing on safety, reliability, and customer accessibility,” said Phil Molyneux, CEO of Rad Power Bikes. “Our commitment to strengthening our product offerings and broadening our retail experiences for customers ensures more people can experience the benefits of ebikes. As we continue to innovate and grow beyond our direct-to-consumer roots, we remain dedicated to maintaining the highest standards of safety, quality, and customer satisfaction, which have been key in building our strong reputation with customers and retailers large and small.”

Rad is also expanding its retail partner program and is pleased to announce the appointment of industry veteran George Lee as Director of Sales. This key addition will further strengthen and grow the company’s retail partnerships, enhancing the overall customer experience and accelerating growth.

Rad Power Bikes is also planning exciting Black Friday deals on its versatile ebikes to offer even more customers the opportunity to experience the freedom and convenience of Rad Power Bikes at a great value.

Rad Power Bikes offers test rides and in-store support at its RadRetail locations, ensuring that customers can find the right ebike for their needs, whether commuting, adventuring, delivery, or hauling kids. For more information on how Rad Power Bikes is making ebikes more accessible, and to locate a store near you, visit here.

About Rad Power Bikes
Rad Power Bikes boasts a full lineup of affordable ebikes and accessories that are changing the way people and products ride for good. Founded in 2007, Rad’s team of passionate ebike enthusiasts creates products and service solutions that are purpose-built for everything, whether for commuting, adventuring, delivery, or hauling kids. The ebikes and accessories are all designed in-house at its Seattle headquarters. The company serves riders across the U.S. and Canada, and has nine RadRetail locations, and more than 1,200 retail and service partners across North America.Recognized by TIME, Fast Company, and Inc. as one of the most innovative and influential companies, Rad Power Bikes is on a mission to build a world where transportation is energy-efficient, enjoyable, and accessible to all.

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SOURCE Rad Power Bikes

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Admitad’s new generation promo code solution boosts conversion for affiliates by 40%

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DUBAI, UAE, Sept. 25, 2024 /PRNewswire/ — Admitad, a global leader in partner marketing, launches New Generation Promo codes — a turnkey solution that offers a hassle-free way to attribute sales directly to affiliates through promo codes. Publishers receive full credit for every sale generated, regardless of how or where the transaction occurs. Brands enjoy increased tracking transparency and accuracy, wider reach and boosted sales. The loyalty of publishers to advertisers is also growing due to increased profits at the same traffic volumes.

By assigning a dedicated code to each affiliate, the solution ensures personalised promotions that increase the relevance and impact of marketing campaigns, while for publishers it guarantees no risk of promo code theft or cookie stuffing. Through access to a broader network, including social media influencers and content creators, businesses can expand their reach, diversify traffic sources, and unlock new audience segments.

Solution embraces the CPS model, guaranteeing that businesses only pay for completed sales. This makes marketing spend more predictable, enabling companies to optimise their ROI. Promo codes are automatically withdrawn from publishers failing to generate sales within a specified timeline and are then reallocated to those who consistently deliver results.

Promo code tracking also solves the problem of cross-device order attribution, including tracking on mobile devices and within mobile applications. Admitad’s solution is able to bypass other tracking obstacles as well. It works seamlessly even if ad blockers, privacy settings and other extensions interfere with traditional cookie tracking.

Affiliates using New Generation Promo codes alongside their affiliate links have experienced a significant spike in conversions. Admitad compared the number of actions and growth rate of partners who previously worked only with affiliate links. Calculations showed consistent 30-40% growth in the number of actions and sales after just 3 months of promo code usage.

More conversions translate directly into increased commissions and revenue growth. By offering discounts or special offers, they incentivize consumers to make purchases that might not have otherwise been considered. It also offers publishers a powerful tool to foster deeper customer engagement.

Publishers and brands can access New Generation Promo codes through the Promo code Catalog in the Admitad Store. These codes are recommended to be used alongside the affiliate links, offering a powerful combination that ensures the best possible tracking and maximizes the conversion potential.

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SOURCE Admitad

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Swan Bitcoin Has Achieved SOC2 Type 1 Compliance

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The independent audit and certification affirms that Swan’s platform, infrastructure, tools, and processes meet industry best practices to protect sensitive client information. 

CALABASAS, Calif., Sept. 25, 2024 /PRNewswire/ — Swan Bitcoin is proud to announce that it has successfully achieved SOC 2 Type 1 compliance, marking a significant milestone in its dedication to ensuring the highest standards of security, availability, and confidentiality for its customers. This certification, awarded by Schellman, a high-ranking IT compliance attestation firm, details the suitability of design and operating effectiveness of controls relevant to security, availability, and confidentiality to protect sensitive data.

“Every day, we handle mission-critical information,” said Yan Pritzker, Swan CTO. “This requires Swan to implement thorough security and risk controls across our whole domain, including network security, systems availability, and data confidentiality. With a SOC2-compliant environment, we are assuring our customers and partners that we can meet their stringent compliance requirements.”

SOC 2 reports are performed in accordance with the Statement on Standards for Attestation Engagements 18 (SSAE 18) attestation standard issued by the American Institute of Certified Public Accountants (AICPA). Achieving SOC 2 Type 1 certification demonstrates that Swan meets industry best practices to assure clients that their data is being handled with the utmost care and protection.

“At Swan, security is a top priority,” said Scott Kisser, Swan CISO. “Achieving SOC 2 compliance underscores our commitment to building trust by adhering to industry-leading security practices. This independent verification is another step in our continued journey to provide the most secure and trusted Bitcoin platform for our clients.”

SOC 2 compliance brings critical benefits such as reduced risk, enhanced client trust, and the confidence that Swan Bitcoin is continuously improving its security posture. The completion of Swan’s SOC 2 Type 1 report is the result of an independent audit conducted to ensure the proper design and effectiveness of a variety of controls. For more information, please visit trust.swanbitcoin.com.

About Swan

Swan is a leading Bitcoin financial services company with more than 130,000 clients. Established in 2019, Swan helps individuals and institutions to understand and invest in Bitcoin. The Swan app simplifies Bitcoin purchases with instant and recurring buys. Swan IRA provides a tax-advantaged solution for saving Bitcoin in retirement accounts. For HNWIs and businesses, Swan Private provides white-glove service for large purchases, treasury solutions, and inheritance planning. With Swan Vault, clients can easily custody their own Bitcoin with peace of mind. Swan Managed Mining provides clients with fully segregated and dedicated mining operations, catering to their unique requirements, opportunities, and strategic advantages. Swan prides itself on exceptional client service, making Bitcoin approachable to all. For more information, please visit swan.com.

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SOURCE Swan Bitcoin

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