A short and beautiful week has passed, and the foreign exchange market has also undergone numerous changes. The following is the foreign exchange news that attracted everyone's attention last week. Let's review the news and events in the foreign exchange market last week. For example, after United Fintech's acquisition of Cobalt, FTX's bankruptcy, Binance faced billions of dollars in net outflows, and Exness trading volume fell 5% to $2.4 trillion in November 2022. The specific news is as follows:
1. United Fintech acquires Cobalt
Christian Frahm's fintech company, United fintech, has announced the acquisition of Cobalt. The acquisition, United Fintech's fifth since its founding in 2020, has expanded its team to 150 people in New York, London and Singapore. Not only that, the acquisition enhances United Fintech's position as a leading end-to-end solution that connects financial institutions with innovative fintech to accelerate digital transformation.
Founded in 2015, Cobalt is a key risk and data services provider for the foreign exchange and digital asset markets, providing banks with the infrastructure for the core shared ledger of foreign exchange trading and digital assets. The company's platform leverages blockchain-derived concepts to create a single shared view of each transaction and eliminate the need for coordination across silos and multiple systems. This allows forex traders to effectively reduce credit risk and costs.
Cobalt's current customer base includes top banks such as Deutsche Bank, Citibank, Barclays Bank, BNP Paribas, Natwest Bank, ABN Amro Bank and Standard Chartered. United Fintech will include Cobalt, its customers and employees on its platform, and Cobalt will continue to operate as an independent company under United Fintech.
Christian Frahm, Founder and CEO of United Fintech, said that with the development of Fintech, forex is also a core part of today's banking infrastructure, and United Fintech requires a high level of expertise. Cobalt is a leader in key institutional trading infrastructure and innovation for foreign exchange and digital assets, Cobalt's technology is an important complement to United Fintech's global range of products and services, and the acquisition of Cobalt allows it to keep pace with the evolving capital markets.
Note: Through the search of the Foreign exchange APP, FTX's Tianyan score is 1.06 points, which is too low, and there is no safety supervision, investors are advised to stay away
2. Binance faced billions of dollars in net outflows after FTX's bankruptcy
Following the arrest of Samuel Benjamin Bankman-Fried, the former CEO of the crypto exchange FTX, in the Bahamas, the crypto industry has been rocked, and the ripple effect of the FTX bankruptcy continues to expand.
FTX rival Binance, once touted as a savior, is also in trouble, with its cryptocurrency exchange facing billions of dollars in withdrawals. Investors pulled as much as $3 billion out of Binance, spooked by a flurry of negative news.
A spokesperson for Nansen told Forex Skyview that a large market maker, Jump, had sought to withdraw a large amount of funds from Binance in the past few weeks, but Binance had no deposits, causing unease among both retail and institutional users. Later, Binance's CEO tweeted that although the withdrawal amount reached $1.14 billion, they had dealt with similar things before LUNA or FTX went bankrupt and collapsed, hoping that users would not panic, and now the deposits are back.
However, the news does not seem to have affected the price of the cryptocurrency, which has been rising. Ethereum broke through the $1,300 mark for the first time since early November (it was $1,322 at press time), and Bitcoin surged above $17,800, its highest level in more than a month.
3, In November 2022, Exness trading volume fell 5% to $2.4 trillion
After recording the best month ever for a retail multi-asset broker in August 2022 with a staggering $2.811 trillion in client trading volume, Exness saw a slight decline in activity for the third consecutive month in November 2022.
Overall, Exness clients traded $2.405 trillion worth of CFD products in November 2022, down 5% from $2.530 trillion in October 2022 and down 14% from the aforementioned August record of $2.811 trillion. However, Exness has now recorded over $2 trillion in trading volume for nine consecutive months, cementing its position as the world's largest online broker serving retail clients. Through the first 10 months of 2022, Exness is averaging $2.25 trillion in monthly trading volume, more than double its 2021 average of $922 billion.
Despite the slight decline in trading volume, Exness continued to grow in terms of the number of active traders on the platform, with a record 383,846 clients trading in November, up from the best level of 368,151 in September 2022.
