PLANTATION, Fla.–(BUSINESS WIRE)–Chewy, Inc. (NYSE: CHWY) (“Chewy”), a trusted destination for pet parents and partners everywhere, has released its financial results for the fiscal fourth quarter and full year 2023 ended January 28, 2024, and posted a letter to its shareholders on its investor relations website at https://investor.chewy.com.

Fiscal Q4 2023 Highlights:

• Net sales of $2.83 billion improved 4.2 percent year over year
• Gross margin of 28.2 percent expanded 10 basis points year over year
• Net income of $31.9 million, including share-based compensation expense and related taxes of $60.7 million
• Net margin of 1.1 percent expanded 80 basis points year over year
• Basic and diluted earnings per share of $0.07, an increase of $0.05 year over year
• Adjusted EBITDA⁽¹⁾ of $86.5 million, a decrease of $6.2 million year over year
• Adjusted EBITDA margin⁽¹⁾ of 3.1 percent contracted 30 basis points year over year
• Adjusted net income⁽¹⁾ of $80.3 million, an increase of $10.0 million year over year
• Adjusted basic earnings per share⁽¹⁾ of $0.19, an increase of $0.02 year over year
• Adjusted diluted earnings per share⁽¹⁾ of $0.18, an increase of $0.02 year over year

Fiscal 2023 Highlights:

• Net sales of $11.15 billion improved 10.2 percent year over year
• Gross margin of 28.4 percent expanded 40 basis points year over year
• Net income of $39.6 million, including share-based compensation expense of $248.5 million
• Net margin of 0.4 percent contracted 10 basis points year over year
• Basic and diluted earnings per share of $0.09, a decrease of $0.03 year over year
• Adjusted EBITDA⁽¹⁾ of $368.1 million, an increase of $61.3 million year over year
• Adjusted EBITDA margin⁽¹⁾ of 3.3 percent expanded 30 basis points year over year
• Adjusted net income⁽¹⁾ of $296.2 million, an increase of $69.8 million year over year
• Adjusted basic earnings per share⁽¹⁾ of $0.69, an increase of $0.15 year over year
• Adjusted diluted earnings per share⁽¹⁾ of $0.69, an increase of $0.16 year over year

“I am proud of the performance the team delivered to close out a strong fourth quarter and full year. In 2023, we gained market share while simultaneously expanding margins and accelerating free cash flow generation,” said Sumit Singh, Chief Executive Officer of Chewy. “As we embark on 2024, we remain committed to further expanding our margins and generating meaningful free cash flow for our shareholders. Furthermore, we are excited about the strategic opportunities ahead and our role in continuing to drive innovation across the pet category.”

Management will host a conference call and webcast to discuss Chewy’s financial results today at 5:00 pm ET.

Chewy Fiscal Fourth Quarter and Full Year 2023 Financial Results Conference Call

When: Wednesday, March 20, 2024

Time: 5:00 pm ET

Live webcast and replay: https://investor.chewy.com
Conference call registration: https://www.netroadshow.com/events/login?show=3c58ea47&confId=61388

⁽¹⁾ Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted basic and diluted earnings per share are non-GAAP financial measures. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

About Chewy

Our mission is to be the most trusted and convenient destination for pet parents and partners everywhere. We believe that we are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing. We seek to continually develop innovative ways for our customers to engage with us, as our websites and mobile applications allow our pet parents to manage their pets’ health, wellness, and merchandise needs, while enabling them to conveniently shop for our products. We partner with approximately 3,500 of the best and most trusted brands in the pet industry, and we create and offer our own private brands. Through our websites and mobile applications, we offer our customers approximately 115,000 products and services offerings, to bring what we believe is a high-bar, customer-centric experience to our customers.

Forward-Looking Statements

This communication contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions.

Although we believe that the forward-looking statements contained in this communication are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including but not limited to, our ability to: sustain our recent growth rates and successfully manage challenges to our future growth, including introducing new products or services, improving existing products and services, and expanding into new jurisdictions and offerings; successfully respond to business disruptions; successfully manage risks related to the macroeconomic environment, including any adverse impacts on our business operations, financial performance, supply chain, workforce, facilities, customer services and operations; acquire and retain new customers in a cost-effective manner and increase our net sales, improve margins, and maintain profitability; manage our growth effectively; maintain positive perceptions of the Company and preserve, grow, and leverage the value of our reputation and our brand; limit operating losses as we continue to expand our business; forecast net sales and appropriately plan our expenses in the future; estimate the size of our addressable markets; strengthen our current supplier relationships, retain key suppliers and source additional suppliers; negotiate acceptable pricing and other terms with third-party service providers, suppliers and outsourcing partners and maintain our relationships with such parties; mitigate changes in, or disruptions to, our shipping arrangements and operations; optimize, operate, and manage the expansion of the capacity of our fulfillment centers; provide our customers with a cost-effective platform that is able to respond and adapt to rapid changes in technology; limit our losses related to online payment methods; maintain and scale our technology, including the reliability of our websites, mobile applications, and network infrastructure; maintain adequate cybersecurity with respect to our systems and ensure that our third-party service providers do the same with respect to their systems; maintain consumer confidence in the safety, quality, and health of our products; limit risks associated with our suppliers and our outsourcing partners; comply with existing or future laws and regulations in a cost-efficient manner; utilize net operating loss and tax credit carryforwards, and other tax attributes, and limit fluctuations in our tax obligations and effective tax rate; adequately protect our intellectual property rights; successfully defend ourselves against any allegations or claims that we may be subject to; attract, develop, motivate and retain highly-qualified and skilled employees; predict and respond to economic conditions, industry trends, and market conditions, and their impact on the pet products market; reduce merchandise returns or refunds; respond to severe weather and limit disruption to normal business operations; manage new acquisitions, investments or alliances, and integrate them into our existing business; successfully compete in new offerings; manage challenges presented by international markets; successfully compete in the pet products and services health and retail industry, especially in the e-commerce sector; comply with the terms of our credit facility; raise capital as needed; and maintain effective internal control over financial reporting and disclosure controls and procedures.

You should not rely on forward-looking statements as predictions of future events, and you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of factors. We have based the forward-looking statements contained in this communication primarily on our current assumptions, expectations, and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” included under Part I, Item 1A of our Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission and elsewhere in this communication. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this communication. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this communication. While we believe that such information provides a reasonable basis for these statements, this information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this communication to reflect events or circumstances after the date of this communication or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin

To provide investors with additional information regarding our financial results, we have disclosed in this earnings release adjusted EBITDA, a non-GAAP financial measure that we calculate as net income excluding depreciation and amortization; share-based compensation expense and related taxes; income tax provision; interest income (expense), net; transaction related costs; changes in the fair value of equity warrants; severance and exit costs; and litigation matters and other items that we do not consider representative of our underlying operations. We have provided a reconciliation below of adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

We have included adjusted EBITDA and adjusted EBITDA margin in this earnings release because each is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA and adjusted EBITDA margin facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable charges. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We believe it is useful to exclude non-cash charges, such as depreciation and amortization and share-based compensation expense from our adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax provision; interest income (expense), net; transaction related costs; changes in the fair value of equity warrants; and litigation matters and other items which are not components of our core business operations. We believe it is useful to exclude severance and exit costs because these expenses represent temporary initiatives to realign resources and enhance operational efficiency, which are not components of our core business operations. Adjusted EBITDA has limitations as a financial measure and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
• adjusted EBITDA does not reflect share-based compensation and related taxes. Share-based compensation has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy;
• adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;
• adjusted EBITDA does not reflect transaction related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or planned transaction or initiative and include changes in the fair value of equity warrants, severance and exit costs, litigation matters, integration consulting fees, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems; and
• other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider adjusted EBITDA and adjusted EBITDA margin alongside other financial performance measures, including various cash flow metrics, net income, net margin, and our other GAAP results.

The following table presents a reconciliation of net income to adjusted EBITDA, as well as the calculation of net margin and adjusted EBITDA margin, for each of the periods indicated.

We define net margin as net income divided by net sales and adjusted EBITDA margin as adjusted EBITDA divided by net sales.

Adjusted Net Income and Adjusted Basic and Diluted Earnings per Share

To provide investors with additional information regarding our financial results, we have disclosed in this earnings release adjusted net income and adjusted basic and diluted earnings per share, which represent non-GAAP financial measures. We calculate adjusted net income as net income excluding share-based compensation expense and related taxes, changes in the fair value of equity warrants, and severance and exit costs. We calculate adjusted basic and diluted earnings per share by dividing adjusted net income attributable to common stockholders by the weighted-average shares outstanding during the period. We have provided a reconciliation below of adjusted net income to net income, the most directly comparable GAAP financial measure. We have included adjusted net income and adjusted basic and diluted earnings per share in this earnings release because each is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted net income and adjusted basic and diluted earnings per share facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable gains and losses that do not represent a component of our core business operations. We believe it is useful to exclude non-cash share-based compensation expense because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude changes in the fair value of equity warrants because the variability of equity warrant gains and losses is not representative of our underlying operations. We believe it is useful to exclude severance and exit costs because these expenses represent temporary initiatives to realign resources and enhance operational efficiency, which are not components of our core business operations. Accordingly, we believe that these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted net income and adjusted basic and diluted earnings per share have limitations as financial measures and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies may calculate adjusted net income and adjusted basic and diluted earnings per share differently, which reduces their usefulness as comparative measures. Because of these limitations, you should consider adjusted net income and adjusted basic and diluted earnings alongside other financial performance measures, including various cash flow metrics, net income, basic and diluted earnings per share, and our other GAAP results.

The following table presents a reconciliation of net income to adjusted net income, as well as the calculation of adjusted basic and diluted earnings per share, for each of the periods indicated.

Contacts

Investor Contact:
Jennifer Hsu

ir@chewy.com

Media Contact:
Diane Pelkey

dpelkey@chewy.com

The post Chewy Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results appeared first on Fintech News.

DUBLIN–(BUSINESS WIRE)–The “Global Sustainable Data Center Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global landscape of data centers is undergoing a pivotal shift towards sustainability and efficiency, as revealed in a comprehensive new research publication now available on our website. The comprehensive analysis of the sustainable data center market showcases a surge in the industry, with projected growth at a CAGR of 9.72% from 2022 to 2028, reflecting broadening investments and innovations in this crucial technological field.

Highlighted within the report are the catalytic policy drivers and regulations promoting the green data center development market, including impactful agreements and standards such as the Paris Agreement, the Climate Neutral Data Centre Pact, and eco-friendly certifications like LEED and ISO50001. These initiatives have been instrumental in propelling the Latin American market towards greener data center solutions and are anticipated to make significant strides by 2030 as facilities shift to rely solely on renewable energy sources.

Key Market Trends Emphasizing Renewable Energy and Efficiency

• Hyperscale data center leaders such as AWS, Google, and Meta are increasingly procuring renewable energy to power operations, with some providers like QTS Realty Trust aiming to achieve 100% renewable energy usage by 2025.
• Emerging cooling technologies, including free cooling chillers and liquid immersion cooling, are set to reduce power consumption, directly influencing the data center’s Power Use Effectiveness (PUE) and bolstering environmental sustainability.
• Tropical climate test beds, like those underway in Singapore, signal a promising future for more efficient data centers in similar global climates.

Strides in Government Support and Modular Data Center Deployment

In a powerful government push toward sustainability, significant funding has been allocated by entities such as the US Department of Energy to support R&D in energy-efficient cooling solutions, highlighting the importance of innovation in the sector. Additionally, modular data centers are being recognized for their reduced environmental impact and operational cost savings, with a 30% reduction compared to traditional data centers. The utilization of plant-based and other sustainable construction materials further illustrates the market’s shift to environmentally conscious alternatives.

Geographical Analysis: Western Europe and the Nordics at the Forefront

The report’s geographic analysis reveals that Western Europe and Nordic countries are leading in the adoption of renewable energy sources for data center operations. North America, along with several APAC nations, shows a strong commitment to sustainability, with extensive use of renewable energy, while other regions are progressively contributing to the global sustainability effort with their own initiatives.

Vendor Landscape and Segment Insights

As the vendor landscape evolves, large-scale colocation and hyperscale data center operators are crucial drivers for market growth, adopting advanced systems like lithium-ion UPS and microgrids to enhance sustainability. The electrical and mechanical infrastructure segments are also spotlighted for their role in supporting market growth through the deployment of modern, eco-friendly solutions.

Key Attributes:

A selection of companies mentioned in this report includes

• ACCONIA Energia
• AGL
• AMP Energy
• AQ Compute
• Adani Green Energy (AGEL)
• Africa Data Centres
• AirTrunk
• Airtel (Nxtra Data)
• Algonquin Power & Utilities Corp.
• Alibaba Cloud
• Aligned Data Centers
• Amazon Web Services (AWS)
• American Tower
• Apex Clean Energy
• Apple
• Atman
• atNorth
• Avaada Energy
• Better Energy
• Big Data Exchange (BDx)
• Bryt Energy
• CDC Data Centres
• Chayora
• China Telecom
• Chindata Group
• CloudHQ
• Cologix
• Colt Data Centre Services (COLT DCS)
• Compass Datacenters
• Conrad Energy
• Corscale Data Centers
• CtrlS Datacenters
• CyrusOne
• Cyxtera Technologies
• DE Shaw Renewable Investments
• Data4 Group
• DataBank
• Datafarm Energy
• Digital Edge DC
• Digital Realty
• Distributed Power Technologies
• Dominion Energy
• EDF Renewables
• ERG
• EdgeConneX
• Eneco
• Enel Group
• Engie
• Equinix
• Faro Energy
• Flexential
• GDS Services
• Global Switch
• Google
• Green Mountain (AZRIELI GROUP)
• GreenSquareDC
• GreenYellow
• Gulf Data Hub
• HDF Energy
• HostDime
• Huawei Technologies
• IXAfrica
• Iberdrola
• Ilmatar Energy
• Iron Mountain
• KIO Networks
• Kao Data
• Keppel Data Centres
• Khazna Data Centers
• Leeward Renewable Energy
• Lightsource bp
• Lumen Technologies (Cirion Technologies)
• MC Retail Energy
• MP2 Energy
• Meta
• Microsoft
• Moro Hub
• NEXTDC
• NTR
• NTT Global Data Centers
• Nautilus Data Technologies
• Neoen
• Netia
• NextEra Energy
• Novva Data Centers
• Ørsted
• OVHcloud
• OneAsia Network
• Oracle
• Orange Business Services
• Pacific Gas and Electric Company
• Pattern Energy
• Penta Infra
• Princeton Digital Group
• QTS Realty Trust
• RWE Renewables
• RZK Energia
• RackBank
• Raxio Group
• ReNew Power
• Renantis
• Rocky Mountain Power
• Rostelecom Data Centers
• ST Telemedia Global Data Centres
• STACK Infrastructure
• SUNeVision Holdings
• Sabey Data Centers
• Scala Data Centers
• ScottishPower
• Serverfarm
• Shell
• Shizen Energy
• Sify Technologies
• Simply Energy
• Solar Alliance
• SpaceDC
• Sunseap Group
• Switch
• T5 Data Centers
• Telehouse
• Tencent Cloud
• Tenglong Holdings Group
• The AES Corporation
• Torch Clean Energy
• TotalEnergies
• VNET Group
• Vantage Data Centers
• Yandex
• Yondr
• Yotta Infrastructure

For more information about this report visit https://www.researchandmarkets.com/r/vpot02

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

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The post Global Sustainable Data Center Market Sees Notable Growth with Increased Focus on Renewable Energy and Efficient Cooling Solutions – ResearchAndMarkets.com appeared first on Fintech News.

VeriSilicon’s scalable and flexible DC8200 IP delivers display device adaptability and high-quality effects, offering immersive visual experience

SHANGHAI–(BUSINESS WIRE)–#DisplayProcessor–VeriSilicon (688521.SH) today announced the successful integration of its Display Processor IP DC8200 into StarFive’s JH-7110 RISC-V mass production SoC. With high performance, low power consumption and high security features, this collaboration delivers a complete intelligent vision processing platform solution tailored for diverse applications including cloud computing, industrial control, Network Attached Storage (NAS), tablets, and Human-Machine Interface (HMI).

VeriSilicon’s DC8200 IP supports advanced image quality enhancements, enabling user premium visual experiences. It can be configured to provide optimal solutions for target applications. By integrating VeriSilicon’s proprietary compression technology, DC8200 significantly reduces DDR bandwidth, thereby enhancing overall efficiency. Moreover, DC8200 supports dual operating systems and collaborates with the RISC-V CPU to meet diverse product requirements.

Additionally, DC8200 can form robust subsystems through seamless integration with VeriSilicon’s video/image processing IPs, delivering immersive experience to end users with crisp edge, fine detail enhancement, and rich color.

Thomas Xu, CEO of StarFive, said, “Our RISC-V based JH-7110 SoC performs a variety of complex video image processing and intelligent visual computing tasks, meeting the diverse real-time visual processing needs at the edge. VeriSilicon’s display processor IP offers high visual quality with low power consumption. We are committed to advancing innovation based on RISC-V technology. With companion pixel processing IP available through our IP partners, RISC-V based products can be brought to market at an accelerated pace.”

“Starfive’s JH-7110 is a leading RISC-V based intelligent vision processor equipped with advanced smart display capabilities. In the smart display domain, there exists a strong market demand for sophisticated image quality enhancement technologies,” said Wei-Jin Dai, Executive VP and GM of IP Division at VeriSilicon. “The Display Processor IP, as part of our extensive Glass-to-Glass (from camera-in to display-out) intelligent pixel processing IP portfolio, is engineered to deliver superior image quality while ensuring low power consumption. The integration of our DC8200 with JH-7110 is instrumental in driving the performance of numerous screens within the RISC-V ecosystem.”

About StarFive

Founded in 2018, StarFive is a Chinese local high-tech company with independent intellectual properties. As the leader of the RISC-V software and hardware ecosystem in China, StarFive provides world-leading products and solutions on RISC-V covering IP, SoC, development boards, etc.

StarFive has independently developed RISC-V CPU IPs and NoC IPs, of which Dubhe-90 is the max performance commercial RISC-V CPU IP in China, and StarLink-700 is the first mesh coherent interconnect fabric IP in China. Based on these core IPs, StarFive can also provide customers with RISC-V subsystem IP solutions for multi-core, big.little core, and manycore. These products can be applied in high-performance and energy-efficient scenarios, including industrial control, desktop computing, mobile, network communication, machine learning, artificial intelligence, and data centers. Meanwhile, StarFive has also delivered JH-7110 SoC, the world’s first high-performance RISC-V multimedia processor for mass-production. For more information, please visit https://www.starfivetech.com

About VeriSilicon

VeriSilicon is committed to providing customers with platform-based, all-around, one-stop custom silicon services and semiconductor IP licensing services leveraging its in-house semiconductor IP. For more information, please visit: http://www.verisilicon.com

Contacts

Media Contact: press@verisilicon.com

The post StarFive’s RISC-V Based JH-7110 Intelligent Vision Processing Platform Adopted VeriSilicon’s Display Processor IP appeared first on Fintech News.

Investors can subscribe through Securitize Markets, LLC to participate in the fund

BlackRock invests in Securitize to drive transformation for digital assets infrastructure

NEW YORK–(BUSINESS WIRE)–BlackRock today unveils its first tokenized fund issued on a public blockchain, the BlackRock USD Institutional Digital Liquidity Fund (“BUIDL” or the “Fund”). BUIDL will provide qualified investors with the opportunity to earn U.S. dollar yields by subscribing to the Fund through Securitize Markets, LLC.

“This is the latest progression of our digital assets strategy,” said Robert Mitchnick, BlackRock’s Head of Digital Assets. “We are focused on developing solutions in the digital assets space that help solve real problems for our clients, and we are excited to work with Securitize.”

Tokenization remains a key focus of BlackRock’s digital asset strategy. Through the tokenization of the Fund, BUIDL will offer investors important benefits by enabling the issuance and trading of ownership on a blockchain, expanding investor access to on-chain offerings, providing instantaneous and transparent settlement, and allowing for transfers across platforms. BNY Mellon will enable interoperability for the Fund between digital and traditional markets.

“Tokenization of securities could fundamentally transform capital markets. Today’s news demonstrates that traditional financial products are being made more accessible through digitization. Securitize is proud to be BlackRock’s transfer agent, tokenization platform and placement agent of choice in digitizing and expanding access to its investment products,” said Securitize co-founder and CEO Carlos Domingo.

BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new tokens each month. The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain. Investors can transfer their tokens 24/7/365 to other pre-approved investors. Fund participants will also have flexible custody options allowing them to choose how to hold their tokens.

The initial ecosystem participants in BUIDL include Anchorage Digital Bank NA, BitGo, Coinbase, and Fireblocks, among other market participants and infrastructure providers in the crypto industry.

BlackRock Financial Management, Inc., will be the investment manager of the Fund and Bank of New York Mellon will serve as the custodian of the Fund’s assets and its administrator. Securitize will act as a transfer agent and tokenization platform, managing the tokenized shares and reporting on Fund subscriptions, redemptions, and distributions. Securitize Markets will act as placement agent, making the Fund available to eligible investors. PricewaterhouseCoopers LLP has been appointed as the Fund’s auditor for the period ending December 31, 2024.

The Fund will issue shares pursuant to Rule 506(c) under the Securities Act of 1933 and Section3(c)(7) of the Investment Company Act. The Fund’s initial investment minimum is $5 million.

BlackRock has also made a strategic investment in Securitize. As part of the investment, Joseph Chalom, BlackRock’s Global Head of Strategic Ecosystem Partnerships, has been appointed to Securitize’s Board of Directors.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading financial technology provider, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate

About Securitize

Securitize, the leader in tokenizing real-world assets, is driving the compliant digitization of financial assets through next-generation blockchain technology. Securitize, or through its subsidiaries, is a registered broker-dealer (member Finra / SIPC) and operates a primary marketplace, an alternative trading system, as well as a top 10 transfer agent and has an exempt reporting adviser. Learn more at http://www.securitize.io.

Disclosures

Interests in BUIDL have not been registered with the Securities Exchange Commission under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Interests in BUIDL will not be listed on any exchange.

Private market investments are speculative and considered risky, including potential loss of your investment, and may not be appropriate for every shareholder. Any discussion of liquidity is purely speculative. Past performance is not indicative of future results.

Securities are offered through Securitize Markets, LLC, (“Securitize Markets”) a registered broker-dealer and member FINRA/SIPC. Neither Securitize Markets, nor any of its affiliates provide any investment advice or make any investment recommendations to any persons, ever, and no communication through herein or in any other medium should be construed as such. Securities offered by Securitize Markets have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

BUIDL may not be able to maintain a stable value of $1.00 per token at all times. Investments in tokens using blockchain, such as an investment in BUIDL, involve a high degree of risk, including risks that are different from the risks of investing in traditional assets. These risks include, but are not limited to, risk of regulatory uncertainty, market adoption, market manipulation, market exiting, price volatility and security risk and may expose investors to loss of principal. Investments in private placements are also speculative and involve a high degree of risk. Investors must be able to afford the loss of their entire investment. Offers to sell, or the solicitations of offers to buy any security can only be made to qualified investors through official offering documents that contain important information about risks, fees and expenses associated with the applicable securities. Investors should conduct their own due diligence and are encouraged to consult with a financial advisor, attorney, accountant, tax advisors, and any other professional that can help them to understand and assess the risks associated with any investment opportunity. Past performance is not indicative of future results.

BlackRock Financial Management, Inc. (the “Investment Manager”), a Delaware corporation that is an indirectly wholly-owned subsidiary of BlackRock, Inc., is the investment manager of the Fund and is responsible for its investment activities subject to the policies, control and supervision of the board of directors of the Fund. The Investment Manager is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended.

In connection with its services as placement agent for BUIDL, the Investment Manager will pay to Securitize Markets cash compensation as follows: (i) an upfront flat fee and (ii) a quarterly fee with respect to each investor who is introduced to BUIDL by Securitize Markets generally equal to a percentage of the average daily net asset value of such investor’s interests in BUIDL for the applicable calendar quarter, with the amount of the upfront fee to be credited against the quarterly fee.

The compensation paid by the Investment Manager to Securitize Markets for acting as placement agent to BUIDL creates a conflict of interest for Securitize Markets. In particular, the amount of compensation received by Securitize Markets will depend on the number of investors that are introduced to BUIDL. As a result, Securitize Markets is incentivized to recommend that prospective investors invest in BUIDL. In addition, BlackRock’s investment in Securitize Markets creates a conflict of interest for the Investment Manager.

Securitize Markets or one or more of its affiliates may be a BlackRock client or investor.

Contacts

Media Contacts
BlackRock: Chantal.DeSoto@blackrock.com, Amanda.Knox@blackrock.com
Securitize: Suzanne.Pinto@securitize.io

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Paystand’s innovations recognized from a pool of 4000 global fintech nominations in the 8^th annual awards program as company continues to grow its blockchain-enabled DeFi network

SCOTTS VALLEY, Calif.–(BUSINESS WIRE)–Paystand, the global leader in blockchain-enabled B2B payments, today announced it has won the DeFi Innovation category in the 2024 Fintech Breakthrough Awards. More than 4000 fintech nominations were submitted for this competition.

The 8^th Annual Fintech Breakthrough Awards program recognizes the most outstanding technology and companies propelling the speed of use of digital payment models and online product and service channels, shifting how companies operate. Paystand has been honored as one of the ‘breakthrough’ innovators in the fintech market today. Notable companies also named as fintech winners include Coinbase, J.P. Morgan Chase, Mastercard, Citi, Experian, and more.

The award recognizes Paystand for its decentralized finance technology, including:

• The Paystand Network, which allows every Paystand customer as well as their payers (more than 800,000), to leverage the blockchain-enabled network for fast, secure and zero-transaction fees money movement. More than $8 billion has been transacted with the help of decentralized finance on Paystand.
• Paystand Spend, a toolkit which allows businesses to also spend the money they get within the Paystand Network without having to execute any additional transactions. Money appears in only one business day in their Paystand account when engaging with other Paystand Network subscribers and are eligible for the industry’s first reward program for Bitcoin.
• The world’s first Ethereum-based dynamic discounting application. In a world where cash is the lifeblood of businesses and can spell the life or death of a company, sellers can incentivize their buyers to pay early by offering customizable discounts to reduce DSO (days sales outstanding).

“We are incredibly proud to be recognized as the leader in DeFi innovation. With the power of the blockchain, Paystand is empowering businesses to escape financial gravity, thrive without unnecessary fees, and emerge as pioneers in a digitally-transformed financial era,” said Jeremy Almond, CEO, Paystand. “Our journey is intertwined with businesses embracing technology, as we steer them toward efficient financial operations, creating a new norm in the industry.”

The Paystand Network has been especially important during periods of banking uncertainty (the failure of Silicon Valley Bank in 2023 is one example). During that crisis, Paystand clients who banked with SVB could hold on to their received payments within the Network until they had a new bank account established to deposit them into. Knowing about the crisis, Paystand also was able to proactively put a stop on funds heading for SVB and let their clients know that their money was safe. In addition, Paystand’s ability to speed up the AR process, so companies could get their money faster, also helped out while bank funds were inaccessible. Paystand estimates that they helped more than 30 clients navigate the crisis during this time.

Paystand customers come from the ‘real economy’ including industries such as manufacturing, logistics, distribution, insurance, renewable energy and more, all continuing to grow. These customers are able to accelerate their time to cash through the blockchain-enabled Paystand Network.

Paystand’s Additional DeFi Initiatives

In February 2024, Paystand announced the launch of Paystand.org, its corporate social responsibility (CSR) arm, which harnesses the power of blockchain and emerging bitcoin circular economies to create financial opportunities within vulnerable and underrepresented communities.

“At Paystand, we believe that the Bitcoin Blockchain has the power to change the world and provide opportunities for economically disadvantaged people,” said Alexandra Navarro, Head of Paystand.org. “Lack of access to banking, burdensome service fees, long payment delays with too many intermediaries, and difficulty obtaining credit and capital are just a few of the challenges that unbanked people face. With the three pillars of financial inclusion, tech adoption, and education for underserved populations, Paystand.org is partnering with organizations who are tackling these problems directly.”

In addition to their work with underserved populations, Paystand’s CEO Jeremy Almond co-hosts The reDeFined Podcast, a show that invites blockchain technology builders, entrepreneurs, and thought leaders from different industries to explain the impact blockchain technology is having behind the scenes.

“What we’re building at Paystand is just a small piece of a wider movement happening globally,” said Almond. “It’s important that we celebrate the quiet work behind the scenes building a decentralized financial system with real economic empowerment. We’re honored to be recognized by the Fintech Breakthrough Awards for Paystand’s tech.”

About Paystand

Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. The company makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.

Contacts

Erica Zeidenberg

PR for Paystand Inc.

erica@hottomato.net
925-518-8159

The post Paystand Named Winner of Fintech Breakthrough Award for DeFi Innovation appeared first on Fintech News.

The Bitcoin halving is expected to take place on or around April 20

Link: https://blockworks.co/news/bitcoin-halving-price-implications?utm_source=pocket_saves

Source: https://blockworks.co

The post The Bitcoin halving is about a month away — here’s what you can expect appeared first on Fintech News.

Link: https://www.analyticsinsight.net/pepe-recovers-steadily-amidst-market-turbulence/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

The post PEPE recovers steadily amidst market turbulence appeared first on Fintech News.

Bringing the prestige of the UF AWARDS regarded as a beacon of excellence and innovation in global fintech and online trading to Latin America, the UF AWARDS LATAM 2024 offer industry players the best opportunity to gain brand notoriety and validation.

The UF AWARDS LATAM will therefore vouchsafe not only the highest standards of service or technology developments but also the most deserving fintechs and Forex and CFD firms in the region.

Last chance to nominate your brand for the UF AWARDS LATAM 2024

With the March 25 deadline of the Nomination Round looming on the horizon, industry participants, including fintech and Forex brands as well as affiliates, IB partners and traders, are rallying to nominate their own brand or their favourite technology/financial service provider.

Have you nominated your brand yet? Don’t miss the chance to get your brand in the race for a prestigious accolade or catapult your favourite fintech or Forex company to the finish line by nominating it now.

As a reminder, only registered members can enjoy this privilege. If you’re not yet a registered UF AWARDS LATAM 2024 member, you can do that now by filling out the registration form here. Otherwise, just log in and select the categories that your brand or a brand you favour is best in.

With only 11 days to go till the Nomination Round ends, the final countdown is on and the competition is tight, as some of the top fintech and Forex and CFD industry pioneers are vying for one of the most sought-after titles. Here are some of the UF AWARDS LATAM 2024 titles and categories in which your brand or a brand of your choice can shine:

B2C Awards

• BEST BROKER – LATAM
• MOST TRANSPARENT BROKER – LATAM
• MOST TRUSTED BROKER – LATAM
• BEST TRADING PLATFORM – LATAM
• BEST B2B LIQUIDITY PROVIDER – LATAM
• BEST SOCIAL TRADING SOLUTION – LATAM
• BEST IB/AFFILIATE PROGRAMME – LATAM

B2B Awards

• BEST MULTI-ASSET TRADING PLATFORM
• BEST SOCIAL TRADING SOLUTION
• BEST B2B LIQUIDITY PROVIDER
• BEST BRIDGE PROVIDER
• BEST FINTECH AI SOLUTION
• BEST REGTECH SOLUTION
• BEST PAYMENT SERVICE PROVIDER

And many more.

The UF AWARDS LATAM 2024 beyond the hype – the vibe

Not only are the UF AWARDS LATAM 2024 some of  the most coveted accolades in the industry, they also promote a fair and transparent nomination and voting process engaging the entire industry. The stakes? Some of the most prominent industry titles in LATAM for the year.

Once the Nomination Round closes on March 25, 2024, the Voting Round starts, calling on some of the most revered and multi-awarded industry peers.

But why are the UF AWARDS LATAM a must-have? Beyond the hype shrouding the UF AWARDS LATAM, the excitement of winning any of these distinctions is justified.

A huge nod to the winners’ brand and their invaluable contribution to shaping the fintech and financial services landscape in LATAM, the awards provide unequalled brand exposure and recognition region-wide, with the winners being recognised as elite.

Most importantly, only brands with a strong value proposition and reputation can access these titles, which further enhance their image, gaining international acclaim and rising above the competition. So, hurry and nominate your brand now for a chance to win worldwide validation!

The post UF AWARDS LATAM 2024: Nominate your Brokerage or B2B Fintech Brand Before it’s too Late! appeared first on Fintech News.

Link: https://securityboulevard.com/2024/02/what-will-the-future-of-cybersecurity-bring/?utm_source=pocket_saves

Source: https://securityboulevard.com

The post What will the future of Cybersecurity bring? appeared first on Fintech News.

Link: https://www.coindesk.com/markets/2023/02/09/the-future-of-financial-planning-lies-in-ai-and-blockchain/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines

Source: https://www.coindesk.com

The post The future of financial planning lies in AI and Blockchain appeared first on Fintech News.