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Liquid Financial USA Announces Executive Leadership Team

Vlad Poptamas

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Photo source: bitcoinexchangeguide.com
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Liquid Financial USA (Liquid USA), the joint venture between Liquid Group Inc. (Liquid.com), the world’s leading cryptocurrency exchange, and Virtual Currency Partners LP (VCP), a venture capital group with expertise in hypergrowth technology companies and public exits, to expand Liquid’s cutting-edge platform and services into the U.S. market, formally announces its executive team.

Justin D. Hertzberg, Esq. | Chief Executive Officer

Justin is uniquely qualified to lead Liquid USA. For the past 6 years, Justin has owned and operated one of the world’s largest introducing brokerage businesses, servicing clients in the OTC foreign exchange industry through regulated offices in the U.S. and Europe. Additionally, Justin was also the founder and CEO of IQX, LLC, which was the predecessor money service business acquired by Liquid USA. Justin began his career as a securities and commercial litigator for a large Florida-based law firm. After leaving the practice of law in 2008, Justin has worked in financial services and held several positions including trader, head of business development and in-house counsel.

Sean T. Gilmartin, Esq. | Chief Compliance Officer

Sean brings nearly three decades of experience in senior compliance roles, both in the broker-dealer industry and as a regulator, including positions as the CCO of IQX, LLC, Director of Regulation at the New York Stock Exchange (NYSE), CCO at Jefferies Execution Services, and as a senior compliance officer at Merrill Lynch. At IQX, Sean was responsible for building its compliance program and surveillance functions. While at the NYSE, Sean was responsible for building its surveillance and investigations program for trading across its five equity and options exchanges.

Apurva Mehta | Chief Technology Officer

Apurva brings over 23 years’ experience as a visionary IT leader with proven track record of managing projects, people and technology within the financial services industry. Having spent over 22 years with multinational banks ING and Société Générale, Apurva has established technical expertise in global asset trading platforms, database management, trade reporting and settlements.

Jerald Tillery | Chief Information Security Officer

Jerald comes to Liquid USA as a proven leader in Security Management, Cyber Security and Cyber Risk Management. He has extensive experience in large-scale security management, cloud computing and threat intelligence analysis optimization with organizations including the Options Clearing Corporation, State Street Corporation and Las Vegas Sands Corporation and the U.S. Department of Defense.

Jonathan Pfohl | Chief Financial Officer

In addition to his role at Liquid USA, Jonathan is also a partner at VCP. Jonathan most recently served as Chief Financial Officer for a start-up lab-grown diamond manufacturer, Scio Diamond Technology that was focused on disrupting the $80B diamond market. He has over 25 years of financial and management experience with companies ranging in size from start-ups to billion-dollar operations. He previously held senior operational and financial positions with Wireless Express LLC, Main Street Broadband LLC, Movida Cellular, AirGate PCS and Sprint and is a focused, highly accomplished finance and operations executive with extensive leadership experience in fast-growing organizations.

Grady Kittrell | Chief Business Development Officer

As a co-founder of VCP and an angel and seed investor, Grady brings unparalleled digital asset experience to Liquid USA. He has spent over 30 years advising and investing in start-up companies and he is an expert in the digital asset ecosystem. Grady is a successful business development executive and entrepreneur, having most recently served as an advisor to MGT Capital Investments, one of the largest publicly traded Bitcoin mining companies in the U.S. Grady also serves on the board of Liquid USA.

According to Mr. Hertzberg: “The U.S. is the largest and most challenging captive audience in the world when it comes to cryptocurrencies.  To build the most trusted digital asset marketplace and win over a discerning investing public requires an executive team with the right combination of vision, experience, skill and passion.  I am extremely proud of the team we’ve built thus far at Liquid USA and how it fits with our go-to-market launch strategy.  When combined with the powerful Liquid trading platform and the ability to leverage the 300+ employees at Liquid Group, Inc. we look forward to onboarding U.S. clients in Q1 2020.”

Liquid Group Inc. co-founder and CEO Mike Kayamori said: “The U.S. is a large market, but a very challenging regulatory landscape.  To launch Liquid in the U.S., we needed a team with extensive industry experience and a deep understanding of U.S. financial markets.  The executive team we have assembled has surpassed our expectations and we look forward to making our U.S. launch in early 2020.”

VCP Chairman Barry Schiffman said: “From our earliest discussions with Mike and Liquid, we both agreed that, to tackle the U.S. market, we needed a team filled with subject matter experts in U.S. financial services, technology and regulation.  Our team, led by Justin Hertzberg, is comprised of seasoned industry veterans that have a track record delivering results and a passion for the crypto space.  We know they will deliver for Liquid USA.”

 

SOURCE Liquid Financial USA

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Fintech

Wirex Launches Enhanced Cryptoback™

Vlad Poptamas

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Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.

Released in 2018, Cryptoback™ was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.

Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:

  • 500,000 WXT = 1.5% Cryptoback
  • 100,000 WXT = 1.0% Cryptoback
  • 50,000 WXT = 0.75% Cryptoback

Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback™ every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback™ can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.

Enhanced Cryptoback™ is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:

“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback™ is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”

 

SOURCE Wirex

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Aegis Capital Corp. is pleased to announce its commitment to Equity Research

Vlad Poptamas

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Aegis Capital Corp. continues to expand its equity research platform with the addition of Benjamin Zucker and James Jang. Benjamin joined in May 2019 as Head of Specialty Finance and James joined in June 2019 to head up the Maritime & Special Situations. These new coverage areas will bolster Aegis’ existing research footprint in the Internet/TMT and Healthcare sectors.

Mr. Zucker joined Aegis from BTIG LLC, where he was a Director and lead analyst covering Mortgage REITs and real estate finance companies. Prior to BTIG, Mr. Zucker was a Vice President at JMP Securities LLC where he covered similar sectors. Benjamin began his career in equity research at Pritchard Capital Partners. At Aegis, Mr. Zucker’s coverage will span across several Specialty Finance sub-sectors including Mortgage REITs, Equity REITs, Business Development Companies (BDCs) and Financial Technology firms (FinTech). Benjamin’s current coverage list includes: Medalist Diversified REIT (MDRR), Sachem Capital Corp. (SACH), and Saratoga Investment Corp. (SAR).

Mr. Jang joined Aegis from Maxim Group LLC, where he was a Senior Vice President and lead analyst covering the Industrials, Infrastructure and Clean-Technology sectors. Previously, Mr. Jang was a senior analyst at Sidoti & Co. covering furniture and textiles and was an equity research associate at Canaccord Genuity covering Maritime and Upstream E&P companies. Since joining, Mr. Jang has expanded Aegis’ research platform into the Agriculture, Oilfield Services, and Industrial Technology sectors with coverage of Profire Energy (PFIE), Marrone Bio Innovations (MBII), Yield10 Bioscience (YTEN) and Sigma Labs (SGLB).

Michael Pata Aegis’ Head of Business Development commented: “Hiring Benjamin and James continues to show Aegis’ commitment to equity research, which brings institutional quality analysis to the small and mid-cap universe.”

 

SOURCE Aegis Capital

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Fintech

LexinFintech Announces US$300 Million Private Placement of Convertible Notes with PAG

Vlad Poptamas

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LexinFintech Holdings Ltd. (NASDAQ: LX) (“Lexin” or the “Company”), a leading fintech platform for educated young adults in China, today announced that it has entered into a convertible note purchase agreement with PAG, a leading Asia-focused private equity firm with over US$30 billion in capital under management, pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US$300 million to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately US$296.4 million.

The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the Company or ADSs at a conversion price of US$14 per ADS at the holder’s option from the date that is six months after the issuance date.  The holder of the notes will have the right to require the Company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date.

At closing, the Company will appoint to its Board of Directors one person designated by PAG.

Mr. Jay Wenjie Xiao, Founder, chairman and chief executive officer of the Company, said, “We are excited to have PAG as our new investor. This investment will enable Lexin to further develop and enhance our consumption-based ecosystem, improve product offerings to our educated adult customers, continue to invest in technology, build up additional consumption scenarios, and provide more consumer benefits to our customers.”

“PAG has a strong commitment to and deep understanding of China’s financial services industry, and we have a demonstrated track record of seeking out and engaging with the industry’s leading companies,” said PAG Chairman & CEO Weijian Shan. “Lexin has an unparalleled platform for meeting young consumers’ credit needs while strictly controlling and minimizing credit risks, which makes it unique, and we are looking forward to supporting the company as it embarks on its next stage of growth.”

Goldman Sachs (Asia) L.L.C., BofA Merrill Lynch and China Renaissance acted as the private placement agents to Lexin on the transaction.

 

SOURCE LexinFintech Holdings Ltd.

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