The Financial Flash

At-a-glance News for Advisors

“Crypto commerce is becoming increasingly popular with merchants and consumers, and OLB is striving to make it accessible to all,” notes Ronny Yakov, Chief Executive Officer of NASDAQ-listed OLB. OLB said that its wholly owned subsidiary, DMint, Inc., is expecting its first batch of cryptocurrency data centers to come online mid-September 2021. Located in Bradford, Pennsylvania, the centers will be powered through clean gas energy generated through DMint mineral rights. “These new data centers employ the latest efficiencies for maximizing performance of the miners with an eye on the environmental impact and cost of power,” New York-based OLB said in a statement. The company is a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants.

Jackson National Life Insurance Company® (Jackson®) of Lansing, Michigan, has made enhancements to its proprietary retirement expense calculator tool, designed to help financial professionals effectively project their clients’ retirement expenses based on the federal government’s Consumer Expenditures Survey data. The updated tool, now named the Retirement Expense & Income Calculator, features an income gap analysis and a Proposed Gap Solution illustration powered by the Hedgeness Income Engine™. “We frequently hear from financial professionals requesting an easier way to assess their clients’ needs and help identify gaps where their income is not protected,” said Tim Munsie, SVP, Product Strategy & Development, Jackson National Life Distributors LLC. “The recent enhancements we have made to our Retirement Expense & Income Calculator provide financial professionals with a clear illustration of where there is a gap and how protected income products can be beneficial as part of a holistic portfolio strategy to help provide certainty for their clients,” he added.

Atlanta-based BitPay recently announced integration with 1inch Network opening access in the BitPay Wallet to the 1inch DEX aggregation functionality. “BitPay Wallet holders can swap ETH (Ethereum) and ERC-20 tokens benefitting from the best rates and fastest transactions via 1inch,” the company said in a statement. ERC-20 has emerged as the technical standard used for all smart contracts on the Ethereum blockchain for token implementation, according to Investopedia. “Without leaving the wallet, the user experience is seamless adding to the many ways BitPay Wallet app features to live life on crypto.” As decentralized finance (DeFi) and dApps become more popular tools for BitPay’s crypto users, the company—which describes itself as the world’s largest provider of Bitcoin and cryptocurrency payment services—wanted to offer users a safe, secure way to interact with them.

As a result of COVID-19, American consumers are more focused on financial planning, with 60 percent of respondents thinking differently about their financial future, according to a new study from Radnor, Pennsylvania-based Lincoln Financial Group. With respondents most likely to feel ‘stressed’ or ‘anxious’ about financial planning, consumers are motivated to act, ranking life insurance as one of the top three most important financial assets to continue funding (after emergency savings and tied with retirement savings accounts). Nearly a quarter of millennials said the importance of funding life insurance has increased for them, the most among any generation. Overwhelmingly, the amount beneficiaries receive is the top consideration when purchasing a policy, cited by 83 percent of survey respondents. The ability to also generate savings (cash value) with the policy was important to 57 percent of millennials, compared to 29 percent of Gen X and 22 percent of boomer respondents. Similarly, 46 percent of millennials said the flexibility to withdraw money from a policy is important compared to 24 percent of Gen X and 13 percent of boomers respondents.

Kava Labs™, an open source and non-custodial developer of financial products and services for decentralized finance (DeFi), has launched its newest platform project, Kava Swap™. “From our inception four years ago, Kava Labs’ mission has been to build a portfolio of decentralized products and services that allow users to gain access to all of the benefits of DeFi, but without the risks present in the current marketplace,” the San Francisco company said in a statement. In short, Kava Swap™ is a cross-chain Autonomous Market Making (AMM) protocol designed to provide an efficient and safe way to swap natively between the world’s largest assets.

 

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