UK Startup Flock Taps Chamath Palihapitiya as Lead Investor in $17M Series A Funding Round

The backing of the Flock’s funding round by Palihapitiya was born out of the conviction that the firm is all in to redefine the scope of our growing hyper-connected world. United Kingdom-based Connected car insurance startup Flock has completed its Series A funding round, pulling as much as $17 million. According to TechCrunch, billionaire investor, Chamath Palihapitiya leads the funding round with $10.6 million, and the firm’s existing investors Anthemis and Dig Ventures also participated in the funding round. Flock’s journey since it was founded in 2015 by Ed Leon…

Lloyds Banking Group Set to Acquire Embark for £390 Million as Q2 Pretax Profits Rise

In line with the move, Lloyds increased its net new money target to around £40 billion in 2023. British financial institution Lloyds Banking Group PLC is set to buy major WealthTech player Embark Group for £390 million. The UK banking giant will acquire £35 billion of assets under administration from the Dundee-based retirement solutions provider. The deal, which is Lloyds’ biggest since it returned to private ownership four years ago, will also see it inherit about 410,000 customers. However, Embark’s Rowanmoor SIPP and SSAS administration are excluded from the package deal…

EY Collaborates with UK Authorities to Design Blockchain Solution for Global Tax Problem

With the current solution, it is possible to envision European Commission’s plan to commence establishing a collaborative, mainstream EU-wide system for withholding tax relief at source. Ernst & Young Global Limited (EY) has collaborated with the UK government to design an extensive blockchain project to help with problems related to the cross-border withholding tax process. The complications of foreign withholding tax arise when a paper-based conventional process of data saving is lost or the shared data is not genuine due to privacy concerns. The multinational professional services network company, also…

Uniswap Puts Decentralized Finance (DeFi) Projects on Spotlight in Token Delisting Saga

DeFi will likely continue to amass more users at the current pace of innovation as systems become scalable and interoperable. This raises the probability of crypto users opting for alternative DeFi environments despite Ethereum’s current market dominance. Uniswap, a Decentralized Application (DApp) built on the Ethereum blockchain, is making headlines in the crypto market following a decision by Uniswap Labs to delist some tokens from the interface. The Brooklyn based firm shared a list of about 100 tokens that it has delisted, most of which are tokenized stocks and derivative…

FTX Renames Blockfolio Trading App in Fresh Branding Move

By uniting the brand identity, FTX is looking to rival Coinbase and other major trading platforms. FTX has announced that FTX: Blockfolio mobile app will now be called FTX mobile app. The crypto exchange had acquired the Blockfolio portfolio tracking app for $150 million in August 2020. Prior to that time, Blockfolio had over six million crypto enthusiasts on its platform. Following the acquisition, the app morphed into a trading app and took a hybrid name FTX: Blockfolio. Since then, the goal has been to integrate the trading platforms via…

Bitcoin-Rewarding App Lolli Raises $10 Million in Series A Funding

Lolli said that this funding will go towards expanding in the global market, hiring, new partnerships, and further development of the recently launched mobile app. Crypto firm Lolli, which rewards users in free Bitcoins against shopping, has raised $10 million in a Series A funding round led by Acrew Capital. Other players joining this funding round were Up North Management, Banana Capital, and Animal Capital. Besides, it has investments from influencers and entrepreneurs like Logan Paul, Chantel Jeffries, Baron Davis and others. The crypto fundraising market is catching up with…

Volkswagen Reports Record First Half Earnings Encouraging Car Manufacturer to Raise Profit Margin Target

Volkswagen posted first half earnings of $13.5 billion and now expects operating return on sales to go as high as 7.5%. German automaker Volkswagen AG (XETRA: VOW) on Thursday, July 29, posted record first half sales of 11.4 billion euros ($13.5 billion) after experiencing a surge in demand for its products. The increased demand for premium cars in Europe and the Americas, and the tripling of electric car sales majorly contributed to the company’s sales volume. As a result, Volkswagen has now raised its projected profit margin target for the…

Robinhood Secures $32B Valuation in IPO, Set to Debut on Nasdaq Exchange

The shares are expected to begin trading on the Nasdaq Global Select Market on July 29, 2021, under the ticker symbol “HOOD”. Robinhood, a famous stock and crypto-trading app, is set to debut on the Nasdaq exchange on Thursday following a $32 billion valuation via its initial public offering (IPO).  In a press release from the company on Wednesday, it revealed that it has priced its offering at $38 per Class A common stock share. The $38 pricing of the company’s common stock is on the lower end of the…

Coca-Cola to Create Custom NFT Collection to Raise Money for Special Olympics International

Coca-Cola will be offering these special NFTs in a three-day OpenSea Marketplace auction. Coca-Cola as the leading world beverage brand will be entering the NFT domain by creating a special collection of non-fungible tokens to celebrate International friendship day. The NFTs will be available for an auction on the NFT marketplace called OpenSea from July 31st to 2nd August. The proceeds collected with the help of this auction will be sent to Special Olympics International that is closely associated with helping children and adults combatting various body disabilities. Coca-Cola Is…

F Stock Spikes 4% after Ford Reports Surprising Profits in Q2 2021

Ford recorded an automotive revenue of $24.1 billion, against $23 billion expected by analysts according to a survey conducted by FactSet. Ford Motor Company (NYSE: F) stock traded around $14.40, up nearly 4% during the extended trading session. The notable spike in Ford stock has been attributed to the unexpected profits recorded in the second quarter (Q2) of 2021. According to the company, the second quarter was marred with chip shortages but the team managed well. “Despite the many headwinds from the semiconductor shortage, some of which were unique to…