An announcement has been made by Fluent Finance, a United States-based startup, about its collaboration with the Ministry of Economy of the United Arab Emirates (UAE). The aim of this partnership is to develop technology based on deposit tokens. Fluent Finance, which is leveraging the benefits of the Nextgen FDI growth program, has plans to extend its operations to Abu Dhabi. The company has plans to increase its workforce to more than 100 employees.
Fluent Finance's Journey Towards Developing Stablecoin and Deposit Token Technology in UAE
Founded in 2020, Fluent Finance, a Delaware-based startup, has been actively involved in creating solutions for the interconnection of banking and Web3. The company has recently declared its arrival in the UAE under the umbrella of the Nextgen FDI program. This initiative is designed to equip digital businesses with the necessary tools to kick-start and scale their operations from UAE.
The company made this move public in July and is planning to launch its interconnection solution, known as the Fluent Economic Bridge, from the UAE. This move will allow the company to receive feedback from banks and regulators in the region. The motive of the Fluent Economic Bridge is to simplify cross-border settlements using deposit tokens and blockchain technology. Deposit tokens, which are directly supported by banking deposits, are expected to bring safety and predictability to these transactions.
The platform is currently being tested in Kenya, and Fluent Finance has plans to establish a digital corridor with UAE institutions.
UAE's Supportive Stance Towards Digital Assets
The UAE stands out from other countries due to its Web3-friendly regulatory framework. This has been a major factor in attracting startups that are seeking to establish their operations in the country, aided by programs like Nextgen FDI. Bradley Allgood, the Chief Executive Officer of Fluent Finance, stated that the UAE was the most suitable location to launch their settlement solution.
Allgood explained how the UAE offers the perfect supportive environment required by Web3 companies like Fluent. He mentioned how the country's forward-thinking vision, thoughtful regulation, and advanced technology ambitions have laid the perfect foundation for the development of their product and the growth of their organization.
Thani Al Zeyoudi, Minister of State for Foreign Trade, mentioned that this move symbolizes the outcome of all the efforts UAE has been putting in to establish itself as a hub for Web3 and blockchain. He stated that the UAE has become a leading advocate for the modernization of the multilateral trading system and a supportive place for the development of tools and applications that can help in achieving it.
Al Zeyoudi also emphasized how digital currencies have the potential to enhance the efficiency and accessibility of global supply chains.
What Does the Collaboration Between UAE's Nextgen FDI Program and Fluent Finance Hold?
This collaboration between Fluent Finance and the UAE's Nextgen FDI program is a significant step towards revolutionizing the financial landscape. It not only paves the way for the development of advanced deposit token technology but also contributes to the growth and expansion of the global financial ecosystem.
Frequently Asked Questions
Is buying gold a good way to save money for retirement?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
Physical bullion bar is the best way to invest in precious metals. But there are many other options for investing in gold. It's best to thoroughly research all options before you make a decision.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you require cash flow, gold stocks can work well.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
Can I own a gold ETF inside a Roth IRA
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
A traditional IRA allows for contributions from both employer and employee. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
Also available is an Individual Retirement Annuity. An IRA allows for you to make regular income payments during your life. Contributions to IRAs do not have to be taxable
What are the fees associated with an IRA for gold?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance fees and investment costs for your chosen investments.
Diversifying your portfolio may require you to pay additional fees. These fees will vary depending upon the type of IRA chosen. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge annual management costs. These fees can range from 0% up to 1%. The average rate is.25% per year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
How much gold should you have in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. You can start small by investing $5k-10k. Then as you grow, you could move into an office space and rent out desks, etc. This will allow you to pay rent monthly, and not worry about it all at once. You only pay one month.
Also, you need to think about the type of business that you are going to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. This means that you may only be paid once every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k-$2k of gold and growing from there.
What are the benefits of having a gold IRA?
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It's tax-deferred until you withdraw it. You have total control over how much each year you take out. There are many types to choose from when it comes to IRAs. Some are better suited for college students. Some are for investors who seek higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. Once they start withdrawing money, however, the earnings aren’t subject to tax again. So if you're planning to retire early, this type of account may make sense.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
An additional benefit to owning gold through an IRA, is the ease of automatic withdrawals. That means you won't have to think about making deposits every month. Direct debits could be set up to ensure you don't miss a single payment.
Gold is one of today's most safest investments. It is not tied to any country so its value tends stay steady. Even in times of economic turmoil gold prices tend to remain stable. As a result, it's often considered a good choice when protecting your savings from inflation.
Is gold a good choice for an investment IRA?
Gold is an excellent investment for any person who wants to save money. You can diversify your portfolio with gold. There is much more to gold than meets your eye.
It's been used as a form of payment throughout history. It is sometimes called the “oldest currency in the world”.
Gold is not created by governments, but it is extracted from the earth. It's hard to find and very rare, making it extremely valuable.
The supply and demand for gold determine the price of gold. When the economy is strong, people tend to spend more money, which means fewer people mine gold. The result is that gold's value increases.
On the flip side, people save cash for emergencies and don't spend it. This results in more gold being produced, which drives down its value.
This is why both individuals as well as businesses can benefit from investing in gold. You will benefit from economic growth if you invest in gold.
Also, your investments will earn you interest which can help increase your wealth. In addition, you won’t lose any money if gold falls in value.
Should You Buy Gold?
In the past, gold was considered a haven for investors during economic turmoil. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Some experts believe that this could change very soon. According to them, gold prices could soar if there is another financial crisis.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
Here are some things to consider if you're considering investing in gold.
- Consider whether you will actually need the money that you are saving for retirement. It is possible to save for retirement while still investing your gold savings. The added protection that gold provides when you retire is a good option.
- Second, be sure to understand your obligations before you purchase gold. Each offer varying degrees of security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. You may lose your gold coins and never be able to recover them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Lawful – WSJ
bbb.org
How To
The best place online to buy silver and gold
To buy gold, you must first understand how it works. Precious metals like gold are similar to platinum. It's rare and often used to make money due its resistance and durability to corrosion. It is hard to use, so most people prefer jewelry made of it to real bars of gold.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They can't be exchanged in currency exchange systems. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. The buyer receives 1 gram of gold for every dollar spent.
The next thing you should know when looking to buy gold is where to do it from. You have a few options to choose from if you are looking to buy gold directly through a dealer. You can start by visiting your local coin shop. Another option is to go through a reputable site like eBay. You can also purchase gold through private online sellers.
Private sellers are individuals who offer to sell gold at retail or wholesale prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. You would receive less money from a private buyer than you would from a coin store or eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
An alternative option to buying gold is to buy physical gold. It is easier to store physical gold than paper certificates. But, you still have to take care of it. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
When buying gold on your own, you can visit a bank or a pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks usually charge higher interest rates that pawn shops.
The final option is to ask someone to buy your gold! Selling gold can be as easy as selling. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
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By: Sergio Goschenko
Title: Revolutionizing Financial Ecosystem: Fluent Finance Collaborates with UAE to Develop Deposit Token Technology
Sourced From: news.bitcoin.com/fluent-finance-partners-with-uae-to-develop-deposit-token-tech/
Published Date: Sat, 14 Oct 2023 10:30:37 +0000
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