Royal Bank of Scotland changes name to NatWest

Banking group to remain headquartered in Edinburgh, but drops Scotland from title

Royal Bank of Scotland has formally changed its name to NatWest Group on Wednesday, removing Scotland from the name of the lender’s parent company for the first time since it was founded in Edinburgh in 1727.

The banking group remains headquartered in the city, and the name change will not affect RBS bank branches, most of which are in Scotland, or Ulster Bank locations in Northern Ireland.

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CoinGecko Highlights Discrepancies in Exchanges’ Traffic Volumes

Cryptocurrency exchanges have faced a significant amount of criticism for artificially inflating metrics on their websites. A new report argues that cryptocurrency exchanges might also be tweaking their visitor counts.

Exchanges are Inflating Adjusted Web Traffic

Crypto analysis firm CoinGecko released a bombshell report recently, claiming that several crypto exchanges have been inflating the number of visitors to their platforms. The report particularly highlights irregularities in the metrics posted on OKEx, which it claimed saw a 239 percent jump in website traffic in the second quarter of the year despite posting lower trading volumes.

CoinGecko explained that this discrepancy particularly caught its eye. After all, an exchange seeing markedly increasing traffic should also post higher trade volumes. The company went on to check SimilarWeb, a platform that shows the origins of websites’ traffic. To its surprise, it discovered that half of OKEx’s traffic came from paid referral sites.

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UK households suffer biggest financial hit since 1970s due to coronavirus

Average income falls 4.5{998ff540fe94a59c7c9828c4dd5223100610db67cea90947d11644c77e05f5f4} in May compared with start of outbreak, thinktank says

British households have suffered the biggest hit to their finances since the oil crisis of the mid-1970s as the coronavirus pandemic threatens to inflict severe financial hardship across the country.

Against a backdrop of rising job losses four months into the crisis, the Resolution Foundation thinktank said the average household in Britain had suffered a 4.5{998ff540fe94a59c7c9828c4dd5223100610db67cea90947d11644c77e05f5f4} drop in income in the month of May, compared with their average monthly income level in the financial year ending March 2020, before the crisis struck.

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XinFin Nabs Andre Casterman as Advisor to Expand Project

XinFin Network, a cryptocurrency-focused platform that provides services to financial institutions and other groups, has revealed a new advisor, Andre Casterman. Casterman was once head of Corporate and Trade at exSWIFT, according to a press release from the group.

Speaking on the matter is Atul Khekade, the Co-Founder of XinFin, who said:

“There is a growing acceptance in the role that digital assets will play in the future digital economy. The most significant move is actually coming from the regulators themselves as some want to stay ahead of the curve and have therefore adapted their regulatory frameworks to support wider adoption of digital assets.”

He also notes that the guidance of Casterman should ensure XinFin’s swift expansion into the “alternative finance industry.” Essentially, the platform will support its customers by providing smart contracts and Internet of Things integration, acting as a decentralized space to make payments and other services.… Read more

Britain's housing market sees post-lockdown mini-boom

With homes now back on the market, estate agents say inquiries are ‘through the roof’

Britain’s housing market is enjoying a post-lockdown mini-boom fuelled by this month’s stamp duty cut, pushing asking prices to a record high, according to the property website Rightmove.

With homes throughout Britain finally able to come to market again, some estate agents are reporting that buyer inquiries “are through the roof”, with property deals going to sealed bids, as a combination of pent-up demand being released, homeowners rethinking their lifestyles and the stamp duty giveaway come together to create a surge in activity.

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