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Micro-Wineries In Cyprus Aim To Revive The World’s Oldest Named Wine

Commandaria, praised by ancient Greek poets nearly 3,000 years ago, holds the title of the world’s oldest recorded and named wine. Once celebrated by royalty and historical figures, this Cypriot sweet wine has struggled to maintain its global presence despite its deep-rooted heritage.

A Rich History Of Recognition

The wine’s legendary status is deeply intertwined with European history. It is believed to have won the world’s first recorded wine competition in the 13th century under French King Philippe Augustus and was famously served at the wedding of English King Richard the Lionheart in Cyprus in 1191. The medieval Knights Hospitaller, who established their headquarters on the island during the Third Crusade, played a key role in its production and named it after their estate, the Grande Commanderie. Later, the Orthodox Church adopted the wine for religious ceremonies, further cementing its cultural significance.

Commandaria reached its production peak under Venetian rule in the 15th and 16th centuries, valued for its distinctive sweetness and complex bouquet. 

Challenges In The Modern Market

Despite its historical significance, Commandaria has faced difficulties in securing a place in the international market. Production reached around 200,000 bottles in recent years but saw a decline, partly due to the loss of Russian tourism, a key consumer base. Additionally, an attempt to enter the vast Chinese market faltered due to supply limitations.

Unique Characteristics And Production

Commandaria owes its distinctive taste to Cyprus’ volcanic soil, which enriches the grapes with notes of honey, raisin, walnut, fig, carob, cinnamon, coffee, and caramel. It is made from indigenous Mavro and Xynisteri grapes, which are sun-dried for up to 12 days to concentrate their sweetness. Strict European regulations mandate a minimum aging period of two years in oak barrels, and authentic Commandaria can only be produced in 14 designated villages on the southern slopes of the Troodos mountains.

The Role Of Micro-Wineries

Small, quality-focused wineries have begun to breathe new life into Commandaria. Unlike large-scale producers, these boutique operations prioritise craftsmanship over volume. Some wineries are experimenting with bespoke varieties, catering to evolving consumer preferences, and have gained a loyal domestic and international following.

A Slow But Steady Comeback

While global sales remain modest, domestic interest in Commandaria is growing. Some wineries have reported an increase in demand, with visitors returning to Cyprus specifically to replenish their stock. Experts believe that a sustained focus on quality and a well-coordinated marketing effort could position Commandaria for a stronger global presence.

To ensure long-term success, producers are focusing on refining quality and strengthening their foothold in the domestic market before making a collective push internationally. With its unparalleled history, unique production methods, and renewed dedication from small-scale winemakers, Commandaria may yet reclaim its place among the world’s most distinguished wines.

Chime’s Nasdaq Debut: A 37% Leap in the Fintech Arena

Chime set to debut on Nasdaq

On June 12, 2025, Chime had a groundbreaking debut on Nasdaq, where its shares surged by an impressive 37%. Initially priced above the expected range at $27, the shares closed the day at $37.11, setting a new market cap of $13.5 billion. From a valuation of $25 billion in its last venture round, this IPO marks a recalibration for Chime amidst evolving market dynamics.

The offering raised roughly $700 million, with an additional $165 million from existing shareholders. Despite the lower valuation, CEO Chris Britt highlights Chime’s commitment to serving Americans earning $100,000 or less, often overlooked by traditional banks. “We help our members avoid fees, access liquidity, and build savings,” Britt stated confidently.

Chime’s strong revenue momentum, with $518.7 million reported last quarter and a revenue increase by 32% year-over-year, underscores its growth potential. The company also achieved $25 million in adjusted profitability, improving its profit margin by 40 points over the past two years.

Chime now stands among fintech giants like eToro and Circle, rekindling investor interest in fintech IPOs. The future looks promising as other players like Klarna and Bullish eye public offerings.

For further insights into fintech innovation and investment opportunities, explore European Banking Evolution: Cyprus as a Catalyst for Regulatory Innovation and discover how Cyprus continues to play a pivotal role in financial advancements.

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