Showing posts with label binancecryptosignals. Show all posts
Showing posts with label binancecryptosignals. Show all posts
Thursday, 8 September 2022
Tuesday, 8 January 2019
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Sunday, 9 December 2018
SEC Slaps $50,000 Fine on Delaware-Based Crypto Investment Fund
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On December 7, 2018, the United States Securities and Exchange Commission (SEC) issued a cease and desist order and a penalty of $50,000 against Delaware-based crypto assets fund firm CoinAlpha Advisors LLC.
SEC Hits Crypto Fund for Violating Securities Law According to the filing published on the commission’s website, the SEC charged CoinAlpha Advisors LLC for acting as an unregistered securities dealer. Additionally, the filing highlights that the accused company violated SEC laws by offering securities through interstate commerce.
Reportedly, CoinAlpha LLC was established in July 2017 to act as manager of the investment fund dubbed CoinAlpha Flacon LP. The fund was launched in October 2017 with the sole purpose of investing in digital assets.
From October 2017 to May 2018, the investment fund managed to raise over $600,000 from twenty-two investors spread across multiple U.S. states. As part of the investment, investors gained limited partnership interest in the crypto-focused investment fund. The SEC filing states:
“Through this offering, the investors purchased limited partnership interests in the Fund in exchange for a pro rata share of any profits derived from the Fund’s investment in digital assets.”
The order notes that CoinAlpha filed for a “Notice of Exempt Offering of Securities” a month after it was set up. However, the request for exemption was turned down by the securities regulator citing that the firm was not eligible for such an indemnity.
Additionally, the agency pointed out a number of irregularities in the CoinAlpha’s know-your-customer (KYC) system. The SEC states that the investment fund failed to ensure the status of the accreditation status of its investors.
CoinAlpha Cooperates with the SEC
zNotably, CoinAlpha agreed to halt its offering after being contacted by the securities regulator in October 2018. Furthermore, the Delaware-based fund cooperated with SEC to get its website, offering strategy materials, and social media posts audited.
The commission reached an agreement with CoinAlpha by imposing a $50,000 fine and instructing the firm to reimburse all its investors, to which the company has agreed. The filing read:
“Respondent further voluntarily reimbursed all fees it had already collected, surrendered all rights to future management and incentive fees, unwound the Fund, and made payments to ensure that no Fund investor suffered a loss. During the Commission staff’s investigation, Respondent retained a third party who determined that all 22 investors were accredited investors.”
Recently, the SEC has been aggressively pursuing crypto-related firms and individuals. Just a week back, the commission fined American professional boxer Floyd Mayweather Jr. and music producer DJ Khaled for illegally promoting crypto projects. Both celebrities paid a combined penalty of over $750,000.
Is SEC trying to make crypto sector more institutional friendly by removing entities operating illegally? Let us know your views in the comments section.
Join- https://t.me/btctradingclub
Join- https://t.me/freebitmexsignals
https://play.google.com/store/apps/details?id=com.freecryptosignals.app
On December 7, 2018, the United States Securities and Exchange Commission (SEC) issued a cease and desist order and a penalty of $50,000 against Delaware-based crypto assets fund firm CoinAlpha Advisors LLC.
SEC Hits Crypto Fund for Violating Securities Law According to the filing published on the commission’s website, the SEC charged CoinAlpha Advisors LLC for acting as an unregistered securities dealer. Additionally, the filing highlights that the accused company violated SEC laws by offering securities through interstate commerce.
Reportedly, CoinAlpha LLC was established in July 2017 to act as manager of the investment fund dubbed CoinAlpha Flacon LP. The fund was launched in October 2017 with the sole purpose of investing in digital assets.
From October 2017 to May 2018, the investment fund managed to raise over $600,000 from twenty-two investors spread across multiple U.S. states. As part of the investment, investors gained limited partnership interest in the crypto-focused investment fund. The SEC filing states:
“Through this offering, the investors purchased limited partnership interests in the Fund in exchange for a pro rata share of any profits derived from the Fund’s investment in digital assets.”
The order notes that CoinAlpha filed for a “Notice of Exempt Offering of Securities” a month after it was set up. However, the request for exemption was turned down by the securities regulator citing that the firm was not eligible for such an indemnity.
Additionally, the agency pointed out a number of irregularities in the CoinAlpha’s know-your-customer (KYC) system. The SEC states that the investment fund failed to ensure the status of the accreditation status of its investors.
CoinAlpha Cooperates with the SEC
zNotably, CoinAlpha agreed to halt its offering after being contacted by the securities regulator in October 2018. Furthermore, the Delaware-based fund cooperated with SEC to get its website, offering strategy materials, and social media posts audited.
The commission reached an agreement with CoinAlpha by imposing a $50,000 fine and instructing the firm to reimburse all its investors, to which the company has agreed. The filing read:
“Respondent further voluntarily reimbursed all fees it had already collected, surrendered all rights to future management and incentive fees, unwound the Fund, and made payments to ensure that no Fund investor suffered a loss. During the Commission staff’s investigation, Respondent retained a third party who determined that all 22 investors were accredited investors.”
Recently, the SEC has been aggressively pursuing crypto-related firms and individuals. Just a week back, the commission fined American professional boxer Floyd Mayweather Jr. and music producer DJ Khaled for illegally promoting crypto projects. Both celebrities paid a combined penalty of over $750,000.
Is SEC trying to make crypto sector more institutional friendly by removing entities operating illegally? Let us know your views in the comments section.
Wednesday, 5 December 2018
Banks in Latin America Launch a Blockchain-based Platform for Loans
For more latest news update Cryptocurrency training Crypto trading signals & automated trading software join below given telegram channel
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https://play.google.com/store/apps/details?id=com.freecryptosignals.app
Join- https://t.me/btctradingclub
Two banks in Latin America have collaborated to develop a Blockchain-based platform that will aid in issuing loans. The banks are Itaú Unibanco Holding SA and Standard Chartered. They revealed in a statement that they aim to eliminate fraud and cut the legal cost that is usually involved.
Blockchain-based Platform to be Used to a Handle Client Loans
R3, a New York-based startup is the developer of the Blockchain platform. This platform is called Corda, and the new system will be used to handle clients’ loans. These loans are known as club-loans because the lenders are usually a small group of people, and the amount to be lent is considerably small.
Currently, it can take weeks before transactions can be completed because about 2,000 emails have to be sent between parties who will be involved. Asides being a complex process, there are also legal costs to consider. The level of risks associated can be said to be high since it may be difficult to detect fraud in financial transactions easily.
New Platform Promises Faster and More Efficient Transactions
Therefore, Blockchain technology which is reputably known to be faster, more efficient and reliable has been relied upon. Its application in this area will bring about efficiency in the processes and transparency between parties. Ricardo Nuno, Itaú’s treasury managing director, has also revealed that it will help to reduce legal cost.
To ensure the smooth operation of Corda, the banks have tested it by issuing loans. First of all, Itaú Unibanco and Standard Chartered raised $100 million and then negotiated the terms of the loan. Although the money was not transferred, it was said that in future, the money could be sent to the receiving party.
Financial Institutions are Adopting Blockchain Technology
More banks are adopting Blockchain technology either in combating fraud or facilitating their processes. An example is SWIFT India, a financial services provider who has collaborated with the Fintech firm, MonetaGO. The former will use MonetaGO’s Blockchain platform for secure messaging. In this case, banks in India will be able to share the same DLT network to gain access to its stored information.
Thailand’s Revenue Department, on the other hand, has decided to use the Distributed Ledger Technology to combat VAT payment fraud. The department has decided that VAT invoices will now be stored on Blockchain to make them traceable. As a result, it will help to resolve issues relating to tax refund claims
Join- https://t.me/freebitmexsignals
https://play.google.com/store/apps/details?id=com.freecryptosignals.app
Join- https://t.me/btctradingclub
Two banks in Latin America have collaborated to develop a Blockchain-based platform that will aid in issuing loans. The banks are Itaú Unibanco Holding SA and Standard Chartered. They revealed in a statement that they aim to eliminate fraud and cut the legal cost that is usually involved.
Blockchain-based Platform to be Used to a Handle Client Loans
R3, a New York-based startup is the developer of the Blockchain platform. This platform is called Corda, and the new system will be used to handle clients’ loans. These loans are known as club-loans because the lenders are usually a small group of people, and the amount to be lent is considerably small.
Currently, it can take weeks before transactions can be completed because about 2,000 emails have to be sent between parties who will be involved. Asides being a complex process, there are also legal costs to consider. The level of risks associated can be said to be high since it may be difficult to detect fraud in financial transactions easily.
New Platform Promises Faster and More Efficient Transactions
Therefore, Blockchain technology which is reputably known to be faster, more efficient and reliable has been relied upon. Its application in this area will bring about efficiency in the processes and transparency between parties. Ricardo Nuno, Itaú’s treasury managing director, has also revealed that it will help to reduce legal cost.
To ensure the smooth operation of Corda, the banks have tested it by issuing loans. First of all, Itaú Unibanco and Standard Chartered raised $100 million and then negotiated the terms of the loan. Although the money was not transferred, it was said that in future, the money could be sent to the receiving party.
Financial Institutions are Adopting Blockchain Technology
More banks are adopting Blockchain technology either in combating fraud or facilitating their processes. An example is SWIFT India, a financial services provider who has collaborated with the Fintech firm, MonetaGO. The former will use MonetaGO’s Blockchain platform for secure messaging. In this case, banks in India will be able to share the same DLT network to gain access to its stored information.
Thailand’s Revenue Department, on the other hand, has decided to use the Distributed Ledger Technology to combat VAT payment fraud. The department has decided that VAT invoices will now be stored on Blockchain to make them traceable. As a result, it will help to resolve issues relating to tax refund claims
Saturday, 17 November 2018
Tom Lee Has Slashed His Price Target on Bitcoin from $25,000 to $15,000
For more latest news update Crypto currency training Crypto trading signals & automated trading software join below given telegram channel
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https://play.google.com/store/apps/details?id=com.freecryptosignals.app
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end.
Sherlock by Sherlock November 17, 2018 in Crypto news, Opinion
As the bitcoin price traded below the psychological level of $6,000 mark, Fundstrat Global Advisors co-founder, Tom Lee, has slashed his price target on bitcoin nearly half. However, the revised target price is much higher than the current trading price. Significantly, his comments come on the heels of seven out of top ten cryptocurrencies witnessing a double-digit drop in the 7-day period.
Break-Even Point
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end. He believes that the important driver is ‘break-even’ point. This meant that mining costs should match the trading price. According to him, the matching level reduced to $7,000 from his previous estimate of 8,000. This is based on the Bitmain’s S9 mining machine. This would mean a fair value of roughly 2.2 times of the fresh break-even price.
Bitcoin is trading around $5,450 at the time of writing and has shed 13.56 percent for the one-week period. Despite the existing sluggishness or the bearishness, Lee is confident of a recovery in bitcoin price. In a research note to clients, he pointed out the earlier bear market during the period 2013 – 2015 and said that it “never sustained a move below breakeven.” The former chief equity strategist at J.P. Morgan Lee thinks that the psychological breaking down of $6,000 has driven a fresh wave of pessimism.
Negative Swing in Sentiment
He also pointed out that there is a negative swing in sentiment that is much worse relative to the fundamental implications. Lee said that most of the price movement was fueled by certain events like the argument over bitcoin cash. There have been several tweets on bitcoin cash hard fork and splitting into bitcoin ABC or bitcoin SV. Significantly, bitcoin cash itself was a fork from bitcoin.
Though the bitcoin price remained somewhat stable in October, the sell-off has started a few days back after remaining around $6,400 levels. However, Lee is unmoved by the current condition and sees bullishness on the most valuable digital coin with the belief that institutional involvement will boost the price before the current year ends. He pointed out the wider infrastructure creation for institutional involvement to support his belief.
Join- https://t.me/btctradingclub
https://play.google.com/store/apps/details?id=com.freecryptosignals.app
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end.
Sherlock by Sherlock November 17, 2018 in Crypto news, Opinion
As the bitcoin price traded below the psychological level of $6,000 mark, Fundstrat Global Advisors co-founder, Tom Lee, has slashed his price target on bitcoin nearly half. However, the revised target price is much higher than the current trading price. Significantly, his comments come on the heels of seven out of top ten cryptocurrencies witnessing a double-digit drop in the 7-day period.
Break-Even Point
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end. He believes that the important driver is ‘break-even’ point. This meant that mining costs should match the trading price. According to him, the matching level reduced to $7,000 from his previous estimate of 8,000. This is based on the Bitmain’s S9 mining machine. This would mean a fair value of roughly 2.2 times of the fresh break-even price.
Bitcoin is trading around $5,450 at the time of writing and has shed 13.56 percent for the one-week period. Despite the existing sluggishness or the bearishness, Lee is confident of a recovery in bitcoin price. In a research note to clients, he pointed out the earlier bear market during the period 2013 – 2015 and said that it “never sustained a move below breakeven.” The former chief equity strategist at J.P. Morgan Lee thinks that the psychological breaking down of $6,000 has driven a fresh wave of pessimism.
Negative Swing in Sentiment
He also pointed out that there is a negative swing in sentiment that is much worse relative to the fundamental implications. Lee said that most of the price movement was fueled by certain events like the argument over bitcoin cash. There have been several tweets on bitcoin cash hard fork and splitting into bitcoin ABC or bitcoin SV. Significantly, bitcoin cash itself was a fork from bitcoin.
Though the bitcoin price remained somewhat stable in October, the sell-off has started a few days back after remaining around $6,400 levels. However, Lee is unmoved by the current condition and sees bullishness on the most valuable digital coin with the belief that institutional involvement will boost the price before the current year ends. He pointed out the wider infrastructure creation for institutional involvement to support his belief.
Thursday, 8 November 2018
What an ETF Is and What It Means for Bitcoin?
For more latest news update Crypto currency training Crypto trading signals & automated trading software join below given telegram channel
Join- https://t.me/btctradingclub
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What an ETF Is and What It Means for Bitcoin
To start, a short explanation: an ETF is a fund that holds an underlying asset or assets, be they stocks, commodities, bonds, etc., which are then divided into shares for investors to buy. In structure, an ETF functions like a hedge fund, the primary difference being that an ETF is traded on a public market like shares of a stock, while a hedge fund is not.
With that primer in mind, we can now unpack the processes and jargon that constitute an ETF’s many working parts.
Typically, an ETF features four primary stakeholders:
a sponsor (the entity who creates the ETF)
a custodian (the entity who stores and manages the underlying asset/s)
authorized participants (financial institutions or accredited individuals who create and redeem a block of the ETF’s shares)
shareholders/investors (those who purchase the shares on the open market)
More or less, authorized participants and sponsors are in charge of the ETF’s supply. The participants create or redeem blocks of shares (called creation units) directly from the sponsor; typically, these creation units are settled in-kind, meaning they are purchased for or redeemed in the underlying asset.
Once participants have purchased creation units, these units are then divided into shares and traded on public exchanges.
For bitcoin, an ETF would function similarly to ETFs for other commodities like gold and silver. Its sponsor, most likely a trust of sorts, would employ the help of a custodian to store the physical bitcoins backing the ETFs (or, in the case of futures, the futures contracts) and related cash flow, and it would also rely on eager financial institutions to jumpstart circulation by purchasing shares to trade on a regulated, legacy exchange like the NYSE, CME or Cboe.
Many investors see the bitcoin ETF as the hitherto undiscovered holy grail of institutional-grade bitcoin investments, something that could push the market to new heights. In the broader market, ETFs are considered to be a low-barrier, low-cost alternative to other investment vehicles like hedge funds, and per this rationale, community members in favor of a bitcoin ETF say it would finally give institutional investors easy, reliable access to the crypto market. Supporting this thesis, proponents often point to the impacts ETFs had on the underlying gold market, noting that bitcoin would likely experience a similar price stimulation.
Detractors don’t think this is a good thing. They believe that, by encouraging a flood of institutional money, a bitcoin ETF would drown the market in inflated valuations, an argument critics in other markets have made by insisting that ETFs distort prices and liquidity. So the argument goes: Why would we create an investment vessel that could leave bitcoin susceptible to the same inflationary threats that it was created to avoid?
Sunday, 4 November 2018
#Hong Kong Regulator Brings New Rules To Regulate Cryptocurrency Exchanges and Funds
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Hong Kong’s security watchdog – The Securities and Futures Commission (SFC) – has announced new regulatory rules and guidelines for the country’s local cryptocurrency market. However, the highlight of this announcement is that the regulator wants to have a watchful eye on the operations of cryptocurrency exchange and cryptocurrency funds.
In its official announcement, the SFC notes under the existing rules, virtual assets do not fall under the definition of “securities” or “futures contracts”. Hence they do not come directly under the regulatory oversight of the SFC. As a result, investors who are dealing with virtual assets through unregulated platforms do not get the protection under the Securities and Futures Ordinance (SFO). Thus the SFC has decided that to protect the investors’ interest, it will bring crypto exchange operators under its regulatory purview.
“…It is proposed that the standards of conduct regulation for virtual asset trading platform operators should be comparable to those applicable to existing licensed providers of automated trading services,” the SFC adds.
The definition of “virtual assets” provided by the SFC includes all blockchain-based tokens like the utility tokens, digital currencies, and the asset-backed tokens.
Licenses for Cryptocurrency Fund Distributors and Portfolio Managers
Under the new regulatory guidelines, cryptocurrency fund distributors and portfolio managers will require to get an official license from the SFC. Fund managers with more than 10 percent exposure into virtual assets will have to mandatorily get their licenses. Also, “firms managing funds which solely invest in virtual assets that do not constitute securities or future contracts” will require a license for the distribution of their funds. The statement reads:
“In order to afford better protection to investors, the SFC considers that all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements even if the portfolios (or portions of portfolios) under their management invest solely or partially in virtual assets, irrespective of whether these virtual assets amount to ‘securities’ or ‘futures contracts.’”
Ashley Alder, the chief executive of the SFC praised the agency for its new approach towards investors protection.
“The measures announced today allow us to regulate the management or distribution of virtual asset funds in one way or another so that investors’ interests would be protected either at the fund management level, at the distribution level, or both. We hope to encourage the responsible use of new technologies and also provide investors with more choices and better outcomes,” added Alder.
The Growing Regulatory Demand Due to Increasing Risks
The SFC cites several risks associated while dealing with virtual assets. The regulator says that the inherent nature and characteristics of the virtual assets are some of the reasons behind it. As crypto assets lack any intrinsic value, they are subject to high volatility and price fluctuations.
Furthermore, the anonymous nature of virtual assets makes them vulnerable to all sorts of illicit activities like terror financing, fraud, and money laundering. Additionally, the cryptocurrency market is facing huge challenges in terms of cyber-security risks and thefts. Most of the centralized exchanges across the globe have faced huge losses this year due to external attacks. On top of it, the lack of secure storage solutions is another reason preventing investor participation.
The regulator thus mandates proper regulatory rules to have a cleaner and safer environment for investors. It notes:
“While virtual assets have not posed a material risk to financial stability2, there is a broad consensus among securities regulators that they pose significant investor protection risks. The regulatory response to these risks varies in different jurisdictions, depending on the regulatory remit, the scale of the activities and their impact on investor interests and whether virtual assets are deemed financial products suitable for regulatio
Saturday, 3 November 2018
Binance Off To Flying Start In Uganda With 40,000 Users In First Week
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Binance has stepped into Uganda with a flourish as 40,000 new users signed up to the exchange in the hope of bypassing the Ugandan Shilling (UGX).
Many citizens of African countries are unbanked, either by choice or due to complicated prohibitive rules which make it hard to open an account. Uganda is no different, with a recorded 3/4 of the population without any form of conventional banking.
This is Binance’s first fiat-crypto exchange with UGX, the primary fiat currency and comes less than a month after the company acquired an EUR bank account in Malta, with more exchanges to come, according to CEO Changpeng Zhao. Binance’s enigmatic boss clearly realises the potential of Africa as a new investment hub due to the unbanked nature of much of its population:
“Uganda is a really interesting situation, only 11% of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption”.
Africans have been clever in dealing with financial barriers, and using cryptocurrency is increasingly becoming a go-to way in order to sidestep banking restrictions or weak state currencies. Corruption is also another factor never far from the surface in some African economies often necessitating the need for a clever approach by locals in order to conduct their everyday business.
Recently, neigbouring Kenyan Distributed Ledgers and Artificial Intelligence task force chairman Bitange Ndemo said that that government should consider tokenizing the economy to deal with “increasing” rates of corruption and uncertainties-such is Africa’s increasing faith in crypto ahead of local fiat currencies.
Wei Zhou, Binance’s chief financial officer, suggested that one reason for the exchange’s surge of clientele in the first week is the fact that it is so easy for Uganda’s unbanked to access the system, commenting, “They [users] just have to have money within the mobile payment system. They don’t have to have bank accounts.”
The country’s president, Yoweri Museveni, said recently that he welcomed and embraced blockchain technology in Uganda since it provides full transparency, and added that he was aware how businesses were being negatively impacted by what he called “secrets and deceit.”
Join- https://t.me/btctradingclub
Join- https://t.me/freebitmexsignals
https://play.google.com/store/apps/details?...yptosignals.app
Binance has stepped into Uganda with a flourish as 40,000 new users signed up to the exchange in the hope of bypassing the Ugandan Shilling (UGX).
Many citizens of African countries are unbanked, either by choice or due to complicated prohibitive rules which make it hard to open an account. Uganda is no different, with a recorded 3/4 of the population without any form of conventional banking.
This is Binance’s first fiat-crypto exchange with UGX, the primary fiat currency and comes less than a month after the company acquired an EUR bank account in Malta, with more exchanges to come, according to CEO Changpeng Zhao. Binance’s enigmatic boss clearly realises the potential of Africa as a new investment hub due to the unbanked nature of much of its population:
“Uganda is a really interesting situation, only 11% of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption”.
Africans have been clever in dealing with financial barriers, and using cryptocurrency is increasingly becoming a go-to way in order to sidestep banking restrictions or weak state currencies. Corruption is also another factor never far from the surface in some African economies often necessitating the need for a clever approach by locals in order to conduct their everyday business.
Recently, neigbouring Kenyan Distributed Ledgers and Artificial Intelligence task force chairman Bitange Ndemo said that that government should consider tokenizing the economy to deal with “increasing” rates of corruption and uncertainties-such is Africa’s increasing faith in crypto ahead of local fiat currencies.
Wei Zhou, Binance’s chief financial officer, suggested that one reason for the exchange’s surge of clientele in the first week is the fact that it is so easy for Uganda’s unbanked to access the system, commenting, “They [users] just have to have money within the mobile payment system. They don’t have to have bank accounts.”
The country’s president, Yoweri Museveni, said recently that he welcomed and embraced blockchain technology in Uganda since it provides full transparency, and added that he was aware how businesses were being negatively impacted by what he called “secrets and deceit.”
Wednesday, 31 October 2018
How Blockchain is Changing the Nature of Credit Cards
While blockchain has considerable, yet partly unsused potential in the wider financial markets, PumaPay has come to reform credit transactions and introduce cryptocurrencies into the consumer mainstream.
For more latest news update Crypto currency training Crypto trading signals & automated trading software join below given telegram channel
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Bitcoin remains the poster boy for the cryptocurrency market, while it’s also the most famous application of the ground-breaking blockchain technology. This should not distract from the diverse nature of blockchain, however, which has the potential to disrupt numerous markets and is expected to achieve a cumulative value of $16 billion by 2024.
Blockchain certainly has considerable potential in the wider financial markets, with banks and lenders keen to integrate this technology to drive greater efficiency and transparency across the board.
One example of this exists in the form of PumaPay, which has built a blockchain-based protocol to reform how everyday financial transactions are completed. But how does this work, and what does it mean for consumer credit across the globe.
How PumaPay is Seeking to Reform Consumer Credit
At the heart of this project of two core objectives; namely the reformation of credit transactions in the modern economy and the introduction of cryptocurrencies into the consumer mainstream.
In terms of the former, the company’s product is built on the premise that today’s credit and debit cards are unfit purpose in the prevailing economic climate. This may seem like an unfair assertion, particularly given the recent diversification in this space and the emergence of bad credit products and cards that offer cash back or lucrative sign-on bonuses.
However, the PumaPay system has been developed using open-source technology, which enables merchants and users to pull funds out of a customer’s account with express consent. This would replace the outdated method that sees shoppers push money to a retailer, before the cash flows through a long line of intermediaries as part of a process that can take days to complete.
This would also leverage the secure and transparent nature of blockchain to excellent effect, reforming the payment process withoutplacing customer’s hard-earned money at risk.
What are the Benefits of This and What do They Mean for the Financial Market?
In addition to being quicker and more secure, this type of platform also offers considerable cost-efficiencies to merchants.
More specifically, it creates a scenario in which the number and volume of transaction fees can be reduced dramatically. This reduces the cost of everyday financial transactions for allparties, with customers poised to benefit considerably over a concerted period of time.
This advanced platform is also scalable and extremely flexible, with the introduction of cryptocurrencies creating an additional payment option for customers and merchants across the globe. As a result, customers will be able to execute cryptocurrency payments both on- and offline, creating instantaneous transactions that carry next to no fees.
So what does this mean for current debit and credit cards and the financial sector as a whole? In simple terms, it provides a challenge to the status quo, providing a reform of the typical payment process along with its associated fees and delays.
While neither PumaPay or similar startups yet in a position to consistently challenge market leading names such as Visa or Mastercard, there’s no doubt that the new platform could emerge as the modern standard for completing payments.
The question that remains is whether PumaPay will successfully drive this change or an existing provider will quickly integrate blockchain technology into their core products?
For more latest news update Crypto currency training Crypto trading signals & automated trading software join below given telegram channel
Join- https://t.me/btctradingclub
Join- https://t.me/freebitmexsignals
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Bitcoin remains the poster boy for the cryptocurrency market, while it’s also the most famous application of the ground-breaking blockchain technology. This should not distract from the diverse nature of blockchain, however, which has the potential to disrupt numerous markets and is expected to achieve a cumulative value of $16 billion by 2024.
Blockchain certainly has considerable potential in the wider financial markets, with banks and lenders keen to integrate this technology to drive greater efficiency and transparency across the board.
One example of this exists in the form of PumaPay, which has built a blockchain-based protocol to reform how everyday financial transactions are completed. But how does this work, and what does it mean for consumer credit across the globe.
How PumaPay is Seeking to Reform Consumer Credit
At the heart of this project of two core objectives; namely the reformation of credit transactions in the modern economy and the introduction of cryptocurrencies into the consumer mainstream.
In terms of the former, the company’s product is built on the premise that today’s credit and debit cards are unfit purpose in the prevailing economic climate. This may seem like an unfair assertion, particularly given the recent diversification in this space and the emergence of bad credit products and cards that offer cash back or lucrative sign-on bonuses.
However, the PumaPay system has been developed using open-source technology, which enables merchants and users to pull funds out of a customer’s account with express consent. This would replace the outdated method that sees shoppers push money to a retailer, before the cash flows through a long line of intermediaries as part of a process that can take days to complete.
This would also leverage the secure and transparent nature of blockchain to excellent effect, reforming the payment process withoutplacing customer’s hard-earned money at risk.
What are the Benefits of This and What do They Mean for the Financial Market?
In addition to being quicker and more secure, this type of platform also offers considerable cost-efficiencies to merchants.
More specifically, it creates a scenario in which the number and volume of transaction fees can be reduced dramatically. This reduces the cost of everyday financial transactions for allparties, with customers poised to benefit considerably over a concerted period of time.
This advanced platform is also scalable and extremely flexible, with the introduction of cryptocurrencies creating an additional payment option for customers and merchants across the globe. As a result, customers will be able to execute cryptocurrency payments both on- and offline, creating instantaneous transactions that carry next to no fees.
So what does this mean for current debit and credit cards and the financial sector as a whole? In simple terms, it provides a challenge to the status quo, providing a reform of the typical payment process along with its associated fees and delays.
While neither PumaPay or similar startups yet in a position to consistently challenge market leading names such as Visa or Mastercard, there’s no doubt that the new platform could emerge as the modern standard for completing payments.
The question that remains is whether PumaPay will successfully drive this change or an existing provider will quickly integrate blockchain technology into their core products?
Tuesday, 30 October 2018
WBTC will Bring Bitcoin-Backed Tokens to Ethereum
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A new project called Wrapped Bitcoin (WBTC) will soon allow Bitcoin-backed tokens to be circulated on Ethereum. The token’s release has been scheduled for January 2019.
WBTC will combine the strengths of two leading coins. Bitcoin has consistently led the crypto market and is widely used throughout the crypto world. Ethereum, although second-place to Bitcoin in terms of market cap, is the leading platform for blockchain development.
With these things in mind, WBTC will blend Bitcoin’s ubiquity with Ethereum’s extendibility, allowing Bitcoin-equivalent tokens to be used in Ethereum-based dApps and decentralized exchanges.
Creators and Partners
The WBTC project is led by BitGo, Kyber Network, and Republic Protocol. BitGo is a wallet and crypto custody provider; as such, it will hold the project’s BTC reserves. Meanwhile, Kyber is a liquidity protocol that will enable users to easily swap their BTC and WBTC tokens.
Various decentralized exchanges and crypto projects have also partnered with WBTC, the most notable of which are MakerDAO, IDEX, and Gnosis. Several other projects are also listed in last week’s announcement, and the project will seek out further adoption as the January release approaches.
Suggested Reading : Choose a cryptocurrency wallet.
Token Management
The WBTC token is generated in a manner similar to stablecoins like Tether. WBTC cannot be mined; instead, it is minted and backed by a reserve of BTC tokens that are held by a custodian. As a result, the price of WBTC will be pegged to the price of Bitcoin, avoiding some of Ethereum’s volatility.
Generally, users will obtain existing WBTC tokens from merchants. However, tokens must also be created and destroyed. When users convert their WBTC tokens to actual Bitcoin, those WBTC tokens will be burnt. Meanwhile, new tokens can be minted by the custodian with the approval of merchants and community members.
Because both WBTC and BTC operate on public blockchains, users will be able to see that the project’s BTC reserves actually exist, ensuring that the two supplies are kept at a 1:1 ratio. WBTC’s reserve status will be prominently displayed on the project’s dashboard. The various WBTC partners will also form a DAO and routinely audit these balances.
Reception and Alternatives
The community reaction to WBTC’s announcement has been mixed. Some are critical of the project’s reliance on a centralized supply of tokens, which puts control in the hands of a few groups.
Centralization is not strictly necessary to create a cross-chain solution: Dogethereum, for example, bridged Dogecoin and Ethereum and implemented a two-way peg without using a centralized reserve.
Kyber Network has laid out some of the factors that led WBTC to choose a centralized reserve model over alternatives, such as atomic swaps and two-way relays. They concluded that some degree of centralization was necessary:
“Evaluating all these approaches, it was very clear that the current state of the industry and technical progress would not permit for a completely decentralized yet practical user-friendly solution.”
It is hard to predict whether WBTC will win over the crypto community in January. Regardless, efforts such as WBTC may go a long way toward uniting previously competitive blockchain platforms. volatility,” said Danial Daychopan, chief executive officer of Plutus, an app that allows crypto transactions.
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A new project called Wrapped Bitcoin (WBTC) will soon allow Bitcoin-backed tokens to be circulated on Ethereum. The token’s release has been scheduled for January 2019.
WBTC will combine the strengths of two leading coins. Bitcoin has consistently led the crypto market and is widely used throughout the crypto world. Ethereum, although second-place to Bitcoin in terms of market cap, is the leading platform for blockchain development.
With these things in mind, WBTC will blend Bitcoin’s ubiquity with Ethereum’s extendibility, allowing Bitcoin-equivalent tokens to be used in Ethereum-based dApps and decentralized exchanges.
Creators and Partners
The WBTC project is led by BitGo, Kyber Network, and Republic Protocol. BitGo is a wallet and crypto custody provider; as such, it will hold the project’s BTC reserves. Meanwhile, Kyber is a liquidity protocol that will enable users to easily swap their BTC and WBTC tokens.
Various decentralized exchanges and crypto projects have also partnered with WBTC, the most notable of which are MakerDAO, IDEX, and Gnosis. Several other projects are also listed in last week’s announcement, and the project will seek out further adoption as the January release approaches.
Suggested Reading : Choose a cryptocurrency wallet.
Token Management
The WBTC token is generated in a manner similar to stablecoins like Tether. WBTC cannot be mined; instead, it is minted and backed by a reserve of BTC tokens that are held by a custodian. As a result, the price of WBTC will be pegged to the price of Bitcoin, avoiding some of Ethereum’s volatility.
Generally, users will obtain existing WBTC tokens from merchants. However, tokens must also be created and destroyed. When users convert their WBTC tokens to actual Bitcoin, those WBTC tokens will be burnt. Meanwhile, new tokens can be minted by the custodian with the approval of merchants and community members.
Because both WBTC and BTC operate on public blockchains, users will be able to see that the project’s BTC reserves actually exist, ensuring that the two supplies are kept at a 1:1 ratio. WBTC’s reserve status will be prominently displayed on the project’s dashboard. The various WBTC partners will also form a DAO and routinely audit these balances.
Reception and Alternatives
The community reaction to WBTC’s announcement has been mixed. Some are critical of the project’s reliance on a centralized supply of tokens, which puts control in the hands of a few groups.
Centralization is not strictly necessary to create a cross-chain solution: Dogethereum, for example, bridged Dogecoin and Ethereum and implemented a two-way peg without using a centralized reserve.
Kyber Network has laid out some of the factors that led WBTC to choose a centralized reserve model over alternatives, such as atomic swaps and two-way relays. They concluded that some degree of centralization was necessary:
“Evaluating all these approaches, it was very clear that the current state of the industry and technical progress would not permit for a completely decentralized yet practical user-friendly solution.”
It is hard to predict whether WBTC will win over the crypto community in January. Regardless, efforts such as WBTC may go a long way toward uniting previously competitive blockchain platforms. volatility,” said Danial Daychopan, chief executive officer of Plutus, an app that allows crypto transactions.
Sunday, 28 October 2018
Ukraine Plans to Fully Legalize Cryptocurrencies Within 3 years
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The government in Kiev intends to legalize cryptocurrencies and comprehensively regulate the fintech sector as part of a new public policy developed by the economy ministry. The process may take up to three years to complete but eventually the industry built around digital assets should become a legitimate part of the country’s economy.
Parliament to Adopt Laws for ICOs and Smart Contracts
The new regulatory concept will be implemented in two stages. The legal status of cryptocurrencies, trading platforms and other entities dealing with digital assets must be determined in 2018 and 2019. By the end of next year, the Ukrainian government will analyze the market to identify trends and outstanding issues in order to put forward adequate proposals to regulate the whole sector.
According to the document prepared by the Ministry of Economic Development and Trade, the next stage, 2020-2021, would involve recognizing cryptocurrency wallet providers and custodial platforms as “subjects of primary financial monitoring.” The status is typically granted to traditional financial institutions such as commercial banks and insurance companies.
Ukraine Plans to Fully Legalize Cryptocurrencies Within Three Years
During that time, Ukrainian lawmakers are expected to draft and adopt legislation regulating initial coin offerings (ICOs), tokens and the use of smart contracts, Forklog reported. A number of bills have been filed in the Verkhovna Rada, Ukraine’s parliament, since last year but very little progress has been made toward their adoption.
The first three drafts from last fall were meant to regulate the circulation of digital coins, stimulate the cryptocurrency market and amend the Ukrainian tax code to regulate the taxation of profits related to digital assets. In the last couple of months, two bills introducing tax breaks for businesses and individuals dealing with cryptocurrencies have been proposed by Ukrainian legislators from different political parties.
Companies to Gain Access to Banking Services
In an announcement published on its website this week, the economy ministry expressed confidence that the implementation of its regulatory concept would allow crypto companies to gain access to banking services and attract more capital through regulated token sales. The ministry noted that due to the legal uncertainty, these businesses face many difficulties, while the industry remains largely part of the shadow economy.
Ukraine Plans to Fully Legalize Cryptocurrencies Within Three YearsThe authors of the new strategy hope that the regulation of the sector will increase budget receipts and foreign investments, while stimulating the development of the digital economy. In less than two years, Ukrainian companies have raised over $100 million through ICOs and cryptocurrency mining businesses are generating $100 million annually. The daily volume of trading cryptocurrencies with the Ukrainian hryvnia has reached almost $2 million and the Ministry of Economic Development claims Ukraine is among the top 10 countries by number of cryptocurrency users.
The ministry’s initiative is the second attempt this year to coordinate the efforts of Ukrainian institutions aimed at adopting a comprehensive legal framework for the cryptocurrency space. In July, Ukraine’s Financial Stability Council approved another regulatory concept for the sector, and in January, the National Security Council formed a working group tasked to finalize the different proposals. The new document will be submitted for approval by the Cabinet of Ministers.
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