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London-based Euro Exim Bank will become the first bank to publicly announce using the XRP cryptocurrency for cross-border payments. Meanwhile, RippleNet managed to
achieve next milestone scoring 200 consumers worldwide.
Ripple, San Fransico based provider of leading enterprise blockchain solutions for payments, has announced that now 200 global customers are signed up for RippleNet.
In a blog post, the company stated that 13 financial companies had already signed up for Ripple’s payment technology, RippleNet. Among them are Euro Exim Bank, JNFX, SendFriend, Transpaygo, FTCS, Ahli Bank of Kuwait, BFC, ConnectPay, Bahrain, WorldCom Finance, Pontual/USEND, Olympia Trust Company, and Rendimento.
Kaushik Punjani, Director at Euro Exim Bank, commented:
As a result, Euro Exim Bank, along with JNFX, SendFriend, Transpaygo, and FTCS will use the digital asset XRP for liquidity when sending a cross-border payment, which helps financial institutions avoid the hassle of pre-funding accounts in destination currencies, allowing them to make faster, lower cost payments than they can through the traditional correspondent banking system.
David Lighton, the founder of SendFriend, said:
The existing correspondent banking system is slow, inefficient and costly. SendFriend was founded at MIT with the belief that there must be a better way to send payments. We are excited to partner with Ripple to do just that. Through our partnership, we are bringing our customers a next-generation, blockchain payment solution that leverages XRP to address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.”
Other institutions that have recently joined RippleNet, like CIMB or Olympia Trust Company, will use Ripple technology for immediate settlement and more transparency payments.
Currently, RippleNet operates in over 40 countries across six continents. According to Ripple’s CEO Brad Garlinghouse, RippleNet is seeing two or three new customers join each week since last year. He said:
A number of other companies have already started using xRapid, which uses the XRP cryptocurrency, for international payments. Among them are MercuryFX, Cuallix, and Catalyst Corporate Credit Union. Back in June 2018, Ripple’s CEO predicted that major banks would use xRapid as a liquidity tool, and his prediction seems to be true. London-based Euro Exim Bank, which focuses on providing financial services for export and import companies, will become the first bank to publicly announce using the XRP cryptocurrency for cross-border payments.
SWIFT vs RIPPLE
Since Ripple has started gaining traction, it can not remain unnoticed by companies providing the same services. The Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global provider of secure financial messaging services, is considered as Ripple’s major competitor.
The two companies are set to face off in Germany at the ITC conference that will take place in February. The companies will be represented by their global heads of banking – that’s Marjan Delatinne for Ripple and Wim Raymaekers for SWIFT. The debate will be mainly centered on each company’s perception of what the future looks like.
Just for a reminder, Ripple’s CEO Brad Garlinghouse recently dismissed all the rumors around Ripple-Swift potential partnership, highlighting:
“What we’re doing and executing on a day-by-day basi
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A faceless person called Satoshi Nakamoto has bagged a rank among the world’s top 100 global finance leaders, leaving well-known personalities like Mark Zuckerberg, Kristalina Georgieva, and Paul Krugman behind.
Worth.com has named Satoshi Nakamoto the 44th most powerful individual in finance. The pseudonym, who could be a man or a woman, a person or a group of persons, an Earthling or an alien – or just about anything, is the entity behind the creation of Bitcoin, the world’s first peer-to-peer electronic cash payment protocol which has become a multi-billion dollar market containing thousands of financial and technological startups.
A Game Changer
Bitcoin allows people to send and receive payments directly to each other without needing a payment institution. It maintains the record of these transactions on a public ledger called the blockchain – practically doing what a bank does – at a much cheaper and faster rate.
Some of the world’s leading corporations of the likes of IBM, Bank of America, MasterCard, and JP Morgan are patenting solutions based on the bitcoin’s open-source solution, the blockchain. New startups are cloning its characteristics to create their allegedly “improved” user-specific solutions.
Bitcoin is also considered to be a financial weapon against an inflation-friendly fiat system. Nakamoto introduced a 21 million supply cap on the digital currency. The finite supply makes bitcoin more scarce than gold, the reason why speculators purchase and sell the digital currency in open markets like any other financial instrument.
Nakamoto is believed to control 980,000 bitcoins—roughly 5 percent of all of the Bitcoin that can ever be mined—giving him a net worth of $19.4 billion at the currency’s high point. It’s also enough of the cryptocurrency to allow Nakamoto to flood the market and tank Bitcoin’s value if he decides to cash out—either for profit or to prove some kind of the philosophical point—however unlikely that might be.
Blythe Masters Beats Nakamoto
Blythe Masters, the former chief executive officer of Digital Asset Holdings, a New York-based blockchain development firm, came in the 27th position of the same list. Her decade of experience in Wall Street helped Digital Asset land major clients in the banking sector, most notably the Australian Securities Exchange and Google.
Masters left Digital Asset, citing personal reasons, in December 2018.
Another crypto personality, Kelly Loeffler, the CEO of Bakkt, an ICE-backed bitcoin futures platform, also made to the list of global finance leaders, coming 72. From her profile:
If Bakkt succeeds, it will not only boost investor trust and access to Bitcoin as an asset, it will also give ICE a serious edge over the myriad other startups trying to corner this emerging market.
Nobel Prize Nomination
In 2015, UCLA Professor Bhagwan Chowdhry had sought nomination for Nakamoto for the Nobel Prize for Economic Sciences. But the Royal Swedish Academy of Sciences said that it would only nominate an anonymous person if he or she revealed themselves.
The prize, as in this instance, the Sveriges Riksbank Prize in Economic Science in Memory of Alfred Nobel, is never awarded anonymously nor posthumously.
The crypto community had expressed its disappointment over the matter, but they had also speculated on how the government agencies would treat the real Satoshi Nakamoto once his identity is open in public. Queries were also raised about whether Nakamoto should be given the entire credit of creating Bitcoin when he had support from many researchers
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The two events in the first two days of the trading in 2019 have dragged down nearly every index in the United States
The utmost question doing the round currently is whether it is worth investing in cryptocurrencies, especially Bitcoin, which is the most valuable digital coin. This is because of some weakness was seen in the stock market in the current week following the weak economic data, as well as, the warning issued by Apple on iPhone sales, which could miss expectations. On the hindsight, it looks like the new asset has an edge after having suffered the most in 2018.
Twin Blow
There was a twin blow for the stock markets, and both have the origin of China. However, cryptocurrencies movement does not depend on either China or its encouragement currently because of a ban of digital coins in any form in the country. In short, there is little dependence on the biggest economy of the world to promote the new age asset class. This would mean that any unfavorable events or economic weakness in China will not have any impact either on bitcoin or on any other cryptocurrencies.
However, the same cannot be said about the stock markets. This was due to the drop in PMI to a contraction territory and Apple’s warning about weak iPhone sales due to people preferring repairs rather than new phones and weaker than expected sales in China. Significantly, this weak scenario came amidst the trade disputes tension between the country and the United States threatening to deteriorate the condition further. As far as cryptos are concerned, the trade tensions have got little impact either currently or in the upcoming periods.
Major Indices Fall
The two events in the first two days of the trading in 2019 have dragged down nearly every index in the United States. For instance, Nasdaq Composite Index fell 3.04 percent on Thursday while Dow Jones Industrial Averages and S&P 500 fell 2.83 percent and 2.48 percent respectively. The biggest drop happened in PHLX Semiconductor and NASDAQ Computer Indexes by 5.94 percent and 5.03 percent respectively. While Oil index slipped 0.86 percent, gold and silver index advanced 1.73 percent.
Green in the 7-Day Period
On the other hand, nine out of the top ten cryptocurrencies are trading in the green in the seven-day period with bitcoin gaining 5.03 percent despite losing 1.0 percent in the 24-hour period. Ethereum gained the most among the top ten with 31.96 percent including 1.76 percent advancement in the 24-hour period. Though bitcoin cash has lost 2.82 percent in the 24-hour period, the digital coin gained 9.73 percent in the seven-day period. Similarly, EOS jumped 16.65 percent in the one-week period even after losing 2.89 percent during the 24-hour period.
Though these cannot be termed as favorable completely, the fact is that cryptos, especially, bitcoin, remain the potential bet to gain if the stocks continued its downtrend. Possibly enough, Bitcoin can become a ‘Safehouse’ for all stock market traders in near future.
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With a few weeks still left in 2018, the total Bitcoin trading volume for the year has already crossed $2 trillion. Many countries have also seen record BTC trading volume at different points of the year with more everyday people seemingly adopting the popular cryptocurrency.
BITCOIN TRADING UP 61 PERCENT SINCE 2017
This volume of trade is especially profound given the tirade of criticism from vocal naysayers who continue to engage in Bitcoin bashing. According to Satoshi Capital Research, the notional value of BTC traded so far in 2018 stands at $2.2 trillion.
The figures posted so far represent a 61 percent increase from last years total volume of $870 billion. However, the growth recorded in 2017 – 96 percent still dwarfs that recorded in 2018 and will remain so unless a massive spike in BTC trading occurs between now and the end of the year.
To put things in perspective, Mastercard recently published its Q3 2018 financials which showed a total transaction volume of $4.4 trillion for the year. The world’s second largest payment card company also settles about $12 billion worth of transactions per day.
From these figures, Bitcoin $4151.76 -0.03% is already at half the transaction settling capacity of Mastercard despite losing close to 70 percent of its value during the year. BTC’s daily volume which is at $8 billion, isn’t a million miles away from Mastercard’s.
WHY DO THE NOCOINERS RAGE?
Some might argue that the analysis above is akin to comparing apples and oranges. This is because Mastercard’s figures only cover payments made to retail merchants on both online and offline platforms. The figures for Bitcoin come from merchants, futures trading, exchanges, and even international payments.
However, the fact that a cryptocurrency with a sub-$100 billion market cap is posting figures in the same ballpark as Mastercard is a glowing endorsement of BTC’s uptake. This assertion is especially true given the negative rhetoric espoused by critics such as Paul Donovan of UBS who recently said that the world’s most popular cryptocurrency Bitcoin is on the verge of falling apart.
Things may even get better for cryptocurrency trading as a whole. Earlier in the year, Bitcoinist reported that digital currency trading might grow by 50 percent in 2019 based on a study by Satis Group.
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Technologies as blockchain and cryptocurrency will be the main topic of the World Economic Forum (WEF), which will be held in January 2019 in Davos, Switzerland.
As the president of the forum, Børge Brende said, the international community needs to pay attention to the lack of interaction at the global level in order to confront contemporary challenges and threats both in geopolitics and in the field of ecology and climate change.
Also among the topics that the forum participants are planning to discuss are Brexit and the economic climate change in the European Union.
Recall that in the past year, WEF participants have already discussed cryptocurrency. Then everyone came to a single decision on the need to regulate the market, noting that at the moment there is no universal way to introduce any effective measures. At the same time, the Minister of Finance of Great Britain announced the need to regulate cryptocurrency, as Bitcoin and other digital currencies become part of the global economy. In turn, the United States offered to develop and implement a global standard for regulating the young market
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Tuesday the 6th of November 2018 marks the next big election date in the United States, the midterm elections that allow the country to decide who represents individual states at Senate level. It’s an important election, as this is the first chance the people of the United States have a chance to show newly elected Donald Trump what they really think of him, sort of anyway.
It’s a little complicated if like me, you don’t know a lot about US politics, however the general feeling is that due to Trump’s politics, these elections are some of the most important to ever take place within the United States, suggesting that not only will this impact politics and public feeling, this is sure to have an effect on the cryptocurrency markets too.
What will happen to Bitcoin
During the 2014 midterm elections, Bitcoin didn’t really react to the political movements, therefore some expect that in this instance, Bitcoin will remain steady at a price nearing $6,500.00. Others however believe that during 2014, Bitcoin was still very immature, it didn’t truly fly until the end of 2017, so, a response to US politics in 2014 would have been far less likely. As a result of this, many are unsure about what will happen with Bitcoin.
The same goes for the actual election of President Donald Trump in November 2016. During this time, Bitcoin was valued at a price around $730.00 and remained steady throughout the duration of the election. Even when Trump came into power in January 2017, Bitcoin remained very slow and very steady.
History tells us nothing
The history of presidential elections in the United States and their relationship can’t tell us anything, because the relationship is so new. Therefore, we can’t really predict what will happen to Bitcoin come tuesday. Hopefully, the elections run smoothly and there isn’t too much of a political shake up. We have a feeling though that suggests if there is a bit of a shake up and Senate level, Bitcoin might react accordingly. If people are happy with the outcome in the US, Bitcoin might start to climb, if things don’t go to plan, Bitcoin might take a tumble. We won’t know until tuesday, so at the very best see this as a warning that things do have the chance to change slightly this week. Our advice, hold on and see what happens.
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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
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The report says that a growing number of institutional players from the global financial space are moving towards investing in Bitcoin and the overall cryptocurrency market.
The research arm of banking giant Morgan Stanley recently released a report showing the increase in institutional participation in the cryptocurrency market. On Wednesday, October 31st, Morgan Stanley released an update to its report – “Bitcoin Decrypted: A Brief Teach-In and Implications”.
In the report, Morgan Stanley highlights the trends over the past six months of Bitcoin and the overall crypto market. However, Morgan Stanley says that even though the institutional investment is on a rise, the retail participation is stagnant.
Observations Made Through the Rapid Morphing Thesis
Morgan Stanley report started by specifically emphasizing on the “rapidly morphing thesis”. The thesis noted Bitcoin as “digital cash” and said that investors had full confidence in the cryptocurrency. Furthermore, the thesis noted how Bitcoin has emerged as an answer to the issues within the traditional financial system.
Moreover, the thesis also mentions several issues discoveries which have helped the Bitcoin ecosystem to evolve as a whole. It takes a tour through all things like a number of hacks, hard forks, price volatility, and others. Moreover, it also lauds the most important aspect i.e. the permanent blockchain ledger which records all transactions.
The most important thing which the thesis mentions is that for almost a year now, Bitcoin has emerged as the “rapidly morphing thesis”. It also says that since January 2016, there is a gradual increase, in the crypto investments, made in institutional crypto products. Venture capital firms, hedge funds, and private equity firms have stored a total of $7.11 billion so far.
This figure is certainly expected to shoot up as big players like the Intercontinental Exchange (ICE) and Fidelity Investments get their platforms released. ICE is currently preparing itself for the launch of its Bakkt platform expected by the end of 2018. Furthermore, ICE announced that the Bakkt platform will offer physically-settled Bitcoin Futures contracts. As a result, it is likely to usher more liquidity in the crypto market.
On the other hand, financial services giant Fidelity Investment announced its crypto-centric platform Fidelity Digital Assets. The platform will offer crypto storage and trading solutions specifically targetted towards institutional players.
The Growing Importance of Stablecoins
The report touches down on one of the most popular topics currently i.e. stablecoins. Stablecoins are basically fiat-pegged digital currencies used for quick execution of crypto trades. However, the report goes the cite the use of controversial stablecoin Tether (USDT). The report notes that Bitcoin is “moving increasingly towards trading vs the stable coin USD-Tether (USDT) [sic]”.
It further notes: “USDT took an increasing share of BTC trading volumes as cryptocurrency prices started falling. This occurred because many exchanges only trade crypto->crypto and not crypto->fiat. Trading crypto->fiat requires going through the banking sector which charges a higher fee. Also as bitcoin prices fell, so did most all other coins so if owners wanted to come out of bitcoin holdings, they needed to go to another asset which was closer to the valuation of the U.S. dollar.”
Off lately, there is a growing number of stablecoins introduced within the crypto market. Or we can say that the market is preparing for institutional trading making the trading process simple.
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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.”
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Dan Morehead, The CEO of Pantera Capital, in a discussion with CryptoTrader Ran NeuNer, shed some light on the emerging patterns in the cryptocurrency ecosystem and their current state. He notes that last October, Bitcoin (BTC) started to rise and crossed the $19,000 barrier, things this year are quite the contrary.
Morehead insist that while Bitcoin is on the verge of completing a decade, the stress should be not on the current state but what the future entails for the token and the overall cryptocurrency markets. Furthermore, investors need to view the market with a multi-year approach and not just seek immediate gains.
When NeuNer asked Morehead about the current doubt looming over cryptocurrency market might be due to the loss of money on the space, the CEO confidently points out that the current market patterns are not entirely new, with varying degrees of changes they have been observed earlier as well. Adding that bitcoin market is more “manic than other industries,” he stated:
Morehead referred the current situation as the buy one, get two sale, indicating the price drop and predicting the hike. Elaborating further he states that the FOMO devil has been controlling the investor sentiment as investors tend to stream in when the prices are too high.
Discussing the benefits of utility tokens he described them as “one of the most powerful financial tools ever.” The use case of Bitcoin as a multi-utility tool and not just as a store in value is dependant on the keen eye of investors. He hopes that the coming years the ecosystem will grow to 500 million.
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Binance, through its charity arm, has introduced a new blockchain-based donation portal that will make crypto donations more accessible and transparent. The company’s CEO, Changpeng Zhao, presented the portal during the UNCTAD World Investment Forum in Geneva, Switzerland on Wednesday.
The news comes just after an update on Binance’s ongoing flood recovery campaign, which has raised $1.41 million in crypto. The campaign has efficiently transferred donations through several charity organizations and community members, allowing money to reach those who need it the most.
Binance is now opening a donation channel that will support residents of Eastern Uganda, which is suffering floods and landslides. This task will be facilitated by the new donation portal.
Donations On the Blockchain
The blockchain and cryptocurrency have long had potential for use in donation platforms. Many charity organizations get relatively little money to those in need due to their own administrative fees and the costs of transferring money internationally. Some of these costs are defensible; some are not.
Binance’s blockchain solution will solve this problem by providing transparency: the public will be able to see exactly where donations are going and find out how much of those donations actually make it to recipients. Binance will track donations across four different categories: donors, charity programs, charity partners, and beneficiaries.
Although crypto-based donations can avoid some bureaucratic costs and international exchange fees, they can also introduce costs of their own. In theory, cryptocurrency can be sent directly to recipients, but the process of changing crypto to cash (or otherwise making use of it) can be costly in and of itself.
This means that charity organizations that can handle crypto effectively and inexpensively are still a necessity for full-scale relief, even when it comes to crypto donations. As such, Binance has committed to covering operational fees and “ensuring that 100% of donations will go directly to end-beneficiaries,” according to Changpeng Zhao.
Suggested Reading : Learn why Binance is among our top exchanges for 2018.
Who Can Help?
The new donation portal will allow individuals and organizations alike to engage in charity. Binance’s initiative has already attracted TRON, which has pledged $3 million to Binance’s Blockchain Charity Foundation (BCF). Meanwhile, individuals can donate and view donation records at the BCF website.
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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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Wirex is the cryptocurrency payment company that focuses on improving virtual currency adoption and liquidity. Recently, it has announced a strategic business partnership with payment processing platform, i2c. The two firms will join hands to launch the first multiple cryptocurrency-enabled prepaid cards in the United States. To be sure, this move will spur digital currency adoption and liquidity in the United States.
Highlights of the Agreement
The Wirex prepaid card will be the first of its kind in the United States.
It will bring to the US its European Wirex Visa Card program, which enables the cardholders to use it anywhere.
Just like their European counterparts, American consumers can now convert and spend their cryptocurrencies using the company’s prepaid card.
i2c will provide Wirex with their state-of-the-art payment processing technology.
American consumers can convert their BTC, ETH, XRP or LTC, and spend them in restaurants, bars, stores, and even withdraw through ATMs.
Wirex in the Cryptocurrency Market
Undoubtedly, cryptocurrency witnessed a rise in popularity from its infancy with a total market cap currently over $200B USD and once near $800B USD. While the market has burgeoned over the past decade, cryptocurrency adoption among merchants is still low with experts pegging it at 0.3%. The implication is that the possibility of spending cryptocurrency remains relatively limited. Accordingly, Wirex appears to take the bull by the horns by developing a payment technology that will enable cryptocurrency users to spend it.
Most importantly, this partnership will enable the payment firm to take American consumers to the Wirex Visa card program. Surprisingly, the company is currently the only business in Europe that issues fully functioning cards for a seamless spending of cryptocurrency.
To achieve seamless payment with cryptocurrency, Wirex leverages i2c’s platform that guarantees user security and reliability. Essentially, i2c supports advanced payment options such as multi-purse and multi-currency technology. In addition, i2c offers other exciting functionalities such as spend controls and advanced real-time alerts.
Official Remarks
The CEO of Wirex, Vroon Mogill, said that their mission is to bridge the gap between cryptocurrency and fiat currency. Mogill notes, when that is achieved, users can spend their virtual currencies for day-to-day settlements.
Concluding, the chief executive disclosed that cryptocurrency adoption is increasing in the retail sector, adding that McDonald’s is leading the pack among their retailers in Europe. Mogill pointed out that their strategic partnership with i2c will enable Wirex to offer crypto-friendly service in the US, making it the first.
Responding, EVP of Global Sales Marketing at i2c, Joe DeRosa, noted that i2c is proud to team up with Wirex. DeRosa assured that the unique card would offer users “convenience, security, and great user experience.”
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The top performing cryptocurrency of the day is Ravencoin. Ravencoin (RVN) traded up 21.54% against the US dollar during the twenty-four hour period ending at 06:00 AM Eastern Standard Time on October 25, 2018. The market cap for RVN is $117,631,732. Ravencoin traded $99,446,254 worth of on exchanges in the past 24 hour period. One Ravencoin token can currently be purchased for about $0.056088 or 0.000008662 BTC on major cryptocurrency exchanges. The amount of Ravencoin in circulation is 2,097,275,000 RVN.
Greatest Cryptocurrency Gainers From The Past 24 Hours:
VERI Icon Veritaseum (VERI) traded up 16.99% against the dollar. It now trades at $41.34 or 0.006384438 BTC on $744,741 in volume today.
MGO Icon MobileGo (MGO) traded 12.86% higher against the dollar. It now trades at $0.771335 or 0.000119123 BTC on $19,662,591 in volume today.
ETP Icon Metaverse ETP (ETP) traded a 11.83% increase against the dollar. It now trades at $3.07 or 0.000474122 BTC on $5,723,990 in volume today.
NEXO Icon Nexo (NEXO) traded up 11.06% against the dollar. It now trades at $0.157134 or 0.000024267 BTC on $2,654,064 in volume today.
STRAT Icon Stratis (STRAT) traded 11.00% higher against the dollar. It now trades at $1.73 or 0.000267177 BTC on $17,603,302 in volume today.
KMD Icon Komodo (KMD) traded a 6.93% increase against the dollar. It now trades at $1.42 or 0.000219301 BTC on $3,908,901 in volume today.
ARK Icon Ark (ARK) traded up 4.90% against the dollar. It now trades at $0.828465 or 0.000127946 BTC on $1,126,649 in volume today.
ZEC Icon Zcash (ZEC) traded 4.33% higher against the dollar. It now trades at $128 or 0.019767973 BTC on $101,750,570 in volume today.
WAN Icon Wanchain (WAN) traded a 2.86% increase against the dollar. It now trades at $1.02 or 0.000157526 BTC on $4,460,613 in volume today.
POLY Icon Polymath (POLY) traded up 2.20% against the dollar. It now trades at $0.251313 or 0.000038812 BTC on $4,498,747 in volume today.
More About Ravencoin (RVN)
Ravencoin (CRYPTO:RVN) is a coin that uses the X16R algorithm and was launched on 1/14/2018. The official website is ravencoin.org. The Reddit community is r/Ravencoin. The official message board is https://medium.com/@ravencoin. Its official Twitter account is @ravencoin. See Ravencoin’s official Facebook page. Check out Ravencoin’s Telegram. Check out their Discord group.
Buying and Selling Ravencoin
Ravencoin can be purchased or sold on the following cryptocurrency exchanges: Bittrex, QBTC, Upbit, CryptoBridge, Cryptopia, IDCM, Nanex, Graviex, TradeOgre and Cryptohub. It is not possible to buy most cryptocurrencies with U.S. dollars. Bitcoin, Bitcoin Cash, Ethereum and Litecoin can be purchased with U.S. dollars using Coinbase. Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance or Changelly to purchase other cryptocurrencies, including Ravencoin.
