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Indian Government Invites Law Firm to Present Suggestions for Cryptocurrency Regulation
The Indian government has invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation. This is in response to the firm’s submission of a proposed regulatory framework for cryptocurrencies. The suggestions include avoiding prohibition, taking a balanced approach, options for licensing, and self-regulation for the industry.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Suggestions for Crypto Regulation
The Indian government invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation early this month. The invitation came after the firm submitted a paper with a proposed regulatory framework for cryptocurrencies.
Lawyer Jaideep Reddy, one of the three authors of the paper, told news.Bitcoin.com on Monday that “The government is not legally bound to respond to or accept suggestions from the public.” However, he added:
Our submission was responded to by the Finance Ministry which was kind enough to invite us to present our suggestions. The presentation mainly consisted of us explaining the suggestions made in the paper … They listened to our proposals with interest.
The paper was “prepared in an independent capacity and purely in public interest,” it reads. The document was submitted to the government committee chaired by the Secretary of Economic Affairs, Subhash Chandra Garg. This committee is currently developing a regulatory framework for cryptocurrencies, the Indian Ministry of Finance previously confirmed to Parliament.
Nishith Desai Associates represents the Internet and Mobile Association of India (IAMAI) in its writ petition in the supreme court against the Reserve Bank of India (RBI) circular which banned banks from providing services to crypto businesses.
Balanced Approach and Licensing
The paper emphasizes “Regulation not prohibition.” It asserts that “An outright ban on crypto-asset activity should not be considered for several reasons,” noting:
History has taught us that such technologies [blockchain] should be regulated and not banned, since banning is likely to be counter-productive and may also suffer from legal infirmities.
The authors proceeded to describe that “a balanced regulatory approach should be taken to promote the various benefits of the technology and mitigate the risks,” in line with international consensus.
The report also outlines a number of ways to license crypto businesses. “This may be done either by introducing new legislation or framing administrative regulations under existing legislations,” Reddy explained to news.Bitcoin.com. He noted that one example “is to introduce a simple government notification bringing crypto-asset business activity under the Prevention of Money Laundering Act. With one fell swoop, that would bring crypto asset activity within a well-established AML regime, operating on par with the financial sector and the jewellery industry, for instance.”
Types of Crypto Assets
The authors propose classifying crypto assets into three types. They wrote:
For the purpose of legal analysis, all crypto-assets are not alike, and the implications of each should be assessed on a case-by-case basis. Broadly, crypto-assets can be considered to be of three types: payment tokens, security tokens, and utility tokens.
Security tokens “will be regulated by the Securities and Exchange Board of India (SEBI) and under the Companies Act,” the paper states.
Moreover, the lawyer explained that “Trading activity with regard to all other crypto-assets falls in something of a regulatory vacuum, although existing laws like the Consumer Protection Act continue to apply to a significant extent.” This vacuum should be addressed by introducing a know-your-customer (KYC) and anti-money laundering (AML) regime as well as “a licensing regime, for crypto-asset business activity,” they suggested.
Self-Regulation
One of the proposed measures is the self-regulatory approach which the authors originally submitted in July 2017 to the previous government committee on crypto assets, chaired by Shri Dinesh Sharma. “However, the previous committee’s report was not made public … Therefore, we don’t know how that committee responded to the suggestion for self-regulation,” Reddy told news.Bitcoin.com.
The code of conduct for self-regulation was originally prepared for the Digital Asset and Blockchain Foundation of India (DABFI), an industry body formed by Zebpay, Unocoin, Coinsecure and Searchtrade. “DABFI has since then been subsumed into the Internet and Mobile Association of India (IAMAI) as of November 2017,” the report explains.
The suggestions are based on multiple sources as well as “the ULC Model Law, with suitable changes for the Indian context,” the report details. The authors have offered to update the draft for the Indian government. “The Committee may consider self-regulation backed by a statutory mandate in order to provide statutory backing to the norms, and in turn, facilitate a system of government oversight of the industry,” the authors wrote, concluding:
These include mandating compliance with KYC/AML norms … and net worth requirements based on those prescribed by the RBI for regulated entities. The draft creates a certification regime and mandates various consumer protection features including capital adequacy, audits, and disclosures.
Do you think the Indian government will incorporate some of these suggestions into the regulatory framework for cryptocurrencies it is developing? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post Indian Government Invites Law Firm to Present Suggestions for Cryptocurrency Regulation appeared first on Bitcoin News.
Indian Government Invites Law Firm to Present Suggestions for Cryptocurrency Regulation
The Indian government has invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation. This is in response to the firm’s submission of a proposed regulatory framework for cryptocurrencies. The suggestions include avoiding prohibition, taking a balanced approach, options for licensing, and self-regulation for the industry.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Suggestions for Crypto Regulation
The Indian government invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation early this month. The invitation came after the firm submitted a paper with a proposed regulatory framework for cryptocurrencies.
Lawyer Jaideep Reddy, one of the three authors of the paper, told news.Bitcoin.com on Monday that “The government is not legally bound to respond to or accept suggestions from the public.” However, he added:
Our submission was responded to by the Finance Ministry which was kind enough to invite us to present our suggestions. The presentation mainly consisted of us explaining the suggestions made in the paper … They listened to our proposals with interest.
The paper was “prepared in an independent capacity and purely in public interest,” it reads. The document was submitted to the government committee chaired by the Secretary of Economic Affairs, Subhash Chandra Garg. This committee is currently developing a regulatory framework for cryptocurrencies, the Indian Ministry of Finance previously confirmed to Parliament.
Nishith Desai Associates represents the Internet and Mobile Association of India (IAMAI) in its writ petition in the supreme court against the Reserve Bank of India (RBI) circular which banned banks from providing services to crypto businesses.
Balanced Approach and Licensing
The paper emphasizes “Regulation not prohibition.” It asserts that “An outright ban on crypto-asset activity should not be considered for several reasons,” noting:
History has taught us that such technologies [blockchain] should be regulated and not banned, since banning is likely to be counter-productive and may also suffer from legal infirmities.
The authors proceeded to describe that “a balanced regulatory approach should be taken to promote the various benefits of the technology and mitigate the risks,” in line with international consensus.
The report also outlines a number of ways to license crypto businesses. “This may be done either by introducing new legislation or framing administrative regulations under existing legislations,” Reddy explained to news.Bitcoin.com. He noted that one example “is to introduce a simple government notification bringing crypto-asset business activity under the Prevention of Money Laundering Act. With one fell swoop, that would bring crypto asset activity within a well-established AML regime, operating on par with the financial sector and the jewellery industry, for instance.”
Types of Crypto Assets
The authors propose classifying crypto assets into three types. They wrote:
For the purpose of legal analysis, all crypto-assets are not alike, and the implications of each should be assessed on a case-by-case basis. Broadly, crypto-assets can be considered to be of three types: payment tokens, security tokens, and utility tokens.
Security tokens “will be regulated by the Securities and Exchange Board of India (SEBI) and under the Companies Act,” the paper states.
Moreover, the lawyer explained that “Trading activity with regard to all other crypto-assets falls in something of a regulatory vacuum, although existing laws like the Consumer Protection Act continue to apply to a significant extent.” This vacuum should be addressed by introducing a know-your-customer (KYC) and anti-money laundering (AML) regime as well as “a licensing regime, for crypto-asset business activity,” they suggested.
Self-Regulation
One of the proposed measures is the self-regulatory approach which the authors originally submitted in July 2017 to the previous government committee on crypto assets, chaired by Shri Dinesh Sharma. “However, the previous committee’s report was not made public … Therefore, we don’t know how that committee responded to the suggestion for self-regulation,” Reddy told news.Bitcoin.com.
The code of conduct for self-regulation was originally prepared for the Digital Asset and Blockchain Foundation of India (DABFI), an industry body formed by Zebpay, Unocoin, Coinsecure and Searchtrade. “DABFI has since then been subsumed into the Internet and Mobile Association of India (IAMAI) as of November 2017,” the report explains.
The suggestions are based on multiple sources as well as “the ULC Model Law, with suitable changes for the Indian context,” the report details. The authors have offered to update the draft for the Indian government. “The Committee may consider self-regulation backed by a statutory mandate in order to provide statutory backing to the norms, and in turn, facilitate a system of government oversight of the industry,” the authors wrote, concluding:
These include mandating compliance with KYC/AML norms … and net worth requirements based on those prescribed by the RBI for regulated entities. The draft creates a certification regime and mandates various consumer protection features including capital adequacy, audits, and disclosures.
Do you think the Indian government will incorporate some of these suggestions into the regulatory framework for cryptocurrencies it is developing? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post Indian Government Invites Law Firm to Present Suggestions for Cryptocurrency Regulation appeared first on Bitcoin News.
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Genesis Capital Processed $1.1B of Cryptocurrency Loans in 2018
Cryptocurrency lender Genesis Capital provided $500 million worth of digital asset loans in the fourth quarter of 2018 alone, soaring almost 100 percent from six months earlier, when the company started its lending business. Altogether, loans reached $1.11 billion for the whole of last year.
Also read: Iran in Talks With 8 Countries for use of Cryptocurrency in Financial Transactions
Crypto Loans Rose Sharply in Q4 Despite Falling BTC Price
According to the U.S. company’s Q4 Digital Asset Lending Snapshot published Jan. 30, the loans were issued to corporate borrowers such as hedge funds and trading firms mainly in the form of BTC, ETH and other virtual currencies.
The lender said despite the price of BTC falling 44 percent during the review period, it has $153 million in active loans, up $20 million from the previous quarter. That’s thanks largely to institutional investors actively “utilizing spot borrow” between November and December, as well as the launch of a new business line: lending cash for crypto collateral.
Fourth quarter loan originations climbed about 100 percent in the last three months of 2018 to more than $500 million, Genesis Capital stated. That compares with Q1 and Q2 originations, which totalled $553 million.
About 75 percent of the total loan portfolio is denominated in bitcoin core, while 0.4 percent comprises bitcoin cash loans. Ethereum borrowing rose sharply between the third and fourth quarters, but still only accounts for 8.1 percent of the company’s loan book.
The decline in BCH-based borrows resulted from the calling of “most of our outstanding loans prior to the hard fork on Nov. 15. Managing forks is a precarious process when lending digital assets,” Genesis said. A few other cryptocurrencies, including XRP and LTC, accounted for the remainder of the loans advanced throughout Q4.
Investors Borrow to Hedge Investments, Short Cryptocurrencies
The registered over-the-counter digital currency dealer said that borrowers typically use its loans to fund their business operations, hedge derivative investments, or to bet that the price of certain cryptocurrencies will fall.
“Prior to Q4, 98 percent of BTC on loan was used exclusively for hedged use cases such as arbitrage, basis capture, and remittance,” detailed the lender. However the BTC price fell 16 percent in a single day on Nov. 14, prompting “many of the borrowers … [to] leverage the synergies between our lending and trading businesses and shorted directly through Genesis.”
Genesis’ asset composition for 2018
Most of the funds that Genesis Capital provides as loans are borrowed from elsewhere at interest rates of between 5 to 7 percent. The company then goes on to charge rates of 10 to 11 percent when it lends, Michael Moro, chief executive officer of Genesis Capital, has previously elaborated.
By the end of December, patterns between loan originations and price movements involving ETH borrowing had started to emerge, even though the currency accounted for a very small fraction of Genesis’ loan book. Short-term borrowing in ETH, mainly due to active hedge funds putting on short positions during waves of volatility in a bear market, increased markedly.
“This indicates a lot of short-term momentum shorting, where borrowers would continue to bet against ETH, even after major declines in price,” said the lender.
Genesis Launches Fiat Currency Lending
Meanwhile, Genesis Capital launched a fiat cash lending business during the last three months of 2018, supposedly in “response to client demand to borrow USD against crypto collateral.”
Genesis claims reception to the new operation “has been quite strong”. It said: “Long-term digital currency investors sitting on appreciated assets can borrow against their crypto holdings to get cash liquidity without triggering a taxable event.”
Cryptocurrency loans are emerging as an increasingly viable alternative to borrowing fiat. For example, data from Genesis Capital shows that interest in bitcoin-denominated loans has risen largely on account of the currency’s use as an asset for non-speculative purposes.
What do you think about the cryptocurrency lending business? Let us know in the comments below.
Images courtesy of Shutterstock and Genesis Capital.
Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com
The post Genesis Capital Processed $1.1B of Cryptocurrency Loans in 2018 appeared first on Bitcoin News.
Genesis Capital Processed $1.1B of Cryptocurrency Loans in 2018
Cryptocurrency lender Genesis Capital provided $500 million worth of digital asset loans in the fourth quarter of 2018 alone, soaring almost 100 percent from six months earlier, when the company started its lending business. Altogether, loans reached $1.11 billion for the whole of last year.
Also read: Iran in Talks With 8 Countries for use of Cryptocurrency in Financial Transactions
Crypto Loans Rose Sharply in Q4 Despite Falling BTC Price
According to the U.S. company’s Q4 Digital Asset Lending Snapshot published Jan. 30, the loans were issued to corporate borrowers such as hedge funds and trading firms mainly in the form of BTC, ETH and other virtual currencies.
The lender said despite the price of BTC falling 44 percent during the review period, it has $153 million in active loans, up $20 million from the previous quarter. That’s thanks largely to institutional investors actively “utilizing spot borrow” between November and December, as well as the launch of a new business line: lending cash for crypto collateral.
Fourth quarter loan originations climbed about 100 percent in the last three months of 2018 to more than $500 million, Genesis Capital stated. That compares with Q1 and Q2 originations, which totalled $553 million.
About 75 percent of the total loan portfolio is denominated in bitcoin core, while 0.4 percent comprises bitcoin cash loans. Ethereum borrowing rose sharply between the third and fourth quarters, but still only accounts for 8.1 percent of the company’s loan book.
The decline in BCH-based borrows resulted from the calling of “most of our outstanding loans prior to the hard fork on Nov. 15. Managing forks is a precarious process when lending digital assets,” Genesis said. A few other cryptocurrencies, including XRP and LTC, accounted for the remainder of the loans advanced throughout Q4.
Investors Borrow to Hedge Investments, Short Cryptocurrencies
The registered over-the-counter digital currency dealer said that borrowers typically use its loans to fund their business operations, hedge derivative investments, or to bet that the price of certain cryptocurrencies will fall.
“Prior to Q4, 98 percent of BTC on loan was used exclusively for hedged use cases such as arbitrage, basis capture, and remittance,” detailed the lender. However the BTC price fell 16 percent in a single day on Nov. 14, prompting “many of the borrowers … [to] leverage the synergies between our lending and trading businesses and shorted directly through Genesis.”
Genesis’ asset composition for 2018
Most of the funds that Genesis Capital provides as loans are borrowed from elsewhere at interest rates of between 5 to 7 percent. The company then goes on to charge rates of 10 to 11 percent when it lends, Michael Moro, chief executive officer of Genesis Capital, has previously elaborated.
By the end of December, patterns between loan originations and price movements involving ETH borrowing had started to emerge, even though the currency accounted for a very small fraction of Genesis’ loan book. Short-term borrowing in ETH, mainly due to active hedge funds putting on short positions during waves of volatility in a bear market, increased markedly.
“This indicates a lot of short-term momentum shorting, where borrowers would continue to bet against ETH, even after major declines in price,” said the lender.
Genesis Launches Fiat Currency Lending
Meanwhile, Genesis Capital launched a fiat cash lending business during the last three months of 2018, supposedly in “response to client demand to borrow USD against crypto collateral.”
Genesis claims reception to the new operation “has been quite strong”. It said: “Long-term digital currency investors sitting on appreciated assets can borrow against their crypto holdings to get cash liquidity without triggering a taxable event.”
Cryptocurrency loans are emerging as an increasingly viable alternative to borrowing fiat. For example, data from Genesis Capital shows that interest in bitcoin-denominated loans has risen largely on account of the currency’s use as an asset for non-speculative purposes.
What do you think about the cryptocurrency lending business? Let us know in the comments below.
Images courtesy of Shutterstock and Genesis Capital.
Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com
The post Genesis Capital Processed $1.1B of Cryptocurrency Loans in 2018 appeared first on Bitcoin News.
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The Wrapped Bitcoin Project Has Officially Launched on Ethereum
On Jan. 30, a group of cryptocurrency developers and organizations officially launched a project called Wrapped Bitcoin (WBTC) on the Ethereum network. The ERC20 token is a coin backed by bitcoin core (BTC) reserves and has started trading on several exchange platforms.
Also read: A Look at Openbazaar’s Multi-Currency Wallet and Vendor Listings
The Introduction of Wrapped Bitcoin
Last October, a joint initiative by Bitgo, Kyber Network, and Ren (formerly Republic Protocol), revealed the creation of a new ERC20 token called WBTC. The new tokens are meant to bring more liquidity into the decentralized ecosystem between both chains, while also enhancing decentralized applications. Wrapped bitcoin (WBTC) is the first ERC20 token backed 1:1 with BTC. The organizations that developed the protocol believe WBTC is the beginning of a multi-institutional framework for tokenizing any asset.
“WBTC will allow the Ethereum network to be leveraged to enable new applications and use cases for itcoin — WBTC standardizes itcoin to the ERC20 format, so dapps such as Compound, Dharma, Dydx, Gnosis, Maker, Set protocol and more can leverage bitcoin for decentralized lending, margin trading, and derivative markets,” explain the creators of WBTC. “Further compelling new applications and use cases will be identified, explored and implemented as the ecosystem continues to grow and actively innovate.”
Initially, eight merchants will be facilitating conversion between WBTC and BTC. There is a required Know Your Customer (KYC) process involved with obtaining WBTC through these merchants. Initial merchants dealing with WBTC will include Airswap, Dharma, Ethfinex, Gopax, Kyber Network, Prycto, Ren, and Set Protocol. The developers also say that WBTC will be integral to the development of decentralized exchanges.
“WBTC also makes it possible for traders to use bitcoin value for token trades on decentralized exchanges (DEXs) such as Airswap, Ddex, Ethfinex, Idex, Kyber Swap, Loopring, Radar Relay, Renex, Switcheo Network, and the Ocean,” the WBTC announcement detailed.
The WBTC representatives added:
Wallet providers and exchanges will now be able to reduce overheads with the ability to support multiple currencies while maintaining only the one Ethereum node.
Proof of Reserve
The community-backed project is also centralized to a degree by a chosen custodian. Bitgo will hold the keys to mint tokens and the project will be very similar to stablecoin projects that use proof of reserves. The WBTC whitepaper details that there are many cryptocurrency assets and government issued bonds that use the reserve method. “This is the case with tether, trueusd, USDC, digix (gold), globcoin (a mix of fiat currencies), and AAA reserve (governmental bonds),” the whitepaper details. Additionally, the WBTC creators emphasize that the system’s smart contracts have been audited by several reputable third-party audit firms such as Coinspect, Solidified Technologies, and Chainsecurity.
“The first WBTC on the main Ethereum chain have been minted and burnt which can be observed onchain on Ethereum — The proof of reserve is onchain, which shows the exact 1:1 between minted WBTC tokens and bitcoin stored by the custodians,” the WBTC announcement notes.
The WBTC topic has been a hot discussion on social media and forums since the protocol launched. The crypto economy has seen many newly introduced stablecoins and other types of smart assets like RSK Labs’ smart bitcoins, and Blockstream’s federated system Liquid. Besides stablecoins backed by fiat, the Maker protocol has produced a stablecoin called dai that’s bolstered entirely by the backing of collateralized cryptocurrencies. WBTC will add a different flavor to the world of proof of reserve based coins that have entered the economy in the last few years.
What do you think about wrapped bitcoin (WBTC)? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Bitcoin.com, the WBTC website, and white paper.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post The Wrapped Bitcoin Project Has Officially Launched on Ethereum appeared first on Bitcoin News.
The Wrapped Bitcoin Project Has Officially Launched on Ethereum
On Jan. 30, a group of cryptocurrency developers and organizations officially launched a project called Wrapped Bitcoin (WBTC) on the Ethereum network. The ERC20 token is a coin backed by bitcoin core (BTC) reserves and has started trading on several exchange platforms.
Also read: A Look at Openbazaar’s Multi-Currency Wallet and Vendor Listings
The Introduction of Wrapped Bitcoin
Last October, a joint initiative by Bitgo, Kyber Network, and Ren (formerly Republic Protocol), revealed the creation of a new ERC20 token called WBTC. The new tokens are meant to bring more liquidity into the decentralized ecosystem between both chains, while also enhancing decentralized applications. Wrapped bitcoin (WBTC) is the first ERC20 token backed 1:1 with BTC. The organizations that developed the protocol believe WBTC is the beginning of a multi-institutional framework for tokenizing any asset.
“WBTC will allow the Ethereum network to be leveraged to enable new applications and use cases for itcoin — WBTC standardizes itcoin to the ERC20 format, so dapps such as Compound, Dharma, Dydx, Gnosis, Maker, Set protocol and more can leverage bitcoin for decentralized lending, margin trading, and derivative markets,” explain the creators of WBTC. “Further compelling new applications and use cases will be identified, explored and implemented as the ecosystem continues to grow and actively innovate.”
Initially, eight merchants will be facilitating conversion between WBTC and BTC. There is a required Know Your Customer (KYC) process involved with obtaining WBTC through these merchants. Initial merchants dealing with WBTC will include Airswap, Dharma, Ethfinex, Gopax, Kyber Network, Prycto, Ren, and Set Protocol. The developers also say that WBTC will be integral to the development of decentralized exchanges.
“WBTC also makes it possible for traders to use bitcoin value for token trades on decentralized exchanges (DEXs) such as Airswap, Ddex, Ethfinex, Idex, Kyber Swap, Loopring, Radar Relay, Renex, Switcheo Network, and the Ocean,” the WBTC announcement detailed.
The WBTC representatives added:
Wallet providers and exchanges will now be able to reduce overheads with the ability to support multiple currencies while maintaining only the one Ethereum node.
Proof of Reserve
The community-backed project is also centralized to a degree by a chosen custodian. Bitgo will hold the keys to mint tokens and the project will be very similar to stablecoin projects that use proof of reserves. The WBTC whitepaper details that there are many cryptocurrency assets and government issued bonds that use the reserve method. “This is the case with tether, trueusd, USDC, digix (gold), globcoin (a mix of fiat currencies), and AAA reserve (governmental bonds),” the whitepaper details. Additionally, the WBTC creators emphasize that the system’s smart contracts have been audited by several reputable third-party audit firms such as Coinspect, Solidified Technologies, and Chainsecurity.
“The first WBTC on the main Ethereum chain have been minted and burnt which can be observed onchain on Ethereum — The proof of reserve is onchain, which shows the exact 1:1 between minted WBTC tokens and bitcoin stored by the custodians,” the WBTC announcement notes.
The WBTC topic has been a hot discussion on social media and forums since the protocol launched. The crypto economy has seen many newly introduced stablecoins and other types of smart assets like RSK Labs’ smart bitcoins, and Blockstream’s federated system Liquid. Besides stablecoins backed by fiat, the Maker protocol has produced a stablecoin called dai that’s bolstered entirely by the backing of collateralized cryptocurrencies. WBTC will add a different flavor to the world of proof of reserve based coins that have entered the economy in the last few years.
What do you think about wrapped bitcoin (WBTC)? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Bitcoin.com, the WBTC website, and white paper.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post The Wrapped Bitcoin Project Has Officially Launched on Ethereum appeared first on Bitcoin News.
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Currency.com Allows Crypto Traders to Buy Leveraged Equities, Indices and Metals
The worlds of traditional finance and cryptocurrency have always been divided, for regulatory and technical reasons. Until recently, it was difficult for cryptocurrency traders to gain exposure to stocks and commodities. Currency.com is looking to remedy that through launching the “Bitmex of stocks,” a crypto-friendly platform that promises high leverage and low barriers for entry.
Also read: Wikipedia Now Accepts Bitcoin Cash Donations via Bitpay
Currency.com Launches With 150 Tokenized Assets and Another 10,000 to Come
Ivan Gowan
In mid-January, news.Bitcoin.com reported on Currency.com, a Belarus-based trading platform for tokenized securities. Unlike other platforms of this nature, Currency.com promises entry to retail investors and a marketplace of readily tradable assets from day one. What’s more, these comprise globally recognizable assets such as Microsoft stock, gas, oil, and the Nasdaq 100. The platform is now live in invite-only mode, with around 1,000 traders putting it through its paces. Another 113,000 and counting are on the waiting list.
This week, news.Bitcoin.com spoke to Currency.com CEO Ivan Gowan to learn more about the interest the exchange has received, and the regulatory logistics of launching such an operation from Belarus. Gowan explained how much of that interest has come from the English and Russian speaking worlds, with 70 percent of those on the waiting list hailing from Eastern Europe. Western Europe, Japan, and Korea account for the remaining regions that have shown strong interest in the exchange. U.S. citizens, however, are unable to sign up at this time.
“I think there’s a lot of excitement where people see this kind of merging of cryptocurrencies, blockchain and capital markets and they see tokenized assets as a big part of that future,” began Gowan. “We’re not setting ourselves up to be focused on the institutional market – we’re focused on people who want to trade with us directly, people who value simplicity and ease of use.”
Assets can be filtered by a range of metrics on Currency.com
Institutional Assets for a Retail Audience
The ease of use that Ivan Gowan speaks of is evident when accessing the exchange. While professional traders might balk at its simplicity, it has clearly been designed with a retail audience in mind, introducing them to a world of tokenized assets while retaining the familiarity of the crypto exchanges they’re accustomed to trading on.
For traders raised on the volatile thrills of the crypto markets, stocks, which typically move no more than a couple of points a day, can seem dull. Currency.com has found a way to inject some fun into these tranquil “nocoiner” markets by adding leverage. “On the one side, you’ve got the more deliverable side of tokenized assets without leverage,” explained Gowan, “and then on the other side, you can use your cryptocurrencies as collateral for trading with leverage.”
With 20x margin trading available for equities, and up to 100x for other assets, even the slightest movements can generate major wins – or losses – for traders. While it is the responsibility of traders not to get carried away in this marketplace of maximum leverage and multiple possibilities, there are at least some general safeguards built in.
The Currency.com exchange
“If you run low on margin, the client protection systems kick in so you don’t go into debt,” explained Gowan.” Because Currency.com purchases the underlying assets or their derivatives, there are limitations on the extent to which traders can get rekt. “If you did have a trade open on Facebook and it dropped by 10 percent overnight because they missed an earnings call, say, then we would take on some of that risk, and we would give negative balance protection.”
Proactive Regulation From the Belarusian Government
Twitter stock can be leveraged up to 20x on Currency.com
CEO Ivan Gowan divides his time between London and Belarus, where Currency.com has a large technical team operating out of the country’s High Technology Park. He speaks warmly of the “innovative legislation” that’s been created to incubate cryptocurrencies and blockchain in Belarus in a bid to drive economic growth, and of the quality talent pool that includes highly proficient programmers with a strong work ethic.
Although getting regulated in the U.S. is on Currency.com’s long-term roadmap, there are significant hurdles that must be overcome to gain SEC approval. In the meantime, there is work to be done onboarding the tens of thousands of users on the waiting list. Once through the exchange’s virtual doors, they will be free to deposit funds with BTC or ETH, as well as fiat currency, and there are plans for other crypto assets to be added in future including BCH and LTC. There will also be a mobile app rolled out in February. The gulf between the traditional finance and cryptocurrency worlds is gradually narrowing. Currency.com may be one of the first crypto exchanges to provide a bridge, but it is unlikely to be the last.
What are your thoughts on tokenized securities? Would you trade stocks and metals using a platform like Currency.com? Let us know in the comments section below.
Images courtesy of Shutterstock and Capital.com
Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
The post Currency.com Allows Crypto Traders to Buy Leveraged Equities, Indices and Metals appeared first on Bitcoin News.
Currency.com Allows Crypto Traders to Buy Leveraged Equities, Indices and Metals
The worlds of traditional finance and cryptocurrency have always been divided, for regulatory and technical reasons. Until recently, it was difficult for cryptocurrency traders to gain exposure to stocks and commodities. Currency.com is looking to remedy that through launching the “Bitmex of stocks,” a crypto-friendly platform that promises high leverage and low barriers for entry.
Also read: Wikipedia Now Accepts Bitcoin Cash Donations via Bitpay
Currency.com Launches With 150 Tokenized Assets and Another 10,000 to Come
Ivan Gowan
In mid-January, news.Bitcoin.com reported on Currency.com, a Belarus-based trading platform for tokenized securities. Unlike other platforms of this nature, Currency.com promises entry to retail investors and a marketplace of readily tradable assets from day one. What’s more, these comprise globally recognizable assets such as Microsoft stock, gas, oil, and the Nasdaq 100. The platform is now live in invite-only mode, with around 1,000 traders putting it through its paces. Another 113,000 and counting are on the waiting list.
This week, news.Bitcoin.com spoke to Currency.com CEO Ivan Gowan to learn more about the interest the exchange has received, and the regulatory logistics of launching such an operation from Belarus. Gowan explained how much of that interest has come from the English and Russian speaking worlds, with 70 percent of those on the waiting list hailing from Eastern Europe. Western Europe, Japan, and Korea account for the remaining regions that have shown strong interest in the exchange. U.S. citizens, however, are unable to sign up at this time.
“I think there’s a lot of excitement where people see this kind of merging of cryptocurrencies, blockchain and capital markets and they see tokenized assets as a big part of that future,” began Gowan. “We’re not setting ourselves up to be focused on the institutional market – we’re focused on people who want to trade with us directly, people who value simplicity and ease of use.”
Assets can be filtered by a range of metrics on Currency.com
Institutional Assets for a Retail Audience
The ease of use that Ivan Gowan speaks of is evident when accessing the exchange. While professional traders might balk at its simplicity, it has clearly been designed with a retail audience in mind, introducing them to a world of tokenized assets while retaining the familiarity of the crypto exchanges they’re accustomed to trading on.
For traders raised on the volatile thrills of the crypto markets, stocks, which typically move no more than a couple of points a day, can seem dull. Currency.com has found a way to inject some fun into these tranquil “nocoiner” markets by adding leverage. “On the one side, you’ve got the more deliverable side of tokenized assets without leverage,” explained Gowan, “and then on the other side, you can use your cryptocurrencies as collateral for trading with leverage.”
With 20x margin trading available for equities, and up to 100x for other assets, even the slightest movements can generate major wins – or losses – for traders. While it is the responsibility of traders not to get carried away in this marketplace of maximum leverage and multiple possibilities, there are at least some general safeguards built in.
The Currency.com exchange
“If you run low on margin, the client protection systems kick in so you don’t go into debt,” explained Gowan.” Because Currency.com purchases the underlying assets or their derivatives, there are limitations on the extent to which traders can get rekt. “If you did have a trade open on Facebook and it dropped by 10 percent overnight because they missed an earnings call, say, then we would take on some of that risk, and we would give negative balance protection.”
Proactive Regulation From the Belarusian Government
Twitter stock can be leveraged up to 20x on Currency.com
CEO Ivan Gowan divides his time between London and Belarus, where Currency.com has a large technical team operating out of the country’s High Technology Park. He speaks warmly of the “innovative legislation” that’s been created to incubate cryptocurrencies and blockchain in Belarus in a bid to drive economic growth, and of the quality talent pool that includes highly proficient programmers with a strong work ethic.
Although getting regulated in the U.S. is on Currency.com’s long-term roadmap, there are significant hurdles that must be overcome to gain SEC approval. In the meantime, there is work to be done onboarding the tens of thousands of users on the waiting list. Once through the exchange’s virtual doors, they will be free to deposit funds with BTC or ETH, as well as fiat currency, and there are plans for other crypto assets to be added in future including BCH and LTC. There will also be a mobile app rolled out in February. The gulf between the traditional finance and cryptocurrency worlds is gradually narrowing. Currency.com may be one of the first crypto exchanges to provide a bridge, but it is unlikely to be the last.
What are your thoughts on tokenized securities? Would you trade stocks and metals using a platform like Currency.com? Let us know in the comments section below.
Images courtesy of Shutterstock and Capital.com
Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
The post Currency.com Allows Crypto Traders to Buy Leveraged Equities, Indices and Metals appeared first on Bitcoin News.
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PR: MoneyToken Is Launching Its Own Exchange – in Collaboration With Huobi Cloud
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
MoneyToken, one of the leading global crypto-lending platforms offering crypto assets-backed loans, has announced the launch of their new MoneyToken Exchange platform in a collaboration with Huobi Cloud.
This gives MoneyToken the ability to leverage Huobi’s technical expertise and security know-how, plus gives users access to the liquidity that Huobi Cloud has to offer.
The Exchange has been launched at 1:00 PM UTC today, and the team has also announced that a lottery with a 200 ETH prize fund is in the pipeline, as a way to engage and thank all of MoneyToken supporters.
MoneyToken is one of 2018-19s top ventures, with a thriving community of more than 50,000 active users and a number of well-known advisors and supporters such as Roger Ver.
With the launch of their Exchange, MoneyToken is starting to fulfill the dream of their founders and developers, creating a financial ecosystem that revolutionizes the finance industry and opens the door to new opportunities for their customers.
MoneyToken’s current user base will be crossing over to join the Huobi Cloud ecosystem while getting unique access to one of the biggest liquidity pools in the world. If we were to make a prediction, then in our opinion this will dramatically accelerate MoneyToken’s growth potential.
MoneyToken users can expect all kinds of new opportunities from the partnership between Huobi Cloud and MoneyToken – right away:
Lending platform users will have the unique ability to trade their collateral, not only gaining access to liquidity through the loan process, but also getting the chance to work their crypto-assets and gain potential growth.
MoneyToken will be able to liquidate collateral much quicker, accelerating a service already known for its speed of operation.
More features, like derivatives contracts, margin trading, OTC, withdrawal to fiat and short selling will become available on the MoneyToken Exchange as it is rolled out to users.
With MoneyToken Lending platform combined with MoneyToken Exchange the opportunities are endless. By sharing one order book with Huobi Cloud, MoneyToken ensures sustainable volume to make smoothly processing unlimited orders possible.
It seems that initiatives like MoneyToken and Huobi Global are leading the way to a bright future for cryptocurrency. Why not join them on the journey? To participate in the MoneyToken Exchange beta test, go to exchange.moneytoken.com and find out what the future looks like…
Contact Email Address
james.hendersonmt@gmail.com
Supporting Link
http://exchange.moneytoken.com
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: MoneyToken Is Launching Its Own Exchange – in Collaboration With Huobi Cloud appeared first on Bitcoin News.
PR: MoneyToken Is Launching Its Own Exchange – in Collaboration With Huobi Cloud
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
MoneyToken, one of the leading global crypto-lending platforms offering crypto assets-backed loans, has announced the launch of their new MoneyToken Exchange platform in a collaboration with Huobi Cloud.
This gives MoneyToken the ability to leverage Huobi’s technical expertise and security know-how, plus gives users access to the liquidity that Huobi Cloud has to offer.
The Exchange has been launched at 1:00 PM UTC today, and the team has also announced that a lottery with a 200 ETH prize fund is in the pipeline, as a way to engage and thank all of MoneyToken supporters.
MoneyToken is one of 2018-19s top ventures, with a thriving community of more than 50,000 active users and a number of well-known advisors and supporters such as Roger Ver.
With the launch of their Exchange, MoneyToken is starting to fulfill the dream of their founders and developers, creating a financial ecosystem that revolutionizes the finance industry and opens the door to new opportunities for their customers.
MoneyToken’s current user base will be crossing over to join the Huobi Cloud ecosystem while getting unique access to one of the biggest liquidity pools in the world. If we were to make a prediction, then in our opinion this will dramatically accelerate MoneyToken’s growth potential.
MoneyToken users can expect all kinds of new opportunities from the partnership between Huobi Cloud and MoneyToken – right away:
Lending platform users will have the unique ability to trade their collateral, not only gaining access to liquidity through the loan process, but also getting the chance to work their crypto-assets and gain potential growth.
MoneyToken will be able to liquidate collateral much quicker, accelerating a service already known for its speed of operation.
More features, like derivatives contracts, margin trading, OTC, withdrawal to fiat and short selling will become available on the MoneyToken Exchange as it is rolled out to users.
With MoneyToken Lending platform combined with MoneyToken Exchange the opportunities are endless. By sharing one order book with Huobi Cloud, MoneyToken ensures sustainable volume to make smoothly processing unlimited orders possible.
It seems that initiatives like MoneyToken and Huobi Global are leading the way to a bright future for cryptocurrency. Why not join them on the journey? To participate in the MoneyToken Exchange beta test, go to exchange.moneytoken.com and find out what the future looks like…
Contact Email Address
james.hendersonmt@gmail.com
Supporting Link
http://exchange.moneytoken.com
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: MoneyToken Is Launching Its Own Exchange – in Collaboration With Huobi Cloud appeared first on Bitcoin News.
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Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash
On Tuesday, Jan. 29, Bitcoin Cash developer Mark Lundeberg revealed two planned features for the scheduled May 2019 BCH upgrade. In the gist published to Github, Lundeberg described a specific improvement that’s been discussed by cryptocurrency developers for years — implementing Schnorr signatures in place of ECDSA signatures. This could upgrade the BCH chain to a new level of innovation by bolstering scaling and privacy all at once.
Also read: A Look at Openbazaar’s Multi-Currency Wallet and Vendor Listings
The Bitcoin Cash Chain May See Schnorr Signature Support in the Near Future
Every six months, the BCH network upgrades its protocol in an effort to advance the blockchain in readiness for cryptocurrencies gathering mainstream attention. Back in November, news.Bitcoin.com reported on the proposed specification for the May fork, so developers could discuss the proposals and begin coding. One of the biggest concepts on the table was the implementation of Schnorr signatures to make the BCH protocol more robust. On Tuesday, Lundeberg published a description of two important features and one of the additions consists of supporting the Schnorr signature scheme.
A Schnorr signature is a digital signature scheme invented by Claus Schnorr that is lauded on account of its simplicity. One of the main benefits of Schnorr is multisignature aggregation, which can benefit both data scaling and privacy. Traditional bitcoin transactions include a lot of data like multiple inputs, but Schnorr’s method simplifies this process by creating a single merged signature. For instance, when a multitude of bitcoin signatures produce one aggregated signature, it is estimated that Schnorr’s scheme could reduce blockchain storage and bandwidth by at least 25 percent.
In addition to this advantage, the operation helps produce better privacy when combined with different protocols. One example privacy benefit Lundeberg notes is called “Hiding as P2PKH,” which allows an aggregation scheme with the standard pubkey script that Pays To PubKey Hash (P2PKH).
“Schnorr signatures allow very simple multi-party aggregation schemes, where multiple parties collaborate to produce one aggregated signature under one aggregated pubkey, checked with OP_CHECKSIG as in pay-to-public-key-hash (P2PKH) addresses,” explains Lundeberg’s Github gist.
Lundeberg’s research continues by stating that the Schnorr scheme can even avoid second-party malleability:
Schnorr signatures cannot be malleated at all, even in the aggregated case, except when all signers collaborate to create a new signature from scratch.
CLTV payment channels.
The Combined Benefits of BIP62 and Schnorr
The BCH developer also describes the advantages of Schnorr-Spilman payment channels. Before the introduction of OP_CLTV, developers discussed the idea of Spilman payment channels, but the technique was insecure on BCH due to malleability, Lundeberg notes. However, by upgrading to Schnorr, not only can programmers use Spilman channels, they can also opt out of using OP_CHECKMULTISIG and use regular P2PKH addresses instead. The channels can be bolstered by using an aggregated signature and BIP62 malleability restrictions, the developer notes.
“I’ll repeat that for emphasis: we will be able to do payment channels which merely use P2PKH — completely indistinguishable from ordinary transactions,” Lundeberg states.
Schnorr-Spilman channels.
The gist also highlights the possibility of hidden atomic swaps and high-frequency microswapping. Lundeberg had previously described how trustless cross-chain swaps could be hidden in payment channels, but the procedure can be done with Schnorr-Spilman payment channels as well. In addition to the benefits of Schnorr signatures, Lundeberg details how combining the upgrade with a completed version of BIP62 malleability restrictions adds enormous amounts of innovation. One example is the ability to create unmalleable smart contracts as Lundeberg explains it will be “possible to write smart contracts whose scriptSig inputs cannot be malleated.”
Atomic swaps can be concealed in Schnorr-Spilman channels. Lundeberg is also the creator of the Openswap protocol.
In conclusion, Lundeberg details the “advantages and disadvantages” of BIP62 + Schnorr compared to the Segregated Witness (Segwit) approach. The BIP62 technique only requires a small change to wallet code, in order to quickly transition to Schnorr from ECDSA. However, smart contract developers must practice due diligence when designing contracts to prevent malleability, although Lundeberg says it’s not too difficult. A big difference is that Segwit makes a total of 66 types of addresses and the BIP62 + Schnorr approach only modifies one legacy address class (p2pkh). “For privacy reasons, it is desirable to have as few address types in use as possible, so as to not fracture the anonymity set,” the developer remarks. Lastly, Lundeberg emphasizes that backup transactions are more straightforward to set up with Segwit in certain cases.
Overall, the Bitcoin Cash community on social media and forums were elated to hear about the possible introduction of the Schnorr scheme and the completion of BIP62. Over the past few years, Bitcoin Core (BTC) developers have been discussing implementing Schnorr into the protocol, but removing the ECDSA signatures and replacing them with a Schnorr scheme is a major upgrade. With the rate of upgrades in favor of the Bitcoin Cash protocol, it’s likely BCH will see this improvement well before the BTC chain.
What do you think about the Bitcoin Cash chain supporting the Schnorr signature scheme? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Mark Lundeberg’s gist, and Bitcoin.com.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash appeared first on Bitcoin News.
Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash
On Tuesday, Jan. 29, Bitcoin Cash developer Mark Lundeberg revealed two planned features for the scheduled May 2019 BCH upgrade. In the gist published to Github, Lundeberg described a specific improvement that’s been discussed by cryptocurrency developers for years — implementing Schnorr signatures in place of ECDSA signatures. This could upgrade the BCH chain to a new level of innovation by bolstering scaling and privacy all at once.
Also read: A Look at Openbazaar’s Multi-Currency Wallet and Vendor Listings
The Bitcoin Cash Chain May See Schnorr Signature Support in the Near Future
Every six months, the BCH network upgrades its protocol in an effort to advance the blockchain in readiness for cryptocurrencies gathering mainstream attention. Back in November, news.Bitcoin.com reported on the proposed specification for the May fork, so developers could discuss the proposals and begin coding. One of the biggest concepts on the table was the implementation of Schnorr signatures to make the BCH protocol more robust. On Tuesday, Lundeberg published a description of two important features and one of the additions consists of supporting the Schnorr signature scheme.
A Schnorr signature is a digital signature scheme invented by Claus Schnorr that is lauded on account of its simplicity. One of the main benefits of Schnorr is multisignature aggregation, which can benefit both data scaling and privacy. Traditional bitcoin transactions include a lot of data like multiple inputs, but Schnorr’s method simplifies this process by creating a single merged signature. For instance, when a multitude of bitcoin signatures produce one aggregated signature, it is estimated that Schnorr’s scheme could reduce blockchain storage and bandwidth by at least 25 percent.
In addition to this advantage, the operation helps produce better privacy when combined with different protocols. One example privacy benefit Lundeberg notes is called “Hiding as P2PKH,” which allows an aggregation scheme with the standard pubkey script that Pays To PubKey Hash (P2PKH).
“Schnorr signatures allow very simple multi-party aggregation schemes, where multiple parties collaborate to produce one aggregated signature under one aggregated pubkey, checked with OP_CHECKSIG as in pay-to-public-key-hash (P2PKH) addresses,” explains Lundeberg’s Github gist.
Lundeberg’s research continues by stating that the Schnorr scheme can even avoid second-party malleability:
Schnorr signatures cannot be malleated at all, even in the aggregated case, except when all signers collaborate to create a new signature from scratch.
CLTV payment channels.
The Combined Benefits of BIP62 and Schnorr
The BCH developer also describes the advantages of Schnorr-Spilman payment channels. Before the introduction of OP_CLTV, developers discussed the idea of Spilman payment channels, but the technique was insecure on BCH due to malleability, Lundeberg notes. However, by upgrading to Schnorr, not only can programmers use Spilman channels, they can also opt out of using OP_CHECKMULTISIG and use regular P2PKH addresses instead. The channels can be bolstered by using an aggregated signature and BIP62 malleability restrictions, the developer notes.
“I’ll repeat that for emphasis: we will be able to do payment channels which merely use P2PKH — completely indistinguishable from ordinary transactions,” Lundeberg states.
Schnorr-Spilman channels.
The gist also highlights the possibility of hidden atomic swaps and high-frequency microswapping. Lundeberg had previously described how trustless cross-chain swaps could be hidden in payment channels, but the procedure can be done with Schnorr-Spilman payment channels as well. In addition to the benefits of Schnorr signatures, Lundeberg details how combining the upgrade with a completed version of BIP62 malleability restrictions adds enormous amounts of innovation. One example is the ability to create unmalleable smart contracts as Lundeberg explains it will be “possible to write smart contracts whose scriptSig inputs cannot be malleated.”
Atomic swaps can be concealed in Schnorr-Spilman channels. Lundeberg is also the creator of the Openswap protocol.
In conclusion, Lundeberg details the “advantages and disadvantages” of BIP62 + Schnorr compared to the Segregated Witness (Segwit) approach. The BIP62 technique only requires a small change to wallet code, in order to quickly transition to Schnorr from ECDSA. However, smart contract developers must practice due diligence when designing contracts to prevent malleability, although Lundeberg says it’s not too difficult. A big difference is that Segwit makes a total of 66 types of addresses and the BIP62 + Schnorr approach only modifies one legacy address class (p2pkh). “For privacy reasons, it is desirable to have as few address types in use as possible, so as to not fracture the anonymity set,” the developer remarks. Lastly, Lundeberg emphasizes that backup transactions are more straightforward to set up with Segwit in certain cases.
Overall, the Bitcoin Cash community on social media and forums were elated to hear about the possible introduction of the Schnorr scheme and the completion of BIP62. Over the past few years, Bitcoin Core (BTC) developers have been discussing implementing Schnorr into the protocol, but removing the ECDSA signatures and replacing them with a Schnorr scheme is a major upgrade. With the rate of upgrades in favor of the Bitcoin Cash protocol, it’s likely BCH will see this improvement well before the BTC chain.
What do you think about the Bitcoin Cash chain supporting the Schnorr signature scheme? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Mark Lundeberg’s gist, and Bitcoin.com.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash appeared first on Bitcoin News.
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Wikipedia Now Accepts Bitcoin Cash Donations via Bitpay
Users from all over the world can now support the widely popular free encyclopedia Wikipedia with bitcoin cash donations via Bitpay. The non-profit model and global nature of the organization means it has to find a universal and cost-effective payment solution, and cryptocurrencies are an obvious choice.
Also Read: Blockchain.com Launches New Educational Resource With BCH Report
Accepting Bitcoin Cash Is a Natural Step
The Wikimedia Foundation, the nonprofit that operates Wikipedia and similar free knowledge projects, has partnered with Bitpay, the popular cryptocurrency payment processor, to accept bitcoin cash (BCH) and bitcoin core (BTC) donations. The Wikimedia Foundation has already been accepting BTC since 2014 via Coinbase but recently switched payment processors to Bitpay and used this opportunity to expand into accepting BCH.
“Our donors have shown an increased interest for different cryptocurrencies, so accepting bitcoin cash was a natural next step,” said Pats Pena, director of payments and operations at Wikimedia Foundation. “We accept donations globally, and we strive to provide a large variety of donation options. It’s very important that we can get international donations processed in ways that are efficient and cost-effective.”
Cheapest Payment Options Available
Bitpay works with many large non-profits to allow them to accept cryptocurrency donations. The company reports that donations have increased dramatically in the last couple of years, especially at the end of the year as people look for tax benefits. The service has reportedly processed several multi-million dollar donations to non-profits in the recent past and expects that to continue in 2019.
“Bitcoin and bitcoin cash are one of the cheapest payment options available so more money goes to charity rather than paying fees. Wikimedia does so much good around the world that it is a privilege to help them raise money,” said Sonny Singh, Bitpay chief commercial officer.
Bitpay recently reported strong performance for 2018. During the year, the service processed over $1 billion in payments for a second year and set a new record for transaction fee revenue by adding new customers. The company’s B2B operation also had a record year as it grew almost 255 percent from 2017.
What do you think about Wikipedia accepting BCH donations via Bitpay? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post Wikipedia Now Accepts Bitcoin Cash Donations via Bitpay appeared first on Bitcoin News.
Wikipedia Now Accepts Bitcoin Cash Donations via Bitpay
Users from all over the world can now support the widely popular free encyclopedia Wikipedia with bitcoin cash donations via Bitpay. The non-profit model and global nature of the organization means it has to find a universal and cost-effective payment solution, and cryptocurrencies are an obvious choice.
Also Read: Blockchain.com Launches New Educational Resource With BCH Report
Accepting Bitcoin Cash Is a Natural Step
The Wikimedia Foundation, the nonprofit that operates Wikipedia and similar free knowledge projects, has partnered with Bitpay, the popular cryptocurrency payment processor, to accept bitcoin cash (BCH) and bitcoin core (BTC) donations. The Wikimedia Foundation has already been accepting BTC since 2014 via Coinbase but recently switched payment processors to Bitpay and used this opportunity to expand into accepting BCH.
“Our donors have shown an increased interest for different cryptocurrencies, so accepting bitcoin cash was a natural next step,” said Pats Pena, director of payments and operations at Wikimedia Foundation. “We accept donations globally, and we strive to provide a large variety of donation options. It’s very important that we can get international donations processed in ways that are efficient and cost-effective.”
Cheapest Payment Options Available
Bitpay works with many large non-profits to allow them to accept cryptocurrency donations. The company reports that donations have increased dramatically in the last couple of years, especially at the end of the year as people look for tax benefits. The service has reportedly processed several multi-million dollar donations to non-profits in the recent past and expects that to continue in 2019.
“Bitcoin and bitcoin cash are one of the cheapest payment options available so more money goes to charity rather than paying fees. Wikimedia does so much good around the world that it is a privilege to help them raise money,” said Sonny Singh, Bitpay chief commercial officer.
Bitpay recently reported strong performance for 2018. During the year, the service processed over $1 billion in payments for a second year and set a new record for transaction fee revenue by adding new customers. The company’s B2B operation also had a record year as it grew almost 255 percent from 2017.
What do you think about Wikipedia accepting BCH donations via Bitpay? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post Wikipedia Now Accepts Bitcoin Cash Donations via Bitpay appeared first on Bitcoin News.
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The Daily: Fidelity Crypto Custody Update, Cryptopia Hack Continues
In today’s edition of The Daily we feature a number of stories about financial companies adding cryptocurrency-related services including a custody solution from Fidelity and new CFDs for trading BCH vs precious metals. We also cover the latest update about the ongoing Cryptopia hack.
Also Read: Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges
Fidelity Crypto Custody Set for March
Back in October 2018 the Boston-headquartered financial services corporation Fidelity Investments announced the launch of a subsidiary called Fidelity Digital Asset Services LLC. The company is dedicated to providing cryptocurrency services including custody and trade execution to institutional investors such as hedge funds, family offices, and market intermediaries. According to a new report, the first service from the venture, a cryptocurrency custody solution, is now scheduled for March 2019. The company will reportedly begin with offering BTC storage with ETH expected to come next.
“We are currently serving a select set of eligible clients as we continue to build our initial solutions,” Fidelity stated on Tuesday. “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”
Cryptopia Exchange Hack Continues
Earlier this month we reported that $16 million worth of cryptocurrency was stolen in the ‘weird’ hack of New Zealand-based exchange Cryptopia on Jan. 14. But an investigation by data company Elementus has revealed that the incident is not yet over. The company reports that the Cryptopia hacker withdrew further funds on Monday, siphoning an additional 1,675 ETH from an another 17,000 Cryptopia wallets. This doesn’t represent a new breach, it should be noted, but rather reflects the fact that the hacker retains a copy of the private keys originally used to infiltrate the accounts. This enables them to remove any new funds they receive at will.
Among the wallets affected are over 5,000 that had already been drained in the original hack, but have since been topped up with new money. Elementus explains that most of these funds are coming from mining pools. “Presumably, these payments are being sent on behalf of miners who opted to receive their rewards automatically via ‘direct deposit,’ and have since forgotten about it.”
79% of Financial Advisors Asked About Crypto Assets
Bitwise Asset Management and ETF Trends have released the results of a survey on financial advisors’ attitudes towards crypto assets that was conducted during December 2018. The survey involved over 150 respondents including independent registered investment advisors (RIAs), independent broker-dealer representatives, financial planners and wirehouse representatives.
Key findings are that 79 percent of advisors received questions from clients on crypto in 2018, 9 percent currently manage an allocation to crypto in client portfolios and 22 percent plan to either start a new allocation or increase their existing allocation to crypto during 2019. Additionally, 55 percent of surveyed advisors expect prices to appreciate over the next five years with the mean BTC price target for December 31, 2023, at $17,571.
“After a year in which the Bitwise 10 Large Cap Crypto Index fell 78%, the survey shows that interest in crypto investing from financial advisors not only survived, but grew,” said Matt Hougan, Global Head of Research for Bitwise Asset Management. “There are clear reasons why: Advisors tell us that they are getting inbound questions from clients, that they need ways to connect with a younger generation of clients, and that clients are investing in crypto outside of their advisory relationship anyway.”
Liquidity Provider Adds BCH vs Gold and Silver CFDs
B2Broker, a liquidity provider for the crypto and FX industry, has announced the launch of 40 new cryptocurency-based CFDs, comprising top cryptos against major fiat currencies. The launch also features a range of interesting pairs including BTC, LTC, ETH, XRP and BCH against XAG (gold) and XAU (silver).
The company has also announced that it has increased leverage for crypto CFDs to 1:5, and that is now able to provide as a base currency any fiat currency, USD-pegged stablecoins and top cryptos. Brokers and exchanges can connect directly via FIX API to the liquidity pool at the datacenters in London and Hong Kong.
B2Broker CEO Arthur Azizov commented: “Any broker can connect to us quickly and easily, with bridges offered free of charge to those operating MT5 and MT4 trading platforms. These latest developments further strengthen the company’s presence in the industry and reaffirms our position as a global leader.”
New Hong Kong Dollar Stablecoin
Bitspark, a cryptocurrency remittances platform, has announced the launch of Sparkdex.HKD, a stablecoin pegged to the Hong Kong Dollar (HKD). The token is tied to the company’s reserves of physical cash in HKD and Bitspark promises this will be regularly audited by a local audit firm in a quarterly report for the public. The coin already began listing on Sparkdex, Bitspark’s decentralized exchange (DEX), and Bitshares’ connected DEX, on 31 Oct, 2018 and can be integrated into other exchanges as well.
“Bitspark was founded in Hong Kong, a front runner for innovation in finance. We see the launch of Sparkdex.HKD as a clear opportunity for Bitspark to bring the benefits of this technology to Asia. We’re planning to also launch a further 179+ stablecoins to service the company’s money transfer markets starting initially with emerging and frontier markets.” said Maxine Ryan, Bitspark COO.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post The Daily: Fidelity Crypto Custody Update, Cryptopia Hack Continues appeared first on Bitcoin News.
The Daily: Fidelity Crypto Custody Update, Cryptopia Hack Continues
In today’s edition of The Daily we feature a number of stories about financial companies adding cryptocurrency-related services including a custody solution from Fidelity and new CFDs for trading BCH vs precious metals. We also cover the latest update about the ongoing Cryptopia hack.
Also Read: Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges
Fidelity Crypto Custody Set for March
Back in October 2018 the Boston-headquartered financial services corporation Fidelity Investments announced the launch of a subsidiary called Fidelity Digital Asset Services LLC. The company is dedicated to providing cryptocurrency services including custody and trade execution to institutional investors such as hedge funds, family offices, and market intermediaries. According to a new report, the first service from the venture, a cryptocurrency custody solution, is now scheduled for March 2019. The company will reportedly begin with offering BTC storage with ETH expected to come next.
“We are currently serving a select set of eligible clients as we continue to build our initial solutions,” Fidelity stated on Tuesday. “Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.”
Cryptopia Exchange Hack Continues
Earlier this month we reported that $16 million worth of cryptocurrency was stolen in the ‘weird’ hack of New Zealand-based exchange Cryptopia on Jan. 14. But an investigation by data company Elementus has revealed that the incident is not yet over. The company reports that the Cryptopia hacker withdrew further funds on Monday, siphoning an additional 1,675 ETH from an another 17,000 Cryptopia wallets. This doesn’t represent a new breach, it should be noted, but rather reflects the fact that the hacker retains a copy of the private keys originally used to infiltrate the accounts. This enables them to remove any new funds they receive at will.
Among the wallets affected are over 5,000 that had already been drained in the original hack, but have since been topped up with new money. Elementus explains that most of these funds are coming from mining pools. “Presumably, these payments are being sent on behalf of miners who opted to receive their rewards automatically via ‘direct deposit,’ and have since forgotten about it.”
79% of Financial Advisors Asked About Crypto Assets
Bitwise Asset Management and ETF Trends have released the results of a survey on financial advisors’ attitudes towards crypto assets that was conducted during December 2018. The survey involved over 150 respondents including independent registered investment advisors (RIAs), independent broker-dealer representatives, financial planners and wirehouse representatives.
Key findings are that 79 percent of advisors received questions from clients on crypto in 2018, 9 percent currently manage an allocation to crypto in client portfolios and 22 percent plan to either start a new allocation or increase their existing allocation to crypto during 2019. Additionally, 55 percent of surveyed advisors expect prices to appreciate over the next five years with the mean BTC price target for December 31, 2023, at $17,571.
“After a year in which the Bitwise 10 Large Cap Crypto Index fell 78%, the survey shows that interest in crypto investing from financial advisors not only survived, but grew,” said Matt Hougan, Global Head of Research for Bitwise Asset Management. “There are clear reasons why: Advisors tell us that they are getting inbound questions from clients, that they need ways to connect with a younger generation of clients, and that clients are investing in crypto outside of their advisory relationship anyway.”
Liquidity Provider Adds BCH vs Gold and Silver CFDs
B2Broker, a liquidity provider for the crypto and FX industry, has announced the launch of 40 new cryptocurency-based CFDs, comprising top cryptos against major fiat currencies. The launch also features a range of interesting pairs including BTC, LTC, ETH, XRP and BCH against XAG (gold) and XAU (silver).
The company has also announced that it has increased leverage for crypto CFDs to 1:5, and that is now able to provide as a base currency any fiat currency, USD-pegged stablecoins and top cryptos. Brokers and exchanges can connect directly via FIX API to the liquidity pool at the datacenters in London and Hong Kong.
B2Broker CEO Arthur Azizov commented: “Any broker can connect to us quickly and easily, with bridges offered free of charge to those operating MT5 and MT4 trading platforms. These latest developments further strengthen the company’s presence in the industry and reaffirms our position as a global leader.”
New Hong Kong Dollar Stablecoin
Bitspark, a cryptocurrency remittances platform, has announced the launch of Sparkdex.HKD, a stablecoin pegged to the Hong Kong Dollar (HKD). The token is tied to the company’s reserves of physical cash in HKD and Bitspark promises this will be regularly audited by a local audit firm in a quarterly report for the public. The coin already began listing on Sparkdex, Bitspark’s decentralized exchange (DEX), and Bitshares’ connected DEX, on 31 Oct, 2018 and can be integrated into other exchanges as well.
“Bitspark was founded in Hong Kong, a front runner for innovation in finance. We see the launch of Sparkdex.HKD as a clear opportunity for Bitspark to bring the benefits of this technology to Asia. We’re planning to also launch a further 179+ stablecoins to service the company’s money transfer markets starting initially with emerging and frontier markets.” said Maxine Ryan, Bitspark COO.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post The Daily: Fidelity Crypto Custody Update, Cryptopia Hack Continues appeared first on Bitcoin News.
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Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
The leading cryptocurrency markets have seen a slow start to the year, with the top three markets by capitalization shedding between 10% and 37% since early January’s local highs. January has also seen volatility in market cap rankings, with XRP and ETH competing for the second largest crypto asset capitalization, and EOS, USDT, and BCH competing for a position within the top five.
Also Read: Iran in Talks With 8 Countries for Use of Cryptocurrency in Financial Transactions
BCH Maintains Triple Figures Throughout January
After ending 2018 with a roughly 200% bounce from the all-time lows at the $75 area, BCH/USD has produced a slow start to 2019, slipping 36% from the Jan. 3 local monthly high of $175 to currently trade for approximately $110. When measured from the local top of $240 posted on Dec. 21, BCH has lost nearly 54 percent over the course of six weeks.
BCH/USD – BItstamp – 4HR
On Jan. 28, the markets saw significant selling pressure that drove BCH down 15 percent in just 12 hours to test support at $100. Since then, BCH has made slight gains amid consolidation, but appears poised for a retest of all-time lows should the current support area fail to hold.
When measured against BTC, BCH has also shed most of the gains it garnered during the late December bounce, with the current price of 0.032 BTC comprising a 43% drop from the Dec. 21 local high of 0.057 BTC, and a loss of 27% from January’s high of 0.044 BTC, with BCH currently trading for 0.032 BTC.
BCH/BTC – BItstamp – 4HR
Despite the bearish price action, this past week’s selling pressure saw BCH/BTC retest the upper side of the descending trendline that appears to have guided price action over the course of the preceding six weeks. However, should the current support area fail to hold, it is likely that BCH will retest the all-time low area of 0.025 BTC.
Bitcoin cash is currently the sixth largest cryptocurrency with a market capitalization of $1.96 billion. BCH market dominance has slipped by nearly half a percent since the start of the month, dropping from 2.20% to nearly 1.73%.
BTC Experiences Low Volatility During January
BTC/USD has traded within a tight range during 2019 so far. BTC began January trading for $3,700, before posting a monthly high of $4,100 on Jan. 8.
BTC/USD – BItstamp – 4HR
Since then, BTC steadily bled down to yesterday’s local low of $3,325, a 19% drop in three weeks. BTC currently has a market capitalization of nearly $60.6 billion, and a dominance of 53.42%, up 1.5% since the start of the year.
XRP Ranks Second by Market Cap for Most of January
Opening January trading for nearly $0.35, XRP/USD spent the first 10 days of 2019 oscillating within an approximately 10% range, before posting a monthly high of over $0.38 on Jan. 10. Since then, ripple has fallen by roughly 25%, with prices currently testing support at December’s lows of roughly $0.28.
XRP/USD – Kraken – 4HR
Despite also producing a bearish start to 2019, the XRP/BTC charts show bullish price action, with XRP currently testing the support at the long-term key price area of 0.000084 BTC. However, XRP has fallen by nearly 12% since opening the year trading for 0.000095 BTC.
XRP/BTC – Binance – 1D
After starting the year as the second-ranked crypto asset by market cap with a dominance of roughly 11.50%, ripple slipped to third on Jan. 3 and Jan. 11. XRP has since regained its rank as the second largest crypto asset by capitalization, with XRP currently posting a market cap of $12.01 billion and a dominance of 10.57%.
ETH Posts Volatile Start to 2019
ETH/USD traded within a wide range during January, opening the year at roughly $135 before gaining over 25% in roughly one week. After posting a monthly high of approximately $170 on Jan. 6, ETH has since lost more than 37% against the dollar, with current prices testing support just below $110.
ETH/USD – Poloniex (Calculated by Tradingview) – 4HR
ETH/BTC started the year trading for roughly 0.035 BTC, before rallying over 17% in a week to post a three-monthly high of approximately 0.041 BTC on Jan. 6. Since then, ETH has fallen 26% when measuring against bitcoin core to currently trade for nearly 0.031 BTC.
ETH/BTC – Poloniex – 4HR
ETH is currently the third-largest cryptocurrency by market cap, with a capitalization of $11.08 billion. ETH dominance has fallen from 11.05% at the start of January to 9.78% as of this writing.
What do you think the overall trend for 2019 will be? Bullish? Bearish? Sideways? Share your prediction in the comments section below!
Images courtesy of Shutterstock
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
The post Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading appeared first on Bitcoin News.
Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
The leading cryptocurrency markets have seen a slow start to the year, with the top three markets by capitalization shedding between 10% and 37% since early January’s local highs. January has also seen volatility in market cap rankings, with XRP and ETH competing for the second largest crypto asset capitalization, and EOS, USDT, and BCH competing for a position within the top five.
Also Read: Iran in Talks With 8 Countries for Use of Cryptocurrency in Financial Transactions
BCH Maintains Triple Figures Throughout January
After ending 2018 with a roughly 200% bounce from the all-time lows at the $75 area, BCH/USD has produced a slow start to 2019, slipping 36% from the Jan. 3 local monthly high of $175 to currently trade for approximately $110. When measured from the local top of $240 posted on Dec. 21, BCH has lost nearly 54 percent over the course of six weeks.
BCH/USD – BItstamp – 4HR
On Jan. 28, the markets saw significant selling pressure that drove BCH down 15 percent in just 12 hours to test support at $100. Since then, BCH has made slight gains amid consolidation, but appears poised for a retest of all-time lows should the current support area fail to hold.
When measured against BTC, BCH has also shed most of the gains it garnered during the late December bounce, with the current price of 0.032 BTC comprising a 43% drop from the Dec. 21 local high of 0.057 BTC, and a loss of 27% from January’s high of 0.044 BTC, with BCH currently trading for 0.032 BTC.
BCH/BTC – BItstamp – 4HR
Despite the bearish price action, this past week’s selling pressure saw BCH/BTC retest the upper side of the descending trendline that appears to have guided price action over the course of the preceding six weeks. However, should the current support area fail to hold, it is likely that BCH will retest the all-time low area of 0.025 BTC.
Bitcoin cash is currently the sixth largest cryptocurrency with a market capitalization of $1.96 billion. BCH market dominance has slipped by nearly half a percent since the start of the month, dropping from 2.20% to nearly 1.73%.
BTC Experiences Low Volatility During January
BTC/USD has traded within a tight range during 2019 so far. BTC began January trading for $3,700, before posting a monthly high of $4,100 on Jan. 8.
BTC/USD – BItstamp – 4HR
Since then, BTC steadily bled down to yesterday’s local low of $3,325, a 19% drop in three weeks. BTC currently has a market capitalization of nearly $60.6 billion, and a dominance of 53.42%, up 1.5% since the start of the year.
XRP Ranks Second by Market Cap for Most of January
Opening January trading for nearly $0.35, XRP/USD spent the first 10 days of 2019 oscillating within an approximately 10% range, before posting a monthly high of over $0.38 on Jan. 10. Since then, ripple has fallen by roughly 25%, with prices currently testing support at December’s lows of roughly $0.28.
XRP/USD – Kraken – 4HR
Despite also producing a bearish start to 2019, the XRP/BTC charts show bullish price action, with XRP currently testing the support at the long-term key price area of 0.000084 BTC. However, XRP has fallen by nearly 12% since opening the year trading for 0.000095 BTC.
XRP/BTC – Binance – 1D
After starting the year as the second-ranked crypto asset by market cap with a dominance of roughly 11.50%, ripple slipped to third on Jan. 3 and Jan. 11. XRP has since regained its rank as the second largest crypto asset by capitalization, with XRP currently posting a market cap of $12.01 billion and a dominance of 10.57%.
ETH Posts Volatile Start to 2019
ETH/USD traded within a wide range during January, opening the year at roughly $135 before gaining over 25% in roughly one week. After posting a monthly high of approximately $170 on Jan. 6, ETH has since lost more than 37% against the dollar, with current prices testing support just below $110.
ETH/USD – Poloniex (Calculated by Tradingview) – 4HR
ETH/BTC started the year trading for roughly 0.035 BTC, before rallying over 17% in a week to post a three-monthly high of approximately 0.041 BTC on Jan. 6. Since then, ETH has fallen 26% when measuring against bitcoin core to currently trade for nearly 0.031 BTC.
ETH/BTC – Poloniex – 4HR
ETH is currently the third-largest cryptocurrency by market cap, with a capitalization of $11.08 billion. ETH dominance has fallen from 11.05% at the start of January to 9.78% as of this writing.
What do you think the overall trend for 2019 will be? Bullish? Bearish? Sideways? Share your prediction in the comments section below!
Images courtesy of Shutterstock
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
The post Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading appeared first on Bitcoin News.
- Get link
- X
- Other Apps
- Get link
- X
- Other Apps
- Get link
- X
- Other Apps