Cryptocurrency exchange Binance is making good on its promises to expand globally – focusing on emerging markets and fiat-to-crypto trading services. Also in The Daily, Huobi founder and CEO Leon Li meets a Putin adviser in Beijing, a leading Brazilian brokerage firm shares plans to launch a crypto exchange, and digital assets management firm Altonomy caters to institutional investors with an over-the-counter (OTC) trading desk and a cryptocurrency index fund.
Also read: Poloniex Drops 8 Coins, New Exchange Licensed in Estonia
Binance Expands Across Continents
Binance, currently the largest crypto exchange by daily trading volume, has recently been voicing its intentions for expansions into new and mostly emerging markets. This week, BInance CEO, Changpeng Zhao (CZ), gave more details on the company’s global expansion plans – revealing that the Chinese-run company wants to launch up to 10 new fiat-to-crypto exchanges across 5 continents. During an event in Singapore, CZ explained that Binance is focusing on this type of platforms to fit better in local economies and promote crypto adoption.
Elaborating further, Zhao asserted that “The next area of growth, in addition to the crypto-exchange, is the move into fiat.” The company is currently looking to acquire projects in the fiat space, he added, declining to provide more details.
Zhao’s remarks followed an earlier report that the exchange starts beta testing of a new fiat-to-cryptocurrency platform in Singapore on September 18. In August, Binance launched a similar service in Liechtenstein through a joint venture with LCX. In July, the company said it’s preparing to enter the South Korean market, as news.Bitcoin.com reported. Earlier the same month, it announced it’s working on a project to launch a “decentralized, community-owned” bank in Malta, also covered by news.Bitcoin.com. In June, Binance launched a fiat-to-crypto exchange in Uganda.
Other reports suggest that Binance has also started hiring staff for roles across Asia and Europe. The destinations mentioned by Bloomberg include Singapore and Malta – with 50 new employees have been sought for the new headquarters on the “Blockchain Island”. The crypto company, which was founded last year, currently employs almost 300 people in 39 countries.
Huobi Founder Meets Putin Adviser
Sergey Glazyev and Leon Li
Leon Li, founder and CEO of another prominent crypto exchange with Chinese roots, Huobi, has recently met with renowned Russian economist and adviser to President Vladimir Putin, Sergey Glazyev. At the company’s headquarters in Beijing the two discussed cryptocurrency, the blockchain technology, and Huobi’s possible entry into Russia’s financial markets. Quoted by Prnewswire, Glazyev commented:
The cryptocurrency industry is still booming and expanding, and almost every country on the planet is making an attempt to grow the crypto-space. If Huobi Group can set a good example for the market, it will be of great help to Russia’s national legislation on blockchain cryptocurrencies.
A known supporter of the implementation of digital ledger technologies, Putin’s adviser noted that “Digital assets also enhance the development of blockchain technology. They are inseparably interconnected.” Sergey Glazyev expressed hope that advanced countries will use the crypto-related technology, which in his opinion “will make the money market more sustainable, transparent and less risky.”
Leading Brazilian Broker to Launch Coin Exchange
Grupo XP, a major financial brokerage firm in Brazil, is reportedly entering the crypto space – with the company planning to launch a cryptocurrency exchange in the coming months.
According to a Bloomberg report quoting CEO Guilherme Benchimol’s announcement at an event in Sao Paulo, the new platform will be trading bitcoin core (BTC) and ethereum (ETH). The executive pointed out that 3 million of his compatriots are currently exposed to cryptocurrencies, compared to only around 600,000 that invest in traditional stocks. During the forum, Benchimol admitted:
I must confess, this is a theme I’d rather didn’t exist, but it does. We felt obligated to start advancing in this market.
The exchange, which will be called Xdex, will be headed by Thiago Maffra and have approximately 40 employees. It will be set up as a separate entity from XP’s other brokering business.
Grupo XP is aiming to control 1 trillion reals ($245 billion) by 2020 through its custodial services and is also planning to launch a bank soon. Brazilian regulators have recently released a set of rules allowing crypto investments. Meanwhile, an investigation has been launched into alleged monopolistic practices in crypto trading employed by six of Brazil’s biggest banks.
Digital Assets Management Firm Sets Up OTC Trading Desk
Altonomy, a digital assets management and advisory company, has become the latest player in the industry trying to cater to institutional investors. According to sources quoted by financial and crypto media, the firm has recently launched a sell-side over-the-counter (OTC) cryptocurrency trading desk, and a blockchain-based digital currency index fund. The Altonomy Taurus Index Fund will allow big players to get involved in cryptocurrencies without the need to bet on a single coin, Finance Magnates reports. And with the OTC trading desk, Altonomy asserts that is attempting to simplify crypto investing to make such as easy as trading the S&P 500.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock, PRnewswire, Altonomy.
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Japan’s Financial Services Agency (FSA) plans to bolster its workforce by 12 personnel to better handle the growing influx of applications for crypto exchange licenses, Reuters Japan reported September 12.At a crypto exchange study group meeting Wednesday, the FSA’s vice commissioner for policy coordination, Kiyotaka Sasaki, said that the agency is currently conducting its oversight of crypto exchanges with a team of around 30 people, whose work includes the review of license applications.Yet Sasaki reportedly stressed that with over 160 firms currently awaiting review, the dedicated number of personnel is insufficient, saying the agency would need to add 12 further persons in 2019 to handle its “biggest problem” – the burgeoning number of license applications.According to a document released after the meeting, the FSA has to date been reviewing sixteen cases, twelve of which withdrew their application at the FSA’s request and one of which has been rejected. Three, including Coincheck — which notoriously suffered the largest hack in crypto industry history this January — await a final decision.The document further states that the agency plans to refine its risk profiling mechanisms as part of its “ongoing in-depth monitoring” of the exchange space, and to work increasingly closely with related ministries and agencies vis-a-vis non-registered firms, both domestic and overseas.The document highlights concerns over insufficient anti-money laundering (AML) and terrorism financing prevention measures among exchanges, and points to other concerns regarding business models, risk management and compliance, internal audits, and corporate governance.As previously reported, the FSA published the results of its on-site inspections of crypto exchange operators last month, finding that the total digital assets of domestic exchanges have surged to 792.8 billion yen ($7.1 billion) — an over six-fold increase within the space of one year.Meanwhile, as today’s document reiterates, most exchanges’ system personnel are fewer than 20 people, meaning that one employee on average was found to be managing digital assets worth 3.3 billion yen ($29.6 million). window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
Digital currency exchange OKCoin has announced its expansion of token-to-token trading into twenty new U.S. states, according to a statement published September 12.Per the announcement, OKCoin has extended trading services to the states of Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin.Jim Nguyen, Vice-President of Marketing at OKCoin, stated in the blog post that the exchange collaborated with regulators in each state in order to comply with both federal and state laws. OKCoin CEO Tim Buyn said:“In order for the cryptocurrency market to reach its full potential, exchanges like OKCoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities.”The announcement states that OKCoin has also applied for money transmittal licenses (MTL) for both token-to-token and fiat-to-token trading. Upon receiving the licenses, OKCoin plans to bring its trading platform to other states.Meanwhile, the founder of OKCoin affiliate crypto exchange OKex Star Xu was allegedly detained in China in relation to suspected digital currency fraud on September 11. According to tech media ZeroHedge, a group of investors in WFEE Coin — a company of which Xu was reportedly a shareholder — complained to local police about allegedly fraudulent practices at the company.However, in 24 hours Xu was released from police questioning, denying the allegations of fraud. When Cointelegraph reached out to OKEx, the company denied Xu had any equity involvement with WFEE. Andy Cheung, COO, said:“Mr. Xu has no equity relationship with WFEE and its company. Though WFEE has acquired OKBC’s [OK Blockchain Capital] and several other capitals’ investment, the afterward changes of WFEE white paper and team members have not been given notice to OKBC.” window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
This week Panda Exchange, a cryptocurrency trading platform, led by the Colombian team Panda Group and CEO Arley Lozano, announced that Panda users now have access to its EUR markets for residents who live in member countries of the SEPA. Panda Exchange has been expanding quite a bit this year and just recently opened a branch in Portugal, which helped bolster SEPA integration. Moreover, the trading platform also offers a Bitcoin Cash (BCH) pairs market with nine other cryptocurrencies.
Also read: Major Indian Bitcoin Exchange Discusses the Aftermath of RBI Ban
Panda Exchange Launches Crypto-to-Fiat Trading Markets for SEPA Friendly Regions
The cryptocurrency trading platform Panda Exchange is a new market maker that launched in early 2018. Panda was created by the cryptocurrency entrepreneur, Arley Lozano and his Columbian based team called Panda Group. Lozano spoke with news.Bitcoin.com this week and he revealed the exchange has just opened a fiat market for the EU with SEPA, alongside this, Panda has launched a market for Panamá as well. Panda Exchange offers over 70 digital assets and has separate markets for BTC, ETH, and BCH pairs. Bitcoin Cash is paired with nine virtual currencies like LTC, BTG, ETH, and others on the Panda platform.
“As of today, Panda Exchange offers crypto-to-crypto exchange services for users all over the world, and it has recently opened crypto-to-fiat trading markets thanks to their new branches Panda Exchange Portugal and Panda Exchange Panamá,” Panda Group explains to news.Bitcoin.com.
These two alliances allow users to trade in euros and dollars, respectively, after completing the required verification processes which depend on the country’s local laws. The euro market is available for users with European Union documentation and holders of a SEPA euro bank account, whereas trading in dollars is limited to users with Panamanian identity documents.
Panda exchange offers bitcoin cash (BCH) pairs with nine different digital assets.
Panda Group CEO Hopes to Bolster Crypto-Adoption and Expand Digital Asset Accessibility
Just recently Panda Exchange also added the stablecoin trueusd (TUSD), and has added an assortment of (56) ERC-20 tokens. Panda Group’s Lozano explains to news.Bitcoin.com that Panda Exchange is developing a Canadian branch soon and hopes to launch on October 1. For now, Lozano is pleased to offer more accessibility to SEPA friendly markets and other regions worldwide.
“The inhabitants of the European cryptocurrency market will be able to start exchanging their cryptocurrencies at the Panda Exchange,” Panda Group details.
Those that are verified in the different levels offered by the Portuguese market may not only enjoy the pairs in bitcoin cash, ethereum, and ERC-20 tokens, but also perform operations in euros in those countries that are part of the SEPA.
Panda’s Arley Lozano says he looks forward to the future of cryptocurrencies and believes the expansion adds more digital asset accessibility worldwide. Besides being one of the few trading platforms that have direct bitcoin cash pairs, Panda Exchange is also a franchise model for those who wish to operate local cryptocurrency markets Lozano notes.
What do you think about Panda exchange expanding its fiat operations and adding markets in Panamá and Portugal? Let us know what you think about this subject in the comment section below.
Images via Pixabay, and Panda Exchange.
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Square just announced that with its Square Cash app, all users are now able to buy Bitcoin in all 50 US states.
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
Square Ahead of the Competition
Square was originally founded by Twitter’s CEO, Jack Dorsey. The Cash App initially rolled out its Bitcoin services months ago but had to go state-by-state to get approval.
Recently, it was reported that Square also secured the so-called ‘BitLicense’ in New York, making it one of only a few cryptocurrency services that are allowed to operate within the state. Georgia, Hawaii, Wyoming, and New York have the strictest crypto regulations, but it seems the Square cash app finally won their approval.
This is huge news for the cryptocurrency market, as buying Bitcoin can be a confusing task for most individuals. Making it easier for people to purchase and use is key to mass adoption of the crypto space. It seems Jack Dorsey knows this and is steps ahead of his competition.
Square Cash App Excels
Announced by CNBC this morning. Square’s Cash app has surpassed Paypal’s Venmo for the first time. According to data composed by the Sensor Tower and Nomura Instinet, the Cash app had a total of 33.5 million downloads in the month of July, compared to Venmo’s 32.9 million.
As a result of this news, Square’s stock rose this morning after the opening bell and its shares are up 726 percent since its IPO back in 2015.
“If the Cash App continues to grow rapidly, the business could reach or even exceed $100 million in sales by 2020, even without deeper active user penetration,” Dolev said in a note to clients Tuesday. “With impressive user growth and ongoing decoupling from Bitcoin, we believe Square’s monetization efforts are increasingly bearing fruit.”
The easier access to Bitcoin, the better it will be for the cryptocurrency industry. It seems both Square and its Cash App will continue to grow and this means positive movement in the crypto space.
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Cryptocurrency exchange and wallet service Bittrex has announced plans to launch U.S. dollar (USD) trading pairs for two new cryptocurrencies, according to an official announcement published August 8. Per the announcement, Bittrex is looking to expand its fiat markets to Ethereum Classic (ETC) and Ripple (XRP) on August 20. The new trading pairs will be added to already listed dollar markets for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and TrueUSD (TUSD). The company says that it will continue gradually adding tokens to its USD markets, using a “phased approach” for USD trading. Bittrex further explained that it takes a gradual approach to “ramping up these markets” in order to ensure quality in processes and systems before making them available to qualified customers. Bittrex said: “In addition to broader acceptance, expanding fiat markets to the top digital currencies on our trading platform will help limit the dominance and influence of any one token over other blockchain projects – a necessary evolution if we’re going to unleash blockchain’s potential benefits for consumers and businesses.” Bittrex was founded in 2014 by Bill Shihara and two business partners, all of whom previously served in the security team at Amazon. In February of this year, Shihara announced the exchange’s intention to open up USD trading to the majority of its customers. In October 2017, Bittrex made a sudden decision to disable thousands of accounts for compliance reviews without warning its users in advance. Later in December, Bittrex temporarily stopped registration of new users, citing an inability to accurately verify each new user due to high demand. The exchange subsequently opened again, but with additional requirements. At press time, Bittrex is 23rd largest exchange with a trade volume over $72 million. According to Coinmarketcap, it has grown by 16 percent over the 24 hour period. window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
Cryptocurrency-backed loan provider SALT Lending announced on Wednesday that it has expanded its 20 new states to the United States.
The company, which allows users to borrow cash for cryptocurrency holdings,
Today, we also announced a new technology platform for SALT customers. SALT customers say they have the latest tools for borrowing and quick trading as well as new member loyalty programs.
Bill Sinclair, who was in charge of his position last month, said that the process of extending CoinDesk to a new state is complicated and that the loan provided by the company's legal team in cooperation with the regulatory experts is a footnote's personal law.
"SALT loans will be structured within the laws, regulations and guidelines provided by the jurisdictions in which the loans are provided."
So the platform is available to residents in Connecticut, Florida, Illinois, Kansas, Texas, Maryland, Michigan, Wisconsin and Maine.
Sinclair says he is moving his current users to a new platform, starting with some key community leaders to rebuild and reflects on the subtle differences in our technology.
"The first borrower to receive a loan on the new system was those who had not been previously loaned to us and applied to areas where we are still interested in SALT loans."
To attract more new members and retain existing ones, today's startups have announced new membership loyalty programs. According to Sinclair, this scheme allows customers to modify the terms of their loans using their own tokens (also known as SALTs).
A new customer becomes a member by depositing at least one SALT token on the company platform and can stake the token to adjust the loan interest rate.
Sinclair said the company plans to continue developing the platform and plans to introduce micro-loans and qualified parenting products along with international expansion in the future.
SALT will also add a new block chain token to use as a collateral.
"As blockchain assets continue to grow and become more popular, technology will have to shift accordingly … Opening up to potential borrowers who have opted for bitcoin and ethereum and other investments will become a key differentiator for SALT in the future "
Brine image with Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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Bitcoin Cash (BCH) outperformed the rest of the top ten cryptocurrencies in regards to price appreciation last week: demand for Bitcoin Cash has been increasing at a robust pace supported by trader’s optimism in the infrastructural improvement in virtual currency markets.
BCH price rose 70% last week, and the coin is extending its incredible bull-run into this week. Bitcoin Cash is up 20% today to $1430 – the highest level in the last two months.
The announcement related to a hard fork – a platform that will exclusively pair it with fiat …
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