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Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine

October 24, 2018 |

Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine

A draft bill introducing tax breaks for entrepreneurs and companies dealing with cryptocurrencies has been filed in Ukraine’s parliament, the Verkhovna Rada. The authors of the bill have called for tax exemptions for entities working in the sector until the end of 2029.

Also read: Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

New Legal Terms

Ukrainian lawmaker Yuri Derevyanko, one of the leaders of the Movement of New Forces party, put forward the new proposal to relieve cryptocurrency businesses from taxation for at least a decade. Bill 9083-1 has advanced through a number of important parliamentary committees this month, including those responsible for budgetary matters, financial policies, customs regulations and European integration.

Bill Proposes Tax Holiday for Cryptocurrency Businesses in UkraineIf adopted, the proposed legislation would result in amendments to the Ukrainian tax code. It would provide tax breaks on income earned from all cryptocurrency transactions. Both corporate entities and private individuals dealing in cryptocurrencies would be able to benefit from the tax moratorium until Dec. 31, 2029. The import and sale of equipment designed solely for mining would also be exempted from VAT.

In addition, the bill introduces a number of new legal terms pertaining to virtual assets and blockchain technologies. Cryptocurrencies have been defined as intangible digital assets, the right to possession of which is recorded in distributed ledgers. The draft law describes cryptocurrency mining as data processing related to the maintenance of distributed ledgers, which is then rewarded with digital assets.

Derevyanko believes that the 0 percent tax rate will stimulate the development of the cryptocurrency market in Ukraine and open the door for new investments. He said this will create conditions for the cryptocurrency industry to become a critical element of the country’s economy. “I think that it is necessary to introduce a 10-year tax moratorium in the crypto space. We must streamline and legalize this huge sector, which will be the engine of the new economy,” he said, as quoted by Ukrainian and Russian media.

Many Proposals, No Decisions

The bill was announced as an alternative to another draft presented by Derevyanko’s colleague, Alexei Mushak, a member of President Petro Poroshenko’s “Solidarity” party. Bill 9083, which was introduced in September, is also aimed at amending the Ukrainian tax code to provide tax breaks for the crypto industry. According to that proposal, profits from transactions related to cryptocurrencies and other digital assets would be subject to a preferential tax rate of 5 percent until the end of 2023. Starting from Jan. 1, 2024, individuals and businesses would be required to pay an 18 percent tax rate on their income from such deals.

Bill Proposes Tax Holiday for Cryptocurrency Businesses in UkraineDespite multiple legislative proposals, as well as calls from government officials and representatives of the industry, Ukraine’s cryptocurrency market remains largely unregulated. Three bills dealing with key regulatory challenges have been filed in parliament since last October, but no real progress has been made toward their adoption, at least that has been reported thus far. In August 2018, the Verkhovna Rada said that legislation recognizing cryptocurrencies as financial assets would be adopted at some point this year, or by 2019 at the latest. In the absence of clear guidelines regarding taxation, a deputy finance minister recently advised Ukrainians to pay 19.5 percent income tax on profits from crypto transactions.

In July, Ukraine’s Financial Stability Council approved a new regulatory concept for the cryptocurrency sector. The members of the council — including representatives of the National Bank, the Ministry of Finance, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Financial Services Market Commission — reaffirmed their willingness to work with lawmakers in the Rada to adopt a comprehensive legal framework that will ensure transparent relations between crypto investors, other stakeholders and the government in Kiev.

Do you think the proposed tax breaks can help the cryptocurrency industry become a major part of the Ukrainian economy? Share your thoughts on the subject in the comments section below. 


Images courtesy of Shutterstock.


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The post Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine appeared first on Bitcoin News.

Bitcoin News

Circle’s USDC Stablecoin Added to Coinbase

October 23, 2018 |

The global cryptocurrency exchange based out of San Francisco, Coinbase, has announced the firm will now support Circle’s USDC stablecoin on its exchange and brokerage service platforms. Coinbase believes that blockchain-based digital dollars like USDC provide many benefits to the cryptocurrency market ecosystem.

Also read: Bitpay Announces Stablecoin Support for Merchant Settlement

Coinbase and the USDC Stablecoin

Circle USDC Stablecoin Added to CoinbaseCoinbase announcing the launch of stablecoin support on its trading platform is part of a growing trend within the crypto-economy. On Oct. 23, the Californian exchange revealed that customers in supported jurisdictions can buy, sell, send and receive USDC. In the future, the company says customers in more geographical locations will have the ability to use USDC on the Coinbase platform. The San Francisco firm, noting this is the first time it has supported a stablecoin, says the digital asset is “fundamentally different from other cryptocurrencies.” Moreover, Coinbase says that the USDC token was a collaborative effort between them and the Boston-based Circle Financial.   

“Each USDC is 100% collateralized by a corresponding USD held in accounts subject to regular public reporting of reserves,” Coinbase explains in its blog post. “The underlying technology behind the USDC was developed collaboratively between Coinbase and Circle, in our capacity as partners and co-founders of the new Centre Consortium.”

Circle USDC Stablecoin Added to Coinbase
Coinbase details the team helped Circle develop the USDC token.

Coinbase describes USDC’s benefits throughout the announcement and emphasizes that the blockchain-based digital dollar is far more efficient to send and receive. Additionally, with USDC being an ERC20 standard token, it has the ability to be integrated with applications like Cryptokitties and other Ethereum projects. Lastly, Coinbase considers USDC to be a ‘programmable dollar’ in a sense that makes it easier for developers to add specific functionality.

“For example, given the private keys for USDC, a program can easily send and receive them back and forth using the public Ethereum blockchain,” Coinbase details.

2018 Has Seen a Flurry of Stablecoin Announcements

At the moment, the USDC token is only available on the brokerage side of Coinbase, but the coin will be added to the exchange shortly, the company adds. Coinbase says that the company will be fully compliant alongside Circle Financial by maintaining a “track record of security.” The firm also explains that the two companies’ reputations and compliance-first approach gives them a “unique position” in the growing stablecoin economy.

Circle USDC Stablecoin Added to Coinbase

The Coinbase news follows the Bitpay announcement on Oct. 15, when the payment processor revealed it would support the gemini dollar (GUSD) and the centre coin (USDC) for merchant settlement. Over the last six months, stablecoins have been added to many exchanges and cryptocurrency infrastructure systems. Most of the recent stablecoin announcements have seen exchanges adding other types of stable tokens besides the popular tether (USDT) coin issued by Tether Limited and the Omni Layer.

So far, most of the exchanges and payment processors that boast significant cryptocurrency volume have been adding stablecoins like USDC, GUSD, PAX, and TUSD. Coinbase concluded its announcement by stating that the company has also added USDC to the user-controlled Coinbase ERC20-centric wallet. The addition follows the recent 0x (ZRX) listing Coinbase added to the firm’s lineup of tradable coins.

What do you think about Coinbase adding a stablecoin to the mix? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Coinbase, Circle Financial, and Pixabay. 


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The post Circle’s USDC Stablecoin Added to Coinbase appeared first on Bitcoin News.

Bitcoin News

Bakkt Bitcoin Futures to Start Trading in December

October 23, 2018 |

Bakkt Bitcoin Futures to Start Trading in December

Intercontinental Exchange has announced that its Bakkt Bitcoin Daily Futures Contract will start trading on Dec. 12. Each trade “will result in physically delivered bitcoin” and will trade in U.S. dollar terms, the firm explained, adding that one contract will be listed for trading each exchange business day.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Date Set for Bakkt Bitcoin Futures

Bakkt Bitcoin Futures to Start Trading in DecemberIntercontinental Exchange Inc. (ICE) announced on Monday that its U.S.-based futures exchange, ICE Futures U.S. Inc., “will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on Wednesday, December 12, 2018.” The firm elaborated:

The Bakkt Bitcoin (USD) Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt LLC, ICE’s digital asset warehouse, and will be cleared by ICE Clear US Inc.

Bakkt Bitcoin Futures to Start Trading in DecemberThe firm continued to detail, “Each futures contract calls for delivery of one bitcoin held in the Bakkt digital asset warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each exchange business day.” ICE Futures U.S. is regulated by the Commodity Futures Trading Commission (CFTC).

ICE operates futures exchanges, OTC market services, central clearing houses, and the NYSE Group. Its central clearing service clears over 6.2 million futures and OTC contracts daily, the company claims.

Bakkt’s Original Plans

According to its 8-K filing with the U.S. Securities and Exchange Commission (SEC), ICE announced on Aug. 3 its plans to form Bakkt, which it described as a new company “with the goal of establishing a global platform for digital assets.” The firm informed the SEC:

Bakkt intends to work with BCG, Microsoft and Starbucks, among others, to create an integrated platform designed to enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.

Bakkt Bitcoin Futures to Start Trading in DecemberThe filing further states that “As an initial component of the Bakkt offering,” ICE plans “to launch a 1-day physically delivered bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.” In preparation for launch, the firm emphasized that it was “in discussions with regulators and in the process of finalizing definitive agreements with select partners.”

Bakkt CEO Kelly Loeffler commented on Thursday:

Bakkt will provide the first federally regulated, physical delivery price discovery contract for the digital currency market.

The CFTC has already approved two other major derivatives exchanges for trading cash-settled bitcoin futures: the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME). The former launched its bitcoin futures product on Dec. 10 and the latter on Dec. 17 last year.

What do you think of Bakkt’s bitcoin futures? Let us know in the comments section below.


Images courtesy of Shutterstock, ICE, and Bakkt.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bakkt Bitcoin Futures to Start Trading in December appeared first on Bitcoin News.

Bitcoin News

Nexo Lending Platform Adds Bitcoin Cash Support

October 23, 2018 |

Cryptocurrency loans service Nexo has confirmed it is adding support for bitcoin cash (BCH). The Switzerland-based lending platform offers crypto-fiat loans from upwards of $ 1,000, with no credit checks required as collateral. BCH holders will be able to stake their cryptocurrency as collateral and obtain instant funding in more than 40 fiat currencies.

Also read: Japanese Regulator to Host Regular Global Cryptocurrency Roundtable

BCH Becomes Nexo’s Sixth Cryptocurrency

Nexo Lending Platform Adds Bitcoin Cash SupportCryptocurrency lending service Nexo has been expanding rapidly. It recently added Ripple’s XRP and has now confirmed support for bitcoin cash and litecoin. These coins will join BTC, ETH, BNB and NEXO, granting cryptocurrency holders the ability to borrow anywhere from $ 1,000 to $ 2 million. Rather than sell their bitcoin cash when they require access to capital, users can lock BCH into the Nexo platform, before retrieving their coins once their loans have been repaid.

Nexo’s cryptocurrency assets are secured by custodial partner Bitgo, which just closed a Series B funding round from investors including Goldman Sachs. Bitgo has attracted a number of institutional clients to its service, as well as cryptocurrency companies such as Kraken and Pantera Capital. Once cryptocurrencies have been placed as collateral with Nexo, customers can obtain instant loans, and will also be entitled to additional credit should the value of their cryptocurrencies appreciate. Nexo boasts of having issued more than $ 1 billion of cryptocurrency loans to date.

Crypto-Fiat Loans Are On the Rise

Nexo Lending Platform Adds Bitcoin Cash SupportCryptocurrency holders today have a plethora of lending options available. On Oct. 19, news.Bitcoin.com reported on Salt adding support for dogecoin, while platforms such as Ethlend and Celsius Network have also been gaining traction. Cryptocurrency loans have a range of applications, including the provision of short-term funding for hedge funds that have invested in cryptos and wish to obtain capital for new investment opportunities. Nexo’s crypto-fiat lending service has also attracted cryptocurrency miners seeking to cover hardware expenses, as well as investors who wish to take out loans to buy more cryptocurrencies in the belief that they will rise in value, so they can profit without selling their existing holdings.

Nexo’s decision to add bitcoin cash and litecoin appears to have been swayed, in part, by a community vote that indicated strong desire for the coins. The lending platform is currently finalizing BCH wallet integration before its bitcoin cash lending service goes live in a few weeks’ time. Borrowers can obtain credit from 8 percent APR with no minimum loan repayments. Nexo has also completed integration with Coinmarketcap, enabling visitors to the market data site to start the process by clicking the “Get Loan” button alongside cryptocurrencies such as BCH and BTC.

Would you take a fiat loan in exchange for cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock and Nexo.


Need to calculate your bitcoin holdings? Check our tools section.

The post Nexo Lending Platform Adds Bitcoin Cash Support appeared first on Bitcoin News.

Bitcoin News

Cointext Launches SMS Bitcoin Cash Wallet in 4 New Markets

October 23, 2018 |

Cointext Launches SMS Bitcoin Cash Wallet in 4 New Markets

The Cointext SMS Bitcoin Cash (BCH) wallet continues its rapid expansion around the world. Residents of one more country in South America and three more in Europe now have access to the service, which allows users to send money to mobile phone numbers or BCH addresses without an internet connection, additional accounts or the need to download any apps.

Also Read: Report: Cryptocurrency Job Market Continues to Grow

Offering Brazilians an Alternative

Cointext Launches SMS Bitcoin Cash Wallet in 4 New MarketsCointext has started offering its SMS BCH wallet in Brazil, Poland, Croatia and Romania. It also now provides support for the Polish, Croatian and Romanian languages across the entire platform, the company said.

Of all the new locations, the fintech startup sounds most passionate about its expansion into Brazil, and not just because it is the largest market in South America, with more than 200 million people. “Brazilians have been suffering from corruption and bad monetary policy,” said Vin Armani, founder and CTO of Cointext. “Cryptocurrency offers a way for them to peacefully opt out of a corrupt system.”

Cointext users can access their wallets by sending SMS commands to a local access number. A new wallet is instantly set up the moment the recipient receives a message through the service. Residents in the company’s four new markets can also get a Cointext wallet by texting a command to their respective numbers (Brazil: BCH COMECAR to 29000; Poland: POCZATEK to 48539585454; Croatia: POCETAK to 385951006707; Romania: INCEPE to 4037170677).

European Expansion

Cointext Launches SMS Bitcoin Cash Wallet in 4 New MarketsCointext has rapidly expanded throughout the world since the company launched the service in March of this year. The startup’s entry into its four newest markets brings the total number of countries that are connected by the Cointext service to 29. The locations now supported include the U.S., Canada, South Africa, Switzerland, Sweden, Netherlands, the U.K., Germany, France, Austria, Portugal, Estonia, the Czech Republic, Hong Kong, Israel, Palestine, Argentina and Turkey.

The company appears set to continue growing at this rapid pace, as it aims to expand into every European market before the end of this year. “Adding Poland, Croatia and Romania brings us closer to connecting the entire continent of Europe,” Armani said. “Cointext’s end-of-year goal is to enable all 740 million European residents to text money to each other’s phones for pennies.”

Which countries do you think Cointext should expand into next? 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 Cointext Launches SMS Bitcoin Cash Wallet in 4 New Markets appeared first on Bitcoin News.

Bitcoin News

Spain Approves Bill Requiring Disclosure of Cryptocurrency Assets

October 23, 2018 |

Spain Approves Bill Requiring Disclosure of Crypto Assets

The Spanish government has approved a draft anti-fraud law that, among other things, will require investors in cryptocurrencies such as bitcoin cash to declare all of the assets they hold at home and abroad, according to local media reports. The intention is to ring-fence taxes and prevent tax evasion, particularly on an asset class that until now has appeared to be exempt from regulatory oversight.

Also Read: Genesis Global’s Bitcoin Loans Hit $ 553m in 6 Months

Citizens to Report Domestic
and Overseas Holdings

María Jesús Montero, the Spanish minister of finance, said on Oct. 19 that under the proposed legislation, Spanish citizens will have to clearly identify themselves and their cryptocurrency holdings. She added that citizens holding digital currency investments outside of the country will also be expected to report their investments to the Spanish authorities every year.

Spain Approves Bill Requiring Disclosure of Crypto Assets
María Jesús Montero

“It is stated as mandatory that people and companies inform the Tax Agency about this operation,” the Madrid-based daily newspaper ABC has quoted Montero as saying.

The Spanish Council of Ministers, which is chaired by Prime Minister Pedro Sánchez, has approved the draft legislation. If the bill is passed into law, cryptocurrency investments will become subject to the country’s 720 disclosure form, a stringent tax reporting system that primarily targets the overseas investments of Spanish citizens. Under this model, taxpayers can face stiff penalties of up to €5,000 ($ 5,740) for every inaccurate or false detail they report on their earnings, according to Bloomberg.

Cautious on Crypto

Spain Approves Bill Requiring Disclosure of Crypto Assets

The regulation of cryptocurrencies in Spain remains somewhat opaque, which is broadly reflective of wider sentiment throughout the European Union. Profits from cryptocurrency transactions are currently taxable under legislation covering matters related to individual income taxes. However, the country’s General Directorate on Taxation has established that transactions involving bitcoin are exempt from value added taxes. Cryptocurrency mining isn’t taxed either, but it remains unclear whether that might change.

The Spanish central bank and Comisión Nacional del Mercado de Valores, the country’s securities regulator, issued a statement in February stating that bitcoin and other digital coins are not legal tender. They also warned investors against the risk of fraud or potential losses from such investments.

What do you think about the Spanish draft bill on the disclosure of cryptocurrency investments? Let us know 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 Spain Approves Bill Requiring Disclosure of Cryptocurrency Assets appeared first on Bitcoin News.

Bitcoin News

The Death of Hype, Amara’s Law and the Crypto-Anarchist Dream

October 23, 2018 |

The Death of Hype, Amara's Law, and the Crypto-Anarchist Dream

The hype surrounding blockchain and cryptocurrency has simmered to a dull roar. Last December, the markets spiked as traders drooled over the thought of lining their pockets. They believed they would be billionaires. They had erotic dreams of lambos, mansions, hookers and blow. Many of them embraced a get-rich-quick, shit-brained mentality. They put speculation over philosophy. The majority of them got financially destroyed for their greed. In their fragilista-like thinking, they either forgot the purpose of the technology or came into the space without acknowledging the crypto-anarchism that created it. 

Also read: Markets Update: Stable Cryptocurrencies and Unstable Pegged Coins

Novel Technology Is Fueled by Hype

Anyone who has studied technological trends could have predicted what happened. Any The Death of Crypto Hype, Amara’s Law, and the Crypto-Anarchist Awakeningnovel technology is originally fueled by hype. When the technology emerges, new entrants see dollar signs. They want to exploit the technology to get rich. These people are pseudo-entrepreneurs or unprincipled traders. They don’t give a damn about changing the world, much less simplifying life for the average person.

There is nothing wrong with earning money or getting rich. That is what the capitalist spirit and entrepreneurial drive are all about. However, if people’s sole focus is to just to make money, they are doomed to failure. There has to be an underlying drive or motivating purpose. Without that fundamental principle guiding the entrepreneur, people are likely to go broke, fall prey to scams, or simply get rich but be unhappy.

Amara’s Law

There is an explanation for why early technologies succumb to bad actors and people with unwholesome motivations. Amara’s Law provides an apt summation. The law states: “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.”

This overestimation of technology’s effect is accompanied by the fraudsters, pseudo-entrepreneurs, and other unsavory types. When technologies emerge, people take advantage of the newness; they take advantage of the newbies. In this timeframe, there is a swirl of misunderstanding surrounding the tech, and this is fertile ground for the creation of victims. Scam victims. The victims of hype. And victims of greed. In this regard, “overestimation” is a synonym for “hype,” which leads to bad behavior and avarice within the industry.

Consolidation: Weeding out the Bad Actors and Scam Artists

However, in the long term, the ecosystem naturally weeds out the bad actors. Many of The Death of Crypto Hype, Amara’s Law, and the Crypto-Anarchist Awakeningthem get thrown in government cages. The projects that aren’t scams simply fail, and much of the greed begins to dissipate as reality sets in. This is a consolidation phase. In the cryptocurrency environment, this consolidation phase is propped up by self-governance.

Currently, the crypto ecosystem is trying to discover ways to promote self-governance, rather than locking people in cages. This means developers are considering platforms to help vet companies within the space. Indeed, the community must fashion an environment of self-governance to stymie politicians and bureaucrats.

Many in the ecosystem pontificate on the evil nature of scams and money grubbers, but then they vie for government to come solve all the problems. This is muddy thinking, and it verges on hypocrisy. If a person loathes fraudsters, the last thing they are going to do is invite government goons into the melee. Government is one of the largest criminal organizations and conduits of fraud to ever exist. Summoning them would be like calling a murderer to prevent murder. It makes zero sense.

Reawakening to the Purpose of Cryptocurrency

People must acknowledge where cryptocurrency came from. They must recall the past in order to make decisions for the future. If they want to get lost in the hype, they should at least do some research on the cypherpunks and crypto-anarchists. Crypto-anarchy was the underlying motivating factor. It’s the reason for this technology.

In the long term, I don’t believe people will underestimate the technology via Amara’s law. The fact crypto was built to undermine the state apparatus is an idea that can never be underestimated, and thus people will begin embracing it. The beautiful thing about cryptocurrency is it changes people’s psychology. It teaches them about sound money, by rewiring their brain. It also reminds them they own themselves, and that no one deserves to extort the fruits of their labor. The crypto-anarchist dream, then, is the real source of hype – not all the speculation and ramblings about getting rich.

Do you agree that crypto-anarchism should be the real driving force of cryptocurrency adoption? Let us know in the comments section below.


Images courtesy of Shutterstock.


OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.

The post The Death of Hype, Amara’s Law and the Crypto-Anarchist Dream appeared first on Bitcoin News.

Bitcoin News

The Daily: Binance to Expand in Singapore, Uphold Launches Loan Service

October 23, 2018 |

The Daily: Binance to Expand in Singapore, Uphold Launches Stablecoin

In today’s edition of The Daily, we look at a strategic investment that could help Binance to establish a fiat-to-crypto exchange in Singapore. We also focus on a new service that digital payments platform Uphold is launching to lend funds to its clients, as well as a cryptocurrency-backed prepaid card that’s coming to the U.S. market.

Also Read: Report: Cryptocurrency Job Market Continues to Grow

Vertex Ventures Invests in Binance

The Daily: Binance to Expand in Singapore, Uphold Launches StablecoinVertex Ventures, the venture capital unit of Singaporean sovereign wealth fund Temasek Holdings, has announced a strategic investment in Binance. As part of the deal, the two sides will jointly set up Binance Singapore to expand into the region. The undisclosed investment will also support the development of a fiat-to-crypto exchange in Singapore, as well as other fiat-to-crypto onramps throughout Southeast Asia.

“Vertex has an experienced team of investment experts in the region and a strong track record of supporting innovative startups that address real world, practical issues,” said Binance CFO Wei Zhou. “We look forward to building up the blockchain ecosystem and working with all stakeholders in Singapore to support continued innovation in the local fintech space.”

Binance plans to launch a fiat-to-crypto exchange in Singapore by the end of this year, CEO Changpeng Zhao said in September. The planned exchange will have to follow KYC/AML procedures, in accordance with local regulations.

Uphold Offers Earn and Borrow Products

The Daily: Binance to Expand in Singapore, Uphold Launches Lending ServiceUphold, which acquired a regulated broker-dealer in June, has launched two new products for its clients powered by crypto-backed lending platform Cred. With Uphold Earn, clients who purchase the company’s new stablecoin, Universal Dollar, will be able to earn interest on their holdings. Uphold Borrow, meanwhile, will allow clients to secure revolving lines of credit of more than $ 200,000, with their digital assets to be used as collateral.

The company is promising that the stablecoin at the heart of the plan, Universal Dollar, will be backed one-to-one with the greenback, with reserves to be held at U.S.-domiciled banks that are insured by the Federal Deposit Insurance Corp. The company has said that holders can also nominate beneficiaries who will be able to “call” the assets on prolonged account dormancy as a safely precaution.

“Uphold Earn and Borrow mark the first time that we’ve seen fiat currencies, stablecoin currencies and blockchain working together to benefit a mass consumer market,” said JP Thieriot, co-founder and CEO of Uphold. “Traditionally, the average consumer has been wary of digital currency for two reasons: volatility and a fear that, if they lose their key, they lose their money. Universal Dollar helps solve for both of these problems.”

Wirex to Enter U.S. Market

The Daily: Binance to Expand in Singapore, Uphold Launches StablecoinU.K.-based cryptocurrency card issuer Wirex, which recently registered as a Money Service Business in Canada, now has its eye on the U.S. market. The company has teamed up with i2c, a payments processing technology provider, to launch a prepaid card backed by multiple cryptocurrencies in the country. The card will allow U.S. consumers to convert and spend their cryptocurrencies wherever payment cards are accepted, including bricks-and-mortar retailers. The cards will also be accepted at online shops and will support fiat withdrawals from ATMs.

“Our data shows that cryptocurrency adoption is increasing in retail environments. Somewhat surprisingly, McDonald’s takes the top spot when it comes to spending on the Wirex cards amongst European users, followed by major grocery stores,” said Vroon Modgill, CEO of Wirex North America. “The relationship with i2c will enable Wirex to be the first crypto-friendly payment platform to offer this innovative service in the U.S.”

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: Binance to Expand in Singapore, Uphold Launches Loan Service appeared first on Bitcoin News.

Bitcoin News

Report: Cryptocurrency Job Market Continues to Grow

October 23, 2018 |

Cryptocurrency Talent Continues to Be in High Demand

Glassdoor, a California-based company that runs a recruiting and employer-review website, has published a report by its economic research department that shows growing demand for talent in the cryptocurrency industry, with U.S. job openings soaring by 300 percent year on year.

Also Read: The Daily: Global Cryptocurrency M&As Rise, US Town Halts Mining

Talent Search

Cryptocurrency Talent Continues to Be in High DemandThe report, based on a large sample of online job postings, identified 1,775 openings in the U.S. that included the terms “Bitcoin,” “cryptocurrency” and “blockchain” as of August 2018, up from just 446 such ads a year earlier. “Continued growth in job openings suggests that blockchain employers remain confident in the market opportunity and continue to make long-term investments in their teams,” the researchers said.

New York City and San Francisco lead as the best locations in which to find a job in the U.S. cryptocurrency industry, accounting for 24 percent and 21 percent of all job openings, respectively. In total, the top five cities — which include San Jose, Chicago and Seattle — dominate a combined 59 percent of all job openings on the Glassdoor website. Outside of the U.S., London tops the list of cities with 189 job openings, followed by Singapore, Toronto and Hong Kong.

Among the top 15 companies that are searching for new recruits, Consensys and IBM both have 214 related job listings. Coinbase comes in third with 63 related vacancies. Other familiar names such as Kraken, Circle, Bitgo and Abra are also on the list.

Cryptocurrency Talent Continues to Be in High Demand
Source: Glassdoor Economic Research

Learn to Program

Cryptocurrency Talent Continues to Be in High DemandFor anyone looking to enter the cryptocurrency space, it seems you can’t go wrong by acquiring software programming skills. Software engineers are the most in-demand individuals, with such jobs accounting for 19 percent of all listings. These openings are followed by more specialized positions, such as vacancies for front-end engineers and technology architects; in total, engineering-related positions account for 55 percent of the entire crypto-jobs segment.

The researchers identified a median base salary of $ 84,884 per year in the cryptocurrency industry, which is considerably higher than the U.S. median salary of $ 32,423. However, the report cautions that due to the wide range of jobs that are available, salaries can range widely, from just $ 36,046 to $ 223,667 per year.

“The reason we see higher salaries for blockchain jobs is due to the location and nature of the jobs available. High cost-of-living cities like New York City and San Francisco dominate the blockchain job market and employers there must offer higher salaries in order to attract talent. Additionally, high skill occupations like software engineers already demand high salaries, compounding this location effect,” the researchers explained. “After accounting for those effects, the high salaries we see for these roles are not unusual.”

Cryptocurrency Talent Continues to Be in High Demand

How should companies reach more people that have cryptocurrency development skills? 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 Report: Cryptocurrency Job Market Continues to Grow appeared first on Bitcoin News.

Bitcoin News

Former Russian Economics Minister Sees Huge Potential for Cryptocurrency

October 23, 2018 |

Former Russian Economics Minister Sees "Huge" Potential for Crypto

Herman Gref, the former Russian minister of economics and trade and the current CEO of Russia’s largest bank, Sberbank, recently articulated his expectation that cryptocurrency will have a profoundly transformative effect upon society in coming decades. Despite his longer-term outlook, Gref also expressed his belief that cryptocurrency and distributed ledger technology still needs up to five years to mature.

Also Read: Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

Sberbank CEO Believes Nation States Will Seek to Limit Crypto

Former Russian Minister of Economics Sees “Huge” Potential for CryptoWhile speaking at the Finopolis forum on innovative financial technologies, Gref expressed his expectation that nation states will seek to restrict the influence of cryptocurrencies in the near term, stating: “Do I see a great future in cryptocurrency? Not yet seen, the state will not give up its centralized role, will not allow cryptocurrency.”

Despite emphasizing his doubt that national governments will soon embrace crypto, Gref expressed optimism regarding the longer term outlook for cryptocurrencies, stating: “I’m optimistic about 10 years. Maybe 10 years will be visible beyond the horizon, but so far it’s not likely that any state is ready to part with the centralized money supply model.”

Gref also stated that he is in favor of “a distributed model [regarding] money supply,” adding: “maybe [cryptocurrency] would be the right model.”

Gref Describes Cryptocurrencies’ Potential as “Huge”

The former economics minister argued that the technology underpinning cryptocurrencies still needs up to five years in order to develop, stating “The technology is not ready now. When will it be ready? In my opinion, three to five years. If you ask me in five years, maybe I can say something more distinct about its place, but the potential is huge.”

Former Russian Economics Minister Sees “Huge” Potential for CryptoExpanding on his expectations for the potentiality of crypto, Gref predicted that once the technology has matured, cryptocurrencies will have a transformative effect upon “business and society.”

“Improving technology will give a huge value for business and society. Now the hype has ended and a more balanced consideration and evaluation of this technology has begun. We are developing and are experimenting with technology. I see that, in particular, in the financial sector and in public administration this technology has great prospects,” he stated.

Gref also argued that a cooling of the speculative frenzy recently surrounding the crypto markets is a positive signal for the fundamental development of cryptocurrencies, stating: “It is important between the murder and the rise of speculation to find the golden mean, which will allow you to quietly develop the technology.”

What is your response to Gref’s outlook regarding crypto? Share your thoughts in the comments section below!


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