Japan’s top financial regulator, the Financial Services Agency, has exclusively shared with news.Bitcoin.com the details of its first-ever roundtable on cryptocurrency oversight. Regulators from over 15 countries participated in the event to share information and discuss cryptocurrency regulatory issues.
The Japanese Financial Services Agency (JFSA) recently hosted its first-ever international cryptocurrency roundtable. The event was entitled “Roundtable on supervisory oversight of crypto-assets — recent developments and challenges going forward.”
The agency described, “The roundtable brought together relevant financial supervisors and international organizations, providing a useful opportunity to share experiences and discuss issues of crypto-assets, which could contribute to strengthen international cooperation.”
The JFSA told news.Bitcoin.com on Thursday:
In the future, we want to hold this roundtable on regular basis … JFSA considers it important to share information with respective regulatory authorities and to build on supervisory cooperation in order to prevent money laundering because of the borderlessness of crypto-assets.
According to the agency, participants have expressed their willingness to participate in similar roundtables in the future.
Furthermore, the agency clarified, “The purpose of this roundtable is not to reach agreements on any new laws and regulations but to share information on challenges faced by respective regulatory authorities and regulatory frameworks as well as to co-operate and work internationally.”
Sharing Information With Over 15 Countries
Four main issues were discussed by roundtable participants, the JFSA detailed. Firstly, recent crypto-related technological developments and challenges were discussed. Secondly, the regulators shared their thoughts on the supervision of cryptocurrency trading platforms. The third topic of discussion was about “possible areas of international cooperation,” followed by the final topic of “investor protection and market integrity.”
Without identifying specific countries that participated in the first roundtable, the JFSA confirmed to news.Bitcoin.com:
More than 15 countries’ financial supervisors and international organizations have participated.
Recently, the Securities and Exchange Board of India (SEBI) wrote in its annual report that it sent officers to Japan and a few other countries to discuss cryptocurrency and initial coin offering regulations. South Korea also previously said that it had been cooperating with the Japanese regulator on crypto-related matters.
Regular Study Group Meetings
The Japanese regulator is also hosting regular study group meetings to discuss various crypto regulatory issues, particularly those concerning the regulation of cryptocurrency exchanges. The seventh study group meeting took place on Friday, Oct. 19.
Among the main topics of discussion was derivatives trading with cryptocurrencies as the underlying assets. According to the Japan Virtual Currency Exchange Association (Jvcea), a self-regulatory organization, margin trading accounted for about 80 percent of all total cryptocurrency transactions in Japan last year.
It was also noted at the meeting that some crypto exchanges offer 25x leverage which could lead to significant losses for investors. The association has proposed a self-regulatory measure of limiting the leverage to 4x. The association, whose members comprise all 16 regulated cryptocurrency exchanges in Japan, is currently waiting for certification from the JFSA to be able to enforce self-regulatory rules on its members.
Also discussed at the meeting was the issue of whether there should be a deadline for deemed dealers – the exchanges that have been allowed to operate while their applications are still being reviewed by the JFSA. For example, if they are not able to meet the registration requirements after three years, they may lose their deemed dealer status, according to one suggestion at the meeting. Currently, there are three deemed dealers in Japan: Coincheck, Lastroots, and Everybody’s Bitcoin.
What do you think of the Japanese regulator hosting crypto regulatory roundtables? Let us know in the comments section below.
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After delivering 10nm semiconductor technology, the electronics giant Samsung has announced the firm’s foundry has started production of its EUV-based 7nm LPP process. Lately, Bitcoin mining rig manufacturers have added more pressure to the significant global demand for high-performance chips. At the moment there are only a couple of foundries producing them.
Samsung Announces Commercialization of Its 7nm Process Node
Samsung has announced it has completed all the processes involved with the 7-nanometer LPP (Low Power Plus) with extreme ultraviolet (EUV) lithography technology. Now the Korean company has started the wafer production for these next-generation semiconductors. 2018 has seen a lot of sophisticated semiconductor technology, as some of the world’s leading manufacturers have been producing 10nm and 7nm chips for companies worldwide. Over the last year, bitcoin mining rig manufacturers from all around the globe have been in need of these high-performance chips.
For instance, Canaan, Bitmain, Ebang, GMO and other firms have announced the production of a few sets of new mining rigs that utilize either 10nm or 7nm semiconductor technology. Some of the mining companies have revealed the firms are either working with the Taiwan Semiconductor Manufacturing Company (TSMC) or Samsung when it comes to building these new machines. This past August, Globalfoundries announced it had decided to stop its 7LP (7nm) fabrication processes. Samsung’s latest announcement should help ease demand for these chips with the commercialization of its newest process node.
Charlie Bae, the executive vice president of Samsung’s foundry sales, explained during the announcement that the production will not only help mobile and high-performance computing (HPC) technology “but also for a wide range of cutting-edge applications.”
“This fundamental shift in how wafers are manufactured gives our customers the opportunity to significantly improve their products’ time to market with superior throughput, reduced layers, and better yields,” Bae emphasized.
Two Firms Now Produce Next-Generation Chips
In addition to its 7nm production announcement, the firm also explained that the process will provide customers with confidence that Samsung’s 3nm technology is coming soon. Last June, TSMC, the world’s largest semiconductor manufacturer, announced that its “5nm Fin Field-Effect Transistor process technology” should be ready by the third quarter of 2019. Both TSMC and Samsung are working with different bitcoin mining rig manufacturers but there’s a lot of demand stemming from other technology sectors worldwide. TSMC is producing 7nm chips for the latest Huawei and Apple phones, and Samsung’s mobile phone lineup as well will be using next-generation semiconductors.
With all the demand, Samsung adding another manufacturing source for next-generation 7nm chips should help bitcoin mining rig makers get their hands on faster semiconductors. Samsung details that the initial 7nm production has started in its fabrication plant in Hwaseong, Korea. For the past nine months, the firm has been introducing its semiconductor improvements and new EUV lineup at events in Japan, Korea and China. The 7nm production announcement was revealed to Samsung’s European investors at the last 2018 Foundry Forum event held on Oct. 18 in Munich, Germany.
What do you think about Samsung announcing it has started wafer production on next-generation 7nm semiconductors? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, and Samsung.
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On Oct. 20, Bitmain launched a new firmware upgrade for the company’s Antminer S9 mining rigs that allows for the activation of overt Asicboost. The firm also explained that in roughly one week the company will release overt Asicboost firmware for all BM1387-based models manufactured by Bitmain. The China-based company joins a slew of other cryptocurrency mining organizations that have been overtly processing blocks with the once-controversial Asicboost software.
Bitmain Miners Will Feature Overt Asicboost Technology
Bitmain has revealed the firm’s developers have finished creating a new version of firmware for the company’s Antminer S9 mining rigs. Now, S9s have the ability to use overt Asicboost while mining SHA265-based networks like Bitcoin Cash (BCH) and Bitcoin Core (BTC). Well over a year ago the Asicboost technology was considered controversial, because critics assumed the protocol was being used covertly in a secretive fashion. Asicboost gives mining rigs roughly 20-30 percent more efficiency processing blocks compared to mining devices not equipped with the protocol. Even though many BTC supporters accused Bitmain of using the software in a stealth manner, this has never been proven. Additionally, no other mining pools have been caught using the protocol covertly since the contentious argument against Asicboost optimization began in 2017.
Bitmain notes in its recent announcement that the firm had detailed back in April 2017 that its ASIC chip BM1387 already had the ability to process Asicboost. However, because of possible patent infringements and other third-party IP violations, they refrained from using the protocol.
“Initially, we decided against activating this mathematical function in mining hardware produced by us, largely because of the legal uncertainty surrounding the use of Asicboost,” the Bitmain blog post details. “As an organization, we didn’t want to violate patent laws or act in any way that was untoward. Instead, we continued to focus our efforts on R&D and building the industry’s most efficient mining chips.”
The Use of Asicboost Has Increased Significantly
Bitmain states they are now pleased to give Antminer owners the ability to utilize the Asicboost mining advantage and that the technology doesn’t give “any negative impact on the Bitcoin protocol.” Additionally, the mining manufacturer emphasizes that the use of the software is completely transparent and can be noticed on the blockheader of any ‘version-rolling boosted’ blocks. Bitmain also says the firm has sought legal advice across various jurisdictions and the company believes Asicboost technology is not currently, and may never be, officially patented.
“By activating Asicboost, our customers’ hardware will increase in effectiveness while the future hardware we make continues to be the industry gold standard — Utilizing this technology will be very beneficial for the mining,” explains the firm’s blog post.
Bitmain concludes by stating:
Asicboost has the potential to reduce the J/TH cost and increase the total hashrate of the network — By activating this upgrade widely, we are making the Bitcoin network stronger than ever before.
Many mining pools have been mining SHA256-based blocks with the overt ‘version-rolling’ Asicboost protocol for months now. According to the data site Asicboost.dance, last week 6.65 percent of the BTC network’s blocks were mined by overt Asicboost mining. That’s roughly 67 version-rolled blocks and about 3.4 exahash a second which stems from the BTC network’s total 58EH/s hashrate. At the time of writing, there are about six pools mining with Asicboost including Slushpool, Ckpool, Poolin, F2pool, Bitclub, and an unknown pool.
It is uncertain whether or not Bitcoin Cash network miners will be using the Asicboost technology going forward, and there is no data showing ‘version-rolled’ blocks on the BCH chain yet. According to Bitmain, in addition to the BM1387-based models getting new firmware, the mining pools Btc.com and Antpool now have the ability to utilize Asicboost.
What do you think about Bitmain adding Asicboost to the company’s mining rigs? Let us know what you think in the comments section below.
Images via Shutterstock, Asicboost.dance, Pixabay, and Bitmain Technologies.
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Genesis Global Trading has released a financial report for the third quarter that shows the U.S. cryptocurrency lender provided $ 553 million worth of digital asset loans. These were issued to corporate borrowers such as hedge funds and trading firms in the form of BTC, BCH, ETH and other cryptocurrencies.
Institutional Investors Borrow to Boost
Working Capital, Short Cryptocurrencies
Genesis Global Trading — an affiliate of Los Angeles-based Genesis Capital — said it has $ 130 million in active loans outstanding, from a total of $ 553 million in originations. since it started providing digital currency loans to its customers in March of this year. About 50 percent of the total loan portfolio is denominated in bitcoin core, while 25 percent is ethereum loans, according to an online statement published on Oct. 18. Nine other cryptocurrencies, including bitcoin cash, accounted for the remaining 25 percent of the loans it offered throughout the period.
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. “At launch, lending activity was driven largely by speculative hedge funds,” the company said. “BTC loans primarily serviced working capital needs, while ETH loans were primarily used for short interest.”
Most of the funds that Genesis Global Trading 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 Global Trading, recently told Bloomberg. At the beginning of the third quarter in July, BTC dominated the company’s loan portfolio, followed by ETH. But as the price of ether has fallen more than 80 percent since March, interest in the cryptocurrency has started to decline.
BTC Dominates Loan Portfolio as ETH Declines
By the end of September, ether accounted for just 3.7 percent of the company’s loan book, while BTC rose to 70 percent. Borrowers took out about 3.5 percent in BCH-denominated loans, up from 1.9 percent three months earlier.
Genesis Global Trading said it has observed various changes in the composition of its clients, as well as the way in which they use the funds they borrow. Early in the third quarter, the majority of the company’s loans were used by clients to shore up their working capital, it said. But in September, hedge funds became more active on the short-side and added to their speculative long-term positions.
“Trading firms also saw increased opportunities for arbitrage and market-making as derivative liquidity increased across markets,” the company added. “These firms generally borrow digital assets to trade against derivatives like futures and swaps. We believe this kind of activity will continue to pick up as derivative markets mature.”
Cryptocurrency loans are emerging as an increasingly viable alternative to borrowing fiat. For example, data from Genesis Global Trading shows that the 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 cryptocurrency loans? Let us know in the comments section below.
Images courtesy of Shutterstock and Genesis Global Trading.
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Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service.
State Tax Authority to Determine
Taxes on Mining Profits
Anatoly Aksakov, head of Russia’s parliamentary Financial Market Committee, announced the latest amendment to the bill, which is expected to regulate Russia’s growing crypto industry, on the sidelines of Finopolis 2018. Roughly 1,500 people participated in the annual event, which is held by the Bank of Russia. Attendees included government officials and representatives from domestic and foreign companies in the financial and IT sectors.
Aksakov said that the long-awaited bill, “On Digital Financial Assets,” will not resolve lingering questions about the taxation of profits generated by cryptocurrency mining companies, the number of which increased by 15 percent in the first half of this year. Rather, the Federal Tax Service will have to decide on its own whether it will tax such operations. According to Aksakov, it would not make any sense to refer to mining in the revamped bill, given that it no longer includes any mention of cryptocurrencies. The proposed legislation is scheduled for a second reading in the State Duma following public discussions later this fall.
This past spring, three bills were filed in the lower house of Russia’s parliament to establish comprehensive rules and regulations for digital assets, the fintech industry and related sectors such as cryptocurrency mining. However, Russian lawmakers have struggled to synchronize the different legal terms used in the bills. After adopting them on first reading, they decided to postpone the final votes for the fall session. In the meantime, the drafts have been compiled into a single legal framework that differs significantly from the original versions.
Few Options on the Table
The decision to remove references to “mining” in the draft follows earlier reports that lawmakers had dropped the term “cryptocurrency” from the merged bill. Previously, the law had defined “mining” as the process of creating cryptocurrency, as well as the practice of rewarding entities for validating cryptocurrency transactions. Mining was also recognized as an economic activity that could be performed by both companies and individual entrepreneurs, meaning it would be subject to taxation when an operation’s electricity consumption exceeds certain limits.
However, Aksakov noted that Russian officials are no longer thinking about integrating cryptocurrencies into the national economy. “Since we decided we don’t need them, mining is not needed either,” Interfax quoted him as saying.
Other reports suggest that Moscow plans to regulate the crypto space in cooperation with the Financial Action Task Force, which is soon expected to present a new set of anti-money laundering standards for cryptocurrencies. Aksakov’s comments came after President Vladimir Putin’s special representative for digital and technological development, Dmitry Peskov, justified the decision to wait for the new standards to be released, pointing to the high risks associated with the nascent cryptocurrency sector. Peskov also recently claimed that the cryptocurrency market is evolving much more quickly than the government can write new laws, and hinted that Moscow might not even adopt comprehensive legislation for the sector at all.
If anything, the comments of both officials betray their limited knowledge about cryptocurrencies and the industry that has evolved around them. In truth, very little has changed in regard to the core principles that underlie cryptocurrencies. A decade after the creation of Bitcoin, cryptocurrency is still seen as a decentralized, electronic form of money that can be transferred on a peer-to-peer network. Most politicians fail to understand these principles and the mechanisms like mining that underpin cryptocurrencies.
Within this context, the Russian authorities actually have a limited set of options. The centralized state needs to control what’s entering the borders of the “sovereign democracy” built under Putin. Following in the footsteps of China, however, is not what some influential business players want. In contrast to the state-sponsored draft legislation, an alternative bill proposed by the Russian Union of Industrialists and Entrepreneurs not only mentions cryptocurrency, but also grants it special status.
What are your expectations about the future of the crypto space in Russia? Let us know in the comments section below.
Images courtesy of Shutterstock.
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OCTOBER 22, 2018 — LOS ANGELES — Xsolla, which provides game developers with a comprehensive suite of flexible tools and services to help launch, monetize and scale their games globally, today started accepting made-for-gaming cryptocurrency — MobileGO (MGO) — for its PC and mobile games partners.
For the first time ever, developers are able to receive royalty payouts in a cryptocurrency, MGO, on a sliding scale percentage of their choice. As more and more digital entrepreneurs move their savings and retirement investments to the blockchain, Xsolla is there to help its clients cash out in whatever currency is most convenient for them.
“Xsolla’s mission is to always be at the forefront of innovative technology, continuously adding tools and services that enable developers to grow and monetize their games globally,” said Aleksandr Agapitov, founder and CEO of Xsolla. “MGO will accelerate transformative opportunities for our community. Game developers will now receive their royalty payouts much faster, and owners of MGO will soon be able to engage in peer-to-peer match play and organize decentralized gaming tournaments in a way never before possible. MGO is essentially the Bitcoin of the gaming industry, the most trusted cryptocurrency that Xsolla is making available to more than half a billion gamers today.”
Gamers now have more choice to pay for games and in-game transactions with the addition of MGO to Xsolla’s over 700 payment methods. With a current roster of over 500 games — and more added daily — that can accept the tokens, the audience continues to grow. Xsolla’s tools and services operate in over 200 countries and territories, more than 20 languages, and 130 currencies. It is the only payment platform and end-to-end product suite focusing solely on the game development community worldwide.
In addition to gaining popularity with gamers, preparing for this massive adoption MGO tokens have managed to secure their position on major exchanges such as Bitfinex, DigiFinex, BitForex, HitBtc and GateCoin.
MGO is Etherium based ERC223 token created to foster a new era in the gaming industry. Its ultimate goal is massive adoption becoming a universal currency for 2.6 billion gamers worldwide, and help both large and small game developers to grow their business as well as to provide gamers with benefits of smart contracts and transparency. For more information, visit https://www.mobilego.io or watch this video.
Xsolla gives video game developers, publishers, and platform partners access to the flexible tools, services, and collaboration needed to launch, monetize, and scale their games and products globally. Serving only the video game industry, the Xsolla product suite caters to businesses from indie to enterprise, with: Pay Station and its #1 Anti-fraud solution, Partner Network, Site Builder, Store, Login, and Launcher. Headquartered in Los Angeles, with offices worldwide, Xsolla operates as a merchant and seller of record for major gaming entities like Valve, Twitch, Ubisoft, Epic Games, and PUBG Corporation. For more information, visit www.xsolla.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.
In today’s edition of The Daily, we look at how the current bear market is facilitating consolidation in the global cryptocurrency industry. We also focus on recent calls by an intergovernmental organization to tighten up rules on virtual assets throughout the world, as well as a story about a small U.S. town that has banned cryptocurrency mining for a period of one year.
Bearish sentiment in the cryptocurrency market has driven an industry-wide increase in mergers and acquisitions, with such deals spiking by more than 200 percent year on year in 2018. According to figures compiled by JMP Securities for Pitchbook, 115 deals have already been announced throughout the world this year, with roughly 30 more expected by the end of December. That compares with just 47 mergers and acquisitions that were completed in all of 2017.
“You’re seeing a mispricing of assets,” Satya Bajpai, head of digital assets investment banking at JMP Securities, told CNBC. “Even for great businesses, the value of the token remains correlated to bitcoin, which can create an ideal opportunity for strategic acquirers.”
A growing number of established companies are using the downturn to buy startups. They are mainly pursuing such deals to gain access to human resources, as talent is in short supply, rather than to simply secure new products and technologies.
“As soon as a company becomes interesting, they get bought,” said Bajpai. “The deal size may still remain small, but the number of deals will increase because that’s the most viable and fastest way to grow in this environment.”
Global Group Calls for Strict Rules on Virtual Assets
The Financial Action Task Force, a Paris-based intergovernmental organization that aims to stamp out money laundering and terrorism financing, issued a clarification last week regarding recent recommendations it has made on how to regulate virtual assets. It said that all countries throughout the world need to take coordinated action to prevent the use of such assets to fund terrorism and criminal activities.
“All jurisdictions should urgently take legal and practical steps to prevent the misuse of virtual assets,” said the organization, which is known as Groupe d’action financière in France. “This includes assessing and understanding the risks associated with virtual assets in their jurisdictions, applying risk-based [anti-money laundering and counter-terrorism financing] regulations to virtual asset service providers and identifying effective systems to conduct risk-based monitoring or supervision of virtual asset service providers.”
The organization is expected to set its own rules on the mandatory oversight of cryptocurrency businesses by June. Countries that fail to comply may be added to a blacklist. Beyond exchanges, the organization also wants national governments throughout the world to start imposing more regulations on initial coin offerings and encrypted wallet providers.
Community to Take ‘Break’ From Mining
The city council of Ephrata, a municipality of about 8,000 people in the U.S. state of Washington, has voted to ban new cryptocurrency mining operations for the next 12 months. According to the Columbia Basin Herald, local residents have complained about the noise emanating from mining facilities in the area. In addition, the authorities want to determine how such businesses fit in with the area’s electricity infrastructure.
“The noise was like an ocean. And I tried to pretend it was the ocean, but that gets old, 24/7, 24/7, 24/7,” complained Ephrata resident Donna Huesties, whose home overlooks one of the city’s mining outfits.
Kathleen Allstot, a member of the city council, said that the temporary ban would give the local authorities the chance to assess the implications of allowing mining businesses to operate in the community. In particular, she said that the one-year “break” will give Grant County Public Utility District — the main regional electricity supplier and operator of the Priest Rapids Dam and Wanapum Dam hydroelectric projects — a chance to determine how to provide power to mining businesses.
Only one council member, Matt Moore, voted against the decision. He said that he dissented over concerns about the potential economic impact of the ban.
“Economics will be the deciding factor,” Moore told the newspaper. “If this is an economical business, and this is one of the ideal places to situate it, I don’t want to surrender any economic opportunity, big or small.”
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 developers who created the Bitcoin Cash-centric wallet Yenom have revealed the team has been working on an interesting protocol for the BCH ecosystem. On Oct. 21, Yenom developer Shun Usami published a wallet scheme called the Deep Link Payment Protocol, a communication system that allows users the ability to simply click a link on a website to pay for a product in bitcoin cash.
Yenom developers Shun Usami, Taiki Uchida and Aoi Serikawa have proposed a new wallet scheme for the global Bitcoin Cash network. The proposal called the Deep Link Payment Protocol (DLPP) is a deep link scheme system tethered to a wallet application with a callback URL. The concept is similar to the BIP21 (URI scheme), a URI formula that allows users to pay for products by simply clicking a link. In essence, the deep link scheme proposed by the Yenom programmers offers a communications equivalent between the wallet and other applications.
“When the wallet application completes the requested behavior, the wallet pings the callback URL,” explains Usami’s proposal.
Other Examples of Payment Protocols Indicate Far Less Room for Error
The DLPP specifications detail that the current experience with mobile wallets is not user-friendly and cryptocurrency payments take far more steps than they should. For instance, traditionally cryptocurrency wallet owners have to copy the address, open the wallet, paste the address, type the precise amount, and then authorize the payment. With the DLPP scheme, the payment link is opened inside the wallet software, and all the user has to do is confirm the payment. The Yenom developers believe the protocol is simple and an alternative design method similar to BIP70 could also be used. An instance of this method being used in the wild is Bitpay’s payment protocol (a version of BIP70, 71 and 72), and Bitpay recently emphasized the method has led to far better efficiency.
Additionally, the Yenom programmers explain the protocol specifications allow forward compatibility. “Adding optional parameters can be done by simply adding them — Adding required parameters or a destructive change can be done by simply changing the type name to new one,” the DLPP scheme details. As long as the mobile clients don’t act on a URL callback without consent from the wallet owner, the protocol can essentially remove three of five steps that are usually required by traditional wallets. According to the Yenom team, a DLPP reference implementation is coming soon.
What do you think about the Deep Link Payment Protocol proposed by the Yenom developers? Let us know what you think about this idea in the comments section below.
Images via Shutterstock, Twitter, hackmd.io, and Yenom
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Digital fiat currency wallet provider Neteller has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC. The cryptocurrency service is already live in 10 countries and the company “plans to roll it out to more than 50 additional markets.”
Neteller is a service operated by Paysafe Financial Services Ltd., a wholly-owned subsidiary of Paysafe Group Ltd. Paysafe Financial Services was founded in 1999 to provide an online alternative to traditional payment methods. The group announced on Friday that Neteller has launched an “in-wallet buy-and-sell cryptocurrency feature,” elaborating:
As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognised cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.
“We expect to add more currencies in the near future,” Neteller’s website states, adding that users can currently exchange from more than 100 payment methods into cryptocurrency without additional verification. The supported fiat currencies include Australian dollars, Brazilian reals, Canadian dollars, euros, British pounds, Indian rupees, Japanese yen, Mexican pesos, Russian rubles, Swiss francs, U.S. dollars, and Colombian pesos.
Some of the methods for funding a Neteller account include Pay by Mobile, Epay, Paysafecard, local bank deposits, and bitcoin, according to its website. Funds can also be uploaded via a number of banks online such as Banco do Brasil, HSBC, Itau, and Nordea.
“Our rates are very competitive by comparison to the average market rates on the major cryptocurrency exchanges,” the firm claims. Paysafe detailed:
Neteller’s new cryptocurrency service is already live in ten countries with plans to roll it out to more than 50 additional markets over the coming weeks and months and to extend the service to its Neteller mobile app.
The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.
Each Neteller wallet has a default fiat currency which is chosen at account creation. The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency. The fee rises to 3 percent for wallets with other default currencies.
About Neteller and Skrill
Neteller users can pay, get paid on thousands of sites, and send money worldwide. The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash. “As one of the world’s largest independent money transfer businesses, we process billions of dollars’ worth of transactions each year,” its website reads.
The company described:
The Neteller account is an online stored-value account that millions of consumers in more than 200 countries have used to add, withdraw and transfer funds to and from Neteller merchants and other Neteller customers.
On July 25, Paysafe announced that another digital wallet provider in its group, Skrill, started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”
What do you think of Neteller adding cryptocurrency exchange service? Let us know in the comments section below.
Images courtesy of Shutterstock, Paysafe, and Neteller.
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Not a lot has changed since our last markets update four days ago as cryptocurrency markets continue moving sideways in a consolidated pattern. The top five digital assets have seen modest northbound gains this week, with increases between 1-5% over the last seven days. This Sunday, Oct. 21, the entire cryptocurrency economy of over 2,000 digital tokens is valued at $ 214.4 billion.
Boring Market Action Often Leads to Something Unexpected
It’s been a lackluster week for cryptocurrency traders as not much has been happening, except for a few stablecoins having some interesting breakouts a few days ago. Since then most of the stablecoins, funnily enough, have seen less volatility and actually remained ‘stable.’ Top performing digital assets like bitcoin cash (BCH), ethereum (ETH), and bitcoin core (BTC) dropped a hair in value last week as traditional finance investments plummeted. However, these digital assets have regained the very small losses that took place on Oct. 19, and most of the top coins are up over the last seven days. This weekend, bulls seem to be strengthening their positions for another attempt to intensify a bearish-to-bullish trend change.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) is currently trading at $ 452 per coin this Sunday, with a market valuation of about $ 7.85 billion. Much like BTC and the rest of the top cryptocurrency markets, bitcoin cash trade volumes have been waning. Four days ago, BCH daily trade volumes were above $ 300 million, but have since dropped to $ 281.3 million. The top exchanges trading the most BCH today include Lbank, Hitbtc, Binance, Okex, and Bithumb. The dominant five trading pairs swapped for bitcoin cash this weekend are BTC (43%), USDT (29%), ETH (10.9%), KRW (8.6%), and USD (3.1%). The US dollar pair has dropped considerably against BCH, and the Korean won has jumped a good percentage upwards when it comes to global fiat volumes. Bitcoin cash this weekend is the sixth most traded cryptocurrency among the entire crypto-economy.
BCH/USD Technical Indicators
Looking at charts over the last few days is similar to looking at the ocean’s horizon or a straight line. The four-hour and daily charts for BCH/USD show bulls look as though they are attempting to breakout upwards again in the near term. However, the two simple moving averages (SMA) have crossed hairs, indicating a trend change could be imminent. The 200 SMA is now just above the 100 SMA, showing the path towards the least resistance is likely the downside at the moment.
Relative strength index (RSI) levels are meandering in the middle (-54.47), showing traders may be indecisive. The MACd shows a similar readout, indicating there could be room for improvement or a break toward the downside. Order books show bears will be stopped short in the $ 420 region and see another pitstop around $ 385 as well. BCH bulls need to press past the current vantage point and surpass a large sum of orders between the $ 460 through $ 500 range. After that, BCH bulls still need to defeat big walls above the $ 520 range and higher to keep momentum going strong.
The Verdict: Positive News Hasn’t Erased Market Skepticism
Overall there’s been a lot of news concerning institutional investment coming into the space and many crypto proponents are pleased to see these new entries. For instance, Fidelity Investments recently announced launching a trading desk, and Caspian’s multi-exchange trading platform came out of beta. Bitgo raised $ 57.5 million and Genesis Global Trading reports that institutional traders have borrowed $ 553 million worth of digital assets since March 2018. Meanwhile, Bitcoin Cash fans have seen an exponential increase in adoption and development over the last seven days. The outlook is surely positive for the future of cryptocurrencies, but markets don’t seem to be reflecting the optimism. The verdict this week is still skeptical as far as short-term market prices are concerned. This is due to weak cryptocurrency market volumes, a narrowing range of consolidation, and the previous and very interesting stablecoin fluctuations that occurred earlier this week.
Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comment section below.
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.”
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