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| May 24, 2019

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A Massive Number of Fake Facebook Accounts Have Been Taken Down This Year

May 23, 2019 |

Facebook says it removed 2.19 billion fake accounts in the first quarter of the year—a total nearly as high as the number of monthly active users. About 1.2 billion accounts were taken down in the last quarter of 2018, Engadget reports. The company said in its Community…
Newser

New Crypto-Friendly Bank Cashaa Offers Personal and Business Accounts

April 19, 2019 |

New Crypto-Friendly Online Bank Cashaa Operates Globally

People and businesses in need of crypto-friendly banking now have a new platform to try. Cashaa is a London-based online bank that recently launched promising one account for old and new money. Its products are targeted at those who are underserved by traditional financial institutions.

Also read: Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made

Cashaa Offers Startups Banking and Crypto Payment Services

Opening a first bank account can be problematic for young companies in many jurisdictions around the world. The business accounts offered by Cashaa are designed for small and medium enterprises and startups registered worldwide, not only U.K. or EU-based entities. The accounts will allow them to accept both fiat and cryptocurrency payments.

Cashaa’s Start plan allows businesses that already have a bank account to add a crypto payment option for their customers. It comes with cryptocurrency conversion up to £1 million and supports deposits and withdrawals in over 200 local currencies, including U.S. dollar, euro, British pound, and Indian rupee.

New Crypto-Friendly Bank Cashaa Offers Personal and Business Accounts

The Standard plan offers a U.K. current account plus a free operations account linked with a Mastercard. It also provides crypto storage with easy conversion to fiat and support for local and international transfers. The online bank’s Advance plan is designed for crypto companies. It includes a UK current account, Swift and local payments, linked Mastercard and the ability to issue Iban numbers to customers.

Business clients can use Cashaa’s services to accept bill payments including across borders, online payments from customers at checkout and payments in physical locations such as retail shops and restaurants. The platform currently processes bitcoin core and ethereum payments through conversion to multiple fiat currencies.

The personal accounts offered by Cashaa provide users with a multisig wallet and the option to buy and sell cryptocurrencies. Leading coins including bitcoin cash are supported and there’s a flat fee of 1.49%. Users are also able to deposit funds via bank transfer in more than 200 countries and withdraw directly in local currency.

Bitcoin.com also enables you to purchase BCH and BTC with Visa or Mastercard in both USD and EUR. To learn more about the service, check out the Buy Bitcoin page.

Are you using the services of a crypto-friendly online bank? Tell us in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post New Crypto-Friendly Bank Cashaa Offers Personal and Business Accounts appeared first on Bitcoin News.

Bitcoin News

Online Bank Mistertango Offers Crypto Companies Multiple Accounts and Ibans

April 7, 2019 |

Try Mistertango If You Need a Crypto-Friendly Online Bank

Mistertango is a platform that provides crypto users and businesses with access to traditional finances. Its services are open for exchanges, investors and others involved in the industry. The crypto-friendly payment processor offers both personal and business accounts that come with the option to create multiple Ibans.

Also read: Cryptoradar Finds Best Prices Across Exchanges and Brokers

Crypto Exchanges Are Welcome

The Mistertango platform promises private individuals a fast and easy onboarding process. Personal accounts give users the opportunity to manage their online payments across various devices, mobile and desktop, and stay informed about all transactions and balances thanks to real-time notifications.

Companies can take advantage of lower transaction fees, a money-saving solution for any business. The platform welcomes entities from the crypto space, including exchanges and ICO projects as well as high-risk industries such as forex and gaming. The services they receive include support for Sepa and Swift transfers.

Online Bank Mistertango Offers Crypto Companies Multiple Accounts and Ibans

There are two options for subscription plans and both come with free transfers between Mistertango users, dedicated Ibans and free balance checks in the mobile app. Companies are allowed to open and manage multiple accounts. They can also create an unlimited number of virtual Ibans. This means a separate Iban can be generated for each customer or payment.

However, in order to send and receive transfers to and from exchanges, you need an upgraded plan. Personal+ (€4.99/month) and Business+ (€99.99/month) support these types of transactions. They also unlock services for financial institutions based in the European Economic Area as well as non-EEA residents and entities.

Mistertango is an electronic money processor headquartered and licensed in Lithuania. It operates under the supervision of the Baltic country’s central bank.

What other crypto-friendly online banks do you know of? Tell us in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Online Bank Mistertango Offers Crypto Companies Multiple Accounts and Ibans appeared first on Bitcoin News.

Bitcoin News

Crescent Cash Becomes the Third BCH Light Client to Adopt Cash Accounts

April 2, 2019 |

Crescent Cash Becomes the Third BCH Light Client to Adopt Cash Accounts

There’s a new open source bitcoin cash (BCH) wallet called Crescent Cash which uses the Cash Accounts protocol by default. The new application was designed by the programmer Pokkst who built the wallet for simplicity by allowing BCH users to send funds to a specific username as opposed to a long alphanumeric address.

Also read: Bitcoin Cash Markets and Network Gather Strong Momentum in Q1

Crescent Cash Wallet Supports Cash Accounts by Default

On Monday, April 1, the programmer behind the recently published Bchgallery wallet released a new wallet called Crescent Cash, a light client dedicated to the Cash Accounts username system. Crescent Cash is open source and noncustodial like traditional BCH wallets and the application also supports the standard BCH address format Cashaddr. The application’s first release for Android is available on the Google Play store and Pokkst believes the wallet is simple and secure while combining the “simplicity of traditional, centralized money apps with the security of trustless Bitcoin wallets.” Pokkst explained on the Reddit forum r/btc that he spent a few sleepless nights powered by soda while he was coding up the application for release.

Crescent Cash Becomes the Third BCH Light Client to Adopt Cash Accounts

The app, which is only 6.5 megabytes in size, takes just a minute to download and roughly another minute to create a new wallet. The Crescent Cash wallet creates a Cash Accounts username after you choose the handle you desire. After deciding on a username, the application registers the new name with the Cash Accounts system. Users can immediately see that the name was broadcast into the Bitcoin Cash blockchain after the wallet has been created on Crescent Cash. While testing the application’s functionality, I registered the name ‘Jamiecrypto’ with the Crescent Cash app. While the transaction is unconfirmed it doesn’t have an associated number. Following confirmation, the registered name ‘Jamiecrypto#12871’ was filed into the BCH chain for the rest of time.

Crescent Cash Becomes the Third BCH Light Client to Adopt Cash Accounts
Pressing the info tab reveals the wallet’s private key and Pokkst plans to add a warning to this section and other improvements to Crescent Cash v1.1.0.

Crescent Cash Becomes the Third Light Client to Implement the Username System

To send BCH to another Cash Accounts user, simply type their username into the address field which also supports a standard address and QR code scanning abilities. With Crescent Cash, the wallet’s private key is stored on the device and the app’s website notes that the wallet provider has no access to recovery seeds. Because Crescent Cash is a very basic wallet with the bare minimum functions, the user has to open the settings section within the wallet in order to jot down the mnemonic seed phrase. The application also provides an xpub address that can be used for other compatible wallet applications. It’s important to write down the mnemonic seed phrase because like unlike other wallets the client does not make you verify that it is correct.

Crescent Cash Becomes the Third BCH Light Client to Adopt Cash Accounts

The Crescent Cash wallet is fairly intuitive, even for people just getting into the cryptocurrency space. The client with the predominately green and white design is very similar to Ifwallet and Yenom wallet’s simplicity. Right now the Cash Accounts protocol designed by Jonathan Silverblood is still very new and the system needs more time to catch on. However, Crescent Cash is the third wallet to implement Silverblood’s Cash Accounts protocol following Bchgallery and the Chinese BCH light client Ifwallet. Many of the new BCH-fueled ideas like the Simple Ledger Protocol and others are still nascent concepts and it will take time for them to make a lasting impression. The noncustodial Crescent Cash wallet is helping bolster the idea of more simplistic usernames within the crypto ecosystem. Pokkst has detailed that the next release, Crescent Cash v1.1.0, is already in the works with “a lot of improvements.”

What do you think about the open source Crescent Cash wallet for Android? Let us know what you think about this project in the comments section below.

Disclaimer: Bitcoin.com does not endorse this product/service. Review editorials are intended for informational purposes only. This is the first release of this particular software and early versions can often be buggy. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Crescent Cash, and Cash Accounts.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Crescent Cash Becomes the Third BCH Light Client to Adopt Cash Accounts appeared first on Bitcoin News.

Bitcoin News

Interest-Paying Crypto Accounts Are This Year’s Leading Trend

March 31, 2019 |

Interesting-Paying Crypto Accounts Are This Year’s Dominant Trend

2019 has witnessed a Cambrian explosion of crypto interest schemes. Previously, the only way to make a passive income on your cryptocurrency was through hodling and hoping it would rise in dollar terms, or to operate a masternode for a dubious altcoin. Today’s investors have it a whole lot easier thanks to a string of new savings programs that promise annual interest simply for locking up digital assets.

Also read: This Photo Gallery App Is a BCH Light Wallet in Disguise

Crypto Companies Are Borrowing From the Fiat Banking Toolbox

Last week, Nexo became the latest crypto company to introduce interest to its customers, with the provision of up to 6.5 percent annually on stablecoins DAI, PAX, USDC, USDT, and TUSD. Interest will be compounded daily and funds will be protected by custodial insurance. Unlike most of the crypto interest schemes to have emerged this year, Nexo enables its clients to withdraw any amount of cryptocurrency at any time. As such, their crypto account essentially becomes a checking account, stocked with dollar-pegged tokens, but bolstered by the promise of annual interest that exceeds that of most fiat saving accounts.

Interesting-Paying Crypto Accounts Are This Year’s Leading Trend

Nexo is by no means alone in incentivizing customers to secure their crypto in a custodial account and be rewarded. Blockfi will disburse 6 percent annually to clients who store ETH or BTC deposits. Ledgerx introduced its own interest-bearing BTC account last year for U.S. investors, while Compound provides up to 4.2 percent annually for assets such as DAI. At the start of March, Universal Protocol Alliance announced a stablecoin that would pay interest of up to 10 percent per year.

Cryptocurrency users have never had more options in terms of where to store their digital assets. Having had it drummed into them for years that noncustodial wallets are the best place to stash their coins, long-term hodlers now find themselves torn on account of the attractive interest rates offered by third parties. Even with the promise of full custodial cover, cryptocurrency owners face a dilemma: to seek the sanctity and privacy of storing funds in a noncustodial wallet, or to raise the risk a little in return for a generous 6 percent.

Balancing the Risks and Rewards of Interest-Bearing Crypto Accounts

When Blockfi announced its crypto interest scheme, eagle-eyed readers scrutinizing the terms and conditions spotted that the assets would not be insured against losses. While offerings from the likes of Nexo and Coinbase Custody are fully insured, consumers should nevertheless familiarize themselves with the small print before committing. Coinbase hasn’t begun offering crypto interest accounts per se, it should be noted: rather, it’s added staking as a service, which obliges hodlers to lock up qualifying Proof of Stake coins such as tezos (XTZ). The end result to clients is much the same as receiving interest however; by the time Coinbase has taken its 2 percent, stakers will be left with an annual yield of around 6 percent.

Interesting-Paying Crypto Accounts Are This Year’s Leading Trend

Staking and interest are not the same, as industry commenters such as Meltem Demirors have been keen to stress. For the end user, however, be it an institutional client who doesn’t want to “get their hands dirty” with the technical side of staking, or a retail client who doesn’t want to assume custody for their crypto, the outcome can appear indistinguishable. “Financialization of Bitcoin is inevitable and vitally important,” argued Zane Pocock in a Medium post on March 29. He continued:

Financialized structures allow for much better liquidity, debt structures, and other benefits that mean institutional custody and lending can be good for Bitcoin.

Pocock urged investors to do their own research into the interest accounts being offered by crypto companies and not to “fall for the illusion of free money. Bitcoin is our emergency exit from the outcomes of precisely that fallacy.” Crypto interest programs remain an alluring proposal, however, and their number is set to multiply over the coming year. As Shapeshift’s Erik Vorhees pointed out, once the inflationary nature of central bank currencies is factored in, crypto interest accounts become significantly more appealing than their fiat counterparts.

What are your thoughts on interest-paying crypto accounts? Let us know in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.


Images courtesy of Shutterstock.


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

The post Interest-Paying Crypto Accounts Are This Year’s Leading Trend appeared first on Bitcoin News.

Bitcoin News

Facebook Sues Chinese Companies for Creating Fake Accounts

March 8, 2019 |

Facebook and Instagram sued four companies and three people based in China for creating and selling fake accounts, likes and followers, according to a posting on the social media giant’s website.
WSJ.com: US Business

Cash Accounts Developer Publishes User-Friendly Cashual Wallet Concept

March 3, 2019 |

On March 2, Jonathan Silverblood, the creator of the Bitcoin Cash name system Cash Accounts, published a user-friendly wallet design he’s been working on for a long time. The Cashual Wallet concept is a BCH client specifically designed for ease of use and features the Cash Accounts name system integration.

Also read: Payglobal Provides Cryptocurrency to Fiat Transfers With Existing Bank Cards

Developer Publishes Cashual Wallet Concept to Inspire Developers to Build Easy to Use Wallets

This week BCH developer and creator of Cash Accounts Jonathan Silverblood introduced a new wallet concept he’s been working on called the Cashual Wallet. Six months ago Silverblood created a mockup of what the wallet would look like but was faced with an obstacle. Silverblood’s initial design involved a peer-reviewed wallet library that could cooperate with his mockups, which did not exist back then. However the features are now being integrated into the open source libraries used by Bitpay, Silverbood explained this Saturday. In a blog post, Silverblood introduced the Cashual Wallet concept as “a serious attempt at implementing a user-friendly wallet for non-technical users.”

“Six months ago I wrote an article outlining some design principles and guidelines for how to make a user-friendly wallet. I wanted to offer feedback and inspire developers to build more user-friendly wallets,” Silverblood detailed.

Cash Accounts Developer Publishes User-Friendly Cashual Wallet Concept

The developer outlined what he thinks are the most important features for non-technical users when they first begin using a cryptocurrency wallet. To Silverblood, onboarding requires a simplified user experience (UX) and emphasized what he thinks is more important when it comes to the wallet’s UX. One obstacle is language barriers and Silverblood detailed that Cashual Wallet will use the language of the device’s operating system where possible, but default to English if there is no available translation. The native fiat currency displayed on the wallet will work similarly as the wallet will ask the device operating system for the user’s local currency and pre-select the appropriate option for the user. Additionally, Silverblood’s wallet allows the user to change from day to night mode depending on preference.

Cash Accounts Developer Publishes User-Friendly Cashual Wallet Concept

A Strong Implementation of Cash Accounts

Perhaps the most user-friendly aspect of Cashual Wallet is that not only does it use traditional BCH identifiers for payment data, but it also utilizes the Cash Accounts protocol. Cash Accounts is an open-source program that uses the BCH chain to create bound technical identifiers to human readable and user-friendly account names. “In order to allow the user the best possible experience they will be asked for a name to use to receive payment on the setup screen, and name registration is automated,” reads the introductory post to Silverblood’s Cashual Wallet.

Cash Accounts Developer Publishes User-Friendly Cashual Wallet Concept

When the user enters a name to use for their Cash Account, the wallet has a reusable address, it contacts a registration service and asks it to register the name with the user’s payment information,” Silverblood’s concept description reveals. “When the registration is complete the wallet verifies the information before using it.”

The post continues:

Immediately after the user has created their wallet they are shown an empty home screen — There is a history entry for the wallet creation and a pending entry for account registration.

Cash Accounts Developer Publishes User-Friendly Cashual Wallet Concept

Silverblood adds that until the Cash Accounts registration is completed the user can utilize the wallet in a traditional manner. Essentially a new user would have to use a technical identifier tethered to the client instead. The China-based Ifwallet recently implemented Cash Accounts into the firm’s light client for Android and iOS. The Cash Accounts programmer also emphasized there are improvements which he has “not yet implemented in the design.” Moreover, the developer explained he would appreciate all the help he can get from other programmers with the BCH-centric Cashual Wallet. “Like all my work in the field the source code is available and anyone is free to use it according to the MIT license,” Silverblood’s post concludes.

What do you think about Silverblood’s Cashual Wallet concept? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Visa, Payglobal, and Pixabay.


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

 

The post Cash Accounts Developer Publishes User-Friendly Cashual Wallet Concept appeared first on Bitcoin News.

Bitcoin News

In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts

March 2, 2019 |

In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts

In this edition of The Daily, Bitmex has updated its Terms of Service. The revised rules prohibit residents of certain countries, including the U.S., from trading digital assets on the platform. Also, the native token of the leading crypto exchange Binance, BNB, has hit a record price against BTC. And in Malta, companies from the crypto industry are facing limited access to banking services.

Also read: Coinhive Closedown, Eos Heist, Crypto Entrepreneur Arrested

Bitmex Bans Traders From Multiple Jurisdictions

Digital asset exchange Bitmex has updated its Terms of Service this week introducing significant changes to the agreement. Users from a number of countries, including the United States, Cuba, Syria, North Korea, and Sudan won’t have access to its services in the future. The restrictions also apply to residents of the Canadian province of Quebec as well as traders from the Autonomous Republic of Crimea and the Federal City of Sevastopol in the Russian Federation.

In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts

The Seychelles-based operator of the platform, HDR Global Trading Limited, has informed all such residents that holding open positions and entering into new contracts on Bitmex from their respective jurisdictions is not allowed. The exchange also reserves the right to immediately close the accounts of such clients and liquidate any positions they may have opened.

The new agreement is noticeably longer than the old version, with added texts regarding the platform’s access conditions and the accuracy and availability of service, Cryptoglobe reported. Other new provisions concern trading fees as well as the protection of data and intellectual property. The upcoming ban for residents of the U.S. and Quebec was announced in January of this year. The updated terms of service will come into effect on March 6.

Binance Coin Hits Record High Against BTC

Binance coin (BNB), the native token of the largest crypto exchange by daily trading volume, has set a new record against bitcoin core (BTC). At approximately 17:55 UTC on Friday, March 1, its price reached 0.00299880 BTC and a high of $ 11.61 in fiat.

In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts

BNB’s market cap now stands at $ 1.58 billion. The previous record high for its price against BTC was registered on Feb. 11 this year. The crypto reached its all-time high against the U.S. dollar on Jan. 12, 2018 when it was trading for almost $ 25. The latest spike comes after the company announced a program for traders willing to test its new decentralized trading platform.

Crypto Companies Struggle to Open Bank Accounts in Malta

Malta’s crypto-friendly regulatory framework has attracted dozens of businesses from the crypto and blockchain industry to the island. However, according to a new report, many of these companies are experiencing difficulties when they try to open accounts with local banks.

Sources from service providers, legal firms and finance companies, quoted by the Times of Malta, claim that banks have been declining to work with these entities stating this business is outside their “risk appetite.”

In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts

The Parliamentary Secretary for Financial Services, Silvio Schembri, told the publication he is currently holding talks with different banks and other stakeholders in an effort to resolve the issue and improve the understanding of the industry. The official noted that banks are often waiting for crypto operators to obtain a license from the Malta Financial Services Authority (MFSA) before opening the doors for them.

No less than 28 applications for registration under Malta’s Virtual Financial Assets Act have been filed with the MFSA since the end of November. The regulator plans to issue its first licenses by the end of this quarter.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts appeared first on Bitcoin News.

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Cryptocurrency Accounts for Less Than 2% of All Japanese Money Laundering Cases

February 28, 2019 |

Money Laundering Cases With Cryptocurrency Less Than 1.7% of All in Japan

Money laundering cases related to cryptocurrencies in Japan have increased significantly in 2018. Nevertheless, their number remains a fraction of the total. According to the Japanese press, the majority of reported money laundering instances actually involve banks and other traditional financial institutions.

Also read: Platform for Crypto Payments to Bank Accounts Launching in the UK

Most Instances Involve Banks and Credit Card Companies

The number of cases of suspected money laundering linked to cryptocurrencies reported in Japan surpassed 7,000 last year, the Japan Times reported, quoting the National Police Agency. The figure represents a 10-fold increase in comparison with the 669 cases registered between April and December of 2017, when crypto exchange operators were obliged to report suspicious transactions that may be linked to the movement of illicit funds.

Cryptocurrency Accounts for Less Than 2% of All Japanese Money Laundering Cases

The Japanese police detailed that in some of the cases, users with different names and birth dates have been sharing the same identification document. Others have been found to log in from foreign jurisdictions, despite providing Japanese addresses in their accounts.

In 2018 alone, 417,465 cases of suspected money laundering and other abuses were reported to the law enforcement agencies in Japan. That’s over 17,000 more cases than the previous year.

It should be noted, however, that the majority of these cases involve banks and other financial institutions, comprising 346,014 reports, and credit card companies 15,114. That means the cases related to cryptocurrencies, the exact number of which is 7,096, are less than 1.7 percent of the total.

Japanese Police to Train Data Analysis Specialists

The National Police Agency of Japan plans to take steps in response to the rising number of suspicious transactions. One of the initiatives involves the training of specialists in financial data analysis. Artificial intelligence technology may be employed to detect illegal trades. These systems can be taught to recognize patterns related to money laundering and other illicit transactions.

Cryptocurrency Accounts for Less Than 2% of All Japanese Money Laundering Cases

The Japan Times points out that the country has also seen some large cryptocurrency heists in recent years. These include the Mt. Gox hack in 2014 when $ 433 million worth of cryptocurrency was stolen from the digital asset exchange. Another attack, against the Japanese exchange Coincheck last January, led to the loss of approximately $ 550 million of the cryptocurrency nem.

Cases such as these were the main reason for a decision by the Japan’s Financial Services Agency to order several crypto trading platforms based in the country to improve their internal controls. The regulator also asked for the introduction of preventive measures against money laundering.

What do you think about the data released by the Japanese police? Share your thoughts on the topic of money laundering and cryptocurrency in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Cryptocurrency Accounts for Less Than 2% of All Japanese Money Laundering Cases appeared first on Bitcoin News.

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Platform for Crypto Payments to Bank Accounts Launching in the UK

February 27, 2019 |

Platform for Crypto Payments to Bank Accounts Launching in the UK

A company based in London has announced it’s launching a payment service that can help increase the mainstream adoption of cryptocurrencies. It allows users to send or spend digital coins which are converted and then transferred in the form of fiat money to the recipient’s bank account.

Also read: ‘Bitcoin to the Moon’ Signs Appear on Ukrainian Tram

Aave Pay Supports 12 Cryptocurrencies

Aave Pay is an online platform that can be employed to pay with cryptocurrencies where regular bank transfers are accepted. Users will also be able to send money to family and friends as well as to pay utility bills.

Businesses can take advantage of the service to pay employee salaries and income taxes. Other commercial or corporate expenses can be covered as well with digital coins converted and sent to fiat-based accounts.

Aave Pay has been announced as both a web-based and a mobile application. While the online platform is live at the moment, there is little information on how to download, install and use the mobile app and its features.

Platform for Crypto Payments to Bank Accounts Launching in the UK

“This new application eliminates the obstacles of using crypto in our everyday lives,” said company CEO Stani Kulechov. He added that Aave Pay addresses the spendability problem associated with cryptocurrencies and “builds a bridge for crypto to cross over into mainstream use.”

According to its website, the platform currently supports 12 cryptocurrencies: bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), cardano (ADA), ripple (XRP), monero (XMR), litecoin (LTC), zcash (ZEC), stellar lumen (XLM), dash, dai, and lend.

Transfers Can Be Made to Accounts in 6 Fiat Currencies

To use Aave Pay, you need to sign up, providing your full name, email address, country of residence and citizenship, and also pass verification. Then in the “Pay” section you can choose the crypto you want to send and set the fiat currency that will be deposited into the recipient’s bank account. Euro, U.S. dollar, British pound, Swiss franc, Australian dollar, and Indian rupee are the available options.

The recipient’s name and Iban number are also required to perform a transaction. Once the information is provided, Aave Pay calculates an exchange rate which remains fixed for 15 minutes. When a crypto deposit is confirmed, a fiat payment is sent to the bank account. The transaction can take up to 1-3 business days to complete.

Platform for Crypto Payments to Bank Accounts Launching in the UK

“We are taking the concept of holding cryptocurrencies further, in a way that has not been done before, breaking the paradigm that cryptocurrencies are only assets people invest in and cannot be used as traditional currencies,“ said Jordan Lazaro Gustave, COO of Aave.

The U.K. startup is also offering a crypto-fiat lending service that uses digital assets as collateral. In the beginning of February, its ethereum-based platform called ETH Lend added support for BTC. Last month, Aave was granted two Estonian licenses that allow it to provide crypto exchange and wallet services.

Do you think apps like Aave Pay help the adoption of cryptocurrencies for payments? Tell us in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Platform for Crypto Payments to Bank Accounts Launching in the UK appeared first on Bitcoin News.

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