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The death of Ross Perot at age 89 is prompting lots of assessments about the remarkable life of the tycoon-turned-politician. Perot arguably changed history with his record-setting performance in the 1992 election, when he won more than 19 million votes as an independent. George HW Bush, for one, thought he…
Google’s vice president of finance, has joined Postmates’ board of directors, the latest sign that the on-demand food delivery startup is prepping to take the company public.
Postmates announced Friday that Kristin Reinke, vice president of Finance at Google, will join the San Francisco startup as an independent director.
Reinke has been with Google since 2005. Prior to Google, Reinke was at Oracle for eight years. Reinke also serves on the Federal Reserve Bank of San Francisco’s Economic Advisory Council.
Her skill set will come in handy as Postmates creeps towards an IPO.
Earlier this year, the company lined up a $ 100 million pre-IPO financing that valued the business at $ 1.85 billion. Postmates is backed by Tiger Global, BlackRock, Spark Capital, Uncork Capital, Founders Fund, Slow Ventures and others. Spark Capital’s Nabeel Hyatt tweeted the news earlier Friday.
“Postmates has established itself as the market leader with a focus on innovation and route efficiency in the fast‐growing on‐demand delivery sector. Given their strong execution, accelerating growth, and financial discipline, they are well positioned for continued market growth across the U.S.,” said Reinke. “I’m thrilled to join the board.”
The startup has been beefing up its executive quiver, most recently hiring Apple veteran and author Ken Kocienda as a principal software engineer at Postmates X, the team building the food delivery company’s semi-autonomous sidewalk rover, Serve.
Kocienda, author of “Creative Selection: Inside Apple’s Design Process During the Golden Age of Steve Jobs,” spent 15 years at Apple focused on human interface design, collaborating with engineers to develop the first iPhone, iPad and Apple Watch.
Another Indian crypto exchange has shut down permanently due to the banking restriction and regulatory delays. The exchange cites denials in payment services and a sharp decline in trading volume resulting from the recent news of a draft bill to ban cryptocurrencies.
Koinex Shuts Down
Indian cryptocurrency exchange Koinex announced its shutdown Thursday. CEO Rahul Raj explained that “After months of uncertainty and disruption, we have regretfully decided to shut down all digital assets exchange services and operations today,” adding:
The digital assets trading services will be permanently disabled on all our platforms at 2:00 PM IST on Thursday, June 27, 2019. All open orders after this deadline will be automatically cancelled and the funds will be returned to corresponding wallets.
The exchange’s wallet service will continue to be functional but users are required to withdraw all funds from the platform by July 15. “Failing to do so may result in forfeiture of their funds, in case we are unable to keep the wallet function alive post the aforementioned timeline,” the exchange warned.
Koinex explained that a snapshot of users’ wallet balances will be taken for record and its “effort to disburse INR balances will begin immediately.” The company explained that in the next five weeks, it will attempt to release all user deposits to their registered bank accounts. A convenience fee of between INR 10 ($ 0.14) and INR 2,000 ($ 29) will be levied based on the user’s INR wallet balance. The exchange clarified:
Since the bank accounts with user funds are still frozen and the capital is held up, we have made arrangements for funds from our own resources … This is a voluntary move and is being undertaken even though it is not our legal obligation.
Koinex began service on Aug. 25, 2017. Within four months of launch, it recorded $ 265 million in trading volume and, at peak in December, it onboarded over 40,000 new users in 24 hours, the CEO claims. On its website, Koinex claims to have more than 1 million registered users and executed over 20,000 orders worth over $ 3 billion.
RBI Ban and Supreme Court Hearing
Raj also revealed that Koinex has been impacted by the crypto banking ban imposed by the central bank, the Reserve Bank of India (RBI).
In April last year, the central bank issued a circular banning regulated financial institutions from providing services to crypto businesses, giving them three months to exit relationships with companies and individuals dealing in cryptocurrencies. They also “block all such crypto-related transactions,” the CEO emphasized. While the RBI circular has been challenged in the country’s supreme court, nothing has changed so far and the banking restriction continues. Raj elaborated:
The last 14 months have been tough to operate a digital assets trading business in India, on account of the closure of bank accounts holding user deposits … Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies despite our pending writ petition in the Supreme Court of India.
“We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets,” the CEO continued to share. “Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks — just because of an association with a digital assets exchange operator.”
Koinex has become the fourth crypto exchange to fall victim to the banking restriction by the RBI. In September last year, Zebpay shut down all its exchange activities in India due to the banking problem. Coindelta announced its shutdown in March, and Coinome made a similar announcement in May.
Several writ petitions have been filed to lift the banking ban. The country’s supreme court is set to hear the case on July 23. The court may also hear about the regulatory framework for cryptocurrency from the government at that time.
Indian Crypto Regulation
India’s regulatory framework for cryptocurrency has been drafted by an interministerial committee headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs and Finance Secretary. He recently stated that the committee’s report with the recommended crypto regulation is ready to be submitted to the finance minister for approval.
While the content of the report has not been made public, a couple of local news outlets have claimed to have knowledge of a draft cryptocurrency bill called the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019.” Bloombergquint has made a bold claim that the bill proposes a 10-year jail sentence for a number of crypto activities. News.Bitcoin.com recently provided a preliminary analysis of the leaked information of this bill. Further, four different government bodies have replied to Right to Information (RTI) requests about this bill.
While media reports are not confirmed, Raj said that the news of this bill “has created enough FUD in the Indian crypto trading community to result into a sharp decline in trading volumes” on his exchange.
What do you think of Koinex shutting down due to the banking problem and regulatory clarity? Let us know in the comments section below.
Images courtesy of Shutterstock.
The post Koinex Exchange Shuts Down Ahead of Crypto Regulation appeared first on Bitcoin News.
One person was killed and seven others were wounded in an attack by Iranian-allied Yemeni rebels on an airport in Saudi Arabia Sunday evening, the Saudi military said, as the US secretary of state was on his way to the country for talks on Iran. The Sunday attack by the…
Hong Kong is preparing for another day of protest as campaigners look to keep the pressure on the government, despite a move by the city’s embattled leader to suspend a controversial extradition bill.
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Software maker CrowdStrike Holdings Inc. soared in its trading debut Wednesday after raising $ 612 million in one of the biggest-ever initial public offerings for a cybersecurity company.
Shares opened at $ 63.50 and rose as high as $ 67 — up as much as 97% from their $ 34 IPO price. The shares ended…
House Speaker Nancy Pelosi and Canadian Prime Minister Justin Trudeau made a wager ahead Game 5 of the NBA Finals on Monday night between the Golden State Warriors and Toronto Raptors.
Major retailers are sounding the alarm: The U.S.-China trade battle could be coming to a mall near you in the form of higher prices in time for the back-to-school and holiday shopping seasons.
President Trump is threatening to levy 25% tariffs on about $ 300 billion worth of Chinese imported goods…
Digital asset markets jumped in value over the last 24 hours as most cryptocurrencies have gained 8-13%. Since our last markets update the entire cryptoconomy has increased by $ 33 billion and this Sunday bitcoin cash (BCH) lead the top ten pack once again with a 12.9% gain in the last day.
Top Crypto Markets Gain 8-13%
Just two days ago short positions and crypto bears managed to scale back the prices of many coins. During the start of the weekend, however, prices managed to start climbing again and many digital assets regained some losses. On May 19 the trend changed for the better and a large portion of digital currencies started to break out and gather some decent gains. This Sunday, bitcoin core (BTC) is just below the $ 8K zone with an average price of around $ 7,908 per coin. BTC has gained 7.8% over the last day and around 10.4% over the last seven days.
The second largest market cap still belongs to ethereum (ETH) and its markets are up by 6.6%. Each ETH is trading for $ 252 per coin and the market has gained 32% over the last week. Ripple (XRP) is up around 6% as well and each XRP is swapping for $ 0.39 at press time. XRP markets are up 26% over the last seven days and just started seeing some stronger gains over the last two weeks. Lastly, litecoin (LTC) is up 6% today but only 5.5% for the week with each LTC swapping for $ 92 per coin.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) is currently trading for $ 404 per unit and is up 12.9% over the last week. BCH has a market cap of around $ 7.1 billion and global trade volume today is $ 2.6 billion. The decentralized cryptocurrency still holds the fifth highest trade volume today above eos and below LTC. Tether (USDT) is the top pair traded with BCH on May 19 as 49.9% of BCH trades are against USDT. This is followed by BTC (24.4%), USD (9.9%), KRW (9.9%), JPY (2.1%), and EUR (1.5%). The top five exchanges trading all the BCH volume includes Coinbene, P2pb2b, Bitmart, Binance, Huobi, and Hitbtc.
BCH/USD Technical Indicators
Looking at the 4-hour chart for BCH/USD on Kraken shows bulls gathered strong momentum during the early morning trading sessions but are currently facing big resistance. Most 4-hour oscillators show either impartial readouts or a bullishness. At the moment the Relative Strength Index (RSI ~58.28) is below overbought conditions and is very neutral at press time. Stochastic shows a similar readout (~80.41) and MACd levels (~33.20) show there’s room for more price improvements in the short term.
The two Simple Moving Averages (SMA 100 & 200) show there’s still a decent gap between the short term 100 which is above the longer term 200 SMA trendline. This indicates that the path toward the least resistance is still the upside even after bears nudged the price down two days ago. Order books show BCH bulls will meet strong resistance levels between the current vantage point and the $ 430 range. There’s more resistance at the $ 455 zone as well if bulls manage to climb higher. On the back side, bears will see pit-stops between now and the $ 375 zone. Alongside this, there’s a string of foundational support around the $ 340 region as well.
Traders Play New Positions While Waiting for More Surprise Crypto Action
It has been an odd week for cryptocurrency markets as there’s been some decent volatility taking place from time to time. BTC/USD, BCH/USD, and ETH/USD short positions were pretty high on Saturday but most have been squeezed since then. As unexpected as the last drop was two days ago, the 10-15% rises on Sunday was also a surprise. And still, top markets have shown room for growth as foundational supports held perfectly during the price pullbacks. People have also been watching for big whale movements and there were two large transactions on May 19 totaling $ 38 million worth of BTC according to the Twitter account Whale Alert. It’s safe to say the last dump shook traders up with uncertainty and whether or not the bull run will continue is still debatable.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments 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.”
Images via Shutterstock, Trading View, Bitcoin.com Markets, and Coinlib.io.
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The post Markets Update: Bitcoin Cash Jumps Ahead as Crypto Prices See Fresh Gains appeared first on Bitcoin News.
Livestreaming terrorist attacks. Using social media to spread deadly ideas. Manipulating banned videos to keep sharing them online.
World leaders and tech bosses are meeting Wednesday in Paris to find ways to stop all this. They’re working all day on the “Christchurch Appeal,” named after the New…