exchange Archives -
On Oct. 17, the world’s largest cryptocurrency exchange by volume, Binance, announced a partnership with blockchain surveillance company Chainalysis. According to the exchange, Chainalysis has implemented a compliance solution that meets regulatory guidelines worldwide.
Binance Is Using Chainalysis for Compliance
According to a press release published on Oct. 17, Binance and Chainalysis have joined forces to create a compliance solution for trading operations. The collaboration will further ensure that Binance exchanges comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. The co-founder of Chainalysis, Jonathan Levin, explained during the announcement that all cryptocurrency businesses face the challenge of “earning the trust of regulators, financial institutions and users.”
“We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions,” Levin detailed. “Chainalysis’ compliance software, Chainalysis KYT (Know Your Transaction), is the only real-time transaction monitoring solution for cryptocurrencies.”
To Some, Regulatory Compliance and Permissionless Innovation Mix Like Oil and Water
Levin says that the Chainalysis software uses methods like proprietary algorithms and pattern recognition that can raise alerts when suspicious transactions happen. Binance will be able to leverage the KYT software and other services Chainalysis offers. Wei Zhou, CFO at Binance, says the collaboration helps the exchange build a “foundational compliance program.”
“Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve,” Zhou stated.
Overall, both companies believe the compliance solution will enhance the cryptocurrency environment. Moreover, Chainalysis thinks exchanges working with them will make it easier for cryptocurrency firms to open bank accounts and establish relationships with legacy financial providers. However, on forums and social media, many digital asset proponents voiced their displeasure at the announcement. Most cryptocurrency users wholeheartedly believe in privacy, and are concerned by a growing trend for blockchain surveillance.
What do you think about Binance teaming up with the blockchain surveillance firm Chainalysis? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Binance and Chainalysis
At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.
The post Blockchain Surveillance Firm Partners With Cryptocurrency Exchange Binance appeared first on Bitcoin News.
Zebpay is reportedly expanding its global presence after suspending cryptocurrency trading operations in India due to the banking ban imposed by the country’s central bank. According to information on its website, an entity has been set up to operate the Zebpay exchange in Malta to serve 20 countries.
Malta-registered Exchange Serving 20 Countries
Cryptocurrency service provider Zebpay has posted information on its website regarding its overseas operations but has yet to make any announcements about them.
Indiabits, a community of blockchain enthusiasts, tweeted on Friday about Zebpay’s two overseas entities: one in Singapore and one in Malta. “Zebpay is going global,” the group wrote, adding that “Zebpay will provide cryptocurrency exchange and OTC services to 20 countries in Europe.”
Awlencan Innovations Malta Limited (C-88318), a Maltese registered company with office address situated at: 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA [virtual financial assets] exchange platform in Malta.
The page also provides a list of 20 countries which Zebpay offers its services to. They are Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, and Sweden.
For know-your-customer (KYC) purposes, Zebpay explained that each client can only have one account. “Multiple accounts with same KYC documentation is not eligible for registration of additional accounts,” the firm added, noting:
Zebpay provides the platform to match the orders, and prices are therefore set by the market-forces of supply and demand.
Zebpay was one of India’s largest cryptocurrency exchanges. However, its exchange activities in India were shut down at the end of September due to the cryptocurrency banking ban imposed by the Reserve Bank of India (RBI). The ban went into effect in July and a number of petitions have been filed against it. The country’s supreme court has been trying to hear them but the case keeps being postponed.
Growing Global Presence
Awlencan Innovations Pte. Ltd. is a Singapore-based blockchain technology company established in May, soon after the RBI issued its circular in April which banned financial institutions under its control from providing services to crypto businesses.
In addition, Awlencan Innovations India Ltd. was registered on Sept. 28, the day Zebpay suspended its exchange activities. According to reports, there are 3 directors listed for this company. One is Kailash Atmaram Singhal who is also listed as a director of Zeb It Service Ltd., which operated the Zebpay exchange in India.
What do you think of Zebpay setting up operations overseas after shutting down exchange activities in India? Let us know in the comments section below.
Images courtesy of Shutterstock and Zebpay.
Need to calculate your bitcoin holdings? Check our tools section.
The post Zebpay Sets Up Operations Overseas After Suspending Exchange Activities In India appeared first on Bitcoin News.
Hong Kong-headquartered cryptocurrency exchange BTCC is reportedly launching services in South Korea this month. In addition to a cryptocurrency exchange, the company will offer a wallet service, a mining pool, and a consumer payments service, according to its Korean website.
BTCC Expanding Into South Korea
BTCC, formerly known as BTC China, is launching services in South Korea on Oct. 31, according to the Investor. The beta service will start this month and the exchange “will make its official debut in November,” the publication added.
“The world’s first cryptocurrency exchange BTCC is preparing to open in Korea,” the company wrote on its Korean website’s homepage. Four services are listed: an exchange, a wallet service, a mining pool, and a service to facilitate consumer payments. “BTCC is establishing an on / offline payment system using cryptocurrency,” its website states, adding that it “is expanding services for real-life use.”
The news outlet elaborated:
BTCC said it will expand its footprint through strategic tie-ups with local and global firms.
Founded in 2011, BTCC was one of the largest cryptocurrency exchanges in the world by trading volume before the Chinese government cracked down on cryptocurrencies and initial coin offerings (ICOs) in September last year. The government’s action caused all major cryptocurrency exchanges to exit China and move their operations overseas.
Following the crackdown, BTCC shut down its operations in China and re-launched its services in Hong Kong. The company is now headquartered in Hong Kong but serves a global customer base. The new BTCC exchange offers the trading of five cryptocurrencies against the USD — BTC, BCH, ETH, LTC, and DASH. In addition, the latter four cryptocurrencies can be traded against BTC. The BTCC Korea exchange, however, has not announced which coins will be supported.
Korean Cryptocurrency Ecosystem
The South Korean cryptocurrency market is dominated by four exchanges: Upbit, Bithumb, Coinone, and Korbit. Bithumb is the largest cryptocurrency exchange in the country by trading volume while Upbit is the largest by the number of coins listed. Upbit, which offers the trading of 164 coins in 276 markets, is a partner of U.S.-based exchange Bittrex and is backed by Kakao Corp., the operator of the country’s most popular chat app, Kakao Talk.
On Oct. 12, Bithumb confirmed that it was sold to a consortium led by a well-known plastic surgeon, as news.Bitcoin.com previously reported.
Another major cryptocurrency exchange that exited China and entered the South Korean market following the Chinese government’s crackdown is Huobi. The exchange launched its Korean operations in March, offering the trading of over 100 coins in over 200 markets, according to its website.
What do you think of BTCC expanding into South Korea? Let us know in the comments section below.
Images courtesy of Shutterstock and BTCC.
Need to calculate your bitcoin holdings? Check our tools section.
The post BTCC Launching Cryptocurrency Exchange in South Korea appeared first on Bitcoin News.
On Oct. 15, Binance announced the launch of its fiat-to-cryptocurrency exchange in Uganda. The world’s biggest digital currency exchange said users in the East African country are now able to complete full account verification starting immediately. Deposits and withdrawals of the local fiat currency, the Ugandan shilling, start on Wednesday.
Exchange to Initially Support Trades Between Ugandan Shilling and BTC, ETH Only
“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, chief financial officer at Binance, in a press statement. “We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018.”
Get ready! We are excited to announce the launch of #Binance Uganda! Full sign-ups are now live at https://t.co/hzLBj9Dcrw, deposits and trading coming soon.https://t.co/kpqSVKulox pic.twitter.com/0jdE4cVspI
— BinanceUG (@BinanceUG) October 15, 2018
Zhou also stated that: “This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region.”
The exchange will initially support trading of the local shilling unit with bitcoin core (BTC) and ethereum (ETH), Binance said. More trading pairs are to be added in the coming months, it detailed, adding that “users are exempt from trading fees during the first month.” The Ugandan subsidiary is capable of processing 1.4 million transactions per second, with 24-hour client support.
Binance is the world’s biggest digital currency exchange, with 24-hour volume of about $ 1.97 billion worth of BTC alone, according to data from Coinmarketcap. The company has revealed plans to open fiat-capable exchanges in Liechtenstein, Malta and Singapore. Until now, the exchange had been optimized for crypto-to-crypto trades only.
In Uganda, cryptocurrency and blockchain adoption and development continue to see growth. That’s despite warnings by the Bank of Uganda against the use of unregulated currencies in the form of bitcoin and other digital coins. The country of 44 million people is home to various blockchain conferences, associations and communities, with support at Cabinet level.
African Investors Welcome Binance’s Ugandan Presence
Investors in Africa have cheered Binance’s move into Uganda. “This is great news!” Michael Kimani, a leading Kenyan crypto proponent, tweeted.
“(It) will spark a race across African countries on setting up [a] favorable environment for cryptocurrency trading against African currencies. Muhimu (vital) for cross border trade, intra-African trade, online payments, remittances, trading, investing…” he wrote.
Binance’s presence in the East African nation is expected to boost financial inclusion in a country where only 33 percent of citizens use registered financial accounts. But this is a place where bitcoin looks likely to flourish unhindered. Some shops and restaurants in Kampala – Uganda’s capital – now accept bitcoin as a means of payment.
Ugandan President Yoweri Museveni has spoken positively about blockchain technology – but not cryptocurrencies. He told the Africa Blockchain conference organised by the Blockchain Association of Uganda in Kampala in May of the need “to look for a new technology of enabling things to move faster and new systems that go with it.”
His central bank governor Emmanuel Tumusiime-Mutebile had apparently spoken to the contrary in an earlier address to the same conference. Mutebile accused blockchain technology of lacking the necessary support to sustain a currency. But Ugandans, mostly professionals, have taken a particular liking to virtual money, bitcoin especially.
What do you think about Binance’s move into Uganda? 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 Pulse, another original and free service from Bitcoin.com
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
We are elated to announce that Roger Ver, CEO of Bitcoin.com and Mate Tokay, COO of Bitcoin.com joined Azbit as our Advisors!
Apparently the subject on everyone’s mind today is “Roger Ver is planning to open his own cryptocurrency exchange”. The global crypto community of course took his statement seriously since “Bitcoin Jesus” has a good eye for the major upcoming industry trends.
This is an approach that Azbit fully supports: we firmly believe that the world needs a truly multi-functional, reliable, and functioning exchange. And that is what we are working on right now. We are sure that people should be able to get all the financial services they need in a single place. This is why Azbit is building blockchain banking together with an in-built multi-exchange and investment platform.
Azbit’s multi-cryptocurrency exchange is currently 80 percent ready. It is based on the Bitsane crypto exchange, which has been successfully operating since 2016 with more than $ 8,000,000 in daily transaction volume.
The official announcement of the partnership between Azbit and Bitcoin.com was made right on board at Blockchain Cruise 2018. After signing a document Roger Ver, CEO of Bitcoin.com, said: “We’re gonna to promote all Azbit products at Bitcoin.com so the whole world gets to know the great project that Azbit is building. They build platform, we promote it, the users come and everybody is happy!”
“Bitcoin Jesus” Roger Ver is billionaire, crypto enthusiast, investor, businessman, and one of the most influential people in the world of crypto and blockchain. He has recently participated in at least four ICOs as an advisor. All these projects have successfully raised the planned hard cap – from 15 to 50 million USD.
Roger Ver and Mate Tokay are always on top of things – сertainly, this was the beginning of our significant cooperation. Our advisors’ boundless knowledge about cryptocurrencies and blockchain will raise Azbit project to the new level and offer our customers a truly great product.
The strongest aspects of the Azbit project:
Truly new idea of combining the most popular and in-demand financial services that currently exist separately.
Azbit AG (a joint-stock company) has been registered in Switzerland and thereby authorized to issue shares. It gives us the brilliant opportunity to issue tokenized shares during the crowdfunding campaign. AZ token holders will receive the dividends in this connection. Azbit will share 75% of the total platform’s fee; all payments (in AZ tokens) via airdrop will be made monthly. Income statements and audits will be published regularly on Azbit.com.
Azbit has obtained a securities exemption from the U.S. Securities and Exchange Commission (SEC) under Rule 506(c) of Regulation D. The project also has a Payment Institution license in the Czech Republic (in the E.U.)
Azbit had successfully finished Private sale and moved to the next level – Pre-ICO campaign is underway. Early investors can get the maximum bonus – up to 30%.
Page on Bitcointalk: https://bitcointalk.org/index.php?topic=4382120.0
Contact Email Address
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.
The post PR: Roger Ver Joins Azbit Crypto Exchange Advisory Board appeared first on Bitcoin News.
A report authored by researchers from the Henryk Niewodniczanski Institute of Nuclear Physics has found that Bitcoin is maturing. The report, courtesy of the Polish Academy of Sciences in Krakow, concludes that Bitcoin carries “concrete potential of imminently becoming a regular market” and “an alternative to the foreign exchange.”
Polish Researchers Seek to Assess Maturity of Bitcoin Markets
The study, which is “Based on 1-min price changes recorded since year 2012,” assesses “the fluctuation properties of the rapidly emerging Bitcoin market … over chosen sub-periods, in terms of return distributions, volatility autocorrelation, Hurst exponents, and multiscaling effects.”
“Since high-frequency price data are available since the beginning of trading,” the researchers argue that “Bitcoin offers a unique window into the statistical characteristics of a market maturation trajectory.”
“Statistical Irregularities” Only Identified During Bitcoin Markets’ Infancy
Published in the scientific journal, Chaos: An Interdisciplinary Journal of Nonlinear Science, the report states that “While early trading was affected by system-specific irregularities, it is found that over the months preceding April 2018 all these statistical indicators approach the features hallmarking maturity. This can be taken as an indication that the Bitcoin market, and possibly other cryptocurrencies, carry concrete potential of imminently becoming a regular market alternative to the foreign exchange.”
Professor Stanisław Drożdż, one of the researchers who worked on the study, stated: “Initially, the graphs we got were a bit crooked, which did not augur anything promising. But when we took a closer look at the data, suddenly it turned out that this crookedness originated from the first two years of the analyzed period, that is, from the time when the market was just starting to shape itself. Later on, the rates of return fluctuated according to the inverse cubic law.”
Cryptocurrency Markets Will Pose “Very Real Competition” to Forex Markets
Professor Drożdż asserts that “One of the more sophisticated features signaling the maturity of a market is the multifractal nature of its characteristics. Multifractals are fractals of fractals, i.e. structures in which, in order to see self-similarity, various fractal fragments have to be magnified at different speeds. Multifractal analyses reveal dependencies existing in many scales. In the case of Bitcoin, we detected multifractality in the functions of fluctuations in rates of return, particularly evident in the last six months of the examined period. This was of the same type as for regular, mature markets, such as the stock, dollar, oil or bond markets.”
“The most important statistical parameters of the Bitcoin market indicate very clearly that for many months now it has met all the important criteria of financial maturity. It seems that in the case of other cryptocurrencies it will be possible to expect a similar transformation. If this happens, the world’s largest market, the Forex market, can look forward to very real competition,” professor Drożdż concluded.
Do you agree with the researchers’ assertions that the bitcoin markets will soon be seen as a mainstream alternative to foreign exchange? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
Why not keep track of the price with one of Bitcoin.com’s widget services.
The post Bitcoin Markets Comprise Imminent Alternative to Foreign Exchange appeared first on Bitcoin News.
The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $ 354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb.
A spokesman for Bithumb confirmed Friday that the exchange “was sold for about $ 354 million to a consortium led by a plastic surgeon,” Reuters reported and quoted him saying:
Bk Global Consortium, led by Kim Byung-gun, plastic surgeon and blockchain platform investor, signed a deal on Thursday to buy 50 percent plus one share in the exchange’s biggest stakeholder, BTC Holdings, for about 400 billion won ($ 354.09 million). The deal makes Bk Global Consortium the largest stakeholder of Bithumb.
The deal will be finalized in February, Bloomberg further quoted the spokesman. Bithumb’s April audit report shows that BTC Holdings was the largest shareholder, with a 75.99 percent stake in the exchange. The second largest shareholder, Vidente Co. Ltd., held a 10.55 percent stake, followed by Omnitel at 8.44 percent, Chosun detailed.
Kim founded Bk Plastic Surgery 23 years ago and is the representative of the Bk Medical Group, which links China, Singapore and Korea, MTN detailed. He also established an ICO platform in Singapore last August.
Bithumb is currently South Korea’s largest cryptocurrency exchange by trading volume. According to Vidente, the exchange posted 218.6 billion won of operating profit and 39.3 billion won of net income in the first half of the year, Bloomberg described. Semi-annual reports of BTC Holdings show that Bithumb’s sales reached 303 billion won in the first half of this year.
In addition, News Asia reported that the price which Bk Global paid for Bithumb is lower than the exchange’s $ 880 million valuation appraised in early February, adding that the consortium’s own valuation of the exchange is even higher, at more than two trillion won plus the management rights premium. The news outlet quoted a Bk Global Consortium official asserting:
We will also promote the introduction of a stable coin to stabilize the payment system. We will be in conjunction with the global exchange scheme to take advantage of the coin linked to the US dollar.
In June, Bithumb said it was hacked and 11 cryptocurrencies were stolen. The estimated damage was about 19 billion won. This week, the exchange launched two indices to track the cryptocurrency markets.
What do you think of Bk Global Consortium acquiring the controlling stake of Bithumb? Let us know in the comments section below.
Images courtesy of Shutterstock and Bithumb.
Need to calculate your bitcoin holdings? Check our tools section.
The post South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium appeared first on Bitcoin News.
Japanese crypto exchange Zaif has concluded a business transfer agreement with another regulated crypto exchange in Japan. Fisco Cryptocurrency Exchange will take over all of Zaif’s services and will be responsible for repaying users who lost their coins when Zaif was hacked last month.
Business Transfer Agreement
Tech Bureau, the operator of Zaif, has signed an agreement to transfer Zaif’s business to Fisco Cryptocurrency Exchange (FCCE), the company announced Wednesday.
Zaif claims that it was hacked on Sept. 14, with approximately 7 billion yen ($ 62 million) stolen. On Sept. 20, Fisco Co. Ltd., the parent company of Fisco Cryptocurrency Exchange, announced a plan to provide 5 billion yen to help Tech Bureau compensate its affected users in exchange for the majority of the company’s shares. Fisco and Tech Bureau have since been working on a business transfer agreement with a tentative transfer date of Nov. 22.
“While the details of specific measures addressing damages to Zaif users are under consideration, a formal business transfer agreement for the Zaif business to FCCE was concluded,” Fisco wrote, adding:
It has been decided that all of Zaif’s services will be passed to FCCE including handled cryptocurrency, exchanges, vendors, credit transactions and Bitcoin Airfx [derivatives trading]. FCCE will also carry out the return of cryptocurrency that Zaif users lost in the outflow during the hacking incident, etc. (including debt for payment in kind for reasonable amounts of money).
Japan currently has 16 regulated crypto exchanges. Both Zaif and Fisco Cryptocurrency Exchange were licensed by the country’s Financial Services Agency in September last year. In August 2017, Fisco announced the launch of “Japan’s first bitcoin-denominated bonds.”
Fisco’s Long-Term Agreement With Tech Bureau
The two companies have been working together since 2016. When Fisco Cryptocurrency Exchange began operations in August 2016, it licensed the use of Tech Bureau’s white label system to provide liquidity to the new exchange.
Two days prior to the hack, on Sept. 12, Fisco Cryptocurrency Exchange reviewed its system in order to stop using Tech Bureau’s white label system and start using its new trading system provided by Ccct Inc., a wholly-owned subsidiary of Caica Inc.
Plan to Compensate Zaif’s Users
After discovering the security breach on Sept. 17, Zaif immediately suspended several services, including deposit, withdrawal, and merchant payment. The exchange claims that 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen.
According to Wednesday’s announcement, Zaif has resumed some services for BTC and BCH, including “transactions, buying and selling through simple transactions and savings.” Tech Bureau clarified that deposit and withdrawal services “are scheduled to resume after operations have been assumed by Fisco Cryptocurrency, with the specific resumption date to be announced at a later date.”
For MONA, “compensation will be made in Japanese yen to the equivalent value” of the amount held by each user at the rate of 144.548 yen per coin, Tech Bureau detailed. At the time of this writing, MONA is trading at 148.4 yen on Zaif.
What do you think of Zaif transferring all crypto services to Fisco Cryptocurrency Exchange? Let us know in the comments section below.
Images courtesy of Shutterstock, Zaif, and Fisco Co. Ltd.
Need to calculate your bitcoin holdings? Check our tools section.
The post Japanese Exchange Takeover: Zaif Transfers All Crypto Services to Fisco appeared first on Bitcoin News.
The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has two similar indices and sub-indices divided into three broad categories.
Bithumb Launches Crypto Indices
Bithumb announced Wednesday the launch of Bithumb Crypto Index (BTCI) which comprises two separate indices.
The exchange detailed:
BTCI has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI)…and Bithumb Altcoin Market Index (BTAI).
BTMI is calculated based on all cryptocurrencies listed on Bithumb while BTAI only takes into account “all non-bitcoin cryptocurrencies” listed on the exchange. The former aims to provide “an overall view of the price changes in the cryptocurrency market” while the latter “a view of the price changes in the cryptocurrency market excluding bitcoin.” Bithumb began calculating BTCI on July 1. The index is calculated real-time and updated every 10 seconds.
At the time of this writing, Bithumb is South Korea’s largest crypto exchange by trading volume, according to Coinmarketcap. With 53 cryptocurrencies listed for trading against the Korean won, the exchange has a 24-hour trading volume of $ 726,488,270.
Upbit’s Crypto Indices
The country’s largest crypto exchange by the number of coins listed, the Kakao-backed Upbit, also has a crypto index called Upbit Cryptocurrency Index (UBCI). Launched in May, the index consists of two main indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). However, there are also over 20 sub-indices grouped into three broad categories: market, theme, and strategy.
“The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance,” Business Korea detailed at the time and quoted Lee Seok-woo, the president of Dunamu Inc. which operates Upbit, commenting:
The UBCI will become a standard in observing the whole cryptocurrency market…We will improve it in terms of technology and management to make it a representative index not only in the Korean market but in the global market.
At the time of this writing, Upbit has a 24-hour trading volume of $ 292,249,180, making it the second-largest crypto exchange in Korea by trading volume, according to Coinmarketcap. The exchange currently has 166 coins listed and supports 276 markets.
What do you think of Korean exchanges’ crypto indices? Let us know in the comments section below.
Images courtesy of Shutterstock, Bithumb, and Upbit.
Need to calculate your bitcoin holdings? Check our tools section.
The post Largest South Korean Exchange Launches Crypto Market Indices appeared first on Bitcoin News.
Kubitx, a Pan-African financial technology startup registered in Malta, announced the beta launch of its new cryptocurrency exchange on Thursday. The platform, which supports six digital coins, including BCH and BTC, will initially be available to users in Nigeria, before the company expands it to other African countries in the coming months.
‘Hybrid’ Exchange Facilitates Payments,
Remittances and OTC Trades
“Today we launch the Kubitx Exchange feature release version 0.1,” Victor Philips, co-founder and chief operating officer at Kubitx, told news.Bitcoin.com by telephone. He added that 150 people qualified for the company’s open invitation to prospective beta test users seeking to participate in the launch.
Philips, a Nigerian economist and IT program manager based in Canada, said: “(The) first rollout spot for crypto-to-fiat conversions and bill payments using crypto is Nigeria — a suitable destination to test our platform, as the country boasts the largest population and active youth with massive crypto adoption, ranking sixth globally.”
Founded in 2017, Kubitx describes itself as a “hybrid digital asset exchange” that leverages distributed ledger technology to facilitate payments throughout Africa and abroad. It also offers trade financing, while handling remittances and over-the-counter trades. In addition, the exchange is registered as a legal entity in Nigeria and Zimbabwe.
With the beta release, users will be able try out the exchange’s trading, deposit and withdrawal interface, among other features, using a demo token. Consumer feedback will then be incorporated into the final beta version, which will use real digital currencies such as BCH and BTC.
The trial period runs until Oct. 15, with official live trading to begin one week after that, Philips said. When fully operational, for example, a Nigerian who is a resident of the U.K. will be able to send money back home by depositing BCH through Kubitx. The recipient in Nigeria will then be able to withdraw funds in naira, the local currency.
“Once the beta test is done, we will have a one-week window to implement any suggestions received from the users on our platform, after which the (official) beta launch takes place,” Kubitx wrote, in a separate online statement.
Crypto Adoption Growing Steadily in Africa
The digital currency ecosystem has grown rapidly in African countries such as Kenya, Ghana, Uganda, Nigeria, South Africa and Zimbabwe over the past few years. Bitcoin has particularly become popular. The wave of steady cryptocurrency adoption is widely viewed as key to driving economic growth and financial inclusion, while reducing remittance costs throughout the continent, which is home to roughly 1.2 billion people.
Africa’s booming technological advancement is reflected in the rapid growth of mobile phone use, both as a means of payment and to serve as bank accounts. With more than 100 million active users of mobile money transacting about $ 2.1 billion each year, according to consulting firm McKinsey & Company, Africa has become a global leader in mobile-based financial settlements.
In Nigeria, Kubitx recently reached an agreement with Interswitch International, a major payment switching company, to claim a 99% share of the Nigerian banking sector, with an additional presence in Kenya and Uganda. It will operate its fiat-to-crypto payments and remittance business in those markets, the exchange said. It has struck similar deals in Gambia with Modulus Global, and in Zimbabwe with undisclosed local financial institutions.
“Our ecosystem will support cryptocurrency-to-fiat handshake to get transactions done using the transparency, speed, security, immutability and decentralized features of the underlying (blockchain) technology,” said Philips. The exchange hopes to open new trading platforms in Zimbabwe, Angola, Ghana, South Africa, Kenya, Uganda and elsewhere after it completes its planned $ 12.5 million initial coin offering later this year.
What do you think about the development of cryptocurrencies throughout Africa? Let us know in the comments section below.
Images courtesy of Shutterstock and Kubitx.
The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
The post Nigerian Startup Kubitx Launches Bitcoin Exchange in Beta appeared first on Bitcoin News.