Latest News – AtoZcrypto https://atozcrypto.org Thu, 29 Oct 2020 15:37:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.6 https://atozcrypto.org/wp-content/uploads/2018/01/cropped-AtoZ-32x32.jpg Latest News – AtoZcrypto https://atozcrypto.org 32 32 India takes another step towards cryptocurrency adoption https://atozcrypto.org/india-takes-another-step-towards-cryptocurrency-adoption/?utm_source=rss&utm_medium=rss&utm_campaign=india-takes-another-step-towards-cryptocurrency-adoption https://atozcrypto.org/india-takes-another-step-towards-cryptocurrency-adoption/#respond Thu, 29 Oct 2020 15:37:41 +0000 https://atozcrypto.org/?p=4196 Do you reside in India and want to take a loan against your cryptocurrency assets? Well, now you can. An Indian bank, United Multistate Credit Co. Operative Society, would be the first one to launch this service across its 34 branches. Together with Cashaa, a crypto-banking service provider, the bank launched a service named UNICAS. …

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Do you reside in India and want to take a loan against your cryptocurrency assets? Well, now you can. An Indian bank, United Multistate Credit Co. Operative Society, would be the first one to launch this service across its 34 branches. Together with Cashaa, a crypto-banking service provider, the bank launched a service named UNICAS. This service will be available both online and offline. This move is made amidst the uncertain nature of the cryptocurrency market in India. 

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RBI (Reserve Bank of India)’s ban on cryptocurrency banking was nullified by the Supreme Court of India, in March. Despite that, people did not see any move regarding these currencies. Most financial institutions are not sure of cryptocurrency’s true potential; thus, they did not launch such services. UNICAS will allow people to sync cryptocurrency wallets with their bank accounts. People can buy Bitcoins and other cryptocurrencies either by using fiat money or these currencies. It also will help people get loans against these assets. 

Why this move? Despite initial inhibition, people are slowly inclining towards cryptocurrencies and their adoption. A spike was reported during the lockdown, reaching between 200% to 400%. However, how people will react to this service is a matter of another day.

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Will PayPal launch its own cryptocurrency? An insider’s opinion https://atozcrypto.org/will-paypal-launch-its-own-cryptocurrency-an-insiders-opinion/?utm_source=rss&utm_medium=rss&utm_campaign=will-paypal-launch-its-own-cryptocurrency-an-insiders-opinion https://atozcrypto.org/will-paypal-launch-its-own-cryptocurrency-an-insiders-opinion/#respond Tue, 27 Oct 2020 13:03:18 +0000 https://atozcrypto.org/?p=4193 PayPal has been dominating the payment industry for years, and now, it has finally entered the cryptocurrency market. Now, several experts are speculating that PayPal, may launch its very own cryptocurrency token very soon. Coinshares CSO Meltem Demirors is one of them. PayPal left Facebook’s crypto-initiative Libra in June 2019, and announced that it would …

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PayPal has been dominating the payment industry for years, and now, it has finally entered the cryptocurrency market. Now, several experts are speculating that PayPal, may launch its very own cryptocurrency token very soon. Coinshares CSO Meltem Demirors is one of them. PayPal left Facebook’s crypto-initiative Libra in June 2019, and announced that it would support cryptocurrency transactions. Also, PayPal CEO Dan Schulman mentioned that, the company might bring some surprise for cryptocurrency traders and investors.

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The company believes in creating products that are compliant with regulations of global regulatory bodies. It is the reason why PayPal pulled out from the Libra Project, fearing that an investigation into this currency may tarnish its reputation. Dan said that the new product would not provide any competition to Facebook’s coin. By the way, people can now conduct cryptocurrency transactions in different currencies, such as Bitcoin (BTC), Ether (Ether), Bitcoin Cash (BTC), and Litecoin (LTC). This feature is available for use from 21st October, which means people can make payments at the stores that accept PayPal with cryptocurrencies.
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PayPal and its cryptocurrency services: An outlook https://atozcrypto.org/paypal-and-its-cryptocurrency-services-an-outlook/?utm_source=rss&utm_medium=rss&utm_campaign=paypal-and-its-cryptocurrency-services-an-outlook https://atozcrypto.org/paypal-and-its-cryptocurrency-services-an-outlook/#respond Sun, 25 Oct 2020 12:38:07 +0000 https://atozcrypto.org/?p=4190 PayPal (PayPal Holdings Inc) recently entered the cryptocurrency market, allowing people to use the PayPal wallet to buy, sell, and store cryptocurrencies (Bitcoin and others). It has partnered with Paxos Trust Company to develop this service.  Thousands of merchants around the world choose PayPal for collecting online payments from their buyers, and this number is …

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PayPal (PayPal Holdings Inc) recently entered the cryptocurrency market, allowing people to use the PayPal wallet to buy, sell, and store cryptocurrencies (Bitcoin and others). It has partnered with Paxos Trust Company to develop this service.  Thousands of merchants around the world choose PayPal for collecting online payments from their buyers, and this number is growing. Some merchants are already accepting cryptocurrencies, and PayPal thinks that 26 million merchants will do the same by early 2021.  

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Apart from the existing cryptocurrencies, PayPal will support the CBDC currencies too, including the recently launched ones. The company is planning to expand its business to new locations, thus bringing more people into the field of cryptocurrency. 

Apart from PayPal, Square Inc. and Robinhood Markets Inc offer the same services to their customers. But, the company’s name itself does the trick. It offers reliability and a sense of security to users. 
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This power move would encourage merchants to participate in these transactions, thus lowering the cost of these transactions. Most people refrain from it due to the market’s volatility. 

It should be noted that merchants will not receive cryptocurrencies as payment. Instead, they will the equivalent in US dollars and other fiat currencies. A mechanism will be used to transform cryptocurrencies into fiat currencies. PayPal acquired the first license from the New York State Department of Financial Services. This license will allow traders to transact using these currencies.

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Cryptocurrency startup statistics: A quarterly report https://atozcrypto.org/cryptocurrency-startup-statistics-a-quarterly-report/?utm_source=rss&utm_medium=rss&utm_campaign=cryptocurrency-startup-statistics-a-quarterly-report https://atozcrypto.org/cryptocurrency-startup-statistics-a-quarterly-report/#respond Wed, 21 Oct 2020 15:03:25 +0000 https://atozcrypto.org/?p=4183 2020 is the year for cryptocurrency, and this is again proved during this year’s third quarter. More than 200 cryptocurrency and Blockchain companies (mainly startups) received nearly $900 million in venture funds (during the early-stage, and seed-stage). We got these statistics from the complication of The Block Research.  More than 50 deals were finalized during …

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2020 is the year for cryptocurrency, and this is again proved during this year’s third quarter. More than 200 cryptocurrency and Blockchain companies (mainly startups) received nearly $900 million in venture funds (during the early-stage, and seed-stage). We got these statistics from the complication of The Block Research. 

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More than 50 deals were finalized during the early-stage round, while companies secured nearly 70 corporate deals during the seed-stage. This shows that people are moving towards cryptocurrencies, encouraging business owners to start their cryptocurrency ventures. 
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The total amount was rounded off to nearly 50% of the total investment received by companies during this quarter. It can be said that the overall response was positive from cryptocurrency enthusiasts and investors. The trend is promising, which means that cryptocurrency might ultimately replace fiat money. Also, it will be a breeding ground for healthy competition among the top companies, and these startups, resulting in some advanced solutions. You can check the trends seen during the first and second quarters to draw an accurate comparison and make the right decision. 

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What happened to OKEx and Star Xu? https://atozcrypto.org/what-happened-to-okex-and-star-xu/?utm_source=rss&utm_medium=rss&utm_campaign=what-happened-to-okex-and-star-xu https://atozcrypto.org/what-happened-to-okex-and-star-xu/#respond Sun, 18 Oct 2020 06:54:10 +0000 https://atozcrypto.org/?p=4180 A week ago, Star Xu, the person who founded OKEx (a cryptocurrency exchange), faced police interrogation. This was after OKEx announced, that it will suspend any activities, including withdrawal of money (cryptocurrencies). According to a report from the Chinese news agency, Caixin, Mingxing Xu (Star Xu), did not resume his work after the interrogation.  OKEx …

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A week ago, Star Xu, the person who founded OKEx (a cryptocurrency exchange), faced police interrogation. This was after OKEx announced, that it will suspend any activities, including withdrawal of money (cryptocurrencies). According to a report from the Chinese news agency, Caixin, Mingxing Xu (Star Xu), did not resume his work after the interrogation. 

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OKEx authorities clarified that they have canceled any affiliation with the OK group (Xu’s organization). They don’t have any news about Xu’s whereabouts and will coordinate with the police accordingly. 
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They also stated that the funds are safe, so, people don’t have to worry about it. When asked about the suspension, OKEx CEO Jay Hao mentioned, that this step was necessary to protect consumers’ interests. The activity will soon resume, he further exclaimed. 

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Is Japan introducing a digital Yuan? The truth https://atozcrypto.org/is-japan-introducing-a-digital-yuan-the-truth/?utm_source=rss&utm_medium=rss&utm_campaign=is-japan-introducing-a-digital-yuan-the-truth https://atozcrypto.org/is-japan-introducing-a-digital-yuan-the-truth/#respond Tue, 13 Oct 2020 15:24:09 +0000 https://atozcrypto.org/?p=4176 Japan is all set to modify laws and release a digital version of the country’s currency, Yen. According to Kozo Yamamoto, Japan must change its cryptocurrency-related laws to promote the adoption of digital currencies. Bank of Japan (BoJ) must create some rules to maintain the process of CBDC (Central Bank’s Digital Currency). Yamamoto mentioned making some …

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Japan is all set to modify laws and release a digital version of the country’s currency, Yen. According to Kozo Yamamoto, Japan must change its cryptocurrency-related laws to promote the adoption of digital currencies. Bank of Japan (BoJ) must create some rules to maintain the process of CBDC (Central Bank’s Digital Currency).

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Yamamoto mentioned making some changes to the law (including inflation rates and job creation, etc.), according to a Reuters report. Yamamoto stated these points after news about BoJ’s declaration of bringing digital currencies next year, was released on October 9. However, earlier, BoJ was not ready to launch this currency.  But, this all changed after seeing China’s success with its digital Yuan. Japan is worried about China’s aggressive mentality, to monopolize the cryptocurrency market of Asia, and the rest of the world. We will check out what the authorities will decide later.

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Funds go missing from KuCoin: The truth https://atozcrypto.org/funds-go-missing-from-kucoin-the-truth/?utm_source=rss&utm_medium=rss&utm_campaign=funds-go-missing-from-kucoin-the-truth https://atozcrypto.org/funds-go-missing-from-kucoin-the-truth/#respond Thu, 08 Oct 2020 14:48:17 +0000 https://atozcrypto.org/?p=4170 KuCoin has always been in the hot waters, because of its lack of transparency with its cryptocurrency users. Due to the lack of a primary domain name, this exchange found itself in legal proceedings in the High Court of Singapore, way back in March 2020. A class-action suit was lodged, stating that the exchange is …

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KuCoin has always been in the hot waters, because of its lack of transparency with its cryptocurrency users. Due to the lack of a primary domain name, this exchange found itself in legal proceedings in the High Court of Singapore, way back in March 2020. A class-action suit was lodged, stating that the exchange is providing false or misleading statements. In another case, Chase Williams complained that KuCoin is participating in an unlicensed securities offering. Three individuals were also named Michael Gan, Johnny Lyu, and Eric Don. 

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Customers were never involved with the operations of KuCoin, which is the main area of concern. Nobody knows where the company is situated, it started from Seychelles and then moved to Singapore, but the current whereabouts are unknown. Recently, funds have gone missing, $150 million to be exact. Experts always warned people about the security threats of using these exchanges, but still, they trusted these places. Choosing an insecure exchange can lead to issues, and KuCoin is the living proof of that.

The loss of funds maybe was caused due to hacking of the exchange’s servers, or it could be a social engineering attack. But the truth is yet to be revealed. Although, Johnny Lyu assured everyone that users harmed by this incident will be covered. He also assured several steps are being taken to prevent that from happening in the future. But there’s a simple solution to this incident. People shouldn’t keep their money in an exchange with a sketchy background or if they are not using its services.

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Breaking News: FCA asks traders to stop selling crypto-assets to retail consumers https://atozcrypto.org/breaking-news-fca-asks-traders-to-stop-selling-crypto-assets-to-retail-consumers/?utm_source=rss&utm_medium=rss&utm_campaign=breaking-news-fca-asks-traders-to-stop-selling-crypto-assets-to-retail-consumers https://atozcrypto.org/breaking-news-fca-asks-traders-to-stop-selling-crypto-assets-to-retail-consumers/#respond Tue, 06 Oct 2020 16:29:31 +0000 https://atozcrypto.org/?p=4165 According to the Financial Conduct Authority of the UK, cryptocurrencies and their derivatives ( Bitcoin, Ethereum, XRP,etc.) are not fit for retail customers. So the authority banned their marketing, sales, or distribution of any kind. This ban will be effective from 6th January 2021. Why? Sheldon Mills, an interim Executive Director, of Strategy and Competition, …

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According to the Financial Conduct Authority of the UK, cryptocurrencies and their derivatives ( Bitcoin, Ethereum, XRP,etc.) are not fit for retail customers. So the authority banned their marketing, sales, or distribution of any kind. This ban will be effective from 6th January 2021. Why? Sheldon Mills, an interim Executive Director, of Strategy and Competition, stated these reasons are the decisive factors: 

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  1. The volatile nature of the cryptocurrency market, so the risk factor is high.
  2. Absence of a reliable valuation technique which can be used as a basis or primary method.
  3. An increased crime rate in this world (abuse, misuse, and theft).
  4. Inadequate awareness related to unregulated crypto assets among retail consumers.
  5. The need or demand for legitimate cryptocurrency investment is quite low among the members of this community. 

Due to these reasons, crypto assets are deemed harmful, and this is the driving force behind the ban. It would cover people and businesses that were selling these assets to these consumers, wherever they are situated. 

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Sheldon argued that this ban will protect the interests of retail consumers, as they could save up to 53 million pounds on average. 

Sufficient to say, this news came as a huge blow to traders who are dealing with these currencies. And most of them disagree with this ban. Whether FCA uplifts the ban or enforces it further is a matter of time. 

Read Full Report Here: https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers

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CipherTrace is ready to track Binance Chain Blockchain https://atozcrypto.org/ciphertrace-is-ready-to-track-binance-chain-blockchain/?utm_source=rss&utm_medium=rss&utm_campaign=ciphertrace-is-ready-to-track-binance-chain-blockchain https://atozcrypto.org/ciphertrace-is-ready-to-track-binance-chain-blockchain/#respond Sun, 04 Oct 2020 06:03:13 +0000 https://atozcrypto.org/?p=4161 CipherTrace is likely to regulate Binance Chain, the Blockchain created solely to host Binance Coins (BNB) and run the operations of Binance Dex (world’s largest cryptocurrency exchange in terms of volume). The US SEC (Securities and Exchange Commission) is working on giving the contract for the same for this purpose. Why? According to the SEC, …

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CipherTrace is likely to regulate Binance Chain, the Blockchain created solely to host Binance Coins (BNB) and run the operations of Binance Dex (world’s largest cryptocurrency exchange in terms of volume). The US SEC (Securities and Exchange Commission) is working on giving the contract for the same for this purpose. Why? According to the SEC, CipherTrace is the only firm fit for the job description. This company has a long history of protecting financial entities from different cybercrimes. 

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Also, it is a reputed Blockchain forensics firm that supports BNB and other Binance tokens. From 2015 (back when it was founded), it has been making software solutions that help experts track monetary transactions. SEC’s motive behind this move is to implement regulations and instill a sense of security within the community. CipherTrace has conducted business with Binance, which might be another reason behind choosing the firm. Experts agree that BNB-based transactions should be traced for the security of users and to accelerate the exchange’s growth. So, Binance is likely to be benefitted the most, from this move. 

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Some key facts about Binance:

  1. Changpeng Zhao (CZ) founded the Binance exchange, Binance Dex. 
  2. BNB coins are listed among the top ten most-traded cryptocurrencies, according to the market cap.
  3. Binance introduced the concepts of staking, trading, and margin trading on its platform last year. Since then, it has introduced several upgrades. 

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European Commission is set to bring new stringent cryptocurrency regulations https://atozcrypto.org/european-commission-is-set-to-bring-new-stringent-cryptocurrency-regulations/?utm_source=rss&utm_medium=rss&utm_campaign=european-commission-is-set-to-bring-new-stringent-cryptocurrency-regulations https://atozcrypto.org/european-commission-is-set-to-bring-new-stringent-cryptocurrency-regulations/#respond Fri, 02 Oct 2020 16:19:25 +0000 https://atozcrypto.org/?p=4156 Governments and regulatory bodies all around the world are proposing regulations to control crypto-assets and Stablecoins. European Commission is not far behind. A draft was leaked last week, and it quickly went viral. What was in this draft? This 168-page document strongly suggests the need for airtight crypto-asset regulatory frameworks, especially for those that are …

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Governments and regulatory bodies all around the world are proposing regulations to control crypto-assets and Stablecoins. European Commission is not far behind. A draft was leaked last week, and it quickly went viral. What was in this draft? This 168-page document strongly suggests the need for airtight crypto-asset regulatory frameworks, especially for those that are not covered by EU financial service regulations.
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According to the European Commission’s findings, Stablecoins will be widely accepted as a payment method, hence the need for stringent rules, especially for exchanges and wallets. This is required to minimize risks like thefts and frauds.

EC also proposed a sandbox where companies can test Blockchain solutions to be used for trade and settlement issues. This is all included within the new Digital Finance Package, adopted by the Commission. The purpose will increase this market’s competitiveness and innovation. Also, it will provide a lot of options to consumers, aside from offering stability and security.

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