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BTSE Launches BTC and ETH Earn Products

by Blockchain NewsJune 27, 2022

Digital asset exchange platform BTSE announced the launch of its Bitcoin (BTC) and Ethereum (ETH) earn products.

Following the launch, investors can generate passive income, according to BTSE, and the new products add to the growing range of options in BTSE Earn.

The announcement also added that the products will start at an annual percentage rate of 4.5% and potentially touch 60%. Users can also select a deposit duration of 30, 60 or 90 days with a minimum deposit of 0.5 ETH or 0.03 BTC.

Retail investors from BTSE make more than US$1.5 billion in volume on BTC and ETH futures per day and the company stores more than 99% of its customers’ funds in cold wallets to safeguard client assets.

BTSE said that it does not rely on third-party technology and uses self-hosted servers. The company leverages financial decentralisation while enhancing convenience, accessibility and returns.

“BTSE Earn products give our users an easy way to earn interest on their assets. This new offering with no minimum investment requirements, no penal lock-in options and attractive returns will provide the much-needed flexibility to users who are looking into diversifying their asset portfolios. Given the high annualised interest rates, we foresee strong interest in both our products,” said Henry Liu, Chief Executive Officer of BTSE.

“With the current volatility in the cryptocurrency space, choosing proper crypto asset products is crucial. We’re committed to helping our users make sound decisions with strong upside potential,” added Henry.

BTC and ETH are the largest cryptocurrencies by market capitalisation.

According to a recent report from Blockchain.News, BTSE has become the first crypto exchange to offer perpetual futures trading for the world’s newest stablecoin, US Decentralized (USDD).

BTSE’s offerings in its Futures feature, including perpetual futures for USDD, may appeal more to experienced traders.

However, for less advanced users, BTSE provides a collection of resources and learning materials — the BTSE Testnet, tutorials, and a support centre — to introduce the mechanics behind futures. The materials can help users understand the risks and rewards involved in BTSE’s future products and provide traders with a way to backtest strategies or formulate plans to profit from market volatility.

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Ripple Opens First Office in Canada with New Growth Plan

by Blockchain NewsJune 27, 2022

Ripple, a company behind XRP cryptocurrency, has announced that it is opening a new office in Toronto, which will serve as an engineering hub. The new office, Ripple’s first footprint in Canada, will support the company’s continued growth in North America and beyond.

The firm plans to initially hire 50 engineers in Toronto with the goal to expand to hundreds of blockchain software engineers, including applied machine learning scientists, data scientists, and product managers.

Brad Garlinghouse, CEO of Ripple, commented about the development: “Crypto and blockchain present an incredible opportunity for engineers to tackle difficult problems, with the potential for these solutions to impact the movement of value around the world.”

Despite the current market conditions that have seen many other crypto firms announcing massive layoffs and hiring freezes, Ripple plans to hire hundreds of people globally this year. Ripple wants to bring in the best talents by helping the company’s innovation and serve its clients for years to come. The firm opened new offices in key cities, including Miami and Dublin, in the previous year alone.

The launch of the Toronto office further strengthens Ripple’s commitment to a region that is already a tech hub where it can tap into the local talent pool and hire top engineers to develop crypto innovation in Toronto.

The move by Ripple demonstrates another clear demand for greater access to the digital economy. The Canadian crypto market is becoming increasingly robust and therefore sets the perfect stage not only for Ripple’s expansion but also for other companies’ international growth.

A week ago, Bahamas-based FTX Exchange, one of the world’s largest crypto firms, also opened its business in Calgary location in Canada, by acquiring Bitvo Inc., a Calgary-based crypto exchange.

The move by FTX came amid extreme industry volatility, as digital assets continue to fall to multiyear lows. Many crypto firms, such as BlockFi, Crypto.com, Coinbase, and others, have made deep cuts to their workforce. A prominent crypto lending firm Celsius Network recently suspended operations indefinitely, a situation that has left millions of its users in limbo and accelerated a global collapse of the crypto market.

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Tagged : Business / Canada / Enterprise / Ripple

Hex Trust Announces Integration of Polkadot Blockchain Network

by Blockchain NewsJune 27, 2022

Hong Kong-based digital asset custody provider Hex Trust announced the integration of the Polkadot blockchain network into Hex Safe.

Following the integration, Hex Trust now provides fully licensed custody for Polkadot’s native token (DOT). Hex Trust also has plans to support a full stack of services built on Polkadot.

“With this integration, we will be offering fully-licensed & highly secure custody for $DOT and the full stack of services built on the leading interoperability blockchain network,” Hex Trust said on Twitter.

Furthermore, the integration will enable the company’s more than 200 institutional clients to trade, lend and stake DOT without sending their assets outside the secure custody platform Hex Safe.

According to Hex Trust’s official website, Hex Safe helps users secure and manage digital assets with a compliance-first approach.

Hex Safe also provides access to liquidity providers, exchanges and industry-leading DeFi platforms.

Launched in May 2020, the Polkadot blockchain network facilitates the interoperability of blockchain networks.

The network runs on layer zero, known as Relay Chain, which supports 100 parachains, and sovereign blockchains that work in parallel with a high level of security.

Giorgia Pellizzari, Head of Custody at Hex Trust, said, “we’re excited to have integrated Polkadot and open up the endless possibilities their emerging ecosystem is enabling. Within Hex Safe, we endeavour for our clients to seamlessly hold and have the ability to trade leading tokens such as Polkadot in our multichain and highly secure custody platform.”

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Tagged : Blockchain / Crypto / DIGITALASSET / HEXSAFE / HEXTRUST / Industry

Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

by Blockchain NewsJune 27, 2022

François Villeroy de Galhau, the Governor of the Bank of France, on Sunday said the recent crypto market meltdown caused by massive sell-offs has pushed consumers to trust more in banks than digital assets.

The French central bank head made the remarks at the World Economic Forum, where Galhau said the shift might be due to the nature of private cryptocurrencies. The executive, therefore, stated users might seek to align themselves with products promoting trust, like Central Bank Digital Currencies (CBDC).

The France’s central bank governor said crypto coins are unreliable because they lack an underlying claim backed by the government. He, therefore, noted that the trust concerns would likely accelerate the use of CBDCs.

“In recent weeks, citizens have lost trust in cryptos, but more than in central banks without any doubt… Nobody is responsible for the value of cryptos, and it must be accepted universally as a means of exchange,” Villeroy stated.

The Governor said trust still exists in traditional banks, despite most central bankers being blamed for the surging inflation.

However, Villeroy emphasized the need for collaboration between central banks and the private sector to promote the development of CBDCs. He suggested that while banks guarantee user trust, private sector technology and innovation are important to improve the operational efficiency of government services.

Although, in the past, the Governor praised Bitcoin for introducing innovative technology, he said France’s central bank has maintained a sceptical approach towards private cryptocurrencies.

Crypto Sell-Offs Triggered by Inflation

Over the past few years, cryptocurrencies, which are often viewed as an escape from legacy banking and fiat currency, have been the focus of much attention by governments across many nations. In March, US president Biden issued an executive order to evaluate the risk and opportunities of cryptocurrencies.

The popularity of cryptos has partly been driven by high valuations and volatility, attracting attention from investors, the media, and the public.

Though user trust in crypto is declining, that doesn’t seem to matter. Purchase intention for cryptocurrencies has remained relatively unchanged since the beginning of the year.

Whether cryptocurrencies find their way into mainstream payment systems or remain a speculative investment depends on how governments, regulators, and central bankers act to protect their economies and citizens. Recent actions by central banks to raise interest rates to combat soaring inflation have adversely affected the prices of cryptocurrencies.

The crypto market recently saw one of the worst meltdowns, with the total market capitalization dropping by 40% to $1.3 trillion in just a month. However, traders have stayed put, and are confident that the market will soon revamp.

The market downturn was triggered by massive sell-offs spiked by speculations because of rising inflation in most nations, together with a move by some countries, including India, Australia, the US, and the UK, to raise interest rates to tackle rising commodity prices.

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Tagged : Banks / Cryptocurrencies / FRANCE CENTRAL BANK / Industry Expert

CoinDCX Suspends Deposits and Withdrawals, Citing Compliance Requirements

by Blockchain NewsJune 27, 2022

CoinDCX, an India-based major cryptocurrency exchange, has suspended crypto deposits and withdrawals for various users,citing compliance measures as the reason for the move.

After many customers expressed their disappointment on social media, Ramalingam S, Head of Branding, Marketing, and Communications at CoinDCX, stated: “While some wallets are under maintenance, there is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny. The new process is being rolled out in phases, & it will reach all users in due course. Until then, I request your support.”

The exchange mentioned that customers must complete the Know-Your-Customer (KYC) process to enable crypto deposits and withdrawals.

Since 13th May, CoinDCX has put in place withdrawal restrictions, which have been extended until further notice to strengthen its compliance and risk framework.

CoinDCX is not the only one affected. Coinswitch Kuber also stated that the withdrawal suspension is because of the KYC requirements.

Last week, Coinswitch Kuber responded to its customers’ dismay via Twitter, stating that deposits and withdrawals have been disabled for everyone because it needs further clarity from regulators and policymakers.

Users Hit Hard by Crypto Meltdown

The latest suspensions by the major exchanges have not pleased Indian crypto investors. Some users have raised fears that the exchanges’ assets might have been swallowed by financial woes facing Celsius Network and BlockFi.

However, there is no evidence linking fallouts from Celsius and BlockFi with the suspensions. For now, it appears that users will have to complete the KYC process to ensure access to their funds.

The current global crypto plunge has come at a time when other factors already slow down India’s crypto industry.

Early last week, Bitcoin’s price declined to $18,000 while the market cap of crypto markets dropped to about $950 billion from $2.97 trillion witnessed in November 2021. Several crypto firms, including Coinbase, BlockFi, and Cryoto.com, have announced massive layoffs and frozen hiring, including those in India, amid challenging times for crypto and equity markets.

The current downturn on the broader capital markets has been triggered by rising inflation and increasing interest rates by global central banks.

Since March, the Indian ecosystem has seen a 90% decline in trade volumes. Besides the global economic crisis, India’s tax rules and inadequate banking channels have also played disastrously. A weak risk appetite due to the global macroeconomic situation might keep India’s investors on edge in the near term.

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Tagged : Coindcx / Compliance / Crypto / Deposits / Exchanges / India / Withdrawals

Samsung Asset Management to Launch 1st APAC Metaverse Theme Active ETF on HKEX

by Blockchain NewsJune 27, 2022

Samsung Asset Management (Hong Kong) Limited (“SAMHK”), which Exchange Ticker: 3172.HK, announced to launch the first APAC metaverse theme active ETF in Hong Kong with the announcement of Samsung Asia Pacific ex NZ Metaverse Theme ETF.

The listing is set to go live on July 7, 2022, on the Stock Exchange of Hong Kong (“SEHK”). The ETF sets the listing price at HKD15, board lot size of 50 units, price per lot is HK$750. The ETF is expected to be the first global APACblockchain ETF in Asia, whose management fees will be charged 0.85% per annum.

Samsung said the new ETF is “a simple tool that can help investors investing in Metaverse related industries in APAC ex NZ.” According to the company, the categories that will be considered may include but are not limited to augmented reality/virtual reality, artificial intelligence, social media, online gaming, digital transactions, devices, platforms and content.

Yet, no official announcement for the details of its top 10holdings though.

The metaverse is a virtual space created with the new internet using 3D technologies to imitate, simulate or enhance physical reality by technologies. The technologies involved in the metaverse are virtual reality, blockchain and augmented reality.

According to Gartner, the metaverse market may reach US$783.3 billion in 2024 with a CAGR of 13.1% since 2020.

As Metaverse business is in a vast and rapid developing stage, 3172.HK as an actively managed portfolio can grasp the investment opportunity in a “time to market” manner.

Samsung has also further stated that it is considering plans to list Amplify’s some other flagship ETFs in the Korean and overseas markets. The Korean investment company revealed that it is assessing a way to list Amplify CWP Enhanced Dividend Income ETF, in Korea or Hong Kong.

Previously, the group has launched another blockchain technology ETF in Hong Kong (Stock code: 3171.HK) last Friday (June 23), which is the first global technology active ETF, tracking various crypto companies. Its top 10 holdings include US-listed exchange CME Group, which offers bitcoin futures contracts, cryptocurrency banking group Silvergate, and IBM.

Samsung has been showcasing its growing interest in the crypto space with the release of its new flagship phone Galaxy S22 Ultra, Blockchain.News reported.

The South Korean electronics company announced that the S22 Ultra is equipped with a crypto wallet and users would also be able to store ID documentation and keys in digital format.

The electronics giant said that the new features in S22 Ultra are set to release later in the year first in South Korea before expanding globally.

Additional features that come with the new digital ID feature include storing documentation such as national IDs, driver’s licenses, digital debits and credit cards, and digital keys for houses and cars.

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Tagged : Blockchain / Crypto / Etf / Exchanges / Hongkong / Metaverse / Samsung

Albania to Begin Levying Crypto Tax Next Year, Report says

by Blockchain NewsJune 27, 2022

Southern European country Albania is reportedly on track to begin taxing digital currency earnings as of 2023.

According to the local news platform Exit News, the taxation move is predicated on a new draft law on income tax by the country’s parliaments. This draft law has provided a lot of clarity to some of the grey areas in the digital currency ecosystem in the country, including the definition of what a “virtual asset” is, as well as “cryptocurrency mining”.

On virtual currency, the new draft laws noted them to be “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies,” with the definition excluding Central Bank Digital Currencies (CBDCs).

Per the new laws, individuals and enterprises will be taxed accordingly to reflect their relative investment and income in the digital currency ecosystem. While individual miners are billed to be charged a capital gain tax of 15%, more organized and corporate Bitcoin mining farms will be required to pay a business tax which is often customized to fit the business profile.

While there have been a lot of raised eyebrows with Albania’s approach to monetary policies in general, the country did not have a very high ranking with MONEYVAL, the European Union Committee of Experts on the Evaluation of Anti-Money Laundering Measures, and the Financing of Terrorism. The regulator noted that Albania has not significantly put measures to combat money laundering, a weakness that may be exploited should the country become a safe haven for crypto-related money laundering.

Taxation has remained a very vital subject in the emerging cryptocurrency industry. Besides Albania, countries like India, Norway, and the United States of America are notably taking this very seriously. Should the Albanian Financial Supervisory Authority (AFSA) be in tune with the parliament in signing this crypto bill, it will come into effect by 2023.

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Tagged : ALBANIA / CBDC / Crypto / Regulation / Taxation

Bitget Seeks 3x Workforce Expansion Amid Ongoing Layoffs

by Blockchain NewsJune 27, 2022

Emerging derivatives exchange platform, Bitget has announced its plans to strengthen its ongoing ecosystem growth with the addition of about 500 more new employees.

While many crypto platforms are struggling with the uncertainty triggered by the recent digital currency ecosystem meltdown, Bitget said it is well-positioned to increase its headcount by 100% before the end of the year.

The Bitget platform noted that its platform has been seeing remarkable growth over the past few years and will expand its scale by three times, compared with the current workforce of 150 workers in 2021. With the projected time span of 6 months, Bitget said the current long-term bearish sentiment is not affecting its business.

“Earlier this year, we announced our derivatives trading volume had reached an all-time high of $8.69 billion in March 2022. In the last 12 months, our trading volume grew by over 10 times, a notable achievement unlocked, moreover, our user base also grew significantly to two million users worldwide,” said Managing Director of Bitget, Gracy Chen, adding that;

“Of course, we were also eager to expand our team to cater to the rapidly growing market needs, however, we decided to adopt a more prudent approach right from the get-go. By scheduling frequent meetings with our global and regional teams to understand where resources are needed, we were able to systematically and effectively carry out strategic hires.”

The exchange said it continues to endure the crypto winter, believing that “it will be a perfect opportunity for us to attract talent in the market and strengthen our foundation, prioritise growth, and be prepared to welcome the next round of crypto adoption when the market regains strength.”

Besides Bitget, Binance and Kraken have also made such a move as this, an approach that is markedly different from Coinbase and Gemini’s, both of whom have cut down their staff strengths by 18% and 10% respectively.

The trading platform noted that those who will be hired will be absorbed into its product development and customer service fields respectively.

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Tagged : Bitget / Coinbase / Cryptocurrency / Enterprise / Exchange / Hiring / RECRUITMENT

Amidst Layoffs, Bitget Seeks 3x Workforce Expansion in the Next 6 Months

by Blockchain NewsJune 27, 2022

Emerging derivatives exchange platform, Bitget has announced its plans to strengthen its ongoing ecosystem growth with the addition of about 500 more new employees.

The trading platform noted that those who will be hired will be absorbed into its product development and customer service fields respectively.

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Tagged : Bitget / Coinbase / Cryptocurrency / Enterprise / Exchange / Hiring / RECRUITMENT

Crypto Market Resurgence: Is the Crypto Winter Finally Over?

by Blockchain NewsJune 27, 2022

The current outlook of the digital currency market ecosystem is considered a promising one for investors, who have been repositioning their mindsets for a long ‘crypto winter’ ahead.

For the first time in a few weeks, the combined crypto market capitalization temporarily climbed above the $1 trillion level over the past weekend, a sign that implies a massive recovery may be underway.

While investors may be very happy with this trend, a major question then surfaces: Does this recovery imply a return to the bullish green days?

A Yes and a No Answer

There are different kinds of investors in the crypto ecosystem nowadays; these classification includes those who are in it for a quick profit and those in it for the long term.

In answering whether the 5.56% weekly growth in the price of Bitcoin to $21,248.76 implies a recovery, those in the ecosystem for the short term will largely say Yes, as this aligns with the sentiment and desires a lot. The opposite holds through for those in the game for the long term.

Shunning sentiments now, Bitcoin and the broader crypto ecosystem is now to historically record periods of correction, either on the uptrend or downtrend, depending on the prior movement of the asset. This means if we record a period of massive price growth such as that that was seen when BTC grew to its All-Time High (ATH) above $68,000 back in November last year, a period of bearish correction followed, thus fueling the drop to $47,000 level when entering 2022.

Historically, the current growth might just be the expected response to the massive plunge in the ecosystem these past days, ignited by the collapse of UST and LUNA, as well as the insolvency fears of the crypto lender Celsius Network. Should this be seen as a mere bullish correction, then the crypto winter is still ahead, and caution must be exercised before making any active investment decisions.

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Tagged : Analysis / BEARMARKET / Bitcoin / Crypto / Cryptocurrency / Market