Kraken Halts ACH Deposits and Withdrawals via Silvergate

In a move that has disrupted the cryptocurrency industry, Kraken, one of the world’s largest cryptocurrency exchanges, has announced that it will no longer support ACH deposits and withdrawals via Silvergate, citing difficulties with the automated clearing house. According to reports, Kraken sent an email notice to its users on March 22, notifying them that ACH deposits and withdrawals would no longer be available from March 27.

Kraken has assured its users that no other services would be affected by this change, including ACH instant purchases via Online Banking. The exchange has also advised its users to use alternative funding options, such as MVB Bank for Fedwire deposits and withdrawals, and other instant purchase options, to ensure an uninterrupted funding experience.

Kraken has joined the growing list of cryptocurrency exchanges that have halted their ACH deposits and withdrawals via Silvergate. The Winklevoss brothers-founded exchange, Gemini, also stopped accepting customer deposits and processing withdrawals through Silvergate ACH and wire transfers on March 2.

Silvergate is one of the crypto-friendly U.S. banks that collapsed in early March, alongside other lenders like Silicon Valley Bank, posing major challenges for the cryptocurrency industry. Many cryptocurrency firms hold significant exposure to these banks, which has led to disruptions in the cryptocurrency market.

Kraken joined the Silvergate Exchange Network in 2019, which allowed the exchange to offer deposits and withdrawals in U.S. dollars from Silvergate accounts. Kraken has assured its users that its team is working to make ACH funding available again as soon as possible.

Kraken is a cryptocurrency exchange founded in 2011 by Jesse Powell, who is currently the CEO. The exchange is based in San Francisco, California, and is one of the largest cryptocurrency exchanges in the world, trading over $1 billion daily, according to data from CoinGecko.

Silvergate is a U.S.-based bank that is known for its cryptocurrency-friendly policies. The bank is based in La Jolla, California, and was founded in 1988. In 2019, Silvergate launched the Silvergate Exchange Network, which allows cryptocurrency exchanges to offer deposits and withdrawals in U.S. dollars from Silvergate accounts.

Automated clearing house (ACH) is an electronic funds transfer system that allows businesses and consumers to send and receive payments electronically. ACH transfers are commonly used for direct deposit, payroll, and bill payments. ACH transfers are typically slower than wire transfers but are more cost-effective.

The cryptocurrency industry has faced significant challenges in recent years due to the lack of regulatory clarity and the volatile nature of cryptocurrencies. The industry has also faced challenges with banking relationships, as many traditional banks are hesitant to work with cryptocurrency firms due to concerns over money laundering and fraud. As a result, many cryptocurrency firms have turned to banks like Silvergate, which have more favorable policies towards cryptocurrencies.

Source

Tagged : / / / / / /

Crypto Exchange Binance Lists Two Altcoins Built on Ethereum, Triggering Rallies

A pair of crypto assets that facilitate peer-to-peer (P2P) connectivity got a power surge after being listed on crypto exchange giant Binance.

In a new announcement, Binance says that the utility token of Alchemy Pay (ACH), a payment system that serves as a bridge between the crypto and fiat economies, will now be available for trading.

According to the project website, Alchemy Pay serves as “an all-in-one online and offline crypto-fiat gateway service for businesses,” and also enables financial institutions to offer cryptocurrency investment services.

News of the Binance listing sent ACH’s price vertical, leaping 41.5% from $0.065 to $0.092 almost instantly. The altcoin corrected to as low as $0.070 but has since rallied again to $0.084.

Alchemy Pay is currently up 21.4% on the day.

Also getting the green light from Binance is Immutable X (IMX), a layer-2 scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant, zero-gas fee transactions.

IMX is an Ethereum token that can be used for staking on Immutable X, voting on the future of the peer-to-peer protocol, and paying transaction fees.

The project website says,

“We commit zero knowledge (ZK) proofs to Ethereum so users will always be able to verify and withdraw their assets.

Our engine supports over 9,000 transactions per second, a 600x improvement over native limits.”

IMX shot up by 12.8% from $3.75 to $4.23 after the listing announcement but has since retraced considerably. Immutable X fell to as low as $3.40 and is currently trading for $3.68.

Binance says both ACH and IMX will be available in the Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Dario Lo Presti/lassedesignen

Source

Tagged : / / / / / / / / / /

Amid a Staggering 7,280% Rally, Alchemy Pay (ACH) Gears Up to Launch Major Crypto-Fiat Gateway

Alchemy Pay (ACH), a crypto project that’s surged more than 7,280% in the past two weeks on the heels of a listing on Coinbase, says it’s rolling out a virtual card that will be accepted across millions of merchants on the Visa and Mastercard networks.

The move is designed to spur the adoption of numerous cryptocurrencies, allowing people to spend their digital assets in the real world.

ADVERTISEMENT

 

The crypto-linked card will support more than 40 types of digital assets and can be used on popular e-commerce platforms like Amazon and eBay, according to an Alchemy press release.

The virtual card can also be linked to digital wallets like Google Pay and PayPal. Alchemy expects to roll out the card services by the end of the year or early 2022.

Alchemy Pay is a hybrid crypto and fiat payment gateway that operates in 65 countries. Users can receive payments in their preferred local currency regardless of the sender’s payment method and currency.

According to the company’s website, consumers are incentivized with competitive transaction fees. The payment protocol also rewards customers with the project’s Ethereum-based ACH tokens for every crypto transaction. Partners are rewarded with ACH by integrating with Alchemy and enabling crypto payments for merchants.

ACH is trading around $0.11 at time of writing after hitting a low of about $0.001355 on July 21st, according to CoinGecko.

ACH initially surged after being listed on Coinbase Pro and then across all of Coinbase’s platforms. The crypto exchange Binance also partnered with Alchemy Pay to streamline client and merchant payment services across fiat and digital currency systems.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

ADVERTISEMENT

 

ADVERTISEMENT

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mattia Mazzucchelli

Source

Tagged : / / / / / / / / / /

This Low-Cap Altcoin Is Up an Incredible 5,900% in Just Seven Days

A low-cap altcoin is having an incredible week, surging 5,900% in just seven days on the heels of two key catalysts.

Alchemy Pay (ACH) skyrocketed from a low of $0.003 to a high of $0.18 in seven days, representing just under 6,000% gains for holders who were able to ride the rally from trough to peak.

ADVERTISEMENT

 

Alchemy Pay is a hybrid crypto and fiat payment gateway that operates in 65 countries. Users have the option to receive payments in their preferred local currency regardless of the sender’s payment method and currency.

The project also powers crypto and fiat transactions for businesses, merchant networks and financial institutions.

The coin previously surged by roughly 70% in 24 hours following the news that it had been listed on crypto exchange Coinbase Pro last week.

Another top crypto exchange, Binance, is partnering with Alchemy Pay to streamline client and merchant payment services across fiat and digital currency systems. The partnership aims to build a payment bridge on Binance Pay, the exchange’s user-to-user cryptocurrency payment feature on the Binance app.

At time of writing, ACH hosts over $685 million in 24-hour trading volume and has a current valuation of $168.12 million. The crypto asset has retraced since posting its seven-day high, and is now trading at $0.09.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

ADVERTISEMENT

 

ADVERTISEMENT

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Art Furnace

Source

Tagged : / / / / /

FTX Exchange Introduces ACH Support With Circle’s USDC

Key Takeaways

  • FTX Exchange partnered with blockchain payments company Circle to support instant Automated Clearing House (ACH) payments.
  • FTX Exchange users will be deposit and withdraw funds to their bank accounts via USDC stablecoins issued on Ethereum and Solana blockchains.
  • Circle and FTX also collaborated with financial data transfer network Plaid to enable quick customer bank account verification.




Share this article



FTX exchange announced that traders on the platform can now perform near-instant bank transfers across the United States using the USDC stablecoin.

FTX Exchange Links ACH and Crypto

Using traditional bank transfers for cryptocurrency transactions is considered the most painful aspect of user experience. For U.S. customers, this may soon change. 

FTX’s partnership with blockchain company Circle will support Automated Clearing House (ACH) payments using  USD Coin (USDC), a stablecoin pegged to the U.S. dollar issued by Circle. 

ACH is a financial network that processes large volumes of credit and debit transactions in batches across several U.S. banks. 

According to Circle, its application programming interface (APIs) allows developers to connect payment methods like cards and wire transfers with USDC.


This way, cryptocurrency users can seamlessly gain access to traditional banking.

FTX Exchange’s USDC-ACH payment support is available on the Ethereum and Solana blockchains. 

Plaid Will Help With KYC

Circle and FTX also collaborated with financial data transfer network Plaid to enable customer account verification. Plaid will help customers to connect their banks directly through instant KYC and make ACH payments. 

According to a press release, Plaid will not share customer details with Circle or any of its customers.


Chris McCann, General Partner at Race Capital and an investor in FTX Exchange, said the service is the perfect example of how crypto meets fintech. 


“With fintech and crypto combined – it’s possible to do same-day ACH transfers into crypto from traditional bank accounts instantly,” McCann wrote. 

Source: Chris McCann

The service will make it easy for FTX customers to make a bank transfer and convert it into USDC for crypto trading, DeFi, or other use cases without waiting days for standard ACH transactions. 

The U.S. Comptroller of the Currency (OCC) recently allowed banking institutions to work with stablecoins and deemed public blockchains the same as other payment networks. 

Disclosure: The author did not hold any cryptocurrencies mentioned in this article at the time of press.



Share this article




Source

Tagged : / / / / / /
Bitcoin (BTC) $ 37,738.11 0.76%
Ethereum (ETH) $ 2,023.73 1.40%
Litecoin (LTC) $ 69.78 0.26%
Bitcoin Cash (BCH) $ 222.32 0.44%