Coinbase Leaves Japan After Trade Collapse

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Even if Bitcoin’s price has returned to where it was before the FTX crash, the sector is still being negatively affected by the contagion, which has forced the cryptocurrency exchange Coinbase to cease operations in Japan.

Due to the current state of the market, Coinbase made the decision on January 18 to publicly declare that the company would be closing its offices in Japan and conducting an in-depth analysis of its operations in the nation. By the 16th of February, all Coinbase Japan clients will have about one month to remove any fiat currency or cryptocurrency assets from the site.

After the 17th of February, any cryptocurrency assets that are still being held by clients of Coinbase Japan will be immediately converted to the Japanese yen (JPY).After the 20th of January, deposits in fiat money will no longer be possible.

The outlined the principles that customers would have the ability to transfer their assets to any other virtual asset service provider, a self-custodial wallet, or the Coinbase Wallet if they so want. Customers also have the option to liquidate their portfolios and transfer their assets to a bank account in their home country.

Coinbase emphasized that the platform is dedicated to make the service termination as seamless as possible, guaranteeing consumers that all users will be able to withdraw their funds at the earliest feasible convenience.

According to prior reports, Coinbase began the planning stages for its entrance into Japan in the midst of 2018’s weak market. Coinbase is the latest major cryptocurrency exchange to pull out of Japan, following in the footsteps of Kraken, which made the same decision in late 2022 to end its business activities in the nation.

The exchange said that it experienced comparable issues in Japan, noting the country’s underdeveloped cryptocurrency sector.

Kraken and Coinbase have both dramatically cut the size of their workforces, with Kraken terminating the employment of thirty percent of its workforce not long after the failure of the FTX exchange in November. Coinbase, which had already trimmed its personnel by 18% in the previous year, stated in January that it would be cutting a further 20% of its employees.

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Cred Claims Uphold Exchange Owes Millions

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The cryptocurrency exchange known as Uphold has disputed that it is responsible for paying around $784 million to the liquidation trust established by the defunct cryptocurrency investment platform Cred.

On January 11, 2019, after a hearing in the court, Uphold submitted a move to dismiss all charges of the lawsuit that Cred had lodged against the company back in June.

Cred was a cryptocurrency loan firm that initiated bankruptcy proceedings under Chapter 11 in November of 2020.

In June, Cred’s liquidation trust initiated legal action against Uphold and two of its affiliates by submitting an adversary lawsuit.

It was said that Uphold had collaborated with Cred co-founders to promote CredEarn and that the company owed the cryptocurrency lender $783.9 million.

The complaint states that Cred said that Uphold collaborated with Cred’s co-founders to promote CredEarn, and that Cred asserted that crypto investments routed from Uphold at the time of the market top would have been valued in excess of $700 million.

Retail investors were drawn in by the product’s promise of large payouts; nevertheless, Cred’s investments went bad, which resulted in consumer losses and ultimately led to the company filing for bankruptcy in November of 2020.

The circumstances behind Cred’s bankruptcy are very similar to those surrounding Celsius Network and Voyager Digital.

However, in its move to dismiss the lawsuit, Uphold characterized Cred trust’s claims against it illogical, conclusory, and conspiratorial, and it urged the Delaware bankruptcy court to reject them. Cred trust had accused Uphold of being involved in a conspiracy.

Uphold refuted the claims that it was aware of the hazards at Cred and said that Cred was owned and managed wholly separately from Uphold. Additionally, it said that it was uninformed of the financial difficulties that CredEarn was experiencing at the time that it advertised the product to Uphold clients.

At the hearing, the counsel for the Cred trust, Joseph B. Evans of McDermott Will & Emery, said that allegations against the insiders relating their participation with Uphold had been addressed independently. These claims were to the insiders’ work with the company.

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El Salvador’s Crypto Law Allows Bitcoin-Backed Bonds

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El Salvador has recently passed historic legislation that will provide the legal basis for a Bitcoin-backed bond to be issued in the country. This bond, also known as the “Volcano Bond,” will be put toward the reduction of the country’s overall debt as well as the funding of the construction of the “Bitcoin City” that is envisioned for El Salvador.

On January 11, 62 individuals cast their ballots in support of the measure, while 16 individuals cast their ballots against it. When President Bukele gives the bill his stamp of approval, it will be well on its way to being enacted as a statute.

As stated by the cryptocurrency exchange Bitfinex, which is the technology provider for the bonds, the Volcano Bond, which is also known as Volcano Tokens, would make it possible for El Salvador to raise capital to pay down its sovereign debt, fund construction of the Bitcoin City, and create Bitcoin mining infrastructure. All of these goals could be accomplished with the proceeds from the sale of the bonds.

The bonds were given the volcanic description because of the location of the country’s Bitcoin City, which is planned to become a self-sustaining crypto-mining center that will be fueled by hydrothermal energy obtained from the nearby Conchagua volcano. As a direct result of this, the bonds were presented in the form of an active volcano.

According to Bitfinex, the city would function as a special economic zone, analogous to those that can be found in China. Such a zone would offer residents of the city tax breaks, rules that are friendly to cryptocurrencies, and other incentives to encourage them to engage in Bitcoin-related business.

It is anticipated that the issuance of these bonds will bring in one billion dollars for the country, of which half a billion dollars will be allocated to the building of the special economic zone. The first hypothesis suggested that the maturity date of the tokenized bonds would be in ten years, that they would be denominated in U.S. dollars, and that they would bear an annual interest rate of 6.5%.

In addition, the measure creates a legal framework for all digital assets that are not Bitcoin, in addition to those that are issued on Bitcoin, and it also establishes a new regulatory body that will be responsible for administering securities legislation and providing protection from malicious actors.

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Reap Leverages Fireblocks to Enable Crypto Repayments with the Reap Card

New York, United States, 11th January, 2023, Chainwire

Reap, the global fintech company powering expense management through the industry first Reap Visa Corporate Card (“Reap Card”) platform, launches industry-leading innovation by including cryptocurrency repayments functionality for the Web3 industry. Together with the Reap Card, Reap is offering expense management software that will enable web3 companies to settle their fiat payments with cryptocurrencies. 

Daren Guo, Reap Co-Founder, said: “We noticed a gap in the payments market involving web3 projects that face challenges for settling corporate expenses with non-fiat currencies like cryptocurrency. A seamless and scalable solution to convert crypto into fiat currently does not exist as traditional banks have not been able to settle on an industry standard for these web3 businesses. Reap is now able to bridge the gap between web3 businesses and the web2 fiat economy.”

Security and stability are at the forefront of customers’ minds who leverage Web3 technologies. To build out a trusted ecosystem, Reap has integrated with Fireblocks, an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations. 

Stephen Richardson, SVP of Financial Markets at Fireblocks, added:  “The security of digital assets is of paramount importance when it comes to building customer trust, which is why we are delighted to be working with Reap to power secure, frictionless payments for web3 creators. Reap’s solution stands to improve operational efficiency for web3 projects, allowing founders and project owners to focus on building innovative products with greater peace of mind. We’re proud to work with innovative companies like Reap that will enable the next generation of digital assets.”

The Reap Card simplifies the process of settling global payments in fiat by using USDC, USDT, BTC, and ETH seamlessly to resolve the problem of costly handling fees that include multiple off-ramp parties. Digital provider Gnosis has already used this service to see firsthand how the Reap Card streamlines complicated currency conversion processes and billing issues, freeing up executive time to focus on core business operations.

“As an early adopter of Reap Card, we have been able to take advantage of their innovative product suite and seamlessly settle payments in fiat currencies,” said Dosh, Communication and Marketing Team at Gnosis. “Reap’s solution has been particularly useful for bypassing the difficulties and hurdles that often come with trying to use cryptocurrency to navigate the traditional banking system.”  

Reap envisions a future where every business, regardless of size and industry, has the opportunity to operate at its full potential by building and applying innovative financial solutions. Reap is committed to orchestrating success with all types of business to capture global opportunities, in an ever-changing competitive global marketplace.

About Reap

Reap is a financial platform that enables access and financial connectivity through innovation for companies of all sizes. Reap combines spend management software with a range of innovative payment products — including the flagship Reap Visa Corporate Credit Card. Reap is committed to helping businesses orchestrate success by providing the best financial tools that evolve with their customers and the market.

Reap is supported by industry-leading investors including Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures and Payment Asia. Reap was founded in 2018 and has expanded to a team of over 40, working across offices in 7 countries.

Find out more here. Media Inquiries- Reap media@reap.global

Contact

Daniel Choy
daniel@reap.global

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Easy Company Raises $14.2M For Social Crypto Wallet

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The “social” cryptocurrency wallet developed by The Easy Company, a company whose primary focus is the development of a consumer layer for the decentralized web, has received a seed round investment of $14.2 million. This wallet’s primary objective is to facilitate the incorporation of more general audiences into the Web3 ecosystem.

According to TechCrunch, the first investment round was comprised of participation from a diverse group of investors. These investors included Lobby Capital, Relay Ventures, and 6th Man Ventures, as well as Tapestry, Upside, and Scribble. Other investors included Lobby Capital, Relay Ventures, and 6th Man Ventures.

Angel investors who had experience in traditional social media as well as Web3 participated in the round as well. Among these investors were former executives from companies such as Instagram, Novi, Airbnb, Twitter, Uber, OpenTable, and Eventbrite.

It is said that the wallet has entered the public testing phase and is now available for both iOS and Android after going through a period of thirty days during which it was tested in secret.

Mike Dougherty, the Chief Executive Officer of Easy, has stated that the company’s mission is to integrate compelling social elements with user-curated profiles so that anyone can search, browse, and discover the world of Web3 on their own.

The presentation that Dougherty gave, a significant number of the products and services that are currently being provided by Web3 companies are far too complicated for the typical person to be able to make use of them. The mission of the company is to make it easier for customers to interact with Web3 and use digital wallets by streamlining these processes.

The platform has a structure that is comparable to that of social media applications like Instagram, in which users may swipe to see either their own NFTs or those of others they watch, similar to how Instagram Stories are shown. In addition, it is said that the platform features a user interface that is comparable to that of social media applications like Instagram.

Despite the fact that the crypto winter has persisted for such a significant amount of time, venture capitalists continue to provide significant investment for Web3 companies.

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ISPs Must Ban Crypto Websites Or Risk Legal Action In Nepal

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The government agency in Nepal that is in charge of regulating telecommunications has issued a directive to the country’s internet service providers (ISPs), demanding that they ban any websites that facilitate the trading of cryptocurrencies and threatening legal action against ISPs who do not comply with the directive.

The Nepal Telecommunication Authority (NTA) issued a notification on January 8 instructing Internet service providers (ISPs) and email service providers to restrict access to websites, applications, or online networks that are associated with cryptocurrencies.

It was stated that recent days have seen an increase in the number of transactions utilizing virtual currencies, and it was reiterated that it is against the law to conduct cryptocurrency transactions within the borders of the country.

The Nepal Rastra Bank (NRB), which operates as the country’s central bank, issued a notification in September 2021 declaring that mining cryptocurrencies and engaging in cryptocurrency trade were illegal activities.

One example of such behavior would be encouraging or assisting other people in engaging in illegal activity, which is against the law.

In the notification that was distributed in April, it stated that legal action would be taken if it was discovered that someone had been engaging in crypto-related activities. However, the notification did not call for a restriction on access to crypto services at that time.

A survey that was conducted and released in September by the blockchain analytics company Chainalysis indicated that developing nations, including Nepal, are leading the way in the worldwide adoption of cryptocurrencies. This is the case in spite of the fact that the use of cryptocurrencies is prohibited in Nepal.

Nepal is now ranked higher than the United Kingdom and among the top 20 countries in the world as a direct result of the country’s widespread adoption of cryptocurrency.

Research that was conducted in November 2021 and published by the Law Library of Congress suggests that Nepal is one of only nine countries in the world that has completely prohibited the use of cryptocurrencies.

A number of nations, including China, Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia, have passed legislation that makes the use of cryptocurrencies illegal.

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Should Amateur Investors Track What Crypto Whales are Doing?

As you may already know, crypto whales have a ton of sway and influence on the crypto market, and there have been more than just a few instances where a crypto whale has managed to single-handedly change the course of a coin all on their own. 

 

Just take a look at the BTC price chart – even with just one coin, crypto whales have had an astronomical influence on the course of crypto, and no one truly knows the net impact that they have been able to have on the markets. Taking all of this into consideration; would it be a good idea for amateur investors to track what crypto whales are doing? Well, let’s find out. 

 

 

Knowing What Is Going On In The World Is Always a Positive

To give it to you straight; more information is always better. If you have the spare time to monitor what all of the top crypto whales are doing, you will undoubtedly be better off than those you choose not to bother, and this means that you could end up performing better than the average crypto investor if you are willing to spend a portion of your time researching.

 

This doesn’t only apply to crypto whales, but to the world as a whole. The more information you are able to compile about current world events and recent changes that could affect the markets, the better, and you will be able to use this knowledge to great effect after just a little practice. 

 

However, that’s not to say that keeping track of what crypto whales are doing is recommended for amateur investors. Sure, it’s a great thing to do if you have the time and are serious about crypto, but if you are someone who has a full-time job and cannot afford to track the markets all day, then you are likely going to be able to get by just fine.

 

The advantage gained from tracking crypto whales is minimal at best, and only experienced investors will be able to put this information to use in a way that could bring them more profits. 

 

It Depends On What Coins You Invest In 

The amount of benefit you are going to get out of tracking what crypto whales are doing is going to directly correlate to your investment strategies as well as your tolerance for risk. 

 

If you only tend to stick to consistent and/or reliable cryptocurrencies such as bitcoin, ethereum, ripple or tether, then keeping up-to-date with what crypto whales are doing is going to have practically no effect if you are not willing to invest elsewhere.

 

This is simply because coins akin to this have more stability, and even if a crypto whale were to cause pandemonium for any of the aforementioned coins, they are likely going to survive in the long run.

 

On the other hand, if you notice that a crypto whale is buying up a ton of dogecoin and is making the price rise drastically, then this could be a pretty good indication for you to jump in. The only way for you to take advantage of this would be to take on a little risk in the case that the coin in question flops. 

 

If you are willing to actually make use of the information you gather by adapting your investment strategy, then keeping track of what crypto whales are doing could be enormously beneficial. If not, then it might just be a waste of time. 

 

Opportunity Strikes When You Least Expect It

You can never know when a huge opportunity is going to present itself. Even if you do happen to be somewhat of a passive investor, taking on a little more risk on occasion can be a great choice if you spot an amazing opportunity, and keeping up with crypto whales can be a prime source of providing you said opportunities.

 

There are more than just a few people who have become millionaires just because they rode the wave of a crypto whale when he/she was tinkering with the markets, and if you have what it takes to put yourself out there and potentially lose some crypto in the pursuit of otherworldly success, then knowing what crypto whales are up-to could just end up being incredibly advantageous

 

Truth be told; you can put as much or as little effort into investing as you may wish. The more time and effort you spend on tracking world events and keeping up with the goings-on of crypto whales, the more knowledge you are going to have on hand to accurately predict the markets, and it goes without saying that you will have an advantage if you choose to verse yourself in all things crypto.

 

However, if you do not have the time to try and track every little fluctuation and deviation, this is perfectly fine too – tracking what crypto whales are up to is certainly no requirement for investing. We wish you all the success in the world, and we hope your trading journey goes smoothly.

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Santa launches its rewarded browser this Christmas to bring in the next 200M users onto Web3.0

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Road Town, BVI, 27th December, 2022, Chainwire

Santa Browser has announced the Version 1 launch of its web3 browser today. Built for an emerging crypto world, the browser claims to bring in the next generation of web3 users by developing tools that allow anyone to leverage the power of blockchain technologies. Due to the extreme volatility of the market, Santa is dedicated to building a “Trustable Technology Stack” that users can firmly rely upon while browsing the web. With the Christmas release of Santa Browser, users can now earn crypto rewards simply by browsing.

“We believe that browsers need to evolve a lot more to keep up with the pace at which the internet is evolving.” said Alekh B, CEO of Santa Browser. “Our approach to Santa Browser is deeply influenced by the principles of web3 — Anti Monopoly, Transparency, Democracy, Data Privacy, Security & Fair Distribution Of Wealth.”

Why Santa Browser?

Browse-2-Earn
On a mission to reimagine the web, the browser starts with the relationship between users & advertising. With Santa’s Browse2Earn, users can earn crypto rewards for their regular activities online (rewards include but are not limited to ad monetization, search monetization, discounted shopping, etc.) while maintaining control over their privacy.

Geared For Privacy
Santa Browser hosts many features to protect user privacy. 

  • Integrated ad blocker — to stop all invasive ads. 
  • Tracker blocker —  to stop all online trackers & browser fingerprinting practices. 
  • Ungoogling — while forked from chromium, the browser has been cleansed of all Google trackers, host detectors (tools that identify your IP address) & other privacy-harming features.
  • Santa also disables other features inherent in the base Chromium build that inhibit control and transparency, while adding/modifying features that promote them. This is an ongoing process.
  • Santa’s partnership with Eyeo ensures that only Acceptable Ads that abide by the criteria specially developed for and by ad-filtering users, and are non-intrusive are allowed to interact with you.

Military Grade Security
Santa Browser’s code has been reviewed and tested for vulnerabilities by Veracode, a programme that validates a company’s secure software development processes. Veracode Secure code review certification echoes Santa Browser’s mature practices for creating secure software.

Planned Features
Updates in the next few weeks will see the phased release of interesting features such as free single-tab VPN, an immersive dApp store and the browser’s very own decentralized “Santa Wallet” where users can easily collect their rewards. 

About Santa Browser
A unique Web3 browser exclusively catering to the emerging crypto world – Santa will give users everything they need to kickstart their crypto journey with safety, ease & convenience. Santa browser does not just resolutely protect the data & privacy of its users, it also generously rewards them. Through Santa’s Rewarded Browsing, users have the option to earn rewards through Ad Monetization, Search Monetization, Discounted Shopping, etc.

Join Santa Browser communities across the web:

Twitter | Facebook | LinkedIn | Telegram | Discord 

Contact

Mr
Simon Hill
Santa Browser
contact@santabrowser.com
+973 3872 4554




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Deso Blockchain Crosses 2 Million Accounts Amid Elon Musk’s Twitter Revamp

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Takeaways

  • Elon Musk posted a poll asking if he should step down as CEO due to backlash from a recent policy change that stated that rival social networks could not post on Twitter
  • People immediately began calling for decentralized alternatives as a solution to current centralized social media platforms
  • The DeSo Blockchain, a custom-built layer-1 designed for the scalability of decentralized social applications for millions of users, recently crossed 2 million accounts and 130,000 MAUs

This comes at a time when data points hint at Elon Musk’s Twitter revamp moving in the right direction, with Twitter usage hitting an all-time high. 

Still, with the uncertainty surrounding Twitter, some wonder if they should seek out other social networks where they can own their content, data, and social graph.

Bankless founder Ryan Sean Adams tweeted, “Ohhh  so Elon’s plan for internet free speech was to make us all migrate from Twitter to web3 social platforms that actually support free speech.”

Messari founder and CEO Ryan Selkis called Decentralized Social his “top investment theme for 2023.”

Web3 social platforms are growing in popularity, including DeSo, a new layer-1 blockchain that raised $200 million from Sequoia, Andreessen Horowitz, and Coinbase Ventures.
DeSo recently crossed 2 million accounts and 130,000 MAUs, according to social block explorer OpenProsper. 

One of the most popular apps on DeSo is Diamond, a blockchain-based, censorship-resistant alternative to Twitter. It has a broader range of money-native features that allow people to optimize for revenue. 

Most did not believe a blockchain-based version of Twitter was possible due to limited storage capabilities and the cost of transactions.

“Existing blockchains cannot store content efficiently,” says Nader Al-Naji, the founder of DeSo. “It costs about $50 to store a 200-character Tweet on Ethereum and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social, blogging, and even marketplaces,” he says.

Diamond appeals to founders, builders, creators, and casual social media users. Additionally, it has blogging functionality, and several money-native features creators can use to build, scale and monetize their audience.

Users can earn more about DeSo and claim their decentralized, censorship-resistant profile at deso.com.

About Deso
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media. Users can claim their decentralized, censorship-resistant social profile at deso.com

Contact

Ash Ghaemi
DeSo Foundation
ash@deso.org




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Binance Spreads Holiday Cheer With Themed Gift Card And Secret Santa Events

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Binance, the leading cryptocurrency exchange, is spreading holiday cheer with festive events and promotions. Last year, Binance introduced its popular Gift Cards, empowering users to gift cryptocurrency in a unique and non-traditional way. These gift cards have experienced significant demand, with over 1.8 million traded between July 2021 and October 2022.

This year, Binance expanded its Gift Cards selection to include over 238 unique holiday-themed designs. Adding to the festivities, the platform is hosting a series of promotional events, including Mystery Boxes and a Secret Santa promotion with more than $70,000 in rewards.

The Secret Santa promotion will end on December 28th and will give away 36,000 “New User Exclusive (NUE) Gift Cards” to fresh users worth up to $5. The recipients will be selected randomly, with 6,000 new users receiving $5 each, 10,000 users awarded $2 each, and 20,000 users collecting $1 each. Users can claim their winnings on the Binance app or website, and to redeem the gift cards, recipients must access the platform’s official Gift Card website.

The Secret Santa promotion will be joined by a Mystery Box event running from December 19 to December 25. During this event, each Binance Gift Card will include a Mystery Box containing random rewards. Users can purchase a Mystery Box for $1 for a chance to multiply the value of their participation fee. Once the event ends, users will be able to claim their respective rewards from the Mystery Boxes.

The grand prize in the Mystery Box event on Binance is $2,000, with second and third-place winners receiving $1,500 and $500, respectively. However, in the spirit of giving, Binance will allow users to recover their participation cost (entry fee) by opening the Mystery Box within the specified time frame and participating in other seasonal events throughout December.

Binance’s Gift Cards can be sent anywhere in the world in minutes, making them a popular choice for users. In addition to the featured designs and themes, the platform enables users to create their own single and multiple cards through its user-friendly platform. To send a gift card, users can customize it, enter the desired amount, and complete the 2FA process. Once the funds are deducted from their spot wallet on Binance, users can send the gift card via text message, email, or directly to the recipient’s Binance wallet.

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users through an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

Contact

Tal Dotan
pr@marketacross.com




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