TZERO Shut Down Crypto Exchange

This information was sent to customers by the corporation on February 3 via its Twitter account in the form of a message. The cryptocurrency exchange known as tZERO is mostly owned by Overstock, and its last day of business will be March 6th of this year. As a result of the suspension, the company announced that it would maintain its concentration on the regulated securities products that it provides during the time that the United States Securities and Exchange Commission (SEC) and other authorities are working to clarify the legal status of crypto assets.

The city of New York is home to the headquarters of the firm known as tZERO, which is focused on developing technological solutions for the financial sector. This makes it considerably easier for private corporations to sell their assets on the public market whenever they find themselves in a position where they need to or want to do so. It is probable that the fact that tZERO provides investors with the opportunity to purchase tokenized shares is the factor that has contributed most to the company’s success in the cryptocurrency industry. Tokenized shares, which may also be referred to as “digital securities” due to their ability to be exchanged on a blockchain, are frequently referred to as “digital securities.”

The online retailer Overstock reportedly owns around 55% of the firm tZERO, as stated in a statement that was issued by the company on August 26 in the form of a press release.

The conventional cryptocurrency exchange known as “tZERO Crypto” was officially introduced in the year 2019, when tZERO celebrated its 10th anniversary. On this particular platform, users had the ability to purchase, trade, and store a wide variety of cryptocurrencies, some of which were Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), amongst others. On the other side, the corporation stated in the most recent notice that it will stop operations of this exchange on March 6th. This notification was sent out on February 3rd and was the most current one that was sent.


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Philippine Stock Exchange Plans To Become A Cryptocurrency Trading Platform

According to a recent report, the stock exchange in the Philippines is targeting to be the forerunner of cryptocurrency trading in the country.

Once the SEC and financial regulators give their go-ahead guidelines, the stock exchange plans to kick-start the plan. It seems that the Philippine Stock Exchange has been waiting for this approval and preparing for it.

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According to what CEO Ramon Monzon and PSE President disclosed to our source, the stock exchange management met two weeks ago about this idea. The discussion leaned towards establishing a cryptocurrency exchange in the Philippines.

The two heads of the stock exchange maintained adequate investor-protection safeguards and trading infrastructure to ensure a seamless experience for traders. According to them, these two factors are very critical to cryptocurrency trading.

Rising Interest In Philippines Necessitates Local Cryptocurrency Exchange

CEO Monzon told our source that the Philippians are becoming more interested in cryptocurrencies. As such, it’s no longer ideal to ignore the need for a local crypto exchange to cater to the need of crypto investors.

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That’s why they’re only waiting for the SEC’s guidelines on how to operate such an exchange in the country.

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Monzon also disclosed that the Philippian SEC had started its inquiries into the necessity of approving a crypto exchange in the country.

According to the CEO, SEC has been gathering comments from investors, the public, and even banks since 2019. The agency has been trying to find out their inputs about establishing a cryptocurrency exchange in the country.

Philippine Stock Exchange Plans To Become A Cryptocurrency Trading Podium

Philippine Stock Exchange Plans To Become A Cryptocurrency Trading Podium

The cryptocurrency market is up by 1% after dropping significantly a few days ago |

The Philippines has always been supportive of digital assets. Based on the Philippine Central Bank activities, it is obvious that the country is a crypto-friendly territory.

The Central Bank had already approved many crypto exchanges in the country by issuing them the license to operate.

Also, the citizens haven’t lagged in the cryptocurrency frenzy taking over the financial market. More and more people are demanding digital payments, and up to 10% of the total GDP comes from remittances. This is not surprising as the country has at least 10 million people working overseas.

Also, many people are interested in exploring cryptocurrency investment to alleviate poverty in the country.

The economy is struggling to stay afloat, and many citizens see cryptocurrencies as a way out. Many people now play the “Axie Infinity” mobile games that pay winners in cryptocurrency to make extra income.

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As for crypto trading and its underlying risks, the Stock Exchange CEO believes it’s better to conduct it on a guarded platform.

According to him, cryptocurrencies are volatile, and that’s part of their appeal. However, the Philippine Stock Exchange should take charge of monitoring cryptocurrency trading and transactions.

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Philippine Stock Exchange wants to launch local crypto markets first

The Philippine Stock Exchange (PSE) is aiming to be first in line when financial regulators give the green light for crypto asset trading in the country.

On Friday, July 2, CNN reported that PSE president and CEO Ramon Monzon said the local bourse should be the country’s first exchange platform for crypto assets. He stated:

“If there should be any exchange for cryptos, it should be done at the PSE. Why? Number one, it’s because we have the trading infrastructure. But more importantly, we’ll be able to have investor protection safeguards especially with a product like crypto.”

The country’s stock exchange is now awaiting guidelines from the Philippine Securities and Exchange Commission and other financial regulators.

Despite his eagerness to support crypto asset markets, Monzon warned of crypto’s volatility, stating: “instant riches could be instant poverty too.”

Related: Crypto in the Philippines: Necessity is the mother of adoption

Government regulators in the Phillipines began researching regulating crypto asset trading in 2019 when the SEC sought feedback from banks, investors, and the public on whether the country was ready to build a fully-fledged cryptocurrency exchange.

Local demand for digital payments is strong, with as much as 10% of the GDP coming from remittances from an estimated 10 million expatriate Filipinos working overseas.

The Philippines has sought to establish itself as a regional hub for crypto in recent years, opening its Special Economic Zones in Cagayan to crypto firms in 2018.

In January, the central bank established new guidelines for crypto asset service providers after witnessing accelerated growth in the use of digital assets over the past three years.