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Updated by Global Exchange on Nov 23, 2019
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Blockchain and Crypto News

Trending news of blockchain and cryptocurrency. To know more about cryptocurrencies price, market cap and other metrics visit Global Exchange (GX trade).

1

Crypto Industry Cautions India About Bitcoin Ban

India is the first democratic country to ban cryptocurrency. Crypto industry cautions India about bitcoin ban.

The nation is experiencing the first indication of the anticipated mass exodus as the state enforces powerful legislation criminalizing domestic investment in cryptocurrency.

As suggested, a complete ban is presently still in the form of draft legislation. The Economic Times report took the measure of industry sentiment on the pitch and awaits its official review by lawmakers.

A 10-year jail term for anyone who “mines, generates, holds, sells, transfers, disposes of, issues or deals with cryptocurrency,” has been proposed through The Prohibition of Cryptocurrency and Official Digital Currency Regulation Bill 2019.

The intensity of the penalty proposed and the extreme position is shown in the document as to what form it will eventually become national law, as it has already prompted local crypto companies to take preventive measures to protect themselves.

Rahul Jain, a Bitbns employee, told the Economic Times:

“As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto globalexchange to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”

Meanwhile, Nischal Shetty, CEO and founder of the well-known WazirX Indian exchange, stated that the suggested bill would undermine the wealth of more than five million Indians who own “crypto assets worth thousands of crores.”

Sidharth Sogani CEO of the crypto and blockchain company, Crebaco Global Inc., has predicted that if cryptocurrency is eventually banned in the nation, India will lose around $12.9 billion, out of a $10 trillion industry.

India is the first democratic country to ban cryptocurrency. Crypto industry cautions India about bitcoin ban.

The nation is experiencing the first indication of the anticipated mass exodus as the state enforces powerful legislation criminalizing domestic investment in cryptocurrency.

As suggested, a complete ban is presently still in the form of draft legislation. The Economic Times report took the measure of industry sentiment on the pitch and awaits its official review by lawmakers.

A 10-year jail term for anyone who “mines, generates, holds, sells, transfers, disposes, issues or deals with cryptocurrency,” has been proposed through The Prohibition of Cryptocurrency and Official Digital Currency Regulation Bill 2019.

The intensity of the penalty proposed and the extreme position is shown in the document as to what form it will eventually become national law, as it has already prompted local crypto companies to take preventive measures to protect themselves.

Rahul Jain, a Bitbns employee, told the Economic Times:

“As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto globalxchange to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”

Meanwhile, Nischal Shetty, CEO, and founder of the well-known WazirX Indian global exchange, stated that the suggested bill would undermine the wealth of more than five million Indians who own “crypto-assets worth thousands of crores.”

Sidharth Sogani CEO of the crypto and blockchain company, Crebaco Global Inc., has predicted that if cryptocurrency is eventually banned in the nation, India will lose around $12.9 billion, out of a $10 trillion industry.

2

Latest Addition To JP Morgan’s Crypto Payment Network is Deutsche Bank

Deutsche Bank has been added to the blockchain-based payment project by JPMorgan as its recent member. Latest addition to JP Morgan’s Crypto Payment Network is Deutsche Bank.

The total number of banks registered for the Interbank Information Network (IIN) has now risen to 320 according to an FT report. Quorum, the banking giant’s ethereum-based blockchain network, is what IIN is built on, and uses a JPM Coin stablecoin.

JPMorgan said the platform would decrease the delays in interbank payments by reducing time and expenses.

In June, IIN saw the start of remittance trials with JPMorgan’s client banks- Global exchange
According to the FT study, JPMorgan is used by the majority of member banks to process USD payments. Deutsche Bank, however, is ranked number one in clearing euro-denominated payments globally.

Takis Georgakopoulos, JPMorgan’s managing director of treasury services said, since IIN would have “very big natural limitations” if IIN employees were drawn only from the bank’s customer pool, the addition of Deutsche Bank “is going to help us drive towards ubiquity.”- Globalxchange.

Ole Matthiessen, Head of Deutsche Bank said that IIN brings efficiencies by writing all the payment data into a shared ledger, enabling payment issues to be solved faster, and with less manual processes.

According to him, joining IIN is “an important step” in reducing the expenses of Deutsche Bank, which will enable it to deliver better services to customers.

Globalexchange- He also added that the plan of IIN to have 400 members is on track by the end of 2019, and that other major banking members are likely to be announced shortly.

3

Kakao’s Klay Cryptocurrency Debuts on Upbit in Singapore and Indonesia

Making its first official trade listing on Upbit’s platform is South Korean messaging giant, Kakao’s “Klay” token. The “Klay” token is the native cryptocurrency of the company that was launched recently on the Klaytn blockchain. Kakao’s Klay Cryptocurrency Debuts on Upbit in Singapore and Indonesia- Global exchange.

Upbit is the South Korean fintech company, Dunamu’s, cryptocurrency exchange. The crypto exchange supports more than 150 crypto assets.

Upbit operates global exchanges in Korea, Singapore and Indonesia. Also, Upbit is a partner of the U.S.-based exchange, Bittrex.

To celebrate the KLAY listing, Upbit is holding a KLAY airdrop social media event to deliver a total of 5,000,000 KLAY.

Globalexchange- On 6 September, Upbit Singapore announced that, after a price discovery, Klay would list on the Dutch auction on 18 September. At that time the price would be reduced, until buyers are found.

The price survey will end, according to the announcement said, when either the total bid received hits the hard cap, or the auction runs its allocated 12 hours,.

Globalexchange- Also, active bidders will obtain their Klay later. At a later date, a Klay or bitcoin exchange pair will be empowered.

Klaytn is a global public blockchain platform created by Ground X, South Korea’s leading Internet company’s blockchain subsidiary, Kakao.

4

tZERO Partners with Entertainment Financing Company to Tokenize Films

A partnership has been announced by tZERO with media startup BLOQ FLIX. tZERO partners with entertainment financing company to tokenize films- Global exchange.

tZERO is the security token subsidiary of American internet retailer, Overstock.com, Inc., and BLOQ FLIX is the first blockchain entertainment finance company.

The blockchain service company aims to provide technology services to tokenize BLOQ FLIX’s finance options for the entertainment business- Global xchange.

The firm said these offers will feature entertainment financing using the tokenization protocol technology of tZERO. For these offers, JumpStart Securities, LLC will act as the placement agent.

The entertainment funding capabilities of BLOQ FLIX will now be driven by blockchain technology through its collaboration with tZERO.

According to the press release, BLOQ FLIX founders Brandon Hogan and Jonathan Helmuth jointly raised and managed over $100 million in manufacturing resources and participated in more than 150 entertainment projects in different capacities.

tZERO CEO, Saum Noursalehi stated:

“We are thrilled to partner with the BLOQ FLIX team to bring a secure and innovative investment alternative to film financing. Our continued goal is to tokenize and trade assets that can benefit from blockchain technology, and digitizing film financing fits this model nicely.”

BLOQ FLIX CEO, Hogan, who has worked in the film industry for a quarter of a century, said:

“Hollywood’s entertainment finance structures need to evolve, and we want to lead this charge to disrupt traditional media financing. By embracing blockchain technology, we are streamlining the film and TV funding process and offering funding access directly to mini-major studios, producers and experienced indie producers.”- Global X change.

5

Kik Sells Messaging app to Medialab

Global Exchange- MediaLab, a holding company that owns companies like Whisper and DatPiff, announced that it has acquired Kik, the messaging app. Kik sells messaging app to Medialab.

In a blog post, the company said it is committed to continuing developing Kik Messenger. It also mentioned that it has plans to make the app faster and more reliable.

MediaLab said:

“We are fans of Kin and believe in its long term potential. We are excited to further partner with Ted and his team on expanding the Kin integration and have plans to support the project further. We’ll have more to share on that front soon.“

“We believe that Kik’s best days remain ahead of it,” the blog said. The firm also said that it would eradicate spambots and unwanted messages.

With regards to the work on Kik’s native Kin (KIN) token, the company does not provide many details. MediaLab said it sees the token project’s long-term potential and will continue working on Kin with Ted Livingston, founder and CEO of Kik.

Kik earlier announced that it would shut down the app along with firing a few employees- Global exchange

“At the risk of sounding cheesy, we are still passionate believers in what the internet promised to bring in its early days – a connected and shared experience amongst people regardless of geography or time zone. Kik is one of those amazing places that bring us back to those early aspirations,” the blog post said.

6

Different Types of Crypto Wallet

Global Exchange- Once you have decided to invest in, or trade with cryptocurrency, you must then decide how to store it. If you are not aware of the different types of crypto wallets, along with their advantages and disadvantages, there is a high chance that you may fail to choose the correct one for you.

Cryptocurrency being stolen through computer hacks is often heard of happening in the crypto field. One of the main goals of traders and investors should be to hold their crypto safely and securely.

There are different types of wallets serving different purposes in different situations.

The first differentiation is between hot or cold wallets, which will depend upon their operating processes.

What are Hot and Cold Wallets?

Hot wallets are internet-connected cryptocurrency wallets, while cold wallets are where cryptocurrencies are stored offline. Hot wallets have a higher risk when compared to cold wallets, as they are more susceptible to hacks and other risks associated with the internet.

Cold or Hot Wallet: Which is better?

Both wallets have their own pros and cons. The best way to store your funds is in both wallets, by distributing your funds depending on any transactions you are planning to process. If you wish to do more transactions, you can keep more funds in a Hot Wallet, and a lesser amount can be stored in a Cold Wallet.

There are five types of wallets available, namely: online, mobile, desktop, hardware and paper wallets- Globalexchange

1) Online Wallet/ Web Wallet
Online wallets are always internet-connected and are accessible via various internet browsers. These Wallets allow you to access your crypto whenever you’re online and can reach, store, and make crypto transactions until you are connected to the cloud. In these private keys are held online, which means that the third party stores your private keys.

Online wallets are easy for managing various cryptocurrencies, as they transfer or integrate directly into an exchange.

The pros are ease of use, but the con is that as the wallet is online, there is always a risk of scams, hacks and malware.

2) Desktop wallet

You can download Wallet software from your desktop and only access it from that PC or laptop. It is known to be one of the safer means to transact cryptocurrency. Nonetheless, the risk here is that there is always a risk of getting hacked or contacting a virus attack.

Here you get to maintain your private keys. There are chances that you may lose your funds if you don’t have a backup though.

3) Paper Wallets

It’s more like a physical copy of your private and public keys that is generated and printed along with a QR code on a sheet of paper.

It is possible to transfer funds from the wallet to another wallet using private keys or scanning QR code. Such wallets are hard to use for daily transactions and supposedly not user-friendly. Another con is that there is a chance that the paper copies could be destroyed or lost, as they are physically available.

4) Hardware wallets

As the name suggests, indicates the private keys stored in hardware such as USB drive. Such wallets store keys offline and do transactions online. By plugging in any internet-enabled computer or device, the wallet holder can enter a key and confirm it to send money.

Hardware wallets are safer than other types of wallets. Cryptocurrencies are not vulnerable to hackers because they are held offline.

5) Mobile Wallets

In general, mobile wallets are designed for mobile applications and for people who want to trade on the go. Most of the desktop wallets do have their own mobile version, but many other wallets are just for mobile users.

Individuals who are using mobile wallets should be cautious when it comes to their mobile device because if they lose it, there are chances of losing their funds as well.

To know more about cryptocurrencies price, market cap and other metrics visit Global Exchange (GX trade).

7

Bakkt Warehouse Bitcoins Have Insurance Policy Worth $125 Million

Global Exchange- Bakkt is backed by ICE, which is the actual futures exchange Bakkt’s contracts are trading on. The company has announced that the Bitcoin (BTC) deposited at the Bakkt Warehouse is protected by a $125 million insurance policy. Bakkt Warehouse bitcoins have insurance policy worth $125 million.

Insurance policy news covering customer deposits erase another concern that Bakkt hopes to lure for institutional investors.

Last week, the company announced the launch of Bakkt Warehouse which is ready to act as a custodian, allowing for the safe, secure storage of bitcoin.

The firm began accepting deposits and withdrawals on September 6. Although, the scheduled launch was on September 23 of its futures products.

“It is regulated by the New York State Department of Financial Services (NYDFS) as a Limited Purpose Trust Company, providing customers with a Qualified Custodian of Bitcoin,” the company wrote on Twitter.

Bakkt Warehouse bitcoins have insurance policy worth $125 million. The main distinction between the offer of Bakkt and the platform of CME and CBOE is that all trades will be settled in Bitcoin once their contracts expire.

“We’re thrilled with the initial interest we have seen in the Bakkt Warehouse, and continue to onboard new customers and accept bitcoin deposits”, Adam White said.- Globalxchange

Following the successful launch of the Bakkt Bitcoin Futures contracts on 23 September, the company will create the first fully regulated marketplace specifically designed to meet the needs of institutional firms and their clients.

8

tZERO Partners with Entertainment Financing Company to Tokenize Films

Global exchange- A partnership has been announced by tZERO with media startup BLOQ FLIX. tZERO partners with entertainment financing company to tokenize films.

tZERO is the security token subsidiary of an American internet retailer, Overstock.com, Inc., and BLOQ FLIX is the first blockchain entertainment finance company.

The blockchain service company aims to provide technology services to tokenize BLOQ FLIX’s finance options for the entertainment business.

The firm said these offers will feature entertainment financing using the tokenization protocol technology of tZERO. For these offers, JumpStart Securities, LLC will act as the placement agent.

The blockchain technology through its collaboration with tZERO will now drive the entertainment funding capabilities of BLOQ FLIX.

According to the press release, BLOQ FLIX founders Brandon Hogan and Jonathan Helmuth jointly raised and managed over $100 million in manufacturing resources. And participated in more than 150 entertainment projects in different capacities.

tZERO CEO, Saum Noursalehi stated: Globalexchange

“We are thrilled to partner with the BLOQ FLIX team to bring a secure and innovative investment alternative to film financing. Our continued goal is to tokenize and trade assets that can benefit from blockchain technology, and digitizing film financing fits this model nicely.”

BLOQ FLIX CEO, Hogan, who has worked in the film industry for a quarter of a century, said:

“Hollywood’s entertainment finance structures need to evolve, and we want to lead this charge to disrupt traditional media financing. By embracing blockchain technology, we are streamlining the film and TV funding process. Also, offering funding access directly to mini-major studios, producers and experienced indie producers.”

9

Blockstack Raises $23 Million in First-Ever SEC-Qualified Token Sale

Global exchange- Blockstack announced that it has raised over $20 million in a token sale approved by the US Securities and Exchange Commission. Blockstack raises $23 million in first-ever SEC-Qualified Token Sale.

Retail investors in the United States were able to participate in an SEC-qualified token offer for the first time.

As per the blog post, the Reg A+ token offer of the company concluded on 9 September and combined with a strategic investment round led by Hashkey Group and SNZ raised a total of $23 million.

Blockstack co-founder Muneeb Ali wrote:

More than 4,500 individuals and entities participated in the 2019 token offerings. Blockstack PBC has entered into agreements for more than $23M in these offerings. This includes both the SEC-qualified token offering and their offering to investors outside the United States made under Regulations.

The company investors include Union Square Ventures, Lux Capital, Recruit Holdings, Arrington Capital. Also, Hashkey Group, Fenbushi Capital, Frontier Ventures, Spartan Group, and other funds.

According to SEC filing, Blockstack raised $15.5 million explicitly through the sale of 74.3 million Stacks tokens. This is through its Reg A+ sale in the U.S. Another $7.6 million through the sale of 30.6 million tokens through its Reg S offering in Asia.

The company claims that the SEC-qualified offering has finally opened the door to expand its App Mining program. Through this program, the firm plans to start distributing Stacks (STX) tokens to developers who are building high-quality applications on the Blockstack network- Globalexchange.

The App Mining program is planning to pay developers up to $1 M STX per month by May 2020. This may speed up Blockstack network expansion.

“One of the company’s objectives to work with U.S. regulators was to open our network to a wider audience and wanted to reach out more retail buyers that could be Blockstack network user,” the blog post said.

10

Bitcoin’s Smallest Unit ‘Satoshi’ Makes its Way to The Dictionary

Global Exchange- The Oxford English Dictionary (OED) announced the introduction of the word “Satoshi,” the smallest unit of Bitcoin (BTC) in its latest update. Bitcoin’s smallest unit ‘Satoshi’ makes its way to the dictionary.

According to the official definition by the OED, a ‘satoshi’ is:

“The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.”

Previously in 2014 update, the dictionary defined Bitcoin as “a digital currency in which transactions can be performed without the need for a central bank.”

“Satoshi is the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the—probably pseudonymous—developer(s) of Bitcoin,” as per the OED update.

The OED also added the term “cryptocurrency” to its list in the latest quarterly update, describing it in two ways:

First, as “an informal, substitute currency. rare,” and second as “any of various digital payment systems operating independently of a central authority and employing cryptographic techniques to control and verify transactions in a unique unit of account; (also) the units of account of such a system, considered collectively.“

Oxford Dictionaries Online (ODO) also defines several words relevant to the crypto and blockchain industries, including “cryptocurrency,” “bitcoin,” “blockchain,” and “miner.”- Globalexchange

Investment encyclopedia-like online learning platform, Investopedia had dubbed Bitcoin as ‘Term of the Year’ in 2017.

11

South Korean Blockchain Company Raises over $8M in Series A Funding

Global exchange- South Korean blockchain company, ICONLOOP, announced that it has raised over 10 billion KRW, (over USD 8 million) in a Series A funding. This is the company's first venture capital investment since its formation in 2016. South Korean blockchain company raises over $8M in Series A Funding.

T.S. Investment, Korea Technology Finance Corporation, along with five other investors, participated in the round.

ICONLOOP said it plans to release a new decentralized identity (DID) service called “my-ID”, in the first half of 2020.

My-ID serves as a virtual authentication tool that allows high-security transactions to take place without the need for face-to-face contact.

It allows users to store authentication keys for access to services such as necessary identification, financial transactions, password confirmation and other essential interactions on mobile devices.

It also seeks to expand my-ID Alliance, which currently has 27 organizations and businesses from different industries, to areas such as:

Fintech
Ecommerce
Economic networking
Health care

Jonghyup Kim, CEO of Iconloop, said;

“Iconloop will continue relentless efforts to provide blockchain technologies and platform that can be implemented into the entire industry and help the general public embrace blockchain technologies.”

Loopchain is the first blockchain core engine in Korea developed by ICONLOOP. The company also launched CHAIN ​​ID, the world’s first blockchain joint certification service with 26 domestic securities companies; Kyobo Life’s Smart Insurance Claim Service; and Seoul Standard Blockchain Platform- Globalxchange

By successfully launching ‘ DPASS, ‘ a blockchain-based self-sovereign identity authentication system, ICONLOOP proved its unrivalled technology in the DID market.

12

Bitcoin ATM Network Coinme Secures Funding from Ripple’s Xpring

Global Exchange- Coinme, the largest Bitcoin ATM network, announced that it has secured funding from Ripple’s Xpring company. This is for $1.5 million in a Series -A funding. Bitcoin ATM Network Coinme secures funding from Ripple’s Xpring.

The funding indicates that Ripples XRP will quickly be accessible on more than 2,600 ATM kiosks within the network of Coinme.

Xpring is Ripple’s developer initiative. It focuses its investments in companies that build on blockchain technology and provide access to it.

Bergquist, co-founder, and CEO of Coinme said the company raised a total of $4.5 million in its prior funding, including $3.5 million in convertible debt, partially from Coinstar over the past few years, and $1.5 million from a new 2017 venture fund. The funding proceeds will be used for additional licensing to expand its U.S. and international coverage.

Coinme allows customers to initially participate with cryptocurrencies to promote use cases such as cash-based remittances that are essential for financial inclusion. By eliminating the technical complexities related to the buying and selling of cryptocurrencies.

Neil Bergquist said:

“We are bolstered by this vote of confidence by Ripple and Blockchain Finance Fund in our vision and the exciting opportunity to provide access to digital currencies for millions of people around the world.“

“Coinme is building the infrastructure that powers the rapidly growing digital currency economy. We can now bring that infrastructure to a global audience,” added further.

Coinme was founded in 2014 and is the world’s largest bitcoin kiosk network. It has more than 2,600 locations in partnership with Coinstar- Globalxchange.

Investment in Xpring, is the first investment Ripple has made in the kiosk sector in cryptocurrency.

13

Decentralized Medical Insurance Mechanism Tested by Samsung SDS

Global exchange- Samsung SDS is set to launch a blockchain-driven medical claims processing platform this month! Samsung SDS is an IT solution designer is a part of the South Korean tech conglomerate. Decentralized Medical Insurance mechanism tested by Samsung SDS.

Yoon Shim, vice president of the Samsung SDS, announced in a Korean media report at the 2019 Blockchain event in Seoul, that the company has led the project since August 2019. Samsung Electronics holds 22.6% ownership and Samsung C&T has 17.1% ownership in Samsung SDS.

Yoon noted that health establishments and insurance companies are interested in the pilot to ensure successful operations and, based on another local news report, the program will be functional this month.

In order to simplify the current process, the network is being developed. In the current process, a patient receives a receipt for services and sends records to the insurance firm, which has to validate its accuracy before claims are paid.

Although most Koreans are well insured and are not required to spend anything from their pockets, the company says they often do not file claims due to difficult procedures- Global X change

Hospitals, pharmacies, insurers and other enterprises in the market are being linked to the current “blockchain healthcare network.” When the device is functional, users would receive a text message from the KakaoTalk messenger, following medical treatment. Users can then push a confirmation key to receive the receipt and an insurance claim button to send the details to the insurance company.

Personal medical information is shared through the blockchain mechanism. Samsung SDS claims that the network could considerably reduce the burden at medical institutions, eliminating wait times for receiving claims, and decreasing medical claims processing charges by up to 70%.

Samsung SDS said in June that the blockchain health care network has already on-boarded a number of major hospitals. This list consists of: Globalexchange

Samsung Hospital
Severance Hospital
Korea University Medical Center

Other potential organizations are under consideration and intended to launch in August 2019.

Nexledger, a blockchain business application originally developed in 2017, is the basis for the network. Samsung SDS claims that Nexledger, which has 51 patents, is utilized in the implementation of 110 blockchain ventures.

14

Migrants from Venezuela using Bitcoin for Payments Despite Limitations

Global exchange- Deimer González left Venezuela in 2018 with his university degree and some clothes along with a savings of 1.5 BTC in his mobile wallet. What transpired around the world during 2019, offers a microcosm of Venezuelan Bitcoin users. Migrants from Venezuela using bitcoin for payments despite limitations.

González, from Caracas, who completed mechanical engineering and initially worked with Venezuela’s PDVSA, a Venezuelan oil and natural gas company, informed a media source that his savings of 1.5 BTC, enabled him to support his family back in Venezuela, when he was about to begin a new life in Buenos Aires, Argentina.

González mentioned that he could send money back because of his savings, excluding his income in pesos.

In 2019, the amount of money transferred to family members of Venezuelan citizens from foreign countries is projected at $3.7 billion! This represents an increasing source of income for them. Bitcoin and other cryptocurrencies have played a major role in international transactions.

Migrants utilize crypto frequently during the period of relocation, because access to financial resources in a new country is often challenging for unemployed immigrants.

This is the case for Wolfang Barrios, Caracas dealer who informed the same media source, that there was no profit in local money when he landed in Chile: Globalexchange

“I didn’t have a stable job, enough money or a bank account. I could send the remittances only using crypto.”

Even with dollars, it is difficult to support a family in Venezuela. In May Luis Oliveros, a Venezuelan economist, estimated the cost of living for a family of five in the country to be at $900 a month for living, wherein, requiring around $300 a month for a basic food basket. Within this context, Venezuela’s minimum wage is currently $15 a month, although economists suspect that it will not last long.

For González, the previous monthly income was $5 as an employee at PDVSA, but his Bitcoin transfers offer considerable support to his family.

According to González, at present, he transfers $50 (worth of Bitcoin), but it is not worth a thing, further elaborating that both his parents are required to work in order to survive, without any intention of leaving the country.

The remittance business

Perhaps crypto-transfer companies will continue to grow in Venezuela, because of all these challenges.

One of the merchants, who requested that only his first name be mentioned, Jesús, is employed with the Peru-Venezuela Regional Remissions network, Local Remesas.

He claimed that they receive $200,00 to $300,000 a month, and explained how the network where he works, currently exchanges pesos for Bitcoin, which later gets exchanged for the Venezuelan Currency, bolivares.

The most important outcome showcases a fiat-to-crypto exchange as a profitable business in Venezuela.

Peru is the second choice for Venezuelan immigrants, according to the Migration and Immigration Police of the country, with more than 865,000 immigrants arriving to date. Even the government of Nicolás Maduro launched its new payment platform, using Petro (PTR) based on a blockchain network.

For Jesús, the key to swapping at the best price is through direct contacts:

“LocalBitcoins is about 3 percent more expensive than using my own contacts.”

Here’s the catch

Nevertheless, crypto transfers are only a final option for many of these Bitcoin users.

The bolivar trade has been very beneficial for those who reside in Venezuela, with a regular inflation rate of 3% and a persistent devaluation. Some bitcoin users tend to use fiat in other areas of Latin America ,as long as the condition is permanent.

Venezuela-based crypto enthusiast Mariluna De La Concha, who now resides in Mexico said that from 2016 to early 2019 she sent a crypto transfer to her family. Currently, she transfers only pesos to her mother.

She stated that it is not easy to exchange crypto. However, one gets good value for crypto in Venezuela because of the inflation, nevertheless, it is a costly affair for her from Mexico.

The decision fo use costly and compliant exchange sites was also a matter of safety for Mariluna. The private chat groups of Venezuela explicitly report numerous instances of fraud wherein the U.S. bank accounts of Venezuelan users were reported and blocked following a transaction.

An unnamed source reported that there was a feeling among users that the exchange platforms’ activities were monitored by the government law enforcement agency in order to harass Bitcoin users- Globalxchange.

Going back to González, the mechanical engineer who left the country in 2018, he mentioned the siuation motivated him to transfer more fiat currency to his family in Venezuela. He further stated:

“I’m more of a [bitcoin] holder now.”

15

Opera Browser Adds Bitcoin Payments and TRON Wallet Support to Android Update

Opera, browser announced that it has Bitcoin payments and TRON integration to its latest Android version app. Opera Browser adds bitcoin payments and TRON wallet support to Android update.

The latest update will allow for Bitcoin payments and transactions to be made directly in the browser without any extensions.

Opera is opening its Crypto Wallet, allowing users to send and receive Bitcoin directly from any browser like you would an image or a music file.

Additionally, customers can also use cryptocurrency on e-commerce websites to pay for the purchase of goods or services- Global exchange

Charles Hamel, Opera’s crypto manager, commented on the launch:

“We believe that opening our browser to more blockchains, including Bitcoin, is the logical next step to making our solution more relevant to anyone who has a Bitcoin crypto wallet and would like to do things with their cryptocurrencies beyond just keeping them in an account.”

Now the app is also operating with TRX and TRON DApps’ rapidly growing community that can now be reached in Opera.

TRON founder and BitTorrent CEO, Justin Sun, said:

“Opera is one of the most important software companies in the world. They are bringing security, privacy, and dynamic cryptocurrency capabilities to hundreds of millions of users.“

TRON now joins the Bitcoin and Ethereum list as the only third network in the Opera browser to be included.

Globalexchange. Opera remains the only one of the top five browsers to have digital wallet integration.

16

New Crypto Exchange-Traded Product Goes Live On SIX Swiss Exchange

Global Exchange- The resident cryptocurrency of Binance, BNB, is all set to become the base asset to a latest Exchange-Traded Product (ETP). Binance is a now well known a global crypto exchange. New crypto exchange-traded product goes live on SIX Swiss Exchange.

Binance announced that it has collaborated with Amun AG, a Swiss fintech startup, to establish the ETP denominated in US Dollar. The financial product, registered on the SIX stock exchange, can be bought through financial institutions just like a stock.

Hany Rashwan, CEO of Amun, stated that Binance coins worth $20 million would finance the ETP. Since introducing the earliest ETP in 2018, Rashwan said Amun’s eight crypto-ETPs are funded by assets worth $75 million in total. As per a Messari report, BNB has a market cap worth $2.84 billion.

Binance coins are utilized to make the exchange’s transaction payments and for the marketing of undertakings. The globalexchange raised about $15 million after completing its ICO, worth 100 million Binance coins in 2017. The reserve of Binance coins has been capped at 200 million tokens.

17

FATF Promotes Global Expansion Of Digital Identification Systems

Global Exchange- The Financial Action Task Force thinks financial institutions should promote the expansion of Digital Identity globally. FATF promotes global expansion of Digital Identification Systems.

Draft guidance on global Digital IDs to enforce anti-money laundering (AML) and counter financing terrorism (CFT) regulations, was released b the FATF for governments, authorized organizations and shareholders.

The guidance is aimed at supporting anti-money laundering and countering terrorist financing risks. It mainly focuses on identifying security and liquidity problems during financial transactions.

According to FATF, the areas of focus include the following:

Threats Digital ID would pose to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) implementation

how it would facilitate the aspect of financial inclusion

how the system would help in monitoring of financial transactions

the impact on enforcing the intergovernmental body’s record-keeping management

The guidance mainly lists distributed ledger technology as a means to promote the development of Digital ID networks.

FATF stated cryptocurrency exchanges should “take an informed risk-based approach to relying on digital ID systems for Customer Due Diligence.”

The guidance, containing 77-pages, gives details of the issues in Digital ID systems and how they would affect the CDD process.

FATF highlighted the effects of Digital Identity in payment methods. The system can be used to find shareholders in transactions utilizing stablecoin- Globalxchange.

The organization released its guidance for crypto exchanges and virtual asset service providers. It encourages countries to use the KYC procedure in digital asset transfer processes.

18

Houbi Global to Freeze US User Accounts 13 November 2019

Global Exchange- The cryptocurrency exchange, Houbi, announced that it will freeze all US user accounts from 13 November 2019 onwards. Houbi Global to Freeze US User Accounts on 13 November 2019.

The company stated that:

“In line with the laws and regulations of the United States with respect to crypto-assets, our User Agreement expressly prohibits users in the United States from using our platform.”

The company gradually deactivated U.S. customer accounts to avoid further trading or transfers to be compatible with rules and regulations.

The exchange further informed customers to:

“Kindly approach customer support for assistance to convert all residual assets below the minimum withdrawal amount and unused Point Cards, to BTC/USDT (conversion base token) before withdrawing.”

The crypto exchange clarified that it will refund according to the customer’s original purchase price and tokens used.

Customers can convert the USDT, BTC, LTC, BCH, ETH, and ETC used to purchase the Point Card into BTC/USDT for a refund.

Up until the specified date, the company will refund Bitcoin and Tether to accounts, and requested its customers to return borrowed funds in margin trading and withdraw any remaining cryptocurrencies from their accounts.

Houbi also redirected its customers to its new U.S strategic partner, Huobi US, which is a digital currency trading platform operated by HBUS Holdco Inc- Global X change.

Huobi Global announced in October that at the end of 2019, it will release a fiat gateway for the Turkish lira. By trading in Huobi’s native Token (HT), Turkish users can further reduce transaction fees.

19

Dolomite DEX Launches Limit Order Margin Trading

Dolomite DEX confirmed it has added a margin trading feature to stop-loss orders, stating that the latest feature will run on the dYdX protocol. Dolomite DEX launches limit order margin trading.

Platform users can take long positions up to 5X leverage. They can also take short positions directly from their wallets with up to 4X leverage.

The company said in a press release: Global exchange

“Dolomite will also be one of the first decentralized exchanges to offer leveraged limit order trades, allowing a leveraged trade to fill only at a certain price. Dolomite is building off of the dYdX margin lending protocol, giving it access to over $30 million in lending liquidity.”

The aim of the company is to make trading on the DEX margin as easy and efficient as possible. A decentralized exchange (DEX) is a peer-to-peer (p2p) online service that allows direct cryptocurrency transactions between two interested parties.

Dolomite will be one of the first DEXs to offer margin trading caps, enabling users to place a trade at an exact price with up to 5x leverage, rather than at the market price.

The company has developed and named it “margin protection” to liquidate positions at slightly higher collateralization to allow traders to keep as much of your deposit as possible.

Global xchange- Individuals will still have 15 per cent of the initial deposit, instead of 10 per cent, after liquidation, which will provide extra crypto that can be put towards the next investment.

20

Bitcoin Lawsuit Continues As Craig Wright Breaks Settlement Agreement

Global Exchange- Craig Wright has declared that he cannot fund the law settlement negotiated with the Kleiman’s estate. A final settlement had not been reached; the parties had simply reached a non-binding agreement that could have led to one. Bitcoin lawsuit continues as Craig Wright breaks Settlement Agreement.

Wright, who is an Australian businessman and technologist, broke the settlement which required him to forfeit half of his intellectual property and Bitcoin obtained before 2014. This was according to a court document filed in the Southern District of Florida on October 30. Pulling out from the agreement reopened the court trial for him.

In 2018, Ira Kleiman filed charges against Wright concerning his late brother’s estate. Kleiman claimed that Wright manipulated company e-mails, records and other deals to bilk the estate.

In August, a penalty was levied on Wright as he failed to reveal the list of his bitcoin addresses which amounted to 1.1 million bitcoin.

During the hearing, Wright cited his Bitcoin was not accessible. He said the reasons for inaccessibility were the demise of David Kleiman, his past business partner, and a complex encryption system. His claim was found to be contradictory, however.

Velvel Freedman, a partner at the law firm Roche Freedman LLP, said:

“These discussions began at Craig’s request and due to the fact that Craig represented he had the means to finance a settlement.”

Wright reportedly broke the Bitcoin agreement without giving any notice. After the sanction was imposed on Wright, he requested more time to confront the court order due to Hurricane Dorian, the tropical cyclone.

Globalexchange- Velvel Freedman and Kyle Roche, of Roche Freedman LLP, represent Ira Kleiman, while Rivero Mestre LLP represents Craig Wright. The court trial will take place on March 30 next year.

21

Binance Transactions to be AML Compliant By CipherTrace

Global Exchange- CipherTrace, the security provider for cryptocurrency and blockchain, announced support for the BNB native token of Binance and the Binance Chain native public blockchain network. Binance Transactions to be AML Compliant By CipherTrace.

Now, with CipherTrace’s support, Binance Chain will provide controls and transparency for institutional-grade anti-money laundering (AML) procedures.

Dave Jevans, CipherTrace CEO said in an announcement:

“As the blockchain ecosystem continues to mature, investors and regulators across the globe demand better transparency, security and compliance. Binance continues to prove it is serious about protecting its investors and is taking the necessary measures needed to grow and diversify its audience.”

In April, Binance and CipherTrace first collaborated to strengthen the AML processes of the exchange. This partnership will enhance the transparency and security of crypto trading.

CipherTrace allows customers to search the blockchain and detect high-risk addresses and controls for distributed applications centred in cryptocurrency.

CipherTrace, therefore, improves AML controls on the Binance Chain, allowing the platform to attract developers who are looking to secure mainstream applications.

Amuel Lim, Binance Chief Compliance Officer said:

“While we constantly strengthen our compliance and security controls to align with global regulatory standards, we stay true to our roots of being user-centric. This partnership with CipherTrace would ultimately encourage greater community involvement, developer participation and public interest in Binance Chain and pave the way for larger mainstream adoption.”

Binance Chain operates primarily as the base layer of Binance DEX with one of the fastest blockchains on the market.

CipherTrace revealed last month that it is supporting 700 digital currencies, including:

Globalexchange

Bitcoin cash

Ether

Litecoin

Tether stablecoin

After Bitcoin and Ethereum, BNB token is a highly popular cryptocurrency. Most crypto companies have realized transparency and security are very important to achieve success.

22

Calibra Executive Says Libra Will Take Time To Spread

Global Exchange- A Calibra exec said Libra, the Facebook-led crypto project, will take many years to flourish. Kevin Weil, Vice President of product at Facebook’s Calibra digital wallet unit, said the new stablecoin initiative will not catch on as quickly as social media. Calibra executive says Libra will take time to spread.

CNBC reported on his talk at the Web Summit in Lisbon, Portugal on Tuesday, where Weil stated, “This is not going to be a thing that spreads like a social network. This is going to be the work not of years but of decades, and it’s worth making.”

The 21 members of the Libra Association signed an official charter in October. According to Weil, Libra was planned one and a half years ago and presently already has 21 members. He said a few more members are looking forward to being a part of Libra.

Mark Zuckerburg, Facebook’s CEO, attended a recent hearing on Libra. There, US legislators raised doubts about social media using Calibra for unfair reasons- Globalexchange

Weil restated what Zuckerberg had told in the Libra hearing. He said there will be availability of other wallet units that can leverage “the accessibility and lower cost brought by the libra ecosystem.”

Customers can now choose from more wallets than just Calibra. In June, ZenGo, an Israeli developer, launched a Libra-compatible private wallet after Facebook revealed its cryptocurrency project.

23

CME Group Discloses Specifications For Upcoming Bitcoin Options Contracts

Global Exchange- CME Group, the foreign exchange company, has revealed details of its new bitcoin options contracts. As per the Chicago-based global markets firm, an individual contract will be formed based on one of its bitcoin futures.

The exchange initially spoke of its aim to introduce options contracts in September. It is planning for the date of the launch at the beginning of 2020 and awaiting acceptance by the regulatory authority.

The firm’s bitcoin options will be related to options contracts provided by it.

CME Group revealed details after Bakkt, its competitor, announced the beginning offering of a similar product in December.

According to a report, Tim McCourt, CME Group’s global chief of equity index and alternative investments, said user opinion had stimulated the upcoming product.

“Where we’re at in the process, we’ve done extensive validation with members and after this announcement we’ll continue to engage with market participants who have input on how the product should be designed and …. We’ll continue to make sure it meets their needs.”

McCourt continued, Globalexchange

“I think the response has been strong, we’re excited about bringing to market. It’s not too dissimilar to the futures when we are engaging with customers … The fact that options will be listed on a regulated venue and will be centrally cleared continue to resonate with the marketplace.”

24

Security Token Firm Harbor Secures Broker-Dealer And Transfer Agent Licenses

Global Exchange- Harbor, a security token startup, has obtained broker-dealer and transfer agent licenses from the US Securities and Exchange Commission. Security token firm Harbor secures Broker-Dealer and Transfer Agent Licenses.

The licenses were given to the firm to make dividend and interest payments to investors better.

Harbor is the first Blockchain firm to have been granted both licenses. If security tokens go missing, the transfer agents can help to create new securities that substitute lost tokens.

By receiving the licenses, Harbor has permission to serve first-rate companies and investors. The firm has been aiming to be a one-stop source for the issue of digital assets.

According to Josh Stein, the CEO of Harbor, it took more than a year for the startup to get the official licenses. When the company was granted the broker-dealer license, he stated,

“It took the regulators a long time to get a handle on the space and understand it and its implications. This was very new for the SEC and FINRA, and they wanted to do it right.”- Global exchange

Presently, Harbor has involved itself in a real estate tokenization worth $100 million on the Ethereum platform. Through the tokenization, the firm, the placement holders and investors expected to reduce agitation in the functioning of digital assets.

25

Coinbase Implements Tezos Staking for US Customers

Global Exchange- Coinbase announced that it has implemented Tezos (XTZ) staking on its retail platform for its US customers to benefit from its rewards. Coinbase implements Tezos staking for US customers.

Staking crypto improves the protection and power of the underlying blockchain and helps investors earn money when they participate in a particular asset network. And they will get rewarded with more network assets in the exchange.

As per the release, Coinbase is now staking Tezos on behalf of its customers and distributing rewards directly to its users.

Coinbase said at the launch that:

“Coinbase is offering an easy, secure way for anyone to actively participate in the Tezos network. While it’s possible to stake Tezos on your own or via a delegated staking service, it can be confusing, complicated, and even risky with regard to the security of your staked Tezos. We’re changing that with staking rewards on Coinbase.”

Coinbase’s current estimated annual return for Tezos is 5%. Once the initial holding period of approximately 35–40 days has elapsed, they will receive rewards on the account every 3 days.

The company further stated that: Globalxchange

“Customers can earn a bit of Tezos simply by learning about the token and taking a few quizzes. Through Coinbase Earn, you can earn up to $6 of Tezos, which Coinbase can then start staking on your behalf.”

Tezos will be available in the customer’s account, and they can choose to opt-out anytime. Coinbase’s rate of return is an estimate based on the rewards they have provided over the past 90 days.

The exchange also made it clear that it would allocate the return to its clients and retain a part of it as a fee.