Binance To Launch Fiat Gateway, Latamex, In Brazil And Argentina; Can Buy BTC, BNB, BUSD, ETH

The world’s largest cryptocurrency exchange platform is expanding its services in Latin America. Binance announced on 12th December via press release shared with CryptoGlobe its plan to launch a new fiat gateway for Latin America. It is partnering with various digital assets settlement networks to launch a platform called Latamex.

Latamex will allow direct fiat purchase of cryptocurrencies for Latin America on its website. Purchasers will be able to use Argentine Peso (ARS) and Brazilian Real (BRL) to buy some of the largest cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Binance Coin, and stablecoins such as BUSD.

Binance in Latin America

Binance’s new platform announcement has come days after Bitcoin trading volumes in Argentina made a new record at the beginning of December. Political turmoil in the nation has resulted in higher inflation rates, which is turning more people to Bitcoin and cryptocurrencies. It is the case in other politically troubled countries in Latin America. Binance CEO Changpeng Zhao said:

“There is a strong need for cryptocurrencies in Latin America, especially for financial access. Roughly 50 percent of the Latin American population is unbanked, and Latamex is a response to our users’ demands and the current market climate. Working with Settle Network allows us to instantly bridge the gap between fiat and crypto for Latin American traders. We are continuing to build with our key partner, Settle Network, to bring wider accessibility of cryptocurrency in Latin America and will support additional local fiat currencies in the region in the future.”

Latamex Future

The company will continue to build partners and settle networks to bring more extensive accessibility of cryptocurrencies in Latin America and also support additional fiat currencies in the future. In the future, Binance plans to launch Latamex in 13 other American countries, including Chile, Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Salvador, and Uruguay.

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Author: Daniel W

Ripple Named An ‘Innovation Example’ By Bank of America For Cross Border Payments

  • Despite this accolade, Bank of America remains opposed to cryptocurrencies.
  • Ripple’s value dropped by just over 1% in the last 24 hours.

Bank of America is easily one of the most influential and one of the largest banks in the world, so any stance of this institution holds significant weight. With the recent declaration that Ripple is an “innovation example,” the XRP community is thrilled, as one member, BankXRP, shared a screenshot from the praise-filled document.

The document sheds light on Ripple as a cross-border solution for payments. It states that the use of a distributed ledger, on Ripple’s part, solves a challenge in “legacy correspondent banking infrastructure,” and that it improves payment tracking and data transmission with the use of “bi-directional messaging.”

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Though many cryptocurrencies may try to outdo the traditional financial system, Ripple isn’t taking on this battle. Instead, the platform is working to become a part of the system by integrating itself into it. So far, there are over 300 payment platforms and banks to already start trialing the On-Demand Liquidity and xCurrent platforms offered by Ripple.

The biggest rivals of Ripple, like the Swift payment system, aren’t willing to collaborate yet. Though there are many cryptocurrency advocates that believe that Ripple will actually replace Swift one day, the platform still believes that Ripple doesn’t have the longevity yet to be used worldwide.

To be clear, Bank of America hasn’t switched gears on its continual opposition of Bitcoin and other cryptocurrencies. In fact, the bank shut down accounts held by Justin Sun (the CEO of Tron) and Roelof Botha (a former PayPal executive). Reports from U.Today suggest that Bitcoin was purchased with Botha’s account.

Even with this good news, it still isn’t clear if the price of XRP will see some positive movement as a result. At the time of writing, XRP was priced at $0.221529, dropping by 1.34% in the last 24 hours.

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Author: Krystle M

Billionaire and Multi-Sports Team Owner Ted Leonsis Associates Bitcoin with Shady Gambling

  • Ted Leonsis owns several sports teams and was the president of America Online.
  • One of the teams Leonsis owns, the Capitals, was worth $725 million at the end of last year.

In the United States alone, $10 billion has been spent on gambling since the decision of the Supreme Court just over a year ago, according to the Legal Sports Report. Now, billionaire Ted Leonsis has expressed interest in getting a piece of that action during the off-season of sports.

Mr. Leonsis is known for many things – his billions of dollars of wealth, his ownership of the Washington Mystics and the Washington Capitals, and his presidency of America Online years ago. While on stage in Detroit at the Freemason temple, he spoke about the plans to turn his “sports empire” into one of gambling, according to a recent article with Forbes.

Last year, the United States Supreme Court decided to establish laws for legal gambling in the US, striking down a previous ban.

At the time, Leonsis stated,

“Let’s take this shadow economy which is going to explode even more with bitcoin and the dark Web and bring it into the light. And if we can do that it will generate more jobs, it will generate tax revenues.”

Leonsis expressed interest in making the gambling world less negative and shady by using a place that is commonly associated with family fun.

Leonsis decided to establish a sports business in June 2010, which now owns the Mystics and the Capitals. By the end of last year, the latter was worth about $725 million. Leonsis pointed out that the sports world is generally accustomed to the downtime when the stadiums and other points of revenue don’t bring in funds. However, he wants to change that by adapting to the decision of the Supreme Court, opening the facilities to gambling, much like casinos.

He commented,

“By opening up a world-class sportsbook, the building will come alive during the day. We want to be able to take advantage of the investment we have in real estate.”

While speaking with Forbes, Leonsis expressed that he wanted the arrangements to look like Wall Street, adding that it “should be like an Apple genius bar.” To allow these types of venues, he signed a deal with William Hill, a UK bookmaker, last month.

Latest Bitcoin Price News and Crypto Market Updates

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Author: Krystle M

Trustology, a New Crypto Custody Provider for Institutions, Releases Hot Wallet ‘TrustVault’

Trustology, a company created by bankers who worked on companies such as BNY Mellon, UBS and the Bank of America, has recently released a new product: a custodial hot wallet that is catered to institutional investors.

This new wallet is called TrustVault and, at first, it may look a lot like a normal phone wallet. However, it has several security measures behind the scenes. The private keys of the customers will be held within special security models that are operated by the company. To access them, the person has to be verified by decentralized data centers.

According to Trustology CEO Alex Batlin, blockchain technology is important to create several new assets, so people need security to store them. This is what the new product is able to provide them with.

Batlin affirmed that having to deal with multiple interfaces can be a pain. There are popular tools such as MetaMask, but with so many assets appearing all the time, all of them have different interfaces and smart contracts, so having a wallet that can let you use these products with more ease is a good idea.

He also added that a lot of people avoid doing transactions with some altcoins because they don’t see them as secure. In several cases, people often decline to send large amounts as they are afraid that the transactions may be hacked.

The selling point of the product is that instead of using MetaMask and then several solutions, you can use just one: TrustVault. This way, the experience of the user will be considerably better.

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Author: Hank Klinger

Mall of America To Open Crypto-Related Store; Featuring Winklevoss Backed Flexa SPEDN Payment App

The Mall of America, the largest mall in the United States, has recently decided to enter the crypto world. According to the mall’s announcement, a new store named Modern Retail Collective is going to showcase the technology there.

One of the goals of this store will be to showcase blockchain and crypto technology to people and it is being organized by companies such as McKinsey and Flexa, a crypto startup focused on helping people to use cryptocurrencies.

This new store will test how blockchain technology works for retail users. Praveen Adhi, from McKinsey, affirmed that the business will show how retailers can use crypto and cutting-edge data to create and define their own visions on how to create a store.

A representative from Flexa affirmed that the company will showcase solutions that will help companies to save costs and to really profit using what the technology has to offer.

There will be space for non-crypto technologies as well. Digital signage, conversational artificial intelligence (AI) and augmented reality are some of the technologies that will be showcased at the store.

Flexa will also display its own app at the store. Called SPEDN, the payment app, which uses the FXC cryptocurrency, is backed by the Famous Winklevoss Twins’s Gemini Exchange and can function as a crypto wallet. At the store, the staff will show clients how to use the payment app in order to boost crypto adoption. The app is marketed as having “no chargebacks” and “no fraud”.

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Author: Hank Klinger

Bank of America Becomes Newest Member of the Marco Polo Blockchain

Bank of America has joined the Marco Polo consortium. The goal of this partnership was to bring more efficiency to the bank during international trades and settlements.

The Marco Polo network was created by TradeIX and the R3 consortium. The platform has the goal of connecting several institutions in real-time to let them access capital more easily and increase their visibility in trading relationships.

Bank of America’s main reason for starting the partnership is that the institution has always strived to offer to its clients excellent financial and trade solutions and the Marco Polo network offers more services that can be important for the company to achieve these goals.

The head of global trade at the bank, Geoff Brady, stated that joining the network is important for the company to achieve its long-term objectives and to offer the solutions that the clients need the most. It makes the process more transparent and the clients can see it happening this way.

Also, this technology can be used to eliminate paper records, which are considerably expensive to keep and can make the whole trading process considerably slower.

David E. Rutter, the CEO of R3, has become a part of the Bank of America group now and affirmed that other banks should join Marco Polo as well. According to him, the blockchain technology is growing a lot and transforming how the financial market works.

Mastercard also joined this consortium recently, which shows how important Marco Polo has become. The Bank of America itself is a huge company. It is the 13th largest bank in the world and the 6th largest public company in the U. S.

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Author: Gabriel Machado

Barrick Gold Executive Believes Bitcoin and Crypto Assets Are Not Competitive With Gold

The North America COO of Barrick Gold, known as the largest gold mining company in the whole world, recently talked about whether the crypto industry can be considered a threat to the gold industry or not.

According to Catherine Raw, crypto’s are simply not competitive with gold. She affirmed this at the Most Powerful Women International Summit, which was organized by Forbes. Raw claimed that gold has a very tangible nature and that it will always have value.

Bitcoin, however, can have zero value if people don’t believe that it is a worthy asset, so gold always takes the lead in these cases.

She also claimed that gold has real uses. People can use it both in jewelry or in the electronics industry, meaning that it will have some value left even if people stop believing in its power as a store of value. Raw did admit, however, that crypto’s are here to stay and that they may not be completely forgotten anytime soon.

One issue that Raw did acknowledge was that the gold industry did not have many young investors. According to her, it is important to win back these younger investors between 20 and 40 years, as they are more interested in other assets at the moment. She also tried to dispel the notion that only “old people” still buy gold, as countries such as India and China are buying a lot of it.

Raw’s ambition is to get these new investors over time, as she believes that the gold industry has “its head in the sand” because it is simply ignoring such a big demographic in the industry.

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Author: James W

Two out of Five Millenials Look At Crypto During A Recession, eToro Survey Discovers

A new survey has discovered that 40% of the Millenials in America would rather invest in crypto assets than any other kind of asset during an upcoming recession. According to the study, which was conducted by eToro with 1,000 online investors in the U. S. recently, Millenials are the most open investors to crypto.

According to the data, two-thirds of the investors are afraid of a recession, but their solutions for how to handle it are different. While 40% of Millenials have chosen crypto, 50% of Generation Z had chosen real estate. Generation X is more inclined to invest in commodities, with 38% of them choosing this kind of asset.

Another trend is that fractional ownership interest has spiked. 92% of the investors affirmed that they would like to own pieces of artwork during a recession while 55% of them were eager to sell a portion of their current portfolios if they could find new investments that could be more profitable than the ones that they have right now.

Finally, the study also concluded that high net worth individuals are more likely to invest in Bitcoin than any other kind of crypto asset, as it is the most famous and powerful one.

The managing director at the company, Guy Hirsch, affirmed that during a recession most portfolios would end up shrinking. The main difference now is that crypto provides a true new path. The investment would not be confined only to people with a high net worth. Retail investors and not only institutional ones could gain money during the recession.

Hirsch also affirmed that current investors want more freedom besides just following the status quo of investments and they see an opportunity in Bitcoin.

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Author: BEG News Desk