Indian Crypto Exchange, CoinDCX, Launches User-Friendly Mobile Trading App

Indian Crypto Exchange, CoinDCX, Launches User-Friendly Mobile Trading App

The cryptocurrency industry in India is one of the largest in the world. With a government that has relaxed its industry policies, many exchanges and crypto-based organizations are expected to grow in the country.

The largest crypto exchange in the country, CoinDCX, is trying to bring cryptocurrency trading and its adoption closer to the masses.

The exchange has launched a new mobile app called CoinDCX Go, which will remove many barriers investors and new entrants face in the crypto industry.

The crypto industry won a major battle when the Supreme Court of India ruled out the banking ban for crypto assets. Since then, there has been a high increase in the level of crypto-related activities in the country.

And with the sudden growth of most crypto assets, there will be many prospective Bitcoin investors looking to tap into the current market bull run. However, buying and selling cryptocurrencies has not been easy, a CoinDCX survey found out.

Indian market ready for a crypto explosion

The exchange said most of India’s citizens say they are finding it difficult to invest in Bitcoin or other cryptocurrencies. The discouraging situation has been blamed on a lack of awareness, the lack of easy options, and the regulatory uncertainty tied to cryptocurrencies.

On a similar note, most people believe that Bitcoin investments are a viable alternative form of investment and would add Bitcoin to their portfolio.

The information available about the CoinDCX Go app explains that the new app will be very beneficial to the newcomers in the crypto space as it will provide a “quick check-in check-out trading experience.”

CoinDCX Go is fully supported by an anti-money laundering and artificial intelligence-based algorithm. Global custodian Bit will serve as the exchange’s custody for funds invested, making users’ funds safe in any circumstance.

CoinDCX Allows Denomination Trading

CoinDCX is one of the exchanges that are very friendly to newcomers in the crypto space. The exchange offers trading denomination for 14 of the industry’s top assets.

According to CoinDCX, the app has several benefits to users, including making the various technicalities simple and making crypto transactions simple, easy, and legal.

CoinDCX chief executive officer Sumit Gupta has commented on the launch of the new app. The main goal is to enable users to see benefits in the industry and encourage more crypto adoption, especially from the mainstream financial sector. He also said that users should not worry about technical details because the exchange will offer such support.

Support on technical issues will be provided “around the clock,” He reiterated.

Encouraging more Bitcoin adoption

India is undoubtedly a strong force when it comes to the cryptocurrency market, with a population that exceeds 1.3 billion. However, CoinDCX said only about 0.5% of this population has invested in cryptocurrency, which offers a huge market for the industry’s growth.

CoinDXC hopes to use the new app to make it easy for new entrants into the market. Presently, the app doesn’t charge any deposit or withdrawal fees, unlike other similar apps in the industry.

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Author: Ali Raza

Hack A Cryptocurrency Wallet Filled With Bitcoin to Get Hired By A Cybersecurity Firm

Hack A Cryptocurrency Wallet Filled With Bitcoin to Get Hired By A Cybersecurity Firm

Red Balloon Cyber Security Company is using a unique way to get their next recruits. The company asks prospective candidates to crack an encrypted hard drive before they are offered the opportunity to work with the security firm.

According to the company’s description, anyone with “the skills and passion” to crack the hard drive will be offered 0.1337 Bitcoin (BTC) or about $4,900 as of press time.

Any applicant who decrypts the hard drive and claims the BTC funds is asked to buy a ticket to travel to New York for the recruitment process.

“You have to do a somewhat unusual technical interview: unlocking a hard drive with Bitcoin,” the cybersecurity firm stated.

A Unique Recruitment Method that Brings Result

The Chief executive officer of Red Balloon, Ang Cui, commented on the strange recruitment process by saying that his company is one of the very few firms that use it to recruit its workforce.

According to him, the firm is taking such a method because it is a small company and doesn’t have enough human resources to spend on sorting and going through each resume. So, the idea is to use a smart and effective method to recruit a specialized tech expert group.

The Recruitment Method Records a 1% Success Rate

Cui added that the security firm has sent out the test invitation to anyone interested in the advertised position. He also said only very few persons could scale through the interview, pointing out that the success rate was just 1%.

Red Balloon added 6 people to its workforce, making it 29 employees presently working in the firm. The cybersecurity firm was founded in 2011 and had been using this strange interview method to recruit some of its workers for some time.

A crypto enthusiast recently claimed that he received such invitation and instructions to get back Bitcoin five years ago on Twitter.

Some others also said Red Balloon had been known to use such a recruitment method. Some of them said as part of the Decon Hacker Conference in 2017; the security firm asked programmers to decrypt hard drives with Bitcoin.

Last month, Red Balloon security appointed David Doggett as a senior strategist for its industrial market. As a team senior, his recruitment method was probably not through the hard drive cracking task.

The security firm claims it’s a leading developer of firmware-based security systems that protect embedded devices, including automation systems and electrical systems, from different potential cyber-attacks.

The company’s flagship product, Symbiote Defense, is a defense system designed for embedded devices.

Red Balloon has lots of other products that help customers keep their security systems safe from unwanted exploitation. This explains why the firm uses the unique method of hard drive encryption to recruit its new workforce.

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Author: Ali Raza

UNI Enjoying A Breakout Year; Uniswap Protocol Shares 2021 Roadmap

2020 was an exciting year for the entire cryptocurrency market as we set the stage for a bullish 2021.

The decentralized finance (DeFi) market also had a wild year as the total value locked (TVL) in the sector grew 20 fold to surpass $14 billion.

In the DeFi space, DEX Uniswap Protocol made waves by becoming the first project to exceed $3 billion in TVL. For now, it has fallen to $1.7 billion.

UNI token is also enjoying an uptrend, trading at $5 following a 43% rally over the past week. Currently, UNI is the 22nd largest cryptocurrency with a market cap of $1.34 billion.

Following the “breakout year,” Uniswap is now working on V3 to improve automated market-making (AMM). In its 2021 roadmap, the team shared that they will be exploring scaling solutions for faster and cheaper transactions, with an emphasis on governance.

“V3’s design is driven by a desire to drastically improve the AMM experience for both swappers and LPs, increasing capital efficiency and flexibility while introducing superior execution,” noted the team.

The team also shared a review of 2020, a year in which the Uniswap V2 was launched bringing in support for arbitrary ERC20/ERC20 pairs and flash swaps that has generated $4.8 bln in volume since then, producing $14.4 mln in LP fees.

In the entire last year, the decentralized exchange recorded $58 bln in volume, up 15,000% from 2019’s $390 mln. Uniswap even passed Coinbase on weekly volume albeit briefly.

Over 68,000 unique addresses are currently providing $2bn in liquidity across 27,000 unique trading pairs on the platform.

Just last month, the Uniswap team launched Sybil that uses third-party authentication platforms to make delegating of governance UNI tokens easy.

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Author: AnTy

Cryptocurrency Exchange, Coinbase, Hires Goldman Sachs for IPO Plans

San Francisco-based cryptocurrency exchange Coinbase has hired Goldman Sachs Group to lead the preparations for its stock market listing, reported Reuters, citing a person familiar with the matter.

Coinbase revealed that it has confidentially applied with the US Securities and Exchange Commission (SEC) to go public.

As we reported, a cryptocurrency company to list on the stock market is huge news for the industry. Messari valued the company at $28 billion following this announcement, raised from the $8 billion valuations it got during its last funding round.

Coinbase has been rumored to go public for a long time now, and it started making plans for the listing in July.

Founded in 2012 by CEO and board director Brian Armstrong and board director Fred Ehrsam, Coinbase has raised $525 million to date.

Coinbase’s filing comes after multiple startups, including Airbnb, DoorDash, Wish, Roblox, and Affirm, have filed to go public or have already gone public this year.

The crypto market is in full bull mode, with Bitcoin hitting yet another all-time high yesterday above $24,000. Armstrong wrote in a blog post cautioning newcomers to cryptocurrency,

“While it’s great to see market rallies and see news organizations turn attention to this emerging asset class in a new way, we cannot emphasize enough how important it is to understand that investing in crypto is not without risk.”

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Author: AnTy

Here’s Why Coinbase Exchange IPO is ‘Huge’ News for the Crypto Market

The largest cryptocurrency exchange in the US, Coinbase, announced Thursday that it had filed confidentially with regulators to go public. It did not specify whether the exchange plans to go with an initial public offering (IPO) or other listing routes.

The day Coinbase divulged the information, the Bitcoin price also hit a new record of $23,800.

As per the official announcement, Coinbase Global, Inc. has confidentially submitted a draft regeneration statement on Form S-1 with the Securities and Exchange Commission (SEC), which is currently under the process of review.

The news of the San Francisco-based exchange going public is significant for the cryptocurrency market. Coinbase has long been rumored for a public listing for one of the best-known companies in the industry. Jake Chervinsky, the General Counsel at Compound Finance, said,

“If it wasn’t obvious, this is huge news.”

“Sure, there are other publicly-traded companies in the USA with a stake in crypto, but none remotely like Coinbase. The fact that a crypto exchange is suitable for public listing sends a massive signal of legitimacy to the finance world.”

Founded in 2012, Coinbase has been slowly growing its suite of tools, catering to both the retail and institutional investors.

The company is “spiritually” built to go public via an offering that involves digital tokens on a blockchain, said Coinbase co-founder Fred Ehsram in a recent interview with Fortune.

During the company’s last fundraising round for $300 million in 2018, Coinbase was valued at nearly $8 billion, which in the current hot crypto market, has now swelled to $28 billion on the back of an estimated 13,000 retail customers a day and custodying $25 billion of customer funds across 35 million customers. Mira Christanto of crypto data provider Messari noted,

“Following Coinbase’s IPO announcement, we value the company at $28 billion. Coinbase is one of the most prominent exchanges with $1 billion daily volume in Dec-20.”

This IPO will be an opportunity to cash out not only for the early shareholders, including CEO Brian Armstrong and the backers, venture firm Andreessen Horowitz, Y Combinator, and Greylock Partners but also for the employees the means to start their startups. MacroScope, involved in institutional trading and asset management, said,

“Getting major flashbacks right now to Amazon’s IPO in the 1990s, when I was a trader on a big sell-side desk. Feels very similar in several ways including industry backdrop and public sentiment, the latter of which included a huge amount of skepticism and scorn.”

Besides legitimizing the crypto industry, the Coinbase IPO is expected to present another opportunity to jump on the cryptocurrency bandwagon. Some feel this “watershed moment” may even clear how the SEC can approve a Bitcoin ETF.

However, the crypto market wants Coinbase to go public early in the bull run and not run the risk of the top the market.

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Author: AnTy

Cryptocurrency Exchange Coinbase Files S-1 Form With SEC for Potential IPO

After months of speculation, Coinbase, the largest cryptocurrency exchange in North America, has confidentially filed for a public listing. Per an official blog post from the exchange, Coinbase revealed that it had completed its S-1 Filing and shipped it off to the Securities and Exchange Commission (SEC).

Not There Yet

The company pointed out that the filing will be effective following a review from the regulator.

The SEC Form S-1 is the initial registration form for companies planning on floating their IPOs to register their securities with the SEC.

It’s a prerequisite for companies before they list on any of the country’s stock exchange platforms. It contains details such as planned use of capital proceeds, company business model, and competitors. The form also features details like the methodology for arriving at the offering price and possible dilutions to other listed securities.

The Crypto Space is Ripe for IPOs

This isn’t the first time that Coinbase will be linked to an imminent IPO. In July, Reuters reported that the company was working towards a public listing, which would occur either later this year or in the first half of 2021.

At the time, Coinbase was looking to hire investment banks and law firms to guide the exchange in the process. It was also reported then that the company was considering a direct listing, which offers the opportunity of selling existing shares without offering new ones. Direct listings have become popular recently as an alternative to the traditional IPO.

Coinbase’s filing couldn’t have come at a better time considering Bitcoin’s recent rally. BTC broke its all-time high yesterday and has sat pretty above the $20,000 mark since then. With the leading cryptocurrency – as well as several other large-cap assets – expected to maintain their hot streak for the next few weeks, the crypto market is as vibrant as it has ever been.

Coinbase isn’t the only crypto-facing company that is working towards a possible listing. As Bitcoin Exchange Guide reported this week, Robinhood, the renowned crypto-friendly trading platform, had also made significant progress in pushing for a public listing. Robinhood had tapped Wall Street investment bank Goldman Sachs to lead the public offering, with the firm hoping to list in the coming months.

Robinhood plans to raise about $20 billion in its IPO valuation. Subject to market conditions, the Menlo Park-based company hopes to get on with the listing as soon as possible in 2021.

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Author: Jimmy Aki

PayPal & Revolut’s Crypto Brokerage, Paxos, Raises $142M to Facilitate Digital Asset Adoption

Thanks to a new funding round, the blockchain startup is powering PayPal’s new cryptocurrency service is gearing up for a big year in 2021.

Gearing Up for 2021

The company confirmed that it had raised $142 million in new funds and is looking forward to significant growth in the new year.

Per a press release, Paxos confirmed that its Series C funding round was led by Declaration Partners, a New York-based investment management firm backed by billionaire David Rubenstein. The round also included Mithril Capital and PayPal, which is already a major Paxos partner.

The funding round brings Paxos’ overall haul to $240 million. Company chief executive Charles Cascarilla explained that the funds would go a long way in bolstering its expansion plans as it looks to build the “market infrastructure of the future.” He added that the company would double its workforce, expand its product solutions, and create new products to target enterprises.

The CEO also reiterated his company’s commitment to regulation and security.

Plans Ahead

While Paxos appeared to have started the year quietly, the past few months have been monumental for the firm. The company was instrumental in PayPal’s smooth entrance into the crypto space, partnering with the payment processor to launch PayPal’s crypto service.

PayPal announced its crypto offering in October, confirming that it would allow users to spend cryptocurrencies at merchants that accept its service. The crypto service will support Bitcoin, Litecoin, Ether, and Bitcoin Cash. Explaining its role, Cascarilla said in a blog post that Paxos built the underlying platform that will power PayPal’s crypto service.

As the blog post explained, Paxos fits into PayPal’s service on two fronts. Its crypto brokerage service will provide PayPal with easy crypto trading and custody. The company is lending its API to the payment processor to promote an easy and seamless user experience.

BitLicense was also instrumental in helping PayPal secure a conditional Virtual Currency License (BitLicense), allowing it to provide its crypto services to New Yorkers.

Along with its PayPal integration, Paxos is also working towards becoming a fully-registered crypto bank. The stablecoin issuer filed its application last week, looking to incorporate its Paxos General Trust in New York.

blog post to that effect explained that the company would hope to broaden its service range and coverage through the bank charter. The bank pointed out,

“Our mission is to modernize financial market infrastructure and enable the movement of any asset, any time, in a trustworthy way. A national Trust Bank charter would help us realize our goal by enabling us to serve customers across the country in the most efficient way.”

With two business opportunities laying ahead, Paxos seems poised to become more of a force in the industry come 2021.

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Author: Jimmy Aki

Centra Tech Co-Founder Sentenced One-Year in Prison Over $25 Million ICO Scam

Robert Farkas, 34, the co-founder of the cryptocurrency firm Centra Tech was sentenced to a year in prison on Tuesday by US District Judge Lorna G. Schofield in Manhattan.

Farkas pleaded guilty to tricking investors of over $25 million in an investment scam that was promoted by the likes of Floyd Mayweather and musician DJ Khaled, who settled their own charges with the SEC for failing to disclose that they had been paid to promote the project.

The other two co-founders have also pleaded guilty to their roles in the scam.

The guilty parties solicited investors in 2018 to commit frauds to an initial coin offering (ICO) for its “Centra Tokens” by falsely claiming that they have developed a debit card that will allow the users to make purchases with digital currency at businesses accepting Mastercard and Visa, said prosecutors.

In other news, the Public Prosecutor’s Office of the Argentine city of Córdoba indicted 12 people in connection with the Onecoin Ponzi scheme last week.

One of the biggest scams in crypto history, this Bulgaria-based project netted about $4 billion.

The local police carried out multiple raids and arrested eight people over the years in different countries. Onecoin founder Ruja Ignatova, who was also indicated, is still at large.

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Author: AnTy

Sovryn Launches DeFi Platform on RSK Bitcoin Sidechain; With Suite of Lending & Trading Tools

New decentralized lending and trading platform launches with a focus on the top cryptocurrency, Bitcoin (BTC), rather than the conventional Ethereum-based applications.

Sovryn, a decentralized platform built and operating on Bitcoin’s RSK sidechain, announced the launch of its public chain this Tuesday, aiming to bring a full Bitcoin suite to the DeFi world. Users on the platform can now access a suite of DeFi tools, including lending, borrowing, and trading using Bitcoin.

The platform incorporates a decentralized exchange and a derivatives platform, where users can place future bets on assets (either long or short) with up to 5X leverage. In addition to borrowing and lending services on the platform, users can also stake (provide liquidity) on Bitcoin (BTC), Tether stablecoin (USDT), and Dollar on Chain (DOC) tokens and earn interest rewards by lending out the assets.

RSK is a Bitcoin sidechain type that offloads some of the transactions from the layer 1 chain to another public network. As a sidechain, RSK gives Bitcoin similar smart contract capabilities to Ethereum-based applications allowing new features to be integrated using Bitcoin.

In a statement to the press Edan Yago, Sovryn project lead, praised RSK as a “natural fit” for his project, allowing the development of a censorship-resistant digital currency. He further stated,

“Now, with the addition of a smart contract layer, deploying on RSK has meant we can provide the same or better functionality than centralized services, but in a decentralized way.”

The statement from Sovryn further confirmed a planned launch of its decentralized governance protocol later this month, similar to a lending protocol, Compound token launch in May. The governance smart contracts will be forked from Compound, with the early investors and users of Sovryn having the exclusive sale rights at the launch of the Sovryn governance tokens, which are expected to launch in Q1 2021.

To participate in voting on the platform, users must stake their tokens, where the longer you stake your tokens, the higher your voting power will be.

Sovryn completed a symbolic $2.1 million funding round led by Greenfield One and joined by other investors, including Collider Ventures, Monday Capital, and BlockVentures, who also provided development support. The funding value is a representation of the 21 million BTC coins that will be mined.

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Author: Lujan Odera

Kraken to Integrate Lightning Network in 2021 for Faster & Cheaper Bitcoin Transactions

Cryptocurrency exchange Kraken will be integrating the Lightning Network next year.

The day Bitcoin smashed through $20,000 to reach nearly $20,900, the same day Kraken announced that it would help its clients deposit and withdraw Bitcoin on Lightning Network, which is expected to be done by the first half of 2021.

This means instantly transferable Bitcoin at the lowest fees.

With the help of this integration, the cryptocurrency exchange will be able to scale to process millions of transactions per second,

“a leap forward enabling trades to be completed at a lower cost and with greater speed.”

However, Kraken says these features are just the beginning as it works towards shaping the “future of programmable payments with digital money.”

For the integration of the second layer of Bitcoin, Kraken will be hiring a team that will specifically focus on the Lightning Network, as part of the exchange’s “continuing effort to deliver the best possible experience for traders and investors.”

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Author: AnTy