Malaysia’s Biggest Crypto Exchange Luno Set to List Ripple’s XRP

London based crypto exchange Luno is expected to list XRP token onto its platform. The exchange aims to make the XRP tokens available to Malaysians either in December 2019 or early 2020. Luno was recently relaunched in Malaysia at the end of October this year.

Ripple (XRP), which is a real-time gross settlement system and currency exchange network known for its use in cross-border payments, has been looking to build a larger scheme around the coin and over the last few years the idea has seemed to crystallize. Luno has since noticed XRP’s potential and wants to bring the token to Malaysia. The firm’s head of Asia Vijay Ayyar cited,

“What we can say at this time is that we are planning to increase our cryptocurrency offerings as we grow, while keeping customer’s safety and compliance with regulations as our highest priority.”

He continued to say that while Luno would be widely expanding its crypto offerings, it would also be sure to maintain all ethical standards to customers. The ethical standards include ensuring customer’s data safety and complying with rules and regulations. Luno’s South-East General Manager, David Low believes that the ever-growing demand for Ripple’s XRP would be partially met by the Luno listing. Mr. Low explained,

“Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits.”

An exclusive interview with the Malaysian Reserve (TMR) revealed that the Securities Commission has already approved Ripple and that Luno will be bringing the cryptocurrency onboard the exchange sometime this December or early next year. This has allowed the company to once again step on the country’s turf. Due to forward looking regulations and high banking rates, Luno is expected to be one of the largest markets in Malaysia.

XRP was created by Ripple Labs Inc., a U.S based currency exchange founded back in 2012. After Ethereum (ETH) and Bitcoin (BTC), XRP has the third largest market capitalization of US$9.2billion.

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Author: Lujan Odera

Binance Denies Rumors It’s Acquiring Bankrupt Europe-Based Union Bank AG

Crypto exchange Binance said in an official announcement that the media reports claiming it’s buying bankrupt Liechtenstein-based Union Bank AG aren’t true.

This is what Wei Zhou, Binance CFO, had to say about the news:

“The reports that Binance is investing into Liechtenstein Union Bank or has applied with the Financial Market Authority to become a shareholder of the Bank are inaccurate.”

The rumors appeared earlier today when the Swiss financial news outlet Inside Paradeplatz said Union Bank AG, Binance and Financial Market Authority (FMA) of Liechtenstein representatives have met and that Binance signed a commitment with the bank.

Letter Saying the FMA Is Likely to Accept Binance as Shareholder

The Inside Paradeplatz report also cited a letter from November 19, a letter that was addressed to Union Bank AG’s shareholders and sent by the Zurich-based commercial lawyer Wolfram Kuoni. This is what the letter reads:

“The FMA is likely to accept Binance as shareholder. However, given that (Union Bank) as of now in default of the (FMA) order regarding own funds, FMA has made it clear that Binance must file to application for approval as shareholder and pay in amount of CHF 15 million [$15.17 million] to escrow account for a later capital increase by the end of November.”

Furthermore, it also adds that if the arrangement does not remain valid, FMA will withdraw the bank’s license and force it to liquidate.

Binance is Open for a Partnership with Union Bank AG and its Investors

Zhou said Binance remains open as far as a partnership with Union Bank AG and its new investors goes since it’s committed to adding reliable and safe fiat channels so that crypto is being adopted all over the world. Only earlier this week, Beijing-based blockchain data company DappReview was acquired by Binance for a sum that wasn’t disclosed to the public.

More than this, Binance bought India-based crypto exchange WazirX last month too. In September, it got the Seychelles-based platform for derivatives JEX and turned into Binance JEX for crypto future, perpetual contracts, and options, while in July, it acquired the US-based mobile wallet firm Trust Wallet, making its first acquisition.

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Author: Oana Ularu

Coinbase’s Visa Debit Card Available In UK and EU, Adds First Stablecoin Support in Maker’s DAI

The Visa debit card offered by the crypto exchange Coinbase now has Ethereum-based DAI stablecoin support.

The news was released on Friday, when Coinbase Card made the announcement that DAI is the first stablecoin to be included in its offering. The debit card was launched in April this year and it allows UK and EU customers to spend the crypto they’re holding in their Coinbase accounts.

Coinbase Card added Support for Other Crypto Assets Last Month

In November, Coinbase Card added Brave’s token (BAT), Stellar (XML), Augur (REP) and 0x (ZRX). Besides, it furthermore supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ether (ETH). The Coinbase UK head of marketing, JD Millwood, said in a recent commentary the offering of the debit card has managed to help many users spend crypto just as easily as they’re spending money from their traditional bank accounts, and that the Coinbase Card is going to be more in demand now that Christmas is coming.

10 More European Countries Added Last Month to Coinbase Card’s Portfolio

In November, Coinbase Card has expanded to 10 new European countries, making a total of 20 countries in which it operates. The newly added ones were Denmark, Liechtenstein, Sweden, Romania, Iceland, Norway, Bulgaria, Poland, Croatia, and Hungary.

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Author: Oana Ularu

Kraken Crypto Exchange Integrates Swiss Franc (CHF) to Trade Against BTC And ETH

Kraken crypto exchange has expanded its BTC and ETH fiat trading pair options after adding the Swiss Franc (CHF) to the existing portfolio. The exchange partnered with Frick, a bank based in Liechtenstein, to launch the CHF within its platform.

The U.S headquartered digital exchange is among the earliest entrants in the market having been launched back in 2011. So far, a number of cryptocurrencies ranging from Bitcoin to tokens like XRP can be traded on the exchange against fiat currencies. Prior to the CHF integration, acceptable fiat denominations within Kraken’s network included; Japanese Yen (JPY), British Pound Sterling, Euro, Canadian dollar and the U.S dollar.

A blog post by Kraken on 5th December highlighted that the CHF trading would commence a day after the announcement. Initially, the CHF will be tradeable against Ether (ETH) and Bitcoin (BTC) but plans to add more options for the Swiss currency are under consideration.

Just recently, Kraken made a partnership move that would enable real-time deposits and withdrawals at zero fees for its U.S clientele. The firm joined Silvergate Exchange Network, a product of Silvergate Bank, which now facilitates the U.S dollar deposits and withdrawals against Kraken’s crypto options. Besides this milestone, Kraken had earlier released its mobile application to enhance the user experience for Futures trading.

Kraken enjoys a top 10 position in daily transactional volume according to stats from coin360. The platform recorded around $103 million in the course of the last 24 hours. Swiss Franc (CHF) will probably increase this liquidity and push the veteran exchange to new records in daily volumes.

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Author: Lujan Odera

bitFlyer Europe Introduces “Instant Buy” Feature to Create a Simpler, Convenient and Transparent Crypto Experience

On Thursday, December 5, crypto exchange, bitFlyer announced the launch of their Instant Buy feature, the latest of their updates, on its Buy/Sell exchange platform. This feature enables users to make crypto investments using their credit or debit cards or by simply using local transfer methods.

According to the Co-Head and COO of bitFlyer Europe, Andy Bryant, this feature sets well with the organization’s goal of promoting convenience when it comes to investing in cryptocurrencies while promoting simplicity and a sense of secureness.

That said, the feature is said to resemble what users are already accustomed to in today’s society. He said:

“By making it similar to that of a traditional e-commerce experience, we are helping [to bring] cryptocurrency to a mainstream audience, while also giving experienced users a faster and simpler way to get their currency.”

Accessible on both desktops and smartphones, the feature is deemed beneficial to those looking for an all-in-one solution to purchase, store and secure their investments, getting hold of assets at predefined prices from the bitFlyer platform, and fees are said to be as transparent as they could get.

Speaking of fees, Bryant spoke with news outlet, The Block, disclosing that the transaction fees for processing credit card payments are 1.95% + €0.25/ transaction and for else methods, 1.95% + €0.30.

Besides Europe getting access to the Instant Buy feature, bitFlyer Japan recently added trading support for the XRP token because it stands as the second-largest cryptocurrency in Japan.

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Author: Nirmala Velupillai

OKEx’s OK Group to Open a New Digital Asset Trading Lab in ‘China’s Hawaii’

The administrator of the famous cryptocurrency exchange OKEx, the OK Group, has decided to set up a new digital asset trading lab, which will be located on Hainan Island, in China. The lab is set to help in the research and development (R&D) of the company’s new blockchain products.

According to the official announcement, the new lab will be based in Sanya, one of the cities on Hainan Island and it will be located in the International Offshore and Entrepreneurship Demonstration Zone of the region.

The OK Group was originally created in Beijing back in 2013 and it has always focused on developing for the blockchain technology. The group has branches in several countries in Asia, Europe and the United States. Now, the group follows Huobi, one of its main rivals, to operate in this new zone.

Star Xu, the founder of the blockchain group, has affirmed that the new region offers “broad prospects” for the market and that it would be important to help the company and Hainan alike. Hainan is currently trying to transform the island, known as a resort location, in a leader in the digital field. The new lab could help with that.

The change started when China designed the island as its 12th free trade zone. These areas have the goal of luring investors and promising fewer restrictions to do business there. With fewer restrictions, the idea can seem appealing to the investors behind the OK Group.

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Author: Gabriel Machado

Waves Decentralized Exchange (DEX) Shuts Down, Morphs Into Hybrid Digital Trading Platform

The Waves Decentralized Exchange (DEX) has decided to shut down its platform and start offering services to clients as a hybrid crypto platform. The information was released by the company in a press release on December 2.

Waves Launches New Crypto Trading Platform

According to the official statement released by the company, they are migrating their services from the DEX website to the new Waves.Exchange.

The official site of the Waves DEX explains that they are no longer operating the service because they want to offer users a better experience and a wide range of tools.

This is why the DEX will not be available anymore to users, that will have a new platform specifically designed to meet their needs.

It is worth mentioning that users’ funds will be safe during this time. This is very important considering many exchanges were affected by hacks and attacks during the last few years.

The new hybrid exchange is expected to become fully operational in a short period of time. Some of the new features include irreversible transactions and improved control of funds for users.

Decentralized exchanges became popular due to the fact that they allow users to remain in custody of their cryptocurrencies rather than giving the funds to a crypto exchange that handles them.

The report explains that the company will be working in order to continue with the development of its protocol. This includes the implementation of sharding and other innovative infrastructure.

The crypto exchange will be fully managed by a separate and dedicated team to make it more efficient.

The CEO of the platform, Sash Ivanov, said that the DEX was just a prototype and that they are now able to become a separate project. The main goal is to synchronize the development of the ecosystem and help the products and services offered have higher standards. He said,

“Waves DEX was a kind of prototype. Now, after 2 years of operation, it has grown and become a separate project. […] Now it’s time for us to focus on protocol development and hand over the exchange to an external team and community separate from Waves, so we can merge all the infrastructure teams into one, synchronizing development work and taking the combined product to a new level.”

In the future, they want to add support for Tether (USDT) stablecoin, which would make it easier for traders to hedge against volatility in the cryptocurrency market.

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Author: Carl T

Kraken Blends with Silvergate Exchange Platform to Sanction Easier Funds Transfer

Kraken, a giant cryptocurrency exchange platform, made clear announcements just recently that it has united with Silvergate Exchange Network. The governing body decided the move and decision for Kraken. The motive of the joining hands was to give the customers more options as they trade their assets. Customers will now be able to have a wide range of options when deciding what to do with their assets on the platform. That improves convenience and will attract even more customers to this US-based exchange platform.

SEN was founded by Silvergate Bank, which is California state-chartered. It will enable all the time withdrawals and deposits of US dollars that are instant. Kraken’s official release added that Kraken customers were now able to leverage SEN, and as a result, they could fund their accounts without any issues or problems.

Ease of working and a wide range of options have been enabled thanks to the excellent partnership between Kraken and Silvergate. Customers can now enjoy faster services and a variety of options on what they could do with their assets on the platform. That means even deposits and withdrawals will be swift and available all the time.

Earlier in November, Silverstone listed its Initial Public Offer on the stock exchange for New York. The Bank raised about $40 million after offering 3,333,333 shares. The class A shares are usually priced at $12 for each share according to a press announcement by the Bank.

Silvergate has been seen to try and incorporate the crypto environment into its platform. In recent years the firm has been joining hands with crypto-related companies to assist them in their endeavors. It has an over 15% increase in cryptocurrency clients since June. The Securities and Exchange Commission for the US shows that Silvergate already has more than 756 clients that major in cryptocurrency.

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Author: Daniel W

Firms Have Borrowed $8.2 Billion from the Blockchain Platform of a Chinese Forex Regulator

The Chinese regulator State Administration of Foreign Exchange (SAFE) runs a cross-border blockchain financing system and has helped firms with more than $8.2 billion.

The SAFE platform has helped small and medium-sized (SMEs) corporations and enterprises with this amount of money in only 8 months after being opened, reports the Economic Information Daily. Ever since it has been launched in March 2019, it has expanded its pilot financing program from 7 provinces to 17, having more than 160 banks joining its program.

One-Third of Chinese Lenders Providing Forex Services

Since November 29th, almost 1,600 companies, most of them SMEs, have become part of the SAFE program and started sharing their financial bookkeeps with over 160 banks. One-third of the lenders in China are providing Forex service. SAFE’s deputy director Zhang Xin said the platform will be advanced to make foreign exchange receipts and cross-border trade settlements easier. This is what the blockchain analyst Cao Yin declared about the initiative:

“The traditional financial processes, which require a lot of human labor to carry out information verification and authorization, leave a lot of room for financial fraud, but as the blockchain system promises a decentralized and encrypted track of each capital flow, it leaves potentially little to no space for human mediation.”

Aside from having a reliable trust mechanism, the SAFE platform offers real-time supervision and reduced processing time for any transaction. Zhang said transactions are now taking in place in 15 minutes, as opposed to the 1 or 2 days like they did before.

SAFE Platform to Be One of the Most Influential Chinese Blockchain Projects

The cross-border blockchain platform run by SAFE is at the moment the only state organ to file a Cyberspace Administration of China blockchain record. It’s set to become one of the most influential blockchain projects in the country, together with the central bank’s Greater Bay Area blockchain trade and finance platform.

After President Xi Jinping has endorsed the blockchain, more government authorities and enterprises in China have started hurrying to implement the new technology. Earlier in November, China has launched a blockchain identification system for cities.

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Author: Oana Ularu

Canada’s Einstein Exchange Allegedly Lost $12.1 Million in User Funds, Has Under $50K to Repay Users

According to Global News, a Canadian crypto exchange that got shut down this month for supposedly stealing CAD$16 million, which is $12.1 million, in user funds seems to only have $45,000 worth of hard assets. Einstein Exchange was shut down by the B.C. Securities Commission (BCSC) after customers filed complaints that they can’t access their crypto assets and cash.

Grant Thornton Limited has been appointed to seize the cryptocurrency exchange’s assets and to return users the funds they were missing. These funds were Bitcoin (BTC) cryptocurrency, as the BCSC documents say.

Einstein Exchange Doesn’t Can’t Pay Back Users

A filing from the British Columbia Supreme Court was published yesterday. It says Grant Thornton found out that Einstein Exchange has only about $30,000 in cash and $15,000 in cryptocurrency. Director Michael Ongun Gokturk has incorporated the exchange during the Bitcoin’s bull run from December 2017.

In May 2019, BCSC had started to investigate the exchange’s customer complaints. Grant Thornton has notified the US and Canadian banks where Gokturk and Einstein Exchange have made deposits and investments or had shares in the private sector.

Exchange Says it Owes Clients $10 Million or Less

Gokturk didn’t comment or respond to the allegations in the BCSC case against Einstein Exchange. According to a report, the Einstein Group has informed Grant Thornton that it thinks its clients are owed somewhere between $8 and $10 million.

It also says the deficit is the result of bank draft and credit card frauds, with the loss being almost entirely made up of crypto assets. It’s believed Einstein Exchange has served around 200,000 people from all over the world. However, Grant Thornton has only heard from somewhere in between 200 and 300 users so far. This doesn’t mean more complaints won’t still be filed.

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Author: Oana Ularu