Australian Crypto Payments Service Provider, Banxa, Set to Go Public in Canada

Banxa, an Australian based fiat-crypto payments service provider, is set to list on the Canadian Stock Exchange this December. The shares of this crypto startup will begin trading on the Canadian VC marketplace dubbed ‘TSX Venture Exchange,’ an ecosystem run by TMX Group, which is also in charge of the Toronto Stock Exchange.

According to the initial reporting by a local Financial Review Street talk section, Banxa will be listed on TSX Venture Exchange with an estimated market cap of $50 million. Notably, the firm had already received a green light from Canadian authorities to debut within this jurisdiction. Banxa touted the listing as the first of its kind for a crypto payments provider. Domenic Carosa, the founder and Chairman of Banxa, informed the publication that,

“Our TSX listing will make Banxa the first crypto Payment Service Provider (PSP) to be listed in the world, bringing well-needed transparency and governance to the crypto sector.”

The Aussie crypto startup has been operational for around six years and now enjoys the backing of heavyweights, including OKGroup, Alium Capital, and Alex Waislitz’s Thorney. Some of its clients include prominent exchanges and digital wallet providers like Shapeshift, Abra, Kucoin, OKEx, and Binance. Banxa has raised around $5 million pre-IPO, holding its series A funding earlier in the year.

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Author: Edwin Munyui

Oasis Network Launches Mainnet, Enabling More DeFi Privacy & Data Tokenization

Top cryptocurrency exchange Binance has announced it will list privacy-focused Oasis Network on its platform. The listing will enable Oasis Network to make it easy for under-collateralized loans in DeFi.

Binance announced this on its blog, with plans to offer Oasis Network on its platform with three pairs, which include ROSE/USDT, ROSE/BUSD, and ROSE BTC.

Yesterday evening, Oasis Network mainnet was live with over 75 independent validators already registered.

According to the Network, it is set up to provide decentralized applications, and it can provide about 1000 transactions per second.

In 2018, Oasis Network raised $45 million from top crypto ventures such as Binance Labs, A16z, Pantera, and Polychain.

The funds helped the company to grow bigger, offering more efficient services to its users. The company ensures the encryption of data and ensures the enforcement of privacy policies via smart contracts.

According to Oasis Labs, the ‘confidential compute’ functionality helps encrypt data to ensure several processes’ privacy, from genetic research to credit history check.

By default, the Oasis Network respects the user’s data preference and supports new sets of privacy-preserving applications. Users can earn rewards when they stake their data with apps that control how the services they use consume their most sensitive information.

Oasis Labs collaborated with Binance in August this year to launch CryptoSafe, a decentralized platform designed to fight crypto fraud.

Oasis platform will offer a wider capacity

The Oasis platform’s integration offers a much wider network capacity to ensure credit checks and privacy of sensitive personal or sensitive data. It also helps loan applicants to establish their creditworthiness to creditors.

Most existing DeFi loan products provide over-collateralized lending, but plans are in place to also introduce under-collateralized loans.

Based on the post, Binance decided to collaborate with Oasis Labs to offer a platform where exchanges can reduce the industry’s number of frauds. While ensuring safety, the platform will also protect each participant’s sensitive data confidentiality in a decentralized environment.

Oasis Labs has hundreds of DeFi projects

The announcement also noted that the DeFi industry leaders such as Balancer and Chainlink recently joined the Oasis Network.

Oasis Labs has also assured participants that its security architecture can improve private decentralized exchange platforms’ operations, such as automated market maker Uniswap.

Oasis Labs says several partnership projects are already ongoing on the network, including Binance-led CryptoSafe Alliance and the privacy-first genome sequencing partnership with Nebula Genomics.

Just last month, Oasis Lab revealed that Nebula Genomics would use “Parcel,” its data governance API product, to enhance the platform’s capabilities. And there are hundreds of projects the company is presently working on, according to the report.

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Author: Ali Raza

Binance Launches ‘Innovation Zone’ to Justify DeFi FOMO Listings

Leading spot exchange Binance has created an “Innovation Zone” to list newer tokens.

“The team has created the Innovation Zone, which will allow users to trade newer token offerings from the comfort of their Binance account, while at the same time protecting less suited users from being exposed to the “risk” that comes with trading them,” wrote the CEO Changpeng “CZ” Zhao on Monday.

Whatever this means, you ask? Just that Binance will list all the DeFi tokens as fast as it can, as it has been doing.

The Innovation Zone was introduced along with the listing of SUN, Justin Sun’s DeFi venture.

What can we do?

The clarification came in the light of the fastest listing of UNI token by a centralized cryptocurrency exchange.

As we reported, exchanges rushed to list the highly anticipated governance token of DEX Uniswap. While Coinbase, Poloniex, FTX, Kucoin, OKEx, and Huobi all jumped in, it was Binance that was the first to induce the FOMO listing.

It wasn’t the first time either, the SUSHI saga earlier this month pointed many accusing fingers on Binance as well.

At that time, Zhao tweeted, now deleted, that if they don’t list DeFi coins, “traffic goes to other exchanges, and we become … obsolete. We provide access to liquidity; we don’t force you to buy.”

As the DeFi craze continued to roar, exchanges continued to take advantage of this opportunity by listing these DeFi tokens as fast as possible despite having a framework in place that requires significant and diligent efforts to review a project before listing.

CZ says so himself this time, “We don’t list every coin under the sun. We have a selection process that is often viewed as overly strict, especially by project communities that haven’t been listed yet.”

But with the DeFi sector so hot now, Binance has the dilemma of listing the token quickly or wait until the project is proven.

We’ll Continue to list DeFi coins!

According to CZ, unlike 2017, Binance is “bigger and has a wider user base” now. Not to mention, getting a listing on top exchanges is a time consuming and hard process with many, like Digibyte, complaining about exchanges asking for a listing fee.

The tables have turned for sure.

In the latest announcement, CZ argues that not only Binance needs to “stay competitive” by listing popular coins, but it is also hard to find what is good or bad as everyone’s definition is different.

“So, in keeping on-trend and delivering what our users (you) want, we (Binance) will continue listing DeFi coins,” he said.

Also, trading on DEX requires a “high degree of capability and understanding.” With Innovation Zone, Binance wants to provide you a “safer space for accessing newer tokens,” which have higher volatility.

You also don’t have to remember your password/seed phrases or suffer the loss in case of a wrong transaction as CZ will take care of it.

So, how exactly does this zone work?

If in the event of incurring losses, you answer it is your fault, and you are responsible because “it was a choice that you alone made” and the likelihood of incurring losses to your principal capital in the zone is less than 50%, you get a green light to trade.

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Author: AnTy

Binance Lists Paxos Gold (PAXG) Stablecoin For Trading Against BUSD, BNB, BTC

Binance, one of the leading crypto exchanges in the world, has decided to list gold-backed cryptocurrency by Paxos called Paxos Gold (PAXG). The gold-backed token will be listed against three other digital assets, including the exchange’s native stablecoin called BUSD, the native token Binance Coin, and Bitcoin.

Rich Teo, Paxos co-founder, and CEO Asia believe the listing on Binance would offer traders exposure to real regulated gold. He said:

“PAX Gold will offer [its] users an easy and safe opportunity to gain exposure to real, regulated gold.”

Paxos is a New-York based exchange that launched its gold-backed token Paxos Gold last September and is built on top of the Ethereum blockchain. Each PAXG token represents an ounce of the physical gold currently stored in the Brink’s London vault. Traders can buy as little as $1 worth of gold.

The listing of PAXG token on Binance came just weeks after Gold prices soared to all-time-highs amid global economic uncertainty. Gold has been a haven asset for centuries, and despite Bitcoin maximalists trying to prove Bitcoin is a better alternative, a majority of the population still sees gold as the true safe-haven asset Paxos Gold token has also been cleared for listing by the New York Department of Financial Services (NYDFS).

Apart from the approval from the NYDFS, CF Benchmarks has also launched a price index against the US Dollar, which would be real-time and offer daily settlement and spot rate, which would be updated every second.

Changpeng Zhao, CEO of Binance, also commented on their decision to add Paxos Gold and noted the importance of gold as an asset class. He said:

“Gold is an asset that has had enduring value from generation to generation. With PAX Gold now on Binance, investors can easily get and trade gold with the click of a button.”

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Author: James W

Coinbase Effect Surges Numeraire (NMR) By 160% Following Listing Announcement

An announcement by Coinbase to list AI-focused Numeraire (NMR) token appears to have caused its price to rally by over 160% within the last 24 hours. Metrics from CoinMarketCap indicate that the project’s market cap also surged and currently stands at $127 million while the prevailing price of one NMR token is $46.

Going by these stats, the ‘Coinbase effect,’ which increases the probability of a price surge for tokens set to be listed within its ecosystem, seems to be holding water. The exchange made the announcement only yesterday, but technicals indicate that the market has already caught up with the fundamental value of NMR tokens should the Coinbase Pro listing sail through.

Coinbase highlighted that NMR deposits could be made into its professional trading platform from Monday, August 17, with trading set to begin the following day after 9 AM Pacific Time. Upon the establishment of a stable NMR supply, the Coinbase Pro order books will be rolled out in four phases, which include transfer-only, post-only, limit-only, and full trading. Trading pairs that will feature initially are NMR-GBP, NMR-EUR, NMR-BTC, and NMR-USD.

Numeraire’s (NMR) AI Cutting Edge in Crypto

This hedge fund backed project is among 18 tokens that Coinbase noted it would consider back in 2019. Notably, the hedge, which acts as the NMR parent company, uses AI in executing its fund management role and has since doubled down on the opportunity in crypto markets.

Founded back in 2016, the hedge fund, which is dubbed ‘Numerai,’ has attracted funding from prominent investors like Renaissance Technologies, given its cutting edge in using AI for better prediction models.

With NMR acting as the native token for this AI hedge fund initiative, a debut on Coinbase Pro will expose it to a bigger market. Coinbase, however, said that it would not be available for users in New York State. Currently, users can only fund their accounts through the actual Coinbase Pro platform, although the firm stated that mobile Apps for both Android and iOS would follow later.

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Author: Edwin Munyui

Securities Commission: Binance & eToro Not Authorized to Operate in Malaysia

Binance is the latest addition to the Securities Commission of Malaysia’s Investor Alert List that covers those unauthorized websites, investment products, companies, and individuals that don’t comply with the country’s securities law.

In Malaysia, the SC regulates persons and entities that are carrying out capital market activities, including dealing in securities, derivatives, and private retirement schemes, fund management, advising on corporate finance, investment advice, and financial planning. It also covers those that provide services as a market operator or issue or offer securities without proper approval or authorization.

As per the official website of SC, the leading spot cryptocurrency exchange is “operating a recognized market without authorization from the SC.”

Binance is still providing support for Malaysian ringgit, which was added to its P2P platform and the mobile app just a few months back.

“The public is advised not to make any investment with companies/individuals that are not licensed or approved by the SC,” said the financial regulator.

The list contains several companies, including eToro, for carrying out capital market activities of dealing in securities and derivatives without a license and operating a recognized market without authorization from the SC. Fidelity Solutions is also listed for dealing in securities and fund management without a license.

Binance has been getting flagged in other jurisdictions as well. Earlier this month, the Brazilian Securities and Exchange Commission said that the exchange is unauthorized and, as such, banned from offering derivative products in the country.

Before that in March, Malta Financial Services Authority issued a similar warning and that Binance is not subject to regulatory oversight by the MFSA.

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Author: AnTy

Ripple Emerges In the 28th Spot on CNBC’s 2020 Top 50 Disruptive Companies

CNBC has announced its 8th annual Disruptor top 50 list and the blockchain payments provider – Ripple – has been ranked 28th in the list released on Tuesday.

CNBC stated that the list is meant to identify as well as recognize private enterprises whose solutions and innovations are influencing competition among businesses as well as in the market at a higher rate. CNBC stated:

“The startups [that made] the 2020 Disruptor list are at the epicenter of a world-changing in previously unimaginable ways, turning ideas in cybersecurity, education, health IT, logistics/delivery, fintech, and agriculture into a new wave of billion-dollar businesses.”

Apart from Ripple, renowned crypto-friendly app Robinhood also landed at number 46.

The process involved about 1,355 companies that were considered eligible for nomination back in April. The list was then reduced to 180 startups. CNBC then decided to add an extra evaluation step where firms were required to explain how the COVID-19 pandemic had affected their overall business.

The announcement explained that the majority of those that ended on the list had positive outcomes ranging from increased products, new hires, recent product launches as well as product pivots to aid in dealing with the challenges occasioned by the virus.

Ripple has been on an expansion mission starting from January when the coronavirus crisis began by adding an extra 50 partners from across the globe, with its total number of partners now being 350. The firm is currently working on a payment corridor in Brazil.

Despite the positive news, it seems that the ranking of Ripple on CNBC’s list had little impact on the value of its token, XRP. At the time of publication, XRP’s value had risen by merely 1.81% and was trading at $0.195.

The CNBC announcement also noted that most of the listed companies have already entered the coveted billion-dollar business class. Thirty-six of the businesses are already ‘unicorns,’ meaning that their valuation has reached $1 billion. The 50 companies have so far raised more than $74 billion in venture capital and are cumulatively valued at approximately $277 billion.

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Author: Joseph Kibe

Six Blockchain Startups Selected On World Economic Forum’s (WEF) 2020 Tech Pioneers List

The World Economic Forum (WEF) has announced the list of technology pioneers, and among them were six blockchain-based startups. The announcement was made earlier today through the official WEF Twitter account.

The six firms consist of:

  • MakerDAO
  • Chainlink
  • Veridum Labs
  • Lightning Labs
  • Ripio
  • Elliptic

The WEF Technology Pioneers of 2020 list brings together 100 startups from across the globe, which are set to introduce or pioneer new technologies as well as innovations in different sectors, including Artificial Technology (AI), Robotics, Internet of Things (IoT) and Machine Learning.

The listing of technology pioneers by WEF started in 2000, where outstanding tech pioneers are acknowledged and recognized. The startups are incorporated in various WEF initiatives as well as events to shed more light and insights into various critical world discussions.

According to WEF, the six blockchain-based startups will be incorporated into the organization’s initiatives, events, and activities for two years to bring their fresh thinking in various global discussions.

The six blockchain startups will also become members of the WEF’s Global Innovators Community, which is an invite-only group bringing together the globe’s most promising startups.

The six startups will also be part of WEF Strategic Intelligence ecosystem that assists industry leaders as well as policy and decision-makers to navigate different transformations in various industries, economies as well as global issues. In other words, the six startups will be taken as experts to help in making important decisions by global leaders and decision-makers.

Blockchain-based startups have been recognized previously with Bitfury, which offers blockchain solutions, making it to the list last year. In 2015, Ripple made it to the list.

The recognition is essential as it helps the startups to access a wide range of expert insights as well as the market. The startups can exchange notes with other firms from across the globe. The listing will also give the six blockchain startups the much-needed exposure to potential clients.

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Author: Joseph Kibe

Craig Wright Vs. Kleiman Court Case: Summons Issued For Former nChain CEO Jimmy Nguyen

  • The list of Craig Wright’s bitcoin holdings may be yet another example of his forgeries and misrepresentations
  • Meanwhile, “additional information is uncovered about the partnership’s bitcoin holdings”

In the Craig Wright vs Ira Kleiman court case, the Plaintiff’s legal team is trying to subpoena nChain CEO Jimmy Nguyen for a deposition but is unable to track him down.

As per the “Joint Discovery Status Report” published by the United States District Court Southern District of Florida on March 2nd, Plaintiff, Kleinman, brother of David Kleinman and the personal representative of his estate has “filed a motion challenging a number of defendant’s privilege designations.”

The plaintiff is seeking to file a motion for the issuance of a letter rogatory from the U.K based entity nChain. These documents allegedly indicate that nChain may have control over this litigation and/or may have obtained or acquired assets at issue in this case.

The court statement says the list of defendant’s bitcoin holdings “may be yet another example of the Defendant’s submissions of forgeries and misrepresentations to this Court.”

According to the plaintiff, the third party would be able to confirm these suspicions and as such attempting to serve former nChain CEO and US citizen Jimmy Nguyen but so far have been “unsuccessful” to locate him.

Plaintiff has scheduled the dispositions of Craig Wright on March 16 and 18, 2020, Ramona Watts on March 19, 2020, Andrew O’Hagan on March 17, 2020, Dustin Trammell on March 26, 2020, and Brandon Sullivan’s to be decided.

“Plaintiffs note that more depositions may be required as additional information is uncovered about the partnership’s bitcoin holdings.”

The court case has been in the discovery phase for more than 20 months now but has been impeded by a lack of cooperation and deception on Wright’s part. For now, the legal team of Wight and Kleinman has exhausted their 10 depositions during this discovery period.

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Author: AnTy

Digital Assets Land On SEC’s Compliance Examination Priorities List For 2020

The Securities and Exchange Commission (SEC) released their priority list for 2020, on Jan. 7 reaffirming its regulatory oversight in the cryptocurrency industry. While the previous priority lists in 2018 and 2019 explicitly focused on initial coin offerings (ICOs) and investments in the field, the new list promises a friendlier, gentler and more comprehensive outlook in new digital technologies such as virtual assets.

A new outlook on digital currencies in 2020

SEC’s Office of Compliance Inspections and Examinations (OCIE) released its 2020 examinations priorities including digital assets, again. According to the release, the examinations policy looks to deal with the increasing risks in the digital asset space protecting the retail investors “who do not understand this risk”.

“The digital assets market has grown rapidly and presents various risks, including for retail investors who may not adequately understand the differences between these assets and more traditional products.”

The 28-page document further expands into six policies including investment suitability, effectiveness of compliance programs, safety for client funds and assets in custodial services, pricing and valuation of crypto assets, portfolio management and trading practices and finally the staff at cryptocurrency companies and their outside businesses activities. Speaking on the release of the OCIE’s 2020 examination policies, SEC’s Jay Clayton said,

“OCIE’s 2020 examination priorities identify key areas of risk, both existing and emerging, that we expect self-regulatory organizations (SROs), clearing firms, investment advisers and other market participants to identify and mitigate.”

Despite the switch from regulatory stances in previous examination priorities to understanding and growing with the developments in the blockchain and cryptocurrency field, SEC do not intend to lift their foot off the gas pedal in the field come 2020.

There’s no doubt that the SEC has stepped up their efforts in the crypto field outlawing launches of ICOs and security tokens such as Telegram’s GRAM token and apps such as KIK, along with the KIN token just in the past year. However, the field is still awaiting the commission’s approval of a Bitcoin ETF with the latest letter requesting approval sent by Bitwise Investments yet to be replied to by the commission.

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Author: Lujan Odera