Binance’s Educational Platform Opens Up Government Approved Office in Shanghai

Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational portal) is all set to open its first office in Shanghai, China. Changpeng Zhao (CZ), the CEO of the exchange confirmed the same on Twitter.

This can be seen as a major milestone for Binance given there have been many rumors of them unofficially running an office and even some reports of them being investigated by the authorities (which the exchange has denied time and again). CZ has been trying to strike balance with the authorities for quite some time now, but given China’s stance on crypto exchanges forced Binance to shift their operating base outside the country.

The Begining of a New Chapter for Binance

According to the local news report, the major milestone would see Binance Chain’s core team working with Lingang Xinyefang and Lingang Innovation Management College in order to set up a research institute in Shanghai province. The focus of the research institute would be to develop various use cases for blockchain technology, for which China seems to be really bullish.

Today marked the official signing ceremony where the local authority seal of approval took place and the possession of the office was handed over to Binance. While CZ has often propagated that in modern times physical headquarters and office does not make much of a difference given the technology has made it possible to function without the need of one. However, given China’s notorious and passive stance towards crypto service providers despite being bullish on blockchain make this event indeed historical for Binance.

Does Binance’s Office Approval Suggest China’s Softening Stance on Crypto?

The answer is a hard NO. China has been tip-toeing about their approval for crypto for quite some time, but it seems it would be quite difficult to see China’s softening regulatory stance on cryptocurrency. This has been evident on many occasions in the past, be it them calling Bitcoin the best use case of blockchain, in the wake of PM’s call for accelerated blockchain adoption, but the very next day they took a U-turn and said that Bitcoin still has many flaws which would be overcome by their national CBDC.

Very recently they have blasted cryptocurrencies for being volatile and how it could never become an instrument of finance. Even the recent Binance approval for research is strictly for blockchain purposes only. While there is still no confirmation on the launch date of national digital currency, which many speculated to be in line for launch since October 2019.

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Author: James W

EOS Block Producers Reach ‘Strongest Consensus’ In Approval Of Worker Proposal

The EOS Worker Proposal, which is famous for being very controversial, was announced by the most important EOS block producers that it went into its first execution stage and is supported by many participants to the network.

One of the leading EOS block producers, EOS Nation, reported that many Eosians agreed to support the new proposal and nothing could have changed their mind. On March 24, it also announced that a number of 34 both active and standby producers approved the EOS Worker proposal. It seems that until now, this is the strongest consensus achieved by any proposal in the EOS Mainnet.

The Eosio.wps System Launched

The March 24 first multi-signature approval launched the eosio.wps account that stores funds needed for new operations on the system. After this approval and the MSIG execution, eosio.wps will receive 50,000 EOS tokens in transfers from eosio.names, while the 3rd MSIG is going to deploy the Worker proposal smart contract to the same account, namely eosio.wps. After the 4th approval, the new proposal will have the whole network’s voting system reconsidered.

A Proposal Surrounded by Controversy

According to the new scheme and outlines, anyone can make a proposal on how the EOS blockchain should work, in exchange for a small EOS fee. After that, the block producers, regardless if they’re active or standby, need to vote on the proposal with +1, -1, or 0. In order to pass, a proposal has to gather 20 points. Here’s what the co-founder and CEO at Block.one, Brendan Blumer, had to say about the strategy employed by EOS:

“Socially authorising the BP’s to direct token-holder funds into projects without a clear or measurable return of value is risky, and may open the door to corruption and external scrutiny.”

Many voices don’t agree with him, but it remains to be seen how things are going to work for the EOS Worker Proposal in the future.

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Author: Oana Ularu

Intermex Walks Back Announcement, They Won’t Be Using Ripple In Core Markets Like Mexico

International Money Exchange (Intermex), one of the most prominent remittance companies in the world, made the announcement that it won’t be using Ripple its cryptocurrency XRP for its core markets like Mexico.

The news comes quite a big surprise, seeing that in early 2020, Intermex closed a partnership with Ripple. The company’s executives conducted a conference in order to respond to the question of how Ripple and XRP will be used in the future.

Intermex Focuses Mostly on Latin America

The partnership between Intermex and Ripple was announced at the beginning of last month. Many speculated that Intermex, which focuses mostly on Latin America, will integrate XRP into their services in Mexico and other countries in the area for faster remittance payments. However, that doesn’t appear to be the case. This is what Intermex’s CEO, Robert Lisy said about the matter specifically:

“Ripple will not be an answer for places like Mexico. We’re very proud about the relationships we have there . . . we have very tight relationships that strategically setting plans and objectives with those players. And so you won’t really see us leveraging Ripple in our core markets.

I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products.”

Ripple’s Supporters Are Frustrated

Ripple supporters from Latin America are frustrated seeing that Intermex has rapidly grown as a company after they went public back in 2018. In 2019, it had moved over $16 billion, and not to mention, expanded its services to Africa and Canada. This means the future looks bright for Ripple’s RippleNet and XRP while things are moving ahead, but not yet for South America.

The Remittance Market is Flooded by Cryptocurrency

Intermex and other similar companies are wise to try and explore the use of blockchain technology and cryptocurrencies, as they can be revolutionary for international transfers in terms of speed and cost.

According to estimates, 15% of remittances from all over the world involve crypto, not to mention a rise in this percentage is expected in the upcoming years, even if crypto for remittances takes place mostly in the developing world, where people are looking for an alternative to national fiats, which are more and more unstable.

Crypto enthusiasts have been long saying that blockchain assets like Bitcoin (BTC) are going to close remittance companies. This doesn’t mean Intermex and its competitors shouldn’t look for other alternatives too.

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Author: Oana Ularu

Weibo Data Breach Has 538M Users Personal Information Up For Sale on Dark Web for BTC

According to PingWest, a Chinese technology publication, Sina Weibo, which most consider it the Chinese version of Twitter, had a data breach that caused 538 million records of its users to be exposed.

A platform user discovered on March 19 that 538 million Weibo users’ phone numbers were for sale on the dark web. The price for 172 million of these phone numbers was only 0.177 Bitcoin (BTC), which is about $1,150 at the moment. It seems the cyber-attackers gained access to information such as usernames, passwords, locations, ID numbers, Weibo posts, and other information details of the platform’s users without any problem.

Users’ Personal Information Circulating on Telegram

The Director of Information Security at Weibo tried to explain what happened by saying the phone numbers got leaked as a result of a 2019’s brute-force attack, resulting in users’ personal data ending up online. The police were informed about the breach and Weibo has an investigation underway.

Later on the same day, it was discovered on a gray market that was trading the personal data of these users on Telegram. The Telegram group has online bots that help with acquiring social media accounts’ personal information with the help of keywords as long as people are willing to pay.

Many Personal Details Can Be Revealed

Information such as records of hotel stays, express deliveries, phone numbers, and email addresses are easy to find online with the Telegram group. Just by inputting let’s say, a number from Tencent QQ, which is one of the biggest platforms for instant messaging in China, personal data like phone numbers, the account’s password and the user’s home address will be revealed. The essential information is blurred until a payment has been made to the Telegram group.

How Much Does Accessing Personal Data Cost?

With 0.00678 BTC or 0.358 Ether (ETH), a person interested in personal data can purchase 260 points. An inquiry costs 10 points, whereas the information associated with a social media account costs 50 points.

In case buyers don’t hold cryptocurrencies at all, they’re recommended to make a purchase of BTC or ETH from Paxful, LocalBitcoin, LocalEthereum or Huobi. Ever since the news about Weibo broke out, the Telegram group has seen over 28,000 new buyers.

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Author: Oana Ularu

5 Coins to $5 Million: The Final 5 – Teeka Tiwari’s Jetinar is March 18th

What do you get when you combine the number one most trusted man in cryptocurrency, a private jet, and a free online webinar event? Well that would be Teeka Tiwari’s 5 Coins to $5 Million: The Final 5 Jetinar of course.

Teeka’s acclaimed financial newsletter service, Palm Beach Research Group, has launched a new marketing campaign called The Final 5 Coins to $5 Million where he will be revealing five more cryptoassets he thinks will be positioned to turn a $500 investment into nearly $5 million during the next crypto bull market run.

The Jetinar event campaign features Teeka Tiwari, described as “the #1 most trusted person in cryptocurrency”. Palm Beach Research Group has launched the 5 Coins to $5 Million campaign before, back on September 18, 2019. We saw this campaign appear multiple times throughout 2019.

The March 2020 version of the campaign is similar: it promises to show investors five small cryptocurrencies “that could turn $500 into $5 million”. This version of the campaign is called “5 Coins to $5 Million: The Final 5”.

Can you really become a crypto millionaire by following Palm Beach Research Group’s investment advice? Let’s take a closer look at what 5 Coins to $5 Million is and what you’ll learn.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

What is 5 Coins to $5 Million: The Final 5?

teeka-tiwari-jetinar-5-coins-to-5-million

5 Coins to $5 Million: the Final 5 is a webinar taking place on Wednesday, March 18, 2020 at 8pm EST.

The webinar, hosted on a $45 million Gulfstream GV private jet, is led by Teeka Tiwari, the lead editor at Palm Beach Research Group.

During the webinar, Teeka will tell you about five small cryptocurrencies that he expects to skyrocket in value over the coming months.

Teeka believes the upcoming bitcoin halving will send cryptocurrencies skyward. In 2020, bitcoin’s block reward is scheduled to be cut in half. Previous bitcoin halvings have sparked bull runs. Teeka believes 2020’s halving will do the same – not just for bitcoin but for other cryptocurrencies:

“This is a phenomenon with the extraordinary potential to make you up to $5 million richer, less than a year from now… from placing $500 into only FIVE tiny cryptocurrencies.”

Yes, Teeka claims that investors who follow his crypto recommendations can earn enormous returns. By investing just $500 today, you may expect to earn up to $5 million within the near future given the performance of these highly-specialized, deeply-vetted altcoins Teeka and his Palm Beach Confidential team have uncovered.

“This crypto phenomenon won’t happen again until 2024,” explains Teeka, but it is not only about the bitcoin halving and that is what he will be revealing during his Jetinar webinar on March 18th.

How to Attend 5 Coins to $5 Million

5 Coins to $5 Million is a free online event.

You can attend the event simply by visiting 5coinsto5million.com and entering your email address into the online form.

On the day of the event, Palm Beach Research Group will email you a link to the webinar.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

What Are the Five Coins Featured on 5 Coins to $5 Million?

Teeka has not yet revealed his five coins to us or anyone else. He’s keeping the coins a secret until the March 18 reveal.

However, here are some things we know about Teeka’s five tiny coins:

During the last bitcoin halving in 2016, the five tiny coins “skyrocketed beyond anything any investor – in any asset class, at any time in human history – had ever seen before,” explains Teeka

The coins are located in a subsector of the crypto market “which 99.99% of people do not realize exists”

Teeka claims the coins earned returns of 350,549% and 1,001,860% during the last bitcoin halving

Some of the coins are currently trading for less than $0.01.

To give context, Teeka’s Palm Beach Confidential newsletter, which is the service behind the 5 Coins to $5 Million: The Final Five report, has successfully picked the best performing cryptoasset in the past 4 years.

What Will You Learn During 5 Coins to $5 Million?

During the webinar on March 18, Teeka will explain the next big crypto investment opportunity. Topics covered will include:

  • Why this crypto phenomenon (the bitcoin block reward halving) is 100% guaranteed to happen in 2020
  • The top 5 coins to profit from the bitcoin halving, including coins that trade for as little as $0.01 today
  • Why this crypto phenomenon won’t happen again until 2024
  • How Teeka’s friend, “one of the richest men in crypto”, is preparing
  • The real reason bitcoin had its best start to a year since 2012

It is a pretty special ordeal and Teeka has usually delivered fireworks during his presentations like this over the past few years. Having recommended Ethereum to his loyal followers when it was under $10 ETH/USD and put out documented reports telling his subscribers to buy bitcoin when it was under $500, Teeka also lead with recommending all of his first round of people who bought the 5 coins to $5 million report to buy $LINK.

Chainlink, which was under a $1.80 LINK/USD price back in middle of September 2019, is now nearly $4.50 LINK/USD just 6 months later today. All of the other four coins featured in his original 5 Coins to $5 Million Report have also posted triple digit gains in the last half year. Now, the 5 Coins to $5 Million: The Final 5 is going to give cryptocurrency investors an additional five altcoins to consider adding to your portfolio.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

What is the Bitcoin Halving?

Teeka talks about a mysterious crypto event scheduled to take place in 2020. It’s no secret: the event is the bitcoin block reward halving.

Roughly every four years until the year 2140, bitcoin’s block reward is scheduled to be cut in half.

When bitcoin launched in 2009, the block reward was set at 50 bitcoin (BTC). Miners received 50 BTC for every block they mined, with one block mined every 10 minutes.

Since then, the block reward has halved twice, dropping to 25 BTC and 12.5 BTC.

On May 12, 2020, bitcoin’s block reward will be cut in half again, dropping from 12.5 BTC to 6.25 BTC.

Why is this important? It’s important for two reasons:

Bitcoin’s block reward halving has historically led to surges in crypto markets. Bitcoin surged to its all time high in 2017, starting its rise just months after the last halving, for example. A similar phenomenon occurred in 2012.

Bitcoin’s block reward is like bitcoin’s inflation rate. It’s the only way new bitcoins are added to the total supply. When block reward drops, it means bitcoin’s inflation rate drops. That means bitcoin becomes scarcer. If demand stays the same while emission rate drops, then prices will inevitably rise.

Teeka Tiwari believes bitcoin’s next halving is a great investment opportunity. The last bitcoin halvings caused crypto markets to skyrocket, and Teeka believes a similar phenomenon will occur in May 2020.

Teeka, by the way, isn’t alone in this belief: plenty of people are quietly accumulating bitcoin today in preparation for the next halving. There is an excellent guide online about the bitcoin halving where investors can see what the 2012 and 2016 halving effect did on the price of bitcoin too. The same site also has an extensive overview of how the first 5 Coins to $5 Million report performed for those interested.

What’s Included with 5 Coins to $5 Million?

5 Coins to $5 Million is free for anyone to attend. However, anyone who enters their email into the online form will receive certain bonuses, including:

  • Access to the 5 Coins to $5 Million webinar
  • Access to The Crypto Academy, an online crypto training center
  • Captain’s Lounge training sessions with Teeka
  • Entry to the Palm Beach Confidential membership sweepstakes
  • Q&A session with Teeka on March 18

Teeka claims these bonuses are worth $5,000.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

Who is Teeka Tiwari?

Teeka Tiwari is an investment analyst and former hedge fund manager. He’s an editor at Palm Beach Research Group, an alternative financial analysis organization.

Teeka is editor of Palm Beach Research Group’s flagship newsletter, The Palm Beach Letter. He’s also the crypto advisor for Palm Beach Confidential, and he contributes to other newsletters offered by the company.

The sales page for 5 Coins to $5 Million describes Teeka Tiwari as a “crypto oracle” and “the #1 most trusted person in cryptocurrency”. He’s purportedly “the go-to analyst in the crypto space”.

Teeka’s claim to fame is that he purportedly recommended investors buy bitcoin in 2016 when it was trading at $428. Around the same time, he also recommended that investors buy Ethereum when it was trading for $9.

Teeka has been marketing his 5 Coins to $5 Million campaign online since 2019. The March 2020 event is the latest version of the campaign.

Final Word

Bitcoin’s block reward is scheduled to be cut in half on May 12, 2020. On that day, bitcoin’s block reward will decrease from 12.5 BTC to 6.25 BTC.

Crypto analyst Teeka Tiwari believes bitcoin’s next halving is a great opportunity for investors. In fact, Teeka claims anyone who follows his investment advice can turn a $500 investment into $5 million.

The 5 Coins to $5 Million event is free for anyone to attend. You can sign up today at 5Coinsto5Million.com.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

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Author: Andrew Tuts

Bitmain Launches New AntMiner S19 Series Mining Rigs In Preparation Of BTC Halving

  • Bitmain, one of the largest manufacturers of Bitcoin (BTC) mining equipment, is launching its most powerful machines before the BTC halving that’s about to take place in under 3 months.

Bitmain announced on Thursday the launch of AntMiner S19 and S19 Pro, both models with a power of 110 TH/s and consuming 29.5 W/TH. According to the specifications provided by the company, S19 and S19 Pro are the most profitable mining devices for BTC, with MicroBT’s WhatsMiner M30S following closely behind.

Bitmain and MicroBT in a Fierce Competition

Bitmain’s launches come after a long-standing battle with competitor, MicroBT. MicroBT had gained a large portion of the market in 2019 after selling 600,000 M20 series units. They also launched their M30 models back in December, and have already begun taking orders for this next powerful product that will be delivered in March 2020.

According to Pangolin Miner, the biggest distributor for MicroBT, the M30S costs $2,430 and has an 86 TH/s power, consuming 38W/T. Some of the M30Ss will be delivered from March until May, with larger orders being shipped in June.

Bitmain Antminer S19 Details

Bitmain’s S19s and the Antminer S19 Pro miners’ costs have yet to be announced by the company. Industry reactions to are better yet more expensive equipment remains to be seen, as the BTC went down from its most recent growth of above $10,000. At the moment, the AntMiner S9 from Bitmain is the most widely used miner and can generate daily around 30% at BTC’s current price.

Antminer S19 Pro 110THs

Antminer S19 Pro 110TH/s Product Breakdown:

  • Algorithm/Coins= SHA256 for BTC / BCH
  • Hashrate = 110 TH/s
  • Watt = 3250±5%
  • Power Efficiency = 29.5±5%
  • Network Connection = RJ45 Ethernet 10/100M
  • Size: 370mm x 195.5mm x 290mm
  • Gross Weight = 15.3 kg
  • Ship Date: TBD
  • Price: TBD

Antminer S19 95THs

Antminer S19 95TH/s Product Breakdown:

  • Algorithm/Coins= SHA256 for BTC / BCH
  • Hashrate = 95 TH/s
  • Watt = 3250±5%
  • Power Efficiency = 34.5±5%
  • Network Connection = RJ45 Ethernet 10/100M
  • Size: 400mm x 195.5mm x 290mm
  • Gross Weight = 16.5 kg
  • Ship Date: TBD
  • Price: TBD

Development of Chinese Mining Facilities Stopped by Coronavirus Outbreak

The coronavirus outbreak has led the logistics and manufacturing businesses in China to delay their activity, so mining facilities couldn’t expand or make upgrades. As a matter of fact, data from BTC.com reveals that the difficulty of mining for BTC has been stagnated for almost a now, staying at the same level since January 28.

However, the BTC halving is approaching, so the mining rewards on the network will be reduced from 12.5 BTC to 6.25 BTC per block, which means AntMiner S9s and other older mining machines will no longer be profitable if BTC prices don’t greatly increase. As a result, miners will need to make an upgrade to their mining equipment, or consider dropping out of BTC mining altogether.

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Author: Oana Ularu

STEEM Community Launches Soft Fork To Limit Justin Sun’s Potential Voting Power

STEEM blockchain prepares for a soft fork in light of the recent acquisition of Steemit, the most prominent platform on the blockchain, to prevent a concentration of power on the chain. According to the statement released by the STEEM witnesses (similar to Bitcoin miners), the fork will effectively stop the top holders of the STEEM token from voting in key decisions.

The STEEM community has mumbled on the future of the blockchain following the acquisition of Steemit by Justin Sun, TRON’s founder, earlier in the year. The Steemit platform reportedly owns over a fifth of the total STEEM tokens, which creates an issue on the delegated proof-of-stake (DPoS) consensus system.

Sun’s Steemit.com acquisition raises fear

The system is quite similar to EOS, whereby a smaller number of decision-makers are able to influence the development and management of the blockchain accordingly. With Justin Sun making a purchase of the dying Steemit platform and incorporating it with Tron, questions and fears across the community raise on the influence Sun will have on the blockchain given the reported fund (approx.. 20% of total token supply) Steemit holds.

While the STEEM community, witnesses and developers praised the entrance of a well-resourced and marketed figure (Justin) to its platform, security and decentralization issues crept in, hence the soft fork. The statement reads,

“To this end, we have updated to a temporary protective protocol to maintain the status quo currently established in regards to Steemit Inc.’s stake and its intended usage. This update is reversible, and is simply to be used to ensure that the security and decentralization of the Steem blockchain remains intact.”

Steemit Inc ninja-mined stake

STEEM holds a particular amount of tokens minted at the genesis of the chain to ensure the development of the blockchain holds longevity – Steemit Inc. ninja mined stake. So far, the fund has been used for its intended development purposes and to be non-voting in governance issues. However, all this has been done under good faith by the community, but with the addition of a new owner, the chance presented itself for STEEM to turn the fund into a trustless platform.

While the community is yet to give a way forward on the ninja mined stake, a proposal has been brought forward to place all stakeholders at the decision-making table. The statement reads,

“For now, because there has not been a clear declaration from Steemit Inc on the use of this ninja-mined stake, Soft Fork 0.22.2 has been deployed to allow for the entire community to discuss how best to achieve the original goals that this ninja-mined stake exists to support.”

Sun responds to the Steemit community

With the qualms of the soft fork on the blockchain raising, Sun released an open letter to the Steemit community asking the community to be patient as the TRON Foundation starts development on Steemit 2.0. He said,

“We have so much to work to do to make Steemit.com the power that it really can be.”

Sun further invited the top 50 witnesses to STEEMit 2.0 Town Hall meeting, which will be held tentatively on March 6th.

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Author: Lujan Odera

Stablecoin Popularity Grows As Their Value Transfers On Ethereum Blockchain Surpasses ETH

Most of the value in Ethereum blockchain is now being transferred using stablecoins rather than the blockchain’s native cryptocurrency, Ether. A fresh analysis by Messari indicate that stablecoins are now more popular on the Ethereum blockchain than Ether.

While Ethereum boasts of its native cryptocurrency, Ether, there are various tokens which have been developed on the network. Most of these tokens are stablecoins which can be said to be digital assets which are pegged to the rate of a different currencies such as the euro, GB pound as well as the US dollar or precious metals like gold.

Previously most of the value that was being passed on Ethereum has been through Ether. However, stablecoins have now overtaken Ether. This has been partly due to the popularity of Tether which is pegged on the US dollar.

Commenting on the current research, Ryan Watkins an analyst working with Messari, said in a tweet,

Tether is also available on Bitcoin Omni layer, however, the firm is responsible for this started moving the Tether tokens to Ethereum last year in April. This led the volume of Tether within the Bitcoin platform to decline drastically. In the recent past, Tether was made available in Tron blockchain and today there is lots of USDT on the platform.

Last year in November, CoinMetrics, a data analysis firm, stated that the volume of Tether transfers within the Ethereum platform were almost three times higher than those of Ether transfers.

The high level of Tether activity within the Ethereum blockchain had began to clog the network. However, miners were able to adapt fast through adding the block sizes and now the network is stable and working seamlessly. However, if Tether activities continue rising, there are reasons for future concerns about the network, Decrypt reports.

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Author: Joseph Kibe

Silvergate Bank Closes Out 2019 WIth Over 800 Crypto-Related Clients Despite Down Q4

One of the most crypto-friendly banks in the US, Silvergate, added 48 clients that use cryptocurrencies, in Q4 of 2019.

In a published report, this week on Silvergate’s earnings shows a 4% decrease in the deposits from their crypto customers, even though the La Jolla California-based bank managed to add almost fifty new crypto clients in the same period. Also, the bank’s deposits were down 1.8% in the same 4th quarter, they are currently trading on the New York Stock Exchange under the symbol (SI).

The Silvergate Exchange Network Brought the New Clients on Board

Silvergate Bank’s CEO, Alan Lane, has explained in a press release that progress has been made, and the Silvergate Exchange Network (SEN) has brought new clients on board. (SEN) commercial investors to move US dollars between crypto exchanges instantly. The number of transactions on the exchange in Q4 was 14,400, 17% more than in Q3.

The bank has $2.1 billion in assets. It increased the cost of deposits from 0.5% to 0.84% and earned $1.4 million in fees from its crypto clients, which is 12.5% less than the $1.6 million from Q3. Besides, it added 11 crypto exchanges with some over-the-counter desks included, 16 crypto businesses like crypto application firms and mining operations, and 21 institutional investors.

Using Bitcoin for Fiat Loans Collateral

Silvergate had a decrease in the net income by about 45%, with $6.6 million in Q3 and only $3.6 million in Q4. Back in 2013, the bank decided to add to its traditional commercial banking services the cryptocurrency products, in an attempt to gain more clients that make non-interest bearing deposits.

What Silvergate does is convert deposits at other banks into interest-bearing ones, also in loans and investment securities. Just as this year started, They launched the SEN Leverage product for traders to use Bitcoin (BTC) as collateral against their fiat loans. The bank also hired Benjamin Richman, the former Blockstream exec, as the new director.

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Author: Oana Ularu

Crypto Wallet And Exchange Blockchain.com Now Supports Turkish Lira (TRY)

One of the most appreciated providers of crypto products, Blockchain.com, has announced that it integrated the Turkish Lira (TRY) on its exchange.

This means Turkish users will be able to buy crypto in only 5 minutes from now on, without using a third-party payment processor. On the Blockchain.com Exchange, they are now able to deposit, use and withdraw TRY if they want to purchase BTC, ETH and USDT or to convert cryptocurrency into fiat currency at a very good rate.

Turkey is Accustomed with Crypto

According to a 2019 Statistica Global Consumer Survey, a fifth of the people residing in Turkey know about crypto and have somehow been exposed to it. Another ING survey from 2015 discovered that 45% of all Turkish people think cryptocurrencies are the future when it comes to online spending, this percentage being the largest in Europe.

Blockchain.com Exchange Is the Most Trusted of Its Kind

Ever since it has launched in August, the Blockchain.com Exchange has earned a great prominence for being especially trustworthy when it comes to buying and trading crypto. More than this, it still continuing to launch new assets and futures, not to mention that it supports withdrawals and deposits in the British pound, the US dollar, in EURO and now, in TRY. It’s available for residents from 190 countries. This is what the company’s CEO and co-founder, Peter Smith, had to say about the TRY integration:

“Turkey is one of the countries leading the charge to embrace cryptocurrencies, but its traders have only been met with high fees and poor service. Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect, but demand from exchanges.”

Trading Fees for Depositing TRY Reduced

As a celebration for the launch, Blockchain.com offers reduced trading fees for an entire year to those who make TRY deposits onto its Exchange. There are Tier 3 fees of .08% maker and .18% taker for the first 1,000 TRY deposited, whereas the next 1,000 deposited TRY get Tier 2 fees of .10% maker and .20% taker.

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Author: Oana Ularu