Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), has announced the launch of a fiat-to-crypto exchange.
The new trading platform will offer trading between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs, subsequently adding more trading pairs following regulatory approvals.
Binance will provide and support the platform, while Binance LCX will lead customer support, regulatory compliance, and government communication.
Liechtenstein has taken a friendly and open stance towards cryptocurrencies and blockchain technolog. Recently, Liechtenstein introduced a new blockchain law which provides legal and regulatory certainty for businesses and customers. In an interview with Cointelegraph, Hasler said that the country sees great potential in blockchain technologies, adding: “Blockchain can serve as an important base for a variety of economic applications, covering not only payment transactions but broader financial solutions, industry use cases and general applications.”
Thai regulators have approved seven business entities to conduct cryptocurrency operations as part of the formalization of the country’s domestic market.Thailand’s Securities and Exchange Commission (Thai SEC) confirmed Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. were able to operate as legal cryptocurrency exchanges. In addition, the regulator approved two cryptocurrency dealers: Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM). “The SEC is currently reviewing the data of two other digital asset operators that have filed an application under the Transitional Provisions,” the statement continues. Last week, the SEC had also revealed heavy interest from prospective Initial Coin Offering issuers in applying for regulated status in Thailand. Over 50 projects had come forward. As of June, however, only five applicants had met those prerequisites.
Coinbase has acquired San Francisco-based startup Distributed Systems Inc., which works on decentralized identity solutions.
B Byrne, project manager for Identity at Coinbase, said Distributed Systems will help the exchange work on new ways to validate and verify identity within its plans to develop an open financial system. The blog post says: “Blockchain technology that powers cryptocurrencies offers a new way to let us all be “verified” everywhere we go on the internet, feeling safer about our interactions with others and opening the door to the experiences that require trust.”
In the blog post, Byrne describes a type of identity wherein users retain control over their private information, without having to give a copy away. Citing the example of a Social Security Number, Byrne says that every time one is asked to provide it, the recipient now has a version of that information, which “has exactly the same power as the original.”
With the new acquisition, Byrne says Coinbase will work toward a decentralized identity that will “let you prove that you own an identity, or that you have a relationship with the Social Security Administration, without making a copy of that identity.”
Tether (USDT) has issued new tokens worth $50 million on August 11, according to block explorer OmniExplorer.In late March, Tether had released 300 mln USDT tokens priced at $1 per token. Over the past 30 days, Tether’s market capitalization lost around $300 million, down from $2.7 billion in mid-July to the current $2.4 billion, according CoinMarketCap. Tether is now in second place after Bitcoin (BTC) in terms of highest daily trading volumes, seeing $4.2 billion in trades a day or 28.16 percent of all crypto trades, while Bitcoin’s average 24-hour trading volume is $5.7 billion, or 38.62 percent. Crypto exchange Bitfinex, which is the seventh ranked crypto exchange by 24 hour volume on CoinMarketCap, shares leadership with Tether. Both companies have come under fire for lack of transparency, as Tether’s USDT tokens claim to be backed one-to-one by USD, yet the company has yet to submit to a public audit.
Commonwealth Bank of Australia (CBA), the largest bank in the country, has been mandated by the World Bank to arrange a bond issue exclusively on a blockchain.
CBA will reportedly arrange the first bond globally to be “created, allocated, transferred, and managed using blockchain technology.” The Blockchain Offered New Debt Instrument (bond-i) will be issued and distributed on a blockchain platform under the operation of the World Bank in Washington, and CBA in Sydney.
The two organizations are using a private Ethereum blockchain, but the CBA “remains open” to alternatives as “other blockchains are developing rapidly.” Microsoft conducted an independent review of the platform to assess its security and resilience. CBA Executive General Manager of Institutional Banking & Markets International James Wall said: “We believe that this transaction will be groundbreaking as a demonstration of how blockchain technology can act as a facilitating platform for different participants.”
According to the CBA and World Bank, using blockchain technology will simplify capital raising, trading securities, speed up operations, and “enhance regulatory oversight.” The World Bank issues $50-60 billion in bonds per year for sustainable development in emerging economies.
The new Litecoin feature will enable users to use Litecoin services with text queries via Zulu’s backend LTC API system. Zulu stressed that private key data is not managed by the the company, and instead secured with RSA encryption and the user’s private password.
Zulu said that Lite.im will first be rolled out on the Telegram messenger app, “the most secure messenger in the world,” adding that the app provides privacy that is “built in by default.” Lite.im will allow users to send commands to check their current LTC balance and send LTC to a wallet or an email address, Cointelegraph reports.
In the future, the company aims to introduce LTC transactions via text messages (SMS) to enable operations on the Litecoin blockchain for customers with poor internet connection. The statement also says that users will be able to send Litecoin “to those who don’t already have a Litecoin wallet, or to those whose wallet address you don’t know, even if the recipient has no idea how to use cryptocurrency.”
Bitmain is now valued at $15 billion after closing a pre-Initial Public Offering funding round with backing from high-profile investors, Cointelegraph reports.
The fresh financing deal includes investments from Chinese tech conglomerate Tencent and Japan’s Softbank, another tech giant whose 15 percent stake in Uber makes it the drive-hailing app’s largest shareholder.
At the end of July, Fortune reported that Bitmain earned around $1 billion in net profit for the first quarter of 2018, the same month it closed a $300-400 million Series B funding round which inched its valuation upward to $12 billion. Now Bitmain is planning to launch its IPO on the Hong Kong Stock Exchange this September at an estimated valuation of $30 billion.Recently, Bitmain revealed it will construct a $500 million blockchain data center and mining facility in Texas as part of its expansion into the U.S. market, hoping to initiate the center’s operations by early 2019.
JPMorgan CEO Jamie Dimon returned to his more critical comments about Bitcoin, calling the cryptocurrency a “scam” and saying he had “no interest” in it, cointelegraph reports.Dimon was speaking at the Aspen Institute’s 25th Annual Summer Celebration Gala on Saturday, including cryptocurrency as part of general comments he made about the U.S. economic outlook. According to Bloomberg, Dimon further “suggested governments may move to shut down the cryptocurrency, because of an inability to control them.” The finance mogul’s history with cryptocurrency has been chequered. Having caused a stir in September 2017 when he originally called Bitcoin a “fraud,” Dimon thereafter appeared to change tact, later saying he “regretted” his choice of words. In his recent interview published in the July-August issue of the Harvard Business Review, Dimon again refused to comment directly on crypto, reiterating “I probably shouldn’t say any more about cryptocurrency.” In the same interview, Dimon also made a point of calling blockchain technology “real,” – while implying that crypto is not – saying that the banking giant is “testing blockchain and will use it for a whole lot of things.” Since then, mixed signals have emerged from other JPMorgan sources, the company’s co-president Daniel Pinto telling CNBC in May that cryptocurrencies “are real but not in the current form.”