Aurelia Butler

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    in Cryptocurrency

    Crypto.com Secures Registration In South Korea Via Acquisition Of Local Companies

    Crypto.com Expands International PresenceCrypto.com announced its successful registration as a virtual asset serice provider under the the ‘South Korean Electronic Financial Transaction Act‘ as the exchange continues on its path of global expansion.The exchange made the announcement during ‘Korea Blockchain Week 2022’, dislosing the acquisition of payment service provider PnLink Co., Ltd., and virtual asset service provider OK-BIT Co., Ltd.The virtual asset service provider license will allow Crypto.com to provide crypto asset exchange and custody services in the fast-growing South Korean Crypto market in compliance with South Korean laws regarding the safety and reliability of electronic financial transactions.The General Manager of Crypto.com’s South Korea branch, Patrick Yoon, stated that the expansion will “not only help further evolve and empower commerce in Korea but also support the greater creation and development of our Web 3.0 ecosystem.”The announcement marks the latest step of the exchange’s expansion so far in 2022, after it secured regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) just two weeks ago, and from the Dubai Virtual Assets Regulatory Authority (VARA) in June.On the FlipsideWhy You Should CareCrypto.com is betting on the recovery of the crypto market while it pursues international expansion, positioning itself to become an industry leader in terms of regulatory compliance and consumer protection.Find out more about Crypto.com’s Dubai expansion below:Crypto.com Receives Provisional VARA Approval to Open Shop in DubaiRead about other exchanges pursuing global expansion in:FTX Obtains Full License to Operate Crypto Exchange in DubaiContinue reading on DailyCoin More

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    in Cryptocurrency

    Singapore Crypto Platform Hodlnaut Suspends Withdrawals

    Investing.com — Hodlnaut, a Singapore-based lending cryptocurrency lending platform, said on Monday it has suspended all withdrawals, swaps, and transfers, citing “recent market conditions”.The platform, whose LinkedIn page claims $500 million in assets under management, is the latest in a lengthening line of crypto asset managers to have been caught out by the sharp drop in Bitcoin and alt-coins this year as central banks around the world have raised interest rates. However, the announcement is notable for the fact that it comes several weeks after the rout in underlying asset values appeared to have ended, suggesting that the shake-out that started with the collapse of the Luna/Terra network and also brought down Three Arrows Capital, Voyager Digital (TSX:VOYG), and the Celsius Network is still reverberating through the system. With a relative lack of clear precedent, it is only gradually becoming clear whose claims on the collapsed platforms will be honored.Last week, Zipmex – another Singapore-based crypto company – filed for bankruptcy protection due to losses on its exposure to Celsius and Babel Finance (another lender that has halted withdrawals). Bitcoin rose above $24,000 on Monday to trade nearly 30% from its June low.In a statement, the company said that “this difficult decision was taken for us to focus on stabilizing our liquidity and preserving assets, while we work to find the best way to protect our users’ long-term interests.”The company also said that it intends to withdraw its application to the Monetary Authority of Singapore for an operating license. “Hodlnaut is therefore no longer providing regulated digital payment token (DPT) services, i.e. our token swap feature,” it said, adding that it will also cease all borrowing and lending services.The company has retained law firm Damodara Ong LLC as advisors on a recovery plan and promised an update “as soon as permissible”.  More

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    in Cryptocurrency

    Nigeria becomes the most crypto-obsessed nation after April crash: Report

    The research was based on Google (NASDAQ:GOOGL) Trends data of popular crypto search terms that often reflect increased interest in the crypto market. The search history of each nation was then compiled to give an overall search score. The countries at the top of the list appear to be most eager to buy the dip.Continue Reading on Coin Telegraph More

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    in Cryptocurrency

    Singapore-based crypto lender Hodlnaut suspends withdrawals

    The crypto lender also said it would withdraw its application for a licence from the Monetary Authority of Singapore (MAS) to provide digital token payment services, for which it received in principle approval in March.Hodlnaut said the move was “due to recent market conditions” and was “to focus on stabilising our liquidity and preserving assets”.The company is the latest in a string of crypto players globally to run into difficulties following a sharp sell off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD. Other high profile failures include U.S. crypto lender Celsius, and Singapore-based fund Three Arrows Capital, both of which filed for bankruptcy last month. Hodlnaut was named as one of Celsius’ institutional clients, according to court filings https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908052280000000011.pdf. Singapore, a major centre for crypto and blockchain in Asia, has seen several crypto companies run into difficulties in recent months. Vauld, a Singapore-based crypto lending and trading platform, suspended withdrawals in early July, and later that month, Zipmex, a Southeast Asia-focused crypto exchange, suspended withdrawals, though has since resumed them for some products. Hodlnaut and the MAS did not immediately respond to requests for comment sent outside office hours. More

  • 138 Shares169 Views

    in Economy

    Turkey offers 'a warehouse and bridge' for metals trade to Russia

    ISTANBUL (Reuters) – Western sanctions have given the Turkish metals sector a chance to serve as “warehouse and bridge”, the head of an industry group said, citing increased interest from Russian companies and also from EU companies seeking to sell to Russia via Turkey.The West, including Britain and European Union countries, have imposed sanctions on Russian elites, banks and strategic industries since Russia on Feb. 24 began what it terms a “special military operation” in Ukraine.Cetin Tecdelioglu, head of the Istanbul Ferrous and Non-Ferrous Metals Exporters’ Association (IDDMIB), said Russian demand had increased for Turkish products it could no longer source from European companies and Turkish companies had received enquiries from European businesses about supplying Russia via Turkey.”What they (Russia) cannot buy from Germany, Italy and France, they are buying from us. Separately, a lot of EU companies are planning to sell their products to Russia via Turkey,” he told reporters on Friday.”They want to use Turkey as a warehouse and bridge, while Russia wants supply from Turkey,” he said, adding that it was an “historic opportunity” for Turkish companies.He did not name the companies concerned, nor specify how many, but he said they produced copper, aluminium, kitchenware and machinery.Turkey’s ferrous and non-ferrous exports totalled 8.9 billion lira ($495.58 million) in the first seven months of 2022, according to IDDMIB data, a rise of 33% from a year ago. They accounted for 6.2% of Turkey’s exports.Turkey’s ferrous and non-ferrous metal exports to Russia rose by 26% year-on-year to $170 million by Aug. 8, the data also show.The rift between Moscow and the West over Russia’s invasion of Ukraine has led to concerns of a possible cut-off of Russian gas to Europe, which could force the shut-down of some European industrial production.Tecdelioglu said that could provide another opportunity for Turkish exporters of metal products.Turkey has criticised Russia’s invasion, sent armed drones to Ukraine and sought to facilitate peace talks between the sides. But it has not backed Western sanctions on Moscow and seeks to maintain close trade, energy and tourism ties.Relations between the West and China have also deteriorated after U.S. House Speaker Nancy Pelosi https://www.reuters.com/world/taiwan-says-chinese-planes-ships-carry-out-attack-simulation-exercise-2022-08-06 visited Taiwan last week, which Tecdelioglu said was another potential chance for Turkey if it disrupts previous trade ties.”We are receiving signals of some opportunities,” he said.Turkey has not commented publicly on Pelosi’s visit, but has over recent years modified its language on Uyghur Muslims who form a significant minority in Turkey.Turkish President Tayyip Erdogan last year told his Chinese counterpart Xi Jinping it was important to Turkey that Uyghur Muslims live in peace as “equal citizens of China” but said Turkey respects China’s national sovereignty.($1 = 17.9589 liras) More

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    Will Uniglo (GLO), Avalanche (AVAX), and Bitcoin (BTC) show gains in Q4 2022?

    As such, the industry is no stranger to novice investors who enter it after getting wind of stories about people who adopted crypto earlier in the decade and are now millionaires.As the market begins to show signs of recovery, it could be ready to make room for more growth and, therefore, more millionaires. And based on our observation, three cryptos could exponentially grow any investor’s portfolio: Uniglo (GLO), Avalanche (AVAX), and Bitcoin (BTC).Uniglo (GLO)What is Uniglo and how could it possibly make you a millionaire? Uniglo operates in the decentralized finance (DeFi) space and aims to stand out by supporting its social currency (GLO) with an underpinning portfolio of both volatile and stable assets. The project will have a community vault in which assets such as digital currencies and digitized real-world collectibles will be kept and maintained as they appreciate in value.This vault will provide a kind of security and stability that is absent in many other cryptocurrencies in the market. As such, the Uniglo Community Vault is a key component in building wealth with GLO tokens.Moreover, the Uniglo protocol also introduces a novel manner of using the token burning process. It implements an Ultra-Burn Mechanism that could take the scarcity of GLO tokens to a whole new level, benefiting token holders in the process.Avalanche (AVAX)Avalanche is a very popular smart contracts platform that entered the market in 2020, just in time as Ethereum was starting to experience congestion issues. Avalanche boasts of a time-to-finality that is far superior to that of Ethereum. While the latter is in the process of migrating to a proof-of-stake consensus, Avalanche has already implemented it.The price of the AVAX has had its ups and downs. In 2021, its price ranged from as low as $3 to as high as nearly $150. At present, AVAX is trading around $26 but experts predict it to reach over $100 again in the coming years.Bitcoin (BTC)Despite the Fed rate hike and expectation of a recession, Bitcoin is finally showing signs of bullish sentiment. It broke free from the $20,000 resistance level and was able to reach $24,000. Currently, BTC is trading just barely below $23,000.Analysts, including leadership in other leading cryptocurrencies, see Bitcoin as being on a path to resurgence. They believe the crypto king is fundamentally strong and of value despite the effect that some macroeconomic factors might have on it. As such, holding on to Bitcoin could result in wealth.Final thoughtThe struggling state of the economy is pushing people to think beyond traditional investment options. With cryptocurrency at the helm, prospective investors could still generate millions, especially with Uniglo, Avalanche, and Bitcoin.To find out more about Uniglo visit official website, Twitter (NYSE:TWTR), Discord or Telegram. To find out more about the presale, click here.Continue reading on DailyCoin More

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    Chainlink ditches Ethereum PoW forks for PoS after The Merge

    In an official announcement, the Chainlink protocol revealed that its services will remain on the Ethereum blockchain post the long-awaited Merge. The Ethereum blockchain anticipates the Merge in September 2022, which will merge its mainnet with the Beacon Chain. Continue Reading on Coin Telegraph More

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    in Economy

    Factbox: Government measures to ease inflation pain

    Below is a list of some of the actions taken by governments aimed at offering relief to hard-hit consumers and companies:AMERICAS:* The U.S Senate on Sunday approved the “Inflation Reduction Act of 2022”, a $430 billion plan which among other things lowers the cost of prescription drugs, raises some corporate taxes, and introduces consumer tax credit measures to encourage energy efficiency.* Brazil’s President Jair Bolsonaro and lawmakers have been pressuring state-owned energy giant Petrobras to further cut petrol prices. The company in July twice announced separate price reductions cumulatively totalling 9%, bringing prices to their lowest levels since March. EUROPE:* Germany plans to introduce a gas price levy on all consumers from Oct. 1. The government in July announced 15-billion euro state bailout of Uniper, the country’s largest importer of Russian gas. It had also introduced a tax cut on petrol and diesel, while slashing public transport costs.* France’s parliament on Aug. 3 adopted a 20 billion euro inflation-relief package, lifting pensions and some welfare payments, and allowing companies to pay employees higher tax-free bonus payments, in a bid to boost household purchasing power.* Italy on Aug. 4 approved an aid package worth about 17 billion euros. The legislation aims to cut electricity and gas bills and adds to about 35 billion euros already spent since January to soften the impact of power, gas and petrol costs. * Poland in July introduced the so-called “payment holidays” relief scheme for individuals holding mortgages in Polish zlotys, allowing them to skip payments for eight months over a two-year period.ASIA:* India in May imposed restrictions on exports of food items including wheat and sugar, which account for nearly 40% of the consumer price index, and cut taxes on imports of edible oil.* Japan deployed a $103 billion relief package in April to cushion the economic blow from rising raw material costs, which consisted of subsidies to curb gasoline prices and cash payouts to low-income households with children. Prime Minister Fumio Kishida has signalled there may be additional steps if rises in living costs persist.MIDDLE EAST AND AFRICA:* Saudi Arabia and the United Arab Emirates in early July announced boosts to their spending on social welfare. The UAE doubled financial support to low-income Emirati families, while Saudi Arabia’s King Salman ordered the allocation of 20 billion riyals ($5.32 billion).* Turkey in early July increased its minimum wage by about 30%, adding to the 50% rise seen at the end of last year.($1 = 3.7575 riyals) More