Aurelia Butler

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    in Cryptocurrency

    Binance Smart Chain Based Token Centcex Coin To Launch Its Own Exchange

    Scalability, token security, user data safety, and the cost of transactions are major problems with the current exchanges. Hacking cases are rampant, with Bitmart hacking being the latest hacking where even Binance assets were stolen. That’s why the coming of exchange that can address these problems will cause ripples in the crypto market.Centcex exchange is a decentralized cryptocurrency exchange built on the Binance Smart Chain. The team building this Binance based exchange says it is developing the most secure, faster, safer, and cheaper exchange. The Binance based exchange will offer users a better experience on a more secure platform.Centcex exchange is working on the consensus protocol to address the issue of security. Unlike big exchanges using slow and easy to hack PoW protocols, this Binance based exchange will use the Proof-of-Stake consensus method. PoS is a consensus mechanism that uses validators to verify all transactions and build new blocks, tasks done by a few minors on the PoW networks.The security of this Binance based exchange is achieved by putting a condition of a large number of validators to verify each transaction. For a transaction to succeed, 51% of the validator must verify and approve it. It will be impossible for a hacker(s) to get 51% validators to steal coins.That’s how this Binance Smart Chain-based exchange becomes more secure. The issue of speed is another with large exchanges. This Binance based exchange is fixing it in an easy way. The PoS protocol has a higher speed of building new blocks on the blockchain. This means a higher number of transactions per second on this Binance based exchange, and that’s how Centcex exchange is addressing the scalability problems.The Centcex team is also addressing the problem of data safety by developing a NO-KYC exchange. This technology will enable users of this Binance based exchange to trade anonymously. Users will not know the information of the other person they are trading with as personal data is shared.The Binance based exchange is already gaining popularity with the crypto community because of the attractive rewards Centcex coin offer. The staking process is the most popular. The coin is rewarding staked tokens 100% APY of the generated revenue. With the 3% of the 10% tax on all transactions going to unlimited product development, staking CENX will be very lucrative going forward.As a Binance based exchange, Centcex has a huge potential. If the project addresses the current exchange problems, the crypto community says Centcex exchange will be the next big thing in DeFi. Follow Centcex social media platforms for the latest updates!Follow Centcex social media platforms to keep up with the latest updates!Website : https://centcex.comTelegram : https://t.me/centcexDisclaimer: Any information written in this press release does not constitute investment advice. CoinQuora does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release. CoinQuora is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release.Continue reading on CoinQuora More

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    in Cryptocurrency

    Cardano Foundation CEO Answers Questions on Their Shift to Smart Contract

    Bullishdumpling hosted a crypto chat titled the ‘Fireside Chat’ series, where Cardano Foundation CEO Frederik Gregaard appeared as a surprise guest.Regarding smart contracts, Gregaard discussed and answered most of the pressing questions of the Cardano community on how the company plans to make things easier and smoother for developers to build on the Cardano blockchain.Emphatically, the event took place on the Reddit platform wherein most of the questions circled smart contracts acquisition. This indicates that even the ADA community is also eager for Cardano to have its own smart contracts technology anytime soon.By answering some of the questions, he disclosed that the Cardano Foundation wants to be super supportive of ADA projects in many ways. They have a strong goal to build an interactive and resourceful online portal where developers can interact with boxes of codes.In another sense, the portal will bring hundreds of developers together under one single space, all for Cardano’s betterment. Also, through the portal, they will share several different projects for user-based adoption, according to him.To achieve all these possibilities, Gregaard mentioned that they will work hand-in-hand with Universities, education platforms, or any other blockchain-oriented network to share the love to get smart contracts together.Continue reading on CoinQuora More

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    in Economy

    Emerging Asia needs dollar hedging reforms to reduce market risks, BIS says

    TOKYO (Reuters) – Asia’s emerging economies should improve oversight of foreign exchange liquidity risks and make currency hedging more flexible as growing dollar investments make the region more vulnerable to currency swings, the Bank for International Settlements said.Increasing wealth and ageing populations have led to growing holdings of dollar-denominated portfolios of institutional investors and asset managers in Asia’s emerging economies, the BIS said in a quarterly report released Monday.Vulnerabilities in Asia were seen in March 2020 when the onset of the pandemic led to a surge in dollar hedging demand, creating new stresses for financial markets, the BIS, which holds regular meetings for the world’s central banks, said.”You have this juxtaposition that demand for hedging is long-term, but the supply of hedging services is short-term,” said Hyun Song Shin, economic adviser and head of research at BIS.”Unless you can secure long-term hedging… there is always this maturity mismatch between this supply of hedging services and the demand for hedging services.”The issue has raised new challenges for Asia’s emerging economies. During the Asian financial crisis in the late 1990s, emerging nations’ problems centred around massive debt burdens made worse by a capital outflows and sharply falling currencies.Trading in derivative contracts referencing the currencies of one of six Asian emerging economies – including South Korea, Malaysia and Thailand – against the U.S. dollar has risen to nearly $9.4 billion in 2019, more than double 2013 levels, the report said.That has brought greater demand for hedging services with it, which can create new risks in times of financial stress, when demand for short-term dollar funding increases, it said.Financial authorities should aim to increase oversight of foreign exchange funding liquidity risks created by non-bank investors, such as pension funds, insurers and asset managers, the report said.The BIS called on Asian emerging economies to tweak foreign exchange hedging rules to offset demand for short-term dollars, such as during the start of the COVID-19 pandemic last year.Economies could do so by allowing flexible hedging of currency risk and encourage longer-term foreign exchange hedging to address such needs among insurers and other institutions, the report said. More

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    in Cryptocurrency

    Blue Monday? Bitcoin tumbles 5% after weekend battering

    HONG KONG – Bitcoin tumbled almost 5% on Monday as the start of the week offered little respite to the world’s largest cryptocurrency after a bruising weekend where at one point it lost over a fifth of its value. The rout sent bitcoin’s price and the amount invested in bitcoin futures back to where they were in early October, before a massive price surge that sent the token to an all-time high of $69,000 on Nov. 10.It was last down 3.9% at $47,567. Traders said the weekend fall was connected to a broad move away from riskier assets in traditional markets over worries about the Omicron variant of the coronavirus, combined with lower trading liquidity that tends to plague cryptocurrencies at weekends. “Our expectation is the rest of Q4 will be a hard month; we aren’t seeing the strength in bitcoin that we generally see after one of these crushing days,” said Matt Dibb at Stackfunds, a Singapore-based crypto fund distributor”Leverage markets have been completely reset, and open interest within leverage markets has completely reset.” Crypto data platform Coinglass showed open interest – the total number of futures contracts held by market participants at the end of the trading day – across all exchanges was last at $16.5 billion compared with $23.5 billion on Thursday, and as much as $27 billion on Nov 10. (Graphic: Bitcoin, https://fingfx.thomsonreuters.com/gfx/mkt/dwvkrzayjpm/bitcoin.PNG) “There’s barely any liquidity on weekends so markets are slightly more vulnerable to shocks – that and a lot of demand coming from institutionals, and they’re not trading over the weekend,” said Joseph Edwards, head of research at crypto brokerage Enigma Securities in London.Over the weekend, as prices fell, investors who had bought bitcoin on margin saw exchanges close their positions, causing a cascade of selling. A range of retail-focused exchanges closed more than $2 billion of long bitcoin positions on Saturday, according to Coinglass. Some exchanges allow traders to place bets 20 times or more the size of their investment, meaning a small move in the wrong direction can cause exchanges to liquidate clients’ positions when their initial investment is gone. Ben Caselin at Asia-based crypto exchange AAX said liquidity had become thin because of bitcoin moved off exchanges to offline digital wallets.Ether, the world’s second-largest cryptocurrency, was also hit on Saturday, albeit less hard. It tumbled 5.5% on Monday however to $3,965, versus its Nov. 10 high of $4,868, though has gained on its larger rival. On Sunday, one ether rose to as high as 0.086 bitcoin, its highest since May 2018. On Monday CME Group Inc (NASDAQ:CME) will launch ether mini futures, which they hope will let traders better manage the risk of trading the coin. More

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    in Economy

    Biden targets cash for homes deals in anti-corruption drive

    WASHINGTON (Reuters) – The Biden administration wants to shed new light on transactions where people pay cash for houses as part of a broad anti-corruption drive being promoted at the U.S. Summit for Democracy, officials said.In June, President Joe Biden ordered officials to craft policies to thwart illegal activities. Their initial proposals are outlined in a 38-page U.S. national security strategy on countering corruption released on Monday.The U.S. Treasury Department said it is working on a new rule to better identify who is behind all-cash real estate transactions and to see if those purchases are being used to shelter illegal profits.”The ability of illicit actors to launder criminal proceeds through the purchase of real estate,” Treasury said, “threatens U.S. national security and the integrity of the U.S. financial system.”The agency may also require that more investment funds, such as hedge funds and private equity vehicles, engage in anti-money laundering efforts. And they expect to announce as soon as this week new efforts toward creating a database identifying the owners behind shell companies used to move money anonymously.The moves come after a series of leaked documents, including October’s release of the Pandora (OTC:PANDY) Papers, raised questions about ways in which government officials and others discreetly move money abroad, potentially to dodge taxes or accountability for wrongdoing.Biden is hosting a virtual summit on Thursday and Friday with 110 participants as part of an effort to confront what his administration sees as authoritarian forces led by China and Russia. More

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    in Economy

    Omicron shows policymakers can't let guard down -BIS

    LONDON (Reuters) – The newly-discovered Omicron variant shows policymakers and financial markets cannot lower their guard on COVID-19 and will have to calibrate their policies carefully, the Bank for International Settlements said on Monday.Dubbed the central bank to the world’s central banks due to its regular gatherings of decision makers, the Swiss-based BIS said Omicron had already caused falls in major stock markets and ramped up uncertainty. “The emergence of Omicron indicates that we should not lower our guard,” Claudio Borio, head of the BIS’ Monetary & Economic Department told reporters. “This was the latest reminder that we have to be watchful.”As uncertainty rises over the potential human and economic costs of the new variant, global financial markets are also waiting to see whether surging inflation drives major central banks like the U.S. Federal Reserve, Bank of England and European Central Bank to raise interest rates.Financial conditions have already been tightening for many emerging market economies, the BIS report said. Government bond yields – a proxy for the cost of borrowing – have risen, especially outside emerging Asia, while a broad-based weakening of EM currencies has compounded inflationary pressures.Omicron could exacerbate supply-chain bottlenecks in the short run and some impact on economic activity was inevitable, particularly in the first quarter of 2022, Borio said.”This of course makes the trade-offs the central banks are facing slightly more complicated than they were before,” he added, although dealing with such complications was something policymakers were now well used to.As usual, the BIS report also contained analyses on specific market issues. In one, the Swiss-based forum said bank-like rules were needed to stop investment funds from destabilising finance in market crises. [L8N2SM45C]It warned policymakers risked falling behind the curve in regulating entities such as hedge funds, pension funds, insurance companies and money market funds which collectively account for half of global financial activity. Asia’s emerging economies should improve oversight of foreign exchange liquidity risks, too, and make currency hedging more flexible as growing dollar investments make the region more vulnerable to currency swings. It also flagged though how China’s yuan currency had stayed stable despite the headwinds now facing emerging markets and the specific “challenge” the BIS said, of the property sector where developers such as China Evergrande have run into trouble. More

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    in Cryptocurrency

    Decentralised finance for cryptoassets built on an illusion, says BIS

    LONDON (Reuters) – Decentralised finance catering for cryptoassets could undermine financial stability if it gained traction and more safeguards are needed, the Bank for International Settlements said in its quarterly review on Monday.So-called DeFi platforms allow users to lend, borrow and save, usually in cryptoassets and stablecoins, while bypassing traditional, centralised gatekeepers of finance such as banks.DeFi has the potential to complement traditional financial activities, but it currently has few real-economy uses and, for the most part, supports speculation and arbitrage across multiple cryptoassets, the BIS said in its quarterly review.The limited application of anti-money laundering rules and customer checks, along with transaction anonymity, exposes DeFi to illegal activities and market manipulation, the Swiss-based global forum for central banks said.DeFi’s main premise of reducing costs by removing intermediaries seems yet to be realised, the BIS addded.”There is a ‘decentralisation illusion’ in DeFi since the need for governance makes some level of centralisation inevitable and structural aspects of the system lead to a concentration of power,” the BIS said.”If DeFi were to become widespread, its vulnerabilities might undermine financial stability.”Major investors have bet heavily on the growth of the sector, with Canadian pension fund Caisse de Dépôt et Placement du Québec in October taking part in a $400 million investment in major lending platform Celsius Network.(Graphic: DeFi BIS Graphic 1, https://fingfx.thomsonreuters.com/gfx/mkt/jnpweaewdpw/DeFi%20BIS%20Graphic%201.PNG) If risks from DeFi are not well managed, stablecoins are prone to runs and possible fire sales of the assets backing them could generate funding shocks for companies and banks, feeding through to the wider financial system, the BIS said.”Since the main challenges in DeFi resemble those in traditional finance, established regulatory principles can serve as a compass,” it said.(Graphic: DeFi BIS Graphic 2, https://fingfx.thomsonreuters.com/gfx/mkt/zgvomnmrgvd/DeFI%20BIS%20Graphic%202.PNG) More