Salt to Offer Crypto-Backed Loans in 7 Global Markets, 15 More US States

Crypto-Backed Loans Expand: Salt Moves to 35 States

Salt, a cryptocurrency-backed loan service, has announced plans to launch operations in seven new jurisdictions throughout the world, while offering its services in 15 more U.S. states. It will also include litecoin (LTC) among its offerings, while providing more competitive interest rates and removing loan caps.

Also read: Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat

 Expansion into New
International Markets

Salt revealed it is opening offices in states such as New Jersey, Massachusetts, Washington and Texas, bringing the total to 35 overall. It will also launch operations in Brazil, Hong Kong, Switzerland, Vietnam, Bermuda, Puerto Rico and the United Arab Emirates. The move follows the company’s expansion into 20 U.S. states in August, according to a company blog post.

Crypto-Backed Loans Expand: Salt Moves to 35 States

The Denver-based startup came to market in an initial coin offering (ICO) in August 2017, during last year’s boom. It is targeting enthusiasts who would rather hold their crypto than sell it into fiat. During an extended bear market, such services might become invaluable, should trends reverse in the future.

The company does offer consumer-level loans, but its main focus continues to be acting as a “liquidity provider for large crypto investors including individuals, mining operations, exchanges and other institutions in the blockchain ecosystem,” it explained in a press release. “With a primary goal of serving large clients, (offering) live portfolio valuation, around-the-clock global support, a range of competitive rates, flexible loan terms, and a proprietary custody solution enables it to meet the needs of individuals and businesses alike, making it the ideal loan solution for a wide range of clients.”

Critics: Just Another Bank

Loans against the US dollar carry interest of 5.99% when below $75,000, with rates doubling for loans up to $25 million. “For loans greater than $25 million, tailored options are available. Loan amounts and interest rates vary by jurisdiction.” Salt also claims to offer “no origination fees, no prepayment fees, no servicing fees, no closing costs,” and since they’re “one of the few companies lending in fiat currency,” Salt can “increase loan access and provide a multifaceted loan service to our customers across the world.”

Crypto-Backed Loans Expand: Salt Moves to 35 StatesThe combined news appears to have moved Salt’s proprietary token, SALT, up considerably. At one point it jumped 55%, with over $20 million flowing to the project — a 1,478% increase over previous levels. Analysts suggest the addition of litecoin to its bitcoin core and ether secure loan offerings drove speculators to pump the 109th-ranked token by market capitalization.  

ICO proponents typically tout the crypto-backed loan firm as an example of success. But critics of the platform complain Salt isn’t offering much more to the ecosystem than aping traditional banking mechanisms, enabling yet more fiat involvement — an aspect some enthusiasts find antithetical to cryptocurrency. It also doesn’t help matters when early in 2018 the company CEO suddenly bailed, leaving more than a few to wonder aloud if a classic ICO exit scam wasn’t underway. The fact the project has a token (ERC20-based, with a token supply of 120,000,000 and 54,507,718 circulating) is also troubling to some who view such a move as a pure money grab, rather than something offering any real utility.  

Do you expect to ever make use of crypto-backed loans? Let us know in the comments below. 


Images courtesy of Shutterstock, Salt. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Salt to Offer Crypto-Backed Loans in 7 Global Markets, 15 More US States appeared first on Bitcoin News.

New Research Claims Most ICOs Have Profited Off Selling ETH

New Research Claims Most ICOs Have Profited Off Selling Ethereum

Bitmex Research is back with another detailed report, this time into the ethereum holdings of ICOs. Ethereum’s downward trajectory has been attributed in some quarters to ICOs offloading ETH to pay the bills. If so, data suggests that those projects have profited handsomely off their ETH holdings in USD terms, despite its falling price.

Also read: How to Install a Bitcoin.com Wallet for iOS Smartphones

ICOs Have Sold Most of Their Ethereum for a Profit

Ethereum’s ICO Whales Can Crash the Market at Any TimeEthereum’s tanking price, sliding from over $1,400 to below $200 in seven months, has alarmed many cryptocurrency investors. ETH is the backbone of the ICO economy, and its inability to sustain support levels against BTC has led to fears of there being a run on ethereum, akin to that which occurs when customers fear a bank lacks the funds to cover its liabilities. If Ethereum projects believe the cryptocurrency is likely to drop further, they will feel pressured to sell in order to maximize their capital, further accelerating the token’s decline.

Commenters have been in disagreement over the extent to which ICOs cashing out has triggered ETH’s downfall. Dapp Capitulation has been the go-to tool for anyone trying to keep track of which ICOs are moving ETH (presumably with the intention of selling) and when. In the last 30 days, for example, Status has sent 8,000 ETH to an exchange wallet and Decent has moved 20,000. New research from Bitmex and Tokenanalyst, however, provides a more holistic picture of ICO movements of ethereum. Its key finding?

Rather than suffering because of the recent fall in the value of ethereum, at the macro level, the projects appear to have already sold almost as much ethereum as they raised (in US$ terms).

The Coffers of Last Year’s ICOs Are Not Yet Empty

In determining the profit or loss realized by Ethereum-based tokensales, Bitmex Research has created two columns: one for EOS and the other for everything else. Since EOS raised about as much as the rest of the market put together during its year-long fundraiser, it was necessary to record it separately to avoid skewing the data. A macro analysis of 222 ICOs found a total of 15.1 million ETH was raised, of which 11.3 million has been transferred out or sold. This leaves a remaining collective balance of 3.85 million ETH. Since EOS has offloaded all its ETH, this sum is shared among the other 221 projects.

New Research Claims Most ICOs Have Profited Off Selling Ethereum

The most useful data provided by Bitmex Research and Tokenanalyst is a calculation of whether ICOs that have sold a lot of ether can be expected to have made a profit or a loss. Broadly speaking, the older the ICO, the likelier it is to have profited from its ETH holdings. Projects that raised funds in late 2017 or this year, on the other hand, are almost certain to have seen the value of their crypto assets dwindle. Overall, the report finds non-EOS projects to have recorded net realized gains of $727 million through selling ETH, and to be sitting on another $93 million in unrealized gains i.e. ETH they’ve yet to sell.

New Research Claims Most ICOs Have Profited Off Selling Ethereum
Top 20 ICO projects ranked by total gains from change in value of Ethereum holdings – US$ million

Some Big Winners and a Few Losers

Not all projects have prospered: it’s estimated that $34 million in ETH has been lost by projects being forced to liquidate their holdings at below the value they held during their crowdsale. The report concludes: “Despite the 85% reduction in the ethereum price from its peak, the projects have realised gains of US$727 million due to profits from ethereum they have already sold, often selling before the recent price crash. The 3.8m ethereum still on the balance sheets of these projects may not have that much of an impact on the ethereum price, as it represents a reasonably small proportion of the 102 million supply of ethereum. At the same time, on a macro level, the projects may be feeling reasonably confident rather than needing to panic sell.”

Top 20 ICO projects ranked by total gains from change in value of Ethereum holdings – US$ million
Top 20 ICO projects ranked by total loss from change in value of Ethereum holdings – US$ million

Bitmex Research finishes:

Quite what this means for the Ethereum price going forwards is unclear, however we believe we have shown the “panic sell” thesis is either false or will only occur to a lesser extent than some expect.

Do you think ICOs offloading ETH is likely to exert more downward price pressure, or is the worst of the sell-off over? Let us know in the comments section below.


Images courtesy of Shutterstock, and Bitmex Research.


Need to calculate your bitcoin holdings? Check our tools section.

The post New Research Claims Most ICOs Have Profited Off Selling ETH appeared first on Bitcoin News.

Japan’s National Police Installing Crypto Transaction Tracking System

Japan’s National Police Installing Crypto Transaction Tracking System

The Japanese National Police Agency is reportedly installing a system to track the flow of crypto transactions in order to aid investigations of cryptocurrency-related cybercrime. The system is expected to be limited to major cryptocurrencies, according to local media.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Tracking Crypto Transactions

Japan’s National Police Installing Crypto Transaction Tracking SystemJapan’s National Police Agency (NPA) announced on August 30 that it “has mapped out a policy to introduce software next fiscal year to visualize the transaction history of virtual currencies in the face of increasing money laundering, massive theft and other cases related to cryptocurrencies,” the Yomiuri Shimbun reported.

Japan’s National Police Installing Crypto Transaction Tracking System“Traditionally, many criminal offenses concerning virtual currencies involve transactions via multiple accounts,” Fisco news outlet conveyed, adding that the police “had to trace [an] enormous [amount of] records during investigations.” Elaborating on the new crypto tracking system, the publication described:

The service target is limited to major currencies such as bitcoin (BTC) and ethereum (ETH), and it is expected to be available for use by the National Police Agency, the Tokyo Metropolitan Police Department and the Osaka Prefectural Police Department next fiscal year.

About the Software

Japan’s National Police Installing Crypto Transaction Tracking SystemAccording to Nikkei, the National Police Agency put in its budget request for 2019 an estimated 2.7 billion yen (~US$24.3 million) to address cybercrime threat, including those targeting cryptocurrencies.

NHK noted that the agency plans to add an estimated 35 million yen (~$315,203) to the budget request “for the related expenses necessary for the introduction of [the] software.”

Reiterating that “the software can extract transaction data needed for an investigation from an enormous volume of data, making cyber investigations more effective,” the Yomiuri Shimbun elaborated:

The special software developed by a private company can extract transaction data needed for investigations. The software can also show information of virtual currency exchange operators, information that is not found in blockchain databases.

Nikkei further commented that “by making it possible to trace the flow of transactions in a bird’s-eye view,” the software can be used “to investigate crimes that virtual currency entangles.”

Combating Cybercrime

Japan’s National Police Installing Crypto Transaction Tracking SystemAccording to the National Police Agency, the system will help with the speed and efficiency of investigating crypto-related crimes including fraud and money laundering.

The agency revealed in February that there were 669 cases of “suspicious transactions” reported to the government by crypto exchanges from April to December last year.

In March, the agency released its annual statistics relating to cryptocurrency for the first time, showing 149 cases of hacking attempts to individual cryptocurrency accounts last year. The total damage caused by unauthorized remittances was 662.4 million yen (~$5,965,441), Nikkei reported. Funds were stolen from 16 companies including crypto exchanges and three wallet providers.

What do you think of the Japanese National Police Agency installing a crypto transaction tracking system? Let us know in the comments section below.


Images courtesy of Shutterstock and Wikipedia.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s National Police Installing Crypto Transaction Tracking System appeared first on Bitcoin News.

Square’s Big Week: Crypto Patent, Shares Leap and Lightning Plug

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug

Smartphone app payments company Square has had a pretty big week. It was revealed the company is further dipping its toes in the cryptosphere through a granted payments patent, and it’s causing quite a stir. Wall Street analysts have deemed the company a golden goose, thereby helping its stock price jump by 6%, and it’s finally getting an Apple-ready Lightning plug to ease users’ and merchants’ worries about design changes.

Also read: Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push

Square Granted Patent for Crypto Payment Network

Merchants using the Square digital payments platform will soon be allowed to accept virtually any cryptocurrency, if the patent granted to the publicly traded company is to be believed. Ecosystem news outlet CCN appears first to have uploaded the 30-page approval document from the US Patent & Trademark Office. The company’s application was submitted Fall of last year, and the approval is dated from a few days ago.   

Converting from fiat currencies into crypto is something that has been done for years within the ecosystem by platforms such as Bitpay. The difference with Square is that it hits the crypto world already well established among millions of merchants. One of the most difficult aspects of spreading adoption among businesses is convincing them to also come along on other aspects of the infrastructure, from wallets to specialized point of sale systems. Square skips all of that, and thus its power.

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug

One immediate worry for any mainstream payments company dabbling in crypto is a possible slowdown in confirmations, as in the case of bitcoin core (BTC) during late 2017, impacting transaction times. According to the patent, Square has its own private blockchain, which could theoretically allow the company to monitor balances before final wiring/broadcasting. Double-spending is still possible, though difficult, but Square has smartly taken that burden off merchants and placed it on its own shoulders.

“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies,” the patent reads, “including virtual currencies including cryptocurrencies (bitcoin, ether, etc.)…than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies. Specifically, the payment service described herein can facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice.”

Square Lauded, Jumps 6%

The most highly touted crypto patent by a publicly traded company has been Bank of America (BA) adding to its collection. To anyone’s knowledge, BA has yet to act on any of them. Some have suggested they were only used as ways to market the legacy bank more than anything else. Square might be different here, again, though it doesn’t have to be. Its CEO has more or less predicted bitcoin core (BTC) will be a world standard currency within the decade.

Whatever the actual case, it has been a good week, news-wise, for Square. On top of making the ecosystem buzz with a crypto payments patent, its shares rose by 6% after Guggenheim showered it with praise as a “best idea” within the financial technology space. It went further, suggesting Square is its “highest conviction name” in the sector, and raised its price call from $75 to $100.

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug

In 2018 alone, the company’s stock price has boomed by more than 130%, and Guggenheim’s Jeff Cantwell noted, “We expect a strong rate of revenue growth for SQ which should drive further share price appreciation.” Much of that optimism is based around the company’s application, Cash App.

It eerily apes what original cryptos like BTC were meant to do: borderless money transfers, be a staple of micro finance, and even act as way to get at the unbanked. Mr. Cantwell continued, “We think Cash App’s future revenue potential is underappreciated, we see it providing a key ‘services’ role for the underbanked.” In this year’s second quarter, Cash App users spent a quarter of a billion dollars with its linked debit card, Cash Card.

Lightning

If patents and stock prices booming were not enough, the iconic smartphone reader and payments platform has also finally received a Lightning plug to make up for Apple’s ditching of a listenable headphone jack.

For Apple it was a matter of phone aesthetics and space. For Square users and merchants, it was a matter of financial life and death. Without the square reading block, usually white, the entire project goes out the window.

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug
Left is the old, clunky setup. Right, Lightning.

Ultimately its users found workarounds and adapted. It was a stroke of genius to initially re-purpose the headphones’ auxiliary, but it also left them, at least momentarily, exposed should a design change happen. Square would give in and sell a clunky adapter, but that obviously lessened some of the get-it-and-go cache the product was built upon.   

Returning to their initial business model, Square announced recently it will now offer an answer to Apple’s Lightning opening – that slim, rectangular entrance every Apple user is familiar when charging their phone. The plug will make the device compatible from 2012 products to the present day. The company can stay small, agile, and refrain from forcing its users into adapters. 

Is Square becoming an important part of crypto? Let us know in the comments below. 


Images via Pixabay.


We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto. 

The post Square’s Big Week: Crypto Patent, Shares Leap and Lightning Plug appeared first on Bitcoin News.

Bitcoin Price Climbs to $7,100 as Crypto Market Hits $232 Billion, EOS Surges 15%

Over the past 24 hours, Bitcoin has rebounded from $7,000 to $7,100, remaining on top of a key resistance level which traders were concerned about. Despite the relatively strong performance of Bitcoin, tokens understandably have not performed well against both Bitcoin and US dollar on August 29, considering the massive gains they recorded earlier this … Continued

The post Bitcoin Price Climbs to $7,100 as Crypto Market Hits $232 Billion, EOS Surges 15% appeared first on CCN

Why are Major Crypto Exchange Firms Optimistic Towards Ethereum Coin?

Cryptocurrency Investing

The cryptocurrency industry has been around for a long time and has been attracting a lot of investors for a decade. Cryptocurrency investing has turned into a huge mainstream business. Cryptocurrency has helped many people to generate extensive profits through their investment. This all started with the introduction of Bitcoin, which was the first cryptocurrency ever that gave the world the idea of the blockchain. This inspired other cryptocurrency firms to innovate more and come up with a different solution based on blockchain technology.

Ethereum was one such cryptocurrency that was introduced to the market based ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Did ICOs Cause Ethereum to Drop by 44% in 2 Weeks by Dumping on the Market?

Within a period of two weeks, from August 1 to August 14, the price of Ether, the native cryptocurrency of the Ethereum network, dropped by 44 percent. In 14 days, the price of Ethereum plummeted from $470 to $260, reaching its lowest point in 2018 by falling below the $300 mark for the first time … Continued

The post Did ICOs Cause Ethereum to Drop by 44% in 2 Weeks by Dumping on the Market? appeared first on CCN

NSFW: After The Corporate Hype, Porn Gets Into Blockchain

NSFW: After The Corporate Hype, Porn Gets Into Blockchain

Porn star Brenna Sparks is not the only one warming up to the Blockchain. Startups such as Spankchain as well as Vice Industries are attempting to fuse intimate desires with software undergirding cryptocurrencies such as ether. Maybe the long search for a real-world, ready-now blockchain technology use case is finally over. Then again, both user and performer could simply download wallets and exchange peer-to-peer electronic money, say bitcoin cash, without companies between them. 

Also read: Coinbase Flexes Muscle, Creates Political Action Committee

Blockchain Tech Goes Porno

Favorite ecosystem pornographer, Brenna Sparks, recently tweeted “I’m going to be shoving a dildo in my vagina on the Blockchain tomorrow. If that’s not the coolest thing ever, idk what is!”

“I’m going to trademark all of my crypto camshow games,” Ms. Sparks cheekily tweeted on the eve of stuffing herself with plastic, “I’m going to trademark-troll anyone who tries to profit off my genius. I’m going to be a Pablo Escobar of camshows, taking cuts off of other camshows. This is my town!”

For sure, the Laotian triple x-rated social media influencer has more or less cornered the crypto market. Her adventurism extends from between the sheets and on camera into the financial world, where she is known to give digital asset education videos topless. And she’s not half bad … in terms of her decentralized money knowledge.

NSFW: After Corporate Hype, Blockchain Gets Porn

Ms. Sparks is also something mildly deeper. She’s helping to fire up discussion, debate about blockchain usage. Corporate hype, the drug in fashion, is attaching any project to “blockchain.” Name it, and the two have been associated: blockchain and ice tea, blockchain and medical records, blockchain and ending refugee crises around the world, blockchain and religion. It’s endless. There’s just one problem. None of these dreamy projects have gotten off the ground and proven themselves to be anything more than slick marketing to venture capitalists who appear ever-more credulous.

Pornography could be a real-life, honest-to-goodness use case. Sort of. Ms. Sparks is also a savvy businesswoman, and she’s teamed up with the smile-inducing project titled, Spankchain. The idea is to perhaps end embarrassing credit card charges for late night indulgences while a in-the-flesh partner is unavailable, for example. Spankchain is essentially a micropayment processor for the masturbatory universe, client and talent.

NSFW: After Corporate Hype, Blockchain Gets Porn

Digital Equivalent of Anonymous Tipping

Last year, the company was thought highly enough to have gobbled up close to twenty thousand ether, over five million dollars, offering its proprietary payment token, spankcoin, in trade during an initial coin offering. That money reportedly has gone to develop the streaming system Ms. Sparks would eventually use to fulfill the promise of her tweets.

Vice Industry Token Inc. is yet another variation on the blockchain porn entertainment idea, and it too raised a boatload of cash, something like $20mil worth of ether in about a day. It’s Vice Industry Token (VIT) “can be used to create a resilient global utility token economy in which goods and services can be earned and traded internationally without any barriers whatsoever,” its quite lavish website boasts.

NSFW: After Corporate Hype, Blockchain Gets Porn

“People will be free to earn VIT, to buy VIT and consume with VIT as a cryptocurrency,” they continue. “VIT enables people to get paid to watch and consume content. VIT is an important disrupter of status quo systems and networks and is a vital link for interconnected global human prosperity.”

What it all basically comes down to is an ability for a performer to be paid well, timely, transparently without the usual minders. For users, confidence in quality talent attracted by the arrangement, plus a kind of financial anonymity, makes for a smoother experience. And so these types of platforms are developing tipping mechanisms with dancers much in the same way dollars would be slid behind garters of yore during a semi-private dance back in the day. That can happen again digitally thanks to these on-chain solutions. Still, there’s also nothing stopping these same performers from operating their own cam and accepting bitcoin cash, for example, directly peer-to-peer, from an admirers’ electronic wallet to theirs, without participating in a blockchain startup. Go figure.  

Is this a use case for blockchain? Let us know in the comments section below. 


Images via Pixabay, Twitter, Brenna Sparks. 


Be sure to check out the podcast, Blockchain 2025; latest episode here

The post NSFW: After The Corporate Hype, Porn Gets Into Blockchain appeared first on Bitcoin News.

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled

Japan’s SBI Group is reportedly planning to create a crypto derivatives platform. In South Korea, Huobi is taking an aggressive approach and expects to achieve a 30% crypto market share. Meanwhile, a Thai crypto exchange has unveiled an ATM that supports four cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

SBI Plans Derivatives Platform

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledSBI Crypto Investment, a subsidiary of Japanese financial services group SBI Holdings, has acquired a 12% stake in North Carolina-based Clear Markets, Nikkei reported Tuesday.

While the acquisition price was not disclosed, the news outlet estimates that the stake “is likely worth about 1 billion yen ($9 million),” elaborating:

Although digital currencies are more volatile than other asset classes, a derivatives market for them that can hedge against risk remains undeveloped. SBI Crypto therefore wants to build a platform that will allow institutional investors to smoothly trade these instruments.

Last month, SBI Virtual Currencies, the crypto exchange unit of SBI Holdings, opened its Vtrade service to the public following a limited launch in June. The exchange currently supports XRP, BCH, and BTC, but plans to add ETH in the near future.

Thai Multi-Crypto ATM

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledThai cryptocurrency exchange Coin Asset unveiled its crypto ATM at the Hybrid Summit on July 28 and 29, according to Prachachat Turakij newspaper.

CEO Sivanus Yamdee explained that the ATM allows customers to purchase and sell BTC, ETH, LTC, and BCH in amounts as low as 100 baht (~US$3). The company plans to add more coins in the future based on demand from customers. The ATM also allows withdrawals in Thai baht.

The machine has a large touch screen and prints out a receipt after each transaction.

Coin Asset has reportedly applied for a license with Thai Securities and Exchange Commission; the agency began accepting applications last week.

Huobi Plans to Achieve 30% Korean Market Share

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledChinese exchange Huobi is planning to aggressively pursue the Korean market, according to Asia Economic news outlet. The exchange launched its trading platform in Korea in March.

At the Huobi Carnival 2018 event on August 2 in Seoul, Kim Young-chul, head of the Strategic Planning Division of Huobi Korea, announced the company’s long-term strategy. He said:

The number of members has grown rapidly to 200,000 members within two months after the opening of the virtual currency exchange…We aim to achieve 30% market share in the next year.

In addition, Kim revealed that Huobi Korea will conduct various blockchain-based businesses alongside its exchange business. It will also actively recruit talented people. In February, Huobi Korea announced that it was looking for an “Innovation Business Team Leader,” a position with a minimum annual salary of 100 million won (~$88,596). “This policy will continue…We will hire more talented people in the industry,” Kim detailed.

What do you think of SBI’s derivatives platform, Huobi eying 30% market share in Korea, and the Thai crypto ATM? Let us know in the comments section below.


Images courtesy of Shutterstock, SBI Group, Huobi Korea, and Coin Asset.


Need to calculate your bitcoin holdings? Check our tools section.

The post SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled appeared first on Bitcoin News.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

A Japanese company listed on the Tokyo Stock Exchange is offering loans secured by three cryptocurrencies: BTC, BCH, and ETH. Clients can borrow up to 300 million yen (~$2.7 million) at varying interest rates. The company has also established a subsidiary overseas for its crypto business.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Loans Secured by BTC, BCH, ETH

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHA Japanese company listed on the Tokyo Stock Exchange has begun accepting applications for cryptocurrency-secured loans. Samurai & J Partners Co. Ltd. (TYO:4764) recently launched a loan program called Samurai Crypto Loan through its subsidiary, Samurai Asset Finance (Samurai).

The company explains that loans will be offered to crypto owners with BTC, BCH, or ETH as collateral. Customers will have access to funds in Japanese yen without having to liquidate their crypto positions. In Japan, liquidating cryptocurrencies could incur taxes of up to 55%, as news.Bitcoin.com previously reported.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

Customers can borrow between 20 million yen (~US$179,000) and 300 million yen (~$2.7 million) for one year, with extensions. Interest rates for these loans range from 7.0% to 15.0%, including commissions and extension fees, Samurai details. The delinquency charge is 20% annually.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHFounded in 1996, Samurai & J Partners, formerly known as Digital Design Co. Ltd., engages in the information service business globally. Samurai Asset Finance was established last year. In addition to crypto-secured loans, the company offers loans backed by real estate, securities, deposits, credits, movable properties, foreign currencies, memberships, and precious metals.

ICO Plan and Competition

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHSamurai first proposed to enter the crypto-secured lending business in May. The proposal was presented to and subsequently approved by its board of directors. The company has also established an overseas subsidiary to launch an initial coin offering (ICO). “We will conduct an ICO and expand our business scope,” Samurai announced at the time.

Recently another Japanese company, Abic Corporation, announced a loan program secured by BTC. Abic’s loan terms range from 2 million yen (~US$18,260) to 1 billion yen (~$9.13 million) with annual interest rates ranging from 2.98% to 15.0%. Customers can borrow for a period of one month to five years; the delinquency charge is 20% annually.

Last week, crypto financial services platform Libra Credit partnered with Binance Labs, the investment arm of Binance, to “lend fiat and crypto denominated assets to users who pledge BNB [binance coin] as collateral,” the firm detailed.

What do you think of Samurai offering loans secured by BTC, BCH, and ETH? Let us know in the comments section below.


Images courtesy of Shutterstock and Samurai & J Partners.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Public Company Offering Loans Secured by BTC, BCH, ETH appeared first on Bitcoin News.

Flow and Cryptomkt Enable Crypto Payments at 5000+ Stores

Flow and Cryptomkt Enable Crypto Payments at 5000+ Stores

Cryptocurrency exchange Cryptomkt has partnered with Chilean payment platform Flow to allow customers to pay with three cryptocurrencies at over 5,000 stores. The announcement follows two Chilean courts ruling that banks must reopen the accounts of crypto exchanges they previously closed.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

5,000+ Stores Accept Cryptocurrencies

Cryptocurrency exchange Cryptomkt announced this week that over 5,000 stores now accept three cryptocurrencies.

Flow and Cryptomkt Enable Crypto Payments at 5000+ StoresFlow and Cryptomkt Enable Crypto Payments at 5000+ StoresChilean payment platform Flow has integrated the exchange’s payment solution, Cryptocompra, into its system. Customers shopping at merchants using Flow can now choose to pay with cryptocurrencies during the checkout process.

Flow claims to currently provide service to over 5,000 stores with over 180,000 monthly transactions and over 20,000 customers.

Available now for businesses in Chile, Argentina, Brazil and Europe, Cryptocompra “allows merchants to accept payments in bitcoin, ethereum and stellar cryptocurrencies quickly and easily,” Cryptomkt detailed, emphasizing:

Chileans today can access various products and services in more than 5,000 stores affiliated to Flow.cl using bitcoin and other cryptocurrencies through Cryptocompra.com … Client pays in cryptocurrencies, trade receives pesos, reales or euros.

Flow and Cryptomkt Enable Crypto Payments at 5000+ StoresOn its website, Flow lists a fee of 0.90% for next-business-day payment with cryptocurrencies. By comparison, paying with credit cards using Webpay Plus or Onepay costs 4.99% to receive payment the next business day.

“You do not need to have contracts with the means of payment, Flow does it for you,” the company wrote. “Each time someone pays you, we will notify you of the payment made: We will indicate the detail of the payment made and the date on which we will transfer your money.”

Battle Between Banks and Crypto Exchanges

Crypto exchanges in Chile have been battling with banks over the closure of their bank accounts. In April, Chile’s Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) ordered three banks to reopen the accounts of crypto exchanges, including Cryptomkt. In May, Banco Estado complied and reopened the account of the exchange.

Earlier this month, the Fourth Chamber of the Court of Appeals of Santiago ruled in favor of cryptocurrency exchange Orionx against Banco Estado for closing its account.

What do you think of Flow integrating crypto payment option? Let us know in the comments section below.


Images courtesy of Shutterstock, Cryptomkt, and Flow.cl.


Need to calculate your bitcoin holdings? Check our tools section.

The post Flow and Cryptomkt Enable Crypto Payments at 5000+ Stores appeared first on Bitcoin News.

Gibraltar Stock Exchange’s Crypto Platform Opens to Public With 6 Cryptocurrencies

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 Cryptocurrencies

The crypto exchange platform subsidiary of the Gibraltar Stock Exchange is now open to the public with six cryptocurrencies. Users can fund their accounts in USD. Meanwhile, its token sale platform, GBX Grid, has already completed its first token sale with three new projects planned.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

GBX Digital Asset Exchange Launched

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 CryptocurrenciesThe GBX Digital Asset Exchange has launched to the public, the exchange announced this week. The GBX is a subsidiary of the Gibraltar Stock Exchange which is regulated by GFSC and operates as an EU-regulated market, recognized by European regulator ESMA and UK regulator HMRC.

Users have to register with the platform and complete the KYC requirements. Their accounts can then be funded in USD, the exchange detailed, elaborating:

We are launching the platform with 6 cryptocurrencies available on the exchange. These include: bitcoin (BTC), ethereum (ETH), rock token (RKT), litecoin (LTC), bitcoin cash (BCH) and ethereum classic (ETC).

“We are making the following trading pairs available to all our users: RKT/USD, ETH/USD and BTC/USD,” the exchange noted. In addition, “Everybody who has already signed up and any new users who sign up before 17th August will benefit from zero-fee trading from today until 14th September 2018.”

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 CryptocurrenciesGBX CEO Nick Cowan revealed, “we are already looking forward to making significant additions to this offering in the future,” adding that “the launch comes at a time when the cryptocurrency and token markets are reaching a new stage of maturity.” He further conveyed that the exchange also plans to launch its official mobile application in the near future.

This public launch follows the soft launch in June for about 300 participants. The exchange used the feedback from the soft launch to develop and design its user interface in preparation for the public launch. The GBX described:

It is widely recognised that one of the biggest hurdles for people looking to enter the crypto-space is knowing how to get started, where to source ETH or how to buy BTC from a trusted platform. With fiat onboarding now in place, that’s no longer an issue.

GBX Grid Token Sale Platform

The GBX also operates a token sale platform called GBX Grid, which has already completed its first token sale. It has since revealed that three new crypto projects are coming to the platform.

“The Grid is reserved for projects that have completed our rigorous application process and have been vetted thoroughly by one of the 15 sponsor firms in our network,” the GBX described. Citing that it “aims to be a world-leading institutional-grade token sale platform and digital asset exchange,” the exchange wrote:

For both participants and issuers, this now means that the GBX offers a complete token and digital asset experience via an institutional-grade platform, focused on good governance and industry best practices.

Gibraltar Stock Exchange's Crypto Platform Opens to Public With 6 Cryptocurrencies

What do you think of the GBX exchange? Let us know in the comments section below.


Images courtesy of Shutterstock and GBX.


Need to calculate your bitcoin holdings? Check our tools section.

The post Gibraltar Stock Exchange’s Crypto Platform Opens to Public With 6 Cryptocurrencies appeared first on Bitcoin News.

Bitcoin Price Blitzes to $8,200 but Wider Crypto Markets and Tokens Suffer

The price of bitcoin has surged to $8,200 over the past 12 hours, surpassing $8,300 at its daily peak, bringing the valuation of the crypto market to $300 billion. Bitcoin Cash, ether, Ripple, EOS, and Stellar increased by 2 to 6 percent, while some cryptocurrencies like Zcash recorded an 11 percent increase in value. Tokens … Continued

The post Bitcoin Price Blitzes to $8,200 but Wider Crypto Markets and Tokens Suffer appeared first on CCN

Bitcoin Reigns Supreme in July as Tokens Money Comes Back to BTC

Throughout May and June, even during bear markets and strong downward movements, tokens performed relatively well against bitcoin. So far, in July, bitcoin has proven its dominance through a stable performance against the US dollar. Why Bitcoin is King, For Now Over the past three months, tokens have had a solid basis to increase in

The post Bitcoin Reigns Supreme in July as Tokens Money Comes Back to BTC appeared first on CCN

Crypto Market Makes Minor Retreat Post-Rally, Ether and Bitcoin Cash Down 5%

After adding more than $20 billion within a 30 minute period, the crypto market has declined in valuation, led by the 5 percent drop of ether and Bitcoin Cash. Over the past 24 hours, the price of Bitcoin Cash, ether, Ripple, and EOS dropped by 4 to 6 percent, while bitcoin remained stable in the

The post Crypto Market Makes Minor Retreat Post-Rally, Ether and Bitcoin Cash Down 5% appeared first on CCN