PR: Roger Ver Joins Azbit Crypto Exchange Advisory Board

Roger Ver Joins Azbit Crypto Exchange Advisory Board

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

We are elated to announce that Roger Ver, CEO of Bitcoin.com and Mate Tokay, COO of Bitcoin.com joined Azbit as our Advisors!

Apparently the subject on everyone’s mind today is “Roger Ver is planning to open his own cryptocurrency exchange”. The global crypto community of course took his statement seriously since “Bitcoin Jesus” has a good eye for the major upcoming industry trends.

This is an approach that Azbit fully supports: we firmly believe that the world needs a truly multi-functional, reliable, and functioning exchange. And that is what we are working on right now. We are sure that people should be able to get all the financial services they need in a single place. This is why Azbit is building blockchain banking together with an in-built multi-exchange and investment platform.

Azbit’s multi-cryptocurrency exchange is currently 80 percent ready. It is based on the Bitsane crypto exchange, which has been successfully operating since 2016 with more than $8,000,000 in daily transaction volume.

The official announcement of the partnership between Azbit and Bitcoin.com was made right on board at Blockchain Cruise 2018. After signing a document Roger Ver, CEO of Bitcoin.com, said: “We’re gonna to promote all Azbit products at Bitcoin.com so the whole world gets to know the great project that Azbit is building. They build platform, we promote it, the users come and everybody is happy!”

“Bitcoin Jesus” Roger Ver is billionaire, crypto enthusiast, investor, businessman, and one of the most influential people in the world of crypto and blockchain. He has recently participated in at least four ICOs as an advisor. All these projects have successfully raised the planned hard cap – from 15 to 50 million USD.

Roger Ver and Mate Tokay are always on top of things – сertainly, this was the beginning of our significant cooperation. Our advisors’ boundless knowledge about cryptocurrencies and blockchain will raise Azbit project to the new level and offer our customers a truly great product.

The strongest aspects of the Azbit project:
Truly new idea of combining the most popular and in-demand financial services that currently exist separately.

Azbit AG (a joint-stock company) has been registered in Switzerland and thereby authorized to issue shares. It gives us the brilliant opportunity to issue tokenized shares during the crowdfunding campaign. AZ token holders will receive the dividends in this connection. Azbit will share 75% of the total platform’s fee; all payments (in AZ tokens) via airdrop will be made monthly. Income statements and audits will be published regularly on Azbit.com.

Azbit has obtained a securities exemption from the U.S. Securities and Exchange Commission (SEC) under Rule 506(c) of Regulation D. The project also has a Payment Institution license in the Czech Republic (in the E.U.)

Azbit had successfully finished Private sale and moved to the next level – Pre-ICO campaign is underway. Early investors can get the maximum bonus – up to 30%.

Website: https://azbit.com/
Page on Bitcointalk: https://bitcointalk.org/index.php?topic=4382120.0
Telegram: https://t.me/azbit_com
Facebook: https://www.facebook.com/azbit.news/
Instagram: https://www.instagram.com/azbit.news/
Twitter: https://twitter.com/azbit_news
Medium: https://medium.com/@Azbit_news

Contact Email Address
info@azbit.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Crypto Funds Gets Greenlight from Swiss Financial Markets Regulator

Crypto fundIn a move that clearly shows the government’s resolve to encourage investments in cryptocurrencies, Switzerland’s financial markets regulator has opened the floodgates for institutional participation in cryptocurrencies. Zug-based Crypto Finance AG subsidiary Crypto Fund AG becomes the first company to get the green light from the Swiss Financial Market Supervisory Authority (FINMA) to offer a wide

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Billion-Dollar Startups Flourishing in Switzerland’s ‘Crypto Valley’

Next Silicon Valley: Switzerland's Billion Dollar Cryptocurrency Startups Flourish

The top 50 cryptocurrency and blockchain-related companies in Switzerland’s version of Silicon Valley are now worth $44 billion combined, underscoring the steady growth of the Swiss crypto industry. Altogether, cryptocurrency firms employ about 3,000 people throughout the small country. Included among the top 50 are five “unicorns,” or startups with a market valuation of more than $1 billion, according to a new report by Zug-based investors CV Venture Capital.

Also read: ‘Crypto Fund- Approved to Manage Cryptocurrency Investments in Switzerland

Top 50 Swiss Crypto Firms
Now Worth $44B

The report shows that the number of companies working either with digital coins or the blockchain in “Crypto Valley,” the heartland of cryptocurrency activity near the Swiss municipality of Zug, has almost doubled to 600 in the past year. The figures, contained in an online directory by CV, include companies operating in neighboring Liechtenstein. About 350 entities were featured in the directory when the CV Maps database was first launched in April 2017.

Next Silicon Valley: Switzerland's Billion Dollar Cryptocurrency Startups Flourish

Of the top 50 companies listed, five are unicorns that are either based in Crypto Valley or originated from the area. They include the world’s biggest bitcoin miner, Bitmain, as well as other leading cryptocurrency businesses such as Cardano, Dfinity, Ethereum and Xapo, CV said. Bitmain’s revenue soared 1,700 percent to $2.5 billion in 2017, from just $137 million two years earlier. Its full-year net profit rocketed to $1.2 billion.

More than 440 people, most of them expatriates, work for Zug’s top crypto firms. All of the region’s companies appear to be well-funded, boasting a combined market value of more than $44 billion. Capital levels often run “into the tens or hundreds of millions of dollars” for several companies — a feature that distinguishes them from  startups in other parts of the world, CV said in the report.

“The top 50 report shows that Crypto Valley has retained its appeal as a location for blockchain companies from all sectors,” said Ralf Glabischnig, founder and managing partner of technology firm Inacta, which built the database, in an emailed statement to news.Bitcoin.com.

CV Venture Capital, a blockchain-focused investor and incubator in Zug, worked with accountants PwC Strategy & Switzerland and Inacta to identify the top 50 Crypto Valley companies based on data from CV Maps, various crypto exchanges, media reports and social media platforms such as LinkedIn.

Progressive Paradise

Switzerland has taken a progressive stance towards cryptocurrency, legalizing its use and formalizing crypto transactions in a range of contexts. But some crypto project teams still find it difficult to open bank accounts and some crypto-focused bankers and investors have highlighted the need for greater regulatory clarity.

Next Silicon Valley: Switzerland's Billion Dollar Cryptocurrency Startups Flourish

Nonetheless, the country sees virtual money and blockchain technology as strategic innovations in global finance and is intent on maintaining the growth of the industry, while expanding the number of jobs it has to offer in the field. The country’s tax regulator considers cryptocurrencies to be assets, subject to wealth taxes that must be declared in annual tax returns.

However, uncertainty among legacy Swiss banks on the policing and implementation of initial coin offerings (ICOs) in the financial market has made them cautious; many remain reluctant to issue company accounts to participants in the nascent market, leading to the departure of at least two major players this year alone. Despite this, many banks have started to open up. Maerki Baumann, an 86-year-old private bank, now accepts crypto assets, for example.

Crypto Super-League

To qualify for CV’s self-described “crypto super-league” list of Switzerland’s top-rated companies, firms must meet three criteria. First, blockchain technology must be part of a company’s core business. Second, qualifying firms should employ more than one person in Switzerland or Liechtenstein. Finally, companies hoping to make the cut “should make some contribution to the blockchain ecosystem and the wider Crypto Valley community.”

Additional requirements include ticking one of the following three boxes: funding in excess of $10 million, a valuation of more than $10 million or the provision of at least 10 full-time positions in Switzerland or Liechtenstein.

Next Silicon Valley: Switzerland's Billion Dollar Cryptocurrency Startups Flourish

The report by CV also sheds light on the growth of various subsectors of the crypto industry in Zug, including details on market capitalization and headcounts at specific companies. From health tech to data analytics and the e-government sphere, several industries are running businesses based on cryptocurrencies and the blockchain in Crypto Valley. Two secondary segments feature in the top 50 list: brokerages, trade and exchange, as well as platform and protocol. Each sector is represented by 11 companies. Other areas covered include the hardware and middleware industries, as well as services related to community, peer-to-peer and loyalty.

Daniel Diemers, partner at PwC Strategy & Switzerland, said: “Crypto Valley has grown enormously in just three short years. Even two or three years ago, there were just 10 to 15 companies in the blockchain industry. PwC (realizes) … the potential of blockchain and how it is important for companies to understand the technology and to get close to innovative startups in the field.”

What do you think about the development of the cryptocurrency industry in Switzerland? Let us know what you think in the comments section below.


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‘Crypto Fund’ Approved to Manage Cryptocurrency Investments in Switzerland

Crypto Fund Gets Go-Ahead to Manage Cryptocurrency Investment Funds in Switzerland

Emerging Swiss virtual currency fund, Crypto Fund AG, said on Tuesday it had been given an asset management license by the Financial Market Supervisory Authority (Finma). The license allows the company to manage crypto-related investments within Switzerland and to solicit for others elsewhere. Crypto Fund will also be authorized to provide investment advice to corporate investors.

Also read: Online Automotive Parts Retailer Newparts Now Accepts Bitcoin Cash

Crypto Fund to ‘Accelerate Maturity’ in Crypto Markets After Getting Finma License

“The authorization represents our professional work over the last 12 months and is a major milestone for us,” said Mathias Maurer, chief operating officer of Crypto Fund, in an emailed statement to news.Bitcoin.com. “This [license] puts…[the company] on the same playing field with other globally recognized and regulated Swiss fund managers,” he wrote.

Crypto Fund Gets Go-Ahead to Manage Cryptocurrency Investment Funds in Switzerland

Without the license, issued under the Swiss Collective Investment Schemes Act, activities of crypto firms in the Alpine country will be limited and only “subject to fulfilling compliance with money laundering,” Maurer noted.

Founded in June 2017, Crypto Fund is the financial arm of Crypto Finance AG. The Zug-based company facilitates the implementation of blockchain technology through services such as asset management and brokerage, building bridges between investors and businesses that seek to utilize the technology.

Switzerland has taken a progressive stance towards cryptocurrency, legalizing its use and formalizing crypto transactions in various contexts. But some crypto projects still find it difficult to open bank accounts and regulatory clarity to cryptocurrency-focused bankers and investors is still not as clear as it might be.

In June, Finma licensed Crypto Finance to distribute collective investment schemes and funds to qualifying investors.

Jan Brzezek

“The importance of crypto assets is growing and our aim is to accelerate maturity in these markets,” Crypto Finance chief executive officer Jan Brzezek said in an online statement.

He noted that the license was important in building confidence “for crypto assets around the world.” Brzezek is looking to seek approval for a passive investment fund in the future.

Progressive Switzerland Continues to Expand Crypto Space

Along with countries such as Gibraltar, Isle of Man, Cayman Islands and Mauritius, Switzerland has welcomed cryptocurrencies like bitcoin core and bitcoin cash, going against other governments’ sceptical view of digital coins as being opaque, volatile and speculative.

Uncertainty by legacy Swiss banks on the policing and implementation of initial coin offerings (ICOs) in the financial market made them cautious, and reluctant to issue participants in the nascent market with company accounts, leading to the departure of at least two major players this year. However, banks have started to open up. The 86-year-old private bank Maerki Baumann now accepts crypto assets.

Crypto Fund Gets Go-Ahead to Manage Cryptocurrency Investment Funds in Switzerland

Faced with competition from crypto-affirming rivals including Liechtenstein, Gibraltar and the Cayman Islands, whose banks are more welcoming, Switzerland’s financial regulator got to work with lawmakers this year to provide clarity on the policing of the ICO market. The Crypto Fund license is the latest high-profile effort to build seamless synergies in the area.

Crypto-related businesses employ hundreds of people in Switzerland, with cryptocurrency legal tender in certain contexts. Switzerland sees virtual money and blockchain as a strategic innovation in global finance and is intent on maintaining and growing the jobs it has to offer in this field. The country’s tax regulatory authority considers cryptocurrencies to be assets, subject to wealth tax and declared on annual tax returns.

According to reports, Zug, also known as Crypto Valley, ranks favorably among the most crypto-friendly cities in the world, boasting more than 400 crypto businesses. Four of the 10 biggest ICOs in 2017 were registered in Switzerland, greater than any other country, according to a PwC report.

What do you think about crypto-related investment funds? Let us know in the comments section below.


Images courtesy of Shutterstock and Crypto Finance


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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. 


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Regulations Roundup: Industry Leaders Want Clarity, Alliance Capitals Earns FINMA Warning

Regulations Roundup: Industry Leaders Want Clarity, Alliance Capitals Earns FINMA Warning

In recent news pertaining to cryptocurrency regulations, industry leaders have urged U.S. lawmakers to provide regulatory clarity or risk a crypto firm exodus, a Greek representative to the European Parliament has advocated for a lightweight cryptocurrency apparatus to avoid stifling innovation across the distributed ledger technologies industries, and the Swiss Financial Market Supervisory Authority has issued a warning regarding purported cryptocurrency company, Alliance Capitals.

Also Read: North Dakota Issues Orders Against Bitconnect, Magma, Pension Rewards

Industry Leaders Warn U.S. Lawmakers to Provide Clarity or Risk Crypto Exodus

Regulations Roundup: Industry Leaders Want Clarity, Alliance Capitals Earns FINMA WarningAt a recent regulatory round-table held at Capitol Hill and hosted by congressman Warren Davidson, a number of cryptocurrency industry leaders warned lawmakers that a continued lack of regulatory clarity could lead to an exodus of firms seeking clear legislative guidelines in other jurisdictions.

Kraken co-founder and CEO Jesse Powell emphasized the disadvantaged position U.S.-based cryptocurrency firms and investors are in as a result of the current regulatory ambiguity, stating “Foreign companies are able to outraise their U.S. competitors and often whoever raises the most money is who wins. Not only are U.S. companies not able to raise enough to compete globally, U.S. investors are not able to invest in these global companies.”

Joyce Lai, a lawyer for Consensys, stated: “The competition around the world is real. But there is still time and opportunity for the U.S. to be a leader here.”

Congressman Davidson echoed the call for regulators to work toward providing clarity as quickly as possible, stating: “Legitimate players in the industry have a desire for some sort of certainty so we can prevent and prosecute fraud. I’m confident we can move forward and make this a flourishing market in the U.S. It’s an imperative for us to do, we did it well with the internet.”

Eva Kaili Advocates Minimal Regulation for DLT Industries

Regulations Roundup: Industry Leaders Want Clarity, Alliance Capitals Earns FINMA WarningEva Kaili, a member of the European Council representing the Greek Panhellenic Socialist Movement, recently argued in favor of light regulation of the distributed ledger (DLT) industries at last week’s Concordia Summit in New York.

Mrs. Kaili insisted that regulations are a barrier to the speed of innovation that the DLT industries are capable of producing, stating: “One thing that we have in the E.U. and the U.K. — we have too many regulations that can at least delay the innovation. In blockchain, we tend to move very fast.”

“If it’s a fraud, it’s a fraud. If it’s not a fraud but it’s not following the rules, we gotta change the rules […] we don’t have an excuse not to explore the opportunities this technology gives us to solve global problems,” she added.

FINMA Issues Public Warning Regarding Alliance Capitals

Switzerland’s financial regulatory body, the Swiss Financial Market Supervisory Authority (FINMA), has added Alliance Capitals, a firm purporting to offer a number of cryptocurrency services, to its warning list of “companies and individuals who may be carrying out unauthorized services and are not supervised by FINMA.”

Despite claiming to offer a trading platform, binary options, a venture investment fund focused on initial coin offerings, and a mining investment scheme, the services offered are hosted on third-party websites that prompt malicious content warnings.

Do you think that U.S. regulators will soon act to provide clear legislative guidelines for the cryptocurrency and DLT industries? Share your thoughts in the comments section below!


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Tether Dominates 98% of Stablecoins’ Daily Trading Volume: Report

Despite the criticisms of opaqueness and centralization leveled against Tether, the stablecoin which was initially known as RealCoin continues to beat its rivals by wide margins. In a report titled The State of Stablecoins, digital assets tech firm Blockchain Luxembourg SA estimates that approximately 98% of the total daily trading volume of stablecoins is dominated … Continued

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New POS Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

Indonesian cryptocurrency and payments company Pundix has introduced a point of sale terminal at a shop in Nigeria, allowing people in the West African country to make purchases using cryptocurrency, including bitcoin. The move is seen as key to scaling up cryptocurrency adoption and development in Africa’s biggest bitcoin market.

Also read: Payments Platform Wirex Launches Iban For Spanish and French Users, Doubles Account Limits

Payments Go Crypto With ‘a First for Africa’, in Nigeria, by Pundix

A Nigerian importer and distributor of agriculture products has installed a point of sale payment system that is underpinned by cryptocurrency such as bitcoin (BTC), in what the owners claim ‘is a first for Africa.’

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

In addition to using conventional currency, shoppers at Joetech Systems Ltd can now pay for goods and services on the XPOS terminal using bitcoin and three other virtual currencies, including ethereum. Payment is completed within seconds.

The terminal has been launched in partnership with Indonesian cryptocurrency and payments company Pundix, which has shipped or is in the process of shipping up to 5,000 XPOS devices to several countries including Colombia, the UK, Korea, Hong Kong, Switzerland and Brazil.

Terminal Supports Transactions via Mobile Wallets and Bank Cards

The payment system works more or less in the same way as the traditional POS system, only that the terminals connect to the blockchain and settlements are made via virtual currency. Pundix, the XPOS maker, says the device supports transactions through mobile wallets and bank cards.

Michael Lawal, business development manager at Pundix, explains how the new payment platform works, at Joetech Systems Ltd in Nigeria. “I have 0.01 BTC and I am going to make a transaction of 200 Naira (Nigerian currency),” Lawal said, in a video demonstration, on September 28.

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

“The cashier provides three options – to pay either with cash, XPOS card or XPOS Wallet. If you are paying with Xwallet you will need to scan a QR code. I am going to use XPOS card and pay using BTC.

“Once you choose your payment option, the cashier automatically calculates the rate of conversion using current market rates to the local currency, which is Naira. You have two seconds lock in period to safeguard the consumer and the merchant,” he said.

As the machine issues a receipt within seconds of initiating the transaction, signalling success, Lawal declared: “That was the first live transaction in Africa, it happens in Nigeria. Blockchain adoption is very possible. We will continue to collaborate and partner with people who believe in the true adoption, scalability and speed of blockchain.”

Ezenwa Ndukwe, managing director of Joetech Systems Ltd, had not responded to our request for comment at the time of going to press. Pundix co-founder and chief executive officer, Zac Cheah tweeted that the “first XPOS went live in Nigeria…”

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

Uncertainty in Africa’s Biggest Bitcoin Market

With a population in excess of 185 million, Nigeria is not only Africa’s most populous nation but also the continent’s biggest bitcoin and cryptocurrency users. Nearly $260 million worth of bitcoin has been traded by Nigerians on just one exchange, localbitcoins.com, according to a report by the platform earlier this year. However, issues of regulatory uncertainty continue to cast a shadow over the future of cryptocurrency in the West African country.

The Central Bank of Nigeria (CBN), which has previously cautioned against buying and selling cryptocurrency, this week reiterated its warning. “We have not seen any country where cryptocurrency is regulated,” Godwin Emefeile, governor of the CBN, told a meeting in Lagos. “We are not at home with cryptocurrency because there is no issuing authority…”

What do you think about what’s going in the Nigerian cryptocurrency space? Let us know in the comments section below.


Images courtesy of Shutterstock and Pundix


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New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

Following some notable premiers in the genre recently, the next batch of stablecoins is on the way. A British startup is partnering with a bank to launch a GBP-pegged crypto, a Swiss commodities trader wants to mint a coin backed by metals, and a Mongolian telecom has been licensed to issue the country’s first digital currency with the same value as the national fiat.

Also read: European Regulator Renews Restrictions on Crypto-Based Derivatives  

Pound-Pegged Stablecoin on the Horizon in the UK

The last couple weeks saw the arrival of new stablecoins in the crypto space. The US dollar-pegged Tether (USDT) will have to compete against two alternative cryptocurrencies boasting similar features to those that made Tether popular among traders and speculators. Gemini Dollar (GUSD) and Paxos Standard (PAX), both approved by the New York State Department of Financial Services, are ERC20 tokens backed one-to-one with US fiat currency. And both, like Tether, sparked controversy almost immediately with allegations that the authorized issuers, Gemini Trust and Paxos Trust, can freeze accounts and funds if required by the law.

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’Several new announcements related to stablecoin projects were made this week. UK-based OTC crypto-trader and exchange operator LBX, London Block Exchange, intends to launch a cryptocurrency pegged to the British pound. The platform revealed yesterday it had reached an agreement with a banking partner to issue the new digital currency called Lbxpeg which will be backed by reserves of British fiat money. The participating financial institution has not been revealed yet. Quoted by Business Insider, LBX CEO Benjamin Dives said, “We would be ready for the first cryptopound to be minted in the next 10 days.” He added that the reserves underpinning the coin will be audited by a leading accountancy firm on a regular basis.

According to details released by LBX itself, their stablecoin will be tied to the value of the pound sterling (GBP) and held in a UK bank account on a 1:1 basis. The exchange noted that Lbxpeg will allow users to transfer the digital equivalent of GBP “quickly, easily and on a global scale.” The company said this will be happening on a decentralized network – initially, the project will be utilizing the Ethereum blockchain to develop, distribute and manage the crypto. “Lbxpeg will be an ERC-621 token – building upon the ERC-20 standard – which will grant the required flexibility in the total supply to match the quantity of GBP held in the segregated bank account. Lbxpeg will also be issued on other blockchains where compliance controls can also be maintained,” the team of the London-headquartered startup explained.

Metal-Backed Crypto to Be Launched in Switzerland

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’Asset manager and commodities trader Tiberius Group is creating a digital currency backed by precious metals like gold, platinum, and also tin, copper, nickel, aluminum, and cobalt. According to media reports, the cryptocurrency will be launched on the first day of October by Tiberius Technology Ventures which is based in Switzerland, one of Europe’s leading crypto-friendly jurisdictions. “Instead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals and electric vehicle metals,” the chief executive officer of the subsidiary, Giuseppe Rapallo, told Bloomberg. He believes this will make the crypto more stable and attractive for investors.

Rapallo further detailed that Tiberius Coin will be sold at around $0.70 USD under Swiss law and not as an unregulated token issued through an initial coin offering (ICO). He stressed that its supply will depend on the demand and will be limited by the availability of the metals included in the basket of commodities used to back the crypto. The company official added that the coin will be listed on a regulated trading platform, Estonian-based cryptocurrency exchange Latoken. Chief scientist and security officer at Tiberius Technology Ventures is Philip Zimmermann, the creator of PGP, the popular email encryption software.

Mongolian Central Bank Authorizes a Digital Coin

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’Mobifinance, a non-bank financial subsidiary of the largest telecom company in Mongolia, Mobicom Corporation, has acquired a certificate to issue the first digital currency under the country’s new fintech regulations. The “Electronic cash” license has been granted by the Bank of Mongolia, which has developed a regulatory framework for the digital space following the adoption of the bill “On the national payment system” earlier this year. The bank’s president, Erenhiylegch Bayartsaikhan, handed the certificate to the general director of Mobicom, Tatsuyaa Hamadad, during an official ceremony.

According to a press release, the new coin is called “Candy” and is already in circulation, offering its users the opportunity to pay bills, shop online, transfer funds, and take micro loans using their mobile phones. Its webpage describes Candy as an alternative payment instrument with the same value as the national fiat, the Tugrik. The electronic money is currently available to Mobicom subscribers but the digital payment system will be offered to other operators and their customers across Mongolia from October 1.

What are your expectations about the future of stablecoins? Let us know in the comments section below.


Images courtesy of Shutterstock, Candy.


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Former UBS Executives Raise $104 Million to Create Regulated Crypto Bank

Former UBS executives raised $104 million to operate Seba, a strictly regulated crypto bank, with a banking license from Finma, the Swiss financial regulator. The infrastructure of the cryptocurrency exchange market is improving rapidly with Bakkt, Coinbase, and major US-based banks like Citigroup, Morgan Stanley, and Goldman Sachs that have recently released their plans to … Continued

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Swiss Financial Services Company Raises $100 Million to Launch Crypto Bank

A financial services company based in Zug, Switzerland has raised roughly $104 million (100 million CHF) from investors as it looks to create a bank to lets consumers trade fiat for digital currency. According to Bloomberg, Seba Crypto AG raised the cash from a mixture of private and institutional investors. One of the people behind … Continued

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European Banks Complicit as Corrupt African Leaders Plunder Their Home Economies

European Banks Complicit as Corrupt African Leaders Plunder Their Home Economies

European banks have allegedly been complicit as corrupt African leaders pilfer the wealth of their economies in the billions of dollars. The Angolan government on Monday arrested the son of ex-president Jose dos Santos for stealing $500 million from the country’s sovereign wealth fund, with the help of a British bank. It is only a few days ago that Nigeria demanded that a bank in Europe returns $100 million laundered by former dictator Sani Abacha. In Liberia, ex-central bank governor Milton Weeks is under investigation for the $104 million that vanished from state coffers.

Also read: Pushing The Boundaries Of Economic Change: Bitcoin As A Medium Of Exchange In Africa

Angola Police Arrest Ex-President’s Son Over Allegations of $500 Million Plunder

Police in Angola on Monday arrested the son of former president Jose Eduardo dos Santos, over a corruption case involving the alleged illegal transfer of $500 million of public funds to a British bank, according to a report by Bloomberg.

Jose Filomeno dos Santos was placed in “preventive detention”, Angolan authorities say.

European Banks Complicit as Corrupt African Leaders Plunder Their Home Economies
Jose Filomeno dos Santos

He had initially tried to wire the funds to the London branch of Swiss bank Credit Suisse using “forged documents”, but British authorities blocked the transfer “suspecting foul play,” say earlier reports.

The transfer later sailed through, this time allegedly via an HSBC Holdings plc account in the United Kingdom, Bloomberg reported, quoting the Angolan prosecutor general Alvaro Da Silva Joao.

“The evidence gathered resulted in sufficient indications that the defendants have been involved in practices of various crimes including criminal associations, receipt of undue advantage, corruption, participation in unlawful business, money laundering, embezzlement, fraud among others,” he said.

Angola’s Finance Ministry says dos Santos, who was head of the country’s $5 billion wealth fund, disguised the transfer as a project aimed at attracting investment in Angola with the help of a fake guarantee from a bank in Europe.

European Banks Complicit as Corrupt African Leaders Plunder Their Home Economies

Appointed by his father to head the wealth fund in 2013, dos Santos was sacked earlier this year after he was charged with misappropriating public funds to the tune of $500 million from the National Bank of Angola. He promised to comply with investigations at the time.

His arrest, together with Angolan-Swiss businessman Jean-Claude Bastos de Morais, is part of President Joao Lourenco’s plans to rid Africa’s number two oil producer of corruption. Angola is ranked by the Transparency International among the world top 20 most corrupt countries.

Former Transport Minister Augusto da Silva Tomas has also been arrested over allegations of embezzlement, local media reported.

Banks Face Criticism Over Growing Trend

The latest development comes at a time when European banks have faced criticism for allegedly aiding corrupt African leaders siphon billions of dollars from the impoverished continent. According to the African Capacity Building Foundation, the continent loses up to $50 billion in illicit financial flows each year.

Nigerian President Muhammad Buhari last week demanded that HSBC Bank return up to $100 million it allegedly helped former dictator Sani Abacha launder from the Nigerian economy.

European Banks Complicit as Corrupt African Leaders Plunder Their Home Economies

In 2006, Switzerland handed back $500 million of the Abacha loot to Nigeria – the first time any bank in Europe had returned stolen money to a country in Africa.

Liberia has indicated that it is investigating its former central bank governor Milton Weeks and Charles Sirleaf, son of the former president Ellen Johnson Sirleaf, over $104 million that vanished from state coffers.

HSBC Holdings plc is one of the largest banking and financial services organisations in the world. HSBC’s international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East, and Africa.

But the firm has been forced to pay billions of dollars in fines for money laundering and other financial crimes. In the US, HSBC paid $1.92 billion for helping to facilitate the laundering of Mexican drug money, and several million were paid in Hong Kong for systemic deficiencies.

Cryptocurrency to Stem The Flow of Illicit Transfers

Cyptocurrency is seen as key to helping African countries fight corruption and illicit transfers.

A report by Enrique and Eduardo Aldaz-Carrol published on the Brookings Institution website revealed that: “cryptocurrency and blockchain could help prevent fraud and corruption, reduce the costs of enforcement thanks to easily accessible information and faster crosschecks, and help supervise implementation and monitor efficiency and effectiveness of spending, increasing development impact”.

Do you think that banks in Europe are contributing to the collapse of African economies? Let us know how you feel in the comments section below.


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Swiss Bankers Association Acts to Prevent Crypto Firm Exodus

Swiss Bankers Association Acts to Prevent Crypto Firm Exodus

The Swiss Bankers Association (SBA) has released a set of guidelines intended to bolster the availability of financial services to cryptocurrency companies. They are in response to the stubbornness of many banks to provide financial services to crypto-related businesses.

Also Read: Markets Update: Despite Negative Headlines – Crypto-Prices Continue to Rise

Swiss Bankers Association Publishes Guidelines Intended to Stem Crypto Exodus

Swiss Bankers Association Acts to Prevent Crypto Firm ExodusThe Swiss Bankers Association has published guidelines aimed at financial institutions who are willing to partner to cryptocurrency and DLT businesses.

The guidelines are a response to growing concerns that an unwillingness on the part of many banks to provide financial services to cryptocurrency companies may drive an exodus of crypto start-ups from Switzerland.

Adrian Schatzmann, strategic adviser of the SBA, stated: “We believe that with these guidelines, we’ll be able to establish a basis for discussion between banks and innovative startups, making the dialogue simpler and facilitating the opening of accounts.”

Guidelines Recommend Different Procedures for Crypto Companies Conducting ICOs

Swiss Bankers Association Acts to Prevent Crypto Firm ExodusThe guidelines outline a number of operational recommendations for banks partnering with cryptocurrency firms.

The SBA makes specific recommendations for firms that are conducting initial coin offerings (ICOs), also suggesting separate know-your-customer and anti-money laundering (AML) procedures for firms that raise funds through ICOs in the form fiat currencies and ICOs generating funds in the form of cryptocurrencies.

“This provides more clarity not only to banks, but also to startups,” Oliver Bussmann, head of the Crypto Valley Association said.

Swiss Banks Restrict Services to Crypto Companies Amid ICO AML concerns

Swiss Bankers Association Acts to Prevent Crypto Firm ExodusThe guidelines have been issued in response to increased trepidation among Swiss financial institutions with regard to partnering with crypto firms, with Reuters citing sources as asserting that “banks are worried because some of the companies that carried out ICOs did not do AML checks on their contributors, meaning the banks themselves could fall foul of AML rules.”

With Mr. Bussmann estimating that 530 crypto and DLT companies have established operations in Zurich and Zug, it is imperative for the survival of the local industry that firms are able to access basic financial services.

Deputy chief executive officer of the SBA, August Benz, indicated that while the initial discussion between the SBA and local financial institutions has been positive thus far, it will take time to assess the impact of the new guidelines.

Do you think that the Switzerland will can retain its position as a leading crypto hub despite trepidation on the part of local banks in partnering with virtual currency firms? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Swissbanking.org


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