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Category Archives: Cryptocurrency

Cryptocurrency In A Declining Market: What Lawyers Need To Know About Bankruptcy, Regulation, And Other Trends – Above the Law

Posted: October 8, 2022 at 3:55 pm

Like any other investment, cryptocurrency can be exciting and rewarding when the market is hot and when it cools down, investors, funds, and the lawyers who advise them can face tricky questions.

As noted in a recent Practising Law Institute Briefing, Cryptocurrency and Bankruptcy: What Lawyers Need to Know Now That Crypto Winter Is Here, crypto is not immune to the effects of a declining market nor to bankruptcy and its related laws.

During the information-packed One-Hour Briefing, presenter Noah Schottenstein, of DLA Piper, walks attendees through the basics of the crypto finance market, defining its unique features as compared to traditional finance. He goes on to explore novel legal issues that bankruptcy courts are only beginning to face.

As explained by Schottenstein, the crypto winter that began earlier this year was associated with the crash of the Terra/Luna cryptocurrencies. The dramatic dip in the crypto market ultimately saw high-profile bankruptcy filings, including the Three Arrows Capital hedge fund and the retail-focused crypto platforms Voyager and Celsius.

The Briefing continues with discussion of topics such as the application of avoidance actions to cryptocurrency transactions, the types of claims and protections retail depositors and other counterparties may hold in bankruptcy proceedings, and the overlay between regulatory structures and bankruptcy law.

In-house counsel, outside attorneys, and compliance, finance, and other allied professionals interested in the structure of cryptocurrency finance markets and bankruptcy law can get up to date with this program and learn why expectations surrounding the impact of bankruptcy may be upended in this evolving landscape.

Crypto and securities regulation

The bankruptcy program comes at a time when the intersection of regulations and crypto is an increasingly hot topic. At The SEC Speaks in 2022, presented by PLI with the SEC in Washington, D.C. on September 8 and 9, a main topic was crypto, crypto, crypto, said Kurt Wolfe, co-host of PLIs inSecurities podcast, in an episode about the conference. Every single panel that I attended talked about crypto, even some of the ones you wouldnt think of, like trading and markets, he said.

Wolfe and co-host Chris Ekimoff discussed the significance of Chairman Genslers opening remarks for The SEC Speaks, titled Kennedy and Crypto. In his speech, the Chairman asserted, Nothing about the crypto markets is incompatible with the securities laws. Investor protection is just as relevant, regardless of underlying technologies.

Interested in learning more?

PLI offers a wealth of resources on cryptocurrency.

If youd like to brush up on the basics, check out the one-day program Think Like a Lawyer, Talk Like a Geek 2022: Get Fluent in Technology, taking place via live webcast and in person on October 14. This unique program is designed to give lawyers the necessary background to become more knowledgeable advocates in technology-related matters and understand the emerging trends in this field, including blockchain, cryptocurrencies, and NFTs.

For those interested in diving into the growing crypto trend of DAOs, or decentralized autonomous organizations, PLI will offer Decentralized Automated Organizations (DAOs): Practical Applications and Legal Framework. Register for the November 16 One-Hour Briefing to learn how DAOs have the potential to disrupt the traditional economic system as they become active investors and lenders, while raising significant issues of securities, tax, and corporate law.

See additional crypto-related content on PLIs website.

Practising Law Institute is a nonprofit learning organization dedicated to keeping attorneys and other professionals at the forefront of knowledge and expertise. PLI is chartered by the Regents of the University of the State of New York and was founded in 1933 by Harold P. Seligson. The organization provides the highest quality, accredited, continuing legal and professional education programs in a variety of formats which are delivered by more than 4,000 volunteer faculty including prominent lawyers, judges, investment bankers, accountants, corporate counsel, and U.S. and international government regulators. PLI publishes a comprehensive library of Treatises, Course Handbooks, Answer Books and Journals also available through the PLI PLUS online platform. The essence of PLIs mission is its commitment to the pro bono community. View PLIs upcoming programs here.

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Cryptocurrency Price Today 8 Oct: Altcoins Tank As Inflation Soars – CoinGape

Posted: at 3:54 pm

Cryptocurrency Price Today 8th Oct:- The crypto market is down once again as the macroeconomic outlook keeps getting worse. Bitcoin fell below the $20k mark once again and is currently trading at $19,481. It fell close to 2.42% in the last 24 hours.

Altcoins continue to face the major brunt of the sluggishness in the crypto market. Ethereum fell by 2.62% in the last 24 hours and is currently trading at $1327.

Binance Coin or BNB was one of the biggest losers of the crypto market. After facing a major hack with an attempted steal of $600 million, BNB fell by 1.42% in the last 24 hours. It is currently trading at $281.32.

Solana and DOGE both fell close to 2% in the last 24 hours and are trading at $32.91 and $ 0.6236 respectively.

Algorand suffered a major blow as well and fell by over 2% on the last day.

The market eyes the unemployment data due today with great interest. It can give a possible indication of the future policy guidance of the Fed.

The crypto market is struggling due to the aggressive stance of the Federal Reserve. Despite the continuing threat of a recession, the Fed appears to be in lockstep in their quantitative tightening.

The unemployment data is threatening to further bolster the Feds hawkish stance. It highlights that the economy and the labor market are too strong for the Fed to pivot to monetary easing.

The decision from the Organization of Petroleum Exporting Countries to cut oil supply to raise prices will not help matters. However, President Biden claims that his administration is looking into other options to counter OPECs move.

Minnesota Fed President Neel Kashkari claims that the current economic condition may look a lot like stagflation but is only a transitionary period. However, in a bizarre statement, he claims that there is no evidence that inflation has peaked.

As back-to-back data highlights high inflation, the Fed will eye the CPI data next week before making a decision on the next interest rate hike on the 1st of November.

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society's biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Cryptocurrency vs CBDC vs digital money: Whats the difference? – Business Today

Posted: at 3:54 pm

After months of anticipation, the Reserve Bank of India on Friday released a concept note on the digital currency. It said that it intends to plan pilot launches of a central bank-backed digital currency (CBDC) or e-Rupee for specific use cases.

There has been a lot of buzz around the concept of cryptocurrencies, CBDC, and digital currencies. A central bank digital currency can be described as the digital form of a country's fiat currency, whereas a cryptocurrency is also a digital currency, which is an alternative form of payment with unique encryption algorithms. In layman's terms, a CBDC is simply digital fiat, whereas cryptocurrencies are digital assets on a decentralised network.

The RBI also said that it will soon start the pilot launch of the digital rupee for specific use cases.

Here's how cryptocurrency, CBDC, and digital money differ from each other:

Digital Rupee

The Reserve Bank of India has defined CBDC as a legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Named the Digital Rupee, or e-Rupee, the digital currency will be the same as a sovereign currency and will be in alignment with their monetary policy.

As per RBI, the digital Rupee system will bolster Indias digital economy, enhance financial inclusion, and make the monetary and payment systems more efficient.

Also read:RBI floats concept paper on digital currency; says will launch pilot e-rupee for specific use cases soon

Other possible features of e-Rupee are that the digital currency must be accepted as a medium of payment, legal tender, and a safe store of value by all citizens, enterprises, and government agencies. It can be freely converted against commercial bank money and cash.

The digital Rupee will be a fungible legal tender, that means the holders or consumers can use it without having a bank account.

RBI expects its expenditure on issuance of money and transactions to go down drastically with the introduction of CBDC.

CBDC

CBDCs are digital version of government-backed, fiat money, which uses blockchain technology to verify and store transaction data. But the major difference is they operate on a centralised network, which is a permissioned network.

CBDCs will work seamlessly where the transactions wont have to pass through multiple banks, like the UPI. The CBDC transaction can happen nearly instantaneously on one digital ledger. For those who are unbanked, CBDCs would provide a way to transfer money digitally, which is not possible at present with UPI or wallet.

Also read:Centre finalising stance on cryptocurrencies as FATF discussions loom

Globally, many nations, such as China, Ghana, Jamaica, and some European countries are exploring their CBDC products. Some have even launched their digital currencies.

There are nine countries that have fully launched their CBDCs. Eight of the nine countries are located in the Caribbean. The Sand Dollar of the Bahamas was the first CBDC of the world, which was launched in 2019.

Cryptocurrencies

Cryptocurrencies, like Bitcoin and Dogecoin, are stored on a decentralised blockchain network, where transactions can happen, authenticated, and recorded in the public ledger without any third-party interference or central authority monitoring the deal.The basic core difference between a cryptocurrency and digital money is that cryptocurrencies use decentralised network.

Whereas CBDCs, though use the blockchain technology, is entirely centralised. A central bank oversees and facilitates the transactions with the help of other third-party organisations. In the core, cryptocurrencies are private money, whereas CBDCs are government-backed forms of money. Therefore, CBDC is touted as safe form of money.

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Visa Teams Up With FTX To Offer Cryptocurrency Debit Cards In 40 Countries – TronWeekly

Posted: at 3:54 pm

CNBC reported today that the payments company, Visa, has teamed up with FTX, a global crypto exchange, to offer cryptocurrency debit cards in 40 countries, making it easier for users to spend cryptocurrencies.

Its Visas new initiative to push crypto further into the mainstream, with over 70 partnerships so far. The deal has come to light when the price of Bitcoin and other cryptocurrencies has fallen to almost half of what it was last year. Despite falling prices this year, Visa is confident that people will still want to buy things using cryptocurrencies.

This card will link directly to an investors FTX cryptocurrency account. Additionally, the CNBC report highlights that Latin America, Asia, and Europe will primarily be their areas of attention.

However, Visa has partnered with the most popular crypto Exchanges, Binance and Coinbase. Its rival, American credit card company, Mastercard, has also joined the collaboration trend by partnering with Coinbase and Bakkt to offer currency-related services to banks and retailers on its network, the CNBC report said in the statement.

FTX launched its Visa debit card in the US earlier this year. As a result of its long-standing partnership with Visa and its extensive global network of partner retailers, they now want to make these cards widely available to expand its availability.

In a phone interview, Visa CFO Vasant Prabhu told CNBC that the new crypto card enables clients to spend cryptocurrency without transferring it off an exchange.

Visa CFO Vasant Prabhu also asserts that:

We dont have a position as a company on what the value of cryptocurrency should be or whether its a good thing in the long run as long as people have things they want to buy, we want to facilitate it.

In the CNBC report, FTX CEO Sam Bankman-Fried acknowledges that there are multiple ironies in cryptocurrency partnerships. Cryptocurrencies were originally created to avoid banks and other middlemen, but now they embrace them for their newfound popularity among mainstream users.

Bankman-Fried also argues that payment cards are crucial to cryptos growth into something more than just a speculative asset. He noted that the Visa partnership made it much easier for merchants to accept cryptocurrencies without having to set up their technical infrastructure, citing that Visa and FTX converted them behind the scenes.

According to both CEOs, emerging markets present the most enticing opportunity for investors of digital assets. Countries such as Turkey and Argentina were identified by Bankman-Fried as having rampant inflation rates of over 83% and 78%, respectively.

Related Reading | Shiba Inu: Yet another tease for the most complex card game

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CME Group and CF Benchmarks to Launch Three New Cryptocurrency Reference Rates and Real-Time Indices on October 31 – PR Newswire

Posted: at 3:54 pm

CHICAGO and LONDON, Oct. 6, 2022 /PRNewswire/ --CME Group, the world's leading derivatives marketplace, and CF Benchmarks, the leading provider of cryptocurrency benchmark indices, today announced plans to launch three new cryptocurrency reference rates and real-time indices, which will be calculated and published daily by CF Benchmarks, beginning October 31.

Logo: https://mma.prnewswire.com/media/1915231/CME_CF_Benchmarks_Combo_Logo.jpg

These reference rates and indices are not tradable futures products. They include the following:

"Together with bitcoin, ether and other available cryptocurrencies, CME CF Reference Rates and Real-Time Indices will capture more than 92% of the investable cryptocurrency market capitalization," said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products. "These new benchmarks are designed to allow traders, institutions and other users to access a much broader range of cryptocurrencies through a suite of products they are already familiar with, allowing them to confidently and more accurately manage cryptocurrency price risk, value portfolios or create structured products like ETFs."

CME CF Reference Rates and Real-Time Indices are based on robust methodologies that have regular expert oversight and are designed to meet the growing need for transparent, regulated and round-the-clock pricing.

Several leading crypto exchanges and trading platforms will provide pricing data for these new benchmarks, starting initially with Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. Each coin will trade on a minimum of two of these constituent exchanges.

"Investors are increasingly seeking exposure to a wider range of cryptocurrencies as they learn more about the potential of the digital asset class," said Sui Chung, CEO of CF Benchmarks. "Regulated investment products, spearheaded by CME Group's Crypto derivative suite, have helped open crypto to a much wider range of investors. Through its robust reference rates, CF Benchmarks is proud to be able to facilitate the creation of regulated financial products for this new asset class so investors can seek and manage exposure with confidence."

"The introduction of new products at CME Group is both exciting and necessary, as investors demand a focused exchange where safety and risk are a primary priority," said Bill Cannon, Head of Portfolio Management at Valkyrie Investments. "This expansion provides functional accessibility to a variety of new and unique financial products, bridging the ever-narrowing gap between traditional and decentralized financial markets. We find that these types of innovations, especially at the current point in the cycle, will help build a stronger foundation in digital assets and create new channels of growth considering the amount of investment currently entering the sector."

Each of these new reference rates will provide the U.S. dollar price of each digital asset, published once-a-day at 4 p.m. London time, while each respective real-time index will be published once per second, 24 hours a day, 365 days per year.

For more information on these products, please visit http://www.cmegroup.com/cryptobenchmarks.

About CME Group

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based oninterest rates,equity indexes,foreign exchange,energy,agricultural productsandmetals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-miniare trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively.Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.

About CF Benchmarks

CF Benchmarks is the leading provider of cryptocurrency benchmark indices, authorised and regulated by the UK FCA under the EU BMR. Composed of market data from six constituent exchanges, its benchmark indices are provided through public methodologies and transparent governance, for tracking, valuing and settling risk in cryptocurrency financial services and products. CF Benchmarks' indices have been used to settle over $500bn of cryptocurrency derivative contracts listed for trading by CME Group and Kraken Futures.

CME-G

SOURCE CME Group

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Cryptocurrency Elrond’s Price Increased More Than 4% Within 24 hours – Elrond (EGLD/USD) – Benzinga

Posted: at 3:54 pm

Over the past 24 hours, Elrond's EGLD/USD price has risen 4.12% to $55.88. This continues its positive trend over the past week where it has experienced a 17.0% gain, moving from $46.53 to its current price. As it stands right now, the coin's all-time high is $545.64.

The chart below compares the price movement and volatility for Elrond over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 209.0% over the past week while the overall circulating supply of the coin has increased 2.69% to over 23.62 million which makes up an estimated 75.19% of its max supply, which is 31.42 million. The current market cap ranking for EGLD is #43 at $1.31 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency prices today rally as Bitcoin, ether surge over 5% each | Mint – Mint

Posted: September 27, 2022 at 8:51 am

Cryptocurrency prices today rose as Bitcoin, the world's largest and most popular cryptocurrency, was trading more than 5% higher at $19,736. The global crypto market cap today was nearing the $1 trillion mark, as it was up over 3% in the last 24 hours at $999 billion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained more than 5% at $1,368. Meanwhile, dogecoin price today rose marginally to $0.06 whereas Shiba Inu gained nearly 2% to $0.000011.

Most cryptocurrencies rose on Monday in counter to the equity markets. After dipping in the past week, Bitcoin and Ethereum rose by nearly 5% each. As buyers could fix the BTC initiative above the US$19,000 level, the next resistance would be at $20,600. On the other hand, Ethereum also regained its psychological support at $1,300. The supply of the token has increased by 8,400 ETH as it transitioned from PoW to PoS. We might likely see a mid-term growth if the price of Ethereum returns to the $1,380-$1,400 level," said Edul Patel, CEO and co-founder of Mudrex, a global crypto investing platform.

Other crypto prices' today performance also improved as Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Cardano, Chainlink, Tron, Tether prices were trading with gains over the last 24 hours, however, XRP, Stellar, ApeCoin slipped. Terra and Terra Luna Classic rallied more than 24% and 48% respectively, as per CoinGecko.

South Korea said Interpol requested law enforcement worldwide to locate and arrest Terraform Labs co-founder Do Kwon, who faces charges related to the $60 billion wipeout of cryptocurrencies he created, reported Bloomberg. South Korean officials have accused Kwon and five others of crimes including breaches of capital-markets law. Kwon earlier this year moved from South Korea to Singapore, where his now collapsed Terraform Labs had a base, but his location became unclear after the city-state on Sept. 17 said hes no longer there.

Terraform Labs was behind the TerraUSD algorithmic stablecoin and its sister token Luna. Both coins imploded in May and sparked huge losses in crypto markets, which were already reeling from tightening monetary policy.

(With inputs from agencies)

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What Will Stop Cryptocurrency Crime: Making Transactions Reversible or Identifying Participants? – PaymentsJournal

Posted: at 8:51 am

Stanford University researchers have proposed token standards, based on ERC-20 and ERC-721, that enable transactions to be unwound, which some argue breaks the cryptocurrency prime directive of immutability. What will stop cryptocurrency crime?

According to an article from The Defiant:

Reversibilitythe ability to redo transactions on blockchainshas long been a challenging project for crypto scientists. The Stanford team believe it may hold the key to making cryptocurrencies more protected from hackers.Chainalysis, the blockchain forensics firm, estimates that hackers stole $14B in crypto hacks during 2021.Yet to make this proposition work, technologists would have to tinker with one of the most sacred properties in cryptocurrency systems: immutability.

But is that really the best way to slow criminal activity?

Today the card networks and issuing banks offer zero liability, but that service often requires banks fund the criminal activity. The largest volume of card-related fraud is the direct result of improper or no cardholder identificationthink prepaid cardsand a poor authentication process criminals can bypass. So much of the fraud loss experienced today could be prevented if issuers implemented better identity validation when accounts were opened and better authentication techniques across all their customer touchpoints, including card usage. Zero liability kicks in when those basic building blocks fail.

Criminals love pseudo-anonymity as do too many cryptocurrency business leaders. When you dont need to worry where your investment dollars came from, business funding gets much easier. We were stunned when an honest CEO did what nobody else has done, he closed down his NFT business due to the rampant crime that was clearly visible. That article is important to read for anyone really interested in mitigating cryptocurrency and NFT criminal activity.

If we want cryptocurrencies to have a net positive impact on society, we need to know who was involved in the transaction and who is funding the business. Making it easier to unwind a completed transaction requires an arbiter which crosses another cryptocurrency tenant; the lack of any centralized authority.

Overview byTim Sloane,VP, Payments Innovation at Mercator Advisory Group.

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Greece Has Sixth-Most Cryptocurrency ATMS in European Union – The National Herald

Posted: at 8:51 am

ATHENS Cryptocurrency prices are in free fall, plummeting 60 percent in a year, but its still enough in demand in Greece, driven by tourists, that the country ranks sixth in the European Union for the number of Bitcoin ATMs.

There are 64, mostly concentrated in the capital Athens and second-largest city Thessaloniki, said Coin Telegraph, but also on popular islands including Mykonos and Santorini, operated by BCash.

The companys Director and Co-founder Dimitrios Tsangalidis told the site that the most use however comes in the cities but that they are popular on the biggest island Crete, where there is a very loyal cryptocurrency crowd.

Cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions for buying, selling, and transferring.

In Heraklion, the capital of Crete, the local start-up accelerator H2B Hub collaborated with Cyprus University of Nicosia to create and support a local blockchain community, the report noted

But while tourism is Greeces biggest revenue engine, seen this year bringing in more than 20 billion euros ($19.29 billion) during the waning COVID-19 pandemic, he said it hasnt translated for crypto users.

Unfortunately, the absolute opposite happens, said Tsangalidis, bemoaning the fact that most Greeks have absolutely no idea what bitcoins are nor how to use cryptocurrency or want to do so yet.

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WBT Is Joining Another Leading Cryptocurrency Platform Press release Bitcoin News – Bitcoin News

Posted: at 8:51 am

press release

PRESS RELEASE. WhiteBIT Token is a utility token of one of the biggest European exchanges, WhiteBIT. The token is progressing in leaps and bounds. Recently, the exchange released the news about WBT joining another world-class exchange, Huobi, evoking a new wave of interest in the freshly released crypto.

The history of WBT has only begun. Even though WhiteBIT launched four years ago, it released its token less than two months ago. The team explained that they took a thoughtful approach to creating the in-house token because the main goal was to listen to the communitys needs and embody them in an exclusively remarkable crypto asset. On the 14th of August, WhiteBIT initiated the private sale of tokens, which ended phenomenally 15 minutes after the start. Hence, the interest from the mass media significantly increased, which heated the longing of the crypto community to buy the token as soon as possible. Ten days later, the exchange listed WBT and paired it against USDT. In just one week, the token value increased and reached $7.08 per 1 WBT.

The WhiteBIT team has meticulously prepared for the release of the token, placing all possible benefits for the holders in one product, namely:

up to 100% of maker fee discount and up to 90% of taker fee discount;

daily free ERC20/ETH tokens withdrawals;

increased referral rate; free daily AML checks.

WhiteBIT takes adequate measures to protect its token from inflation. The exchange buys the tokens and burns them up until at least half the circulating supply is burned. Adding WBT to well-known exchanges is a new successful chapter for WBT and its team.

This is a 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.

Bitcoin.com is the premier source for everything crypto-related.Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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