Autor Cointelegraph By Arijit Sarkar

Binance.US awarded money transmitter license in Puerto Rico

Binance.US awarded money transmitter license in Puerto Rico

Uverejnil používateľ | apr 20, 2022 |

Puerto Rico becomes the fourth jurisdiction in America to grant a money transmitter license to Binance.US, the American arm of the crypto exchange Binance. Other states that issued operational licenses to Binance.US include Wyoming, Connecticut and West Virginia. Binance.US was launched as a second attempt by Binance CEO Changpeng Zhao to cater to investors in the United States as the nation banned Binance’s primary operations, citing regulatory concerns. The new license from Puorto Rico further strengthens CZ’s vision “to be licensed everywhere.”According to the announcement, the money transmitter license was awarded to Binance.US by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF). While highlighting the company’s intent to obtain operational licenses in all 50 U.S. states and territories, Binance.US CEO Brian Shroder said that “Puerto Rico, in particular, is an important market for the growth of crypto.”As a money transmitter, Binance.US is allowed to receive and transfer funds between the users on the platform.On April 6, Binance.US completed its first-ever external funding and reached a $4.5 billion valuation after raising over $200 million from various investors, including Circle Ventures. The company intends to redirect the recent funding to improve existing systems and launch a new suite of products. The announcement also highlights that Binance.US operates in 45 states and seven territories. Related: Binance receives in-principle approval to operate in Abu DhabiBinance’s aspiration to conduct business as a regulated entity has seen positive development in the Middle East as well. On April 10, Abu Dhabi became the third jurisdiction in the Middle East to award Binance an in-principle approval to operate as a regulated crypto exchange. Previously, the exchange received approvals from Bahrain and Dubai. As Cointelegraph previously reported, Abu Dhabi Global Market’s (ADGM) approval allows Binance to operate as a broker-dealer in digital assets, including cryptocurrencies.

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Crypto exchange CoinDCX raises $135M funding to support Indian Web3

Crypto exchange CoinDCX raises $135M funding to support Indian Web3

Uverejnil používateľ | apr 19, 2022 |

Crypto exchange CoinDCX became India’s first crypto business to complete a Series D funding round, raising $135 million in support of various Web3 and crypto initiatives in the country. The latest funding round resulted in CoinDCX doubling its valuation to $2.15 billion, which was led by Pantera and Steadview and saw participation from prominent investors including Kingsway, DraperDragon and Republic. Existing investors such as B Capital Group — a VC firm from Facebook co-founder Eduardo Saverin — Coinbase, Polychain and Cadenza also joined in on the oversubscribed funding round to increase their investments in the crypto exchange.Excited to share that CoinDCX has raised over USD 135 million, in our latest Series D funding round. Another step closer to our dream of making #crypto accessible to every Indian.— Sumit Gupta (CoinDCX) (@smtgpt) April 19, 2022According to the announcement, “education, innovation and compliance” are the key areas of focus for CoinDCX, in addition to spreading crypto and blockchain awareness among Indian investors. Moreover, the crypto exchange has invested in risk management and compliance frameworks in an effort to enhance compliance with Financial Action Task Force recommendations.In August 2021, the Mumbai-based crypto exchange became the first crypto unicorn from India when it reached a valuation of $1.1 billion after raising $90 million in a Series C funding. At the time, CoinDCX CEO Sumit Gupta had shared plans to repurpose the funds to expand the crypto investor base and set up a research and development facility, among others.With over $2 billion in valuation, CoinDCX has become the most-valued crypto company in India. Rival crypto exchange CoinSwitch Kuber became India’s second crypto unicorn back in October 2021, which currently holds a valuation close to half that of its forerunner.CoinDCX has not responded to Cointelegraph’s request for comment at publishing time.Related: Coinbase to invest in Indian crypto and Web3 amid tax regulation clarityRunning parallel to CoinDCX’s attempt to strengthen India’s budding Web3 space, Coinbase Ventures, the investment arm of American crypto exchange Coinbase, announced a plan to invest $1 million in the region early April.Calling India’s cryptopreneurs!Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April.$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto.— Coinbase (@coinbase) March 21, 2022

Coinbase partnered with Buidlers Tribe to host an in-person pitch day, wherein over 100 crypto entrepreneurs attended to get funding for various crypto and Web3 initiatives.

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Bitcoin average transaction fees lowest in two years at $1.04

Bitcoin average transaction fees lowest in two years at $1.04

Uverejnil používateľ | apr 18, 2022 |

The average transaction fee per Bitcoin (BTC) transaction made a complete 360-degree over nearly two years to settle down at $1.039, a number which was last recorded back in June 2020. The BTC transaction fee is the cost to transfer any amount of BTC, which is also directly proportional to the time it takes to validate and complete the transaction. As evidenced by data provided by Blockchain.com, the average BTC transaction fee saw a steady decline from an all-time high of $62.788 in April 2021 before coming down to an eight-month average of $2 in July 2021.Average BTC transaction fee in U.S. dollars. Source: blockchain.comBefore April 2021, Bitcoin’s average transaction fees peaked in Dec. 2017, standing at $54.638. The sudden spike in the transaction fees at the time mirrored the significant decline in the Bitcoin network hash rate. However, at the time of writing, the Bitcoin network hash rate maintains its newly attained all-time high of 248.11 EH/s.All-time high BTC average transaction fees. Source: blockchain.comAs a result of the above combination, Bitcoin’s highly resilient network can process secure BTC transactions at lower costs. BTC’s price volatility has also shown greater stability as it oscillates between the $35,000 to $45,000 mark throughout the year, as seen below based on data from Cointelegraph Markets Pro and TradingView.BTC market price chart 2022. Source: TradingViewWith more jurisdictions ready to ease up on the Bitcoin ecosystem along with timely network updates, the resultant increase in participation will further ensure a stronger network while playing a deflationary role in Bitcoin’s price. Related: Quantum computing firm simulates adoption of crypto paymentsQuantum computing firm Multiverse Computing ran simulations around the adoption of BTC and Ether (ETH) in Canadian markets to study their viability as a mainstream payment method.Our work on #cryptocurrency networks with @bankofcanada is finally out in the open!Huge congratulations to the team for their phenomenal work on this project#quantum for the #economy https://t.co/FrH678gKRm pic.twitter.com/8i84oZmKb8— Sam Mugel (@SamMugel) April 14, 2022Speaking to Cointelegraph, Multiverse Computing chief technology officer Sam Mugel suggested that non-financial institutions could carry out “a high uptake of crypto in the short term” when considering digital assets for payments.

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AMC Theatres mobile app accepts Dogecoin, Shiba Inu and more

AMC Theatres mobile app accepts Dogecoin, Shiba Inu and more

Uverejnil používateľ | apr 17, 2022 |

AMC Theatres, an American pro-crypto movie theater chain, updated its mobile app services to accept Dogecoin (DOGE), Shibu Inu (SHIB) and other cryptocurrencies as payment across the United States. AMC Theatres first started accepting crypto payments back on Nov. 12, 2022, which allowed customers to purchase movie tickets online using Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). On Jan. 6, 2022, Adam Aron, the CEO of AMC Theatres, promised users via a tweet to include meme tokens DOGE and SHIB by March. While slightly delayed, Aron’s team delivered.Exactly as promised, the AMC mobile app for AMC’s U.S. theatres now accepts online payments using Doge Coin, Shiba Inu, and other crypto currencies — thanks to Bitpay. Also Apple Pay, Google Pay and Paypal. To do so, you first will need to update to the latest version of our app. pic.twitter.com/MMy7SIxYbl— Adam Aron (@CEOAdam) April 15, 2022In the announcement, Aron disclosed that the AMC Theatres iOS and Android mobile apps could accept crypto payments via integration with BitPay, a bitcoin payment service provider. However, the names of the other newly supported cryptocurrencies are yet to be revealed. To use the feature, users in the U.S. are advised to download the latest version of the mobile app.Related: Singaporean fintech adds Bitcoin payments for merchants with BitPay partnershipNium, a Singapore-based cross-border payments firm, released an API-based solution in partnership with BitPay, which allow businesses to start accepting payments in crypto — starting with BTC and ETH.As Cointelegraph previously reported, crypto payments via BitPay are converted and sent to merchants’ accounts in U.S. dollars or other fiat currencies the next business day.

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Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill

Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill

Uverejnil používateľ | apr 16, 2022 |

The Ministry of Finance (MinFin) of Russia finalized a draft bill named “On Digital Currency” and has sent it to the Russian government for approval to be passed as law. The draft of the federal law clarifies regulations related to the trading and mining of cryptocurrencies. On Apr. 8, Russia’s finance ministry announced the amendment and finalization of an impending crypto bill, which provides regulatory clarity related to the circulation, issuance, trading, mining and other activities within the crypto market. While unconfirmed reports of Russia legalizing cryptocurrency surfaced early Apr 16, the thriving crypto community on Twitter welcomed the announcement with arms wide open. BREAKING: The Russian government and central bank have just reached an agreement on cryptocurrencies, according to Russia’s Kommersant.Both organizations will treat bitcoin and crypto assets as currencies.— Pomp ? (@APompliano) February 9, 2022Binance CEO Changpeng Zhao was also one of the first to acknowledge the move, given the numerous sanctions currently levied against the nation. As the dust settled, Crypto Twitter soon realized that they’ve been celebrating just a little too early and soon, CZ and others deleted the tweets cheering for crypto’s legal status in Russia.The buzz around Russia legalizing crypto was sparked by a report from local Russian daily newspaper Kommersant, who reportedly got their hands on the authentic final version of the draft law. According to the local media, the bill recommended accepting digital currency “as a means of payment that is not the monetary unit of the Russian Federation,” which is yet to be passed as law by the Russian government.While MinFin finalized and shared the draft bill with the Russian government, an official announcement regarding its approval as the law is still awaited with no known timeline. Kommersant’s report also highlighted that the bill recommends building a regulatory framework for crypto-related activities while sharing the groundwork for registered operators.On Apr. 14, Sergei Katyrin, President of Russia’s Chamber of Commerce and Industry, recommended collaborating with African countries for conducting cross-border settlements in crypto and central bank digital currencies (CBDCs). In the announcement related to the finalized bill, the ministry disclosed to have clarified crypto regulations while considering the viewpoint of all other departments of the Russian government.Related: Russia‘s energy chief says it would accept Bitcoin for oil and gasIn an ongoing to counter the international sanctions and the resultant inflation, president of the Russian Gas Society Pavel Zavalny hinted at the possibility of accepting Bitcoin (BTC) as payment for exporting oil and gas. Explosive.Russia is now demanding that Europe pay for gas in rubles.Europe gets 40% of its gas from Russia. That’s 200-800 million euros per day.Putin is basically saying: you want to play sanctions? Either pay up in rubles or freeze.— Richard Medhurst (@richimedhurst) March 23, 2022As Cointelegraph reported, Zavalny recommended taking payments in Russian rubles, Chinese yuan, Turkish lira, or even Bitcoin (BTC) from “friendly countries.” However, “unfriendly countries” could pay for their oil in rubles or gold.

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