Značka: Bitso

XRP price pumps and dumps amid mysterious $51M whale transfers — what's next?

XRP price pumps and dumps amid mysterious $51M whale transfers — what's next?

podľa | aug 26, 2022 | 0 |

Ripple (XRP) price saw a major spike on Aug. 26, hinting at a possible effect from some big traders.Large XRP transfers, Ripple Swell Global eventNotably, XRP’s price jumped 6% to $0.37, a two-week high, during the early London hours. The token’s upside move occurred hours after its network processed three massive transfers worth $51 million involving crypto exchanges Bitso and FTX, as highlighted by Whale Alert.XRP/USD hourly price chart. Source: TradingViewXRP’s gains also came as a part of a broader upside move that started on Aug. 25, a day after Ripple announced its flagship event, “Ripple Swell Global,” to be held in London in November 2022. The market has seen similar reactions around the Swell event in the past.Bearish reversal setup in playXRP’s intraday spike left behind a “Graveyard Doji,” a bearish reversal candlestick with open, close and low prices near each other with a long upper wick. This candlestick suggests that the price rally witnessed at the beginning of the session was overwhelmed by bears by the end of it.XRP/USD four-hour price chart. Source: TradingViewXRP now trades nearly 4% below its intraday high, testing a support confluence. The confluence comprises the upper trendline of XRP’s previous “ascending triangle” (at $0.35) and the 50-4H exponential moving average (50-4H EMA; the red wave in the chart above) near $0.343.From a technical perspective, a break below the support confluence risks re-triggering the ascending triangle setup, with its profit target at around $0.33. In other words, a 7% price decline by September when measured from today’s price.Related: Ripple CTO lashes back at Vitalik Buterin for his dig at XRPConversely, a rebound after testing the support confluence could have XRP eye a recovery rally toward the $0.36-$0.38 range (marked in red in the chart above). This area served as XRP’s consolidation range in recent months.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Major crypto firms reportedly cut up to 10% of staff amid bear market

Major crypto firms reportedly cut up to 10% of staff amid bear market

podľa | jún 2, 2022 | 0 |

Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions.Winklevoss’ crypto business Gemini Trust reportedly cut 10% of its employees amid the ongoing bear crypto market, the founders wrote in a notice to employees on June 2, as Bloomberg reported.As part of its first major headcount cut, Gemini will refocus on products that are “critical” to the firm’s mission, the brothers said, adding that “turbulent market conditions” are “likely to persist for some time.” The notice reportedly reads:“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as “crypto winter. […] This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”The new report comes after a number of major industry companies fired some employees or put new hires on hold. In mid-May, the Coinbase exchange officially announced that it would slow down hiring and reassess its headcount in order to ensure it continues operating as planned.Previously, the major crypto-friendly trading platform Robinhood fired 9% of its workforce. The layoffs came amid Robinhood’s HOOD stock touching all-time lows as part of a longer-term bear market on crypto markets.The latest crypto industry layoffs are by no means new to the industry as major crypto markets like Bitcoin (BTC) have been historically moving in cycles, with major bear markets preceding bigger gains. Amid a massive bear market of crypto in 2018, some industry firms like ConsenSys reportedly fired up to 60% of their workforce, announcing plans to hire 600 employees afterward.Related: Crypto job market holding up despite tech industry cutbacksAccording to some sources, the current conditions of the crypto job market do not look too gloomy though. A spokesperson for the FTX crypto exchange told Cointelegraph that the firm has not cut and does not plan to lay off any of its current 175 employees at the global exchange or 75 employees at the FTX US.According to the crypto hiring website by the Bitcoin influencer Anthony Pompliano, executives in the crypto and blockchain industry are still looking to hire people, with the PompCryptoJobs website listing about 600 open positions at the time of writing. The major global crypto exchange Binance is looking to hire nearly 1,000 employees, according to its official job openings website.Gemini did not immediately respond to Cointelegraph’s request for comment.

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El Salvador Bitcoin wallet shows ‘strong sign of adoption,’ exec says

El Salvador Bitcoin wallet shows ‘strong sign of adoption,’ exec says

podľa | máj 2, 2022 | 0 |

El Salvador’s government-backed Bitcoin (BTC) wallet has reached significant success in terms of adoption, according to an exec at the cryptocurrency exchange behind the wallet.The Chivo wallet was launched in conjunction with BTC becoming legal tender in El Salvador on Sept. 7, 2021. The official platform allows users to buy and sell Bitcoin, offering cryptocurrency custody and exchange services provided by the Mexican crypto trading platform Bitso.Bitso essentially provides back-end technology so that the government of El Salvador can purchase Bitcoin and ensure that BTC is convertible to the United States dollar, Bitso’s chief corporate and regulatory affairs officer Felipe Vallejo told Cointelegraph on Friday.“Ever since it began working with the government in September, Bitso has continued to provide liquidity to the Chivo wallet,” Vallejo said. He added that Bitso started to operate in El Salvador through Chivo and is currently present in the country via that platform only. However, the exchange is active in Mexico, Brazil, Argentina and Colombia.According to Vallejo, Chivo has achieved great success in the seven months after its somewhat bumpy rollout, when the wallet faced technical issues and even went offline.“Through our work with the Chivo Wallet we’ve been able to see how a significant part of the population has turned to using the application for safe and easy transactions,” Vallejo stated. He referred to a study by the National Bureau of Economic Research, which found that 40% of those who downloaded the Chivo wallet have continued using it after receiving their government incentives. He stated:“We believe that this is a relatively strong sign of adoption. As education regarding cryptocurrency and everyday use cases increase in the region, more users will remain on the application with a deeper understanding of the technology and the opportunities that it creates.”Vallejo said that 20% of all Salvadorans continued using the Chivo wallet after spending their free $30 bonus in BTC. This should be viewed as a “strong signal of increasing adoption,” especially when compared to the adoption of traditional financial services in El Salvador. According to some sources, only 29% of adults in El Salvador had bank accounts as of 2017.Furthermore, 70% of El Salvador’s population doesn’t have a bank account and work in the informal economy.Financial inclusion is not only a moral imperative, but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions.— Nayib Bukele (@nayibbukele) June 6, 2021The executive also stressed the strength of Chivo’s adoption against the backdrop of other crypto exchanges. El Salvador, a country with 6.49 million citizens, has 2.6 million Chivo users, Vallejo said, adding that some major global exchanges like Coinbase had 11.4 million active users in total as of Q4 2021.Related: Cash App and Chivo help drive Lightning payment volume up 400%Bitso and Chivo expect to increase the adoption rate by educating people about crypto and blockchain. “The main barrier to cryptocurrency adoption, both in Latin America and globally, is education. As we continue to provide Salvadorans with the information and tools to best understand and utilize the innovative technology, we anticipate increased adoption rates,” Vallejo said. He mentioned that Bitso has also been engaged in education efforts in Argentina, Chile, Colombia, Mexico, Peru and Uruguay.

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Top Latin American exchange Bitso officially expands to Colombia

Top Latin American exchange Bitso officially expands to Colombia

podľa | feb 10, 2022 | 0 |

Bitso, a major Latin American cryptocurrency exchange and El Salvador’s crypto wallet assistant firm, has announced its formal launch in Colombia.As part of Bitso’s development strategy in Colombia, the exchange has hired former Mastercard executive Emilio Pardo as new country manager, the firm announced to Cointelegraph on Thursday.Pardo is former head of business development for the Andean Region at Mastercard, where he focused on fintech issues like instant and cross-border financial transactions and open banking. He will now be responsible for developing Bitso’s strategy in Colombia to increase the local crypto adoption and financial inclusion, focusing on Bitso’s strategic basics including education and security.According to Pardo, Latin America is now going through one of the most important moments in the adoption of cryptocurrencies, and Colombia is not an exception. The growing crypto adoption will not only benefit Colombia’s financial ecosystem, but will also help educate and address the needs of our customers and fellow citizens, he noted.Bitso’s Colombian operations are regulated by a major local financial authority, the Superintendencia Financiera de Colombia, or SFC. According to the announcement, the SFC granted Bitso with authorization to operate within la Arenera, the regulatory framework of its sandbox and crypto pilot program in late 2021.Under this framework, Bitso started working in partnership with Colombia’s first commercial bank, Banco de Bogotá, in 2021 to trial the exchange’s products and services.“As an end-to-end regulated crypto platform, we can ensure that this opportunity is putting Colombia at the forefront of innovation and regulation,” Pardo said. He added that the crypto exchange is testing its products within a regulation framework that takes into consideration the entire ecosystem of financial services, including banks, exchanges, regulators and end users.Related: Colombia clamps down on crypto tax evasion as adoption thrivesFounded in 2014 in Mexico, Bitso is one of the biggest crypto exchanges in Latin America, allowing users to buy and sell cryptocurrencies like Bitcoin. The exchange has been growing massively in recent years, expanding to Argentina in February 2020 and then entering Brazil in April 2021. The exchange is also present in El Salvador, which officially adopted Bitcoin as legal tender in September 2021. Bitso specifically cooperated with Silvergate to facilitate United States dollar transactions for El Salvador’s official Bitcoin (BTC) wallet, Chivo wallet, at launch.

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Crypto-focused enterprise payment platform Tribal Credit raises $60M

Crypto-focused enterprise payment platform Tribal Credit raises $60M

podľa | feb 3, 2022 | 0 |

Crypto-focused enterprise payment platform Tribal Credit has raised $60 million in an oversubscribed investment round, putting the company on track to continue its expansion in Latin America — a region that has seen significant uptake of blockchain-based cross-border payments. The Series B investment round was led by SoftBank Latin America Fund, a venture fund that has invested in several fintech and software companies throughout the region. Coinbase Ventures also participated in the round alongside venture firms BECO Capital, QED Investors and Rising Tide. Tribal said it will use the cash injection to fund its operations across the region, including building local teams in Brazil, Mexico, Colombia, Peru and Chile. As Cointelegraph reported in January, Tribal secured $40 million in a “hybrid” debt round that was funded by dollars and stablecoins. Stellar Development Foundation (SDF), the non-profit organization supporting the Stellar blockchain, led the effort. Tribal Credit began integrating with Stellar in April 2021. The company has also partnered with Latin American crypto exchange Bitso to provide cross-border payment and settlement services for small- and medium-sized enterprises. In December 2021, Tribal announced that business owners in Mexico will be able to pay for goods and services in their native peso currency and have their counterparts in the United States receive payments in dollars. The cross-border payment service is being facilitated by Bitso and Stellar. Related: 2021: A year of mass adoption for cryptocurrencies in BrazilLatin America has emerged as a major epicenter of crypto adoption and experimentation, with locals and even governments looking to digital assets to combat inflation and promote economic growth. In June 2021, El Salvador became the first country in the world to recognize Bitcoin (BTC) as a legal tender. Brazil, the region’s largest economy, has also made significant strides in crypto, with as many as 10 million Brazilians now participating in the market, according to CoinMarketCap.

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Tribal Credit raises $40M in 'hybrid' debt round funded by dollars and stablecoins

Tribal Credit raises $40M in 'hybrid' debt round funded by dollars and stablecoins

podľa | jan 6, 2022 | 0 |

Crypto-focused enterprise payment platform Tribal Credit has concluded a $40 million debt offering that was funded through fiat and stablecoins — giving the company additional capital to expand its business services in Latin America. The so-called hybrid debt round was financed by Partners for Growth, a California-based investment firm, and Stellar Development Foundation (SDF), which is a non-profit organization supporting the growth of the Stellar blockchain. Tribal said it will use the capital to fund receivables from its customer base throughout Latin America, particularly Mexico, Brazil, Chile, Colombia and Peru. Tribal COO Duane Good explained to Cointelegraph that funding receivables from its customer base means that “Tribal can use the debt facility to help customers” in the aforementioned countries. In other words, “this new debt facility will be used to support our customer’s spending on the Tribal platform.” When asked about the mechanics of the hybrid debt raise, Good explained that “a portion of the debt facility was established with SDF and funded through USDC.” A traditional debt facility, by contrast, “is an agreement with insittutiional lenders that enables a financial services firm to draw on the facility to support the underlying credit needs of their portfiolio.”Launched in 2016, Tribal Credit provides credit cards and other forms of funding to startups in emerging markets. The company also employs a cross-border payment system supported by cryptocurrency exchange Bitso that allows businesses to convert local currency to Stellar’s USDC stablecoin. Integration with Stellar blockchain began in April 2021 after Tribal received $3 million from the Stellar Development Foundation. Related: Crypto payments solutions firm Ramp raises $53 million to increase adoption of DApps”Mexico could be another example of a country adopting cryptocurrencies for remittances, as estimates have shown they could reduce costs by 50% to 90%.” – @ashady, CEO of Tribal. For more information, visit: https://t.co/g0oa3GvzZ4#TribalCredit— Tribal Credit (@TribalCredit) October 22, 2021Tribal and others have identified small businesses as a major source of growth for crypto payments and remittances, especially in emerging markets where access to traditional financial services is often limited. Data from the World Bank shows that small- and medium-sized enterprises in emerging markets create roughly seven out of 10 jobs, making their access to financing more important.

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Tribal Credit taps Bitso and Stellar to enable cross-border B2B payments

Tribal Credit taps Bitso and Stellar to enable cross-border B2B payments

podľa | dec 9, 2021 | 0 |

Enterprise payment platform Tribal Credit has partnered with Latin American crypto exchange Bitso and the Stellar Development Foundation to create a new cross-border payment service for businesses, opening the door to broader use cases for blockchain technology in the region.The new service, which is geared towards small- and medium-sized enterprises, enables companies in Mexico to pay for goods and services in their native peso currency and have their counterparts in the United States receive the payments in dollars. The service will rely on the Stellar blockchain, a decentralized open-source payment network specializing in cross-currency transactions. Tribal Credit’s cross-border payment system will be facilitated by Bitso, a multi-billion-dollar crypto exchange that will enable merchants to convert pesos to Stellar’s USDC stablecoin. Bitso was a key partner in the rollout of El Salvador’s state-issued Bitcoin (BTC) wallet Chivo. El Salvador’s Bitcoin journey is forging on. The central bank of El Salvador has published draft regulations on how banks should handle BTC. https://t.co/GFiN0m0cEX— Cointelegraph (@Cointelegraph) August 19, 2021The Stellar Development Foundation, or SDF, is a non-profit organization supporting the growth and adoption of the Stellar blockchain. Stellar’s native XLM cryptocurrency has been a mainstay in the digital asset market over the past four years and currently ranks 26th by total market capitalization. (Interestingly, two members of SDF were inducted into the Cointelegraph Top 100 for 2021.)ICYMI: SDF had not just one but TWO of our leaders on @cointelegraph’s top 100 people in blockchain in 2021: @denelledixon and @jedmccaleb. Check them out at #31 and #58!https://t.co/sVTuKZ6SP7— Stellar (@StellarOrg) February 13, 2021

When asked about why Tribal Credit selected Stellar for its cross-border payment service, chief research scientist Ehab Zaghloul told Cointelegraph that the protocol aligns with Tribal’s mission to “promote financial inclusion and democratize access to financial services.” Stellar is also “fast and charges nearly nothing for transactions, making it far more affordable and efficient than its competitors,” he said in a written statement. Fast and efficient cross-border payments are one of the most promising use cases of blockchain technology in an age where traditional wire transfers remain cumbersome, expensive and slow. As Cointelegraph reported, credit card giant Visa acquired cross-border payment fintech Currencycloud in July for an undisclosed amount. The acquisition is intended to help Visa improve its foreign exchange business.Related: B2B firms want cross-border payments but skeptical of crypto: SurveyTribal Credit has identified Latin America as one of the world’s fastest-growing markets for cross-border transactions involving businesses. Led by Mexico, the region represents a $175 billion market opportunity that could be ripe for disruption by companies willing to experiment with blockchain technology. “Economic conditions in Latin America certainly do make the region receptive to crypto payment services,” Tribal Credit’s chief strategy officer Mohamed Elkasstawi told Cointelegraph in a written statement. “Crypto and stablecoins serve as a hedge against inflation and currency devaluation not just in Latin America, but in many other countries as well.” Elkasstawi also credited widespread adoption of smartphones for crypto’s growing mainstream appeal in the region:”It’s also worth considering that everyone with a smartphone can transact in crypto, so in a region where not everyone lives a reasonable distance from traditional financial institutions, cryptocurrencies provide a useful supplementary financial service for many individuals across Latin America.” 

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