Chinese Banks Seek To Invest In Crypto & Web3 Startups Amid Global Crisis
The cryptocurrency market has seen a surge in popularity amidst the ongoing global banking crisis and high inflation, leading banks in Mainland China to seek ways to invest in digital assets. Despite the ban on cryptocurrency trading and related businesses by the People’s Bank of China in 2021, Mainland China residents are finding unorthodox methods to access the Web3 industry and invest in the digital asset market.
Usage of VPN and Fake Proof-of-Residence
To access the Binance crypto trading platform, Mainland China residents are reportedly using VPN and fake proof-of-residence. This allows them to bypass China’s strict regulations and participate in the cryptocurrency market. Additionally, Bitcoin prices have gained nearly 70 per cent year-to-date while the traditional stock market is either lagging in negative gains or minimal volatility.
Hong Kong Arms of Chinese Banks Seek to Invest in Web3 Startups
According to a report by Bloomberg, Hong Kong arms of Bank of Communications Co., Bank of China Ltd., and Shanghai Pudong Development Bank have sought to invest in Web3 startups. The fall of three US regional banks has seen Asian investors migrate from American financial institutions to local firms.
The Hong Kong Monetary Authority (HKMA) has stated that it takes nearly three months for crypto-related businesses to open a corporate bank account in Hong Kong.
Crypto Adoption in Hong Kong To Surge
The entrance of the Chinese banking sector in Hong Kong could significantly bump crypto mainstream adoption in the region. This move could be a game-changer for the crypto industry in Hong Kong and beyond, as Chinese banks are known for their influence and investment power.
“It would be great if local banks could start some trial program to support crypto firms and more professional service providers that understand our native environment,” said Dominic Law, chief Metaverse officer of Neopets Metaverse, a game backed by Chinese firm NetDragon Websoft Holdings Ltd. “The business landscape would certainly be more welcoming and easier to support more startups to develop in this field.”
Bitcoin and Ethereum Will Explode Fueled by Global Banking Crisis; Experts Unanimously Agree
The worst banking mess since the 2008 financial crisis has increased investors’ fear of a global recession. As a result, the investors’ perspective on Bitcoin and Ethereum, among other digital assets, has significantly shifted to less risky instruments. With the rising global inflation, holding on to fiat currencies continuously depreciates investors’ cash value. On the other hand, Bitcoin price is up nearly 70 percent YTD amidst global financial instability.
Investors have extensively understood the risk versus reward ratio for top digital assets is more attractive compared to the traditional stock markets. Moreover, the Web3 industry has gained significant momentum over traditional financial institutions in recent years. Additionally, blockchain technology has proved more resourceful to mainstream adoption through smart contracts to streamline global supply chain management.
Consequently, the banking stocks are expected to ditch further worldwide in the coming quarters, despite the decisive actions. Y different governments to print more money to bolster traditional financial institutions.
Experts Agree on Bitcoin and Ethereum Will Lead Crypto Explosion
In a recent YouTube video by altcoin daily, three financial experts — Chris Burniske, the former crypto analyst at Ark Invest, Mike McGlone, a senior macro strategist at Bloomberg Intelligence, and Robert Kiyosaki, famous author, and entrepreneur — unanimously agree the banking crisis is the trigger that will send Bitcoin and Ethereum to massive price explosions.
McGlone indicated that Bitcoin would likely outperform all other crypto assets due to the massive global adoption. Moreover, McGlone stated that investors are optimistic about Bitcoin overrunning Gold’s market capitalization.
Kiyosaki discredited veteran investor Warren Buffet for calling Bitcoin, and other cryptocurrencies zero intrinsic value assets. Notably, Buffett once referred to Bitcoin as a rat poison squared and eventually thought BTC value would fall to zero.
Breaking News: Deutsche Bank Shares Slumps 14% Amid Global Banking Crisis
In the latest global banking crisis, German multinational investment bank Deutsche Bank AG (NYSE: DB) signaled a red alert to investors on Friday. As of March 24, 12:06 p.m. CEST, Deutsche Bank shares traded around $8, down approximately 14 percent. Investors questioned the bank’s stability on Friday after the bank’s credit default swaps that insure against default shot to a four-year high.
Troubles at Deutsche Bank
According to market data provided by S&P Market Intelligence, Deutsche Bank’s credit default swaps (CDS) – a form of insurance for bondholders – shot up above 200 basis points (bps) – the most since early 2019 – from 142 bps just two days ago.
“Deutsche Bank has been in the spotlight for a while now, in a similar way to how Credit Suisse had been,” Stuart Cole, a head macroeconomist at Equity Capital, said. “It has gone through various restructurings and changes of leadership in attempts to get it back on a solid footing, but so far, none of these efforts appear to have really worked.”
Meanwhile, the bank decided to redeem its $1.5 billion Fixed to Fixed Reset Rate Subordinated Tier 2 Notes due in 2028.
Following today’s dip, Deutsche Bank shares are down approximately 29 percent in the past month and 31 percent YTD.
Bigger Picture
The troubles at Deutsche Bank came after Credit Suisse was bailed out from imminent collapse through government intervention. With three regional banks in the United States already collapsed, the fear of more bank runs could escalate in the coming weeks. As such, analysts anticipate Bitcoin price could rally further as demand for risky deflationary assets rises exponentially.
According to market data provided by Coingecko, Bitcoin price is up 1.7 per cent in the past 24 hours to trade around $28.2k.
The Birth of Bitcoin: A Game-Changer for The Global Economy
In the year 2008, the world was in the midst of a financial crisis.
Banks were failing left and right, and governments scrambled to bail them out. The headline of the newspaper read “Chancellor on brink of second bailout for banks.”
Amidst this chaos, a person or group of people using the pseudonym Satoshi Nakamoto began to work on a revolutionary idea. They discovered the concept of “Proof of Work” (PoW) which would allow for a decentralized digital ledger of transactions.
“Satoshi, who remains anonymous to this day, began working on the idea for Bitcoin in 2007.”
In this article, we’re dwelling on the exciting world of Bitcoin and exploring its origins. From its mysterious creator, Satoshi Nakamoto, to the early days of mining and trading, we’ll be taking a closer look at how this revolutionary digital currency came to be.
The Origins of Bitcoin
Satoshi Nakamoto is the pseudonym used by the anonymous creator(s) of Bitcoin and the original author of the Bitcoin white paper, which was released in 2008. Despite being widely known as the creator of Bitcoin, Satoshi Nakamoto’s true identity remains unknown.
Satoshi Nakamoto’s contributions to the development of Bitcoin and blockchain technology are significant.
The Bitcoin white paper proposed a decentralized peer-to-peer electronic cash system that would allow for secure and anonymous transactions without the need for intermediaries like banks or payment processors.
This was achieved through the use of blockchain technology, a distributed ledger system that allows for secure and transparent record-keeping. He wanted to create a decentralized digital currency that would allow for peer-to-peer transactions without the need for a central authority.
Today, Bitcoin is the world’s largest cryptocurrency by market capitalization and has spawned a wide range of other cryptocurrencies and blockchain-based applications.
The Key Concepts of Bitcoin
Bitcoin is built on several core concepts that distinguish it from traditional currencies and payment systems. Decentralization is one of the key principles of Bitcoin, meaning that the network operates without a central authority or intermediary.
Instead, transactions are verified and recorded by a distributed network of nodes, which use cryptography to secure the network and ensure the integrity of transactions. Blockchain technology is another fundamental concept of Bitcoin, providing a transparent and tamper-proof record of all transactions on the network.
Finally, the concept of mining is central to the creation of new bitcoins, with users contributing computing power to solve complex mathematical problems and earn rewards in the form of new bitcoins.
In October 2008, Nakamoto released a white paper detailing the concept of Bitcoin, an electronic cash system that would use PoW to control the creation and transactions of a digital currency.
On 1st November 2008, Satoshi wrote an email to a cryptography mailing list, sharing the details of this new system. He also shared a link to the technical paper he had written, which is still available today.
Eventually, he believed that the traditional financial system was flawed and that a decentralized currency would be a fairer and more efficient way of conducting transactions. Since then, the development of Bitcoin and blockchain technology has been carried on by a community of developers and enthusiasts.
He explained that this new system would be completely decentralized, meaning that the users wouldn’t have to rely on a central authority for monetary transactions. He also expressed dissatisfaction with traditional central banks and their history of breaches of trust.
Early Adoption and Growth of Bitcoin
In the early days of Bitcoin, the digital currency was mostly used by a small group of enthusiasts and early adopters. However, as the value of Bitcoin began to rise and more people became aware of its potential, a growing number of merchants and businesses began to accept it as a form of payment.
The creation of the first Bitcoin exchanges also made it easier for people to buy and sell bitcoins, helping to fuel the growth of the network.
A couple of months later, On January 3rd, 2009, Nakamoto mined the first block of the Bitcoin blockchain, known as the Genesis Block. This marked the birth of Bitcoin and was accompanied by a message in the Genesis Block.
“Satoshi created 50 Bitcoins with the very first transaction on the blockchain.”
This marked the birth of Bitcoin, a revolutionary new kind of money that would allow for secure and transparent transactions without the need for intermediaries. The transaction also had an embedded message, including a timestamp, that indicated the Bitcoin founder’s possible nudge to finally make Bitcoin live.
The message read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” referring to the headline of a news article that appeared that day in The Times in the UK that talked about a second bailout for the banks.
Satoshi’s Creation of the BitcoinTalk Forum
To spread the word about this new currency, Nakamoto created the BitcoinTalk forum, where people could discuss and learn about Bitcoin.
He also created a website with the domain name bitcoin.org and continued to work on the bitcoin software.
Throughout 2010, Satoshi Nakamoto collaborated with other developers to modify the bitcoin protocol. He was actively involved in the bitcoin community and corresponded with them frequently.
But then, all of a sudden, he gave the keys and codes to Gavin Andresen and transferred domains to members of the community.
By the end of 2010, he had stopped working on the project.
Years went by, and the community wondered about the whereabouts of the mysterious Satoshi Nakamoto.
But on Saturday, April 23, 2011, the creator of bitcoin emerged once again to post his last message. When developer Mike Hearn asked him if he planned to rejoin the community,
Satoshi replied:
“I’ve moved on to other things. It’s in good hands with Gavin and everyone.”
And with that, Satoshi Nakamoto disappeared from the public eye, leaving behind a revolutionary new kind of money that would change the world forever. Despite the significance of Satoshi’s role in the birth and development of Bitcoin, its true identity remains a mystery.
Many theories have been put forward as to who Satoshi might be, with some speculating that they are a group of people and others believing that they are a lone individual.
Challenges and Controversies
Despite its many advantages, Bitcoin has faced its fair share of challenges and controversies over the years. One of the most notable controversies was the Silk Road scandal, in which Bitcoin was used to facilitate illegal activities on a darknet marketplace.
This incident tarnished Bitcoin’s reputation and raised questions about its potential as a legitimate currency.
In addition, regulatory challenges have been a constant issue for Bitcoin, with many governments and financial institutions expressing skepticism about the digital currency and its potential impact on the global financial system.
Current State of Bitcoin
Today, Bitcoin is the world’s largest cryptocurrency by market capitalization, with a growing number of merchants and businesses accepting it as a form of payment.
The emergence of other cryptocurrencies and blockchain-based applications has also fueled the growth of the broader blockchain industry, with many experts predicting that blockchain technology will transform many aspects of our lives in the years to come.
However, Bitcoin also faces ongoing regulatory challenges and skepticism from some governments and financial institutions. Some countries have banned or restricted the use of cryptocurrencies, while others are taking a more cautious approach to their regulation.
Overall, the current state of Bitcoin is one of growth and increasing mainstream acceptance, but also one of ongoing challenges and uncertainty. As with any emerging technology, it will be fascinating to see how Bitcoin and the broader blockchain industry continue to evolve in the years to come.
Conclusion
The birth of Bitcoin was a watershed moment in the history of finance and technology, paving the way for a new era of decentralized innovation and disrupting the traditional banking system.
While Bitcoin has faced its fair share of challenges and controversies over the years, its impact on the world of finance and technology cannot be ignored.
As we move into the future, it will be fascinating to see how Bitcoin and other blockchain-based applications continue to evolve and shape our world. I hope you might have learned a lot more about the Birth of bitcoin and its creator.
Huobi Global Announces $100 Million Investment in Liquidity Fund to Enhance Multi-Currency Liquidity
Singapore / March 10, 2023 / Huobi has announced a $100 million Liquidity Fund with the aim of enhancing currency liquidity across several markets. The purpose of this action is to reinforce the seamless flow of liquid assets through the Huobi platform. By allocating these funds, Huobi intends to improve cross-border transactions involving diverse digital tokens or fiat currencies worldwide by promoting greater fluidity. As a crucial goal for this initiative, traders will benefit from easier access to funds as they engage frequently in buying and selling activities on exchanges.
Huobi has put together a plan to create a liquidity fund that will see $100 million US dollars deposited in order to improve the platform’s liquidity capabilities. The announcement was made following some market turbulence caused by leveraged liquidations initiated by only a handful of users on the platform recently. H.E. Justin Sun expressed regret over the consequences resulting from a handful of users’ leveraged liquidation on the market.
Furthermore, Sun pledged to enhance liquidity depth for key cryptocurrencies and HT tokens while bolstering leverage risk alerts and capacity for available funds in an effort to reassure clients who rely on them. In recognition of its responsibility towards investors, Huobi has deposited $100 million USD as additional funding support through a new liquidity fund initiative.
The spot and HT contract markets experienced a series of forced liquidations that resulted in recent market fluctuations. A few users triggered this cascade, which caused leveraged liquidations to occur as well. Despite these events, there is no need for concern about the safety of Huobi exchange’s operations or wallets since they remain secure. Furthermore, all work continues at an even pace without any unexpected incidents occurring thus far. This clearly shows how the current fluctuations are just part of normal market behavior patterns.
Huobi is making strides in enhancing their platform and user experience with a fresh liquidity fund. The objective of this investment will be to heighten the multi-currency liquidity on offer, ultimately improving ease-of-access for traders across global markets. This strategic move promises advantageous positioning within Huobi’s competitive cryptocurrency exchange market sector as well.
Sun expressed empathy towards Huobi users, acknowledging that the turbulent market changes have induced stress among them. This announcement is a promise to undertake measures aimed at mitigating these fears for their benefit. Additionally, Sun reassured the community of his resolve in keeping up with all developments regarding this issue, and will provide regular updates on any progress made moving forward. Huobi is dedicated to ensuring their platform is secure and dependable for those engaging in cryptocurrency trades. Huobi will bear all leverage-through position losses on the platform resulting from this market volatility event of HT token.
Huobi’s efforts towards enhancing the user experience are ongoing, with continuous strides taken towards improving the functioning of the platform. With additional support from their liquidity fund, Huobi looks forward to providing even more significant benefits while fortifying its presence as an esteemed hub for cryptocurrency exchange activities. Sun expressed his confidence in the actions being taken to enhance user experience and establish a safer, dependable cryptocurrency trading platform. He believes that these measures will result in more satisfied users who can trust the Huobi platform with ease.
About Huobi
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other areas. Huobi serves millions of users across international markets. Please refer to Huobi’s official website for more information: www.huobi.com
Media Contact
Michael Wang [email protected]
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for sponsored purposes only. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Huobi Global Announces $100 Million Investment in Liquidity Fund to Enhance Multi-Currency Liquidity
Singapore / March 10, 2023 / Huobi has announced a $100 million Liquidity Fund with the aim of enhancing currency liquidity across several markets. The purpose of this action is to reinforce the seamless flow of liquid assets through the Huobi platform. By allocating these funds, Huobi intends to improve cross-border transactions involving diverse digital tokens or fiat currencies worldwide by promoting greater fluidity. As a crucial goal for this initiative, traders will benefit from easier access to funds as they engage frequently in buying and selling activities on exchanges.
Huobi has put together a plan to create a liquidity fund that will see $100 million US dollars deposited in order to improve the platform’s liquidity capabilities. The announcement was made following some market turbulence caused by leveraged liquidations initiated by only a handful of users on the platform recently. H.E. Justin Sun expressed regret over the consequences resulting from a handful of users’ leveraged liquidation on the market.
Furthermore, Sun pledged to enhance liquidity depth for key cryptocurrencies and HT tokens while bolstering leverage risk alerts and capacity for available funds in an effort to reassure clients who rely on them. In recognition of its responsibility towards investors, Huobi has deposited $100 million USD as additional funding support through a new liquidity fund initiative.
The spot and HT contract markets experienced a series of forced liquidations that resulted in recent market fluctuations. A few users triggered this cascade, which caused leveraged liquidations to occur as well. Despite these events, there is no need for concern about the safety of Huobi exchange’s operations or wallets since they remain secure. Furthermore, all work continues at an even pace without any
unexpected incidents occurring thus far. This clearly shows how the current fluctuations are just part of normal market behavior patterns.
Huobi is making strides in enhancing their platform and user experience with a fresh liquidity fund. The objective of this investment will be to heighten the multi-currency liquidity on offer, ultimately improving ease-of-access for traders across global markets. This strategic move promises advantageous positioning within Huobi’s competitive cryptocurrency exchange market sector as well.
Sun expressed empathy towards Huobi users, acknowledging that the turbulent market changes have induced stress among them. This announcement is a promise to undertake measures aimed at mitigating these fears for their benefit. Additionally, Sun reassured the community of his resolve in keeping up with all developments regarding this issue, and will provide regular updates on any progress made moving forward. Huobi is dedicated to ensuring their platform is secure and dependable for those engaging in cryptocurrency trades. Huobi will bear all leverage-through position losses on the platform resulting from this market volatility event of HT token.
Huobi’s efforts towards enhancing the user experience are ongoing, with continuous strides taken towards improving the functioning of the platform. With additional support from their liquidity fund, Huobi looks forward to providing even more significant benefits while fortifying its presence as an esteemed hub for cryptocurrency exchange activities. Sun expressed his confidence in the actions being taken to enhance user experience and establish a safer, dependable cryptocurrency trading platform. He believes that these measures will result in more satisfied users who can trust the Huobi platform with ease.
About Huobi
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other areas. Huobi serves millions of users across international markets. Please refer to Huobi’s official website for more information: www.huobi.com
Media Contact
Michael Wang [email protected]
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for sponsored purposes only. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company. |
Bitcoin Price In A Tight Spot: Can It Survive The Upcoming Global Inflation Crunch?
During the Covid-19 global pandemic, Bitcoin skyrocketed to its ATH of around $69k. Global markets were closed to minimize the spread of the contagious pandemic. In a bid to bolster struggling economies, most governments ended up printing more money, as observed in the United States, which offered several fiscal stimuli in trillions of dollars.
As the Covid related constraints reduce exponentially worldwide, central banks are working to counter the high inflation by raising interest rates. For instance,
“There’s still some distance for Japan to see inflation sustainably and stably meet the BOJ’s 2% target. Big improvements must be made in Japan’s trend inflation for the BOJ to shift towards monetary tightening,” incoming Bank of Japan Governor Kazuo Ueda said on Monday.
In Europe, ECB president Christine Lagarde confirmed that the EU would continue to raise interest rates until the inflation returns to 2 percent.
Consequently, economists forecast Bitcoin price is headed for the worst in the coming quarters.
Bitcoin Price Analysis
Bitcoin price rallied approximately 42 percent in January, but the momentum has since faded after gaining just 2 percent in the past four weeks. Following the recent Bitcoin price correction, analysts believe the bulls must hold on to this crucial level to secure a further rally. Otherwise, the asset could be forming a head and shoulder pattern on the daily time frame, which depicts an imminent correction.
The potential risk of Bitcoin price retesting last year’s bottom has more traders taking profits and exiting at a high rate. According to on-chain firm Santiment, more Bitcoin traders are selling at a loss than a profit.
Global Crypto Regulatory Framework To Be Introduced Soon – Here’s What To Expect
At the recent G20 finance ministers’ meeting in Bengaluru, India, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, expressed the agency’s preference for regulating crypto assets rather than an outright ban. The IMF’s position is consistent with a recent paper recommending global regulatory standards for digital assets.
Regulation of Digital Assets Top Priority
Georgieva stated that regulating the world of digital money is a top priority for the IMF. She emphasized that fully-backed stablecoins create a “reasonably good space for the economy,” while non-backed crypto assets are speculative, high risk, and not money. The IMF’s objective is to differentiate between central bank digital currencies that are backed by the state and publicly-issued crypto assets and stablecoins.
She said that digital assets need space to evolve and have two aspects to them: technology and policy. Policies are being developed for user data protection, consumer protection from risks, and transaction transparency.
The Nuclear Option Remains on the Table
While the IMF prefers regulation over a ban, Georgieva cautioned that the option to ban cryptocurrencies “should not be taken off the table” if they pose a greater risk to financial stability. The IMF, the Financial Stability Board, and the Bank for International Settlements (BIS) are jointly preparing regulatory framework guidelines to be released in the second half of the year.
US Treasury Secretary Supports Robust Regulatory Framework
During the G20 meeting, US Treasury Secretary Janet Yellen emphasized the importance of establishing a robust regulatory framework for crypto assets. However, she also stated that the United States had not proposed any prohibitions on these assets.
Yellen said, “We haven’t suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework. We’re working with other governments.”
India Pushes Toward Crypto Bill
The Indian government has been deliberating on drafting a law to regulate or potentially prohibit digital currencies for several years. At the current G20 Presidency, India has asked the IMF and Financial Stability Board (FSB) to collaborate on a technical document concerning crypto assets. While India is pushing for regulation, the Reserve Bank of India remains on the statement “that cryptocurrencies should be banned,” as they are similar to a Ponzi scheme.
Regulation, predictability, and consumer protection are the preferred options for regulating the crypto industry. The nuclear option of an outright ban is not preferred by the IMF or the United States, but it remains on the table. With the IMF, FSB, and BIS working on regulatory framework guidelines, it is expected that a unified and thorough approach to regulating crypto assets will emerge.
An Analysis of WEWE Global
After analyzing the features and benefits of the WEWE Global platform, it is safe to conclude that it is a proper business for crypto users. The platform offers a wide range of crypto-centric products and services accessible to people worldwide, which provides ample opportunities for digital entrepreneurs to succeed in their business ventures.
– One of the significant advantages of WEWE Global is its Referral Program, which allows users to become Independent WEWE Associates (IWA) and build their own business. As an IWA, they can earn rewards through bonus plans and access third-party products through the platform. This feature creates an excellent opportunity for crypto users to capitalize on their network and earn rewards for their efforts.
WEWE Global’s DAO structure ensures that the platform’s development is community-driven, with members proposing and voting on projects. The voting system allows every member to have a say in the platform’s direction, creating a sense of ownership and belonging in the community. This transparency ensures that the platform remains up-to-date and relevant in the rapidly changing crypto landscape.
Additionally, WEWE Global’s innovative crypto-centric products are accessible to people worldwide. They can be paid for in various cryptocurrencies, including BTC, ETH, and the WEWE virtual token. The platform’s ease of use and intuitive interface also make it a viable option for crypto users.
As with any business opportunity, it is important to approach WEWE Global with a critical mindset. Interested users should take the time to educate themselves on the platform, its products and services, and its compensation plan before investing any money or time. Moreover, becoming an Independent WEWE Associate requires dedication, hard work, and a thorough understanding of the Referral Program, the potential rewards, and the expectations for building and maintaining a successful business.
In conclusion, WEWE Global is a reliable and legitimate platform for crypto users, offering ample opportunities for digital entrepreneurs to succeed in their business ventures. Its innovative crypto-centric products, Referral Program, and community-driven development make it a viable option for those looking to join in crypto world.
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Agora Group To Host The 11th Global Blockchain Congress On March 6th And 7th In Dubai, UAE.
The 11th Edition of the Global Blochian Congress is set to return on March 6th and 7th, 2023 in Dubai, UAE. The event will be hosted by the Agora Group.
The theme of this edition is: “Resiliency and Adaptability”.
The Global Blockchain Congress leverages the experience gained through hosting the first 10 editions of the event in Dubai to ensure maximum return on investment for all their sponsors.
Over the course of the past ten editions, the Global Blockchain Congress has welcomed over 1,000 investors and 250 blockchain startups, resulting in the successful raising of millions of dollars for participating projects.
The 11th Edition of the event will be focusing on the DeFi, Gaming, Metaverse, and NFTs, with a great line-up of speakers from the best and brightest minds in Blockchain in the world, and hosting the fourth edition of the Global Blockchain Congress Awards.
The company is pleased to have “Lightening Exchange” as the Official Title Sponsor at the event.
The event is an exclusive, invitation-only congress featuring a closed-door format that revolves around pre-arranged one-on-one meetings between projects and investors. Agora Group will host over 150 investors and 30 projects from various parts of the globe.
In addition to that, the GBC will host regulators and enablers of Blockchain technology in the UAE, an A-list of 60+ subject matter expert speakers & more than 30 Media Partners.
For event details visit: gbc-uae.com
Registration Link: bit.ly/11th-GBC
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Blockchain Life To Host The 10th Global Blockchain and Crypto Forum in Dubai
On February 27-28, the 10th Global Forum on blockchain, cryptocurrencies, and mining will take place in Dubai hosted by Blockchain Life.
The event will be attended by some of the top key industry players, government representatives, heads of international companies, funds, investors, promising startup teams and beginners.
It is noteworthy that the Forum will serve as a meeting point for a high-level cryptocurrency audience, including prominent Crypto Whales from around the world.
At this event, here’s what you can expect:
- Whales of the crypto industry gathered in one place.
- Top speakers with world-changing insights and analytics
- Global expo of the latest Web 3.0 technologies
- Breakthrough smart networking app
- The legendary AfterParty on the luxury yacht trip
The 10th Global Blockchain and Crypto Forum, hosted by Blockchain Life, is set to bring together some of the most influential voices in the world of blockchain and cryptocurrency. With a premium audience expected to attend, this event is a must-see for anyone interested in the future of these innovative technologies.
Here is a list of just some of the top speakers who will be in attendance:
- Yat Siu – Co-Founder and Executive Chairman of Animoca Brands, Founder and CEO of Outblaze
- Sergei Khitrov – Founder of Listing.Help and Blockchain Life
- Ben Zhou – Co-founder and CEO of Bybit
- Dr. Marwan Alzarouni – CEO of Dubai Blockchain Center
- Carl Runefelt – Crypto Entrepreneur, Founder Of CryptoJobs.com
- Chris MMCrypto – Cryptocurrency Expert, Co-Founder of MMCrypto
- Gabriel Abed – Ambassador of Barbados to the UAE
- Dr. Mohamed Al Hemairy – Director of Technology Transfer Office at University of Sharjah, Blockchain & Crypto Advisor
- Manan Shah – Founder and CEO of Avalance Global Solutions and CyBirb
- Gracy Chen – Managing Director of Bitget
This year the event will take place on February 27th and 28th in the vibrant city of Dubai. The event will be held at the luxurious Atlantis the Palm, providing attendees with the perfect setting to network and engage with other like-minded individuals.
Don’t miss this opportunity to be part of the 10th Global Blockchain and Crypto Forum. Secure your spot now by purchasing a ticket at https://blockchain-life.com/asia/en/#tickets-row.
With limited space available, this event is expected to sell out quickly, so make sure to secure your ticket today!
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ReserveBlock Unveils RBX Token on Global Market with BitMart Exchange Listing
ReserveBlock, an open-source layer-1 blockchain, has today announced the listing of its native coin, RBX, on the Bitmart exchange. This milestone comes barely a week after RBX was listed on Deepcoin and Bitrue exchanges.
The RBX token’s main utility is to validate ReserveBlock’s Proof of Assurance (PoA) consensus on the decentralized tokenization layer 1 protocol and secure the network. Its listing on BitMart will make the cryptocurrency available to a worldwide audience while increasing access to the ever-expanding ReserveBlock ecosystem.
To celebrate the event, ReserveBlock will be hosting an AMA, competitions, and RBX staking in partnership with BitMart. Through these initiatives, the community will be able to gain knowledge about RBX, its applications, and how to join ReserveBlock’s validator governance and obtain random block rewards.
A Sustainable Layer-1 Mining Ecosystem
Adhering to the same principles and values as Bitcoin, ReserveBlock has implemented a unique Proof of Assurance (PoA) protocol. This protocol offers a decentralized, liquid, nearly fee-free, and energy-efficient solution for securing the network and confirming transactions. PoA’s lightweight architecture also democratizes access to mining, enabling anyone to join with just a standard home computer.
As for its value proposition in DApp building, the ReserveBlock protocol provides users with powerful on-chain tokenization tools and features, including royalty enforcement, multi-asset non-fungible tokens (NFTs), asset wrapping and pairing, peer-to-peer media transfer, domain name service, and on-chain self-governance.
To further improve the efficiency and utility of the platform for its users, ReserveBlock RBX also recently released a core wallet update that is optional for all native users. This update includes Over The Air (OTA) wallet updates and an auto snapshot importer, as well as a number of ‘quality of life’ features.
Robert Kiyosaki’s Warning: Prepare For A Rough Economic Landing, The Global Recession Is Here
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” foresees a market catastrophe and asserts that recessions are the best periods to acquire wealth.
In a tweet on Monday, the “Rich Dad Poor Dad” author and personal finance guru revealed that he borrowed millions of dollars during the financial crisis to acquire low-cost real estate. He continues to believe that the ideal time to get rich is when asset prices drop. Previously, he advised buying gold, silver, and bitcoin when their values fell in order to profit from their comeback.
The latest prediction by Rich Dad Poor Dad Author
The best-selling author recently issued a warning on Twitter about the upcoming great global recession, which has the potential to be even worse than a great depression. He foresees retirement, insolvency, unemployment, and homelessness. According to Kiyosaki, there is good news as well, much like the proverb says that every cloud has a silver lining. A recession means bargains everywhere, as well as lower gold and silver prices.
Kiyosaki is bullish on BTC
Just before the start of the new year, on December 31, Kiyosaki stated in a tweet that the Securities and Exchange Commission (SEC) would “crush” most altcoins with its stringent laws, which is why he is currently only bullish on BTC.
He continues by saying that the reason he is enthusiastic about bitcoin is that it is a commodity similar to gold, silver, and oil. The majority of crypto tokens are classified as securities, and SEC laws will kill the majority of them. He claims he’ll buy more bitcoin.
Kiyosaki projected that Bitcoin’s price would fall to $10,000 after the dust settled following the FTX collapse. He also stated that he intends to take advantage of the potential drop in Bitcoin’s value to between $10,000 and $12,000 as a result of the selloff in order to expand his holdings.
The price of bitcoin has significantly increased since the beginning of this month. The prediction of Kiyosaki seems to be bullish on Bitcoin and he has suggested taking advantage of the upcoming dip in prices due to the recession.
Crypto Lender Genesis Global Capital Set to File for Bankruptcy This Week
According to Bloomberg reports, Genesis Global Capital, a cryptocurrency lender, may take the drastic step of filing for bankruptcy. The move comes as no surprise, as the company has been in dire straits since November 16th, when it froze customer redemptions following the collapse of major cryptocurrency exchange FTX.
Genesis Global Capital’s creditors, which include well-known cryptocurrency exchange Gemini, are said to be in negotiations with the firm over a bankruptcy plan, as reported by The Block. Under the proposed plan, creditors may agree to a forbearance period of one to two years, in exchange for cash payments and equity in Digital Currency Group, the parent company of Genesis. This plan is being considered as a possible solution to address the financial difficulties that the firm has been facing.
Since the devastating collapse and bankruptcy of crypto exchange FTX in November, Genesis Global Capital has been in a frantic race against time to secure fresh capital or reach an agreement with creditors. The company’s institutional lending unit was forced to take drastic measures, such as suspending redemptions and new originations, as a direct result of the FTX implosion.
Digital Currency Group (DCG), the parent company of Genesis, has been facing mounting pressure to fulfill its obligations of $900 million worth of locked deposits. In a bid to explore options, Genesis retained the services of investment bank Moelis & Co. last year.
In early 2022, Genesis suffered a significant setback when its $2.4 billion loan to hedge fund Three Arrows Capital went bust, following the collapse of Three Arrows due to its exposure to the Terra network, whose token and stablecoin value had drastically dropped.
Global Recession Is Coming, Warns IMF Chief – What is Means For Cryptocurrency Market
The International Monetary Fund (IMF) is an international organization with 190 member countries. They cooperate in an effort to stabilize the world economy. By tracking economic and financial events, the IMF monitors and supports the economy. It keeps track of how countries are functioning and possible threats, such as trade conflicts or uncertainties. Offering its members with economic guidance, providing aid and short-term loans to struggling nations.
Kristalina Georgieva is the managing director of IMF and has been so since 2019. Ms Georgieva is the first Bulgarian to lead the IMF.
IMF Chief warns of a global recession
In an interview aired on CBS’s Face The Nation on January 1st, International Monetary Fund Managing Director Kristalina Georgieva declared, “we expect one-third of the global economy to be in recession.” The cause for this will be the slowing of the world’s three largest economies, the United States, the European Union, and China.
She also stated that the United States can avoid a recession, but the European Union has already slowed. The nations have been greatly impacted by the outbreak of war between Ukraine and Russia. The slowing of major economies would have a significant influence on emerging markets, Georgieva added. The slowdown becomes a global trend, bringing the entire global market down with it.
The crisis in China
Following the enormous number of Covid positive cases in December, China compelled its people to remain at home, and business operations came to a halt. The country’s economic activity has been at its slowest since 2020, when the pandemic first struck.
More than a third of the economies in the world will be impacted by a global recession, and there is a 25% chance that the global GDP would only grow by 2% or less through 2023.
Impact on the crypto markets
Recessions can have a significant impact on the cryptocurrency industry. During times of economic downturn, people may be more inclined to invest in safe-haven assets such as Bitcoin, which has a history of being relatively stable during times of economic uncertainty.
On the other hand, the prices of many cryptocurrencies can be highly volatile, and the value of a particular cryptocurrency may be influenced by a variety of factors, including market demand, government regulations, and overall economic conditions. As a result, it is difficult to predict how the cryptocurrency market will react to a recession.
MEXC Global Officially Launches MEXC Mastercard To Support Global Payment
On December 27, MEXC Global, the world’s leading crypto-asset trading platform, officially launched the MEXC Mastercard, allowing cryptocurrency holders to use digital assets in daily payments.
MEXC
It is reported that the MEXC Mastercard can be directly connected to the user’s MEXC account, allowing users to recharge with cryptocurrency balances. Cardholders can manage their cards, view transaction history, and access customer support through the card dashboard on the MEXC app and website.
Andrew, VP of MEXC Global, said:
“MEXC is committed to tangibly promoting global cryptocurrency adoption, bringing cryptocurrency into everyday shopping. We believe that the MEXC Mastercard is an important step in encouraging wider cryptocurrency use and global adoption.”
The launch of the MEXC Mastercard is a new practice of MEXC in cryptocurrency. MEXC Mastercard can not only help cryptocurrency to be used in life payment like traditional bank account payment but also expand the user base from traditional financial card users to those Users who are keen on spending with cryptocurrencies. Now such cryptocurrency cards are becoming more and more popular.
“The launch of the MEXC Mastercard also reflects our reliability, innovation, and influence. We always start from the perspective of users’ needs and provide users with professional products and services. After continuous efforts, in the second half of this year, the liquidity of contracts, spot, and ETFs has achieved the world’s first.” .
– Andrew added
About MEXC：
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, and more. MEXC currently serves more than 10 million users worldwide and embraces the philosophy of “Users first, MEXC’s Changing for you”.
Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs.
Contact:
Company Name: MEXC
Name: Jenny Sun
Email: [email protected]
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |
A Global exchange for beginner & Pro traders
Introduction
Are you looking for more passive earning options with cryptocurrencies? A centralized exchange with low fees and a wide variety of popular tokens that supports more fiat currency? An exchange that has never been hacked and is easy to use? We have an answer, Okx, previously called Okex Exchange is one of the most preferable exchanges in the world.
Overview
| Official Web Address | https://www.okx.com/en-in |
| Headquarters | Seychelles |
| Country of Origin | China |
| Founder | Star Xu |
| Founding Year | 2017 |
| Exchange Type | Centralized |
| Trading Options | Spot, margin, derivative, crypto-to-crypto trading, perpetual swaps trading, DeFi, Lending, Mining Services |
| Trading fees | 0.10% maker and 0.10% taker fees, 20% discount for KCS payment |
| No of cryptocurrencies | 100+ |
| Native Token | OKX Token (OKT) |
| Deposit methods | Master Cards (Debit/ credit card), P2P express |
| Deposit fees | No deposit fees for cryptocurrencies |
| Withdrawal methods | Bank transfer, Wire Transfer |
| Withdrawal fees | Depends on cryptocurrencies |
| Supported Countries | 180+ |
| Restricted countries | 10+ |
| Supported Fiat currencies | 90+ |
| Mobile App | Available on Google & Apple App Store |
What is Okx Exchange?
OKX is a Seychelles-registered cryptocurrency exchange Founded in 2017 By Star Xu. Initially, it was known by the name Okex, but in Jan 2022, it rebranded itself as Okx. It offers spot, margin, futures, options trading, lending, and mining services. The current CEO of the company is Jay Hao.
Okx was first registered in Beijing, China. Then, it moved to its present headquarters in Seychelles as China banned cryptocurrency. Okx has its own native coin OKC Token. Now, Okx currently serves more than millions of customers from more than 180 countries.
With Okx you can now
- Easily trade hundreds of tokens and trading pairs
- Manage your DeFi portfolio
- Create and trade NFTs
- Discover top decentralized applications, including DeFi and blockchain gaming DApps.
- Connect to DeFi with our Web3 wallet via our app or browser extension.
- Earn crypto in our mining pools, take out crypto collateralized loans, and discover other ways to grow your crypto with OKX Earn.
Features
- Trading Options – Okx offers spot, margin, Futures, and options trading on its platform
- Trading Fees – For regular users maker/ taker fee is 0.080% & 0.100% respectively. For VIP user maker/ taker fee is 0.060% & 0.080% respectively. There is a considerable decrease in trading fees as your 30-day trading volume and digital assets increase
- Earn – Okx offers various earning methods through which you can generate an income passively. You can now earn hourly interest using a savings scheme with a flexible time period. With staking you can earn up to 15% APY for 90 days or a flexible time period. Dual investment offers up to 36.4% APY and fixed income gives stable but low returns for your assets. So depending on the type of risk and reward ratio you can select your own customized earning program and benefit from it. Flash interest is a high-risk, high-return program where you can get interest rates up to 500% and the time period is less than a week.
- Crypto Loan – You now borrow crypto by giving another crypto as collateral. This has a floating interest rate and interest will be calculated hourly.
- Jumpstart – It is a launch platform for blockchain projects. Users can subscribe to promising projects and earn income passively. Currently, Okx allows mining and on-sale alternatives for users.
- Learn – Okx has an exclusive learning section for both beginners and veteran users. It has more than 811 articles on various topics like bitcoin, blockchain, okx products, how-to tutorials, etc.
- Referral – With an Okx referral, you can mystery boxes every time a friend joins okx using your referral link. There is no limit to mystery boxes. You can earn many times.
- Affiliate – If you are an influencer with larger followers you can opt for this program where you will earn 50% of your referee’s commission in trading fees.
Okx Exclusive Features
- Okx Pool – Okx pool help miners to get a good revenue by providing an amazon pool platform where they could earn by stable mining.
- OKB – it is the utility token of Okx. Users with Okx get discounts on trading fees, get passive income with Okx earn, and many more
- Okx Proof of reserve – Proof of reserve is an initiative by the crypto exchanges to show how client assets are backed by real assets in a 1:1 ratio. With this users can be sure that the company is transparent and trustworthy.
- Okx Wallet – It is a wallet where you can store all digital assets in one place including NFTs and DApps.
- Okx Ventures – it is a subsidiary of Okx that supports and invests in promising blockchain companies and crypto companies
Cryptocurrencies Available on Okx
Though Okx offers more than 100 cryptocurrencies for its users, some of the popular cryptocurrencies on its platform are
- Bitcoin
- Ethereum
- Tether
- USD Coin
- Matic
- XRP
- DogeCoin
- Cardano
- OKC Token
How to Create a New Account on Okx?
Let us create a new account on Okx
- You can sign up on Okx using your email id/ mobile number
- For superfast signup log in with your Google account
- Congratulations, Your account is open now.
- In order to unlock the full potential of Okx, verify your account
- Chose an individual/ corporate account and update your nationality
- Provide your first name and last name
- Provide Id Name and Number. The ID can be a driver’s license, passport, or any government-issued photo ID like tax ID, ELection ID, etc
- Complete the photo verification by capturing a photo ID using a webcam or mobile.
- It may take 24 hours to fully verify from the Okx team. Once you are verified your withdrawal limit automatically increases.
How to Buy Cryptocurrency on Okx?
Let us learn how to buy cryptocurrency on Okx. Identity verification is a mandatory step before buying cryptocurrency in Okx.
- Log on to okx.com
- Click on [Buy Crypto] on the header
- Choose your fiat currency and type the amount to buy your selected cryptocurrency
- Pay with a debit/ credit card or P2P express or BuyUcoin. Choose the right payment method and Agree on the terms and conditions
- You will get a confirmation message once the transaction is completed
How to Sell Cryptocurrency on Okx?
Let us learn to sell crypto on Okx
- Click on [Buy Crypto] in the header and Click [Buy with card]
- Click on the [Sell] option
- Type the amount of cryptocurrency you want to sell
- And Click sell
- Select the payment wallet you want to receive payment
- Confirm the details
- You will receive a confirmation receipt
How to Deposit Cryptocurrency on Okx?
Let us learn how to deposit cryptocurrency on the Okx exchange
- Log on to okx.com
- Click on [Deposit Crypto]
- Select the cryptocurrency you want to deposit
- Choose the correct network. Or else you may lose assets as mistakes are irreversible
- Click [Continue]
- Choose and confirm your location
- Choose the funding/ trading account where you want to receive assets
- Choose the deposit address and copy/ paste it into the withdrawal section of the other exchange from where you want to transfer assets.
- Confirm the details and click [Continue]
- You will get a confirmation receipt once the transaction is completed
How to Withdraw Cryptocurrency on Okx?
Let us learn how to withdraw assets from okx
- Log on to okx.com
- Hover on the assets tab and click [withdraw]
- Choose the asset you want to withdraw
- Select the right network
- Fill in and confirm the withdrawal details
- Input the withdrawal address
- Click [Continue] after you have double-checked the details
- Enter your Funds password and SMS code
- You will get a confirmation receipt once the transaction is completed
Exchange Fees & Supported Systems
Okx exchange uses a maker/taker fee model for charging trading fees from its users. Market makers are charged less than market takers. In addition to that, Okx also gives many discounts to users holding more OKB tokens and with high-volume trading.
For regular users, the maker/ taker fee is 0.080% & 0.100% respectively.
For VIP user maker/ taker fee is 0.060% & 0.080% respectively.
There is a considerable decrease in trading fees as your 30-day trading volume and digital assets increase
Regular users are categorized based on the trade volume and OKB holding. VIP-level users are categorized based on the assets they hold and 30-day trading volume
| Tier | Total OKB holding | Assets (USD) | or | 30-day trading volume (USD) | Maker fee | Taker fee | 24h withdrawal limit (BTC) |
| Lv1 | < 500 | < 100,000 | / | < 10,000,000 | 0.08% | 0.10% | 500 |
| Lv2 | ≥ 500 | < 100,000 | / | < 10,000,000 | 0.08% | 0.10% | 500 |
| Lv3 | ≥ 1,000 | < 100,000 | / | < 10,000,000 | 0.07% | 0.09% | 500 |
| Lv4 | ≥ 1,500 | < 100,000 | / | < 10,000,000 | 0.07% | 0.09% | 500 |
| Lv5 | ≥ 2,000 | < 100,000 | / | < 10,000,000 | 0.06% | 0.08% | 500 |
| Tier | Assets (USD) | or | 30-day trading volume (USD) | Maker fee | Taker fee | 24h withdrawal limit(BTC) |
| VIP 1 | ≥ 100,000 | / | ≥ 10,000,000 | 0.06% | 0.08% | 600 |
| VIP 2 | ≥ 500,000 | / | ≥ 20,000,000 | 0.05% | 0.07% | 800 |
| VIP 3 | ≥ 2,000,000 | / | ≥ 50,000,000 | 0.03% | 0.06% | 1,000 |
| VIP 4 | ≥ 5,000,000 | / | ≥ 100,000,000 | 0.02% | 0.05% | 1,200 |
| VIP 5 | ≥ 10,000,000 | / | ≥ 200,000,000 | 0.00% | 0.04% | 1,500 |
| VIP 6 | — | / | ≥ 500,000,000 | 0.00% | 0.03% | 1,800 |
| VIP 7 | — | / | ≥ 1,000,000,000 | -0.01% | 0.03% | 2,000 |
| VIP 8 | — | / | ≥ 10,000,000,000 | -0.01% | 0.02% | 2,000 |
Okx Proof of Reserve
Since FTX’s fall, it has become a necessity to showcase proof of reserve of cryptocurrency exchanges. With this in mind, Okx exchange is one of the leading pioneers in the industry to showcase proof of reserve to its customers to gain trust and credibility
Referral
With the Okx referral program, you unlock a mystery box that contains gifts worth $10,000.
Steps to follow
- Ask your friend to open an Okx account using a unique referral link
- Both of you can get a mystery box with an exclusive gift when the friend signs up within 30 days
- Check out and claim the mystery box
- Both of you will get another mystery box when your friends deposit or trade for $50 or more.
- Every Mystery Box comes with crypto rewards worth up to $10,000. The rewards include BTC, ETH, OKB, DOGE, FIL, SHIB, DOT, and rebate cards. Claimable rewards can be viewed on “Referral – History”.
- There is no limit on how many Mystery Boxes you can receive. The more friends you invite, the more you get.
Affiliate Programme
If you are an influencer with a large number of followers you can benefit from the affiliate program. Apply for the affiliate program and get 50% of your invitee’s trading fees as your commission on the Okx exchange.
You can promote affiliate links on videos, blogs, social media, and website ads. This is a lifetime offer and has no time limit.
You can also earn with other co-inviters where you can earn up to 30% of invitees’ trading fees
Customer Support
Okx exchange has a dedicated help section that contains topics for troubleshooting problems and FAQs. If you are still not happy with the help section, you can chat with the Chatbot where you have to specifically type your query. Again it will give you related article links from the blog section. We are not truly happy with the customer support as there is no phone support or email for immediate issues.
Recent Updates
02 Dec 2022 – Okx exchange kicks off the second football cup NFT to those who joined the Okx football festival Staking rewards
25 Nov 2022 – Okx exchange features promotional offers for EU & UK users to Buy crypto with ZERO fees using a debit/credit card from 01 Dec 2022 to 14 Dec 2022.
23 Nov 2022 – Okx exchange released ‘Proof of Reserve’ on its website to maintain transparency of the firm
Conclusion
Okx exchange, previously known as Okex, is an innovative cryptocurrency agency that is friendly for both beginners and experienced traders. It offers some of the best passive earning programs like staking, fixed-income scheme, dual investments, and referral/ affiliate bonus.
As it uses a lightning network, the trade orders are smoothly executed without any delay. The trading fees are reasonable and if you are a high-volume trader or OKB holder you will get additional trading discounts.
Okx exchange offers mystery boxes to new users which can contain prizes with $10,000 or cryptos in equivalent. The learning section is a plus point for beginners to start their crypto journey.
The verification process usually finishes in one day but, if there is more queue it can take up to 3-4 days. Okx has never been hacked and has got world-class safety features to protect customer funds. The exchange recently published Proof-of-reserve which shows that user assets are backed to real assets in a 1:1 ratio. Okx is one of the few companies to publish proof of reserve post-FTX crash.
The only problem is that it is not available in the United States, Canada, United Kingdom, Iran, Syria, Bangladesh, and 10 other countries.
Okx exchange is definitely a good exchange for you if you are a beginner or intermediate trader.
FAQs
Okx is currently not available in the U.S.
It has a simple platform that works well both for beginners and intermediate traders. The app is simple and easy on the eyes. There is a helpful article for beginners in the help section of the website.
A user can deposit and start trading without KYC verification. However, recommend you do KYC verification to use the full feature and benefits from Okx.
Okx uses the Lightning network to deposit and withdraw BTC. A lightning network is a decentralized payment protocol that allows instant, off-chain transactions on a blockchain, such as Bitcoin
Okex Exchange Ratings
- Currency Support
- Online Reputation
- Fees
- Customer Suppor
Pros
- Simple and easy to use charts
- Over 100 cryptocurrencies supported
- Fiat to cryptocurrency support
- High-level trading platform
- Leverage trading
- Inbuilt software wallet
Cons
- Not available in the US
- Can be complicated to use
- No Demo Account
- CNY only fiat currency supported
MEXC Global Now Exceeds 10 Million Users; The Meaning Behind the Upgrade Color to “Ocean Blue”
As of September 2022, MEXC has finally reached a respectable milestone of 10 million users! To celebrate this unique achievement, starting November 18th of this year, MEXC will introduce a major brand color change to its global userbase to spread awareness for which it stands for. After surveying customers directly during a limited roll-out in South Korea, the color has transitioned from MEXC’s original ‘Forest Green’ color-scheme, to a new, beautiful ‘Ocean Blue’ pallet.
At MEXC, our #1 priority is adhering to the principle of ‘Users Come First’. Upon further surveying additional global markets, the response has been overwhelmingly positive for ‘Ocean Blue’ – the change is now permanent. Vice President of MEXC, Andrew Weiner states that users in Korea advocated strongly for the rebrand to ‘Ocean Blue’. “Following our evaluation, we tested the requested color upgrade with our passionate users from MEXC Korea. It was great to see the change so well-received, and MEXC is truly grateful for the customer insight that directly influences our views and image.”
Now, why ‘Ocean Blue’? Our blue oceans cover 71.35% of Earth’s surface, whereas the forest area accounts for just 7.27%. Forests are fragile, and restricted to the land – but the sea is immense and limitless. ‘Ocean Blue’ incorporates ‘every river that flows into the sea.’ According to Weiner, ‘Ocean Blue’ is also a more accurate reflection of MEXC’s brand identity. “We are calm and professional, open and inclusive, and powerful and innovative – inviting every user to dive deep and explore what treasures MEXC has to offer!”
MEXC was founded in April 2018. It is the world’s leading one-stop crypto shop and fastest growing exchange. They offer futures, spot, ETF, and NFT Index trades, as well as staking, MX DeFi, and many other services for our special users.
“When we look back at MEXC’s history, ‘Users Come First’ has always been more than a motto – it is the recipe to our success,” Weiner said. Which the improvement of the brand color can not exemplify.
MEXC significantly upgraded its Futures trading system and product functions in their June 2020 release. Before the upgrade, the operations, product, and technical teams spent months doing thorough consumer research, gathering feedback, and performing rigorous product testing. The improvements range from minute details to extravagant enhancements to customer journeys, including such examples as “Lightning Close,” and “Leverage Multiples Adjustment”. All these upgrades came directly from MEXC’s skilled team and loyal customer feedback.
‘Users Come First’ has been the heart of the crypto industry’s essential values of decentralization and community spirit and MEXC bleeds this mantra. “It is because we put our users in the forefront and present them with our professional goods and services that we are able to have reached the accolades of reaching the highest liquidity in futures, spot, and ETFs in the second half of this year with constant efforts,” Andrew explained. “Please enjoy our rebrand and take comfort that you are in safe hands.”
Contact:
Company Name: MEXC
Name: Jenny Sun
Email: [email protected]
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Crypto Market, A Threat To Global Finance, Claims FSB Officials
While the crypto market remains volatile and uncertain, the Financial Stability Board (FSB) plans to prepare a global regulatory framework. The FSB is responsible for monitoring and giving out standards for the global financial system which is done by institutions like the IMF.
FSB’s Chair, Steven Maijoor states that though the crypto market is seeing a massive growth, the lack of proper regulations and supervisions will pose a threat to global finance. He also believes that crypto activities should be regulated on the basis of the same principles as the traditional market.
Ripple Aims To Strengthen The Crypto Sector In The UK By Transforming It Into A Global Crypto Asset Centre
The UK has been a significant country in facilitating the crypto space among its users. Moreover, the UK’s Economic Secretary previously confirmed that the UK government is leaning toward amplifying the UK’s position as a crypto-friendly country in the world with the recently appointed prime minister Rishi Sunak’s ambitious goals on implementing the crypto sector.
As a result, the UK is gradually opening the doors of cryptocurrencies following terms and regulations of distribution.
As Ripple Labs is getting an inch closer to victory against the SEC, the firm is preparing for a great launch in the next few days. Recently, Ripple, the firm behind XRP, published its whitepaper regarding a proper infrastructure for growing the crypto sector in the UK and aims to work closely with UK regulators in expanding its sector.
Ripple Suggests The UK For A Crypto Regulatory Framework
Ripple Labs, a popular blockchain-based payment platform, brings impactful plans for the UK to utilize several opportunities in building a crypto hub. According to the whitepaper, a potential crypto asset sector will economically benefit the UK in bridging the gap between financial and commercial actors more efficiently.
Through this, there will be cheaper, faster, and more secure payments for small and midsize crypto firms and retail users, specifically for cross-border payments. It can uplift the economy of the UK and enhance social benefits and reputation on the world stage.
Susan Friedman, the Head of Public Policy at Ripple, said, “We’re at an inflection point for crypto in the UK, and there’s no time to waste in agreeing the local framework so the UK can achieve its vision of becoming a hub for responsible crypto innovation.”
However, Ripple has warned about the risks of crypto as policymakers should identify different sectors of the crypto industry before framing a law, as different technologies bring diverse benefit-to-risk profiles.
Things To Become A Champion In The Crypto Space
Over the past decades, the UK has led a prominent role in driving the financial sector by combining industry innovation and applying regulatory coordination with a stable investment and political vision. According to Ripple, there are three things that the UK needs to follow to be a champion of the crypto industry:
- Frame a proper crypto regulatory infrastructure to help investors identify risks and differences between several sectors of the space. Such a framework will eventually benefit investors to work parallelly with the crypto business and build trust with the community.
- Well-established coordination between regulatory bodies and the government will help in bringing an impactful transition for the crypto sector with the development of a Central Bank Digital Currency (CBDC).
- Widespread public education and relation with policymakers will pave the way to build a balanced crypto future for the UK.
These three proposed measures will showcase the true potential of the crypto sector in the UK if appropriately implemented. Furthermore, the introduction of a robust structure to the crypto market of the UK will protect its consumers from theft and boost the confidence of investors and crypto traders in investing in the sector.
Additionally, it will build a friendly approach for crypto firms to expand in the country. Ripple also highlighted that the crypto industry is also capable of eliminating energy emissions which will benefit the environment gradually.
This report from Ripple highlights the current crypto opportunities in the UK and the way to leverage blockchain technology in solidifying the UK’s reputation and economy.
How Global Blockchain Teams Stopped Over $470 Million BNB Being Hacked
On the 6th of October, BNB Chain ground to a sudden halt after experiencing a massive exploit. By attacking one of the main bridges within the blockchain system, hackers were able to exploit faulty code to mint tokens at a rapid rate.
In the span of only a few hours, they’d created nearly $600 million in value, which they were starting to rapidly liquidate off the platform. Yet, due to the fast reaction of validator teams, the chain was able to prevent the vast bulk of capital from leaving the ecosystem.
In this article, we’ll turn toward these BNB Chain validators, demonstrating exactly how their fast action and international response managed to save the platform, its customers, and investors, millions of USD.
Let’s get right into it.
What Happened?
The BNB Chain, which is a blockchain that aligns with one of the world’s leading crypto exchange platforms, Binance, experienced an exploit. Hackers were targeting the BSC Token Hub, a central bridge within the infrastructure of the chain.
By finding an exploit in the bridge, hackers were minting additional BNB tokens at an alarming rate. These hackers were effectively able to create new cryptocurrency directly for themselves, quickly siphoning off the capital they’d created into their own accounts and liquidating it.
Within 90 minutes, the hackers had created nearly 2,000,000 new BNB coins. Before the hack was noticed, this figure was worth around $570 million USD. The team of hackers began to liquidate this huge figure, taking it off the chain as quickly as possible.
Luckily, validators noticed the strange activity and rapid mining of new BNB and sprung into action. By alerting the right people and freezing the chain, they stopped the hackers from withdrawing the total sum.
Instead of the full $570 million, those that capitalized on the exploit were only able to steal around $100 million worth of BNB. While this was still a major impact, which has caused the BNB token to trend down in value since the attack, this was only a small percentage of the full harm that could have been done.
Do We Know Who Capitalized on the Exploit?
As of the 24th of October, Binance has released information to the public claiming that they’re getting close to narrowing down who did the hack. With help from law enforcement, they have a better idea of who could have committed the exploit.
That said, they’re still not certain, with the $100 million that was stolen seemingly having vanished completely. While the BNB chain is working on fortifying their bridges, Binance has devoted itself to finding the perpetrators of the crime.
How Validators Saved the Day
It’s undeniable that the quick reaction from BNB chain validators was the salvation in this scenario. If they hadn’t noticed the strange events from the bridge so quickly, then the hackers would have had significantly more time to liquidate even more funds.
Considering they managed to move $100 million from the system in only 90 minutes, the difference between finding out 30 minutes later could have been disastrous for the ecosystem. The BNB Chain has 26 unique validators, spanning across the whole globe. Due to their vigilance, the system was able to respond quickly and neutralize the threat as rapidly as possible.
Yet, the support that validators supplied didn’t just stop there. After the event, the BNB outage was hemorrhaging money for the entire system. All validators had stopped services when the blockchain stopped, meaning they needed time to get back up and running once the blockchain was ready to recommence.
Without validators, DeFi applications cannot run properly, making the vast majority of tertiary blockchain applications on the system fail to function. This creates a snowball effect, causing even more problems down the line.
One of BNB Chain’s validators, Ankr, provided the solution where. Ankr’s RPC services were extremely quick to respond after the BNB outage. Unlike other validators, which hesitated in bringing their services back online, Ankr’s RPC services immediately resumed the moment that BNB Chain relaunched.
During the outage, Ankr’s RPC server remained directly pegged to the blockchain, ensuring that all data was in accordance with the moment the ecosystem came back online. Ankr was able to do this, in part, due to the international team they employ. Instead of being focused in one particular region, Ankr spreads their DevOps teams around the globe.
With this approach, they’re able to cover a 24-hour window, with time zones allowing a team of engineers to constantly be active, online, and ready for response. Their international placement of teams reflects the central ideals of blockchain – with the spread of decentralized teams reflecting the placement of international nodes.
Instead of banking on one particular country or focusing efforts in one region, Ankr’s international approach to DevOps allowed them to alert the system, come back online instantly, and allow BNB Chain’s DApps to continue functioning.
Ankr was one of the fastest responders to the incident, developing, testing, and releasing security updates in less than 30 minutes. Their response demonstrates the commitment that validators have to their ecosystems, with Ankr exemplifying a near-perfect crisis response.
Final Thoughts
As decentralized systems, blockchain networks rely on the validators they have available to them. As these systems continue to grow in popularity, as well as accumulating more total funds, they will become even more of a target for exploitation. While decentralization is a strength of the system, it also leads to a range of potential security issues when information is not shared.
By working with validators, blockchain networks are able to bring further levels of security, monitoring, and due diligence to their systems. Ankr is a fantastic example of how enriching it can be to work with validators.
From speeding up the daily transaction speeds of ecosystems to providing a level of support, these are vital for blockchain’s success. If this event has taught us anything, it’s that blockchain systems must create international teams to help them respond to incidents. A critical event can occur at any time – we must be ready when they come.
Bitcoin Mining Might Shut Down Globally If Bitcoin Price Drops Below This Level – Says F. Holmes, CEO at Global Investors
Despite significant advancements in energy efficiency and sustainability, Bitcoin’s energy consumption has increased by 41% year over year (YoY). However, there are worries the increase may prompt regulators to crack down on crypto mining.
As a reward for validating transactions and protecting the network, crypto mining is one of the primary ways that people can acquire cryptocurrencies like Bitcoin (BTC). However, mining the first digital asset can become less lucrative if its price falls sharply.
The break-even point at which Bitcoin mining operations become unprofitable, according to Frank Holmes, CEO of investment firm U.S. Global Investors, is $12,000; he made this claim in an interview with financial media source Benzinga webcast on October 19.
Early this year, Holmes expressed his opinion that Bitcoin could surpass gold due to the involvement of millennials, therefore undermining the precious metal’s role as a store of value.
When “it’s basically inferred that you’re going to have like $12k,” as it is today, “everyone starts shutting down,” meaning that the typical individual stops using their mining rigs, “globally, right now it’s basically implied that you’ll have to have like $12k.”
At the same time, the price of the flagship digital asset was $19,139 at the time of publication, down 0.45% in the previous 24 hours but up 0.65% week-over-week, as recorded by CoinMarketCap.
Prospects for the Bitcoin mining industry
In spite of the fact that Bitcoin’s bulls and bears have been forced to fight for traction while the asset has been attempting to reach the psychological level of $20,000, Bitcoin’s miners have managed to remain uninterested. This is indicated by the fact that the mining hash rate reached a new all-time high (ATH) in early October.
The European Union is putting up a new rule that aims to create energy efficiency labels for assets like Bitcoin in an effort to limit energy use in the industry. If the worst predictions come true, it may be disastrous for cryptocurrency miners.
According to reports in the media, the findings of a quarterly study indicate that Bitcoin mining only accounts for 1 percent of global CO2 emissions and only consumes 0.16 percent of the world’s total energy output.
On Oct. 18, the EU issued a proposal to implement the European Green Deal and the REPowerEU Seek, both of which plan to monitor crypto mining and its environmental effects.
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Justin Sun Revealed Plans To Revive The Huobi Global Crypto Exchange
The post Justin Sun Revealed Plans To Revive The Huobi Global Crypto Exchange appeared first on Coinpedia Fintech News
The new advisory committe member of the Huobi Global crypto exchange, Justin Sun revealed plans to revive the Huobi Global crypto exchange in a tweet on October 10 following a meeting of the advisory committee. Huobi Global co-founder Wang Yang, Ted Chen, Baiyu Capital founder Du Jun, Valkyrie co-founder Leah Wald, and Tron founder Justin Sun are all members of the Huobi Global advisory committee.
The advisory committee will assist Huobi Global in strengthening its business, brand, market, compliance, risk management, and other areas. Furthermore, the advisory committee affirmed that the cryptocurrency exchange will not return to China and will instead seek globalisation. Huobi Token (HT) will also be the focus of the revival strategy.
Crypto Market Caught up in Global Winter – Here’s When Bitcoin Actual Bull Run Will Begin – Coinpedia – Fintech & Cryptocurreny News Media
The Bitcoin price forecast indicates that BTC may start a negative correction because of the presence of bears. Selling pressure could increase if the $19,000 support level is decisively broken.
Therefore, the consolidation could develop into a bear run if bears drive the market price lower. The next obstacle for the king coin may materialize at the $21,000 level, but the sideways trend that has been occurring recently is likely to continue over the next several days.
According to senior commodity strategist for Bloomberg Intelligence Mike McGlone, once the current macroeconomic situation marked by significant inflation is passed, Bitcoin (BTC) will trade over $100,000 by 2025.
On September 17, McGlone said in an interview with Kitco News that rising adoption and demand would be the catalyst for Bitcoin’s surge.
“Bitcoin to me, it’s a matter of time before it gets to $100,000. The key fact is that adoption and demand are increasing unless you expect that to reverse, which I don’t think. It will continue to appreciate; it’s just a matter of time right now,” McGlone said.
Bitcoin caught in global winter
In the current situation, he observed, Bitcoin and cryptocurrencies in general would probably come out on top among all asset classes. McGlone claims that because cryptocurrencies are using the fastest-growing technology, they have an added advantage.
McGlone also compared the state of the market to the dot-com boom in 2000, in which some assets prospered while others fell apart. He did, however, make the point that the Federal Reserve’s measures will probably be crucial in putting an end to the current circumstances.
The expert also pointed out that the global winter, of which digital assets are only a small part, has caught up with Bitcoin and the broader crypto market. His stance runs counter to the general market perception that Bitcoin is experiencing a crypto winter. Notably, the price of Bitcoin has been severely depressed in 2022, with a struggle to trade above $20,000.
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Global Finance Market Might See Worst Case Scenario If Inflation is Not Controlled
The Consumer Price Index (CPIS) has revealed that the inflation rates have kind of cooled down as they have dropped from 9.1% to 8.5%. However, even then, the broader picture states that currently, the inflation rate is high, resulting in decreased trust among market participants in the global economy.
Global economic growth continues to decline, posing a major threat to the crypto sector. If inflation is not controlled by this year’s end, we will likely witness a situation of havoc.
Debt Crisis
In an interview with Kitco news, Michael Gayed, a portfolio manager at Toroso events, spoke about what could have increased the inflation rate and what else could go wrong if inflation is not brought under control. The expert then says that there could be a debt crisis with an increased treasury revenue because the other countries will not repay their loans.
This is because, as per Gayed, while the dollar increases the other currency values plunge and it turns out to be real funding pressure as they don’t have a reserve currency.
Next, the expert says that there is a lot of indifference in the economy while the US dollar rises. Explaining his point, he claims that the global economy might end up at a point where the leverage is very high and the capital gains shall see an end. When this happens, he says, all of us will have to wait for things to settle down on their own.
The portfolio manager further stated that there might be deflationary incidents if the market refuses to pay back its dollar-denominated debt. This will point toward a default crisis.
In a nutshell, the path that inflation will take is still uncertain; thus, traders and investors should be cautious about their next step.
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Fazzaco Expo Dubai 2022 – A Leading B2B & B2C Gathering for the Global Fintech Industry
Fazzaco Expo Dubai 2022 will make its debut in Dubai on October 12-13, 2022 at Festival City-Festival Arena. It is a high-quality B2B+B2C event offering seamless networking opportunities for decision-makers, executives, managers, IBs, and traders across the financial and fintech industry, including PSPs, CRM providers, brokers, liquidity providers, trading software providers, white label providers, and blockchain companies, to name a few.
Various online / in-person events are here to happen, aided by LEDs and displays, with numerous onsite gifts and non-stop seminars, turning Fazzaco Expo Dubai 2022 into a fresh and lively financial show you’ve never seen before, allowing everyone to get more out of it.
Why You Shouldn’t Miss Fazzaco Expo Dubai 2022
– Free admissions. Fazzaco Expo provides free admission for all registered visitors. You can register it both on Fazzaco Expo site or at the entrance. To get fast access, we highly recommend online registration.
– Exciting prizes! Whether you are coming here to look for potential partners, clients, or just wanna stay tuned to the fintech industry, or maybe just want to browse a bit. You have the chance to win a prize too! We prepared loads of prizes from iPhone 13 Pro, to Samsung Galaxy S22 and even more!
– Much more networking Opportunities. About 10,000+ visitors will attend expo, it will be a great opportunity to grow your business network and meet your old friends.
– Most engaging content. Non-stop speeches and panel discussion will refresh your mind and make it possible to discuss with industry leaders face-to-face.
– Distinctively immersive experience. Eye-catching visual experience from 6 big LED screens brings you into an immersive Expo that’s totally different from what you’ve seen before.
Time: October 12 – 13, 2022
Location: InterContinental Dubai Festival City – Festival Arena
Expo link: http://expo.fazzaco.com/
Contact：[email protected]