Day: April 16, 2018

One of South Korea’s top three cryptocurrency exchanges, Coinone, is launching an exchange in Indonesia. Initially, six cryptocurrencies will be supported but the exchange plans to add more coins. Coinone is also launching an airdrop event for 10,000 pre-registrants.

Also read: South Korea Takes Steps To Regulate Digital Currencies

Coinone Launching in Indonesia

Coinone announced on Monday that it is launching Coinone Indonesia in Jakarta, “making [it] first among the top cryptocurrency exchanges in Korea to enter the global market,” the company wrote.

The South Korean exchange is the third-largest crypto exchange in the country after the Kakao-backed Upbit and Bithumb. Its 24-hour trading volume is $63,140,495 at the time of this writing, according to Coinmarketcap. The company also operates a “blockchain 4D zone” called Coinone Blocks, with walk-in customer consultation counters.

The CEO of Coinone Indonesia, Alan Song, elaborated:

Coinone Indonesia wants to be the gateway that introduces people to the concept of blockchain and cryptocurrency, and facilitates access for users in Indonesia to have various types of digital assets or cryptocurrencies quickly and safely.

About Coinone Indonesia

According to the company’s announcement, “Coinone Indonesia offers the following six cryptocurrency trades: bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), quantum(QTUM), and shortly thereafter [we] will continue to add other coins according to its high technological standards of examination.” In addition to the aforementioned six cryptocurrencies, Coinone in Korea also supports the trading of ripple (XRP), iota (IOT), and bitcoin gold (BTG).

Pre-registration for Coinone Indonesia begins on April 16 and will last a month; only email addresses are needed. While the new exchange will begin service on May 24 for pre-registered users, it will officially launch in June. The exchange explained:

Foreigners who are not Indonesian nationals can also apply…after the pre-registration period, foreigners need a separate examination process through the passport and non-face-to-face certification process.

There will also be an airdrop event offered to “selected 10,000 pre-registrants,” Coinone noted. “Up to 10 million rupiah (appx. 800,000 won) worth of cryptocurrency will be granted through a lottery of 10 thousand registered customers,” the exchange wrote, adding that an additional “10 free coupons are provided upon completion of the self-evaluation process.”

Specifically, Coinone Indonesia’s website states that the “lucky 10,000 persons who applied for pre-registration will be chosen to get trading fee [of] 0.00% coupon and [the] Qtum Airdrop.”

Last week, news.Bitcoin.com reported that 23 cryptocurrency exchanges, including Coinone, have agreed to self-regulate in Korea.

What do you think of Coinone launching a crypto exchange in Indonesia? Let us know in the comments section below.

The post Major Korean Exchange Launches in Indonesia with Six Cryptocurrencies appeared first on Bitcoin News.

As the popularity of cryptocurrency increases, Australia has set a positive example in terms of implementing sustainable, non-restrictive regulations.

Last week saw the Australian Transactions Reports and Analysis Center (AUSTRAC) implement viable new rules regarding cryptocurrency exchanges. The most significant legislation enacted was the requirement of digital currency exchanges to register with AUSTRAC and comply with the government’s anti-money laundering, counter-terrorism financing obligations.

Regulations and licensing

Three exchanges have already been granted a license to operate in Australia: BTC Markets, Independent Reserve, and Blockbid. The remaining trading platforms have until 14 May to comply with AUSTRAC’s regulations.

AUSTRAC CEO Nicole Rose commented that as well as challenging the ramifications of decentralized trading such as money laundering, the new rules would also ”help strengthen public and consumer confidence in the sector”.

The government has also stated that initial coin offerings (ICOs) would be treated depending on the usage of the token, be it security- or utility-based. If the ICO was considered by law to not be offering financial products, it would be regulated under Australia’s Corporations Act.

The Australian Tax Office has also introduced 100-point identification checks to track cryptocurrency investors, who are required to pay tax on their earnings.

Blockchain Silicon Valley

Meanwhile, Australian technology firm IOT Group have partnered with Hunter Energy in recommissioning a disused power station in the hopes of becoming the country’s first pre-grid, cost-effective power alternative for blockchain operators.

The project is being dubbed the ”new Silicon Valley”, with the site planned to offer space to host data centers with direct access to power. This will bypass the energy grid, allowing clients to purchase wholesale electricity tariffs directly from the power station.

While Australia may not be the largest market for Bitcoin and other digital currencies, it is one that is quickly growing. It is currently ranked the 13th in the world for Bitcoin trading volume by currency, with the AUD seeing around BTC 276 trading via the AUD in a 24-hour period. Comparatively, it is not uncommon for Japan to process BTC 301,404 in the same period.

Australia’s attempts to regulate the cryptocurrency industry has so far been successful in its endeavors to both protect citizens and the financial sector, while developing and incorporating the technology within the infrastructure of the country.

Its progressive legislation has the opportunity to economically benefit the country, as well as the cryptocurrency market in general. With mainstream adoption increasing, governments must look for ways to incorporate the decentralized system within the legal framework of countries.

The post Australia Proving to Be a Positive Home for Cryptocurrency appeared first on BitcoinNews.com.

Decentralized protocol 0x has raised $775,000 through a SAFT sale last week.

A company is developing software to help enterprise businesses and ecommerce firms quickly adopt Blockchain ledger and related technologies #SPONSORED

A flood of misplaced Twitter love has pushed the #FUDBuster to set the record straight.

The Gibraltar Stock Exchange has announced that it has bold plans for blockchain technology, encouraging its subsidiary, Gibraltar Blockchain Exchange (GBX), to regulate for investor safety.

According to GBX, it has already enacted Distributed Ledger Technology (DLT) legislation to provide a worldwide jurisdiction for crypto companies, suggesting it wants to lead the world in technology regulation. The new legislation states that any firm in Gibraltar using DLT to store and transmit value is regulated in the country by default.

Gibraltar aims to lure new and existing fintech companies to its shores, following in the footsteps of other European countries such as Malta and Switzerland, both of which have seen the arrival of major cryptocurrency players Binance and Bitmain in recent months. The 2nd Gibraltar International FinTech Forum held last month, with another ‘Gibfin’ forum to follow in September 2018, demonstrate the country’s serious intent when it comes to encouraging fintech companies to do business there.

GBX wants to become the first regulated and licensed token sale platform and digital asset exchange operated by an EU-regulated stock exchange. Similar moves are being made in Germany through a crypto app launched by a subsidiary of the German Boerse Stuttgart. Such moves by both European countries raise the profile of cryptocurrencies and blockchain technologies and gives them enhanced credibility.

In May 2017, the government of Gibraltar set out nine principles for the regulation of blockchain services, which will cover such things as ensuring companies have the technology in place to support their business proposals or keep client assets safe. The GBX website claims it wants to turn the country into a “Crypto Harbour”.

The British overseas territory of Gibraltar has long been friendly to cryptocurrency and blockchain-based initiatives. The Gibraltar Stock Exchange hosted the launch of Europe’s first regulated Bitcoin product in mid-2016 and the territory’s financial watchdog launched a new license for fintech companies using blockchain last December.

The post Gibraltar Sees Itself as Blockchain Trendsetter appeared first on BitcoinNews.com.

DEXs are quickly gaining popularity over centralized exchanges because they let regular investors leverage faster trades. As Ethereum co-founder Vitalik Buterin has stated, the focus of DEXs is “NOT satisfying the needs of ‘whales’ and professional traders. Rather, it is in user convenience for regular people.” If DEXs become more user-friendly and offer the advanced trading features common on centralized exchanges, their popularity is likely to surge.

A Quick Note on DEXs and Centralized Exchanges

Centralized exchanges hold funds as a third party in transactions, making their large sums a tempting target for hackers. From Mt. Gox to the more recent Bitfinex and Bitgrail hacks, millions of dollars have been stolen from centralized exchanges. Though security measures vary greatly, centralized exchanges are at much greater risk of hacking compared to DEXs.

Centralized exchanges also require personal information and are more prone to server downtime. There have even been some allegations of price manipulation by professional traders on some centralized exchanges. Decentralized exchanges let you keep your funds in a secure wallet and off the exchange. They’re largely anonymous, with no reported server downtimes and virtually no hacks because of their distributed trading systems.

DEXs reflect the same trustless nature of the cryptocurrencies they trade. Transactions are peer-to-peer, without a third-party centralizing funds as an intermediary. Your funds are in your wallet until you trade them, and DEXs also allow for more privacy. But most importantly, DEXs bring fast, fair and easy trading to regular people without wait times. The DEXs below are ranked firstly based on their daily market volume, secondly by their potential to maintain that volume or grow over time, and lastly for unique features that separate them from other DEXs.

Bancor

While Bancor functions like a DEX, it is not based on the traditional bid/ask model of other decentralized exchanges. Bancor doesn’t match buyers and sellers in P2P transactions like other DEXs do. Rather, conversions are made against smart contracts that hold balances connected to integrated tokens in the Bancor Network. This means no waiting for a matching seller or buyer in order to transact; users can always buy or sell any integrated token on the network directly from within the Bancor Wallet. Thanks to last week’s fiat-to-crypto integration, the Bancor Network also can exchange funds from any major credit card to crypto, which is a huge convenience.

Behind the scenes, the Bancor Protocol connects cryptocurrencies to form liquidity networks that enable instant on-chain conversion. BNT is the hub token that connects all tokens in the Bancor Network, allowing them to be easily converted to one another. Over 100 blockchain apps, each with its own digital currency, have announced integration with the Bancor Network, while many of the industry’s most popular tokens, including ETH, EOS, DAI (MakerDao) and BNB (Binance), are already live and instantly convertible on the network.

A big part of Bancor’s appeal is its high token liquidity and the fact that Bancor takes no spreads or fees on token conversions. Bancor recently surpassed IDEX in daily trading volume, making it the largest decentralized solution for buying and selling tokens.

IDEX

IDEX offers some of the same advanced features seen on centralized exchanges but not available on other DEXs, including market orders, instant order books, and instant gas-free cancels. IDEX hosts more than 200 different tokens – that’s more than any other DEX – but it does require you to hold tokens on the exchange in order to trade.

IDEX is part of Aurora, a platform that’s designed to be an all-inclusive decentralized finance hub for applications and protocols. Aurora has its own stablecoin called Boreal (BRL) backed by the Aurora DApp ecosystem, collateralized debt, and ether reserves.

The large selection of tokens available on IDEX makes it one of the top choices among DEXs. Investors who are knowledgeable about cryptocurrencies seek it out, buying into coins at lower prices before they are offered on other exchanges. IDEX has long been the top DEX in terms of daily trading volume, making it a continual example for other up-and-coming DEX platforms.

OasisDEX

OasisDEX was formed a year ago by the founders of MakerDAO. Originally called Maker Market, OasisDEX is a liquidity pool that allows for smart contract trades without KYC rules, a signup, or the exchange of personal information. It offers low fees but is limited to exchanges between ETH, DAI, and MKR tokens.

MakerDAO seeks to create a stable cryptocurrency in DAI, where one dollar equals one DAI. Members buy MKR tokens in order to take part in governance. When the price of DAI exceeds one dollar, there’s a large market sell-off, and OasisDEX frequently surpasses IDEX and Bitshares in total market volume during these sell-off surges. Two weeks ago, DAI was worth $1.06, which led to a massive sell-off, but this week it’s at $0.99, and OasisDEX has returned to the #3 position in the group.

Changelly

Changelly uses AI robots to find the lowest exchange rates on centralized platforms. Trading bots make bids and asks on behalf of investors, leaving funds off the exchange until it’s time for settlement.

Because Changelly leverages rates from multiple sites, it can offer variable and competitive rates. Changelly is mainly for quick crypto-to-crypto transactions, so it’s not a good option for those selling cryptocurrency for cash or sending payments. Changelly doesn’t require one’s personal identity information, making it fast and easy to open an account. It uses 2-factor authentication with each account created for added security.

Binance DEX

In just six months, Binance became the world’s largest centralized exchange, with a daily trading volume often surpassing $1.5 billion. A few weeks ago, Binance announced plans to add a decentralized exchange component called Binance Chain. Binance Chain will use Binance Coin (BNB) as its liquidity token, with a focus on fast and easy transactions over a decentralized platform.

Since its DEX announcement, the price of BNB has shot up from $8 to a little over $12 in an otherwise sinking market. Binance plans to keep its centralized platform as well, so it remains to be seen how much of Binance’s large trading volume will migrate to its decentralized platform.

The Future of DEXs

Though centralized exchanges currently offer friendly user interfaces and more advanced trading options unavailable on most DEXs, change is coming. As big names like Coinbase and Binance look into their own versions of decentralized exchanges, it’s only a matter of time before better UX and many of these features are added to DEXs as the market itself continues to grow.