Cryptowisser: 75 Crypto Exchanges Dead in 2020 – More Will Follow | Press release Bitcoin News

Cryptowisser: 75 Crypto Exchanges Dead in 2020 – More Will Follow | Press release Bitcoin News

5th October 2020, leading Crypto service comparison site – Cryptowisser, announces its Crypto exchange graveyard. The detailed page lists and explains the many crypto exchanges (largely centralized exchanges) that have disappeared, expired or collapsed this year, giving an insight into the volatile and competitive crypto exchange industry. There was a 56% increase of dead crypto exchanges from last year with no signs of letting up. While the general crypto industry continues to see impressive growth, the crypto exchange industry is challenged with competition, saturation and forever increasing regulations.

According to their report, crypto exchanges “die” due to voluntary shut down, hacking, scams, and being shut down by the government. While the scams and hacking are self- explanatory- the voluntary and government shutdowns as well as the mystery disappearances can be explained.

Competition pushing out Crypto exchanges

Cryptowisser explains that there are primarily three groups of competitors responsible for the demise of the centralized crypto exchanges: decentralized exchanges, derivatives exchanges and non-crypto alternatives.

Decentralized Exchanges push centralized exchanges out.

DEXs typically have servers spread out across the globe, making them less susceptible to hacker attacks, and they typically also offer lower fees (sometimes zero fees). They are able to handle more trading volume and are often more attractive than centralized crypto exchanges.

Derivatives Exchanges see Growth

Another group of exchanges that have seen impressive growth are derivatives exchanges. A derivative is an instrument priced based on the value of another asset (normally stocks, bonds, commodities etc). In the cryptocurrency world, derivatives derive its values from the prices of specific cryptocurrencies, most often Bitcoin.

It is clear that derivatives exchanges are becoming stronger and stronger in the market, not unlikely to the detriment of certain centralized exchanges. Visit the world’s largest derivatives exchange list to see which derivatives exchanges you have already heard of.

Non-Crypto Alternatives become more available.

With cryptocurrencies becoming more and more user friendly and less exclusively for tech savvy trades, non crypto alternatives are also growing.

While there is currently no conclusive data showing how many users that centralized exchanges lose to these non-crypto alternatives, it is reasonable to believe that they are – at least to some extent – a contributing factor to the mass death of centralized exchanges.

Regulations make it impossible for new Exchanges to survive.

As the industry grows, so does the need to regulate it.

A Dutch exchange called NLexch, had to close down just a few weeks ago (1 September 2020) and gave the following well-written explanation to why:

“De Nederlandsche Bank [NB: The Central Bank in the Netherlands] demanded that every cryptocurrency business should register with them. The registration is deemed to be mandatory, and businesses that fail to comply will be forced to close down operations in the country. The fees charged in the whole process are very high. The cost of providing the required level of security, support and technology is not economically feasible on our own.”

NLexch will not be alone, as the bigger more established companies make it harder for new exchanges to compete.

Concluding Remarks

For a new centralized exchange to flourish, it will likely need to have some form of unique edge that is not already on the market today. The days of launching an exchange and hoping for a bull-run are over, and have been for some time.

Cryptowisser is a cryptocurrency services comparison site with the world’s largest, most frequently updated and most trusted lists of cryptocurrency exchanges, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your purchasing decisions and service choices in the crypto world.

For more information please contact [email protected]

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

After Banning ICOs China's Defi Ecosystem Grows Exponential This Year

Bitcoin.com Exchange Acquires BOA Exchange To Reach New Markets

Source: news.bitcoin.com

Author: Press release


UAE Based Emirex Crypto asset exchange raises capital from US fund

UAE Based Emirex Crypto asset exchange raises capital from US fund

UAE based Blockchain enabled, Emirex Crypto asset Exchange, has raised an undisclosed amount from US-based blockchain and crypto fund Alpha Sigma Capital (ASC). Founded in 2019, Emirex Exchange operates in the Middle East and Asian markets from its headquarters in Dubai. The company looks to develop infrastructure that creates a new digital economy linking these markets with Africa, Europe, and eventually the United States. 

As part of the investment deal, Enzo Villani, CEO and chief investment officer of Alpha Sigma Capital, who is also a strategist for crypto and traditional exchanges such as OKEx and Nasdaq has joined the Emirex advisory board.

According to the press release, the exchange has grown to over 100,000 registered users with over 30,000 active traders from around the world. It has 150,000 subscribers among social networks and over 50 trading pairs listed on the exchange. Recently Emirex had launched upgraded trading platform 

“Alpha Sigma Capital’s partnership with Emirex comes at a key time for the company. Emirex has entered a new strategic growth phase of bringing VCs, angel investors, and strategic partners to the Middle East and North Africa (Mena) market that requires leadership with extensive blockchain development experience,” said Kirill Mishanin, chief security officer at  Emirex.

mirex will use the capital to expand into new markets and introduce more products in the decentralised finance industry.

“Emirex’s leadership and the team have extensive experience in enterprise technology, blockchain, and financial markets. We’re excited to be aligned with our partners in the Mena region and plan to leverage our exchange experience to realise the vision and deliver for our customers,” said Enzo Villani, CEO and chief investment officer at Alpha Sigma Capital.

Currently, Emirex is on the last step before the launch of DeFi aggregator platform EmiFlex which combines multiple DeFi solutions, including loans, borrowing, staking, decentralized exchange, insurance, and mining and allows users to get maximum results in a few simple steps.

Source: www.unlock-bc.com

Author: Source: Emirex press release


5 Crypto Swaps and Exchanges You Should Check Out Now

5 Crypto Swaps and Exchanges You Should Check Out Now

We’re currently seeing a diverse set of different cryptocurrencies trying to establish their roots in the global financial landscape. With this, the demand for platforms that allow crypto users to exchange between different assets also continues to grow.

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Crypto swaps and exchanges make it possible for the average crypto user to have easy access to various cryptocurrencies at any given time. Crypto exchanges are primarily used to buy and sell coins in exchange for fiat currencies, but many crypto exchange platforms also allow users to exchange one type of coin for another.

Meanwhile, crypto swaps facilitate the quick and easy exchanging of one crypto asset for another without using fiat currency. There are various reasons people do crypto swaps and exchanges, like trying out a new crypto asset, reacting to market events, or withdrawing from an unstable asset.

There are two types of crypto exchanges: Centralised exchanges (CEX), which are traditional exchanges where a third-party runs the exchange, and Decentralised exchanges (DEX), a new type of exchange that relies on smart contracts instead of a third party.

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In this article, you’ll learn about some of the top platforms for crypto swaps and exchanges,  as well as their important features. Whether you’re a first-time cryptocurrency buyer or a more seasoned enthusiast looking for something new, there’s something for you on this list.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Binance is undoubtedly the world’s top centralized exchange. They pride themselves as ‘The largest crypto exchange by trade volume and one of the fastest.’ Users can buy bitcoin and altcoins with over 40 different fiat currencies through the platform. If you’re a crypto newbie looking for something reliable and virtually foolproof, Binance may be a good starting point.

Binance offers the option of trading with over 100 types of cryptocurrencies and is well suited for any individual looking to buy and sell at low fees. They have their own Binance chain and Binance coin (BNB), which is widely available across several exchanges and can be used to pay for fees on the exchange.

Uniswap describes itself as ‘a protocol for exchanging ERC-20 tokens on Ethereum.’ Launched on November 2, 2018, Uniswap is now regarded as the top DEX. It functions by having a reserve of tokens that come from liquidity providers. When a swap is done, the user receives coins from the reserves. It has an open-source frontend interface for traders and liquidity providers and is committed to providing decentralized asset exchange.

Anyone can quickly swap between ETH and any ERC-20 token through Uniswap. Users can also earn fees by supplying liquidity.

By leveraging smart contracts, Uniswap is able to offer autonomous on-chain transactions at marginal costs with no listing fees, no native tokens required, and the cheapest gas cost of any DEX. Uniswap officially upgraded to Version 2 in May 2020 with new and improved features like ERC-20 to ERC-20 token pools, native price oracles, and flash swaps.

Founded in 2012, Coinbase is now one of the biggest cryptocurrency companies available in 102 countries and offering one of the easiest and fastest buying processes in existence. At Coinbase, you’re able to buy and sell bitcoin as well as 20 other cryptocurrencies. It offers a competitive fee structure that consists of a 0.5% premium over the market price and a transaction fee relative to the amount transacted.

An advantage Coinbase users get is that all digital currency held online by Coinbase is insured. It’s also important to note that Coinbase is a custodial service, meaning you don’t get full control of the coins stored at Coinbase or access to the private keys controlling them.

KeyKey is a promising platform for users who are new to the DEX space or simply looking for a new platform to invest in.

Aptly summarised as a Uniswap fork with governing tokens, KeyKey is a new decentralized exchange powered by the UniSwapV2 engine. It’s governed by an LP reward token, LOCK, which entitles you to 0.5% of the fees generated by exchanges in the pool. This is on top of the 2.5% you earn as a liquidity provider.

Founded in 2013, Coinmama is a veteran crypto exchange with support in 188 countries. It allows you to buy and sell cryptocurrencies in a fast and easy way while charging a premium for its services. Their verification process is quite fast, taking only 30 minutes and all you need to do is submit a government-issued ID and a selfie.

Overall fees vary depending on the payment method, with wire transfers having a fee of around 6% while credit card purchases can charge up to 11%. Although their fees can be relatively high, Coinmama makes up for it with its responsive support team and efficient services.

The crypto sphere is ever-changing and evolving, but no matter which exchanges and swaps you choose, the earning potential brought by the industry is evident. Massive overall trade volume and the vast number of individuals invested in exchanges have solved many of the issues initially faced by crypto. Really, it’s now up to you to make the most out of the tools and platforms that are currently available in the space.

Source: thebitcoindesk.com

Author: Delia


Crypto Exchange Coinbase Hands Over Customer Data to UK Tax Authority

Crypto Exchange Coinbase Hands Over Customer Data to UK Tax Authority

Crypto Exchange Coinbase Hands Over Customer Data To UK Tax Authority

Coinbase is handing over customer data to the British tax authority, Her Majesty’s Revenue & Customs (HMRC). The measure affects customers with a U.K. address who received more than £5,000 ($6,450) worth of cryptocurrency during the 2019/20 tax year.

On Oct. 2, Coinbase sent an email to its U.K. users advising them that it will share their account information with the HMRC. The exchange said the tax agency originally asked for records relating to all UK customers dating back to 2017, but it later worked out a plan that resulted in “a revised notice with reduced scope”.

The revised plan requires the disclosure of user data with a British address who received over $6,450 into their Coinbase account during the 2019/20 tax period, either by way of purchases or deposit of digital assets.

Coinbase says the HMRC request will affect under 3% of its U.K. customers, reports The Block. A spokesperson for the exchange explained:

These requests are commonplace for financial services companies. Through a series of constructive conversations with HMRC, we agreed upon on a more limited and focused disclosure…

A spokesperson for the HMRC noted that the authority regularly gathers information from various sources in order to “improve the integrity of the tax system and to identify those that have failed to declare their gains.”

Requests for customer information were also reportedly sent to crypto platforms such as Etoro and Cex.io, says the report.

In New Zealand, the country’s tax agency, the Inland Revenue Department (IRD), is requesting that crypto companies turn over their customers’ personal details, cryptocurrency asset values as well as the type of asset held.

The U.S. Internal Revenue Service (IRS) has also been sending warning letters to crypto investors seeking clarity about whether they had reported their transactions correctly.

What do you think about Coinbase handing over customer information to tax authorities? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: otcpm24.com

Author: News Bureau


Zimbabwe Stock Exchange to list Bitcoin and cryptocurrencies - TCR

Zimbabwe Stock Exchange to list Bitcoin and cryptocurrencies – TCR

  • It took the exchange 11 years, but might now we can see cryptocurrencies on its platform
  • Gibraltar Stock Exchange announced the addition of cryptos by 3iQ Corp, and then Venezuela announced for the creation of Decentralized Stock Exchange
  • Reserve Bank of Zimbabwe (RBZ) it seemed that they are against of cryptos

Justin Bgoni, CEO of Zimbabwe Stock Exchange (ZSE), revealed that their recently licensed subsidiary (Victoria Falls stock exchange) is now open for listing cryptocurrencies. It took the exchange 11 years, but might now we can see cryptocurrencies on its platform. The government finds Victoria Falls Stock Exchange (VFEX), as a platform to raise fundings for the country’s local firms.

A few days ago, Gibraltar Stock Exchange announced the addition of cryptos by 3iQ Corp, and then Venezuela announced for the creation of Decentralized Stock Exchange. Now the Zimbabwe Stock Exchange (ZSE), is aiming to have its own licensed subsidiary to list cryptocurrencies. Anyways, the listing is fully dependent on the regulator’s

Zimbabwe’s own crypto community is sceptical regarding the news. As the news came from the CEO of the exchange and not the regulators. It is also possible that the executives will have no idea about the decentralized coins. Critics mentioned that virtual currencies are neither issued by public authority nor state-guaranteed and also unregulated.

According to Financial services lawyer and blockchain enthusiast, Prosper Mwedzi, that if the CEO is talking about listing cryptocurrencies, it seems to be positive but there is also a statement that needs to be noticed that it depends on the regulatory clearance, though at the moment the Reserve Bank of Zimbabwe (RBZ), instead of a crypto policy is doing a fintech policy.

According to a notice released in 2018, by the Reserve Bank of Zimbabwe (RBZ) it seemed that they are against of cryptos, and asked their country men’s to keep away from risky crypto’s, and then the central bank also ordered a shutdown Golix, the countries largest cryptocurrencies exchange. However, in 2019 some of the statements displayed, that the bank might have reconsidered for the use of Cryptocurrency.

According to a financial services lawyer and blockchain enthusiast, Prosper Mwedzi, everything depends on the Securities and Exchange Commission of Zimbabwe (SECZ), and yet SECZ didn’t indicate any statement regarding the issue. So instead of surety, there remains a possibility that the plan of Zimbabwe’s Stock Exchange might come to realization.

Though the interest appeared by the ZSE to have its subsidiary list cryptocurrencies is a positive response by the regulated institutions to go crypto.

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication

Source: www.thecoinrepublic.com

Author: By Ritika Sharma


Cryptowisser: 75 Crypto Exchanges Dead in 2020 – More Will Follow | Press release Bitcoin News


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