Crypto trading volume reached $2.1 trillion in Q1, 2020, making exchanges one of the most profitable businesses in the crypto industry. However, it’s not easy to enable a crypto exchange service. The most common problems are:
- Not knowing where to start
- Being a solo developer or a small team (No money, no funding)
- How liquidity be obtained
- Who to reach out to for guidance
There is a way to solve all the above problems.
N.exchange a crypto exchange provides APIs and white label solutions to build a full-blown crypto exchange.
Moreover, they also open-sourced their front end code so anyone can use it and view it.
- When using N.exchange APIs, you don’t need to worry about liquidity. ☺️
- Open source frontend and APIs will solve 90% of your coding problem. 💻
- Reach out to the N.exchange team and they will guide you. 😺
To learn more, check out this video.
- Crypto and Network Effects
- How To Kill Bitcoin: Is Bitcoin ‘Unstoppable Code’?
- Ethereum 2.0 is getting closer
- Integrating IOTA with the reverse vending machine
- Another Usecase Bites the Dust
- Bitcoin mining just became extremely efficient
- The Coded Income Model
- Coinbase Plans To Go Public / DiDi Trialing China’s CBDC / Dfinity Opens Internet Computer
- Bitcoin Accumulator Trading Bot using bitFlyer Lightning APIs
If you like to write educational articles on crypto/blockchain space and wanna get published on Coinmonks publication. Just mail me at email@example.com or DM me Twitter
That’s it for now, send me ❤️, until next time.
Build a Crypto Exchange in less than 1 hour was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.
Author: ampva –
- Brazil’s Top Exchange Mercado Bitcoin Lists Sport Token Chiliz
- US Regulators Take Joint Action Against Crypto Firms’ Swaps Offering
- US SEC and CFTC Fine Cryptocurrency Investment Platform Abra for Illegal Swaps
- CRYPTO20 (C20) Achieves Market Cap of $21.87 Million
- Binance Card Will Land on the European Market to Promote the Popularization of Cryptocurrencies
Brazil’s Top Exchange Mercado Bitcoin Lists Sport Token Chiliz
Chiliz (CHZ), a major sports-focused digital currency, is getting its first listing on a Brazilian cryptocurrency exchange.
Mercado Bitcoin, the largest crypto trading platform in Brazil, will soon roll out Chiliz trading against the local currency, Brazilian real (BRL).
As officially announced on July 13, Mercado Bitcoin users are already able to make Chiliz deposits with BRL. Trading will be launched on July 14.
Chiliz token is the seventh digital currency supported on Mercado Bitcoin exchange. According to data from CoinMarketCap, the platform features major cryptos like Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and USD-pegged stablecoin USDC. However, Mercado Bitcoin offers mono trading pairs for Chiliz against the local fiat currency. This means that the Chiliz token will be only tradeable against BRL.
Alexandre Dreyfus, CEO at Chiliz.net and partner project Socios.com, told Cointelegraph that Chiliz is the first utility token supported on Mercado Bitcoin. In contrast to traditional cryptos like BTC or ETH, Chiliz token enables holders to participate in major sport-related activities like fan-led voting at football clubs.
Dreyfus continued that the listing marks the introduction of a new fiat onramp for Chiliz in Brazil. According to the executive, trading against local currencies is sometimes a way more popular than trading against cryptos like BTC. “In certain countries, they want to trade against their currency,” Dreyfus said. The CEO added that the biggest volumes in countries like Korea and Turkey are often associated with trading against local currencies like the Korean won and the Turkish lira.
In order to trade CHZ against other cryptos like Bitcoin and Tether (USDT), users can approach services like major crypto exchanges like Binance, Dreyfus noted. The feature has been available since Binance listed CHZ in September 2019.
By introducing CHZ to the Brazilian market, Chiliz is apparently expecting to benefit from a local crypto boom as well as the country’s love of football — the most popular sport in Brazil. According to Dreyfus, Brazil is the second biggest market for the UFC, the largest mixed martial arts organization in the world.
Dreyfus claimed that Chiliz is preparing to disclose its first fan club partnerships in Brazil, saying:
“Football in Brazil is like religion. We have been in discussion with clubs for 18 months now and we will soon disclose our first partnerships there. Being listed on the leading Brazilian exchange allows fans to have a direct access to CHZ in order to buy their fan tokens and access to our platforms.”
Mercado Bitcoin is one of the most popular exchanges in the world. It is ranked among the top 40 exchanges on CoinMarketCap to date. As of press time, the exchange’s daily trading volume amounts to around $370,000. According to Dreyfus, Mercado Bitcoin is the largest crypto exchange in Brazil and accounts for 40% of the region’s market share.
Chiliz is known as one of the most popular token platforms for sports and entertainment, having launched fan tokens with massive global soccer clubs like FC Barcelona, Juventus and Paris Saint-Germain. On June 22, FC Barcelona sold out $1.3 million of its Chiliz-powered fan tokens in less than two hours.
Author: News Bureau
US Regulators Take Joint Action Against Crypto Firms’ Swaps Offering
Two related cryptocurrency firms have fallen foul of United States financial regulators for entering into illegal off-exchange swaps in digital assets and foreign currency.
On July 13, the U.S. Commodity Futures Trading Commission (CFTC) issued an order filing and settling charges against the two firms. The same day, the U.S. Securities and Exchange Commission (SEC) announced that it had reached a settlement agreement with the respondents ahead of instituting its own cease-and-desist proceedings.
The two respondents operate from Manila in the Philippines and Mountain View, California, and are named “Plutus Technologies Philippines Corporation” and “Plutus Financial, Inc. d/b/a Abra” respectively.
The announcement states, “Abra is a private company headquartered in California that offers a phone application allowing people to conduct financial transactions through contracts memorialized on the Bitcoin blockchain.”
According to the SEC, the Abra mobile app enabled users to enter into financial transactions with Abra or Plutus Tech acting as the counterparty.
Users were encouraged to fund their accounts by depositing U.S. dollars, Bitcoin (BTC) or other assets and, as of March 2018, were able to enter into contracts to gain synthetic exposure to the price movements of dozens of currencies, including the euro and the Mexican peso.
Starting in February 2019, Abra expanded its business to enable app users to enter into contracts that provided synthetic exposure to the price movement of U.S. stocks and exchange-traded funds. The publicity campaign for the offering allegedly highlighted that users of the app would not be required to undergo Know Your Customer procedures.
Following conversations with the SEC, Abra ceased to offer these contracts but then resumed the offering in the second half of 2019, while attempting to restrict them to non-U.S. residents:
“Specifically, the companies said that foreign investors would enter into contracts with Plutus Tech, a private Philippine company partially-owned by Abra and dependent on Abra for funding and on Abra employees in California to run most of the business.”
According to the SEC, the contracts’ design, investor solicitation, marketing and hedging through stock and ETF purchases in the U.S. were all done by the California team. Moreover, despite screening and controls by both firms, Plutus Tech apparently entered into contracts with five people in the U.S.
The Commission has judged that the contracts in question were security-based swaps and were offered and sold to non-eligible contract participants without an effective registration statement, in violation of the U.S. Securities Act.
Moreover, the offerings violated the Exchange Act by effecting transactions with U.S. and overseas retail investors outside a registered national securities exchange.
Both firms are taking remedial actions that were accepted by the SEC and will comply with sanctions that require them to cease operating in violation of securities laws. In addition, they will jointly pay a civil penalty of $150,000.
The CFTC has required the two respondents to pay a $150,000 civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act as charged.
These violations involve unlawfully offering swaps to U.S. and overseas customers that were entered into without being subject to the rules of a board of trade designated as a contract market. They also involve operating illegally as an unregistered futures commission merchant.
US SEC and CFTC Fine Cryptocurrency Investment Platform Abra for Illegal Swaps
Abra has come under fire from U.S. regulators for offering illegal swaps to U.S. retail investors. This sets an alarming tone for the decentralized finance field, which is currently booming.
According to a press release by the U.S. Securities and Exchange Commission (SEC) on Monday (July 13, 2020), Abra and its Philippines-based partner Plutus Technologies Philippines Corp, illegally sold “security-based swaps to retail investors”. The SEC added that Abra sold the swaps without proper registration, nor did the company offer the service on a registered national exchange.
Abra initially offered the swaps in February 2019 to users both within and outside the U.S. In the same month, the SEC stepped in, which caused the company to halt business. However, Abra resumed in March 2019 but exempted U.S. investors and moved some of its operations to the Philippines.
But while the crypto investment platform conducted business abroad, Abra employees in California continued to design and market the contracts, while also screening users.
Daniel Michael, the Chief of the SEC Enforcement Division’s Complex Financial Instruments Unit, said:You Might Also Like:
- US CFTC To Establish “Holistic Framework” For Cryptocurrencies To Promote Innovation
- Telegram’s Clash With SEC Continues: Internal Correspondance Suggests TON Is Security
- US Supreme Court Restricts Power of SEC to Seek Penalties Against ICOs
“Businesses that structure and effect security-based swaps may not evade the federal securities laws merely by transacting primarily with non-U.S. retail investors and setting up a foreign entity to act as a counterparty, while conducting crucial parts of their business in the United States.”
The Commodity Futures Trading Commission (CFTC) stated that Abra and Plutus Technologies carried out illegal off-exchange swaps with users both in the U.S. and abroad. Consequently, Abra and Plutus Technologies agreed to pay a fine of $150,000 each to the SEC and the CFTC, without refuting or accepting the accusations. In addition, both regulators issued a cease-and-desist order
Meanwhile, some stakeholders in the crypto sector commented on the action of the U.S. regulators. Marco Santori, the chief legal officer for crypto exchange, Kraken, tweeted that Abra’s activities were not “shady”. Santori added that the company may have avoided the SEC’s hammer if they conducted business abroad from the beginning.
On the other hand, crypto lawyer Jave Chervinsky stated that the whole affair seemed like “a crackdown on crypto derivatives.”
The SEC continues to clamp down on crypto platforms offering initial coin offerings (ICO) deemed as securities and other securities-related products.
In May 2020, BitClave, a blockchain company, came under the SEC’s sledgehammer, after the latter accused the firm of carrying out an illegal ICO in 2017. The SEC ordered BitClave to refund over 9,000 investors close to $30 million, in addition to paying other fines.
As reported by CryptoPotato in June 2020, however, the U.S. Supreme Court issued a ruling that reduced the disgorgement fees the SEC collected from ICOs.
Author: Published 16 hours ago
CRYPTO20 (C20) Achieves Market Cap of $21.87 Million
CRYPTO20 (CURRENCY:C20) traded down 0.7% against the U.S. dollar during the 24 hour period ending at 13:00 PM E.T. on July 14th. Over the last week, CRYPTO20 has traded up 5.3% against the U.S. dollar. CRYPTO20 has a market capitalization of $21.87 million and $2,148.00 worth of CRYPTO20 was traded on exchanges in the last day. One CRYPTO20 coin can now be bought for $0.54 or 0.00005876 BTC on major exchanges including $10.39, $24.68, $32.15 and $20.33.
Here is how related cryptocurrencies have performed over the last day:
CRYPTO20 (CRYPTO:C20) is a coin. It launched on October 16th, 2017. CRYPTO20’s total supply is 40,656,082 coins and its circulating supply is 40,318,703 coins. CRYPTO20’s official Twitter account is @CRYPTOtwenty and its Facebook page is accessible here. The Reddit community for CRYPTO20 is /r/cryptotwenty and the currency’s Github account can be viewed here. The official message board for CRYPTO20 is medium.crypto20.com. The official website for CRYPTO20 is crypto20.com.
Buying and Selling CRYPTO20
CRYPTO20 can be purchased on these cryptocurrency exchanges: $32.15, $5.60, $51.55, $7.50, $18.94, $13.77, $20.33, $33.94, $10.39, $24.43, $24.68 and $50.98. It is usually not possible to purchase alternative cryptocurrencies such as CRYPTO20 directly using U.S. dollars. Investors seeking to acquire CRYPTO20 should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase CRYPTO20 using one of the exchanges listed above.
Receive News & Updates for CRYPTO20 Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for CRYPTO20 and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.
Author: Amber O’Connor
Binance Card Will Land on the European Market to Promote the Popularization of Cryptocurrencies
Binance, the world’s largest cryptocurrency exchange, has made new moves. It was announced today that it will launch the “Binance Card” in Europe and the United Kingdom, allowing cryptocurrency users to use this debit card to spend in the region. It will include four cryptocurrencies, namely Bitcoin, Binance Coin (BNB), Binance Dollar Stable Currency (BUSD), cryptocurrency e-wallet and Visa debit card platform Swipe SXP.
After Binance acquired Swipe in early July, it immediately prepared to launch the Binance Card. The company pointed out that this debit card is different from other cryptocurrency cards. It does not require the user to manually convert the cryptocurrency into fiat currency every time they transact. Added value. Binance Card can automatically convert the encrypted currency in the card for users to use instantly. At the same time, users can add value through Binance’s Spot e-wallet and choose the priority order of which cryptocurrency to use.
Binance Chief Executive Zhao Changpeng said in a press release that the company hopes to make cryptocurrencies more popular and allow users to convert cryptocurrencies to use them seamlessly directly during consumption. He also said that more new features will be introduced in the future to enhance the user experience and promote it to other regions. According to the company’s earlier introduction, Swipe’s Visa debit card can be used in 31 European countries including France, Germany, Italy, and Spain.
Users of Binance’s European Economic Area can apply for a Binance Card from August, while users in the UK can apply later. When Binance acquired Swipe, it also expressed the hope that both parties will cooperate to launch debit cards to promote the use of cryptocurrencies in the mainstream world and narrow the distance between fiat and cryptocurrencies.
Author: So Pak Hin