Cryptocurrency exchanges

P2P Cryptocurrency Exchanges in Africa Pivot: Nigeria and Kenya the Target Markets

P2P Cryptocurrency Exchanges in Africa Pivot: Nigeria and Kenya the Target Markets

Leading cryptocurrency exchanges are bullish about Africa’s growth prospects as evidenced by their ongoing forays into the continent. During the month of August, Kucoin crypto exchange announced the addition of Nigeria’s naira currency as a payment option on its peer-to-peer platform. Similarly, Binance added Kenya’s popular mobile money service Mpesa to its peer-to-peer platform in the past week, some five months after adding the naira option.

Paxful, which has had success on the continent, already supports multiple payment options. Local.Bitcoin.com, the bitcoin cash peer-to-peer exchange which uses a blind escrow, similarly supports multiple payment options.

In the meantime, Kucoin and Binance are reportedly planning to add more African currency payment options as they look to expand their foothold on the continent. From the few examples mentioned above, it appears that peer-to-peer crypto trading is now the favored approach by major exchanges seeking to tap into the African market.

On the surface, many countries on the continent appear to be primed for mass crypto adoption but that has not happened because there are no fiat on-ramps. Ideally, such on-ramps are necessary as they help potential users of digital assets to switch from fiat to crypto seamlessly. The absence of such on-ramps has had the effect of dissuading interested users from buying. This ultimately slows the adoption of digital assets as well as the growth of the space.

Some observers believe peer-to-peer crypto trading provides the breakthrough crypto exchange platforms have been searching for. News.Bitcoin.com spoke to one observer who shares this view, Elisha Owusu Akyaw, an influencer and cryptocurrency researcher at Blocknewsafrica.

Akyaw, who keeps track of weekly peer-to-peer trading volume trends, says African cryptocurrency users have always wanted fiat on-ramps.

Commenting on reports that leading cryptocurrency exchanges, Kucoin and Binance, added local currency to payment options, Akyaw said:

It shows how much there is a demand for fiat-on ramps from African users, and platforms are (now) willing to provide that.

Also weighing in is Roselyne Wanjiru, Kenyan economist and Director at Pesabase, who says the addition of Mpesa as a payment option truly opens up liquidity options for traders.

She adds: “One of the key challenges of crypto trading in Africa is that of access to quick and easy ways to deposit and withdraw cash in a bid to exchange it for cryptocurrencies.”

Wanjiru asserts that the addition of Kenya’s popular mobile money as a payment option by the major exchange means more people will have the opportunity to participate in digital asset trading.

Meanwhile, Akyaw also believes that “peer-to-peer trading will continue to be the go-to option for users and platforms due to the uncertain regulatory environment (that prevails in many countries).”

Regulatory uncertainty has been central in constraining the growth of the crypto market on the African continent. Some countries have purportedly banned cryptocurrency trading while others have decreed that financial institutions cannot interface with crypto platforms. It appears, however, that this is not a major concern for peer-to-peer trading platforms, especially when looking at the growing number of such platforms.

Still, Akyaw weighs in with another possible reason why more peer-to-peer platforms will be good for Africa.

“Recent additions to the P2P ecosystem in Africa have the potential to improve crypto knowledge levels. For a continent plagued by crypto scams, education will be vital for growth and adoption. Based on precedence, most of the top P2P platforms contribute to education efforts which in turn attracts more people to the crypto space,” said Akyaw.

Paxful is one of the peer-to-peer platforms that are actively involved in cryptocurrency and blockchain education on the continent.

Finally, Akyaw believes the growing competition between exchange platforms will also benefit traders in the form of much wider payment options and lower fee structures. This, in turn, will boost the adoption momentum.

What do you think of the leading P2P exchanges’ pivot to Africa? Share your thoughts in the comments section below.

Binance, Bitcoin Scams, Crypto Adoption, Cryptocurrency, cryptocurrency exchanges, fees structures, KuCoin, Local.bitcoin.com, on-ramps, P2P Platform, Paxful, peer to peer trading, Scams

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Source: bitcoinslate.com

Author: admin


Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency

Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency

A gold-backed digital asset created by Paxos will soon launch for trading on cryptocurrency exchange Binance. 

  • From Aug. 26, Binance customers will be able to trade PAX Gold (PAXG) against the exchange’s own stablecoin BUSD and exchange token Binance coin (BNB), as well as bitcoin (BTC).
  • PAX Gold “will offer [its] users an easy and safe opportunity to gain exposure to real, regulated gold,” said Rich Teo, Paxos co-founder and CEO Asia.
  • A New York-based crypto exchange and stablecoin issuer, Paxos launched the gold-backed stablecoin last September.
  • Each Ethereum-based token has the legal title to an ounce of physical gold stored in the Brink’s London vault, though traders can own as little as $1 worth.
  • Binance’s decision to add support for PAXG comes nearly three weeks after gold’s price reached a record high of $2,075 per ounce.
  • The historical inflation hedge has rallied by 27% this year and analysts at Goldman Sachs expect prices to rise further to $2,300 in the next 12 months.
  • “Gold is an asset that has had enduring value from generation to generation. With PAX Gold now on Binance, investors can easily get and trade gold with the click of a button,” said Changpeng “CZ” Zhao, CEO of Binance.
  • Pax Gold has been approved by the New York Department of Financial Services.
  • Also announced Tuesday, CF Benchmarks has launched a benchmark price index for Pax Gold against the U.S. dollar.
  • The index will provide a daily settlement and spot rate, refreshed every second, according to an announcement.
  • With the traditional gold markets only operating on weekdays, PAXG “opens new opportunities for financial markets,” said Sui Chung, CF Benchmarks CEO.

Also read: Binance.US Expands Into Florida, Eyeing Millions of Potential New Traders

  • Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency
  • Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency
  • Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency
  • Binance Exchange to List Paxos’ Gold-Backed Cryptocurrency

Source: finance.yahoo.com

Author: Daniel Palmer and Omkar Godbole


Crypto exchange Coincheck partners with Hashpalette for IEO in Japan

Crypto exchange Coincheck partners with Hashpalette for IEO in Japan

Main Japanese crypto trade Coincheck has launched an preliminary trade providing platform for elevating funds via utility tokens.

In keeping with an Aug. 25 announcement from Coincheck, the crypto trade can be partnering with Japanese firm Hashpalette to implement an preliminary trade providing (IEO) to promote Palette Tokens (PLT) on the Ethereum blockchain platform Palette. The crypto trade plans to coordinate the IEO with the Japan Digital and Crypto belongings Trade Affiliation (JVCEA) by the top of this yr. 

Hashpalette was established in March as a three way partnership between Japanese firm Hyperlink-U and blockchain agency HashPort. The non-fungible tokens (NFT) can be utilized on the Palette blockchain platform for quite a lot of purchases associated to Japanese manga comics, sports activities, and music. The agency stated it was “in discussions with a number of firms” regarding the IEO. 

“We’re constructing an ecosystem that permits creators and artists to offer clients with distinctive experiences in digital content material,” stated a consultant from Coincheck. “We are able to speed up the expansion of this ecosystem with crypto belongings for supporting cost strategies and voting, and the gross sales and distribution of Palette Tokens supplied as incentives for working nodes.”

An IEO is a fundraising methodology administered by a longtime and confirmed crypto trade. In distinction to an preliminary coin providing (ICO), the place the fundraising is performed by a undertaking workforce themselves, an IEO is carried out on a well known trade’s platform for elevating funds by issuing utility tokens.

Coincheck has hinted at its plans to determine an IEO for greater than a yr. Its dad or mum firm, Japanese monetary providers agency Monex Group, has talked about the possibility of an IEO in periodic public statements.

— to cointelegraph.com

Source: gentlecrypto.com


Crypto exchange Coincheck partners with Hashpalette for IEO in Japan

Crypto exchange Coincheck partners with Hashpalette for IEO in Japan

Crypto exchange Coincheck partners with Hashpalette for IEO in Japan

Major Japanese crypto exchange Coincheck has launched an initial exchange offering platform for raising funds through utility tokens.

According to an Aug. 25 announcement from Coincheck, the crypto exchange will be partnering with Japanese company Hashpalette to implement an initial exchange offering (IEO) to sell Palette Tokens (PLT) on the Ethereum blockchain platform Palette. The crypto exchange plans to coordinate the IEO with the Japan Virtual and Crypto assets Exchange Association (JVCEA) by the end of this year. 

Hashpalette was established in March as a joint venture between Japanese company Link-U and blockchain firm HashPort. The non-fungible tokens (NFT) can be used on the Palette blockchain platform for a variety of purchases related to Japanese manga comics, sports, and music. The firm said it was “in discussions with multiple companies” in regards to the IEO. 

“We are building an ecosystem that allows creators and artists to provide customers with unique experiences in digital content,” said a representative from Coincheck. “We can accelerate the growth of this ecosystem with crypto assets for supporting payment methods and voting, and the sales and distribution of Palette Tokens provided as incentives for operating nodes.”

An IEO is a fundraising method administered by an established and proven crypto exchange. In contrast to an initial coin offering (ICO), where the fundraising is conducted by a project team themselves, an IEO is carried out on a well-known exchange’s platform for raising funds by issuing utility tokens.

Coincheck has hinted at its plans to establish an IEO for more than a year. Its parent company, Japanese financial services firm Monex Group, has mentioned the possibility of an IEO in periodic public statements.

Source: sovereignamerican.us


What is the exchange rate of GBP (British Pound Sterling) / USD (US Dollar) on Tuesday August 25, 2020

What is the exchange rate of GBP (British Pound Sterling) / USD (US Dollar) on Tuesday August 25, 2020

GBP USD exchange rate

Ready for the mid-market exchange rate of GBP (British Pound Sterling) / USD (US Dollar) for Tuesday August 25, 2020?

The current rates for GBP (British Pound Sterling) / USD (US Dollar) are available in this article. As a top finance news site the Born2Invest team has analysed the latest forex market data to bring you live information that enables you to make the right forex trading call every day.

Tuesday August 25, 2020 1 GBP (British Pound Sterling) is 1.312861 of USD (US Dollar) .

Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.

Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.

Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case GBP (British Pound Sterling) and a quote currency USD (US Dollar).

The price displayed for a currency pair represents the amount of quote currency, or USD (US Dollar) you will need to spend to purchase one unit of the base currency GBP (British Pound Sterling) In this example that means you need to spend 1.312861 of USD (US Dollar) in order to purchase 1 GBP (British Pound Sterling).

Forex pairs can be grouped into three main categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies are the most commonly traded currencies on the market. Different publications will use different criteria but pretty much every list will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • ll Commodity currencies are currency pairs that are closely linked to commodities such as oil, iron ore, and coal. Common examples include AUD/USD and USD/CAD
  • Cross currencies include all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.
  • Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.

    It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.

    Source: born2invest.com


    P2P Cryptocurrency Exchanges in Africa Pivot: Nigeria and Kenya the Target Markets


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