#CryptoCorner: #Bitfinex Denies Insolvency, #Binance Makes Listing Fees Transparent, UAE to Allow ICOs in 2019 and Dubai to Introduce New State-Backed #Crypto 'Emcash'
Stocks discussed: (NYSE: $HSBC)
October 8th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 8, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: #Bitfinex Denies Insolvency, #Binance Makes Listing Fees Transparent, UAE to Allow #ICOs in 2019 and Dubai to Introduce New State-Backed #Crypto 'Emcash'
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Bitfinex Denies Insolvency, Binance Makes Listing Fees Transparent and Announces Intention to Donate Them to Charity, UAE to Allow ICOs in 2019 and Dubai to Introduce New State-Backed Crypto 'Emcash'
Stocks discussed: (NYSE:HSBC)
As we open a new week the total market capitalization as reported by CoinMarketCap is not much different from last week, clocking in at $221 billion USD at press time. Depending on one's perspective, this market cap shows either stability or stagnation, but it has been able to hold a position above $210 billion since late September. Bitcoin (BTC) is trading at $6652 USD, and popular altcoins Ether (ETH) and XRP currently go for $230 USD and $0.49 USD, respectively.
In a blog post yesterday, crypto exchange Bitfinex claimed that they were not, in fact, insolvent as recent rumours have suggested. The rumours, proliferated on a "constant stream of Medium articles", argue that Puerto Rico's Noble Bank had lost Bitfinex as a client, which somehow indicates insolvency. The exchange rebuts this by citing three separate cold wallets that account for a mere fraction of their fiat holdings.
Following their break with Noble Bank, Bitfinex started a relationship with HSBC (NYSE:HSBC), according to a tweet from Larry Cermak, head analyst for crypto publication The Block.
"Bitfinex is now banking with HSBC through a private account of Global Trading Solutions. Very good fit if you ask me. It's also worth mentioning that all EUR, JPY and GBP deposits are paused but Bitfinex "expects the situation to normalize within a week". Banking issues?"
Crypto exchange giant Binance announced in a blog post today that they were going to make all their listing fees transparent immediately and "donate 100% of them to charity". The blog post briefly described how this would work and encouraged others to follow suit.
Project teams will still propose the number they would like to provide for a "listing fee," or now more appropriately called a "donation." Binance will not dictate a number, nor is there a minimum required listing fee.
This change will further push Binance's charity initiatives and increase the use of blockchain for the greater good. We will have further updates in this area shortly.
Reuters reports that the United Arab Emirates (UAE) will introduce ICO funding in 2019 as an option for businesses to raise money. The head of the Emirates Securities & Commodities Authority (ESCA), Obaid Saif al-Zaabi, explained that regulation for ICOs would be in place in the first half of next year. He also indicated that ESCA will work with the Abu Dhabi and Dubai stock markets to develop trading platforms for the ICOs.
Similarly, Trade Arabia reports that Dubai is introducing a digital currency called emcash. The cryptocurrency is the result of a collaboration between Pundi X, a blockchain payment provider, Ebooc Fintech and Loyalty Lab and emcredit from Dubai's credit bureau. Citizens will be able to use emcash to make retail payments in stores, pay government bills, school fees and more. The article quotes an unnamed emcredit spokesperson on the news:
"To be the world's first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai's status as an international tech hub. Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai."
Sam Mowers, Investorideas
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