Cryptocurrency
Cryptocurrency exchange Zipmex resumes customer withdrawals and deposits
Published
2 weeks agoon
By
letizo News
Thailand-based cryptocurrency exchange announced that it has resumed deposit and withdrawal transactions on the platform.
The Zipmex announced that the resumption of deposit and withdrawal operations will begin on July 21. At the same time, trading operations with crypto-assets until a special order of the company will not be available.
A day earlier, the CEO of the crypto exchange, Marcus Lim (Marcus Lim) announced the suspension of withdrawal of funds, citing “unstable market conditions and the resulting financial difficulties of key business partners.”
Experts in the cryptocurrency community suggest that one of the reasons for the temporary suspension of operations could be the approval of the terms of cooperation with the large Coinbase. Coinbase had previously planned to buy Zipmex, but after the deal fell through, the U.S. exchange held a round of “strategic investment in the company.”
Another factor that influenced the Thai exchange’s decision to temporarily suspend operations was the start of claims work against Babel Finance and Celsius Network. Although Zipmex repeatedly told customers that the company has no financial problems, the top management draws the attention of users to the measures they are taking to return the hanging assets.
Zipmex also specifies that as of July 21, it had $48 million in claims against Babel Finance and $5 million against Celsius Network. The company also said that July would be satisfied with several options for debtors, including bankruptcy proceedings and debt restructuring.
In April, Zipmex signed partnerships with Australia’s A-League soccer and National Rugby League.
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Cryptocurrency
Portugal and cryptocurrency: 12 companies await permission to operate
Published
4 hours agoon
August 8, 2022By
letizo News
Portugal and cryptocurrency news: Central Bank is considering 12 applications submitted by companies that intend to provide cryptocurrency services in the country. These include the Binance exchange.
Final decisions on the applications are expected by the end of this year, unless the regulator asks the companies to provide additional information.
Among the applicants for the license is the world’s largest cryptocurrency exchange, Binance. The company has already started recruiting staff in the country, posting six vacancies on its website.
Portugal is still considered one of the most favorable countries for digital asset businesses in Europe. Among those already approved are Mind the Coin, Criptoloja, Digital Luso, Bison Digital Assets and Utrust.
However, major Portuguese banks Banco Comercial Portuguesa and Banco Santander, as well as two smaller local banks, have recently suspended services to several cryptocurrency exchanges, including CriptoLoja and Mind the Coin. This probably happened because of the situation in the cryptocurrency market.
Cryptocurrency
Vitalik Buterin: Transition to Ethereum PoS algorithm could make crypto payments popular again
Published
4 hours agoon
August 8, 2022By
letizo News
During the Korea Blockchain Week 2022 conference, Ethereum co-founder Vitalik Buterin said that the network’s move to Ethereum PoS algorithm could increase the popularity of cryptocurrencies for everyday payments.
Buterin recalled that previously using cryptocurrencies for payments was more common, but most blockchains faced scalability issues and high fees. So now everyday payments using digital assets are not as popular.
“Cryptocurrency payments somehow lost popularity after 2018. And, naturally, transaction fees were one of the reasons for this. In the future, after the implementation of rollups, after all the efficiency improvements, transaction fees may come down to 5 or even 2 cents,” Buterin stressed.
Recall that Ethereum is to switch to the Proof-of-Stake (PoS) algorithm in mid-September. This will increase the bandwidth of the network. In the future, with the introduction of sharding and other technologies for scaling, the figure will grow even more. Accordingly, transaction fees will also decrease.
Cryptocurrency
Hodlnaut news: cryptocurrency lender halted cryptocurrency withdrawals
Published
4 hours agoon
August 8, 2022By
letizo News
Urgent Hodlnaut news: Cryptocurrency lending site Hodlnaut has unilaterally frozen cryptocurrency withdrawals. This is reported in the blog of the service. Representatives of the project claim that the reason for the stop was the need to “stabilize liquidity.” What exactly hit Hodlnaut’s liquidity remains unclear.
Meanwhile, the company “can’t” give an exact date for the resumption of cryptocurrency withdrawals because the details have not yet been agreed upon between “all stakeholders.” However, Hodlnaut hinted that the process will not be quick, as the company has begun work to “restructure” the business.
“We believe that stopping the withdrawal of funds will give us the necessary respite to explore possible restructuring options and recovery plans with our legal advisors,” Hodlnaut said.
At the same time, the media revealed that Hodlnaut had withdrawn its application for a Singapore license that would have allowed the project to provide a token conversion service. Users who were receiving interest payments on deposits before the freeze will continue to receive rewards until the service expires.
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