fake news

“Fake news” — that’s how Binance responded to reports that the cryptocurrency exchange giant is preparing to add USD trading pairs to its online trading platform.

The Hong Kong-based exchange, which is currently in the process of moving its operations to Malta, said Thursday that while it is holding discussions with banks in the hopes of adding fiat-to-cryptocurrency trading pairs in the future, it has “no plans” to support USD in the short-term. Nor, when it does offer fiat pairs, will verge (XVG) or ripple (XRP) receive preferential treatment.

That statement, straight from the Twitter account of Binance CEO Changpeng Zhao, contradicted baseless reports from several industry media outlets that claimed the exchange had announced that it was adding XRP/USD and XVG/USD trading pairs to its platform.

Part of the confusion may also stem from the fact that Binance has gradually been rolling out USDT trading pairs for altcoins that are listed on its platform. Better known as ‘tether‘ and created by a company of the same name, USDT is a cryptocurrency token that is supposedly backed by physical dollars at a 1:1 ratio. However, USDT holders cannot withdraw dollars directly to their bank accounts, nor can they deposit actual USD at Binance.

Binance currently ranks as the world’s highest-volume cryptocurrency exchange, with daily volume in excess of $2.1 billion. Consequently, getting listed on Binance increases a coin’s liquidity and generally leads to positive price movements — at least in the short-term.

Becoming one of the few coins to trade directly against fiat currency pairs has an even more profound effect on a cryptocurrency’s price, as it allows the coin to decouple from bitcoin and ethereum and trade in an isolated market.

It’s impossible to know the justification behind spreading these false rumors, though it would not be surprising if at least some of the perpetrators did so to artificially inflate the verge and ripple prices so that they could turn a quick profit.

Featured Image from Pixabay

Money20/20 China brings the world’s premier FinTech event series the world’s largest financial market, and blockchain technology will feature prominently on the agenda.

The conference, which is scheduled for November 14 to 16 at the Hangzhou International Expo Center, will see more than 400 industry leaders from across the payments and financial services ecosystem convene with a common goal: explaining what’s next for Chinese FinTech.

The organizers of this exciting conference were kind enough to take the time to answer a few questions about the event. You can read the interview below.

What does Money20/20 China have to offer to attendees interested in the blockchain space?

Money20/20 China will feature more than 400 Chinese and international FinTech influential speakers with over 100 sessions. Blockchain is one of Money20/20 China’s themes (topic) presented to attendees. Those attendees will be able to gain more insights in blockchain in terms of its application and trends.

Moreover, Money20/20 China is expected to welcome a number of Chinese and international blockchain tycoons and start-ups as its sponsors to present their breaking-through products/services onsite. Other than that, 30% of our expected attendees are C-suite, 20% are directors, and 20% are VPs from the Chinese and international FinTech industry. Money20/20 China offers excellent opportunities for our attendees to understand the blockchain market, as well as to network or to find business opportunities within the blockchain and broader FinTech industry.

What makes this event unique?

  1. A bridge of collaboration between China and the world — A stellar line up of speakers-local, regional and global-will explore the most pressing topics, including but not limited to financial inclusion, x-border innovation and the digital payments revolution. Blockchain is one of those topics.
  2. The ecosystem’s most influential leaders — A senior audience of key stakeholders from established multinational organizations to the earliest stage startups as well as retailers, investors, analysts, media, regulators and more.
  3. An unparalleled inclusive experienceAn exceptional, modern and fun experience, untethered from legacy, catalyzing growth across China and global ecosystem

How will attending Money20/20 China benefit investors, startups, and business professionals?

Money20/20 China will recruit a number of Chinese and international leaders from blockchain industry as speakers to deliver the industry’s most pressing topics, out of which those attending investors, startups and business professionals could gain more insights on blockchain industry

They could also learn those latest breaking-through blockchain technologies, services and products from sponsors of Chinese and international blockchain tycoons and start-ups at Money20/20 China.

Furthermore, lots of Chinese and international professionals from blockchain industry will join Money20/20 China. It is great opportunities for them to network or even reach business goals.

What networking opportunities will attendees have?

As mentioned before, 30% of our expected attendees are C-suite, 20% are directors, and 20% are VPs from the Chinese and international FinTech industry. At Money20/20 China, we not only conduct sessions, but also offer networking spaces, or even organize industry party, where our attendees are able to mingle with each other to build and enhance their relations.

What types of insights can attendees expect to take away from the conference?

Money20/20 China’s themes(topics) include but not limited to payments, banking, commerce, lending, security, blockchain and AI. Our attendees will be able to learn implications from presented case studies by our speakers, and applications, trends, visions from researches, even regulations in terms of blockchain. Out of those learning, our attendees will definitely get inspired to form new ideas for the industry.

Featured Image from Wikimedia Commons

cex.io chart

CEX.IO is a cryptocurrency exchange and former Bitcoin cloud mining provider. Founded in London in 2013, CEX first began as a cloud mining provider that owned the Ghash.io pool. As an online digital currency exchanger, CEX.IO offers the trading of cryptocurrency for fiat money, including USD, EUR, GBP, and RUB. The exchange charges commissions from 0% to 0.25%  on trades using the Maker-Taker fee schedule. The current list of cryptocurrencies available on CEX.io is Bitcoin, Ether, Ripple, XLM, Bitcoin Cash, Dash, Zcash, and Bitcoin Gold.

cex cryptoName: CEX
URL: https://www.cex.io
Total trading pairs: 15
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Basic Daily: 1000 USD; Monthly: 3,000 USD
Verified Unlimited
Verified Plus Unlimited
Corporate Unlimited

Registration

CEX.io allows for initial registration using email, Google Oauth, or Facebook Oauth. To continue after Oauth, you will still need to manually input your email address. An email verification link will be sent to you. Upon verification, you are directed to the /buysell page, which has prices for currency available for purchase by Credit Card, good for the next 66 seconds. After that, a new price is populated, based on exchange rate, and you are given a further 120 seconds.

cex.io screenshot

Verification

A full guide to account verification is available here. With basic registration, you are allowed to buy and sell bitcoin with a daily limit of $1000 via credit card only, and a monthly limit of $3000. Verification allows you to make bank transfers and take commissions as well as removes the deposit/withdrawal account limits on basic registration.

 

CEX.io verification screenshot
CEX.io verification

The Verified level requires the submission of identifying documentation (DL, Passport, or ID card) and a tax reference number, such as a social security number. This will include your address and scans/photos of your identification documents.

CEX personal information verification
CEX personal information verification

In the personal information section, the registree will be required to submit their Gender, date of birth, first, middle, and last name, place of birth, and contact number. Optionally you can submit social media profiles as well. The following page is a simple address verification form.

From the CEX.io website:

PAYMENT OPTIONS

Most popular methods: Visa, MasterCard, bank transfer (SWIFT, SEPA), cryptocurrency

STRONG SECURITY

Protection against DDoS attacks, full data encryption, compliant with PCI DSS standards

WORLD COVERAGE

Providing services in 99% countries around the globe, including 24 states of USA

LEGAL COMPLIANCE

Registration in the UKMSB status in FinCEN, essential licenses and strong relations with banks

MARGIN TRADING

1:2 and 1:3 leverages, automatic funds borrowing, no extra accounts needed, negative balance protection.

COMPETITIVE COMMISSIONS

Reasonable trading fees for takers and makers, special conditions for high volume traders, strong offers for market makers.

CROSS-PLATFORM TRADING

Trading via website, mobile appWebSocket and REST API. FIX API for institutional traders

ADVANCED REPORTING

Downloadable reports, real-time balance, transaction history with transparent fees

HIGH LIQUIDITY

Fast order execution, low spread, access to high liquidity orderbook for top currency pairs

coin renders

This is a weekly summary the current status of a few popular cryptocurrencies. More cryptocurrencies will be added over time. You can click on the name of each cryptocurrency to learn more information about it. If you have any suggestions, you can contact us!

Name Block Height Hash Rate Current Difficulty Current Price
Bitcoin (BTC) 516631 9223.37PH/s 3511060552899.72 $5611.58
BitcoinCash (BCH) 524428 2314.00PH/s 322446720222.0 $638.75
Ethereum (ETH) 5380686 258.21TH/s 3172000000000000.0 $378.76
Monero (XMR) 1544839 1.00GH/s 120509598719.0 $170.63
Litecoin (LTC) 1397700 210.64TH/s 6.8026260954785e+18 $116.70
Ethereum Classic (ETC) 5664893 11.15TH/s 168870000000000.0 $13.61

Data sources

All price data is sourced from BlockExplorer, and other data on each currency is sourced from various locations linked below.

Bitcoin: SmartBit.com.au
Bitcoin Cash: bitinfocharts.com
Ethereum: bitinfocharts.com
Ethereum Classic: gastracker.io
Litecoin: chainz.cryptoid.info
Monero: moneroblocks.info

bitpay

Bitcoin payments startup BitPay has raised $40 million in a Series B funding round that included iconic Silicon Valley venture capital firm Menlo Ventures.

The Atlanta-based company, which processes cryptocurrency payments for merchants, had originally announced the funding round in December. The firm had sought to raise $30 million but ultimately expanded the target to $40 million in response to “high demand,” BitPay CEO Stephen Pair said in an interview with tech news outlet Recode.

The funding round was led by Aquiline Technology Growth, and though not as large as some others seen in the cryptocurrency space in recent months, it was BitPay’s most lucrative funding round to date.

Pair said that BitPay has been profitable for the past 18 months, reducing the amount of funding the firm needs to cover its operating costs and also finance expansion.

It was also a landmark investment for Menlo, which was founded in 1976 and was one of Silicon Valley’s first venture capital firms. Prior to this funding round, Menlo had never invested in a blockchain startup, despite actively exploring them for a year and a half.

BitPay last raised capital through its Series A round in 2014, which saw the firm raise $30 million from a group of high-profile investors including Richard Branson, AME Cloud Ventures, and Founders Fund.

The company hopes to use its Series B funds to expand its operations into Asia, where it has recently inked a major partnership with South Korean cryptocurrency exchange Bithumb for cross-border remittance payments.

BitPay also plans to hire more engineers, employees who will likely be tasked with helping the firm increase its stable of cryptocurrencies beyond bitcoin — a move that the company first previewed last year.

The first fruits of this pivot materialized last week, when BitPay began allowing merchants to accept bitcoin cash payments, marking the first time in the company’s more than six year history that it has processed payments for a cryptocurrency other than bitcoin.

Featured image from BitPay