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WealthSimple Crypto Goes to Public Regulated by Canadian Agencies

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Previously, WealthSimple crypto exchange existed in private beta with a user waitlist. Today its digital exchange platform will be open to public.

Toronto-based FinTech startup WealthSimple, a cryptocurrency exchange, has launched its digital exchange platform to the public today. At the launch, WealthSimple Crypto will allow users to buy and sell Bitcoin (BTC), Ether (ETH) and other digital assets through the platform’s mobile app. Notably, the deposits and withdrawals will only be made in Canadian dollars.

Previously, WealthSimple crypto exchange existed in private beta with a user waitlist. Some of the notable features that the company is using to place its services on top of other competitors are zero commission fees, zero deposit and withdraw fee, and no account minimum. In addition, the cryptocurrency exchange is coming into the market being fully regulated by respective Canadian regulators. WealthSimple is working closely with Gemini Trust Company LLC, whereby the latter is holding coins for the former.

WealthSimple and Crypto Industry

The startup first announced plans to expand into crypto trading in July 2020. However, not until  in August that the company received conditional approval from the Canadian Securities Administrators’ (CSA) through its Sandbox program to test the platform for a period of two years.

Currently, WealthSimple is the only cryptocurrency exchange that has been authorized by the CSA to operate in Canada. This puts Canada a step ahead in the crypto adoption and also regulations. There are high possibilities that more crypto exchanges will follow WealthSimple in the near future.

According to Blair Wiley, WealthSimple’s general counsel, due to the wide scope of the market, companies are finding it challenging to be regulated by different jurisdictions. He said during an interview, when asked why no other companies had been regulated in Canada:

“The “How come no one else has done this?” is a tough question. Probably the simplest explanation is that folks who came before us tried to do everything — buy and sell crypto for clients, operate an exchange, hold onto the crypto that clients buy (what’s called providing custody). And each one of those activities has its own long list of regulatory requirements. If one business tries to do all that, it makes getting regulatory approval a lot harder.”

The cryptocurrency industry is an area that needs a lot of scrutiny to especially protect the consumers. Fraudulent activities that include unfair pricing by firms need to be looked by different stakeholders to grow the industry to the next adoption level. With the increase in crypto projects and global adoption rising by the day, more exchanges that are credible will significantly improve on the liquidity of the market.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Tesla’s Elon Musk and Twitter’s Jack Dorsey Engage in Banter on Social Media Regarding The B Word Event

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The humorous banter resulted in Dorsey inviting Musk to an open B word event stating that he can have all his “curiosities” sorted there.

Twitter and Square CEO Jack Dorsey was seen endorsing Bitcoin in a recent tweet that attracted the attention of Tesla‘s Elon Musk which resulted in a humorous Twitter banter about the B Word event to destigmatize bitcoin trading.

Jack Dorsey tweeted in response to an event hosted by B Word Initiative, an organization that works to streamline the importance of cryptocurrency in the domain of digital financing and aims to “destigmatize allegations and doubts against crypto and BTC trade.”

The tweet propagated Dorsey’s inclination towards crypto and stated how many international companies and organizations have been experimenting with crypto transactions. He further invited the audience on Twitter to a B Word event where an open talk regarding crypto was scheduled to take place. The tweet was able to capture the attention of Elon Musk who responded by stating “bicurious” in the comments with a sense of cheekiness. This incited a funny comeback from Dorsey’s side which included an open invitation for Musk to attend the B Word event.

Elon Musk and Jack Dorsey to Have Engaging Conversation on The B Word Event

The humorous banter resulted in Dorsey inviting Musk over an open B word event stating that he can have all his “curiosities” sorted there. Musk further responded to Dorsey with a chuckling response that instigated the witty exchange between the two CEOs.

Previously Elon Musk had announced in May that Tesla will not accept any Bitcoin for car purchases citing the reason for increased carbon emissions occurring due to bitcoin mining. Musk’s announcement in may had resulted in falling of BTC prices however he resumed BTC services shortly after the open declarations and advised miners to use renewable energy sources to mine Bitcoin. The recent exchange between Musk and Dorsey expresses that Bitcoin still is a topic of interest for both of them.

Dorsey’s tweet following Musk’s response went viral in due course where Musk was later seen commenting on “pure gold” on Dorsey’s “Let’s talk” comment which enabled the Twitterati’s to suspect an ambiguous mention of Peter Schiff in the post thread, who actively propagates investment in gold as a profitable alternative to Bitcoin.

Dorsey, being an active proponent of BTC, was recently seen inviting Elon Musk over a “chat” on a B Word Show on Twitter. This B Word initiative is a premium platform that assists in making people realize the growing value of BTC and other crypto variants. The initiative intends to “destigmatize” the doubts surrounding cryptocurrency and make it more mainstream for people to have access to and create more awareness regarding BTC mining and trading activities.

Musk and Dorsey’s impromptu Twitter jest resulted in Dorsey actively approaching Musk, and having an immersive conversation on how institutions and organizations can embrace Crypto trade and adapt the growing BTC mining as a prospective future currency.

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Juhi Mirza is an archaeological major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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Priority Queue for CoinList Token Sales Revealed

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According to CoinList, the Priority Queue is a scheme that seeks to reward validators, stakers, miners and other registrants, and other people who could have helped with the growth and success of the token.

The Priority Queue for CoinList imminent token sales has been revealed by the company. The Priority Queue is an invite-only queue that consists of invitees with a higher chance of securing an allocation over the normal or regular invitees, even though allocation is not automatically guaranteed. The Priority Queue will also be significantly shorter than that of the main token sale queue (which reportedly will be hundreds of thousands) and will run in parallel to the main queue

According to CoinList, the Priority Queue is a scheme that seeks to reward validators, stakers, miners and other registrants, and other people who could have helped with the growth and success of the token. Most of these people are normally turned away in a token sale by missing out on an allocation. “This is a lost opportunity for token networks seeking to grow strong communities,” CoinList stated in an official statement on their website.

“To address this, we’re rolling out a Priority Queue feature that allows token networks to give priority to their core group of contributors as well as to CoinList community members, who have demonstrated a long-term commitment to token networks,” the statement reads.

According to CoinList, the Priority Queue invites for CoinList community members are based on a points system that recognizes value-add activities. The greater your contributions are to token networks on CoinList, the more points you earn. However, not all users will receive an invite to the Queue. “At this time, we’re limiting invites to those with the most points so that the Priority Queue is less than 1% of the total number of sale registrations,” the statement said.

According to CoinList, their Value-add activities fall into three categories or tiers, with Tier 1 weighing the most points, while tier 3 yields the least. To be in the Tier 1 class, an invitee would have to have participated in a validator/miner/grant program or a hackathon on CoinList.

Tier 2 users would have to have participated in early CoinList token sales (before 2021), worklocks, lending programs, and staking whiles Tier 3 consists of users that have traded on CoinList through CoinList.co, CoinList Pro, CoinList Mobile app, OTC, and WBTC conversion.

CoinList added that they will continue to improve on the Priority Queue and plans to add more features to the points system as time goes on as the firm will get to learn about what works best for the token network teams and their sale participants.

Read more news from the crypto industry here.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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Chainalysis Raises $100 Million at $4.2 Billion Valuation

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As outlined by Chainalysis, the latest cash injection will be used to deepen its data advantage by covering more cryptocurrencies, and focusing on emerging niches including decentralized finance (DeFi). 

Blockchain analysis company Chainalysis has announced the completion of its Series E funding round in which it secured an additional $100 million from investors. According to the official announcement Chainalysis, the Series E funding round was led by Coatue and brings the company’s total valuation to $4.2 billion.

As revealed, previous backers including Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners, and 9Yards Capital added to their stake in the company. Accordingly, the funding round also saw participation from other investors including Altimeter, Blackstone Group Inc (NYSE: BX), GIC, Pictet, Sequoia Heritage, and SVB Capital.

The use of blockchain technology and its attendant innovations particularly cryptocurrencies is growing. While there has always been a sustained retail adoption of the emerging monetary innovation, institutions are beginning to show interest in the growing asset class. However, the rate of adoption is marred by the lack of transparency in using Bitcoin (BTC), and other altcoins, as well as the potential risks of being used for illicit transactions. These fears are compounded by regulators, who often warn against the integration of this tech.

Chainalysis is building the technology to allay the fears of usage of crypto on the part of investors, and to aid regulators to track illicit transactions accordingly. The company is building compliance software that enable government agencies and private sector businesses across the world to detect and prevent cryptocurrency crime and money laundering. The invaluable nature of Chainalysis’s product has drawn in over 300 clients, spanning both government, businesses, and general crypto users.

“Chainalysis’s data platform is core infrastructure which helps to create a safe and thriving cryptocurrency market,” said Kris Fredrickson, Managing Partner at Coatue. “As cryptocurrency adoption grows, we believe that financial institutions, government agencies, and cryptocurrency businesses will increasingly deploy Chainalysis’s platform to make important decisions – from figuring out the best way to dismantle the operations of a threat actor to deciding which new cryptocurrency products are likely to drive the most demand.”

Chainalysis to Build Out and Focus on Its Expansion Following the Funding Round

As outlined by the company, the latest cash injection will be used to deepen its data advantage by covering more cryptocurrencies, and focusing on emerging niches including decentralized finance (DeFi).

Additionally, it noted the readiness to develop collaboration tools in its suite of software solutions so that public and private sector teams can work together from the same data set with a consistent, shared understanding. The firm is also seeking to provide direct access to Chainalysis data through APIs so that government agencies, financial institutions, and cryptocurrency exchanges can combine Chainalysis data with information from within their enterprises to make better decisions.

Beyond the product development, the company says it will hire hundreds of positions to promote its global expansionary drive. In all, Chainalysis is set to foster the speedy embrace of crypto and blockchain through the provision of data that can help eliminate threats in all forms.

“The future of finance and national security will be based on blockchain data-driven decisions,” said Michael Gronager, Co-founder and CEO, Chainalysis. “We’ve harnessed the transparency of blockchains to provide actionable insights into markets, threats, and business opportunities.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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