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China’s Oldest Exchange OKCoin Readies Moving To Japan

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China’s Oldest Exchange OKCoin Readies Moving To Japan
China’s Oldest Exchange OKCoin Readies Moving To Japan

OKCoin, one of the oldest exchanges in China, is continuing its crypto exchange business expansion, announcing on March 30 that it has officially secured licensing in Japan.

Per its announcement, OKCoin Japan has completed its registration with the Kanto Local Finance Bureau. According to the firm, this makes OKCoin the first international exchange to obtain a cryptocurrency exchange license through the official application procedure in Japan. OKCoin Japan said that ever since its establishment in September in 2017, it has been preparing itself to be in a position to achieve a business framework that can comply with Japanese law.  OKCoin marketing manager added that:

“OKCoin wants to get recognition from the Japanese authority in terms of their own technologies, products, teams, compliance & regulation system and internal management system, etc., in this way, they finally get approved by the license.”

OKCoin is now officially headquartered in San Francisco and has a number of offices worldwide including Malta. OK Group has expanded its business bases in China, the United States, Europe, Malaysia and the Philippines since its establishment in 2013. With the expansion in Japan, the blockchain company is set to employ over 1,000 globally, OKCoin says. Before OKCoin Japan’s exchange officially launches, users can now pre-register by visiting the firm’s main site to create an account. It will support the Japanese Yen and deal with major crypto assets, including BTC, ETH, ETC, LTC, and BCH. As reported previously, OKCoin added support for the Singaporean dollar earlier this month. It is the third fiat currency supported by OKCoin after the United States dollar and euro

Altcoin News

Tether Chimes In On Why It Hasn’t Burned Any USDT

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Tether Chimes In On Why It Hasn’t Burned Any USDT
Tether Chimes In On Why It Hasn’t Burned Any USDT

Tether (USDT) cites the popularity of its Ethereum (ETH)-based asset as the reason why the company has never burned a single token. The recent report from Flipside Crypto concluded that Tether is not in the practice of burning its Ethereum tokens: “We can also see that no tokens ever go to the “burn” category, which means that throughout the course of April no USDT supply was destroyed. Looking at the full history of USDT on Ethereum, we found that no tokens have ever been burned.”

Paolo Ardoino, who serves as CTO for both Tether and Bitfinex, explained that the company burns its tokens on Omni and Tron (TRON) networks, while it holds authorized but unissued and unbacked ERC20 tokens in the “inventory”:

“We have not yet destroyed Ethereum-based USDt. We have destroyed unneeded USDt on Omni and Tron so far. Ethereum has been the most popular blockchain in recent months and demand for ERC20-based USDt has been high. Accordingly, when redemptions have been processed, Tether retained those USDts in its authorized but unissued — and unbacked — inventory for future market demand.”

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Bitcoin News

Cameron Winklevoss Chimes In On Current Crypto Regulation

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Cameron Winklevoss Chimes In On Current Crypto Regulation
Cameron Winklevoss Chimes In On Current Crypto Regulation

Known for their regulation-friendly outlook within the crypto industry, Gemini exchange founders Tyler and Cameron Winklevoss hold a hybrid approach to privacy and government rules. The twin brothers explained in a May 22 podcast interview with Peter McCormack that crypto adoption comes a need for some degree of regulation. Cameron added:

“The independence and sovereignty around crypto is unmatched with any technology before, but the onramps have to have an element of thoughtful regulation.”

Labeled as the 15th and 16th most influential people in the crypto space, Tyler and Cameron Winklevoss dove into Bitcoin following their suit of Facebook’s Mark Zuckerberg. The brothers founded the Gemini crypto exchange in 2015, which falls in line with regulations for New York-based exchanges. “Free-for-alls don’t work,” Cameron said of unregulated markets. “At the same time, overregulating something will absolutely stifle it,” he continued. “It doesn’t have to be an either-or or an all-or-nothing situation.”

Building on his brother’s comments, Tyler noted people can agree and disagree with regulation at the same time, depending on the angle. “You can be pro-regulation, but disagree with the state of regulation, he said. Regulation needs to make sense, Tyler posited. Using an example from the early music industry, Cameron pointed back to the days of buying an entire album just for the sake of listening to a song or two. 

Napster and other music pirating options came along later, changing the paradigm forever in a way that was too far away from regulation. Apple’s iTunes met in the middle of these two worlds, offering purchases of single songs for $0.99 each. Gemini’s regulation serves to protect user privacy, Cameron explained. “We can’t mine your data and then go sell it,” he said. Meanwhile, other technology giants gorge themselves on customer data because no regulations forbid it. “They’re corporate peeping Toms,” Cameron said.

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Altcoin News

A Crypto Futures Exchange Is Integrating Chainlink’s Price Oracles

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A Crypto Futures Exchange Is Integrating Chainlink's Price Oracles
A Crypto Futures Exchange Is Integrating Chainlink's Price Oracles

Forthcoming Seychelles-based crypto derivatives trading exchange Digitex Futures has announced it will integrate Chainlink’s (LINK) decentralized price reference contracts on its platform. Chainlink’s decentralized price oracles are typically utilized by decentralized finance (DeFi) applications. 

With the integration, Digitex claims to comprise the first centralized crypto futures exchange to decentralized oracles. The integration will be used as an anchor to detect internal deviations over a defined percentage. Chainlink describes its price feeds as “security reviewed, sybil resistant, fully independent.” The index is informed by “a variety of trusted spot market sources.”

Digitex asserts that the price reference contracts provide traders “with strong protection against price manipulation,” and “overexpos[ure] to slippage” should the firm’s internal index produce extreme fluctuations. The contracts will be used to support Digitex’s initial Bitcoin (BTC)/U.S. dollar perpetual contracts, before incorporating additional feeds alongside other crypto assets in the future. 

Adam Todd, the founder and chief executive of Digitex, stated that “Chainlink provides Digitex with highly reliable and transparent price feeds that protect our users against the negative outcomes of abnormal market conditions or internal complications.” Digitex’s futures exchange opened on mainnet to selective user onboarding at the end of April. The platform currently plans to publicly launch during summer.

At the end of April, it was announced that leading Tezos (XTZ) developer teams Cryptonomic and SmartPy had begun working to bring Chainlink’s price oracles to the Tezos network. The move followed Coinbase’s launch of its own price oracle for the DeFi ecosystem.

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