Circle Internet Financial Ltd, a leading global financial technology firm, and Genesis, a leading digital asset prime brokerage firm, have formed a …
Circle Internet Financial Ltd, a leading global financial technology firm, and Genesis, a leading digital asset prime brokerage firm, have formed a strategic partnership to accelerate the adoption and acceptance of digital dollar stablecoins in mainstream finance. The partnership includes a $25 million investment of capital into Circle from Digital Currency Group (DCG), the parent company of Genesis, as well as joint product efforts aimed at enhancing Circle’s new suite of products for businesses and developers with new USD Coin (USDC) yield and lending services.
Momentum and growth for digital dollar stablecoins in 2020 has been enormous, with US dollar stablecoins growing to over 12 billion in circulation, and on-chain transactions from stablecoins now representing the largest category of usage and transactions on blockchains. Recent market forecasts from research firm Messari estimate that on-chain stablecoin transactions are on track to approach $600 billion in volume this year. For perspective, in 2019 total payment volume on PayPal was $712 billion.
USDC in particular has experienced tremendous growth, decisively becoming the fastest growing and most widely adopted fully-reserved and compliant digital dollar stablecoin. USDC in circulation has grown from just over 400 million in early 2020 to over 1.1 billion today. USDC adoption has expanded across trading, payments, savings, lending and other use cases in blockchain finance. Today, hundreds of companies in the blockchain ecosystem have integrated support for USDC in their products and services.
On the back of this growth, Circle launched its new Circle Business Account and Circle API products in Q2 2020. These new services provide businesses, fintechs and other financial institutions with a comprehensive suite of accounts and APIs for integrating and implementing USDC for payments, commerce and financial applications. Customers adopting these services span a broad array of industries and use cases including e-commerce, on-demand delivery marketplaces, digital gaming, internet services, P2P digital wallets, exchanges, B2B payments, neobanks, trade finance and digital asset lending and yield products.
During this same period, Genesis has continued its growth and leadership as the largest crypto asset lending facility in the market, with record volumes of lending across a wide range of institutional customer segments. Genesis originated more than $2 billion in loans in Q1 2020, and has originated more than $8 billion since launching the business in March 2018. As part of this growth, USDC has become one of the most in-demand lending and borrowing assets, as the market seeks to transact and use USDC as a highly reliable payment rail and as preferred treasury asset.
Together, Circle and Genesis will bring to market solutions for businesses and developers who are seeking to generate strong positive yield from their own or customer USDC holdings, and access to USDC-based credit for businesses and merchants that are using USDC for treasury operations and business payments. Alongside this partnership, DCG has provided $25M in strategic capital to Circle, which will be used to accelerate investment and growth behind Circle’s new suite of business accounts and platform services.
“Circle has been a pioneer in the digital currency market, building innovative products and services, and has consistently provided our industry with leadership on technology, standards, and regulatory policy,” said Michael Moro, CEO of Genesis. “With the rapid rise of USDC, we are clearly seeing mainstream momentum for digital currencies, and through this partnership with Circle we believe we can materially advance our shared mission of building a new global financial system.”
“Digital Currency Group has been an incredible leader in the growth of the digital asset market, and Genesis has become one of the most important core providers in crypto finance,” said Jeremy Allaire, Chairman and CEO of Circle. “Combining Circle’s powerful capabilities with USDC payments and platform infrastructure for businesses, with Genesis’s global institutional underwriting capabilities, will allow us to deliver significant value to companies holding and using USDC as part of their business.”
… preventing or otherwise detecting money laundering, terrorism financing, and any other unauthorised interactions with the PMGT smart contract.
InfiniGold has partnered with blockchain analytics and AML company Coinfirm to establish a new compliance and security standard for digitalised commodities.
According to the press release, InfiniGold, who provides a white-labelled PaaS solution for the commodities industry, has already successfully rolled out Perth Mint Gold Token (PMGT), the first product implemented with their platform. Regarding the partnership, the InfiniGold platform will utilise Coinfirm’s transaction monitoring solution – enabling AML compliance and ensuring against suspicious and potentially fraudulent activity, while setting a new security and compliance standard for its partners.
Typically, exchanges or banks are responsible for AML compliance and transaction disclosure. However, as the issuer of PMGT and future tokenised commodities, Infinigold understands the importance of transparency and due diligence when it comes to protecting underlying assets, especially with the opaque reserve management of other asset-backed stablecoins coming under fire.
Consequently, by harnessing a range of automated risk assessments, Coinfirm’s platform continuously monitors all transactions and balances in the PMGT contract. This helps identify any suspicious transactions or excessive risk, preventing or otherwise detecting money laundering, terrorism financing, and any other unauthorised interactions with the PMGT smart contract. This not only allows for greater investor peace of mind but helps legitimise the commodities digitisation sector even further.
Therefore, thanks to Coinfirm’s integration and The Perth Mint acting as custodian of the underlying assets, PMGT is protected by a complex layer of security.
Crypto.com emerged from the MCO project (a cryptocurrency) launched via an Initial Coin Offering (ICO) in 2017. With the idea to produce a …
Crypto.com is a cryptocurrency exchange that falls in the basket of successful exchanges. They have one of the most powerful domain names in the exchange space.
When it comes to products and features as well, crypto.com makes no compromise. There are tons of cryptocurrency exchanges out there in the industry, but Crypto.com offers some great benefits to its clients, which other platforms do not have to offer.
Crypto.com emerged from the MCO project (a cryptocurrency) launched via an Initial Coin Offering (ICO) in 2017.
With the idea to produce a cryptocurrency debit card and crypto mass adoption, the community has entered into the cryptocurrency exchange business.
In the fourth quarter of 2018, the firm launched Crypto.com Coin (CRO), which is the native digital asset of the Crypto.com Chain blockchain.
The following year, in 2019, Crypto.com unveiled its own cryptocurrency exchange powered by CRO. The client can pay their trading fees with the CRO token and gain a full discount on the fees.
Users also receive 20% interest per annum on a daily basis if they choose to stake CRO tokens for a period of 180 days.
Crypto.com claims to be an exchange with deep liquidity, low fees, and best execution on the platform front.
Crypto.com Features Overview
As mentioned, the Crypto.com exchange provides great benefits to the users who transact with the CRO coin.
The Crypto.com platform has a useful set of features that come handy to most of the users. This exchange is one of the best choices for those in need of a simple and seamless cryptocurrency platform.
Having that said, when compared to well-established firms like Binance and Kraken, the Crypto.com platform still lacks in the selection of listed cryptocurrency pairs.
Presently, the exchange has 29 tradable cryptocurrency pairs. On the limitations of things, Crypto.com does not facilitate leveraged trading.
It does not offer to trade of cryptos against fiat currencies; however, it allows trading coins with Tether (USDT), which is relatively a stable asset.
Worth the mention, the Crypto.com is still its beta; thus, it is expected to get remarkably better in the features space.
That said, the infrastructure upgrades that took place recently include:
Revamped Matching Engine and Order Management System: This upgrade will increase the performance and throughput by 10x.
Unified REST and Websocket API: To enable ease of adoption for both platforms.
Websockets: This would allow users to maintain a tenacious connection to place orders and trades with high-frequency trading.
Redesigned architecture, security, improving scalability and latency: Allow clients to trade with powerful, robust risk engine, and high leverage.
Addition of high-availability and resilience: This upgrade increases stability and eliminates single points of failure on every component.
The Syndicate – Discounted Prices through Staking
The Syndicate is a unique offering on the Crypto.com exchange. It is a fundraising platform for some promising cryptocurrencies that get listed on the Crypto.com Exchange. Crypto.com Coin (CRO) holders, who have staked CRO will be eligible to receive priority token allocation during the listing at a discount.
To become eligible and participate in the Crypto.com Exchange Syndicate event, the user must:
Successfully complete the registration procedure on the Crypto.com Exchange.
Stake 10,000 CRO or more in their Crypto.com Exchange account.
Use CRO coins to subscribe to the token listing event at a discount during the subscription period.
Be a citizen from the inclusive market stated in the campaign.
After the expiry of the subscription period, the final allocation and CRO refunds (if any) are calculated using the following formulae:
CRO refund = CRP Pledged by User – (User final Allocation X Project Token: CRO Token)Where,
Total Project Coin Subscribed is the ratio of the Total Amount of CRO Pledged by every Participant and the Price
The Project token: CRO Rate is the fixed subscription price with 50% discount applied
Soft Staking – A rewarding System
Soft staking is a feature through which users are rewarded for simply holding digital assets in their portfolio.
Be it BTC, LTC, ETH, or MCO; the holders are paid for it. Soft staking is different from typically staking, as it does not require any long-term commitment.
However, users can get hold of extra rewards if they actively stake CRO coins.
Crypto.com expanded greatly in recent months. It has a wide range of products in its ecosystem. Some of the impressive ones include:
The Crypto.com App is simple to use with great user interface and power-packed features. The App users have the ability to deposit over 20 different fiat currencies, where they also get to buy and sell over 50 different cryptocurrencies.
Crypto.com gives users the feature to earn cryptocurrency on an interest basis. A user who deposits and stakes their tokens will receive up to 8 percent interest per annum. Note that Stablecoin deposits receive higher interest rates than common ones like Bitcoin and Ethereum.
MCO VISA Card is perhaps the most helpful product Crypto.com has to offer. It is a debit card that allows users to convert their cryptos to fiat and spend them in over 40+ million locations where VISA is currently being accepted.
Funding in Crypto.com Exchange
Depositing funds into the Crypto.com account is simple, straightforward, and fast. There are a number of ways to fund the exchange account.
Before getting into the different methods, here is a quick procedure to fund an account on the exchange.
Transfer funds from Crypto.com App to the Exchange: Log In to the Crypto.com App. On the home screen, follow the order: Transfer → Withdraw → Crypto → Crypto.com Exchange. Select the cryptocurrency to be transferred, and the deposit will be made instantly without any fees.
Deposit from other Wallets: Log In to the Crypto.com Exchange web portal, then select the “Balance” button (upper right-hand corner).
Pick the cryptocurrency to deposit and select “Deposit.” Complete the transaction using a wallet address or QR code.
5-7 Business Days
Withdrawal on Crypto.com is similar to depositing funds into the exchange.
Click here to know how to withdraw funds from the Crypto.com Exchange to the Crypto.com App.
Click here to know how to withdraw funds from the Crypto.com Exchange to an external wallet address.
Deposit Fees and Limits
There are no fees and limits to fund cryptocurrency to the Crypto.com Exchange.
Withdrawal Fees and Limits
Withdrawals from the Crypto.com Exchange is an on-chain transaction of transferring cryptocurrency to an external address (wallet or exchange).
Since these are blockchain transactions, there are some fees involved.
Below is the fee for the top traded cryptocurrencies:
For additional information on fees and limits, click here.
Pros & Cons of Crypto.com Exchange
Rebate on Trading fee: Users can avail rebate on trading fee when they stake CRO on the exchange and pay the fee using CRO.
Ecosystem offerings: In addition to an exchange platform, users can make use of other features such as Crypto.com App, Crypto Earn, Crypto Pay, and MCO VISA Card.
Discounts via the Syndicate: The Syndicate is a feature where users get a discount of up to 50% when a new crypto asset is listed on the exchange.
Robust security: Crypto.com keeps the users’ funds without breaking any security protocol. After the company was audited, it received PCI:DSS 3.2.1 (Level 1) and ISO 27001:2013 compliance certifications, providing an added layer of security.
Live chat support: Their In-App live support is helpful, as it gives users the ability to get in touch with the support team within 5 minutes.
Higher withdrawal fee: The withdrawal fee is comparatively high for all cryptocurrencies.
Trade spread: Users have reported on the spread being too high on the trade. Thus, it is recommended that traders check spreads on other exchanges before executing their trade to ensure that they are getting an appropriate rate.
Relatively new exchange with limited pair selection: Crypto.com is a relatively new exchange when compared to exchanges like Coinbase and Binance, and thus has no proven track record yet. Moreover, the number of crypto pairs available for trading is limited. Having that said, it is expected to grow better in the coming years.
Their declaration, in combination with the certification, is based on providing its users with the highest degree of security. The Crypto.com exchange claims to their clients that the funds are stored in cold storage.
It even claims to offer a cold wallet insurance fund when a loss of funds is incurred. Moreover, if US citizens hold USD with Crypto.com, they are insured with up to $250,000 by the FDIC.
On the mobile application front, it offers complete two-factor authentication through biometrics.
Crypto.com has almost everything in place to be an ideal crypto exchange for both novice and experienced crypto traders. We found the entire ecosystem fascinating as it can add a great value to the Crypto.com exchange users. Therefore, we would definitely recommend this exchange for you. Below, you can find some of the attractive promotions, rates reductions, and offers of Crypto.com.
No trading fee for new users* for the initial 90 days.
2% bonus deposit interest rate to the new users* who deposit crypto within the first 30 days of successful sign-up. Note that the bonus will be paid out in the form of CRO tokens.
Up to 50% trading fee discount on all trades for existing users.
*Users must complete Advanced Level KYC to enjoy the trading fee waiver.
1. Which U.S. states is the Crypto.com Exchange available?
The Crypto.com exchange is available in all 50 states of the United States of America. However, the MCO VISA card is not available in the U.S. Territories.
2.What are the cryptocurrency markets and pairs available on the Crypto.com Exchange?
3.Which cryptocurrencies are supported in the Crypto.com wallet?
There are a number of cryptocurrencies that are supported on the Crypto.com wallet.
The list of currencies includes BAT, BTC, CELR, CRO, DAI, ELF, ENJ, ETH, FET, GNT, HOT, KNC, LINK, LTC, MANA, MATIC, MCO, MKR, OMG, PAX, USDT, USDC, WTC, XLM, SRP, and ZRX.
4.How is Crypto.com different from other exchanges?
Despite being a young cryptocurrency exchange, Crypto.com has proved to become a strong competition to other exchanges.
Differentiating Crypto.com with others, this exchange offers valuable features such as staking rewards, VISA cards, and crypto lending in addition to a vast list of trading tools.
5. Has Crypto.com ever been hacked?
Crypto.com has been in the industry for little more than a year, and to date, it hasn’t been hacked in any way or form.
Crypto.com Exchange Review: A Fast & Secure Crypto Trading Platform for Everyone
Crypto.com is a cryptocurrency exchange that falls in the basket of successful exchanges. They have one of the most powerful domain names in the exchange space. Crypto.com claims to be an exchange with deep liquidity, low fees, and best execution on the platform front.
Disclaimer The presented content may include the personal opinion ofthe author and is subject to market condition.Do your market research before investing in cryptocurrencies.The author or the publication does not hold any responsibilityfor your personal financial loss.
In fact, not too long ago Tether outperformed Ripple and become the third biggest cryptocurrency by market capitalization. Being the most controversial …
Tether introduces $540 million to keep up with the stimulating supply.
Tether ranks at fourth position in the cryptocurrency chart by the market capitalization of $10 billion.
Investors claim that cryptocurrencies will keep rising amid the liquidity pump.
It is no surprise that Tether, the most popular stable coin is gaining momentum as Bitcoin sets a new high in 2020. As per the recent development outlined by the whale alert, an analytics platform, and blockchain tracker. Tether treasury noticed a whopping amount of $540 million within three days.
Today it generated $300 million on the Tron network before minting $120 million twice on the Ethereum network.
Tether and its achievements
Tether is a blockchain-backed cryptocurrency and its tokens are backed traditional fiat currencies, just like Euro, Dollar, or the Japanese yen. The token of Tether trades under the USDT symbol.
Tether has been doing wonders in terms of progress as the stablecoin made its way into the list of top five cryptocurrencies. In fact, not too long ago Tether outperformed Ripple and become the third biggest cryptocurrency by market capitalization.
Being the most controversial stablecoin has made it the most popular token in the industry. The stablecoin and Bitfinex, a popular cryptocurrency exchange share a history together as both entities have the same chief executive and CTO.
Moreover the CTO of Tether, Paolo Ardoino said on twitter that these transactions will be used to replenish the inventory. Tether’s preparation for stimulating demand is in full flow.
Paolo Ardoino stated:
“Note this is a (sic) authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests.”
The most prominent crypto-personalities, analysts, and investors believe that bitcoin will keep going upward due to liquidity pump.
“Bitcoin still has a lot of retail interest in it,” he said. “A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”
This means that other cryptocurrencies will be following the lead as well.
Cameron Winklevoss, the billionaire founder of cryptocurrency exchange … investment vehicles by institutions to gain exposure to cryptocurrencies.
Cameron Winklevoss, the billionaire founder of cryptocurrency exchange Gemini, believes the next Bitcoin (BTC) bull run will be much different. When compared to previous bull markets, Winklevoss noted that there is substantially more capital, infrastructure, and better projects.
“The next Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!”
Various data points hint at a significant increase in the amount of capital held by investors in the cryptocurrency market. Major cryptocurrency exchanges have also received more regulatory clarity, improving the infrastructure of the market.
Capital flows into the Bitcoin market
Two metrics primarily show that more money could be involved in the latest Bitcoin rally. First, the market capitalization of Tether (USDT) has surpassed $10 billion. Second, the assets under management (AUM) by Grayscale Investments recently achieved a new high.
To date, Tether is the biggest stablecoin in the cryptocurrency market. Investors, especially in countries with regulatory uncertainty, rely on the stablecoin to trade crypto assets. A rapid rise in the market cap of Tether could indicate more money is waiting to deploy on crypto exchanges.
Grayscale’s crypto-asset trusts are arguably the most widely-utilized investment vehicles by institutions to gain exposure to cryptocurrencies. Within the last quarter, the assets under management in Grayscale’s suite of products hit an all-time high at $5.1 billion.
Clarity around cryptocurrencies by major U.S. regulators and banks could improve the perception of the asset class by the mainstream. This means if Bitcoin approaches a new bull market, the improved sentiment around the entire industry could benefit BTC adoption and its value.
Crypto startups are finding relevant use cases
Overall, projects and companies in both the Bitcoin and crypto markets are seemingly increasing in quality. This is partially due to increased regulatory clarity and the fact that more traditional firms are willing to collaborate with crypto firms.
As an example, Bitcoin Lightning startup Zap is working with Visa and has participated in its Fintech Fast Track Program. This allows Zap to launch Visa cards as a part of the partnership.
“We’re contractually obligated to launch one in the next 12 months and we plan on launching one in the next few months.”
Better projects, increased capital, and improving infrastructure are resulting in boosted confidence levels among Bitcoin investors and this is raising sentiment across the entire sector. In the medium-term, high-profile investors are hopeful BTC would reflect these factors.
More than 30 star speakers including Raoul Pal, John Bollinger, Mike Novogratz, DataDash and Jon Najarian will gather on July 30th to discuss the challenges of crypto trading. Join the show for over 9 hours of crypto trading content!