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Canadian crypto exchange Bitvo reduces withdrawal fees by 50%

  • Several cryptocurrency exchanges have announced leaving the Canadian crypto market citing the Canadian regulations.
  • Bitvo aims to leverage the market gap created by the leaving crypto exchanges.
  • The reduced withdrawal fee takes effect starting today June 1, 2023.

Canadian-based cryptocurrency Bitvo Inc (“Bitvo”) has today announced that it is reducing its withdrawal fee by 50% to new and existing customers starting June 1, 2023. The 50% discount will stay in effect through August 31 2023.

Bitvo’s move is offering relief to crypto investors in Canada as many crypto exchanges and trading platforms announce leaving the country due to inability or unwillingness to comply with Canadian crypto regulations. The most recent crypto exchange to announce its Canadian exit was Bybit after Binance’s exit.

Bitvo registration in Canada

Bitvo is a registered Money Service Business (MSB) with FINTRAC and is registered as a Restricted Dealer with securities commissions in all provinces and territories in Canada.

The press release announcing the 50% withdrawal fee cut states:

“At Bitvo, we’re fully committed to the Canadian market and serving Canadians. We pride ourselves on providing a safe, secure and easy-to-use platform to our customers that has withstood the test of time, founded in 2018, both bull and bear markets and proactively complied with Canadian regulations.”

Bitvo Inc. offers a crypto asset trading platform facilitating buying and selling of cryptocurrencies through mobile applications and its website. It has unveiled several initiatives including the Bitvo Cash Card, Bitvo Same Day Guarantee, and technical analysis tools to make crypto transactions easy and efficient.

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Crypto.com completes its licensing process in Singapore

  • Crypto.com received an in-principle approval in Singapore last June.
  • Coinbase and Blockchain.com are the other exchanges that have received in-principle approval in Singapore.
  • Crypto.com has now been awarded Digital Token License in Singapore.

A year after receiving in-principle approval in Singapore, Crypto.com has completed the licensing process.

Crypto.com has today announced that it has received its Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).

Acknowledging this great milestone in Singapore, Crypto.com’s CEO Kris Marszalek said:

“The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector.”

Crypto regulation in Singapore

The Monetary Authority of Singapore (MAS) has been brutal and unrelentingly hard on unbecoming behaviour within the crypto industry and passed stringent rules last year setting a high bar for approving companies involved with cryptocurrencies.

Since last year, several cryptocurrency exchanges including Coinbase and Blockchain.com have received in-principle approval in Singapore. Today’s announcement by Crypto.com makes the crypto exchange one of the very few exchanges to receive a license under the new regulations in Singapore.

The post Crypto.com completes its licensing process in Singapore appeared first on CoinJournal.

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Germany’s Deutsche Telekom set to become a Polygon validator

  • Germany’s Deutsche Telekom is one of Europe’s largest telecommunications companies.
  • Deutsche Telekom provides consulting and software development services.
  • Polygon has about 100 validators providing staking and validation services for the network.

Germany’s Deutsche Telekom is set to leverage its infrastructure in Web3 to become a Polygon Network validator. The Ethereum scaling protocol Polygon has about 100 validators providing validation and staking services for the network and the Polygon Supernets solution.

Deutsche Telekom provides consulting and software development services while also using its infrastructure to boost network security and explore new revenue streams as a validator for several blockchain protocols. Besides Polygon, Deutsche Telekom is a validator for Celo, Q, Flow, Ethereum, and Chainlink blockchains.

Deutsche Telekom as a Polygon validator

Polygon has grown into an important layer 2 within the Ethereum ETH ecosystem, offering a wide range of scaling solutions including side chains, data availability, and the zero-knowledge rollups whose holy-grail beta recently hit the mainnet.

By operating as a Polygon validator, Deutsche Telekom MMS will help secure Polygon’s proof-of-stake sidechain and Sepernets chain resulting in improved security, decentralization, and governance of the protocol.

The company will run a full node, produce blocks, and validate transactions while also committing checkpoints to the Ethereum mainnet.

Speaking to one of the popular media outlets, Deutsche Telekom’s Blockchain Solutions Center head, Dirk Röde said:

“Deutsche Telekom is not only a renowned infrastructure provider for mobile and internet services but is also making significant commitments to expand its presence and reliability as an infrastructure provider in the web3 domain.”

The post Germany’s Deutsche Telekom set to become a Polygon validator appeared first on CoinJournal.