Kategorie: Crypto Business

• BitHK will offer spot trading and looks to launch a P2P exchange for Hong Kong users.
• The exchange will submit an application for registration as a VASP with the Hong Kong Securities and Futures Commission (SFC) on 1 June.
• Another exchange, Huobi HK is also offering spot trading to Hong Kong users and has submitted an application from the SFC.

CoinEx, a crypto exchange platform that’s been in operation since 2017, has today launched a new crypto trading platform for users in Hong Kong.

The new platform is called BitHK and is set to roll out several crypto services for CoinEx users in Hong Kong.

Exchanges to seek approval before offer services in Hong Kong

CoinEx’s launch of BitHK comes ahead of the effective date of the guidelines the Hong Kong regulators announced recently and which were set to allow registered cryptocurrency exchanges to offer crypto trading services to retail investors.

According to a press release CoinEx published on Monday, the platform will submit an application for approval as a Virtual Asset Service Provider (VASP). The exchange plans to submit the application to the Securities and Futures Commission (SFC) on June 1.

“We will strictly follow the Code of Conduct for Cryptocurrency Exchanges recently released by the SFC and the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. We are dedicated to delivering compliant, fair, and professional services while safeguarding our investors’ assets. Our goal is to establish a secure and reliable crypto trading environment for Hong Kong users,” Haipo Yang, CEO of CoinEx, said in a statement.

BitHK users can access spot trading and crypto storage services, while CoinEx says it will soon introduce P2P trading and HKD transactions.

Huobi also announces Huobi HK 

Monday also another crypto platform Huobi HK announced its crypto services to Hong Kong users. In a tweeted statement, the platform said it would be offering crypto spot trading services to both retail and institutional clients. 

Huobi HK applied for Hong Kong’s VASP license on 29 May, 2023, according to the details shared via the platform’s Twitter account. This follows Hong Kong’s recent announcement that approved exchanges would be allowed to offer crypto trading to retail investors, with major coins Bitcoin and Ethereum among the first to be allowed.

In related news, Binance recently announced it would be transitioning all of its users in Japan to a new platform to be called Binance Japan. The process began on 26 May and will continue through the summer. 

The post CoinEx launches BitHK trading platform for Hong Kong users appeared first on CoinJournal.

• The euro-backed stablecoin will bring more liquidity to the Avalanche network, Circle said in a press release.
• Developers using USDC can now easily integrate Euro Coin.
• Wallets that support Euro Coin on Avalanche include Coinbase Wallet and MetaMask.

Circle, the issuer of the USDC, has launched its other fiat-backed stablecoin Euro Coin on Avalanche, a smart contracts enabled layer-1 blockchain.

Avalanche’s AVAX, currently trading at around $14.05, is the 17th largest cryptocurrency with a market cap of $4.7 billion.

Euro liquidity comes to Avalanche

Circle says it expects Euro Coin’s launch on Avalanche will be the first in a series that’s set to see the euro-backed stablecoin bring multi-chain euro liquidity to developers and ecosystem users around the world. 

Deployment on Avalanche also means apps that support USDC will easily integrate Euro Coin, the digital technology firm said in a press release.

“When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to the euro across borders and time zones,” said Joao Reginatto, VP of Product at Circle. He added:

“By launching Euro Coin on Avalanche’s fast and efficient platform, we can help developers and their users experience near-instant, more cost effective financial transactions and unlock new possibilities for payments, remittances and 24/7 FX.”

Ava Labs VP of Business Development John Nahas said having the euro-backed stablecoin on Avalanche opens up the blockchain network to new possibilities for developers and other users.

“We continue to see great adoption and volume behind Circle’s USDC, and expect great feedback and usage of Euro Coin on Avalanche. DeFi continues to expand into a multi-currency, cross-border environment – delivering a trusted and fully reserved euro stablecoin like Euro Coin will greatly accelerate the adoption of instant payments and remittances to a much larger swath of the world,” Nahas noted.

According to Circle, apps and wallets that support the stablecoin on Avalanche include Coinbase Wallet, MetaMask, BENQI, Cables, Core, and Curve. 

Circle Account holders access to Euro Coin liquidity on the Avalanche platform, with support for trading or lending in crypto capital markets available. Euro Coin can also be held in custody, or used for payments.

The post Circle launches its euro-backed stablecoin on Avalanche appeared first on CoinJournal.

• Nvidia’s strong performance and forecast could boost further investment in AI projects.
• AltSignals presale is set to hit a key milestone as investors look to scoop ASI tokens early.
• The AltSignals artificial intelligence (AI) layer ActualizeAI will go live later in the quarter.

AltSignals is on the verge of a new milestone as the platform has raised over $814,000 of the targeted $1,080,000 in the current stage of its presale.

The presale has been on for just a few weeks. However, interest in the soon-to-be launched Artificial Intelligence-powered trading algorithm is rising and the token sale looks to have received a major boost via this week’s strong bet on the future of AI by Nvidia, the leading maker of AI chips.

With 75% of the AltiSignals presale done, the rally in AI-related stocks and cryptocurrencies could trigger even greater demand for the ASI token as investors look to position themselves for what could be a global rally in the artificial intelligence space.

Nvidia’s AI bet and what it means for AI tokens

The stock price of Nvidia soared on Wednesday to reach its highest ever level and put the company on the cusp of $1 trillion market cap. It happened after Nvidia released a forecast for its earnings in the three months to the end of July and provided a huge guidance on revenue based on the performance of its artificial intelligence business.

NVDA surged nearly 30% to trade at $391.50 as its market cap increased by almost $200 billion to hit $960 billion. The rally cascaded into related stocks, with the upbeat market triggering nearly $300 billion in market cap gains.

Market analysts say Nvidia’s “blow-out guidance” underscores the bullish outlook that continues to unfold around the market. Investors buoyed by the chipmaker’s forecast might want to diversify into other projects with great potential. In stocks, it could be the likes of Palantir, AMD, TSMC to name a few.

Can crypto tokens championing the AI revolution see similar gains?

As previously highlighted, the industry is making huge strides in the integration of AI and blockchain and a few projects are already seeing success.

While AI-related tokens didn’t witness such exuberance, projects such as Render Token (RNDR) and SingularityNET (AGIX) held onto recent gains to suggest the strong bet on the sector’s future could aid new demand. According to data from CoinGecko, the AI segment in crypto currently has a market capitalization of $2.7 billion, suggesting potential for growth.

The AltSignals (ASI) token, a trading platform with a working product, could be positioned for such growth when its AI platform ActualizeAI goes live later in the quarter.

What is AltSignals?

AltSignals is a trading signals platform that launched its services in 2017. Over the last few years, it has grown its user community to over 50,000 as its popularity grew. Its trading algorithm helps traders access signals for a range of markets, including cryptocurrencies, stocks, and forex.

The team at AltSignals are now looking to take the success of its AltAlgo trading system to the next level via artificial intelligence. Tapping into the technology and integrating the benefits of blockchain promises to offer users access to an even greater suite of signals, higher accuracy and profitable trades. You can learn more about this project by visiting its website.

ActualizeAI- an AI solution to revolutionise the trading industry?

AltSignals is launching its AI revolution for the trading industry via its ActualizeAI platform. The team hopes the advantages AI could have over the current system, including the capacity to integrate predictive modelling, regression and AutoML (machine learning) will help users access the best of its trading opportunities.

The AI layer will be powered by a cryptocurrency token dubbed ASI. Currently in presale, ASI will give holders unlimited access to ActualizeAI features. Holders will also be able to participate in the ecosystem, be it via governance rights or in tournaments for rewards. ASI will also be tradable on secondary exchanges and be used in staking.

Should you invest in the ASI token?

The AltSignals whitepaper outlines a roadmap for ActualizeAI and the native ASI token. Among the first milestones for the project is the ASI presale and subsequent launch on leading crypto exchanges. In this case, the presale offers investors a chance to buy the token early and at what could be discount prices.

Historically, the value of tokens have exploded after listing on major exchanges and ASI could see a similar trend. 

Also, getting in early could be an opportunity to back an already successful business that’s entering a new phase of development that has received massive interest both in traditional markets as well as cryptocurrency.

What’s the price of ASI today?

ASI price is $0.015 at the current presale stage, having increased from $0.012. The next stage will see the token’s value rise by 20% and then 12.5% before the final stage sees the value reach $0.02274.

In the presale, AltSignals hopes to raise $5,480,600 from investors. The presale will see interested investors access 290 million ASI tokens, which would be 58% of the total supply of 500 million.

The post Nvidia triggers $300 billion AI rally: Here’s why this is big for AltSignals (ASI) appeared first on CoinJournal.

• Ledger has decided to delay its recovery feature as it open-sources the code, CEO Pascal Gauthier said in a letter.
• The Ledger Recover feature won’t be rolled out until the open sourcing is complete, he noted.
• Gauthier also apologised for the way the company handled the communication around the feature’s release.

Ledger is delaying the rollout of its recovery feature, CEO Pascal Gauthier has announced.

According to details in a letter the CEO of the hardware wallet provider addressed to customers and the broader cryptocurrency community, the planned implementation of Ledger Recover will remain on hold until the company releases its code.

“We have made the decision to accelerate the open sourcing roadmap! We will include as much of the Ledger operating system as possible, starting with core components of the OS, and Ledger Recover, which won’t be released until this work is complete,” he noted.

Other than that, Ledger plans to open source the recovery protocol, a move the company believes will enable the crypto community to benefit from increased room for making choices regarding the self-custody of their assets. The service will also remain fully optional.

“We’ve listened to our customers; we are accelerating a roadmap that’s been in progress, and regardless, the security of your Ledger remains unchanged,” the Ledger exec added.

Ledger CEO apologises to crypto community

Ledger announced the recovery service last week, revealing that users would be able to secure the encrypted backups of seed phrases via custodians. 

The feature was to allow crypto holders access and restore private keys after they lose or forget seed phrases. The Ledger Recover is an opt-in feature that will require customers to complete a Know-Your-Customer (KYC) check. 

Criticism of Ledger’s move was massive, with the industry shocked by how the company proceeded to handle the uproar.

In his letter, Gauthier apologised “for the way this was communicated.” The wallet provider’s leadership is also set to hold an AMA on Tuesday, 23 May 2023 at 12:30 pm ET where the Ledger Recover service will be expounded on.

The post Ledger to delay controversial key recovery feature, CEO says appeared first on CoinJournal.

• Privacy-focused blockchain Namada developers are seeking to forge closer ties with the Osmosis protocol.
• Namada is planning to airdrop its planned NAM token to OSMO investors.
• Namada also seeks to roll out its method for protecting asset privacy on Osmosis.

Christopher Goes, Co-Founder of Namada, an L1 multi-chain privacy-focused blockchain, has proposed a partnership with Cosmos-based Osmosis.

The collaboration between Namada and Osmosis in this capacity is intended to enrich the respective ecosystems and bring a raft of benefits, particularly to holders of $OSMO tokens, stakers and LP’ers who would be eligible for an upcoming Namada airdrop. According to Goes, the L1 blockchain platform is interested in allocating continuous public goods funding to a grants pool managed by the Osmosis Grants Program.

Goes is hopeful that Osmosis will pitch the idea seeing that Namada would bankroll the effort.

Protecting asset privacy on Osmosis

Namada is also planning to roll out “shielded actions” to protect asset privacy on Osmosis. The “shielded actions” would hide assets on Namada when not being used in trades on Osmosis.

Explaining how the shielded actions work, Goes said:

“It would be pretty boring if you only had assets and couldn’t do anything with them. So we expect that people want to go to Osmosis and decentralized exchanges on other chains to trade their assets.”

Airdropping tokens to OSMO holders

Namada’s Swiss-based nonprofit the Anoma Foundation will also set aside some of Namada’s staking token NAM for airdrops to OSMO holders. However, this is expected to take place after Namada goes live.

Namada is yet to give exact timelines as it waits for feedback from the Osmosis community. Goes highlighted that he is waiting for the community’s input and permission to continue with the proposal, which will be subject to an OSMO governance vote.

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