Kategorie: Crypto Markets

• 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 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.

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• EOS Network Foundation announces launch of EOS EVM v0.50, first major update of EOS EVM.
• The update will enable new yield farming opportunities for DeFi investors.
• EOS EVM v0.50 also includes other updates set to make EOS more optimized for DeFi.

In what could be the biggest EOS news this week, the community is celebrating yet another milestone for the blockchain network – the release of EOS EVM v0.5.0.

On Wednesday, the EOS Network Foundation (ENF) announced the release had reached code completion today, revealing new liquidity benefits for the ecosystem via the integration of Yield+ Liquidity.

EOS EVM v0.50 also includes key updates on network optimization and improvements to user experience for EOS’ developer community.

First major update to EOS EVM

V0.50 is the first major EOS EVM version since the EOS Network Foundation, the lead developers of EOS (EOS), launched the EOS Ethereum Virtual Machine mainnet. The beta launch went live in mid-April, around the same time as Ethereum 2.0 activated the highly anticipated Shapella upgrade.

The EOS EVM for Solidity developers enabled interoperability between EOS and Ethereum and marked an important step for further growth of the EOS network.

EOS EVM v0.50 brings Yield+ Liquidity to ecosystem

With EOS EVM v0.50, DeFi traders can now access more dApps and tap into new yield farming opportunities.

Yield+ brings a liquidity rewards program that will not only attract more DeFi dApps to EOS, but also help increase the Total Value Locked (TVL). The program was unveiled in August and sees dApps rewarded in tokens, with this based on the total value of deposits they bring into the EOS ecosystem. 

Per details on DeFiLlama, EOS currently has $98 million in TVL, a tiny portion of the $27 billion in TVL on Ethereum.

What are the other key updates of EOS EVM v0.50?

Apart from Yield+, EOS EVM has also introduced several updates on optimization, performance and user experience. The updates include read-only transaction execution support, removal of advanced execution, updated “inevm” table and modification to the withdraw action.

The ENF says code completion for the EOS EVM v0.50 also now allows EOS engineers to strategize for a testnet for the smart contract upgrade. This testnet is currently in development and will pave the way for mainnet deployment.

A roadmap highlighting upcoming key milestones for EOS will also be released soon, with developers, dApps and DeFi investors all likely to benefit immensely from new capabilities and opportunities.

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• At press time, the price of the XDC token was $0.03539.
• The token had gained 12.88% in the last 24 hours at the time of writing.
• The token is trending after XDC Network formed a strategic partnership with SBI Group’s subsidiary SBI VC Trade in Japan.

The XinFin Digital Contract (XDC) token has been the talk of the day following its splendid performance after XDC Network announced that it has inked a strategic partnership with SBI VC Trade, a subsidiary of SBI Group. 

The partnership, which is a major milestone for the XDC Network also referred to as the XinFin Network, is aimed at enhancing trade finance efficiency in Japan by ensuring that the SBI VC Trade provides comprehensive services to customers in Japan. It comes after the recent XDCNFT launch by the BlocksWorkz tech firm causing an XDC price Bull Run.

The Japanese finance market sees an annual trading volume of about 2,000 trillion Yen and XDC Network’s involvement in the market is beneficial for both the network and the market.

Importance of a hybrid blockchain ecosystem

The XDC is the digital asset that powers the eXchange inFinite (XinFin) Network, which is a Delegated Proof of Stake Consensus network (XDPoS), enabling Hybrid Relay Bridges, Instant Block Finality and Interoperability with ISO20022 messaging standards, making XinFin’s Hybrid Architecture Developer friendly.

The XDC Network’s partnership with SBI VC Trade underscores the growing importance of a hybrid blockchain ecosystem that facilitates seamless transactions.

The partnership definitely holds huge potential for revolutionizing the XDC Network, positioning it as a promoter of digital transformation within the finance trade market and solidifying its position as a leading global player in the blockchain industry.

Furthermore, XDC has introduced several initiatives aimed at enhancing user experience by delivering more intuitive and user-friendly solutions.

In addition, the Japanese finance trade sector is strategic to the expansion of the XCD ecosystem and positions XCD as an ideal choice for businesses looking for streamlined operations and an enhanced financial framework.

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