Kategorie: Crypto Markets

After pausing withdrawals last month, CoinFLEX has today announced the resumption of withdrawals.

CoinFLEX announced it will enable limited withdrawals for all its users this week as it continues to work on its recovery plans.

Starting at 5 am UTC (1 pm HKT/SGT) on Friday, July 15, CoinFLEX will cancel all current pending withdrawals and return all the funds to their respective account balance. The platform will then shut down for a few hours to begin the process of re-enabling withdrawals and trading.

Non-FLEX Perp positions

CoinFLEX recommends users close all existing non-FLEX Perp positions by the end of the week.

According to CoinFLEX, many of its users have accounts with open Perp positions that require liquidation when the FLEX Perp mark price is updated. And a section of these accounts would go to the negative equity.

Therefore, to protect creditors on the CoinFLEX platform, balances and positions in all the subaccounts will be merged with their respective main accounts.

Withdrawing BCH

After the resumption, 90% of any new smartBCH deposits on CoinFLEX will be locked leaving 10% for trading and withdrawal as BCH.

Withdrawals of BCH on smartBCH network will continue until further notice.

FlexUSD balances

All existing flexUSD balances on CoinFLEX will be locked.

Then 90% of any new flexUSD deposits transferred from a cold wallet leaving only 10% available for redeeming.

And since all futures contracts must be closed, flexUSD will not hold short perp positions meaning holders will not be earning interests for now.

New flexUSD minting has also been suspended until further notice.

FLEX coin withdrawals

Existing FLEX coins will also be locked like other assets. Any new FLEX coins bought on CoinFLEX will however be fully available for withdrawals.

CoinFLEX also noted that they are continuing to work on resolving their current predicament that could lead to allowing further withdrawals. It is also looking for potential new investors or acquisitions or a combination of both as it tries to resolve the situation.

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As the volatile crypto market continues to tumble, Celsius Network has decided to seek help from the authority by filing a voluntary petition under the Chapter 11 bankruptcy code at the United States Bankruptcy Court for the Southern District of New York. 

This comes after the crypto lender tried implementing a number of measures including withdrawing WBTC and ETH tokens from Aave to pay its loans.

Following the news of the filing of the Chapter 11 Bankruptcy, the native token of Celsius Network, CEL, took a bow and has almost shed a quarter of its previous gains. 

Over the last 30 days, CEL price had risen by about 112.5%. However, today at the time of writing, CEL had registered a drop of about 16.5% over the past 24 hours.

Celsius is. However, not the first crypto firm to file for Chapter 11 bankruptcy. Over the past month, major crypto firms like crypto lender Voyager Digital and crypto hedge fund Three Arrows Capital have also filed for the same in an effort to secure their companies. 

Why did Celsius file for Chapter 11 Bankruptcy?

After filing for Chapter 11, Celsius will be able to continue with its operations once the bankruptcy court approves its filing. However, the firm maintained that customers will still not be allowed to carry out withdrawals at the moment.

In the meantime, Celsius will be undergoing a restructuring process that will be aimed at increasing the value for its investors. Where during the process, it will provide ample liquidity to support some of its operations with its $167 million cash at hand as it tries to stabilize its businesses.

A restructuring process might be the only remedy for the crypto firm during the current bear market condition.

While addressing the matter, Celsius CEO and Co-founder, Alex Mashinsky said:

“This is the right decision for our community and company. We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”

To save the company from insolvency, Celsius stopped all withdrawals last month. This has helped them pay off part of the debts they owed. In total, they have paid out debts amounting to about $800 million to a number of other crypto firms including Maker, Aave, and Compound Finance.

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• Zcash (ZEC) is fifth cryptocurrency coin Bitcoin of America offers at its crypto ATMs.
• The company operates over 2,500 Bitcoin ATMs across the United States.
• Coin ATM Radar data shows there are over 34,000 Bitcoin or crypto ATMs in the US.

ZCash, the decentralised cryptocurrency favoured by users for its privacy features, has been added to Bitcoin of America’s  Bitcoin ATMs across the United States.

The company, which operates more than 2,500 Bitcoin teller machines in the country, revealed this in an announcement on Wednesday.

The Bitcoin ATM firm noted that its customer demand has pushed it to add ZCash to the list of available cryptocurrencies.  The use of ZEC in transactions has apparently picked up, with the privacy coin now joining Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BTC).

For businesses looking to host a Bitcoin ATM with ZCash, the company offers to provide all the necessary support. That includes making it easy for interested parties to access the machines, it said in the announcement.

Benefits accrued for businesses include increased foot traffic, an opportunity to earn passive income, and overall marketing. Bitcoin of America takes care of all aspects of the BTMs, from maintenance to customer support.

US is home to thousands of crypto ATMs

According to Coin ATM Radar, there are over 34,200 Bitcoin ATMs or teller machines in the US, with Houston, Texas having over 1,200. Los Angeles, California has nearly 2,000 Bitcoin ATMs, while Miami has seen over 800 installations.

Bitcoin of America is the fourth largest crypto ATM operator in the US, statistics at Coin ATM Radar show. The operator currently accounts for 6.5% of the installed tellers, behind CoinFlip (11.2%), CoinCloud (17.4%) and Bitcoin Depot (19.9%).

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KuCoin, a Seychelles-based cryptocurrency exchange launched in 2017, has announced its partnership with one of the leading automated crypto assets trading platforms, Coinrule, to offer automated trading to its users.

According to KuCoin’s official announcement, Coinrule will allow its traders to trade cryptos on KuCoin using its platform API by integrating the KuCoin spot market data. Soon, more KuCoin products like futures trading and margin trading are also expected to be supported on the network.

While commenting on the partnership, KuCoin CEO, Johnny Lyu said:

“As the ‘People’s Exchange’, KuCoin is committed to easy-to-use trading tools for users to bring crypto to mass adoption. And the partnership with Coinrule is a big step towards this.”

Coinrule CEO and Founder, Gabriele Musella, was also excited about the partnership noting:

“At Coinrule, we are glad to see KuCoin joining our integration program. Our Users are eager to trade on KuCoin and to explore all the markets it provides.”

Embracing automated trading

KuCoin provides over 700 crypto assets trading which includes margin trading, futures trading, spot trading, staking, and P2P fiat trading. It also provides crypto assets lending to its 18 million users across 207 countries.

With the automated trading high-security mechanism, convenience, and comfort, crypto traders have also started to embrace it. It’s worth noting that KuCoin launched its Trading Bot Service back in 2021 to support five advanced trading strategies for users to gain passive income without monitoring the markets.

With this partnership, KuCoin will onboard more users that will promote trading strategies on the platform as well as lower the investment barriers for users.

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Pocket Network, a Web3 app blockchain data ecosystem, has launched an initiative to sustain blockchain community growth called TriForce. 

It gives communities an incentive to fortify ties and be a part of Pocket Network’s growth trajectory, Coin Journal learned from a press release. 

The initiative will enable community members to sustain and grow blockchain traffic for their different ecosystems. This way, they will also help the network offer RPC services to highly decentralized crypto networks. 

Shards support community growth 

Each TriForce has three components, collectively referred to as shards. These components describe how each TriForce can benefit blockchain communities with individual expertise. 

Ultimately, the three-pronged support program will provide them with the tools to survive and thrive. The following areas are subject to involvement by blockchain communities: 

• Business Development
• Marketing
• Technical Support

Pocket DAO will allocate funds to encourage eligible communities that want to use Pocket nodes to strengthen their blockchain ecosystems.

Pocket DAO will also allocate budgets for communities that qualify and reward members in proportion to their contributions to current incentives.

Shards help pursue shared goals 

Shards will have collective goals for the benefit of all ecosystems, even though each one will operate semi-independently. 

Pocket Network aims to provide quick support to as many blockchains as possible and has asked community members for commitment to fast-track this goal. 

Michael O’Rourke, CEO of Pocket Network, said: 

As the internet moves away from the top-down model synonymous with Web2, community-centric models for project management, treasury oversight, and key decision-making have risen to prominence. Pocket’s TriForce program aligns with this narrative, supporting the open discourse and grassroots engagement that is a mainstay of Web3.

Pocket Network expects blockchain communities to identify new network growth opportunities and take responsibility for developing new on-chain use cases as the TriForce program takes effect. 

The network aims to integrate 100 blockchains by the end of the year, up from 50 at the moment. 

About Pocket Network

Pocket Network is a platform built for applications that use cost-efficient economics to coordinate and distribute data at scale.

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