Kategorie: Crypto News

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Crypto exchange Gemini to invest $24 million in India hub

  • Gemini has revealed plans to invest $24 million in its technology and crypto hub in India. 
  • The crypto exchange is hiring more in compliance, software engineering and support to add to its 70+ workforce at the Gurgaon center.

US crypto exchange Gemini plans to invest INR 200 crore ($24 million) in its India-based development center, according to details announced today.

The exchange will plough this amount into the Gurgaon technology hub over the next two years, said Pravjit Tiwana, Gemini’s CEO of Asia Pacific. Tiwana is also the cryptocurrency company’s global chief technology officer (CTO).

“India has long been regarded as a hub for bar-raising talent by the world’s top technology companies, and we are thrilled to share that we are deepening our investment in the country. Over the next two years, we plan to invest INR 200 crore ($24 million USD) to grow our development center in Gurgaon,” Tiwana wrote in a blog release published September 26.

Growing crypto and Web3 in India

Gemini launched the Gurgaon technology development center in May and recently opened an office at the Cyber Hub at Campus Cyber Greens. 

Despite the uncertain regulatory landscape in India, the tech hub has seen its employee count grow to over 70 people.  The investment will be used to grow the team and to further the innovation at the Gurgaon hub.

This should see Gemini support the overall growth of the crypto ecosystem in India and around the globe, cutting across all 70+ countries that the exchange has operations. Other targets include using the development center to enhance “core platform fundamentals”, which includes compliance, security, data pipelines and warehousing, and payments. 

Other than software engineers and technical product managers, Gemini is looking to hire talent in finance, customer support and compliance.

Gemini’s India expansion looks to tap into the country’s position as one of the leading entrepreneurial and technological development hubs to bring crypto and Web3 to the masses.

The post Crypto exchange Gemini to invest $24 million in India hub appeared first on CoinJournal.

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MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

  • Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.
  • Concerns over the US dollar’s impact on BTC may be overstated by investors.
  • Coinbase holds about 5% of the total bitcoin in circulation.

MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s price dynamics.

The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.

A boost to Bitcoin price

Before MircoStrategy’s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, Bitcoin price saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.

In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.

The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.

The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.

Bitcoin’s resilience

Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.

The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.

MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.

The post MicroStrategy’s latest BTC purchase sets Bitcoin price in motion appeared first on CoinJournal.

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Binance partners with MUFG to issue a stablecoin in Japan by end of 2024

Key takeaways

  • Binance Japan is exploring the possibility of issuing a stablecoin in Japan by the end of 2024.

  • The crypto exchange is working with MUTB, a unit of Japan’s MUFG. 

Binance Japan plans to issue a stablecoin in Japan

Mitsubishi UFJ Trust and Banking Corporation (MUTB) and Binance Japan Inc (Binance Japan) are currently working together to explore the possibility of issuing a stablecoin in Japan. MUTB is a unit of Japanese bank MUFG.

This latest cryptocurrency news comes as Binance looks to strengthen its position in the region after it re-entered the Japanese market. 

The stablecoin will be pegged to fiat currencies, including the Japanese Yen and other foreign currencies.

In November 2022, Binance acquired a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan, marking its re-entry into the Japanese market. 

According to the press release, MUTB is currently leading the development of the “Progmat Coin” platform as an infrastructure for issuing stablecoins per the revised Payments Services Act enforced in June 2023.

The two entities plan to commence stablecoin operations by the end of 2024 after obtaining the necessary regulatory approvals. 

Binance Japan is now operational

This latest development comes roughly a month after Binance Japan began its operations. Binance Japan is currently offering 34 tokens, making it the largest number of tokens offered on any digital exchange in the country.

Takeshi Chino, general manager of Binance Japan, said in the statement,

“Stablecoins have important use cases across the broader financial ecosystem – from a lower-cost and instantaneous cross-border trade settlement for business clients to the facilitation of trading other cryptocurrencies seamlessly for retail investors — stablecoins fill an important financial services need and are crucial for the success of Web 3.0 adoption.” 

Tatsuya Saito, vice president of product of MUTB, added that,

“We believe that the new stablecoin from this collaboration will be a step forward in advancing Web 3.0.”

Binance Japan has indicated that it intends to offer a minimum of 100 tokens on its platform in the coming months.

The post Binance partners with MUFG to issue a stablecoin in Japan by end of 2024 appeared first on CoinJournal.

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MicroStrategy purchases 5,445 bitcoins as Chancer’s presale hits $2.2m

Key takeaways

  • Bitcoin continues to trade below $26,500 despite MicroStrategy’s latest BTC purchase.

  • Chancer’s stage two presale has now surpassed the $2.2 million mark.

The cryptocurrency market began the week in a bearish mode, with prices of most coins and tokens in the red zone over the last few days. However, that hasn’t halted Chancer’s presale as it continues to hit new milestones.

MicroStrategy purchases 5,445 bitcoins

Michael Saylor’s MicroStrategy has continued its foray into the cryptocurrency market by acquiring more bitcoins. The company announced the purchase of 5,445 bitcoins on Monday for $147.3 million at the average price of $27,053 per coin. MicroStrategy now holds 158,245 bitcoins acquired for a total of $4.68 billion.

Despite MicroStrategy’s acquisition of over 5,000 bitcoins, BTC’s price continues to underperform. At press time, the price of Bitcoin stands at $26,273, up by less than 1% in the last 24 hours. Bitcoin has lost more than 2% of its value over the last seven days. 

What does this mean for Chancer?

MicroStrategy purchasing more bitcoins could serve as an indicator that more institutional investors have faith in the crypto market despite the ongoing bearish trend. Investors could be looking to purchase more cryptocurrencies and invest in exciting projects ahead of the next bullish cycle. 

Chancer could be one of those projects thanks to its exciting prospect. The project is currently in its second presale stage and has now raised more than $2.2 million. 

The Chancer team is currently developing a unique Web3 peer-to-peer (P2P) custom betting platform designed to enable users to live-stream betting events. The project seeks to decentralise the online betting industry by using blockchain technology. 

When using Chancer, there would be no restriction to betting opportunities for users. This means that users can bet on numerous events beyond the available sports and casino bets. 

The Chancer presale is in its second stage and has raised over $2.2 million of the $2.5 million required. The funds generated from the multiple presale rounds would be used to build Chancer’s decentralised P2P betting platform. 

In their whitepaper, Chancer said its users would have access to numerous features such as betting markets in real-time and based on user interests, social media connections, and expertise. 

Users will also no longer deal with the challenges associated with using bookmakers when betting as they would be allowed to set up their custom P2P betting markets. 

With Chancer, users can bet on various activities. This means that users can bet on important sporting or political events or trivial ones like the first to complete a task amongst friends. 

CHANCER to go for $0.013 in the next presale stage

Chancer’s second presale stage is close to completion, and the team will move to the next phase. In this current presale stage, the CHANCER token is going for $0.012 USDT

The token price will increase to $0.013 in the third presale round. There would be 12 presale events, with an accumulated target of $15 million. 

According to the team, the CHANCER token will power numerous activities within the ecosystem. CHANCER token holders would be allowed to create and invest in markets within the ecosystem.

In addition to that, token holders can also create, participate in, and profit from their very own predictive markets. 

Interested investors can purchase the CHANCER token using numerous wallets, including Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer now?

The crypto market has been bearish in recent days, granting investors more opportunities to invest in quality projects. Investors looking to get into early-stage projects could consider Chancer, thanks to its unique niche. 

By decentralising the betting ecosystem, Chancer could gain massive adoption within the Web3 space and beyond over the coming years. The adoption of the Chancer platform could see its CHANCER token rally higher in the medium to long term. 

The post MicroStrategy purchases 5,445 bitcoins as Chancer’s presale hits $2.2m appeared first on CoinJournal.

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Binance reopens exchange services in Belgium

  • Binance announced on Monday, September 25, that it had reopened customer registrations in Belgium.
  • The exchanges products and services are also accessible in the country to customers who accept new Terms of Use.
  • Binance had halted operations in the country in August, directing customers to a Polish entity.

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that new customer registration and access to products and services is now reopened in Belgium.

The announcement comes nearly a month since the exchange notified its customers that access to Belgian customers would be available via Binance Poland. That move followed an order from the Belgium market regulator warning Binance not to offer its services in the country.

As CoinJournal reported in late August, Binance had said the decision to provide its services via the Polish entity would help it work on its regulatory compliance process in Belgium. 

Apart from account registration, virtual currency products and services on the Belgium platform are now available to local customers. However, this willl be possible for Belgians who will have accepted the new Terms of Use.

Binance has over the past few months had to exit a few markets, including Canada, over regulatory issues and is battling a lawsuit filed by the US Securities and Exchange Commission (SEC). In August, the company ended support for its crypto cards in Latin America and the Middle East after its partner Mastercard reportedly ended their collaboration.

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