Schlagwort: blockchain markets

CoinFLEX co-founders Sudhu Arumugam and Mark Lamb say the goal is to be lean staff-wise and to remain ‘right-sized’ should potential acquisition proposals come in.

Crypto exchange CoinFLEX has announced that it has cut its headcount by a significant number amid ongoing efforts to bring the embattled company back to its feet.

The exchange, which is in a tussle with one of its customers over an unpaid loan said to be about $84 million, says the move to lay off so many of its staff members is informed by the need to be lean “staff-wise” as they navigate the murky waters they found themselves in June.

“The staff cuts and non-staff costs that we have made will reduce our cost base by approximately 50-60%. The majority of the team that remain are focused on product and technology, which remains the core of our business,” the exchange’s co-founders Sudhu Arumugam and Mark Lamb wrote in a blog post.

Remain ‘right-sized’ for any potential acquisition

According to the co-founders, the layoffs touched almost every section of the platform’s operations and impacted employees across various geographies.

The company will, however, continue to monitor its costs even as they target efficiency, with plans to start scaling on the staff once business hit levels where volumes permit hiring.

In the meantime, CoinFLEX intends to “remain right-sized for any entity considering a potential acquisition of or partnership opportunity.”

CoinFLEX announced partial customer withdrawals had resumed mid this month following a freeze that had also hit major crypto lender Celsius Network and other beleaguered crypto firms amid market woes in a biting crypto winter.

Other big casualties of the market contagion are Three Arrows Capital, Vauld, Voyager Digital and Zimplex.

The post CoinFLEX cuts staff amid efforts to trim costs by up to 60% appeared first on CoinJournal.

US Securities and Exchange Commission (SEC) Chair Gary Gensler has severally pointed out that cryptocurrency exchanges and trading platforms cannot be treated differently from traditional stock exchanges.

And amid the increased regulatory spotlight on crypto, helped by recent events, the SEC boss has renewed that call.

In a video he shared on Twitter, Gensler says crypto platforms will better protect customers – and see further growth as a result – if they embrace regulatory compliance.

According to Gensler, digital asset platforms (like regulated stock markets) can help protect millions of users against aspects such as “manipulation, fraud and front running,” if they are registered and properly regulated.

“With so many retail customers trading on crypto platforms, we should make sure that those platforms offer similar protections,” he noted, adding that SEC staff have been mandated to pursue registration of these crypto platforms. The key, he explained, is to ensure the exchanges are regulated as securities platforms where appropriate.

We have rules in our capital markets to safeguard market integrity & protect against fraud & manipulation. If a company builds a crypto market that protects investors & meets the standard of our market regulations, people will more likely have greater confidence in that market. pic.twitter.com/ZxdBfvmqXP

— Gary Gensler (@GaryGensler) July 28, 2022

Conflict of interest?

Gensler also pointed out that with crypto exchanges also acting as market makers, potential conflict of interest could harm investors. As such, he has asked staff at the securities watchdog to find what’s possible with regard to “segregating out” the market making functionality from the digital asset platforms.

If the traditional exchanges don’t do this – market making – why should crypto platforms be any different?

“Look, there’s no reason to treat the crypto market differently, just because a different technology is used,” he pointed out. 

Gensler’s comments come days after he reiterated the need to have crypto exchanges and lending platforms offer more disclosures as part of basic consumer protection. They also come amid reports the SEC is investigating crypto exchange Coinbase over the listing of securities tokens.

Coinbase refutes these claims and alongside several industry players, say the agency is engaging in “regulation by enforcement.”

The post Gensler maintains that crypto exchanges need to register with the SEC appeared first on CoinJournal.

In an announcement today, Binance, the world’s largest crypto exchange by daily crypto trading volume, said that it had successfully integrated the TrueUSD (TUSD) TRC20 Network on its platform. 

An example of a cryptocurrency that uses TRC20 or USDT-TRON standard is Tether’s USDT that is launched on the TRON blockchain network.

According to the announcement, the  TrueUSD (TUSD) TRC20 Network integration will allow Binance to support TRC-20 tokens for deposits as well as the withdrawals of USD Coin (USDC) and Tether (USDT).

The integration further means that USDC and USDT will need 20 block confirmations; something that will require about one minute. 

With its cheaper transaction fees and faster transaction times as compared to the other stablecoins on other blockchains, TRC-20 stablecoins have had a great impact on the crypto market since their launch.

Binance regular upgrades

Binance has been constantly updating its trading platform with new features that are ideal for its users with TRC-20 being the latest update. 

Early last week, Binance integrated STEPN (GMT) ERC20 allowing users to use the token for deposits and withdrawals.

The post Binance successfully integrates TrueUSD (TUSD) TRC20 Network appeared first on CoinJournal.

Zimplex, has reportedly filed for bankruptcy according to a corporate update released on Wednesday. The news comes just a few days after the Thailand-based crypto exchange temporarily halted withdrawals on July 20 before resuming limited withdrawals last week.

According to the update, Zimplex specifically filed for bankruptcy protection against creditors’ legal action. The bankruptcy applications were filed in Singapore on July 22 by the consortium of Zimplex companies. The companies include Zipmex Company Limited, Zipmex Pte Ltd, Zipmex Exchange Indonesia, and Zipmex Asia Pte Ltd.

Zimplex has become the latest crypto firm to file for bankruptcy following the likes of Voyager Capital, and Celsius.

30 days for Singapore court to issue verdict

 According to law, it will take about 30 days for a Singapore court to rule on the petition, which if granted will automatically grant Zimpex protection from the initiation or continuation of litigations by claimers.

In a statement acknowledging filing for bankruptcy, Zimplex said:

“This helps protect Zipmex against third party actions, claims, and proceedings while it is active[…] without having to worry about defending potential claims or adverse actions while we are doing so.”

Zimplex is currently only allowing customers to withdraw assets from their Trade Wallet while withdrawals from the Z Wallet remain suspended and all operations involving the Z wallet remain closed.

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Coinrule is a platform for smart trading that allows you to automate your cryptocurrency trading and investing using bots. You can access more than 100 templates, customize trading rules, and avail yourself of a large number of moderately priced trading plans.

Novices can do backtesting on TradingView and paper trading to try out different strategies and see what works and what doesn’t. They choose the cryptocurrency, the time over which to execute the trade, and the trading strategy. 

TradingView displays the number of trades the strategy created and closed, the percentage of potential profitability, the profit factor, the net profit the transaction would have generated, and the maximum drawdown.

How it works

Coinrule makes it easy to set up trading parameters. Their templates provide strategies for beginners to choose from. The plan you choose determines how many rules you can use, your trade volume, how many exchanges you can connect to, and how many trading templates you can access.

There are four plans: starter, hobbyist, trader, and pro. Starter is free, and the rest cost $29.99, $59.99, and $449.99 a month at the time of writing. Below are the details:

Starter (Free)

·         7 Template Strategies

·         Up to $5k Monthly Trade Volume

·         2 Live Rules, 2 Demo Rules

·         1 Connected Exchange

Hobbyist

·         7 Live Rules, 7 Demo Rules

·         2 Connected Exchanges

·         30 Template Strategies

·         Up to $50k Monthly Trade Volume

·         Free access to Trader Community

·         Telegram + Text Notifications

·         Advanced Indicators

Trader

·         Unlimited Template Strategies

·         15 Live Rules, 15 Demo Rules

·         3 Connected Exchanges

·         Up to $500k Monthly Trade Volume

·         Telegram + Text Notifications

·         Advanced Indicators

·         One-to-one Training Sessions

Pro

·         Unlimited Template Strategies

·         50 Live Rules, 50 Demo Rules

·         Unlimited Exchanges, etc.

Coinrule lets users link all their trading accounts in one place, regardless of the platforms they use: They can choose from the following exchanges:

·         Binance

·         Binance US

·         Bitfinex

·         BitMEX

·         Bitstamp

·         Bitpanda Pro

·         Bittrex

·         HitBTC

·         Coinbase Pro

·         Kraken

·         Poloniex

·         Liquid

User-Friendly Layout

When the user chooses trading parameters, they see a summary of their trading conditions in a tab at the top right of the page. Then, they launch their bot, and it starts trading in real-time. They can use a trading template that pros have tested.

Technical indicators are used to derive trading rules and guidelines, and you can trade digital assets directly from Coinrule.

Key features

Up to 150 templates

The platform provides access to up to 150 templates with customization focused on different trading strategies. It helps users find the risk approach depending on their propensity to take risks. As they develop a system, they expand upon their strategy.

The free demo makes it possible to run tests to see the effect of your chosen trading strategies. The demo version provides essential insight into trading that helps improve knowledge, enhances traders’ confidence, and ultimately boosts profitability.

Custom automated trades

You’re never caught in a dip or miss a bull market by activating this feature. The platform constantly seeks reliable market indicators to make intelligent fund allocation possible, but without depriving the user of control over trading.

Security

Security is where Coinrule truly excels. The state-of-the-art security platform guarantees reliable protection of trading information and personal data. Coinrule achieves this by top-grade payment protection, thwarting denial of service attacks, and authentication procedures. The platform stores and confirms crucial information using high-quality, effective algorithms and military-grade encryption technology.

The platform places value on preventing denial of service attacks. To guarantee protection against them, it cooperates with CloudFlare to monitor and keep the platform from going offline.

Coinrule routes payments through Stripe and collects no personal data or payments directly. For its part, Stripe does away with the need for credit cards, marking these transactions as merchant-initiated. This extra security layer lets Coinrule keep all customers’ information safe.

These features combine to render Coinrule one of the safest trading platforms. They build multiple layers that keep cyber attackers from breaking into the platform.

Education   

The platform has an in-depth section on knowledge and education, a glimpse of which you can see above. There is also a subsection on Trading 101, examples of feasible strategies, and a subsection on how to master Trading View, the leading charting tool provider worldwide.

Coinrule pros

·         Advanced trading indicators

·         Advanced security

·         Outstanding customer service

·         Several pricing plans with promotions

·         A solid interface that works well for laymen

·         Free sign-up

·         Compatible with multiple exchanges

Cons

·         Not as many features as some of the competing trading bots

·         The highest Coinrule tier is costly

·         Fees accumulate

·         No mobile trading app

Why should you use Coinrule?

You should use Coinrule to learn the ropes of trading and its customization features to make sense of market fluctuations, of which you can take advantage. The platform does away with complicated terms in favor of product usability in the form of an intuitive interface. A beginner can create a plan easily, while a seasoned trader can customize their strategy.

Another reason to use Coinrule is the convenience of the platform. It sends out daily emails with free trading signals to help its users adjust their strategy and create new rules.

Even those who opt for the free version will find it highly realistic and satisfying. For example, if you choose the free starter plan, there will be a simulated 0.1% Binance fee. The fee is deducted from the Quote currency when buying and from the Base currency when selling. 

Coinrule and the competition

While other platforms offer similar services, Coinrule is the only one that allows its customers to connect to multiple exchanges, including the cream of the crop, like Binance and Coinbase. This is a big plus for those seeking the best rate for their transaction or investing in various cryptocurrencies.

Coinrule also stands out through its comprehensive educational tools, which help users get better at trading.

Verdict

Coinrule is most suitable for daily traders or users with multiple exchange accounts. It’s perfect for people who aren’t willing or don’t know how to develop and implement strategies. You can trade actively because the platform will implement your system for you.

On the other hand, Coinrule might not be the best option if you have only invested in a limited number of cryptos or you prefer to hodl and don’t trade often. What’s more, their paid plan fees can accumulate quickly. For each trade executed by Coinrule, your exchange might charge fees.

It’s best to start with their free plan to see if you make a profit. You’ll then be able to judge whether the paid plans could outweigh the costs.

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