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Bitcoin Marketplace with 300 Payment Methods Integrating into Large Crypto Exchange

A peer-to-peer marketplace offering more than 300 ways to buy Bitcoin is being integrated into a crypto trading platform with more than 600,000 users.

A peer-to-peer Bitcoin marketplace that offers more than 300 ways to buy Bitcoin has announced it is being integrated into BitMart, a global digital asset trading platform.

Paxful enables its users to purchase Bitcoin using bank transfers, debit cards, online wallets like PayPal and an array of gift cards — including well-known brands such as Amazon, iTunes, Google Play and Steam Wallet. Many of these payment methods enable consumers to access the cryptocurrency instantly.

The platform has now entered into a joint venture with BitMart, a digital asset trading platform with a global user base of more than 700,000 people, which says it is passionate about “joining the fast-growing peer-to-peer financial revolution.” As a result of the partnership, BitMart users will be able to make payments using Paxful’s technology without paying listing fees, while Paxful users will have the opportunity to convert their Bitcoin into other cryptocurrencies through the exchange.

“A pivotal time for the crypto community”

Both companies say they hope to increase liquidity and scalability through their partnership — with Paxful focused on reaching emerging markets and the estimated 2 billion people worldwide who are unbanked. This emphasis on accessibility has been complemented through a free Bitcoin wallet, guiding users through the process of sending, receiving and storing Bitcoin. 

Ray Youssef, the CEO and co-founder of Paxful, said: “We’re excited to integrate with BitMart in efforts to bring more trading options to emerging markets. It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution.”

Sheldon Xia, the founder and CEO of BitMart, believes the collaboration will help the company fulfill its mission of providing a “convenient and secure financial service in the crypto market.” He added: “By offering users with more payment options, BitMart aims to lower the barriers to entry for new adopters of digital currency investment. An integration with a revolutionary company such as Paxful allows us to bring digital asset trading to those who would otherwise not have had the access.”

Paxful is available here

Growing demand

As reported by Cointelegraph, Paxful has reported growing demand for its service in recent months. Despite Bitcoin prices tumbling by 80% compared with the dizzying highs of almost $20,000 seen in December 2017, the volume of transactions on its platform has increased substantially — rising by 130% in Africa alone to an average of 17,000 trades on a daily basis. Difficulties in obtaining bank accounts on the continent, when combined with the impact that hyperinflation and political instability have had on African currencies, may have been a factor in the burgeoning interest that cryptocurrencies have been experiencing.

The partnership could see Paxful’s profile grow considerably — as at the time of writing, BitMart was the 17th-biggest crypto exchange in terms of trade volume on CoinMarketCap.

BitMart currently hosts 233 trading pairs and claims to offer the lowest withdrawal fees when compared with other mainstream exchange platforms. It says its user base spans more than 180 countries, with a 24/7 customer service team ensuring that support is available for consumers in every time zone. Its platform is also available in a multitude of languages, including English, Chinese, Japanese, Vietnamese and Russian.

In describing what they hope the integration to achieve, both companies said they aim to provide “education, opportunities and allow the unbanked, underbanked and overbanked to participate in a growing peer-to-peer financial ecosystem.”

Learn more about Paxful

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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OKEx Subsidiary OKLink to Launch USD-Pegged Stablecoin USDK

Global settlement firm OKLink, a subsidiary of cryptocurrency exchange OKEx, launches its USDK stablecoin.

Global settlement firm OKLink, a subsidiary of major cryptocurrency exchange OKEx, will launch its stablecoin today, June 3, an OKEx representative told Cointelegraph.

In an email sent to Cointelegraph, the OKEx rep specified that the stablecoin — dubbed USDK — will be launched today in partnership with United States-based custodian Prime Trust.

On June 2, OKLink posted scans of the agreement between OKLink and Prime Trust on Twitter.

At the end of last month, Star Xu — founder of exchange services provider OKCoin and OKEx — announced OK Group’s partnership with the trust company and plans to launch a stablecoin.

Prime Trust is also one the trust companies that manages the escrow accounts holding collateral for competitor stablecoin, TrueUSD.

The firm is also reportedly the partner that enables fiat trading on the U.S.-based version of top cryptocurrency exchange Huobi.

OKEx is currently the world’s second largest crypto exchange by adjusted daily trade volumes, seeing $1.8 billion in trades over the past 24 hours to press time.

As Cointelegraph reported in March, OKEx is developing its own decentralized exchange (DEX) and blockchain, called OKChain. The chain is reportedly already in the final development stage and the company expects to launch the testnet this month.

Yesterday, Cointelegraph reported that the so-dubbed decentralized exchange developed by major cryptocurrency exchange Binance will block access to users based in 29 countries. The DEX informs potential users of the restriction via a message that appears when accessing the platform from one of the blocked regions.

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Coinbase CTO Balaji Srinivasan Departs From the Firm

Chief technology оfficer at U.S.-based cryptocurrency exchange Coinbase, Balaji Srinivasan, announced his departure.

Chief technology officer at major United States-based cryptocurrency exchange Coinbase, Balaji Srinivasan, announced his departure from the company on Twitter on May 3.

In his tweet, Srinivasan said that he had enjoyed his time at the exchange and that he will now take time off “to get back in shape — and up to speed on everything happening” when he was busy working at Coinbase.

In his career, Srinivasan also co-founded non-profit crypto research and advocacy agency Coin Center, bitcoin (BTC) earning platform Earn. He was CEO of Earn when it was acquired by Coinbase in April of last year

As Cointelegraph reported at the time, Coinbase has already lost three senior executives in six months as of last month.

Also in April, Coinbase shut down its Chicago office and scaled down the development of its matching engine, reportedly laying off about 30 employees.

This week, the director of research at Coin Center, Peter Van Valkenburgh, participated in a heated debate on state versus federal regulation of crypto at MIT Technology Review’s Business of Blockchain event on May 2.

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Binance API Seemingly Reveals That Margin Trading Has Been Enabled for Nine Trading Pairs

Changes made to the public API of Binance seemingly reveal that the company has enabled margin trading for nine trading pairs.

Changes made to the public Application Programming Interface (API) of major cryptocurrency exchange Binance seemingly reveal that the company has enabled margin trading for nine trading pairs.

As Cointelegraph previously reported in March, the API had been updated to add two variables. The name of the first added variable is “isSpotTradingAllowed,” while the second is “isMarginTradingAllowed.” The self-explanatory variable names seemingly suggest that Binance is in the midst of implementing margin trading capability.

A Reddit user pointed out on May 1 that the isMarginTradingAllowed flag — which was previously disabled for all the pairs — is now enabled for nine trading pairs. The pairs it has been enabled for are the following: BTC/USDT, BNB/BTC, BNB/USDT, ETH/BTC, ETH/USDT, TRX/BTC, TRX/USDT, XRP/BTC, XRP/USDT.

Linking to the Reddit post, Binance CEO CZ tweeted on May 2: “Crowd intelligence is amazing.”

Binance first promised in the feature rollout section of its white paper that margin trading would be implemented after spot trading and before futures on its exchange. As one Reddit user points out in a comment to the post, what is new now is the actual change in the API.

As Cointelegraph reported in March, Japanese financial regulators have reportedly introduced new regulations for cryptocurrency margin trading.

Also in February, major Malta-based cryptocurrency exchange OKEx added four new margin trading pairs to its platform with up to 100x leverage.

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Crypto Exchange Offering Revenue Sharing and Copy Trading to Launch in Arabic and English

An upcoming crypto exchange says its revenue-sharing model and advanced copy trading features differentiate its platform from current market leaders.

A crypto exchange says it aims to offer “an exceptional user experience for all traders on its platform, regardless of their experience level,” delivering support for multiple languages and sharing revenue among users.

Pukkamex argues that many of the services dominating the industry right now are clunky, slow and vulnerable to crashing during crucial trades, something that can be disastrous for seasoned traders when prices are volatile. The company claims that its infrastructure eliminates unscheduled outages, meaning trades “will always be processed instantly, even during times of peak demand.”

The exchange says that its support for multiple languages is one of its main points of difference — and at launch, Pukkamex will be available in both Arabic and English. In explaining why it believes this support will open up its platform to a wider market, the company’s white paper states “The Arabic language is used by a substantial proportion of the global population, and is becoming increasingly important in the online world.” Compatibility in other languages — including Mandarin, Korean and Russian — is set to follow within the first year of its launch.

Pukkamex is initially going to focus on delivering Bitcoin/USD and Ethereum/USD pairings, but plans to diversify by adding BTC pairings for ETH, XRP, Litecoin, Monero, EOS and Bitcoin Cash soon after launch.

The exchange also has its own utility token, PUX, which is going to be available for trading on decentralized exchanges that support ERC-20 tokens. Those who hold PUX tokens will be eligible to participate in Pukkamex’s revenue-sharing initiative, the team says.

Pukkamex is available here

Intuitive copy trading

Several other crypto exchanges currently deploy copy trading to some extent, but according to Pukkamex, its platform is going to offer this feature at a scale that has never been seen before.

The exchange plans to offer a leaderboard of traders that crypto users can emulate if they so wish, and all of those who are featured in these rankings will have been verified by Pukkamex in advance — or will have amassed at least three months experience on the platform with a minimum trade volume of 25 BTC.

Users who choose to copy a trader’s transactions are able to allocate a set amount of their balance, and can stop copying whenever they please. Pukkamex’s leaderboard will also set out each trader’s average return on equity (ROE) and clearly state how much commission they are charging for their services, enabling the community to make an informed decision about which trader they wish to follow.

Spreading the word

Pukkamex says it hopes to generate awareness about its exchange — and the revenue sharing and copy trading it offers — through a referral program. Users who recommend the platform to a friend are going to be entered into a raffle where they could win tickets to the North American Bitcoin Conference, an Audi A6, a lifetime of free trading on Pukkamex and other crypto prizes.

In explaining why it believes its platform has the potential to thrive in a crowded marketplace, the exchange’s white paper adds: “We see a strong market opportunity for a simple, secure and highly reliable leveraged cryptocurrency derivative trading platform. Delivering an exceptional user experience is a core focus of our vision. We intend to offer a feature-rich platform that combines highly secure infrastructure with a simple, streamlined user interface.”

Pukkamex has completed a seed stage of funding, and a private sale is taking place between March and May 2019. A presale of PUX tokens will follow in May and June, with a public sale commencing in July 2019.

Learn more about Pukkamex

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Binance Changes Launchpad Token Sale Format to Lottery

Leading cryptocurrency exchange Binance announced radical changes to its Launchpad token sale format.

Leading cryptocurrency exchange Binance announced major changes to the format of its Launchpad token sale in a post on its blog published on March 24.

Per the announcement, the company “will use a new lottery format for the next project on Binance Launchpad.” Previously, the system functioned on a first come, first served basis, which left many users who joined high-demand sale queues without tokens.  

The post also outlines a lottery ticket system in which participants will be able to claim up to five tickets by holding Binance Coin (BNB) tokens over the 20 days leading up to the lottery, with 1 ticket per 100 BNB. The exchange will announce the number of winning tickets and the amount of funds that the owner of a winning ticket will receive.

Users will be able to choose how many tickets they want to use to participate in a given lottery in the 24 hours before the winners are chosen, with the maximum number based on their BNB holdings over the prior 20 day period.

While Binance admits that the new system may cause some fluctuations in BNB trading before and after the snapshot time, its reports that the side effects should be minimal adding:

“Other market participants may view this as an opportunity, and countertrade to even out the fluctuations.”

Binance Launchpad, as the name suggests, is the company’s token launch platform, which most recently concluded a $4 million sale of Celer Network (CELR) tokens last week. The platform reportedly conducted the Fetch.AI (FET) token sale, which raised $6 million within 22 seconds in February.

As Cointelegraph recently reported, changes made to Binance’s public Application Programming Interface seemingly reveal that the company is working on implementing margin trading.

Last Tuesday, two exchanges, LBank and Bit-Z, overtook Binance on the adjusted trade volume cryptocurrency exchange rankings on CoinMarketCap, but research published on March 18 by the Tie suggests most of their volume is fake.

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US Institutional Crypto Exchange Seed CX Expands to Asia With New Partnership

United States-based institutional cryptocurrency exchange Seed CX partnered with Singapore-based fintech company Hydra X to offer its trading service in Asia.

United States-based institutional cryptocurrency exchange Seed CX has partnered with Singapore-based fintech company Hydra X to offer its trading service in Asia. Seed CX announced the development in a press release published on March 21.

Per the announcement, Seed CX will join the list of supported digital asset trading venues available on the Sigma trading platform offered by Hydra X, which is currently in public beta. The partnership will also reportedly allow institutional Sigma users to access Seed CX’s fiat-crypto gateway.

Seed CX is a licensed digital asset exchange for both spot market and U.S. Commodities and Futures Trading Commission (CFTC)-regulated derivatives. As Cointelegraph reported at the time, Seed CX closed a $15 million funding round led by alternative investment firm Bain Capital in September last year.

More recently, in January, the exchange launched an on-chain wallet solution and then also spot trading, with both solutions limited to institutional clients.

An analysis released earlier this week by crypto index fund provider Bitwise Asset Management argued that 95 percent of volume on unregulated exchanges appears to be fake or non-economic in nature.