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Crypto.com Gets Approval For Virtual Asset Services In South Korea

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Crypto.com, a rapidly growing crypto platform, has got a big achievement related to crypto services in South Korea. The company has got a license for services here and it will now be able to easily provide services related to cryptocurrency in the country. Crypto.com reported on August 8, 2022.

The company has received this license under South Korea’s Electronic Financial Transactions Act, which has been approved by South Korea’s regulators. In the recent recession in Kreptomarket, the company had to face serious consequences. Apart from this, CryptoCom has also hired two South Korean firms, including payment service provider PnLink and virtual asset provider OK-Bit. 

In an official blog post, Crypto.com’s CEO Kris Marszalek called South Korea an exciting market. He said that they acknowledge that after the takeoff of their service, business in Korea will not just bring more potency and development, but it will even support to expand the Web ecosystem. 

Kris-Marszalek-Crypto-Com-CEO
Crypto.com’s CEO Kris Marszalek

According to a study by the Financial Services Commission in South Korea, the crypto market in the country had reached a valuation of $ 46 billion (about Rs 3,66,318 crore) by the end of 2021, with the number of users increasing to about 5.58 million. This number was almost 10 percent of the nation’s population. 

SK Telecom, the largest network provider here, is currently building a crypto wallet that is based on advanced Web3 capabilities. Meanwhile, CryptoCom, which was created in 2016, claims to have more than 50 million customers worldwide. 

The outlet is slowly rolling out Google Pay support on its application to provide users entry to cryptocurrency acquisitions via Google’s online payment service. Asunder from this, the enterprise is continually attempting to get endorsement in other nations as well.

Crypto.com Gets Approval From CySEC

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On July 22, 2022, the official platform crypto.com informed us that it has finally got regulatory approval from CySEC (Cyprus Securities And Exchange Commission). The CySEC approval allows crypto.com to present a suite of services and its products to clients in Cyprus. This process will run in adherence to the local regulations of Cyprus.

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Concerning this approval, CEO, Kris Marszalek, said that Europe is the primary territory for crypto.com and their ongoing expansion in the market is a testimony to their dedication to obedience and cooperation with regulators. He also told that crypto.com’s entry into Cyprus is the next big step to expanding its products and service to more clients.

Crypto.com Overview

Let us inform you that, crypto.com was founded in 2016 and currently serves over 50 million clients globally. It is one of the most rapidly growing global cryptocurrency platforms. Its main logo is “Cryptocurrency in Every Wallet”. Its core building blocks are privacy, security, and compliance which is dedicated to reviving crypto adoption via empowering the future generation of creators, entrepreneurs, and builders to construct a more appropriate unbiased virtual ecosystem.

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Cryptocurrency Price Today Latest Updates: Bitcoin fell 2%

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The bitcoin price touched near 15 lakh rupees, with a pre-eminence of 39.37 percent, a growth of 0.12 percent on September 22, 2022.

On September 22, top cryptocurrencies were trading in the red earlier as the international crypto market cap dropped by 2.71 percent, $898.55 billion from the earlier day. 

The entire crypto market magnitude over the last 24 hours is $88.94 billion. It is a 29.35 percent boost. Read Also: Is Bitcoin Motion A Scam Or Legit?

The entire volume in DeFi is now $5.51 billion, which is 6.19 percent of the entire cryptocurrency market’s 24-hour magnitude. The volume of all stablecoins is currently $80.74 billion. It is 90.78 percent of the whole crypto market’s 24-hour volume.

The price of bitcoin sailed almost Rs 15 lakh, with superiority of 39.37 percent, an addition of 0.12 percent the whole day, as per CoinMarketCap.

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In further news, cyberpunks have robbed digital assets that cost about $160 million from cryptocurrency trading company Wintermute. Its CEO published a tweet on Tuesday, the latest theft to beat a sector extended overrun by cybercrime. Read Also: Big Crypto Theft Ethical Hackers Rescue Funds

The heist targeted London-based Wintermute’s decentralized finance functions, Evgeny Gaevoy told in a tweet. The company, which supplies liquidity across main crypto trades and trading outlets, stays solvent after the hack, he counted.

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According to 7:10 am on September 22, the prices of the biggest cryptocurrencies are as follows (data from WazirX):

NamePrice24H%
Bitcoin$19548.97-2.84%
Ethereum$1360.23-2.26%
Tether$1.05-0.21%
Cardano$0.470.31%
Binance Coin$274.370.25%
XRP$0.432.04%
Polkadot$6.70-3.59%
Dogecoin$0.060-2.66%

To get daily cryptocurrency related news updates, bookmark cryptomaafia.com or daily visit.

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Ethereum Ecosystem Upgrade Launching Soon

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The blockchain of Ethereum Ecosystem can be laucned soon. More than $ 100 billion of decentralized finance (DeFi) apps are supported on this blockchain and due to this, vigilance is being taken about upgrades.

This upgrade is being called ‘Merge’. Ethereum’s developers said that it can be launched on September 15. The upgrade awaits a certain level of total terminal failure (TTD). TTD is a total of the difficulties required for the final block to be ready on this blockchain. 

Earlier this week, Goerli reached the final round of Merge Testing on the Test Network. More than $ 100 billion of decentralized finance (DeFi) apps are supported on this blockchain and due to this, vigilance is being taken about upgrades. There have been interruptions in this project before. The upgrade completed a trial on the public test network Sepolia last month. Sepia Testnet will be monitored for the next few days. Ethereum’s developers said in a blog post that Sepolia is the second of three public testnets for merge. The hold in the climb is also impacting the price of Ether. The price of this second largest cryptocurrency in terms of value has decreased significantly in the last few months.

RELATED: Coinbase Is Under Investigation

The upgrade could also provide relief to investors of crypto derivatives tokens called stETH. Ethereum miners have to use large server farms to order transactions on the blockchain, which leads to higher electricity consumption and increases carbon emissions. It was estimated that Ethereum’s use of electricity in one transaction is equivalent to 1,40,893 Visa credit card transactions. After this upgrade, orders for Ethereum transactions will be placed from stakes.

Due to crypto activities, there was a lack of electricity in some countries. To bargain with this concern, China denied crypto mining previous year. In some other countries, there is huge opposition to crypto mining for the same reason. Iran imposed a temporary ban on crypto mining a few months ago due to an interruption in the supply of electricity.

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Ethereum’s Eco-Friendly Launch

Advancement to the Ethereum blockchain could be undertaken shortly. This advancement is called ‘Merge’. The designers of Ethereum told me it could project on September 15. 

Ethereum-Eco-Friendly

Waiting for the advancement to permit the TTD (Total Terminal Difficulty) to achieve a particular level. TTD is the total difficulty needed to finish the final block on this blockchain.

Earlier this week, Goerli achieved the last stage of Merge testing on the trail network. Over $100 billion worth of DeFi apps are reinforced on this blockchain, so the advancement is prudent. 

Despite there being some challenges in this project, it completed a trial last month. This upgrade may again bring relief to crypto investors in the crypto derivative token called stETH. Ethereum miners have to operate extensive server ranches to request trades on the blockchain, resulting in increased electricity consumption and heightened CO2 emissions.

According to one estimation, the electricity consumption of one Ethereum transaction is equal to 1.40.893 Visa credit card transactions. After this uprise, demands for Ethereum transactions will be ranked by strikers.

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SEC Is Investigating Coinbase’s Products By U.S Regulators

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Publicly swap crypto trade Coinbase Global (COIN) is under investigation by U.S. securities controllers over its token listing procedures as well as its staking agendas and yield-generating products, the party announced in its most recent quarterly report. Coinbase chose to reduce its workforce by 18% due to a major reduction in the digital assets segment.

The Us Securities and Exchange Commission (SEC) is investigating the holding and yield products of crypto exchange Coinbase. Earlier, it was also reported that the SEC had taken action on the exchange regarding the listing of some assets. The SEC believes that these are not securities and have been mislisted.

Coinbase told that he SEC has requested the company for records and details of some products. These include the process of listing assets, classification of some listed products, and yielding products.” These methods have become quite popular in the last few years. However, the scrutiny of regulators has also increased. The company notified investors it has received “investigative summonses” from the Securities and Exchange Commission.

RELATED: Why Crypto Is Down? Secret Leaked

Newly, Coinbase decided to downsize its workforce by 18% because of a significant decline in the digital assets segment. The firm, which is headquartered in the US, said that in this difficult period of the industry, it has taken this step to reduce costs. The decision is expected to lay off more than 1,000 employees of the exchange. Brian Armstrong, chief executive officer of the exchange, said in a blog post, “The difficult decision has been made to reduce the size of our team by about 18 percent. Taking responsibility for hiring for the exchange, he said a lot of people were recruited in the last few months and this is now affecting the firm’s efficiency.

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Coinbase CEO Brian Armstrong (CoinDesk archives)

The exchange’s focus is on Web3 integration. A new feature was introduced a few months ago to access Ethereum-based dApps on Coinbase’s app. This will allow users to access non-fungible token (NFT) marketplaces and decentralized exchanges (DCS) through this app.

Decentralized apps (dApp) run on a blockchain network. To use these apps, users have to pay the app developer in cryptocurrency instead of downloading them. No one authority has control over these apps. The rage of these applications is growing among the Web3 community.

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The revelation highlights the heat Coinbase fronts as a vocal (and closely regulated) U.S. cryptocurrency industry. It is under stress on multiple acts, including its view that certain passes are not securities and therefore excused from the SEC’s purview. The SEC has carried a distinct stance in its proceeding case against an ex-Coinbase worker blamed of insider trading.

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