Category: FIAT

Posted on

Uganda’s first fiat-crypto exchange is launched by Binance

Categories Bank, Cryptocurrency Exchange, Binance, FIAT, Uganda

Uganda’s first fiat-crypto exchange is launched by Binance

Binance, the world’s largest cryptocurrency exchange has launched a fiat-to-crypto exchange in Uganda that has already gone live.

Founder and CEO of Binance, Changpeng Zhao announced his plans for the exchange back in June and as per the press release, the new branch was set to start accepting withdrawals and deposits of Ugandan Shillings (UGX) as of Wednesday 17th. In a statement from Binance Uganda, the company announced that KYC procedures has been already underway.

At the time of launch, traders have got an opportunity to exchange Uganda’s national fiat currency with ETH and BTC, but other trading pairs will be introduced in due course.

Despite the Bank of Uganda issuing a warning to crypto investors about associated risks of the activity in March 2017, the Ugandan government has shown considerable interest in utilizing the blockchain technology for a variety of purposes.

CFO of Binance, Wei Zhou said that Uganda’s first fiat-to-crypto exchange will help to maintain sustainable economic stability in the continent adding that the company has other plans to “bring more innovations to the region”.

This is just one of Binance’s plans to open a number of similar exchanges in locations such as Lichtenstein. In August, Binance LCX announced plans to launch a fiat-to-crypto platform in the country, offering trading pairs between Swiss francs (CHF) and Euros against popular digital currency pairs. Then in September, Binance announced that it intended to start private beta testing of a fiat-to-crypto exchange in Singapore which will support the Singapore Dollar.

Binance, based in Malta is the biggest international crypto exchange in the world and offers 24/7 adjusted trading volume with almost $1.8 billion being traded each day according to CoinMarketCap.

Interested in licence and ICOs Legislation in Malta? Contact us directly on +356 20103020 or by email at [email protected] to find out more.

Read More
Posted on

Visa announces a collaboration with big names for its tokenisation service

Categories Blockchain, Cryptocurrency, ICOs, Payments, FIAT, Visa

Visa announces a collaboration with big names for its tokenisation service

Visa Inc, one of the world’s largest payment providers has recently announced the expansion of its newly created Visa Token Service for its credential-on-file (COF) token requestors. The official announcement was made ob the 18th of October. This news marks a major milestone towards the further securing of consumer payments over a digital channel.

As a part of this new project announcement, acquirer gateway and tech partners such as Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Exidebit, eWay, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus, SafeCharge, SecureCo, Square, Stripe, WorldPay, and YellowPepper are already, or will soon be able to tokenise credential-on-file digital payments on behalf of merchant and payment clients.

Working with the EMVCo Payment Tokenisation Standard, the Visa Token Service offers customers additional security by removing the need to use personal account numbers and expiration dates and introducing a unique digital identifier (token) instead. This token can then be used for payment without the need to expose the cardholders personal or sensitive information. In addition to greatly improving security, any expired or leaked credentials can be easily introduced into the background by the financial institution in question.

Merchants can also enjoy extra protection from data breaches that can occur elsewhere in the ecosystem because the Visa card number can be replaced by a token that is unique to the gateway partner, or merchant.

Ansar Ansari, SVP of Digital Payment Products at Visa said:

“Today, we welcome 20 partners into the Visa Token Service who will help scale tokenization to their thousands of merchant clients and millions of customers around the world. This opens up a world of possibilities for our merchants and partners to further evolve and innovate in digital payments. Making digital transactions even more secure is one of Visa’s biggest priorities. Working with Visa, these partners will help secure cardholder data and make digital payments safer, resulting in friction-less digital commerce experiences for consumers.”

“Adyen is excited to be the first acquirer in the payments ecosystem with in-market solutions to support and offer Visa Token Service to our global merchants,” said Kamran Zaki, president, North America, Adyen. “In addition to improving security, Visa network tokens through Adyen will allow our merchants with cards on file to reduce involuntary churn and improve authorization rates without any additional work on their part.”

A spokesperson from Worldplay, Asif Ramji said;

“Worldpay is committed to protecting the integrity of every transaction and this solution integrates well with our own security and tokenization products. By forming strong relationships with companies like Visa to bring global scale to every merchant, we ensure their ability to deliver positive customer experiences. Importantly, Worldpay merchant partners who take advantage of our implementation of the Visa Token Service do not need to wait for individual certification and approval to begin protecting their customers’ data.”

If you have any questions in relation to ICOs, tokenomics and Malta’s legislation regarding ICOs and blockchain please contact us on [email protected]

 

Read More
Posted on

Centralised and decentralised exchanges – what is the difference?

Categories Blockchain, Cryptocurrency, Technology, Cryptocurrency Exchange, Tokens, Wallet, Market, Market Cap, Exchanges, DLT, FIAT

Centralised and decentralised exchanges – what is the difference?

In the world of cryptocurrency, there are two different and very distinct types of exchange, a centralised and a decentralised ones. But what is the difference between the two?

A cryptocurrency exchange is an online platform where digital currencies are traded or exchanged for other digital currencies or even fiat currencies. Both types of exchange are similar in the way that they both facilitate the buying and selling of cryptocurrencies but both suffer from different complications as well as enjoying different benefits.

What is a centralised exchange?

A centralised exchange is one of the most common types of crypto exchange and it allows the user to buy and sell cryptocurrencies with fiat currencies, as well as buying cryptocurrencies with other cryptocurrencies. The majority of these exchanges accepts payments via debit or credit card, as well as bank and wire transfer.

When we call it a centralised exchange, we mean that third parties assist with conducting the transactions that take place on it, whilst all daily operations are supervised by an organisation. They are similar in type to a traditional stock exchanges but deal with crypto and fiat rather than stocks.

Benefits of a centralised exchange include the simplicity of use as well as extreme accessibility. In case if something goes wrong on the exchange, the fact that it is operated by an organisation means that it takes all the responsibility. Another benefit is the high level of trading volume which means that these type of exchanges are not considered as volatile.

Disadvantages include the fact that they are susceptible to hackers because when crypto is bought on a centralised exchange, the users don’t actually own the coins and therefore are not in possession of the funds private keys. As in February of this year, there have been more than 30 crypto exchange hacks that have resulted in a loss of almost a million of Bitcoins.

What is a decentralised exchange?

A decentralised exchange doesn’t rely on a third party to hold the cryptocurrencies which makes it much quicker to conduct a transaction than on a centralised one. Those that opt for a decentralised exchange, trade their assets in a P2P manner automatically.

This type of exchange has seen a big increase in popularity over the last six months due to the fact that they are less susceptible to hackers. Another bonus is that these exchanges do not require any personal information to conduct a trade meaning data-hungry hackers are less likely to strike.

But of course, there are some limitations. For example, they tend to be more difficult and complicated to use than centralised exchanges, particularly for beginners. Decentralised exchanges also have a limited level of functionality when compared to their centralised counterparts, as well as a lower trading volume.

E&S Group is a leading corporate & law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

Read More
Posted on

The End for Fiat Currencies is Coming

Categories Blockchain, Cryptocurrency, ICOs, Bitcoin, Tokenomics, Tokens, Wallet, FIAT

The End for Fiat Currencies is Coming

Cryptocurrency has always been a hard concept to sell to the executives of the finance world with many key figures having drastically varying opinions on its validity. But it seems that something has changed, a small shift has taken place, and whilst they may not be ready to welcome it with open arms, they are at least acknowledging that the future is for crypto.

A new report by Greenwich Associates has indicated that as much as 70% of finance executives believe that cryptocurrency is not going anywhere, anytime soon. These positive change in attitude is welcome news at a time when the crypto industry is passing through a crucial time.

Wary of cryptocurrencies

As recently as a year ago, it seemed almost impossible that any financial executives were ever likely to consider Bitcoin in a positive light. Coins have been shunned by experts for a long time but this did nothing to stop the meteoric rise and widespread adoption of BTC and other coins. The report shows that even if executives aren’t convinced about digital money per se, they are interested in the technology that underpins it – an important step towards creating a viable and working ecosystem.

It seems that rather than outright dismissing cryptocurrency, executives in the finance sector are interested in exploring the new opportunities that it presents, with some even going as far as saying that crypto “is here to stay”.

Still a number of concerns

A total of 141 executives took part in the Greenwich Report and whilst the sample size may be small, the way of thinking behind it cannot be ignored. There are still a number of concerns around regulation of the sector, particularly in the US where the government is yet to take a stand on matters one way or the other, but this is expected to change in due course.

Other key findings of the report include several predicted areas of key growth including ETFs and making cryptocurrencies more accessible to banking institutions. Whilst neither of these things are in place at the moment, they are expected to be introduced within the next 12 months.

Bitcoin ETF

In particular, the possibility of a Bitcoin ETF will pay a huge part in the popularity of crypto both with members of the public and banks. So far the SEC has rejected all BTC ETF applications citing lack of regulation and market volatility as reasons behind its decision.

Another interesting development is the gradual increase in the offering of stablecoins. Financial execs have expressed a keen interest in this type of coins. The coins by Gemini and Paxos are a big step forward in this area, and such changes signal a greater industry shift and a sign of progress.

 

If you have any questions in relation to ICOs, please contact us on [email protected]

 

Read More