crypto exchange

Okex Halts Withdrawals Due to ‘Out of Touch’ Private Key Holder, Founder Star Xu Talks With Police

16/10/2020 by Idelto Editor

The digital currency exchange Okex disabled cryptocurrency withdrawals on Friday morning and explained that funds were “safe and not affected.” Following the withdrawal announcement, regional reports claim that Okex’s founder Mingxing “Star” Xu was taken away by the police.

On Friday morning (ET) a local report from the publication Caixin detailed that the founder of Okex, Mingxing “Star” Xu, was taken away by the police. Hours before the Caixin published the report, Okex’s official Twitter account announced pausing withdrawals on the exchange.

“Withdrawals of digital assets/cryptocurrencies Okex are currently suspended,” the trading platform wrote. “Other functions are up and running. Your funds and assets are safe and not affected. We sincerely apologize for any inconvenience. Further announcements will be made.”

The withdrawal announcement also provides a blog post link which explains the action in more detail. According to the post, a private key holder from the exchange is currently unavailable and working with law enforcement. The identity of the private key holder is not mentioned in the blog post.

“One of our private key holders is currently cooperating with a public security bureau in investigations where required,” the trading platform stressed. “We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.”

The Caixin report isn’t very clear and it explains that two unidentified sources told the media publication about the incident. Cryptocurrency markets took a hit after the withdrawal announcement and the following local reports concerning Xu. Regional reports also show that Star Xu talked with Shanghai police in 2018 as well in regard to an investigation.

Currently, Okex is the fifth largest digital currency exchange in terms of reserves held, according to Bituniverse’s exchange balance rank. The platform presently holds 198,000 BTC or $2.2 billion worth using today’s exchange rates.

What do you think about the issues at Okex? Let us know what you think in the comments below.

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Venture Capitalist Tim Draper Bets Big on Indian Crypto Exchange, Undeterred by Crypto Ban Reports

09/10/2020 by Idelto Editor

American entrepreneur and venture capitalist Tim Draper has invested in Indian cryptocurrency exchange Unocoin despite regulatory uncertainty and reports of a possible crypto ban in India. Unocoin has seen the number of new users grow 10-fold since the supreme court quashed the banking restriction by the central bank.

Investments Flow Into Crypto Sector in India

The cryptocurrency sector in India continues to attract global investors as the government continues to deliberate on how cryptocurrencies will be treated in the country.

The latest round of investments went into Unocoin, one of India’s oldest cryptocurrency exchanges. At its peak, the company says it processed more than 2 billion rupees ($27.3 million) per month in cryptocurrency transactions for more than 1.3 million customers.

The Bangalore-based company founded in 2013 announced Thursday that its $5 million Series A funding round is near completion. It is led by Draper Associates, the company founded by high-profile venture capitalist Tim Draper, who is known for his early investments in Skype, Tesla, Twitter, and Robinhood. This funding round also saw participation from Xbto Ventures and 2020 Ventures. Unocoin claims that this funding round will raise its valuation to $20 million.

“We’ve seen a dramatic increase of crypto adoption in India following the lifting of an industry-wide ban by the Reserve Bank of India enacted in 2018,” Unocoin CEO Sathvik Vishwanath commented. “Customer growth rates have surged by more than 10X in the month the supreme court verdict was announced, accompanied by a 5X increase in trading volume in subsequent months.” Since the supreme court lifted the banking restriction by the Reserve Bank of India (RBI) in March, a growing number of investors and companies began seeking ways to enter the Indian crypto market. Vishwanath elaborated:

The funding will help us scale our business further, and give us a strong financial foothold to expand our platform’s offerings. We will double down on our efforts to improve our product features and offerings, which will enhance the overall usability and functionality for our customers.

“We were delighted to hear the verdict by the Indian supreme court, and we had been tracking Unocoin, the leader in India for bitcoin for years,” Draper said. “We are so thrilled that the stars aligned and we could finally back Unocoin. Every Indian should have a bitcoin account with Unocoin. It is a great way to do business in a currency that doesn’t devalue over time.”

Besides Tim Draper, a number of venture capitalists have invested in cryptocurrency companies in India. For example, another Indian crypto exchange, Coindcx, has raised millions of dollars from investors such as Polychain Capital, Bain Capital Ventures, Bitmex operator HDR Group, and Coinbase Ventures. Crypto banking platform Cashaa recently raised $5 million from the Dubai-based investment advisory firm O1ex. Furthermore, Binance has set up a $50 million blockchain fund for India.

The Indian government is deliberating on a draft bill submitted by an inter-ministerial committee headed by former Finance Secretary Subhash Chandra Garg that proposes a ban on cryptocurrencies. There have been reports that various ministries are discussing a ban bill. However, the Indian parliament’s Monsoon session ended abruptly without a cryptocurrency bill being introduced, and the Indian crypto industry is confident that the government will not ban cryptocurrency. Meanwhile, reports suggest that India will significantly increase its crypto market share this year.

What do you think about Tim Draper investing in Unocoin? Let us know in the comments section below.

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Bitcoin.com Exchange Acquires BOA Exchange To Reach New Markets

05/10/2020 by Idelto Editor

Announced earlier this week, the two companies said the deal is expected to be finalized immediately, without disclosing the financial terms.

BOA Exchange is a crypto exchange that has accumulated a vast user base, offering free alt tokens in airdrops and staking coins. The deal further expands the reach of Bitcoin.com exchange into the underserved Eastern European and Southern Asia marketplaces. BOA Exchange came onto the scene in 2018 during the height of the ICO craze making a name for itself in the altcoin and airdrop marketplace, offering cheap listings and a plethora of free tokens to its members.

Danish Chaudhry, Head of Bitcoin.com Exchange stated: “We are pleased to have made this acquisition at this time, as it furthers our reach into the European and Asian markets as we witness a consolidation in the crypto exchange space.”

Sources close to the deal told the news source the deal will consist of a straight crypto transaction with an undisclosed amount of Bitcoin Cash (BCH). In terms of how the transition will pan out, users will soon be going to exchange.bitcoin.com to check their balances. However, users at BOA Exchange will have time to either withdraw their tokens from the old exchange and signup to exchange.bitcoin.com to easily transition to the new platform.

Bitcoin.com Exchange also said that the acquisition comes at a great inflection point in the industry, with new traders across the globe adopting crypto and speculating it due to current circumstances of further trust in the market. The exchange has said that it has seen a plethora of new signups, ranging from beginner to advanced traders over the past couple of months. This could also be due to the new margin trading capabilities available within the exchange.

About Bitcoin.com Exchange

The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence.

Media Contact Info

Bitcoin.com Exchange

Contact Name: Antonio Bileci

Contact Email: [email protected]

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Canadian Regulated Cryptocurrency Exchange Wealthsimple Begins Trading

23/09/2020 by Idelto Editor

Following the regulatory sandbox approval by Canadian regulators, Wealthsimple announced that it has launched “Canada’s first regulated crypto platform.” The new crypto exchange is regulated by the federal government as well as regulators in 13 provinces and territories in Canada.

Wealthsimple Crypto Regulated in All Provinces and Territories in Canada

Canadian investment management firm Wealthsimple announced Tuesday that its cryptocurrency exchange has launched. The company explained that Wealthsimple Crypto is “Canada’s first regulated crypto platform” that offers “No minimums or fees for deposits or withdrawals,” elaborating:

Wealthsimple has the first regulated crypto trading platform in Canada … You can now buy and sell bitcoin and ethereum with Wealthsimple Crypto.

The company’s cryptocurrency arm, Wealthsimple Digital Assets Inc. (WDA), received regulatory approval from the Canadian Securities Administrators (CSA) on Aug. 7 to launch a cryptocurrency trading platform. The firm applied for “exemptive relief” in all Canadian jurisdictions as permitted in “CSA Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets.” The CSA comprises securities regulators from each of the 10 provinces and three territories in Canada.

Cryptocurrencies traded on Wealthsimple’s platform are held by Gemini Trust Company, a New York-based regulated crypto custodian with $200 million in cold storage insurance coverage, the company described. After opening a dedicated Wealthsimple Crypto account, users can buy, sell, and hold their cryptocurrencies within the Wealthsimple Trade app which can also be used to buy and sell stocks, bonds, and exchange-traded funds (ETFs). Deposits and withdrawals can only be made in Canadian dollars.

Wealthsimple’s general counsel Blair Wiley detailed:

There are 13 provinces and territories in Canada, and each one regulates us. Plus, we are regulated by the federal government.

In all Canadian jurisdictions other than Québec, WDA is registered as a restricted dealer, whereas it is registered as a derivatives dealer in Québec. With offices in Toronto, New York, and London, Wealthsimple claims to have over 175,000 users worldwide.

What do you think about Wealthsimple’s regulated crypto exchange? Let us know in the comments section below.

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How to Leverage Uniswap – Ethereum’s Noncustodial Defi Trading Platform

06/09/2020 by Idelto Editor

In 2020 decentralized exchanges (dex) have grown quite mature compared to just a few years ago. One specific dex gathering a lot of steam this year in the defi world is Uniswap, a trading platform that held $1.3 billion locked in value and dominated most defi applications by over 18% Friday evening. The following review is a detailed explainer of what Uniswap is and how to leverage the dex using an Ethereum wallet like Metamask.

**Price quotes, TVL, and defi dominance percentages from this Uniswap review were recorded on Friday evening, September 4, 2020.

Ethereum Dex Uniswap Shatters Records

Decentralized finance (defi) has been all the rage and one feature the economy has amplified is the use of decentralized exchanges. News.Bitcoin.com recently reported on the massive dex trade volumes that have been taking place recently, and this week has been no different.

On Friday evening, stats from Dune Analytics indicate that dex platforms have continued to surge in volume with seven-day growth at 178%. During the last week, dex platforms have surpassed $7.1 billion in global swaps and $968 million in the last 24 hours.

The dex protocol Uniswap is the most dominant trading platform. Uniswap eclipses most of the dex contenders with 71.9% of the aggregate dex trade volume globally. Over 91,000 traders were active on Uniswap on Friday evening. Defipulse.com stats show Uniswap also dominated by more than 18% of the defi economy with $1.3 billion total-value locked (TVL) at its height. In recent days, Uniswap’s trading volume outpaced the centralized exchange Coinbase Pro as well.

Uniswap’s creator Hayden Adams developed the dex after being inspired by an Ethereum Research post written by Vitalik Buterin. Essentially Uniswap is an Ethereum exchange built by leveraging smart contracts and liquidity pools, in contrast to a traditional centralized exchange’s order book. In the past, older crypto dex platforms had liquidity issues, but Uniswap’s liquidity pool model changed the game. The web portal Ethhub.io also offers a comprehensive “Graphical Guide for Understanding Uniswap,” which shows a visual representation of how the app works.

With a decent Ethereum wallet, users can simply connect to Uniswap’s application and trustlessly swap ERC20 tokens in an effortless manner. The application allows users to not only swap the coins, but they can also create any type of ERC20 pool or provide an existing pool with liquidity and earn funds. Uniswap allows anyone from anywhere to swap coins in a permissionless fashion without needing an ID or going through a cumbersome KYC process.

How to Use Uniswap With Metamask

Accessing Uniswap is easy and relatively simple to understand. If one already knows the very basics of leveraging ethereum (ETH) and wallets like Metamask, then Uniswap is fairly intuitive. Essentially the first thing to do is make sure you have an Ethereum wallet and one that can interact with ETH smart contracts. Metamask works well for most defi applications with its Chrome browser extension, but it also launched a new mobile wallet this week.

Uniswap’s two features allow people to either add liquidity to a pool or trade ERC20s for ETH or other ERC20 tokens. So if you want to use the dex, it’s also a good idea to have some ETH-based tokens or just ether deposited into your Metamask wallet.

From here simply head over to Uniswap and connect your wallet to the Version 2 (V2) application. Metamask will ask you to accept the permissions in order to tether the wallet to the Uniswap application. Simply confirm with Metamask and you can now see your balance of ETH or tokens in the app’s user interface window. Throughout every action, Metamask makes sure the owner of the funds authorizes all the Uniswap transactions.

If you choose the “Swap” feature, the application asks you to choose from a list of tokens tethered to applications like Aave or Compound in the V2 software.

“Uniswap now supports token lists,” the software will tell you. “You can add your own custom list via IPFS, HTTPS, and ENS.” From here you can “choose a list” like the “Aave Token List” or others like “CMC Defi.” After choosing a list, you can then choose the type of token you want to trade and the token you want to leverage to buy it.

If you have ETH in your Metamask wallet simply choose the crypto asset in the “from” section and Uniswap will show the balance. Then you can choose which type of token you want to obtain, as the list of tokens is quite extensive. Uniswap supports any ETH-based token and perusing through the list you will notice popular assets like DAI, WBTC, BAT, USDT, USDC, LEND, MANA, MKR, TUSD, and many more. In the “to” selection, select the token you want and Uniswap will explain the exchange rate.

For instance, I had a balance of 0.120333 ETH and selected the stablecoin DAI for my trade. I press “max” (using my entire Metamask balance of ETH) and Uniswap will tell me the price of the trade. Selecting DAI for my 0.120333 ETH ($42 on 9/5/20) will get me 38.3549 DAI and that doesn’t include the network fee to swap.

At the time of writing ETH fees are between 450 to 550 gwei or $3.36 to $4.11 per transaction. Metamask will explain to you how much the gas fee will be when executing the Uniswap trade. Following the network confirmations, the coins purchased will be deposited into your Metamask wallet.

With the other feature called “Pool” you can add liquidity to certain pools in the Uniswap ecosystem and earn a percentage of trading fees for supplying funds to the pool. Simply press “add liquidity,” choose a token input and Uniswap will explain the prices pool shares.

For instance, if I add an ETH input and 26.86 MANA, Uniswap details the price of ETH per MANA and the pool share which is 0.01%. Of course, those who add massive amounts of liquidity get a much larger pool share of trading fees than those who only add small fractions of funds.

Just like most of the defi applications out there today, the very basics of Uniswap’s features are pretty easy to use. However, gas fees at $3-4 per transaction make the experience less pleasant and ETH fees were even higher just a few days ago.

Besides the obvious ETH fee issue, Uniswap allows for quick trades in a noncustodial fashion and removes the horrid KYC processes depressing the crypto industry today. This privacy is the most refreshing benefit of the experience. For some more perspective, the video below created by the Youtuber, “Every Bit Helps,” also gives individuals a visual step-by-step on how to leverage the Uniswap protocol.

**Price quotes from this Uniswap review were recorded on Friday, September 4, 2020.

What do you think about Uniswap? Have you ever tried the dex application? Let us know in the comments section below.

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