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Uphold App Now Lets Users Easily Trade Directly Between Over 60 Cryptos, Fiat Currencies and Metals

29/01/2020 by Idelto Editor

Uphold App Now Lets Users Trade Directly Between Over 60 Cryptos, Fiat Currencies and Metals

The new Uphold mobile app features an ‘Anything to Anything’ interface, which lets users easily trade directly between more than 60 assets. This means that Uphold users in the UK for example, can now directly buy bitcoin cash (BCH) with their local GBP fiat without having to use an intermediary currency such as USD or BTC. The company also added bank connectivity for users in seven more countries, bringing the total to nearly 40 countries.

Also Read: Uphold Users Gain Access to Salt’s Crypto-Backed Loans

Anything to Anything Trading

Digital money platform Uphold has announced the introduction of a new interface and pricing model with its new iOS and Android mobile apps. The new ‘Anything to Anything’ interface enables users to fund their accounts, make transfers, and trade directly between more than 60 cryptocurrencies, fiat currencies, and metals, using just one screen.

The new app also features a ‘commission-free’ pricing model, which means that instead of paying trading fees Uphold users just get an all-inclusive, guaranteed price that includes a spread. The company claims this spread typically ranges between 50 to 100bps (0.5 to 1.0%) on cryptocurrencies, but can sometimes go as low as 40bps (0.4%) depending on individual trading behavior and volumes. This new pricing model is said to be driven by a new trading engine hooked up to triple the number of exchanges it was before, enabling Uphold to secure digital assets at better prices.

“Last year, we surveyed our lapsed customers who told us that while they loved Uphold’s Anything-to-Anything transaction capability, the platform was hard to use and felt expensive,” the team explained. ”We’ve acted on the feedback and are now introducing major changes that make Uphold one of the easiest and most cost-effective places to trade cryptocurrencies and other assets.”

As part of the new app launch, the company also added bank connectivity for users in seven more countries: UK, Canada, Poland, Czech Republic, Romania, Hungary, and Croatia. This brings the total number of markets where bank connectivity to Uphold users is available to nearly 40 countries. Users can fund their Uphold accounts with credit or debit cards, bank transfers and a number of cryptos including BCH, BTC, LTC, ETH, BAT, DASH, XRP as well as a few stablecoins. All deposits are now free but some types of withdrawals still cost a fee.

Global Digital Money Platform

Uphold is a digital money platform offering investments and payment services based on blockchain technology. With more than 1.7 million users globally, Uphold has powered $5.7 billion in transactions as of January 2020. The San Francisco based firm provides both retail customers and businesses worldwide with access to fiat and digital currencies, as well as precious metals. The company has offices in New York, Portugal, and London.

Uphold is also a major member of the Universal Protocol Alliance, a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. In December 2019, Bitcoin.com Exchange listed the Alliance’s Universal Protocol Token (UPT), a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading.

Uphold also recently announced a partnership with Salt Lending to provide its users with cash or stablecoin loans using cryptocurrencies as collateral. With this development, its users can secure loans through Salt against their holdings in BCH, BTC, ETH, DASH, and XRP.

What do you think about Uphold letting its users trade between over 60 assets directly without using the USD as an intermediary? Share your thoughts in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Images courtesy of Shutterstock.

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EU Countries Commence Crypto Regulations as Mandated by New Directive

11/01/2020 by Idelto Editor

EU Countries Start Regulating Cryptocurrency as Mandated by New Directive

The European Union’s 5th Anti-Money Laundering Directive mandates that member states start regulating crypto assets by Jan. 10. Crypto exchanges and custodial wallet providers are now covered by the same regulatory requirements as banks and other financial institutions.

Also read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws

EU’s Regulatory Deadline: Jan. 10

The 5th Anti-Money Laundering Directive (AMLD5), which amends the 4th Anti-Money Laundering Directive, extends the EU’s anti-money laundering and counter-terrorism financial rules to virtual currencies. The amendment was published in the Official Journal of the European Union on June 19, 2018, and mandates member states to transpose this directive by Jan. 10, 2020. The EU currently has 28 member countries.

The European Commission explained that “In the EU, credit institutions and other financial institutions are subject to obligations to apply CDD [customer due diligence] measures in accordance with Directive (EU) 2015/849 (AMLD4),” elaborating:

Directive (EU) 2018/843 (AMLD5), once transposed into member state legislation, will extend the list of obliged entities to virtual currency exchanges and custodian wallet providers.

As “obliged entities,” crypto service providers are now covered by the same regulatory requirements as banks and other financial institutions, including registering with financial authorities. “The rules will now apply to entities which provide services that are in charge of holding, storing and transferring virtual currencies,” the European Commission clarified. “These new actors will have to identify their customers and report any suspicious activity to the Financial Intelligence Units.”

The amendment also proposes that member states create central databases comprised of crypto users’ identities and wallet addresses and authorize national FIUs to access the information stored in them. “To combat the risks related to the anonymity, national Financial Intelligence Units (FIUs) should be able to obtain information allowing them to associate virtual currency addresses to the identity of the owner of virtual currency,” the directive states.

EU Member States Complying

A number of EU member states have been preparing for this deadline for some time, transposing the AMLD5 into national laws. Some countries wait until the last minute to make announcements. As Brexit talks continue, the U.K. Financial Conduct Authority (FCA) announced Friday that it has become the AML and CFT supervisor of the country’s crypto-asset activities, stating:

From 10 January 2020, we are the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses.

The FCA detailed that crypto exchanges, ATMs, peer-to-peer platforms, custodian wallet providers and token issuers, including initial coin offerings (ICOs) and initial exchange offerings (IEOs), must comply with its rules starting from Jan. 10.

The Austrian Financial Market Authority (FMA) announced Thursday that it is now the regulator of virtual currencies in Austria. Effective Jan. 10, companies that issue, sell, transfer, trade, and exchange cryptocurrencies must register with the FMA. They include in-kind crypto service and custodian wallet providers. Registrants will comply with the due diligence and reporting obligations for the prevention of money laundering and terrorist financing. Noting that it began accepting registration applications from Oct. 1, 2019, the regulator elaborated:

Unregistered providers may no longer offer their service in Austria from this date onwards … A fine of up to €200,000 is prescribed in the event that a provider fails to make the registration.

France is ahead of many other countries, as it adopted a regulatory framework for crypto assets in April last year. The French financial markets regulator, the Autorité des Marchés Financiers (AMF), published its new rules for digital asset service providers on Dec. 20. The AMF also recently approved the country’s first initial coin offering.

Finland started regulating the country’s crypto industry in May, and the Financial Supervisory Authority (Fin-FSA) approved the country’s first five crypto service providers, including Localbitcoins, in November.

In the Netherlands, the Dutch central bank, De Nederlandsche Bank, has been preparing to regulate crypto businesses, requesting their information in September last year. “Firms offering services for the exchange between cryptos and regular money, and crypto wallet providers must register with De Nederlandsche Bank,” the bank noted. However, the regulator said on Jan. 10 that the legislation has not entered into force.

Germany is another country that has been active in transposing the AMLD5 into its laws, which allow financial institutions to sell and store cryptocurrencies for customers alongside traditional investments such as stocks and bonds. Authorization from the Federal Financial Supervisory Authority (BaFin) is required.

Strict Regulations Crowding Out Crypto Companies

As EU member states start transposing the new EU directive into their national laws, a number of crypto service providers have been feeling the effect of increased oversight. Some have chosen to relocate their businesses. Some EU member countries are adopting even tougher crypto rules than the new AML directive requires, such as Lithuania.

Crypto derivatives trading platform Deribit, for example, announced on Thursday that from Feb. 10 its platform will no longer be operated by Dutch company Deribit B.V. due to increased oversight. Instead, it will be operated by DRB Panama Inc., a 100% subsidiary of the Dutch entity. The company explained that complying with the new regulations would be costly and it will also have to “demand an extensive amount of information from our current and future customers.” Noting that “crypto markets should be freely available to most,” the company concluded:

The implementation of these changes would greatly affect the exchange and its customers. Therefore, we have decided to operate the platform from Panama.

Several other crypto service providers have already shut down in anticipation of the AMLD5 implementation in their countries. U.K.-based custodial bitcoin wallet provider Bottle Pay shut down on Dec. 31. The company explained that it would have to comply with the AMLD5 to remain in operation, emphasizing that “The amount and type of extra personal information we would be required to collect from our users would alter the current user experience so radically, and so negatively, that we are not willing to force this onto our community.” Crypto mining pool Simplecoin and bitcoin gaming platform Chopcoin also shut down ahead of the AMLD5 coming into effect.

What do you think of the EU directive requiring all member states to regulate crypto assets? Let us know in the comments section below.

Images courtesy of Shutterstock, the FCA, and the AMF.

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Etoro CEO Yoni Assia on Reaching 12 Million Users and Why Cryptos Are a Gateway to Stocks

01/01/2020 by Idelto Editor

Etoro CEO Yoni Assia on Reaching 12M Users and Why Cryptos Are a Gateway to Stocks

Yoni Assia is the CEO and founder of multi-asset trading platform Etoro. The brokerage firm, which enjoys a high profile within the cryptosphere, enables digital assets such as BTC and BCH to be traded alongside stocks, ETFs, and commodities. Juxtaposed between the traditional and crypto investment realms, Etoro has a unique insight into the health of the industry. In an interview with news.Bitcoin.com, Yoni Assia shared his thoughts on what traders can expect in 2020.

Also read: Bitcoin’s Next Decade Will Be Shaped by Derivatives

2019 Was a Year of Diversification for Etoro

“We launched commission-free stocks trading this year and we’ve seen a flurry of new and existing trading platforms following suit and axing commission,” begins Yoni Assia. “This is important to attract new investors; people who are often put off from investing because of the cost. It’s also a boon to existing Etoro customers trading cryptocurrencies on the platform. One in 10 of people who came to us to trade crypto in 2017 and 2018 subsequently went on to diversify into stocks trading. This all helps normalize the view of crypto assets.” He continues:

On the crypto side, for those who are more experienced traders, we launched eToroX, our regulated crypto exchange earlier this year, providing them with a secure platform to trade crypto and tokenized assets on the blockchain.

Acquisitions were a major trend for crypto exchanges this year, with Circle offloading Poloniex, before itself being acquired by Kraken. Binance took up a stake in derivatives exchange FTX, meanwhile, and Coinbase divested itself of Earn.com. Etoro was not exempted from this M&A flurry either, acquiring Firmo in March. The Danish business provides a platform that enables exchanges to execute smart financial contracts across various assets, including crypto derivatives, and across all major blockchains.

Then, explains Yoni Assia, “In November we acquired Delta, the crypto portfolio tracker app, which will help investors make better decisions around their crypto assets by providing tools such as portfolio tracking and pricing data.”

12 Million Users and Counting

In 2019, Etoro surpassed 12 million registered users in over 100 territories, including the U.S., which the social trading platform entered this year on a mandate to “make trading, investing and managing money easy for everyone,” according to Assia. Here, it finds itself going up against rivals such as millennial investor favorite Robinhood.

When asked about the greatest challenges Etoro encountered this year, Assia cites issues that will be familiar to all exchange operators: “the volatility of prices, and recently, questions around the security of assets on exchanges.” However, he claims that “a lot of people who joined us in 2017 at the peak of crypto’s popularity have stayed and this year have diversified into other areas such as stocks,” noting that “Crypto assets are often a gateway to investing for many people on the Etoro platform. We always say invest in the brands you love, so IPOs such as Uber have helped attract more investors.”

Multi-asset exchanges such as Etoro, which offer cryptocurrencies alongside stocks and commodities, are also duty bound to educate, given that many of their users have no previous experience of such instruments. “Not only are we providing them with a place to trade, we also ensure they have access to information to help them make informed decisions about their trading behavior,” acknowledges Assia.

Etoro CEO Yoni Assia on Reaching 12 Million Users and Why Cryptos Are a Gateway to Stocks — Yoni Assia

“We provide regular analysis of price performance, changes and events in the sector, while reassuring them about the safety of Etoro as a regulated platform. Etoro is profitable and we use that profit to develop more services for our customers, broadening the offering to create a platform that people can use to manage and invest their money to suit their needs, with a wide range of assets to choose from, beyond cryptocurrencies.”

Crypto Taxation and Resolutions for 2020

This year, it was reported that tax agencies such as the IRS and HMRC have been contacting cryptocurrency exchanges to bulk request information on customer activity. When asked whether Etoro had fielded any such approaches, its CEO had this to say:

We have been required by tax agencies in the jurisdictions where we operate to provide information on our customers and as a responsible, regulated business, we have done this. We firmly believe that tax harmonization of crypto assets is a precursor to regulation, which is much needed to bring security to consumers and confidence to regulators. 2020 will be a coming of age for crypto assets.

It will also be a coming of age for Etoro if Yoni Assia’s predictions come to pass. According to the company’s founder and CEO, “Etoro is on track to launch a debit card, more details of which will follow in 2020.” He also asserts that “We believe the future of financial services lies in the tokenization of investable assets,” and tips Etoro to focus its energies here in the coming year.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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Wirex CEO Pavel Matveev Shares Expansion Plans for 2020

24/12/2019 by Idelto Editor

International payment and crypto service Wirex has enjoyed a productive year. Over the course of 2019, partnerships have been formed, a native token (WXT) released and the Wirex website and card completely redesigned. With the firm’s reach rapidly growing, CEO and co-founder Pavel Matveev has no plans to rest on his laurels. On the contrary, he’s convinced 2020 will be the company’s best year yet. In an interview with news.Bitcoin.com, the Wirex CEO shed light on user metrics and divulged the company’s expansion plans.

Also read: Bybit CEO Ben Zhou on Crypto Derivatives and Market Predictions for 2020

Simplifying Crypto Transactions

U.K.-based fintech company Wirex, which integrates crypto into a single payment platform, has come a long way since its foundation in 2014. As well as multi-currency accounts and transfer/exchange services accessible via its app, Wirex was the first to launch a contactless Visa debit card, allowing users to convert and spend their crypto wherever Visa is accepted. Just five years since its inception, Wirex boasts over three million customers in 130 countries, and has processed over $2 billion of transactions. At its core, the hybrid fiat and crypto-powered banking alternative seeks to eliminate traditional barriers and drive down currency exchange costs.

“2019 was a monumental year for us,” says Pavel Matveev. “Linking up with Stellar, one of the most innovative blockchain projects in the industry, was something of a game-changer. As well as letting our users access lumens (XLM), we will become the first regulated platform to release 26 fiat-pegged stablecoins on the Stellar blockchain, enabling us to service the unbanked. Previously the number of cryptocurrencies we offered stood at eight.

“These are stablecoins that can be spent using the Wirex card, whether you’re in a shop, restaurant or supermarket. By building stablecoins in multiple local currencies, we will eliminate the pain points associated with international remittance and cut out local liquidity providers.”

Matveev doesn’t expect regulators to get in the way of realizing this vision: “We have already received lots of enquiries from regulators trying to educate themselves about emerging technologies and their potential use in the payment space. They appreciate the transformative potential of stablecoins.”

Wirex CEO Pavel Matveev Shares Expansion Plans for 2020 — Wirex completed a successful IEO in the summer.

An IEO That Didn’t Tank

Perhaps the biggest milestone for Wirex in 2019 was the release of its WXT utility token, issued, in keeping with the times, via an initial exchange offering. WXT was sold through Okex’s Jumpstart programme, and unlike most IEOs, WXT has actually earned its holders a return on their investment (2.75x in BTC terms). WXT holders are entitled to lower Wirex fees, higher reward earnings (up from 0.5% to 1.5%) and a premium Wirex Visa card.

“Releasing the Wirex Token was a natural evolution for us, it was about giving our users convenience while incentivizing them to grow the digital economy,” explains Matveev. “This was also the case when we introduced interbank and OTC rates for fiat and crypto exchanges, and when we unveiled our multi-currency Wirex Visa travel card at the Singapore Fintech Festival.

“Speaking of which, hundreds of new customers have registered every day in the APAC region, which has been extremely heartening. Especially after the work that has gone into opening Wirex up to new territories.

“Offering a consistent product across such a vast region comprising culturally, economically and politically diverse nations requires lots of preparation and planning. Financial regulations – particularly those governing decentralized digital currency – differ from government to government, or are extremely vague. We owe a lot to the diligent work of our compliance and legal departments.”

User Metrics and Future Plans

Regulatory box-ticking is as likely to define 2020, as Wirex seeks to broaden its reach by entering Canada, the U.S. and Japan. While the Wirex wallet is currently available in the former, the card has yet to be rolled out there. As for Japan, Wirex already holds a type 2 licence for crypto, and expects to soon obtain a full type 1 licence from the FSA.

At present, 25% of all Wirex transactions are recorded in the UK, its CEO reveals, followed by Italy with 13%, Spain and Germany with almost 10%, and France with 7%. Unsurprisingly, BTC is the most traded currency, representing close to 70% of all crypto exchanges – and nearly 50% of all (fiat and crypto) currency transactions.

Despite many governments sounding optimistic notes regarding adoption of blockchain tech, for the most part 2019 was a quiet year for the crypto market. Not that Wirex noticed. “Believe it or not, the highest exchange in Wirex history was recorded this year, with one transaction close to $40K equivalent,” says Matveev. “Our engagement with the B2B market, as well as its continuous effort to source the best exchange and OTC liquidity, means it’s unlikely the record will stand for very long.”

With the release of 26 stablecoins, a Japanese venture and an ever-evolving business product to refine, plus increasing competition from within and outside the cryptosphere, Wirex will have their hands full in 2020.

Images courtesy of Shutterstock.

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A Better Alternative to Banking – Club Swan

18/12/2019 by Idelto Editor

The crypto community has had a rough relationship with traditional financial institutions with limited solutions available. Around the world, both early and recent crypto users have had bank accounts closed, transactions rejected, unnecessary delays in receiving their funds, or worse. To add to this dilemma, the availability of trustworthy and regulated solutions where both your crypto and fiat are safe and spendable has been non-existent… Until Now. A better alternative to banking is now available around the world- it is tested, proven, and it delivers.

Get enrolled here: https://clubswan.com/?rc=JVGOEJ23

Club Swan, an innovative membership program, is delivering the most reliable and secure solution, bridging the Fiat and Crypto worlds, that we have ever seen. With almost $1 Billion ($1,000,000,000.00) in crypto to fiat liquidations and counting, ClubSwan has made crypto a viable transaction medium once again as it provides seamless on and off ramps between the fiat and crypto worlds. This global membership solution is a robust crypto utility providing value to all aspects of its members’ everyday needs. While BCH and other digital currencies are evolving, ClubSwan bridges the liquidity of crypto to the fiat world. With unique lifestyle services, a fully-secure financial services platform and the ability to seamlessly convert Crypto to Fiat, Club Swan is sure to make some waves in the industry.

Club Swan offers several membership tiers based on the individual member’s needs, with each tier focused on elevating every aspect of life.
– Members receive a globally accepted debit card… atms, in-store, and online acceptance. Delivered via DHL within days of membership enrollment
– Easily load, manage or transfer multiple currencies instantly or near instant
– Take advantage of discounted travel through the 24/7 Concierge team- up to 40% off major travel site prices.
– Start transacting almost immediately after membership activation is completed.

It takes only 5 minutes to enroll and complete the KYC process. Once completed, you instantly receive 3 multi-currency wallet fiat accounts (GBP, EUR, USD) and the ability to have up to 8 crypto wallets with private keys (BCH, BTC, ETH, LTC, and more). You can send funds globally via wire transfer or from the crypto wallets you control on this platform. Join with thousands of others and experience the next phase of the crypto evolution. This solution is robust and works globally.

Also, ClubSwan is now offering a 40% commission for all referrals. Now is the time to experience a truly better alternative to banking and elevate your life. Here is a link to ClubSwan.com that you can easily access to explore and enroll in this much-needed global solution.

Enroll now! https://clubswan.com/?rc=JVGOEJ23

About:
Club Swan is a technology-based organization providing lifestyle memberships with a flexible and secure financial services platform. Club Swan has partnered with Nvayo, a UK-based and regulated financial services institution, authorised to hold fiat currency balances, make payments and issue payment cards. Nvayo nor Coinx provide any crypto services. Club Swan offers additional services and support through its customer support and technology platform incorporating digital asset/currency transactions and liquidations.

Contact Email Address
[email protected]

Supporting Link
https://clubswan.com/?rc=JVGOEJ23

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