News

Russian IT Giant Mail.Ru Enables Bitcoin and Bitcoin Cash Payments

09/03/2018 by Idelto Editor

One of the biggest Russian IT holdings, Mail.Ru Group, is allowing advertisers and the owners of advertising sites to pay and be paid with cryptocurrencies on the advertisement platform myTarget.

Mail.Ru Group is the worldwide technology company which unites three big social networks Vkontakte, Odnoklassniki and My World; ICQ messenger; mobile ads service Youla; popular online games Warface, Allods Online, Armored Warfare and Skyforge; food delivery platform Delivery Club; and ridesharing service Beepcar.

The myTarget platform helps advertising parties purchase and place ads on Mail.Ru properties. It also allows owners of sites to earn money by having ads displayed on their pages.

Using BitPay, bitcoin and bitcoin cash can be used to pay on Mail.Ru as well as on social networks Odnoklassniki and Vkontakte. Odnoklassniki is one of the oldest social networks in Eastern Europe with more than 45 million users. It is especially popular among 30 to 55 year olds. Vkontakte, “The Russian Facebook,” is the most popular social network in Europe with more than 80 million active users and about 460 million registered users. It’s translated into 90 languages but is most popular among Russian-speaking users.

Dmitry Sergeev, the first deputy chief director of Mail.Ru Group said in a statement: “We tend to give our clients maximum opportunities for their business development. The myTarget platform will become a starting point for the ecosystem, which will develop in the future and include other products of Mail.Ru Group, including gaming projects.”

This article originally appeared on Bitcoin Magazine.

Wirex Launching Bitcoin Debit Cards in Europe

09/03/2018 by Idelto Editor

New crypto debit cards, with multiple currency accounts in GBP, EUR, USD, and BTC are offered by Wirex in Europe. The first plastic Visa cards were issued on Thursday, according to media reports. The new cards were made available for UK users on March 8. The service should be offered to customers in other EU countries by the end of the month.

Also read: Bitpay Launches Bitcoin Cash Debit Card Top Ups

Crypto Cards Back in Europe

Cryptocurrency bank Wirex is launching new debit crypto cards for its customers in the European Union. The new generation supports multiple currency accounts and comes with contactless payment functionality, according to a company press release, quoted by crypto media. The first new plastic Visa cards were already issued Thursday, the announcement states.

The redesigned Wirex accounts and the new cards are available in the UK since March 8, the reports say. Users in France, Germany and Italy will be able to order the cards on March 20. The launch date for other EU countries is said to be March 27.

Earlier this week, Wirex Community Manager Raphael Shalaby confirmed successful beta tests, both internal and external, with a number of payment processors. Items have been purchased from merchants like Amazon, using the new Wirex card. “Rollout will start within 14 days on a country by country basis”, Shalaby said in the company’s forum. He added that virtual cards were “days away” and the plastic cards are being manufactured. Their release would take another 5-6 weeks, he said.

Three types of payment cards will be offered by Wirex – a virtual card, a physical one, allowing contactless payments (initially in GBP, later in EUR), and a pre-paid debit card similar to the original Wirex card (available for other currencies). Responding to questions about the pending launch, Raphael Shalaby said he did not have an exact timeframe, but added:

It’s a priority. I can only say it will happen ASAP!

The company’s website reads that users can access their virtual cards immediately after registration, and claiming one is free of charge. Ordering a plastic card currently requires joining a waiting list. According to Wirex Community Manager, people on that list will be prioritized. An order for a plastic card submitted in the UK returned a number close to 57,000.

Wirex cards can be used for cryptocurrency payments, as well as instant exchange between digital coins and fiat money. The company claims it is currently the only provider offering Europeans the opportunity to pay for goods and services by converting cryptocurrency.

“Shopping, purchasing goods on the Internet, and withdrawing funds at an ATM have becoming much easier”, said cofounder and CEO Pavel Matveev, quoted by Russia media. He confirmed the integration of cryptocurrency wallet accounts with contactless Visa debit cards.

Several crypto card issuers ceased operations earlier this year, after Visa Europe put an end to its cooperation with Gibraltar-based payment provider Wavecrest. Visa representatives explained the move with “continued non-compliance with operating rules” and said crypto-fiat card programs in other jurisdictions would not be affected by the termination of Wavecrest’s membership.

Services to Be Offered in Japan, Southeast Asia

The new Wirex cards allow for free and instant bitcoin transfers between account holders, with multisignature bitcoin addresses for improved security. The company says encryption is better now, and merchants will enjoy more freedom of action with reduced risk of fraud. UK residents will be able to use individual e-money accounts with unique numbers for third party payments.

Both plastic and virtual cards can be ordered. They will support 3D secure “Verified by Visa” transactions. “As soon as virtual cards are available, we’ll be able to switch on the buy bitcoin exchange feature”, according to a previous update on the company’s website.

Wirex also says similar proposals are on the way for users in Japan and markets in Southeast Asia. The UK-based crypto bank will introduce its new cards in several stages to ensure stable and secure support. Wirex is among the most popular providers of crypto wallets linked to physical and virtual debit cards.

Do you think more crypto cards will be offered in Europe in the near future? Tell us in the comments section below.

Images courtesy of Shutterstock.

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The post Wirex Launching Bitcoin Debit Cards in Europe appeared first on Bitcoin News.

ICOs Brush Off Regulatory Concerns, Raising $1 Billion for the Third Month in a Row

09/03/2018 by Idelto Editor

Despite all the talk of increased regulation and looming lawsuits, ICOs seem immune. Many new tokens are struggling to trade above their ICO price on exchanges in the current bear market, but crowdsale allocations are still selling out. In February, ICOs raised $1 billion for the third month in a row. They’ll be sternly scrutinized in March, however, as the U.S. Congress prepares to discuss ICOs on March 14.

Also read: Ex-Trump Chief Strategist Bannon: Cryptocurrencies Make Central Banks Redundant

ICOs Are Making More Money Than Ever

Crowdsales are a lucrative business in 2018 – for the project teams at least, if not for their investors. In February, they raised $1.2 billion, down slightly from the $1.56 billion recorded the month before, placing them on a par with December’s total. It’s the third month in a row that the symbolic $1 billion threshold has been passed. As a result, ICOs in 2018 have already raised 50% of last year’s total. Tokendata’s latest report singles out three countries as having risen to prominence in the ICO space: the U.S., China, and Lithuania.

These countries have proven to be hotbeds of ICO activity. Of the billions raised this year, $788 million has come from projects based in the U.S., $265 million from China, and $249 million from Lithuania. (Switzerland, Europe’s crowdsale heartland, is fourth with $249 million). What’s notable about these figures is that investors based in the U.S. and China are largely excluded from participating in ICOs. As a consequence, the innovation is occurring within their borders, but the funds are coming from overseas.

ICOs Brush Off Regulatory Concerns, Raising $1 Billion for the Third Month in a Row — Crypto startups are thriving in Vilnius, Lithuania

The Crowdsales Keep Coming

For all the brouhaha surrounding ICOs right now, the majority aren’t as hilariously bad as Miroskii, led by its star designer “Ryan Gosling”. This week, European cryptocurrency broker Bitpanda announced it was getting in on the act with the launch of Pantos, a “multi-blockchain token system”. With its ICO scheduled to kick off in just 12 days, that doesn’t leave much time for investors to perform due diligence. Regardless of the merits of Bitpanda’s new project, there’s every chance it will reach its cap, just like February’s top performers, which eased past $1 billion with room to spare.

Tokendata’s figures for February would be markedly higher if two of this year’s biggest hitters had been included, Telegram and Dragon Coin. The former is on course to raise a staggering $2 billion, having already amassed $850 million over the past two months in its private sale. Its ICO remains active however, as does Dragon Coin, which has reportedly surpassed $320 million in its private sale already. The project, which has its sights set on high rollers in the lucrative Asian casino market, is gunning for $500 million. If achieved, it would make the crowdsale one of the largest projects to date after Telegram.

Congress Hearing to Shed a Light on ICO Regulation

At the start of February, a “landmark” Senate hearing saw cryptocurrencies examined in earnest for the first time before a government committee. ICOs were discussed by SEC chairman Jay Clayton, but they’ll have the spotlight all to themselves on March 14 when “Examining the Cryptocurrencies and ICO Markets” kicks off in front of the U.S. House of Representatives Financial Services Committee. The hearing has been described as “educational”, giving lawmakers a chance to learn before they charge in and start legislating.

Regulation talk has been rife for days, with the SEC cranking up its rhetoric and a federal judge decreeing cryptocurrencies to be commodities. Coupled with the release of a research paper predicting a flurry of ICO lawsuits, it’s left investors more than a little confused about what they’re buying – security; commodity; something new altogether – and what the implications will be in terms of taxation and regulation. While U.S. regulators seek to clarify the legal status of crowdsales, ICOs are pressing ahead in their quest to tokenize all the things.

Do you think the Congress subcommittee hearing next week will spell good news for ICOs, or is more regulation coming? Let us know in the comments section below.

Images courtesy of Shutterstock, and Twitter.

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The post ICOs Brush Off Regulatory Concerns, Raising $1 Billion for the Third Month in a Row appeared first on Bitcoin News.

Regulatory Loophole Helps Startups in India Accept Bitcoin Without Breaking the Law

09/03/2018 by Idelto Editor

Some businesses in India believe that they have found a loophole in the finance minister’s speech that sought to clamp down on the use of cryptocurrencies. While this loophole may allow startups to accept bitcoin without breaking the law, experts question its viability.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

The Loophole

Regulatory Loophole Helps Startups in India Accept Bitcoin Without Breaking the Law — Indian finance minister Arun Jaitley.

As the Indian government is working on the regulatory framework for cryptocurrencies, startups in the country are finding a way to accept bitcoin and other cryptocurrencies without breaking the law.

The country’s finance minister Arun Jaitley announced during his Budget speech last month that “the Indian government considers cryptocurrencies illegal and vowed to stamp out their use,” Tech Circle wrote and elaborated:

However, Jaitley did not specifically state that trading in cryptocurrencies was illegal, which is why it continues to be business as usual for Indian cryptocurrency exchanges such as Zebpay and Unocoin.

The news outlet interviewed the operator of a used car marketplace in Mumbai, Truebil, which is “capitalising on this apparent loophole.” The startup, founded in 2015 and operated by Paix Technology Pvt Ltd, has devised a way to accept cryptocurrencies as payment, specifically bitcoin. Each month, the company claims to sell 200 cars and add 1,000 new listings, Techcrunch reported.

Partnership with Unocoin

“Truebil will be accepting bitcoin payments at its brick-and-mortar stores using Unocoin’s POS application,” the publication clarified. The company itself does not display any prices in bitcoin and does not accept payment in the digital currency online. Its co-founder and marketing head Shubh Bansal told the publication that “this move is perfectly legal,” emphasizing:

We are not accepting the [crypto] payments directly…Unocoin as our partner will receive the ‘crypto-assets’ from the consumer and then change it into a fiat currency before depositing it in our bank account. This brings it under the legal purview of existing laws.

Unocoin is not charging the startup or its customers, Truebil noted. Vice president of sales and business alliances at Unocoin, Naveen CT, told the news outlet that “the partnership with Truebil will help increase the number of points where cryptocurrencies are accepted in India.”

There are other businesses in India looking to accept digital currencies without breaking the law. An industry expert explained, “Many companies are taking a route similar to that opted by game companies which allow users to buy virtual coins and spend them in the game,” the publication conveyed, adding that “This is quite legal and is in common use by Android game developers.”

Is This Arrangement Really Legal?

The news outlet asserted that legal experts have doubts about this arrangement. Prashant Phillips, a partner at law firm Lakshmikumaran & Sridharan told the publication that “Such transactions would most certainly be on the government’s radar.”

While acknowledging that there is no specific provision to penalize crypto transactions, “the government has clearly indicated that it considers the validity of such dealings to be on par with ponzi schemes,” he explained, adding:

If a formal notice is passed declaring such transactions as ponzi schemes, then such transactions may be punishable in terms of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

Do you think the Indian government will have a problem with this method of accepting cryptocurrencies? Let us know in the comments section below.

Images courtesy of Shutterstock and Unocoin.

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The post Regulatory Loophole Helps Startups in India Accept Bitcoin Without Breaking the Law appeared first on Bitcoin News.

Bithumb Launching Kiosks at Restaurants for Food Orders and Crypto Payments in Korea

09/03/2018 by Idelto Editor

Korean crypto exchange Bithumb is entering the retail kiosk business to accelerate crypto adoption in the country. These order-taking and payment facilitating kiosks will be placed in restaurants and cafes for customers to browse menus, place orders and pay for food. Cryptocurrency will be among the payment options.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Bithumb’s New Venture

One of South Korea’s largest cryptocurrency exchanges, Bithumb, announced on Wednesday that it is introducing the “Touch B” brand and entering into the kiosk business. Describing a kiosk as an unmanned order and payment system, Yonhap elaborated:

Bithumb has agreed to supply kiosks to food and beverage franchise stores, small restaurants, and cafes under the brand Touch B, in partnership with kiosk manufacturers.

“The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rents to small business owners,” Bithumb was quoted by Zdnet Korea. “We will continue to work in various industries based on the blockchain technology…to provide total solutions for small businesses through our partnership.”

The Kiosk Culture in Korea

Bithumb Launching Kiosks at Restaurants for Food Orders and Crypto Payments in Korea — Tros Systems’ kiosks for food ordering.

In South Korea, ordering food using kiosks is popular. Bithumb partnered with several kiosk manufacturers in February including Unos Pay, Tros Systems, and I’m U “to supply kiosks optimized for small businesses that operate food and beverage franchises, small restaurants, and cafes,” the publication detailed.

Furthermore, the exchange plans to charge a rental fee that is 10% below the industry rate for kiosks. “This will help SMEs [small and medium-sized enterprises] reduce costs, increase sales and provide efficient store operations,” the publication described, adding that:

The kiosk is a multimedia device that combines touch screen, graphics and communication functions. It is an unmanned information guidance system that provides efficient information to users…and simplified payment.

Bithumb also plans for the kiosks to take cryptocurrency as one of the payment options. The exchange believes that the kiosk business will create a synergy among all of its offerings.

What do you think of Bithumb’s kiosk business? Let us know in the comments section below.

Images courtesy of Shutterstock, Tros Systems, and Bithumb.

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