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Swiss Cryptocurrency Firm X8 Obtains Islamic Finance Certification

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Finance Certification

Switzerland-based financial technology firm X8 AG has obtained certification from Islamic scholars for its digital currency, with plans to expand its business in the Middle East, a senior executive said on Monday.

Several fintech firms are integrating their technology into the field of Sharia-compliant finance, with regulators and financial exchanges in the Middle East region keen to attract new business and encourage innovation in the sector.

This has prompted Islamic scholars to assess the religious validity of digital currencies, some wary of price volatility and the types of assets behind digital tokens.

The company hopes its Ethereum-based cryptocurrency, which is fully backed by a basket of eight fiat currencies and gold, can address such concerns, said X8 director and co-founder Francesca Greco.

“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” said Greco, adding the company would open a regional office in the Middle East later this month.

Regulators in the Gulf region have built a welcoming environment for fintech but they are also being cautious about cryptocurrencies, giving an opportunity for so-called “stablecoins” which are designed to reduce price volatility, Greco said.

The company also plans to launch a crypto-exchange that would include a Sharia-compliant component, and it has held discussions with local exchanges in Abu Dhabi, Dubai and Bahrain, Greco added.

The firm received certification for its cryptocurrency and related tokens from the Shariyah Review Bureau (SRB), an Islamic advisory firm licensed by Bahrain’s central bank.

Cryptocurrencies have drawn a variety of rulings from scholars over the past few years, with differing views on how they fit into religious principles that emphasize real economic activity and forbid outright monetary speculation.

The debate among Islamic scholars has been narrowing, however, as some have compared the trading of cryptocurrencies to the transfer of rights, which is deemed permissible in Islam.

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Bitcoin

Analyst Research: A Comparative Study Between PrimeXBT and BitMEX

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The current crypto winter of 2018-2019 has brought with it a number of dramatic changes to the cryptocurrency market. Some altcoins have fallen over 90% from their all-time high. Crypto firms have been forced to lay off employees and restructure. And gone are the days when investors would simply HODL their assets and reap enormous gains.

With profits far more difficult to come by using traditional strategies, many traders have turned to BitMEX due to the platform offering advanced trading features such as 100x leverage and the ability to short-sell assets and profit off of falling crypto prices.

Over time, BitMEX has earned itself a leadership position as a result and boasts some of the highest trading volume in the entire crypto space. However, a newcomer backed by decades of brokerage experience has entered the market, offering not only the same features that helped BitMEX ascend to the top, but a wealth of other benefits that BitMEX cannot claim to offer.

A comparative study was conducted in order to find out if PrimeXBT will take the throne from BitMEX and capture crypto market share by attracting traders seeking more out of their trading experience.

PrimeXBT Versus BitMEX: Important Features Compared

The research starts with a focus on the features the two exchanges offer that are similar, and are part of what helped make BitMEX a success during the current crypto bear market.

Short-Selling

Both BitMEX and PrimeXBT offer traders the ability to short-sell assets, allowing traders to profit during downtrends. The feature is what helped put BitMEX on the map and is already part of what attracted over 150,000 users to sign up to PrimeXBT before the platform’s launch, with more rapidly joining each week.

Low Fees

While the two platforms appear very similar at first glance, this is where the differences between the two become more apparent.

Compared to Bitfinex’s 0.1% to 0.2% fees on trades, BitMEX offers low 0.075% fees on Bitcoin trading, but charges a staggering 0.25% on other trading pairs. PrimeXBT easily trumps them both with a standard 0.05% fee across all trading pairs. To incentivize new users joining the platform, PrimeXBT offers a discounted fee of 0.025% during a trader’s first month using the platform. Users must register for a free PrimeXBT account before March 10, 2019 to take advantage of the 50% off promotion.

100x Leverage

Trading with leverage is an extremely attractive option that allows a trader to risk less capital but multiply potential gains by 100 times. Both PrimeXBT and BitMEX offer industry-best 100x leverage, however, BitMEX only offers this level of high leverage on Bitcoin-based trading pairs. PrimeXBT, on the other hand, offers 1:100 leverage across all available assets including Bitcoin, Ethereum, EOS, Ripple and Litecoin.

PrimeXBT Versus BitMEX: Which Platform Offers The Most to Traders?

The study also focused on any features unique to each platform. Research shows that PrimeXBT boasts a number of features that BitMEX simply does not. The one “feature” BitMEX users routinely report that isn’t found on PrimeXBT are “order submission errors.”

Technical Analysis Tools

PrimeXBT has all the required tools to perform advanced technical analysis across crypto assets. The robust toolset includes a number of important indicators that can help traders gain an edge in the market and become more profitable.

Aggregated Liquidity

Only PrimeXBT offers aggregated liquidity from 12 industry-leading suppliers. BitMEX doesn’t even come close.

Multiple Funding Methods, No Minimum Deposit

BitMEX only allows traders to fund their accounts using Bitcoin and all contracts are settled in Bitcoin. PrimeXBT, however, lets traders deposit USD, EUR, and other cryptocurrencies in addition to Bitcoin. On Prime XBT, there is no minimum deposit. BitMEX requires a 0.001 BTC minimum.

Customizable Experience

PrimeXBT invites traders to make the platform their own by customizing it with a variety of widgets. In addition, PrimeXBT supports multiple-screens for the most advanced traders who demand the best experience the crypto industry has to offer.

Unmatched Affiliate Program

PrimeXBT is hands down an industry leader with its affiliate program, which has helped the platform “go viral” and generate significant buzz surrounding the platform’s launch. PrimeXBT’s 4-level referral program offers ten times the payouts of any other platform in the industry, including BitMEX. The program also offers lifetime payouts and referrers will even earn revenue on 2nd, 3rd, and 4th tier referrals.

PrimeXBT Versus BitMEX: Conclusion

With features like 100x leverage and the ability to short-sell assets during a bear market, it’s no surprise that BitMEX has enjoyed a comfortable position as an industry leader. But with the emergence of PrimeXBT, many of BitMEX’s key features are being overshadowed by the newcomer.

Once the market full of traders at large catch wind of PrimeXBT’s features and its potential to drive profitable trades, it won’t be long until PrimeXBT challenges BitMEX for the throne.

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Stablecoins Like Gemini Dollar Strengthen the Case for Crypto E-Commerce

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Following Chimpion‘s January announcement that it would offer automatic stablecoin conversion for merchants, chairman Alex Arnaut spoke about the important role that stablecoins will play in the widespread adoption of crypto e-commerce. Arnaut showed particular enthusiasm for the new e-commerce project’s adoption of Gemini dollar (GUSD), the world’s first regulated stablecoin.

“Our team was very excited to add Gemini dollar to our starting lineup of stablecoins and to receive their support for the Chimpion project,” said Arnaut, who made a name for himself in the e-commerce industry as COO of Shopping Cart Elite before launching Chimpion. “As the first regulated stablecoin, Gemini plays a critical role in the crypto e-commerce space. It makes it so merchants can instantly convert crypto payments into a USD equivalent. Gemini dollar is a regulated, U.S. dollar-backed stablecoin, so holders don’t need to be concerned about the whereabouts of their funds.”

With the rapid rise of cryptocurrency in recent years, speculative behavior has caused considerable volatility in the overall market. This created a lot of buzz around cryptocurrency, but made it difficult for merchants to adopt it, as $1,000 worth of Bitcoin one day might be worth $600 the next. The need for a readily-convertible coin with relative stability sparked the emergence of stablecoins, cryptocurrencies backed with stable assets (typically the US dollar).

As a steady store of value, early stablecoins attracted significant popularity. However, the crypto community began to realize that the existence of the US dollars supposedly backing these stablecoins could not be verified, even if the issuer seemed trustworthy.

In 2018, GUSD was launched with regulation from the New York Department of Financial Services (NYDFS). As its website states, “Gemini dollar combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators.”

With automatic stablecoin conversion, Chimpion merchants can set their wallet to instantly convert payments they receive in cryptocurrency into GUSD or other chosen stablecoin. From there, they can easily convert the stablecoin into their own fiat currency and invest it back into their business. This allows merchants around the world to take advantage of the speed, cost savings, and accessibility of crypto e-commerce without the uncertainty of the crypto market.

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JP Morgan is Rolling out the First US Bank-backed Cryptocurrency to Transform Payments Business

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The lender moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business. In trials set to start in a few months, a tiny fraction of that will happen over something called “JPM Coin,” the digital token created by engineers at the New York-based bank to instantly settle payments between clients.

J.P. Morgan is preparing for a future in which parts of the essential underpinning of global capitalism, from cross-border payments to corporate debt issuance, move to the blockchain. That’s the database technology made famous by its first application, bitcoin. But in order for that future to happen, the bank needed a way to transfer money at the dizzying speed that those smart contracts closed, rather than relying on old technology like wire transfers.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” said Umar Farooq, head of J.P. Morgan’s blockchain projects. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

For some, J.P. Morgan’s new currency may come as an unexpected development for a technology that rose from the wreckage of the financial crisis and was supposed to disrupt the established banking world.

When the international payments are tested, it will be one of the first real-world applications for a cryptocurrency in banking. The industry has mostly shunned the asset class as too risky. Last year, J.P. Morgan and two other lenders banned the purchase of bitcoins by credit card customers. And Goldman Sachs reportedly shelved plans to create a bitcoin trading desk after exploring the idea.

Though holders of digital currencies may seize on the news that a major financial institution is issuing its own crypto as bullish for the asset class, retail investors will probably never get to own a JPM Coin. Unlike bitcoin, only big institutional clients of J.P. Morgan that have undergone regulatory checks, like corporations, banks and broker-dealers can use the tokens.

There are other key differences between the bank’s crypto and bitcoin, which J.P. Morgan CEO Jamie Dimon has bashed as a fraud that won’t end well for its investors. (To be clear, he and his managers have consistently said that blockchain, as well as digital currencies that were regulated, hold promise.)

Each JPM Coin is redeemable for a single U.S. dollar, so its value shouldn’t fluctuate, similar in concept to so-called stablecoins. Clients will be issued the coins after depositing dollars at the bank; after using the tokens for a payment or security purchase on the blockchain, the bank destroys the coins and gives clients back a commensurate number of dollars.

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Crypto Exchange Binance Says it’s Still Profitable Even in this Bear Market

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Binance Labs

Binance, the world’s largest cryptocurrency exchange by trading volume, is still profitable despite last year’s market meltdown, its chief financial officer said.

Last year saw the prices of major virtual currencies plunge dramatically. Bitcoin, the most valuable crypto, is down 80 percent from a near-$20,000 record high it set in December 2017.

“To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday.

The company doesn’t disclose its financials publicly, he said, and media outlets have been publishing estimates based on publicly available metrics.

One report, by industry publication The Block, estimates Binance made $446 million last year, based on an analysis of how much it spent to buy back units of its token, called BNB, using its net profits.

The start-up’s Chief Executive Changpeng Zhao told Bloomberg in July that Binance was targeting a net profit of between $500 million and $1 billion in 2018.

The company has only been around since July 2017, but has become a dominant force in the nascent sector. It raised $15 million in its initial coin offering — a funding alternative to venture capital where start-ups sell new crypto tokens instead of equity.

Fast forward to 2019, and Binance’s trading volume — though significantly lower than it was during late 2017’s mega-rally — is the envy of other major venues. It is the largest virtual currency exchange by volume, according to CoinMarketCap, hosting $715 million in trades in the last 24 hours.

The firm hired Wei Zhou to take charge of its finances in September 2018. The executive has previously served in CFO roles at Chinese jobs site Zhaopin and TV ad company Charm Communications, navigating both businesses through their respective initial public offerings.

Asked whether Binance could seek a stock market listing of its own, given his background, he said there were “no plans” in the short term.

Wei Zhou is also credited as having orchestrated Chinese tech group Beijing Kunlun Tech’s acquisition of the gay dating app Grindr last year.

On the subject of potential mergers and acquisitions, he said “we’re always on the lookout for high quality products.”

Last year, the company bought crypto wallet maker Trust Wallet for an undisclosed amount and invested $2.5 million in Australian start-up TravelbyBit, which lets users book flights with cryptocurrency.

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Quadriga Fuels Race Among Lawyers For Slice of Lost Millions

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Canada’s top law firms are set to converge this Valentine’s Day on a Halifax courtroom, competing for a piece of the C$260 million ($196 million) mystery behind the Quadriga CX cryptocurrency exchange.

The lawyers are contending for the right to represent some 115,000 Quadriga customers who are owed about C$190 million in Bitcoin and other digital assets plus another C$70 million in cash in court proceedings involving the shuttered Vancouver-based exchange. Quadriga was granted creditor protection last week in Nova Scotia Supreme Court, halting any lawsuits while the firm seeks to restructure with the help of Ernst & Young.

Bennett Jones LLP and McInnes Cooper were first to submit a request to represent users, with retail investor Tong Zou claiming he was “one of the largest affected individual users” and forwarding his name in an affidavit that included five other named account holders. Since then, one of those holders has withdrawn from the group, leaving 141 affected users with C$11.9 million of cash claims and C$1.11 million in cryptocurrency, according to a Feb. 11 court filing.

Others law firms have come forward, filing competing submissions ahead of Thursday’s hearing before Nova Scotia Supreme Court Justice Michael Wood, who may then appoint counsel to represent those account holders. For the law firms, such an opportunity would give them a slice of the administrative charges from the process to cover their professional fees.

Osler, Hoskin & Harcourt is working with Patterson Law and seeking to represent people such as Richard Kagerer, a software consultant from British Columbia who’s owed C$19,900 in crypto and U.S. dollar balances. He’s been down this road before: Kagerer’s company is one of the creditors for Japan’s Mt. Gox exchange, which entered insolvency proceedings in 2014. Kagerer also said in his Feb. 11 statement that he was “among a small number of customers” who filed claims in court when another Canadian cryptocurrency exchange shut down a few years ago.

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First U.S. Pension Funds Take the Plunge on Crypto Investing

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Trader

Morgan Creek Digital has scored what it says is probably the first investment in the crypto asset universe from a U.S. pension fund. Two pension plans in Fairfax County, Virginia are anchor investors in a new $40 million venture-capital fund, according to a statement from the company. Other investors include an insurance company, a university endowment and a private foundation, said Morgan Creek Digital founder Anthony Pompliano, who declined to provide further details.

Many institutional investors, which crypto enthusiasts believe will be drawn to digital assets because of their volatility and potential out-sized gains, have been deterred by market manipulation and a lack of regulation. The Virginia pension funds join a handful of institutions to invest in the crypto world, including Yale University, the second-largest endowment in higher education that invested in a digital assets fund last year.

Fairfax County Retirement Systems manages three separate defined benefit plans, two of which invested in the Morgan Creek Digital fund, said Pompliano. Katherine Molnar, chief investment officer of one of the funds, said in a statement that blockchain technology, which was first developed to record the movement of Bitcoin, is an “emerging opportunity” that offers an “attractive asymmetric return profile.’’

Pompliano said his new fund is structured like a traditional venture capital fund that will invest in the equity of companies in the blockchain and digital assets industry. The fund will also hold a small percentage of its value in liquid cryptocurrencies, such as Bitcoin, said Pompliano. Bitcoin lost about 75 percent of its value in 2018.

“There’s a belief in the institutional world that if the industry will be around for a long time, it will be very valuable,’’ Pompliano said in a phone interview. “The smart money is not distracted by price but looks at the long-term trends, and believes they’re betting on innovation as a great way to deliver risk-mitigated returns.’’

Morgan Creek Digital, which is an affiliate of the investment manager Morgan Creek Capital Management LLC, exceeded its original target of $25 million for the fund. Its pitch: all traditional assets will eventually be represented by digital tokens, while the influx of intellectual capital into digital assets will create positive returns. It also argues that cryptocurrencies are not correlated to traditional assets, giving investors unique exposures.

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Global Payment Processing Netpay Partners with BNC LedgerTech

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Global payment processing firm Netpay International has partnered with BNC LedgerTech to provide blockchain-based services to its customers. BNC LedgerTech is an Israeli blockchain firm behind the digital banking solution called ‘Ubanker’. Though the solution runs on blockchain technology, the company is using the existing remittance infrastructure in the banks such as SWIFT and SEPA to provide the proof-of-funds and security to maintain the standard KYC/AML requirements.

Founded in 2018, BNC LedgerTech has already partnered with four FinTech companies. The company was founded by Daniel Tsafir, who is also holding the position of CEO at the firm, along Alon Elbaz, a payment industry veteran.

Ubanker serves both B2B and B2C clients and complies with the EU central bank regulatory frameworks. The company also holds an EMI license to provide is financial services and has developed its own blockchain to assure scalability.

With its blockchain-based solution, the firm is targeting the lucrative remittance industry. Unlike banks which charge a percentage of the total transferred amount, BNC LedgerTech is only charging a fixed minimum fee.

Netpay, on the other hand, is one of the old players in the payment processing industry. According to its website, the firm has partnered with more than 100 banks worldwide to ensure secure transactions in any part of the world.

The partnership with BNC LedgerTech will allow the firm to slowly migrate to the distributed ledger technology.

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Ontario Securities Regulator Looking Into Digital Platform Quadriga

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Canada’s biggest securities regulator said on Friday that it was looking into Quadriga CX, as concerns grow that a regulatory gap leaves investors in the digital platform unprotected against potential losses.

The statement comes a day after British Columbia Securities Commission, the province’s securities regulator, said it does not regulate Quadriga CX, whose founder died in December, trapping millions of dollars in cryptocurrencies in its accounts.

“Given the potential harm to Ontario investors, we are looking into this matter and have already been in contact with the monitor,” the Ontario Securities Commission said in a statement emailed to Reuters.

OSC spokeswoman Kristen Rose declined to say if it was an investigation. The Quadriga CX situation highlights a regulatory vacuum for the cryptocurrency industry in Canada and raises questions about who would be held accountable for any potential losses.

The OSC could review the matter to see if Quadriga has breached any securities laws, said Allan Goodman, co-chair of the technology group at law firm Goodmans LLP. “For example, should (Quadriga) have been registered as an exchange and were any securities laws breached with respect to the trading of the coins on the exchange?”

About C$180 million ($135.7 million) in cryptocurrencies have been frozen in Quadriga’s user accounts since its founder Gerald Cotten, the only person with the password to gain access, died suddenly in December.

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100X Bitcoin Leverage: PrimeXBT Platform Goes LIVE!

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Today signals a turning point in global cryptocurrency markets and the direction that the sites supporting them are taking, as the doors to one of the world’s most sophisticated new trading platforms swing open, and a waitlist of over 150,000 traders from 175 countries around the world are finally able to see what all of the hype has been about.

PrimeXBT won’t be competing with existing crypto-asset exchanges – instead they’re positioned to use technological foresight and connections within the industry to be dominant, both in the retail and institutional sectors of the market. 

This comes in no small part from the powerful combination of advanced functionality and strategy-driven options, such as leverage-trading of up to 100x, the ability for traders to short-sell cryptos and by providing aggregated liquidity from 12 separate providers, concurrently and instantaneously.

By providing this functionality-suite initially for Bitcoin, Ethereum, Ripple, Litecoin and EOS, opportunities to short-sell Litecoin or to leverage EOS at 1:100 are uniquely available now on PrimeXBT.  With the addition of many more crypto-assets planned, the potential to enact similar trades on an even broader range of assets will be possible over the coming months.

Unsurprisingly, much of what has already been publicized about PrimeXBT in the lead up to today’s launch outlines the creation of a trading toolset more closely in alignment with large traditional asset trading platforms. 

While only a tiny minority of crypto-based exchanges allow traders to leverage trade assets like Bitcoin or Ethereum, and even fewer provide the ability to short-sell during bear conditions, PrimeXBT has embraced the mantra of selecting and combining the widest range of options available for traders to-date.

12

Advanced Features Providing Traders with a Competitive Edge

Incumbent crypto-asset platforms have been slow to realize the market demand for modern features that are suitable for a growing user-base, consisting of ever more sophisticated investors.

Where once simple functionality was enough for a new and developing industry, explosive adoption throughout the past few years and the potential for 2019 to be the biggest growth year yet has seen a maturation of typical trader and the strategies being used.

This, coupled with a move by hedge funds and other institutional traders into crypto-asset markets recently, has created the clear need for next generation trading platforms offering features in-sync with higher-powered trading strategies.

PrimeXBT has taken this challenge in its stride, bucking the trend to produce yet another cookie-cutter exchange, and dramatically superseding what has come before by tailoring a feature-driven interface for modern traders:

  • Fluidly-adjustable leveraging from 1:1 up to an industry-leading 1:100
  • Mechanisms provided for short-selling, not only for BTC pairs, but for ALL assets.
  • Instantly-available volume aggregated from 12 providers simultaneously, ensuring optimal price-acquisition and mitigating against slippage.
  • Lower trading fees than any other major trading platforms, with early-adopters securing fees at ¼ of the cost of trading at Bitfinex.
  • A wide range of specialized order types, including stop-loss, OCO (one-cancels-the-other) and protection orders.
  • The complete removal of any KYC requirements, and anonymous sign-up using an email alone, all within less than 1 minute until accessing trading accounts.
  • Unlike many other platforms, deposits can be made in fiat and cryptocurrencies via Changelly’s integration with PrimeXBT systems.
  • Easy-to-use and easy-to-customize professional user interface, providing multi-screen support, advanced charting software and a comprehensive walkthrough tutorial.
  • Robust financial-industry-grade security protocols, utilizing cold-wallet storage, address whitelisting, cryptographic password hashing and 2-factor authentication as standard on all accounts.

Any one of these features provides greater power to develop profitable strategies – when combined together, they provide the unprecedented ability to access crypto-asset markets with a versatile and comprehensive toolset.

The value of the addition of a broad range of functionality isn’t in the functionality itself, but in the new and untapped opportunities that are provided for traders and investors.

A Unique Feature-Set Facilitating Unique Opportunities

Professional traders understand that opportunity predominantly falls within outlier situations, away from the pack, and by discovering and developing an edge over competitors using any resources available.

What are some of the edge-case opportunities open to the 130,000-strong army marching into PrimeXBT today?

Ability to Short and Leverage ALL of the 6 largest-marketcap cryptocurrencies

No other platform in the world provides the distinct opportunity to generate returns on the top 6 cryptocurrencies, irrespective of market conditions. While shorting is commonplace in traditional markets, PrimeXBT provides the cryptocurrency industry’s widest selection of high-liquidity shortable pairs. 

When combined with the ability to leverage trades at a rate of up to 100 times the initial deposit amount, opportunities that would not be possible otherwise and that have the potential to yield incomparable ROI’s, are available exclusively at PrimeXBT.


Lower fees exposure opportunities in High-Frequency Trading (HFT)

Advanced strategies such as arbitrage and market-making use the cost of platform fees as a determining factor to profitability, and the potential to execute on a particular trader. 

By providing a fee structure lower than other major platforms, PrimeXBT allows traders to customize HFT strategies to include trades that would typically be unprofitable at higher-fee exchanges.

Simultaneously-Opposing Trades Allows for Advanced Risk Management

PrimeXBT provides the unique ability to hold opposing positions concurrently on any given trading pair.  Instead of being forced to enter naked positions with full risk if the trend moves against them, traders are now able to develop strategies that incorporate hedging by placing weighted trades in the counteracting direction.

While features such as leveraging are undoubtedly powerful, the true power lies in developing leveraged positions with calculated risk management utilizing hedging for safety.  This functionality reflects PrimeXBT’s goal to provide professional trading tools to beginners and experts equally.


Instant Access to PrimeXBT – the Time for Waitlists is Over

After months of anticipation, registrations and preparation.. PrimeXBT is now LIVE!

Tens of thousands of new users are logging into their new accounts following the lead up to today’s launch event.  But to get your first look at the platform’s features and user interface, there’s no need to join the back of a waitlist.

Be one of the first to experience the power of PrimeXBT at https://PrimeXBT.com, and for your chance to earn from the wave of new users signing up in the coming months, be a part of the highest-paying crypto platform referral program at https://PrimeXB.com/referral/.

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Cryptocurrency Platform Chimpion Announces Support for Binance

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Binance Labs

Chimpion announced that its platform will support Binance Coin (BNB) as a payment currency and that it will be launching BNB Avenue, a BNB-exclusive online marketplace.

BNB Avenue will be built on the Chimpion e-commerce platform and will give consumers around the world access to products from top online marketplaces, similarly to BCD Bazaar, which was launched by Chimpion sponsors Shopping Cart Elite and the Bitcoin Diamond Foundation. Like BCD Bazaar, BNB Avenue not only gives merchants a chance to easily adopt cryptocurrency, it also empowers customers from all over the world to purchase or request a variety of products that may have not been available via fiat currency.

While most popular marketplaces operate in fiat currency, BNB Avenue exclusively supports Binance Coin (BNB), making it easy for shoppers all over the world to purchase coveted products. All Chimpion stores will now have the option to accept BNB payments, giving BNB holders even more options when they buy and sell online.

Binance was launched in 2017 by Changpeng “CZ” Zhao and experienced extremely rapid growth within its first six months. As of January 2018, Binance is the world’s largest cryptocurrency exchange with nearly $1.5 billion daily trade volume. After the successful launch of the Binance exchange, the company launched its token coin, Binance Coin (BNB), which has since reached a market capitalization of $1.3 billion.

With Binance Coin’s high profile in the crypto market and Chimpion’s robust e-commerce platform, BNB Avenue presents BNB holders with a practical way to use the currency.

About Chimpion

Chimpion is a cryptocurrency e-commerce platform that enables any merchant to begin accepting cryptocurrency payments online. By holding Chimpion’s Banana Token (BNANA), merchants can gain access to Chimpion’s robust crypto e-commerce platform for free, without needing to pay a monthly subscription fee. Chimpion was developed using technology from Shopping Cart Elite, Paytomat and Bitcoin Diamond (BCD) and combines comprehensive e-commerce features with convenient payment processing.

Chimpion’s primary goal is to drive the adoption of cryptocurrency as a payment solution by operating a rich e-commerce platform centered around digital assets. New startups and established merchants alike can become part of Chimpion’s vast network to take advantage of its fast and affordable transactions and user-friendly infrastructure.

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