Finablr PLC, a global platform for payments, and Samsung Electronics America today introduced the Money Transfer feature in Samsung Pay. This new in-app international money transfer service, a first of its kind in the U.S., offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet. The service combines Samsung Pay’s convenience, scale and security with Finablr’s international reach and 40 years of cross-border payment expertise to put mobile payments into the hands of millions of consumers.
Samsung Pay users in the U.S. can use their existing eligible pre-registered debit or credit cards in Samsung Pay to safely and securely send money in most major currencies to their recipients via Finablr’s global network. The service leverages Finablr’s global reach and distribution capabilities, providing a wide choice of payout options tailored to the preferences of the recipient – from bank deposits to cash available for pick up. This partnership marks a significant collaboration between Samsung and Finablr to launch such a service with global scale.
Money Transfer is powered by Finablr group company, Travelex, and offers Samsung Pay customers:
- Convenience – The service gives users the ability to send money seamlessly to their recipients through a variety of digital and physical payout methods in 47 countries, with just a few taps on their phone. Consumers simply open the Samsung Pay app and the tools are right at their fingertips.
- Transparency – With this service, all fees and exchange rates are included upfront so users know how much they will pay before securely transferring funds.
- Security – Finablr’s network of trusted brands, including Travelex, with its 40 years of experience in cross-border payments, and licensed by over 100 regulators globally, bring security, reliability and peace of mind to the Samsung Pay users of this feature, which uses tokenized credentials and is backed by Samsung Knox security.
“Our consumers are global and have friends and family around the world. Samsung is excited to enable users to send money from the US to the rest of world by making it simple, secure and transparent,” said Sang W. Ahn, Vice President & Division Head, Content & Services, Samsung Electronics America. “Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient. The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”
Promoth Manghat, Group Chief Executive Officer at Finablr, commented, “We are delighted to be partnering with Samsung to launch this new in-app cross-border payments capability. Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation. Combining our industry-leading network and pioneering technology with Samsung’s leadership in the mobile device market, allows us to innovate at a scale that is unique in the US$127 trillion global cross-border payments market. This partnership advances our mission to meet the evolving needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies.”
Rakuten Wallet Launches Service for Exchanging Rakuten Super Points for Crypto Assets
Rakuten Wallet Inc., a consolidated subsidiary of Rakuten Group and operator of a crypto asset (virtual currency) exchange business, today announced that it has launched a service that enables users to convert Rakuten Super Points from Rakuten Group’s loyalty points program to crypto assets through the Rakuten Wallet app, which offers crypto asset spot trading services.
This new service allows Rakuten users in Japan who have a Rakuten Wallet account and have earned Rakuten Super Points to convert their loyalty points to crypto assets available on Rakuten Wallet: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH)*1. Rakuten Super Points can be exchanged from amounts of 100 Rakuten Super Points and above*2. To use this service, customers can log in to the app, and, after choosing “Points Exchange,” select the target exchange currency and amount. One Rakuten Super Point is equivalent to one yen when converted to crypto assets, and when the exchange is complete it will be reflected in the transaction history on the customer’s smartphone app*3, *4.
Through the launch of the new service, Rakuten Wallet hopes to reduce the barriers of entry to crypto asset trading by providing an easy and more accessible way for new users to start, including novice users who are interested in crypto asset trading with no prior experience. In addition, the service also increases the range of uses for Rakuten Super Points across the Rakuten Group’s ecosystem of services, making the Rakuten loyalty membership program even more attractive and convenient.
Rakuten Wallet, as the Rakuten Group’s virtual currency exchange business, will continue to provide transaction services that customers can use safely and securely, and further expand its services by leveraging Group synergy.
About Rakuten Wallet
Rakuten Wallet, Inc. started a virtual currency exchange service on March 30, 2017. On September 7, 2017, Rakuten Wallet submitted an application for registration to be a “virtual currency exchange service provider” to the Kanto Local Finance Bureau, pursuant to Article 63-3 of the Payment Services Act. Rakuten Wallet completed registration as a “virtual currency exchange company” with the Kanto Local Finance Bureau, based on the Payment Services Act, on March 25, 2019. The company, formerly known as “everybody’s bitcoin Inc.,” changed its name to “Rakuten Wallet, Inc.” on March 1, 2019. Rakuten Wallet started accepting applications for accounts on April 15, 2019 for its crypto asset (virtual currency) trading service and started offering crypto asset (virtual currency) spot trading services on August 19, 2019.
ArBinance Makes Arbitrage Trading Easier
ArBinance is a cryptocurrency arbitrage platform. It allows traders to benefit from the difference in price value between cryptocurrency markets.
The platform, which deals with over 100 cryptocurrency exchanges, aims to make arbitrage trading easier for professional and novice traders alike. The trading platform uses its specially designed software that is both highly functional and easy to use for traders.
Seeing that arbitrage is not only about finding beneficial trades but making them promptly, ArBinance’s software is built with efficiency in mind. The platform’s application instantly identifies profitable trade opportunities and acts upon them just as swiftly. This process makes sure that individual traders could benefit from market events within seconds of their initiation.
ArBinance is Allowing Users to Take Fair Advantage of Arbitrage
Arbitrage trading refers to the practice of benefiting from the difference in price value between various markets. When traders spot this price difference, they buy the asset from the lower-cost market and sell it in a place where it is at a higher price.
This difference is simply a fraction of the total price of the asset. As such, buying and selling it in a single transaction does not bring in massive profits. But when this price difference is spotted, and essential purchases or sales are made a few times a day, it could bring in astounding results. That’s one of the many reasons why arbitrage trading is so prevalent in conventional markets.
As the cryptocurrency market grows with more and more exchanges, arbitrage trading has also started to gain significant traction within the sector. More exchanges mean more opportunities to spot pricing differences, which translates to higher profitability.
Traders must be their best at all times to determine the price difference between hundreds of exchanges. Since no one can keep up with an avalanche of trades, traders are not able to gain full advantage of arbitrage trading even if they want to do so.
That is where automated solutions such as ArBinance come in.
ArBinance Offers Targeted Arbitrage Solutions
To help traders make the most out of arbitrage trading, ArBiance has designed an intuitive interface. The application is easy to use and boasts of a few significant functions, such as the ability to perform automated arbitrage trading. Trades are possible even when users are away from their computer screens.
ArBinance works round the clock and lets its users take advantage of 24/7 arbitrage to make sure that they never miss out on potential gains. The automated platform has been designed to spot price differences in over 100 hundred cryptocurrency exchanges and make trades instantly. This way, traders can benefit from relevant opportunities without manual tracking of prices or execution of trades.
ArBinance provides its arbitrage solutions through its website, where interested traders could sign up to use its services. To learn more about ArBinance and its offered trading solutions, head to ArBinance.com today.
SoFi Introduces Crypto Trading With SoFi Invest
SoFi announced today that it has added crypto trading to its fast-growing SoFi Invest platform, as a response to demand from its over 800,000 members. SoFi Invest is now the first platform to offer automated and active investing with stocks, ETFs, and crypto through a single app.
Individuals can easily buy and sell several cryptocurrencies with straightforward, competitive commissions and no account minimums, as well as track the price movements of the world’s most widely-traded digital assets, with more cryptocurrencies to be added in the coming months. SoFi secures all crypto holdings from fraud and theft.
“Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,” said SoFi CEO Anthony Noto. “We’re very pleased to be adding this new product to SoFi Invest, as access, education, and keeping costs low for our members is at the heart of what we do.”
SoFi Invest, released to the public earlier this year, offers both automated (robo-advising) and active investing (trading) with no fees on stock trading or account minimums. The launch of crypto trading comes on the heels of SoFi’s introduction of its own SoFi-branded ETFs this Spring, which included the first two zero-fee ETFs on the market, as well as Stock Bits: the ability to buy and sell fractional shares in over 100 popular stocks and ETFs ranging from Apple and Amazon, to Alphabet and Tesla*.
Simcord – Ukrainian IT company, integrating digital assets into the international legal field
IT is confidently turning from a young area of the industry into a mature segment of economy, while the profit from progressive developments is increasing annually.
In particular, two years ago, IT services occupied the third place in Ukraine’s export, but last year they already moved to the second and represent a fifth of Ukraine’s export production volume. Local abilities of the country are pretty significant: Kharkiv and Lviv are leading among regional IT clusters, while Kyiv, Dnipro and Odesa are slowly strengthening their positions. We can state that Simcord, which is located in Kharkiv, is one of the activists in the field.
Simcord is mainly engaged in implementing hi-tech solutions for businesses and integrating blockchain technologies. However, these areas not only don’t restrict the scope of the company’s activity, but also give the opportunity to simultaneously work in other areas. In particular, the company develops software and progressive products: blockchain protocols and consensus algorithms; analytical platforms for processing high data volumes; hardware and software complexes for trading on the global financial market; websites, mobile apps on iOS and Android platforms.
Innovative models of servicing progressive business strategies stand out among the services provided by Simcord. First and foremost, they include: advice in the field of digital technologies on international financial markets; development of application programming interfaces; legal advice and supervision; organization of information security, etc.
Since the beginning of 2019, Simcord announced the start of works on integrating the term “digital asset” into the international legal field. In the article “Substantiation of the Term “Digital Asset”: Economic and Legal Aspects”, Simcord CEO Alexander Kud explains that digital asset is a certain value represented in digital form. It covers economic, legal, value and information components of a digital asset. The author notes that the emergence of blockchain and cryptocurrencies, which became phenomena in the economic field themselves, gives practical significance to the term “digital asset”.
Aside from forming a clear definition of the term, Simcord, in association with the National Academy of Legal Sciences of Ukraine, initiated the introduction of this term into the legal framework. Thus, they developed the document (de facto a test) for determining whether a blockchain token corresponds to a digital asset. Using this test, one can determine if any token is a digital asset based on its properties and correspondence to the criteria.
In September 2019, representatives of Simcord took part in the III International Legal Forum held at the Yaroslav Mudryi National Law University, where they became the first IT company to participate in such event. For Simcord, the forum was yet another opportunity to demonstrate the entire potential of the Bitbon system in developing an information economy supported by the blockchain technology.
Representatives of Simcord gave several presentations, participated in the roundtable and panel discussion, where they comprehensively explained the essence and opportunities of Bitbon for the formation of the market of information resources and services. They discussed the nature of digital assets and defined the prospects of integrating them under new conditions. For representatives of economy, business and law, Simcord CEO Alexander Kud held a briefing on the relevant issues and presented the monograph “Digital Assets and Their Legal Regulation in the Light of the Blockchain Technology Development”.
Simcord is the company that lives in the future and creates it today. This slogan allows constantly moving forward and actively building future plans. Now, representatives of Simcord are preparing to take part in the roundtable of the Research Center of Legal Solutions in the Area of Application of Distributed Ledger Technologies on “Standards of Blockchain Tools”. Occasionally Simcord conducts briefings on the matters of digital and information economies, legislative process of regulating blockchain and development of the Bitbon system in the legal field.
Having analyzed the activity of Simcord, you can come to the conclusion that the company is consistently moving towards realizing its main idea, while at the same time striving towards the digitalization of economy along with Ukraine. The company successfully implements its ideas and is moving forward together with the global progress.
BitMEX platform now in Trade-mate.io
Nowadays, the monitoring of all the statistics regarding exchange accounts and the management of all the potential forces that can lead to alterations, crucial data for all the traders, has become more accessible thanks to a well-known platform, called Trade-mate.io.
This platform constitutes the project of a very experienced team with significant contributions in the field of automated systems. In this platform, the traders can carry out exchanges either automatically or manually, and they can use Binance and Poloniex crypto exchanges as well. Other than that, the users can also benefit from the BitMEX trading platform via Trade-made.io, making their life easier.
Trading on BitMEX
BitMEX is a trading platform that provides to his users the ability to participate in the financial market worldwide by using the so-called bitcoins. This platform is the first one where investors are provided with crypto derivatives that give the possibility to execute transactions with a higher profit margin, with leverage up to X100.
Although, because of the emerging technical issues during the implementation of BitMEX via API have prevented many large exchange platforms of adopting it, that didn’t dissuade the Trade-mate.io of integrated it, widening its users’ potentials even more.
Minimizing the risk of loss
Even though the X100 leverage scenario is very attractive to all the traders, the risk of loss must not be overlooked. Even the most experienced traders are not fully protected from such a great risk ratio, as the price of the triggered order is too close to the elimination zone, which can lead to an X100 loss. On the grounds of that, Trade-mate.io has set an X20 limit at the trading leverage to protect its investors from a great loss of their deposits.
Cross-leverage hides big risks, as it uses all the available funds in an account’s balance to cover an open position. If the price is moving in the right direction, the leverage will be reduced as well as the collateral due to the accumulated profit. Albeit, in the case, that the leverage will escalate, as a consequence, there will be a total loss of the initial funds. In other words, when the position is opened and the order is liquidated, the entire balance will be reset.
Because of its highly risky nature, the cross-leverage is not recommended for risk-averse investors. It may be advisable for risk-neutral users, as it offers the ability to calculate again the size of the leverage, which will vary within acceptable values.
Because of its high-risk nature, the Trade-mate.io does not support cross-leverage.
Why use Trade-mate.io platform
One of the most important features of the Trade-mate.io platform is the fact that an order is placed with a take profit and stop loss simultaneously and, they can be altered either automatically or manually, providing to the investor with the opportunity to make Smart Trade functions.
A Smart Trading process consists of two types of orders, the limit order, and the market order. In the first case, an order is placed at the price of interest and when it riches the specified level, the order is activated. In this case, the order is pending. In the case of the market order, the purchase or the sale of an instant market asset is made at that moment.
The trailing mode is a Smart Trade’s function that rearranges the orders based on the specified parameters, allowing the trader to minimize the risk and to increase his profits. Trailing mode consists of three orders:
1. Trailing take profit
In this case, the order parameters change the value of floating take profit and the default setting is 1%. As the price attains the level of the determined take profit, the take profit is being automatically moved to the set value until the price is no longer changing.
2. Trailing stop loss
The difference with taking profit is that, in this case, instead of taking profit, the taking loss is the one that is moved as the price increases and it remains stable when the price is decreased.
3. Trailing ladder
Here, as soon as an order is opened, the take profit and stop loss are triggered concurrently. In more detail, when the price approaches the first level of taking profit, the stop loss is moved to the break-even point. This will continue until the price crosses the stop loss line and the sell is activated.
It should be emphasized that this mode is not included in the BitMEX platform or any other crypto exchange.
Edit a task
In the trade-mate.io platform, the traders are also able to edit the current task without canceling it, unlike with other crypto exchange users where the users are obliged to cancel the old task in order to create a new one.
In the Trade-mate platform, the task can be edited before the order is been activated. The traders are able to cancel the task, to change it in case they want to sell cryptocurrency when the price has reached desirable levels or to average it. By this can be benefit traders dealing with leverage, as once they have created an order, they are able to edit it in the meantime, making the whole process more simple.
Last but not least, in this platform, the traders possess the ability to change even the control panel and to make it comfortable for them to use it. They can move the elements in the control panel and adjust them at the most convenient for them positions by just dragging them around the screen.
Copy on BitMEX
BitMEX gives the opportunity to its traders to copy trades from other trades, the so-called auto trading. In addition, traders who execute successful trading on the crypto market, they receive incomes from the subscribers. That’s why Trate-mate.io selects only the traders with the highest ratings in order to guide others. Again, for the safety of its users, the leverage for auto trading will be no more than X5. In this way, liquidating balances are prevented.
Binance Lists NGN, Offers Zero Fee Promo for Deposits
Binance has opened deposits for the Nigerian Naira (NGN) through Flutterwave. We have also added trading pairs BUSD/NGN, BNB/NGN, and BTC/NGN to the Stablecoin Market (USDⓈ) as of October 24, 2019, 12:30 UTC. Users can now start depositing NGN and using it to buy BUSD, BNB, and BTC.
Promo: Enjoy Zero Fees on NGN Deposits
To celebrate the first fiat currency listing on Binance, all newly registered users who deposit NGN to Binance through Flutterwave will enjoy zero fees for deposits up to 36,000 NGN starting October 24, 2019.
Binance has committed a total of 10,000 USD worth of NGN to give to our newly registered users worldwide. Rewards will be distributed on the following day based on the first-come-first-served manner.
- NGN is the legal tender of the Federal Republic of Nigeria. NGN is the currency code, not the digital currency code.
- NGN deposits fees are set at 1.4%. The maximum deposit amount per transaction is 430,000 NGN, while the minimum deposit amount per transaction is 150 NGN.
- Rewards will be distributed the day after you made your deposit, before 7:00 AM UTC. You can check your prize by going to Distribution History > Wallet > Account Center.
- The exchange rate between USD and NGN will be based on the intermediate exchange rate.
Bitmain announces two new Antminer 17 series miners at World Digital Mining Summit
Jihan Wu, Co-founder of Bitmain, announced two cryptocurrency mining models – S17+ and T17+ – from the Antminer 17 series at the World Digital Mining Summit (WDMS) in Frankfurt today.
Both new miners will come with improvements to power efficiency and hashrate. The Antminer S17+ has a hash rate of 73 TH/s and operates with a power efficiency of 40 J/TH + 10%, while the T17+ offers a hash rate of 64 TH/s and a power efficiency of 50 J/TH + 10%.
“Our new Antminers are at the forefront of mining innovation. They each represent the future of its rig design and power efficiency. We remain committed to our research and development capabilities and will continue to improve our devices,” said Mr. Wu at the WDMS.
By using dual tube heat dissipation technology, the miners have been designed so that the space between the air inlet to the air outlet has been reduced by 50%, improving heat dissipation effectively as well as reducing fan noise. Besides, a high temperature and fan abnormal protection mechanism has been built in to ensure the stable and safe operation of the miners.
Both Antminer S17+ and T17+ use the industry leading Exposed Die package solution and an optimized all-in-one design, making the models easily to be implemented and can adapt to mining farms of different sizes.
The Antminer S17+ and T17+ will be available for sale on Bitmain’s official website according to the following timing:
Selling Time: 11 October 2019, 19:00 GMT+8
Delivery Time: 01- 10 December 2019
Cryptocurrency confirmed by the only stable resource on the planet – ERTC
Each of us is familiar with the phenomenon of cryptocurrencies – someone was mining, someone is earning on a change of course, sellers and a buyer, someone is investing their money and now sits on Corvalola, In all cases when no one uses cryptocurrencies to store all their savings. It is all about high volatility and their extreme instability – it is impossible to accurately predict the course, which can change the order in a short time.
At the same time, cryptocurrencies have all the advantages compared to financial money – additional security, low transaction fees, transfer speed, transparency, reliability and independence from external financial institutions. All this is done in accordance with the format of financial relations, which continues to develop dynamically.
Solutions to problems related to the voluntariness and reliability of the contribution to steel – and cryptocurrencies with a stable exchange rate.
Which resource is the most stable? The most sought after and reliable. Which resource is the patron of all existing resources? The situation and other factors affect the dependence on cataclysms. – This is the land. The Genesis 2.0 group of companies has developed the ERTC platform, which includes:
- ERTCoin – stablecoin, confirmed by legal ownership of land
- Private ERTC blockchain in which any device can be a mobile node
- SmartWallet – an electronic wallet on which ERTCoin and other currencies are stored, all transactions and purchases / sales are also carried out
- ERTCoin with legal confirmation of ownership
- The electronic payment system, which provides mobile communications, provides new opportunities and opportunities for paying for goods and services, converting, saving funds and transactions from anywhere in the world.
The issue takes place on the ERTC platform thanks to the Validation process – the procedural verification of land ownership must be confirmed.
Validation takes place in four stages:
- The user uploads a pool of documents confirming his ownership.
- The legal service and AI verify the authenticity of documents and request data in specialized services.
- ERTCoin according to the number of square meters of land
- The user receives half of the issued ERTC in their electronic wallet
Conference participants from 13 countries have already registered more than a million ERTC platforms.
Today, the ERTC team completed the first two stages and has already begun to conclude the third stage – the development of a full-cycle electronic payment system for individuals and legal entities. lack of.
The possibilities of EPS are not limited when purchasing goods, services, geography of participants, jurisdiction and economy, are not determined by geopolitical factors and are dependent on the right field and legal requirements.
A personal online bank, a private block bank with a unique technological mobile network, all these requirements make it possible to confidently assume that the electronic payment system ERTC is a promising medium-term financial one.
The ERTC project represents full-fledged opportunities for interaction with other states – “money”, in which virtually any individuals and legal entities are used — using an electronic payment system. cost of commission, convenient and affordable.
ERTC erases the geographical boundary and makes financial interaction of any level safe and comfortable.
PrimeXBT Expands Referral Program and Launches First Offer for Affiliate Partners
PrimeXBT, a bitcoin-based margin trading platform offering up to 500x on crypto, commodities, indices, and forex currencies, has announced an expansion of its wildly successful referral program and the launch of the first-ever offer for affiliate program partners.
Affiliate Programs Invite Clients To Be A Part Of Something Big
Clients interested in earning additional income through PrimeXBT beyond just trading alone will have two lucrative options to choose from: a new CPA offer, or an expanded 4-level referral program.
Both types of programs have unique benefits that are designed to suit a variety of trader’s needs, offering quick payouts and extremely high conversion rates due to the simplicity of signing up to PrimeXBT and the platform’s reputation for offering the most advanced tools in the market. PrimeXBT requires no KYC verification, making registration fast and simple.
Either program is ideal for professional traders, bloggers, and more, or the owners of private groups, websites, forums, or other resources. The larger the following or audience, the more income can be generated. Social media influencers or bloggers with over 5K or more active subscribers may be eligible for a special, tailor-made program custom to suit their unique individual needs.
Expansion of Referral Program Following Viral Success
PrimeXBT’s referral program has become a viral sensation, fueling the incredible growth of the trading platform’s user base, and is now expanding to offer clients even greater earning potential.
The referral program is a 4-level revenue share model. This means that clients will not only earn a 50% revenue share of the monthly trading fees generated by referred users but will continue to earn a portion of the fees from any additional customers the referral brings to the platform – for up to 4 levels of earning.
PrimeXBT Debuts Affiliate Program First CPA Offer
PrimeXBT’s CPA offer awards clients with a one-time compensation for each and every individual trader who becomes a registered customer through a shared referral link.
Rather than relying on generating income from trading fees from referred users, traders who select this option can earn a consistent fee, growing their income with each new customer signup.
The most experienced affiliates may be eligible for a special CPA plus rev-share program, offering the best of both worlds, and are encouraged to inquire if interested.
Top 3 PrimeXBT Affiliates Have Earned Over 100 BTC Combined
Proving the runaway success of the PrimeXBT referral program, the three top referrers have earned 49 BTC, 33 BTC, and 26 BTC respectively. That amounts to over 100 BTC across just the top three accounts, or over $1 million generated in additional income through a rev share of referred customer’s trading fees.
The more new customers these traders referred, the faster and higher they were able to drive up their earnings.
Trading Platform Rewards Clients Who Refer New Customers
Clients can access an affiliate dashboard within their PrimeXBT account that provides transparent reporting on all referred users and payouts, and download a helpful marketing kit. The affiliate dashboard also allows for easy access to a client’s affiliate link and will soon include buttons to easily share affiliate links via social media, right from within the dashboard itself.
Payouts are among the fastest in the industry and can be made through Skrill, Mastercard, Visa, Neteller, or through wire transfer.
A PrimeXBT official spoke of the expansion of the platform’s affiliate programs, explaining that “PrimeXBT clients have helped drive the tremendous growth of the platform throughout the year, and we have expanded our affiliate programs as a way to share in our success and reward them for their loyalty.” “PrimeXBT is a product customers can proudly recommend to others, helping them to become profitable traders using the platform’s advanced trading tools to trade a number of digital or traditional assets,” they continued.
More information on PrimeXBT’s CPA affiliate program and 4-level referral program can be found at https://primexbt.com/affiliate.
PrimeXBT is a fintech company established in 2018 which offers a Cryptocurrency, FX, Indices and Commodities trading infrastructure with up to 500x leverage for long and short positions, and aggregated liquidity from multiple liquidity providers. The company provides access to real-time market data and a wide range of trading analysis tools while maintaining security, liquidity, and enabling a safe and efficient trading environment for everyone.
Facebook’s Libra seeks Swiss payment system license
Facebook’s Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight. The world’s largest social media network announced plans in June to launch a cryptocurrency as it seeks to expand beyond social networking and move into e-commerce and global payments, though the plans have drawn intense scrutiny from global financial officials.
“Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system, FINMA said, noting this mean it would be subject to such additional requirements.
These would extend to capital allocation for credit, market and operational risks, risk concentration and liquidity, and the management of the Libra reserve, it said. “We are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system,” the Geneva-based Libra Association said.
It has asked FINMA to clarify the status of the association and the Libra coin under Swiss supervisory law, the regulatory said. [bit.ly/2kEP7bk]
U.S. Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker told reporters in the Swiss capital on Tuesday that cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground.
“Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go,” Mandelker said.
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