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Crypto’s Relationship with KYC: How are Companies like BeFaster Transforming the Future Landscape?

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The cryptocurrency industry is no stranger to controversies surrounding it in terms of privacy and security. Multiple reports have claimed that the number of scams and frauds in the digital asset sector has only increased over the year with projections looking at higher numbers.

To put a stop to these issues, many cryptocurrency organizations and companies brought in the concept of Know Your Customer [KYC]. The idea of KYC was first popularized in the mainstream banking culture where customers were held accountable for their accounts and their actions in the financial ecosystem. This was also a way to ensure that institutions were not dealing with bad actors who used legitimate channels to funnel dirty money.

It is interesting to see how far the cryptocurrency industry has come from its initial days of being the wild wild west of the financial world. When Bitcoin was first introduced to the public eye in 2009, very few people were involved in trading it. As the number of investors and traders increased, the regulatory system could not keep up with. This led to large scale scams that resulted in people losing millions of dollars worth of their holdings. 

As the industry progressed over the years, regulatory authorities like the US Securities and Exchange Commission [SEC] and CFTC made it a point to keep a close tab on it. At the same time, crypto companies also understood that if they needed to be accepted into the mainstream fold, they had to take certain steps to ensure customer and capital safety. Since 2013, a majority of the companies in the cryptoverse such as Coinbase and Binance have integrated KYC and AML into their workings. 

AML or Anti Money Laundering is a way to keep track of funds within a cryptocurrency system and its buy and sell points. Bodies such as the SEC have repeatedly pointed out that the main reason why cryptocurrencies are not considered as a legal tender is because of their decentralized nature. Some of the common steps in a KYC process are:

  • Verifying customer identity- Customers are usually asked to upload a document that is valid and not expired with a photo that is included. 
  • International customers are asked to provide another layer of confirmation because of a company’s lack of physical reach across borders.
  • Over the years, crypto companies have made it easy for customers to provide documents thereby allowing trades to take places at a seamless rate.

The side effects of large scale KYC implementation

Although KYC is seen as a step in the right direction when it comes to privacy and customer protection, many have called it a blatant violation of credential safety. Many crypto traders have admitted that the anonymous nature of the industry was one of its main attractions. Taking that away made just like any other financial system where user information was privy to the government.

This issue reached a head when rumors began circulating that Coinbase was planning to sell its blockchain analytics software to the US government. The uproar was not just verbal as customers withdrew almost $200 million worth of Bitcoin in an instant. The news was also a good starting point for several other exchanges that did not ask for any KYC details.

The future of KYC

It is pretty safe to assume that the concept of KYC is not going anywhere if the cryptocurrency sector wants to go mainstream and achieve global adoption. Companies will have to comply with certain regulations set by governments and regulatory authorities but that does not mean that they have to forgo the core fundamentals of the virtual asset world. 

Blockchain-based fitness application BeFaster.fit is an example of an organization that has adopted KYC while retaining its core values. BeFaster investors are required to submit details that are checked and stored by third parties contracted by BeFaster.fit and which are not disclosed to any external party.

It is imperative that more companies adopt this routine so that there is a proper check-in the ecosystem they are creating. At the moment, the onus is on both companies and users to protect the ecosystem before naysayers wipe it out with their criticism.  A project or start-up that does not offer the KYC process on its own or through an external service provider is definitely not a safe haven for investors.

In today’s world, one can deduce that projects without KYC often have no honest intentions. Of course, a KYC procedure is associated with a certain amount of effort for many investors. But it protects the investor from scam projects and a possible total loss. A company without KYC may receive a regulatory ban and have to cease operations. 

A project or start-up that does not offer the KYC process on its own or through an external service provider is definitely not a safe haven for investors. In today’s world, one can deduce that projects without KYC often have no honest intentions. Of course, a KYC procedure is associated with a certain amount of effort for many investors. But it protects the investor from scam projects and a possible total loss. 

A company without KYC may receive a regulatory ban and have to cease operations. Here, the responsible authorities are taking more and more frequent and binding action to provide the greatest possible security for the entire financial-economic structure. In summary, it can be said that companies and projects with KYC procedures are more likely to meet the regulatory requirements and licenses. A strong foundation steeped in fund protection is the way to go for future mass adoption.

Here, the responsible authorities are taking more and more frequent and binding action to provide the greatest possible security for the entire financial-economic structure. In summary, it can be said that companies and projects with KYC procedures are more likely to meet the regulatory requirements and licenses. A strong foundation steeped in fund protection is the way to go for future mass adoption. 

Tron Europe Continues Global Push as Rewards System Put Under the Spotlight Again

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The cryptocurrency ecosystem has witnessed constant developments, and the most dedicated players in the field are doing everything in their power to make it big. Obstacles like massive sell-offs and coronavirus spread have not stopped multiple updates in the cryptoverse, a sign that things are changing for the better.

 One of the most prominent organizations in the digital asset world is Tron Europe, which has been making waves since its inception. By creating reward methods that benefit users and by partnering with other growing enterprises in the Tron ecosystem, the company has been growing at a fast pace.

Tron Europe’s main focus has always been on building a self-sufficient cryptocurrency ecosystem that can usher in the fabled ‘Web 4.0’.The organization also held a competition at the beginning of this year, in which participants were asked to describe the Tron Europe, reward model. Tron Europe is also a super-representative of Tron, giving it even more power to support the growth of a growing industry.

The company’s focus on its customers has been a celebrated fact and if you ask Tron Europe, it is a characteristic that they would love to maintain. As a SuperRepresentative, Tron Europe pays its own TERC token instead of TRX for its voters. For the time being, the total calculated value for TERC is 30 percent of that of the original token., To make it more interesting for the holders, Tron Europe also pays Holder Rewards that can go up to a whopping 250 percent. 

According to the company officials, the reward system was created so that more people could contribute meaningfully to the Tron sector, Tron Europe has embraced this idea by building its own Token economy and creating native dapps. Speaking to TWJ, Tron Europe admitted that a good cryptocurrency product needs to have proper use cases and not just be useful for trading. `

Users need not fret about getting their profits as Tron Europe has assured everyone that all payouts will be paid out in TERC. This holistic approach would act as the mainstay for the ecosystem, thereby creating a strong tie between the organization as well as the token holders. By creating a step by step process for its token holders, Tron Europe successfully functions as a Super Representative by putting the onus on creating value for its native products. This has been the main attraction for the new customers entering the field. 

Officials from Tron Europe have confirmed that there are several projects in the pipeline which are expected to change the cryptocurrency game. Applications like BeFaster, TESD, GoT: The Revolt, Aftermath Islands and DVM are all expected to make waves in an industry requiring a legitimate foundation for growth. 

Tron Europe also elaborated on its latest implementation: the TERCium-Force. Under this, all the million-plus TERC holders will become eligible to join the bonus yearly reward and the special VIP room.  The organization had recently tweeted:

“Everybody wants to get the highest rewards for his votes. So tell me are you getting the highest rewards possible? Vote Tron-Europe! Because Tron-Europe has the highest voter rewards and gives TERC-holder rewards on top. It’s a fact.”

Tron Europe informed all its users that future developments would bring in more rewards to the ecosystem that will in turn result in more growth. It is now up to us and the community as a whole to see what comes next and then uses it to contribute significantly to the cryptoverse.

Bitcoin [BTC/USD] Price Analysis: Cryptocurrency Continues its Sideways Hold as $10k Mark Remains Elusive

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The past few weeks have been a rollercoaster ride for Bitcoin and the cryptocurrency market, as prices have constantly shifted between bearish and bullish states. Investors have now begun looking at different opportunities to establish the Bitcoin ecosystem, and the price action seems to reflect the same.

Bitcoin’s price action over the past week has been on the safe side, with immediate support and resistance holding steady. Although the largest cryptocurrency in the world has yet to break the $10,000 mark over a long period of time, supporters were still hopeful.

At press time, Bitcoin was trading for $9497.29 with a total market cap of $174.815 billion. A slight 0.2 percent price fall over the previous 24-hours caused the daily market volume to clock at $20.077 billion. Bitcoin was not the only cryptocurrency stuck in a sideways movement as other altcoins followed suit.

A technical analysis showed that Bitcoin’s immediate support was at $8565 while the immediat3e resistance rose to a healthy $10,189. Some evangelists have predicted that if this pattern continues, Bitcoin would enjoy a decent hike in the coming future.

BTC 1-day TA:

btc 1

The Parabolic SAR for Bitcoin showed a price hike that was recently overturned by the bear. At the moment, the markers were above the price candles which meant that the cryptocurrency would be going through a bearish atmosphere soon.

Bitcoin’s Relative Strength Index displayed the story of sideways price movement very cleary. The RSI had earlier held near the overbought zone but the last week has seen the graph holding near the middle of the graph. This could indicate the buying pressure and selling pressure within the Bitcoin ecosystem had neutralized each other.

The Chaikin Money Flow indicator for Bitcoin showed positive signs of recovery. The graph had climbed since the start of June and has reached one of the highest points since the start of March. Bitcoin’s hold above the zero line was an indication that the capital coming into the market was more than the capital that was leaving the market.

Justin Sun and Tron take CryptoLocally Partnership to the Next Level; USDJ and JUST Token Listed

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The cryptocurrency market has seen steady progress over the last few months, despite the spread of COVID-19. Popular cryptocurrency organizations have reassured users by launching new features and listings that are bound to make the industry more streamlined and wholesome.

In a bid to onboard new users to the Tron ecosystem, Justin Sun, its founder and chief executive officer, has recently announced a new collaboration. On June 16, Sun tweeted that both the JUST coin and the USDJ token were listed in CryptoLocally, a popular crypto exchange.

According to the latest reports, both tokens will be available to buy and sell from anywhere in the world while at the same time they will be available for fiat exchange. Sun and the Tron Foundation have been pushing the envelope for advertising related to both the JUST token and the USDJ stablecoin. Although the launch was conducted with a lot of fanfare, the community was on the fence about the latest update.

While Justin Sun and Tron continued their USDJ promotions, Cryptolocally conducted their own giveaways and events. On June 15, the cryptocurrency exchange announced a JUST giveaway where participants had the chance to win up to USD 500. To enroll in the competition, participants needed to sign up for CryptoLocally.com and then trade USDJ on the platform. Each CryptoLocal trade was calculated as a single point. CryptoLocally has revealed that the competition will continue for a week and is expected to end on June 22nd.

At the end of the competition, three winners will be chosen who will have access to a prize pool of $500. The release from the company stated:

“If any prize or prize notification is returned as undeliverable, if any potential winners reject his/her prize or in the event of noncompliance with these giveaway rules and requirements, such prize will be forfeited and may be awarded to an alternate winner from all remaining eligible entries (time-permitting).  Upon prize forfeiture, no compensation will be given.”

CryptoLocally has been quite busy over the past couple of weeks as the giveaway competition was not the only development in the company’s kitty. The exchange has also partnered with the MEET.ONE wallet to provide customers with a secure and decentralized platform connected to EOS. MEET.ONE functions as a multi chain decentralized wallet which is part of the MEX exchange. Customers will also have access to an AI Grid Trading Bot that will make it easier for them to trade.

Bitcoin Hash Rate Begins a Steady Climb as Investors Keep Tabs on Yunnan BTC Mine Fire

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The bitcoin halving that occurred in May was the town’s talk with a number of proponents and experts predicting a price surge. Although the world’s largest cryptocurrency has not seen a significant increase in its value, Bitcoin has remained steady between the $9,000 and $10,000 margins over the past few weeks.

After halving, Bitcoin also witnessed a dip in its mining hash rate. This was a direct consequence of the shutdown of several mining machines, which caused an increase in demand while the supply rate fell. June, however, brought some good news as the hash rate seemed to have gained some new ground.

On June 14, Coinmetrics noted that the Bitcoin rate had gone back to its earlier levels, ie. The levels achieved before the halving commenced on May 4. Coinmetrics claimed that the next difficulty adjustment would take place in approximately two days. This event is expected to be the largest adjustment scenario since January 2018, with an estimated 15 percent increase.

Analysis has shown that this is going to be the first difficulty increase since bitcoin was halved. The Bitcoin ecosystem has seen a resurgence of late due to a steady price hold. The world’s largest cryptocurrency has also instilled some confidence in the holders as a virtual asset in the wake of a global pandemic.

During the halving, the Bitcoin CMBI hash rate index dropped from 130 million terahashes per second to below 90 million terahashes per second. This also triggered large market sales. Although the hash rate has risen, the price has surprisingly dropped below expectations at the start of the new week. At the time of the press, Bitcoin traded $9061 with a total market cap of $166.7 billion. The 4 percent drop in the 24-hour spectrum caused the BTC market volume to drop to $21.42 billion.

Bitcoin enthusiasts are still looking for reprieves that will initiate price recovery, but they seem to have to wait a little longer. According to recent reports, a large mining farm in China in Bitcoin was the victim of a fiery inferno last week. The mine reportedly housed thousands of Yunan police machines still investigating the root cause of the fire. The effect of this destruction on the Bitcoin ecosystem has not yet been felt, but many predict that the fallout will soon be observed.

China has slowly increased its foothold in the cryptocurrency industry, and its dominance is growing with each passing day. Bitcoin fans may do well to observe movements within the Red Dragon, as the latest Yunan mine fire may have a greater impact than previously expected.

CityUpTake Sets Course for a More Inclusive Tron Ecosystem While Rewarding it Users for Sharing the Dream

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The cryptocurrency industry provides a lot of opportunities for those who are seeking for it. Since the launch of Bitcoin and the gradual increase in popularity of the virtual asset market, several organizations have emerged as stalwarts of space.

One such entity has been Cityuptake, a popular platform to increase user rewards on the blockchain. In order to rope more users and create an inclusive ecosystem, the company also offers CITYUPTAKE tokens that will result in more residual rewards. Being part of the Tron Super Representative program has also been a massive boost to Cityuptake and its users.

The Cityuptake token functions as a basic utility token that opens doors to goods, services, and the content of its parent company. This token also provides access to the Cityuptake trade desk and weekly rewards program, features that are celebrated by the community. An analysis of the CityUptake SR Portfolio vote allocation was evidence that it had a healthy vote allocation from other Tron Super Representatives. These Super Representatives were mainly TronSociety, TronWallet, SesameSeed, CryptoGuyin ZA, CrtyptoChain, and Tronspark. 

It is well known that cryptocurrency regulations have been one of the major deterrents in the industry. Major institutions have frankly admitted that, because of the regulatory confusion behind the scenes, they can not jump into the crypto bandwagon.

To put these fears to rest, Cityuptake strives to ensure that the company and the token meet all forms of regulatory testing. CITYUPTAKE tokens can only be used and accessed by those customers who have completed the KYC process set by the company. Cityuptake also reserves the right to withhold assets from customers if found to be in breach of the rules proposed in the U.S. tax treaties and the Member countries.

 At the moment, the Cityuptake trade desk is worth over 13 million TRX. Apart from Justin Sun founded cryptocurrency, Cityuptake’s trade desk also deals with Bitcoin, XRP, and Cardano. 

The perks of holding CU

Traders are usually on the fence with some tokens because of a lack of value guarantee. With CU, that layer of concern has been removed. Each CU token is equivalent to 1.35 TRX where 1 TRX gets allocation to the SR portfolio. At the same time, 0.25 TRX gets allocation to the CU trade desk while 0.1 TRX is distributed as project fees. Cityuptake has made it clear that the performance of the token would always be tied with the native trade desk. This dispels any notion of fraudulent activities or scams that have been circulating in the industry as all CU is redeemable for 1 TRX at any time.

How to get started:

Just like in other processes, holders need to have completed their KYC forms before they can get involved in the CU trading ecosystem. Cityuptake makes use of an agent model across its platform, where the agents themselves have undergone all KYC checks. According to the organization’s official release:

“To purchase CU, one simply sends TRX to an automated exchange of the agent of their choice, and CITYUPTAKE tokens are returned.” 

Cityuptake caters to both US citizens as well as non-US citizens with each category having to fill out theW-9 and W-8BEN respectively. Upon the completion of the aforementioned steps, users can hold CU tokens in any Tron wallet which then leads to weekly reward drops. 

Cityuptake’s inclusivity policy:

The company has reassured users that each and every one of them will be treated equally on the blockchain reward system, regardless of when they join. This ensures that the prices of the CU remain constant at 1.35 TRX, with 0.25 always going in for trade desk fees.

Cityuptake ‘s progress in blockchain and cryptocurrency has been buoyed by the participation of its loyal customers. As time progresses, the company has promised its members that it will add additional tokens to their dashboard. This will then help other Tron based companies to grow and flourish, creating an intricate and flourish Tron network. Speaking to TWJ, a Cityuptake official stated:

“We are excited to build out our token tracking system to give our account holders the opportunity to easily see not only the rewards from holding Cityuptake but also the rewards from various SRs for whom they have voted like Tronwallet or TronSpark.”

 

Tether Takes the Cake as Stablecoin Becomes Biggest Weekly Gainer, ETH and BTC Come Next on Podium

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The cryptocurrency market had enjoyed a decent run over the past week, but it was recently cut short after the bear took a strong stance. This, however, did not dampen the spirits of investors who believed that the assets would rally in the face of the coronavirus threat.

From June 8th to June 12th, the cryptocurrency industry witnessed important shuffles that would sway the sentiments of the holders all around. This week, Tether, a dollar-backed stablecoin, jumped to third place on the cryptocurrency charts after overtaking XRP.

Tether was the unlikely hero of the week as stablecoin became the best performer of the top cryptocurrency assets. The market cap of stablecoin rose significantly to surpass that of XRP, which has been struggling since the beginning of 2020.

Tether 

At press time, Tether was trading for exactly $1 with a total market cap of $9.194 billion. This figure was much higher than XRP’s market cap of $8.572 billion. The recent capital influx by the US government also helped Tether, boosting its 24-hour market volume to $40.26 billion. The recent bear hike turned Tether’s weekly movement red as the 7-day change was a negative 0.2 percent.

Tether added another feather to its cap recently when Bitfinex integrated the stablecoin into the ONG Network. This was done to reduce confirmation times on the network so that payments can be settled quickly while simultaneously reducing transaction fees.

Ethereum

The Vitalik Buterin co-founded Ethereum was the second biggest performer on the cryptocurrency charts. ETH has been one of the few cryptocurrencies that have seen consistent growth this year, thereby enabling more investors to jump into the Ethereum pool. As its stands, ETH sold at a value of $237.1 with a total market cap of $26.39 billion.

Over the past week, Eterereum had grown by double digits but that was cut short after a 3.93 percent drop in the past 24-hours. This price crunch also brought the 24-hour trading volume down to $12.623 billion. The 7-day fall was just around 2.6 percent but ETH holders were not worried as the asset held strongly to its title of “world’s largest altcoin”.

Bitcoin

There’s no week in the cryptocurrency industry that goes by without an update from Bitcoin and this week was no different. The world’s largest cryptocurrency still found it difficult to break the $10,000 threshold as it traded for $9480. A 3.3 percent weekly fall put an end to Bitcoin’s previous rally which was on track to break earlier resistances.

 

 

 

Monetary Authority of Singapore Reveals Latest $1.75 Million Fintech Challenge to Combat Effects of Coronavirus

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The world’s financial situation was in jeopardy once global economies were taken over by the coronavirus. Major countries have witnessed a recession like a situation that has caused millions to lose their jobs.

To curb this, the Singapore Monetary Authority [MAS] has kick-started a $1.75 million competition to bring innovative fintech solutions to solve COVID-19 issues. Singapore was one of the few countries that heavily invested in blockchain technology with the goal of helping its citizens.

The MAS Global Fintech Innovation Challenge is set up to promote fintech solutions in the country that would aid frontline workers in the fight against the pandemic. The initiative will be comprised of two different awards, mainly the MAS FinTech Awards and the MAS Global FinTech Hackcelerator. Reports from sources revealed that the challenge will be hosted on the popular API Exchange.

According to inside information, the usage of Apix will not only collate more fintech solutions but also allow said solutions to be contextualized in a practical sense. The 12 winners of the competition will receive a total price of $1.2 million, presented in the Asean FinTech and Singapore Financial Institution category. There will be two different segments for the MAS Global FinTech Hackcelreator: the International Programme and the Local program.

In the International, Programme will comprise of winners from various other fintech competitions conducted at a global level. These separate fintech competitions were sponsored by bigwigs such as the Saudi G-20 Presidency, the Bank of International Settlements Innovation Hub, the United Nations Capital Development Fund, and Women’s World Banking.

The Local Programme, on the other hand, will cover high priority problem statements collated from the finance industry within Singapore as well as other global markets. Competition runners have said that over 107 different problem statements were received in 2020 alone. This was the first time that such a large number of statements were filed under the MAS Global Fintech Hackcelerator Local Programme.

 

Bitcoin Still a Favorite as Fidelity Reveals Large Chunk of Institutional Investors Hold Crypto

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The cryptocurrency market has grown stronger over the years, and industry supporters have asserted that institutional investors will give it a much-needed break. Although many mainstream organizations have attacked the digital asset world because of its instability, it turns out that a big chunk was actually in the field.

A recent Fidelity analysis showed that one-third of all large-scale institutions were involved in cryptocurrencies or crypto-related products. The survey also noted that Bitcoin was the preferred cryptocurrency among organizations.

Fidelity has been a key player in the financial sector for the longest time and made major news when they announced their interest in cryptocurrency research and development. According to research, the United States had a maximum number of institutions invested in crypto. Thirty-six percent of the 774 strong sample size across the US and Europe revealed that they owned cryptocurrencies or some form of cryptocurrency derivatives.

Focusing on the United States alone, almost 27 percent of all institutions are involved in digital assets. These organizations included pension funds, family offices, digital funds, traditional hedge funds, and investment advisers. The same survey conducted a year ago showed that only 22 percent of institutions dealt with any form of virtual assets. In 2019, Fidelity surveyed 441 institutions, a long way from the most recent 774.

Bitcoin has been a key target for many institutional players due to its strong presence in the financial market. Over a quarter of the sample size surveyed hold Bitcoin while a decent 11 percent hold the Vitalik Buterin co-founded Ethereum. In the year to date spectrum, Bitcoin has jumped by a massive 36 percent due to its strong grip on the coronavirus face. At the same time, traditional stocks have plummeted across the board, causing widespread panic.

Tom Jessop, the President of Fidelity Digital Assets recently said in an interview that Europe was more supportive and accomodating than the US when it came to digital assets. He believed that Bitcoin outshone the traditional assets in terms of return or overall value. Jessop added:

“Europe is perhaps more supportive and accommodating, That could be just things going on in Europe right now, you got negative interest rates in many countries. Bitcoin may look more attractive because there are other assets that aren’t paying return. These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class.”

At press time, Bitcoin was trading for $9774 with a total market cap of $179.85 billion. After a relatively bullish run over the past week, Bitcoin’s 24-hour trading volume had risen to $22.794 billion. Bitcoin was not the only cryptocurrency that witnessed a decent price action over the past week as Tether rocketed up the charts to become the third-largest cryptocurrency, overtaking XRP.

Splinterlands Makes the Move from Steem to Hive; Shift Comes Right after Tron Acquisition

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The cryptocurrency market is not without its share of disputes over major blockchains having their own clashes and issues. At the center of the latest movement is the Tron Foundation and Splinterlands, the most popular Dapp on the Steem blockchain.

According to recent reports, Splinterlands has moved to Steem ‘s rival blockchain Hive. This move came after Justin Sun had just founded Tron, who had recently acquired Steemit. Splinterlands is one of several Dapps part of an exodus to Steem’s fork blockchain.

The move of the Splinterlands has created quite a ruckus in the Tron blockchain, with several Tronics calling it out. Splinterlands, on their part, were quite ecstatic about the shift and even tweeted “Rejoice Splinterlandians!” Over the last few months, the Dapp has been quite a performer with a daily active wallet count of 4750. Even when the numbers were calculated on June 2, the number of unique wallets rose to 4829.

The trust in the Dapp was enough to show its developers that the community was still with them. Hive,  the fork of Steem has also benefited from migration in many ways. It was seen that on the day Splinterlands moved to the Hive blockchain, a whopping 16 per cent more traffic than Steem was recorded. According to market analysis, Splinterlands has also become the single most popular Dapp on the state of Dapps and DappRadar, two of the most popular Dapp metric counters.

Splinterlands’ announcement read:

“On Monday, June 1st, 2020 the Splinterlands game is planning to switch to the Hive blockchain as the blockchain of record for all game-related transactions. This is a very important transition for the game and not something we take lightly, but we feel that it is necessary to ensure the best possible future for the project and that it is in the best interest of our players and stakeholders.”

Sources from the Dapp made it clear that they did not take any sides within the community and only wanted what was best for the organization as a whole. Officials also reassured users that all Splinterlands assets will be completely safe and unaffected, giving a huge reprieve to all those involved in the project.