Seed CX Shuts its Exchange to Focus on Settlements

U.S.-based crypto exchange Seed CX has announced it is shutting down to focus on its settlement infrastructure. U.S.-based crypto exchange Seed CX is shutting down to focus on its settlement infrastructure.  According to a Seed CX company blog posted June 11 by CEO Edward Woodford, its settlement arm Zero Hash now accounts for 95% of the company’s revenue. “As we begin to look beyond just profitability to realizing our ambition of becoming the leading digital asset settlement infrastructure, we have to become more focused,” wrote Woodford. “Candidly, offering an exchange…

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Tiny Tax Haven Accounts for $36B of Cross-Border BTC Transactions

Seychelles-based exchanges moved $36 billion worth of Bitcoin across international borders in 2019. Seychelles-based exchanges led the world in cross-border Bitcoin (BTC) transactions in 2019. What Switzerland is to the world of watchmaking, Seychelles is to the world of crypto exchanges. The small island nation with a total population of less than 100,000, presents a perfect playground for the enterprises that are looking for a place that allows them to optimize their tax liabilities with regulators who operate with a light touch. U.S. comes in second The report by Crystal…

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Ethereum incident caused $ 2.6 million Transaction fees

On June 10, an unknown Ethereum user sent $ 130 worth of ether. What looks like a typical transfer resulted in transaction fees of 10,668 ether. That corresponds to the equivalent of $ 2.6 million. The user currently has 32,000 ether worth almost eight million US dollars on his address. This incident caused ongoing conversation and confusion in the community. A presumption suggested that it was a form of money laundering that the perpetrator could claim to be a mistake. Other users assume that the horrendous gas fee is due to a system error in the…

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Celsius Network Sells Two-Thirds of $15m Equity Offering on First Day

The popular DeFi app Celsius Network has publicly launched a $15 million equity offering, selling out over two-thirds of its target in less than six hours. Pioneering decentralized finance (DeFi) application Celsius Network has launched an equity offering through Bnktothefuture. As of this writing, the campaign has raised over $10.7 million of the $15 million maximum, and has surpassed its minimum investment goal of $10.5 million.  Thirty-nine investors have participated so far, with 44 days remaining on the raise. The minimum investment in Celsius’ equity fundraising round is $1,000. The…

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A Tumultuous Love Affair With a Bitcoin Millionaire Ends Badly

An Australian court indicted a 23-year-old woman with charges tied with her relationship with an unnamed Bitcoin millionaire. A story about a young woman’s relationship with a Bitcoin (BTC) millionaire is making headlines in Australian media. It’s a tale of love, drugs and crime, ending in a court case in the Maroochydore District Court in Queensland. As reported by the Sunshine Coast Daily, 23-year-old Kaori Celine Nakase pleaded guilty on Wednesday to two counts of perverting the course of justice, two counts of possession of property suspected of being the product…

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India’s ‘Crypto Spring’ as Wave of New Exchanges Launch

Tradehorn has become the latest startup to launch a cryptocurrency exchange in India after the Supreme Court repealed the Reserve Bank’s ban. The repeal of the Reserve Bank of India’s (RBI) crypto ban has driven a boom in exchanges launching in India, offering hope that the growth of a robust local industry will incentivize lawmakers to maintain India’s permissive regulatory apparatus. In March, India’s Supreme Court repealed the Reserve Bank of India’s (RBI) ban on financial institutions providing banking service to businesses operating with virtual currencies — legitimizing India’s cryptocurrency…

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Here’s Why Ethereum Is a Poor Investment According to Fund Managers

The past few months have seen investment demand for Ethereum increase strongly. Nothing shows this as well as Grayscale’s Ethereum Trust, a regulated and publicly-tradable investment vehicle that is backed by ETH. A share of the trust, which corresponds with 0.094 ETH, reached a value of $239.50 last week on secondary markets. This means that investors in the shares were buying exposure to the cryptocurrency at a 1,000% premium. Yet fund managers in the cryptocurrency space recently came out with a report debunking the Ethereum investment case. Ethereum Is Not…

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Gemini Appoints New Asia-Pacific MD, Sets Sights on Singapore Expansion

The Winklevoss twins’ crypto exchange continues its global expansion with the appointment of a Managing Director for the Asia-Pacific region. The Gemini cryptocurrency exchange is expanding further into Asia with the appointment of former Leonteq Asia CEO Jeremy Ng as Managing Director of Asia Pacific region. The move sets the Winklevoss twins’ exchange up to apply for a license under Singapore’s 2019 Payment Services Act, which requires at least one director to be a Singapore citizen or permanent resident. Ng will oversee the overall strategy and build a team in…

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500 Estonian Crypto Companies Lose Permits After $220B Scandal

Estonia is withdrawing permits from hundreds of crypto companies following Europe’s biggest money laundering scandal. Estonia, one of the European Union’s most crypto-friendly countries, is cracking down on hundreds of licensed crypto companies in response to a $220 billion money laundering scandal, according to Bloomberg.  Estonia was among the first EU countries to license crypto companies but has been forced to clamp down after hundreds of billions of dollars of dirty money was detected in the Estonian unit of Denmark’s largest lender Danske Bank A/S. It’s put the country at…

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When Crypto Titans Clash: The DeFi Debate Is On for Blockdown Next Week

Rune Christensen and Alex Mashinsky will debate the merits of DeFi and CeFi. In the clash of ideas between centralized and decentralized finance, is one better than the other, or do they both need each other? The latest months of global quarantine have been nothing less than a renaissance for online events across spheres. This has been especially true for the technologically adept blockchain community. While crypto crews have been sailing from one event to another, the next big virtual conference on everyone’s calendar is Blockdown 2020. And the Blockdown…

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