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India Achieves “Crypto Spring” Amid New Wave of Exchanges Launching

As the Reserve Bank of India (RBI) was forced to repeal the crypto ban that it had enacted, a boom of new crypto exchanges had […]

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As the Reserve Bank of India (RBI) was forced to repeal the crypto ban that it had enacted, a boom of new crypto exchanges had launched within India. This massive growth offers hope that the country’s lawmakers will be encouraged to maintain the permissive regulatory stance of India.

A Crypto Rush In India

Back in March of this year, the Supreme Court of India officially repealed the ban that the RBI had enacted on crypto businesses. This ban effectively barred all regulated financial institutions from providing banking services to crypto businesses. With the repeal made, the crypto industry was further legitimized, causing overall growth.

In recent times, Tradehorn, an India-based startup, became the latest domestic exchange to launch within the country. Prior to this, the New York-based Coinfund engaged in strategic funding with an Indian derivatives platform: Delta Exchange. Finally, BitPolo went live as well, a fiat-to-crypto exchange within the country.

Big Players Moving In

With the repeal of the RBI ban, a small rush of interest occurred within the global players of the crypto industry. Big names like Binance and OKEx started to launch fiat gateways for the Indian Rupee, and further partnered up with various local exchange platforms, as well.

Tradehorn’s founder and CEO, Rahul Vinakiya, recently spoke to Digpu, a local media outlet. Within this interview, he emphasized his company’s desire to try and create a simplified experience when it comes to trading crypto assets, dedicating his exchange for new players.

Tradehorn Dedicated To Newbies

Vinakiya explained that the Tradehorn exchange was developed to serve novices within the trading industry, who are entirely new to this. The aim is to then spread the awareness of the crypto industry, hailing it as an innovation. In a mildly comical note, Vinakiya explained that his company measured the success of achieving this goal by how easily his uncle would be able to use this.

Tradehorn stands to launch a mobile application shortly, as well. This application will feature a 24-hour support service and is expected to begin by July for both the iOS and the Android.

However, things aren’t all sunshine and roses. Despite the RBI ban repeal in March, many firms have reported that banks are still reluctant to do business. It seems the RBI wasn’t the only one hesitant about crypto.

Even so, the Tradehorn CEO reported that he had made partnerships with multiple banking firms, and predictably praised the Indian Supreme Court’s decision to restore financial services to the crypto industry.

Source: https://insidebitcoins.com/news/india-achieves-crypto-spring-amid-new-wave-of-exchanges-launching

Blockchain

How RUSH is changing cross border payments

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The US dollar is the most common currency used for cross border settlement between various countries and big corporations with the help of the traditional banking system. According to a report by the Balance, 90% of foreign exchanges involve the US dollar. The dominance of the US dollar as a means of global payment has been broken because many cryptocurrencies like Bitcoin are now used for cross border settlements. The solutions offered by other cryptocurrencies still have a lot of challenges like instability, but RUSH is a company that is changing the way cross border payments will be made. 

Become your bank

The main reason why the US dollar dominance for cross border payment is waning is that the US dollar’s power enables the control of all cross border payments by the United States. The problem experienced by centralized authorities is dominance. For example, an amount that should be made between a company in Australia and Slovakia still has to pass through a US bank because the US dollar was used for the transaction. RUSH breaks this dominance with RUSH ERC-20 tokens; RUSH allows hassle-free cross border settlements on the platform; a buyer can meet a seller and settle payments without any central authority. With RUSH, you become your bank.

Payments are fast with low fees compared to the centralized authority. 

Stability is the key.

Many cryptocurrency companies have offered many cross border payment solutions, but one of the major problems encountered is the issue of stability. The prices of cryptocurrencies can change within seconds; a cryptocurrency price can drop by 80% in one hour. There is no company that is willing to take that risk that is why many companies are still using the US dollar for their cross border payments. RUSH provides stability. RUSH tokens are tied to aggregate quarries. Aggregate quarries have real-life uses; it is used in the construction of bridges and railways. RUSH asset-backed tokens ensure that the token is stable, and cross-border transactions can be completed without a drop in the token price. 

The transparency of RUSH assets

Cryptocurrency asset-backed tokens is not a new concept, but there is a way asset-backed tokens have been presented to investors. The tickets are mostly present without the asset backing them. RUSH tokens assets are available for the RUSH token investors to monitor through their dashboard. RUSH quarries are located here. Businesses using RUSH tokens for cross border settlements are not only transferring cryptocurrency, but they are also trading a real-life asset, which makes RUSH tokens more valuable. The company using RUSH tokens for a transaction might decide not to use the value of the assets. They can exchange the tokens for another cryptocurrency through RUSH partner exchanges. The RUSH token is currently available for trading on ProBit exchange.

Images of RUSH quarries

RUSH tokens and fraud detection

One of the most significant characteristics of cross border payment networks is fraud monitoring. A lot of fraudsters use cryptocurrency for cross border transactions. The RUSH team ensures that all transactions are recorded on a public blockchain. Users can report suspicious transactions on the network. The RUSH team will report those transactions to appropriate authorities. 

RUSH tokens security

Security is considered when dealing with cross border transactions. Business owners want to ensure that their funds are safe on the platform and can be transferred easily without any security issues. The RUSH team has hired a team of security experts to ensure that there are no bugs in the codes, and the platform is always secured from hackers.

Conclusion

Cross border payments are moving away from the traditional banking system to the blockchain system. RUSH tokens is a leader in providing cross-border solutions that ensure security, stability, and transparency for cross-border transactions. 

Disclaimer: This is a paid post and should not be considered as news/advice.

Source: https://eng.ambcrypto.com/how-rush-is-changing-cross-border-payments

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LSEG Reports Marginal Increase in Q3 Income

The Group is expecting to close the Refinitiv acquisition by Q1 2021.

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The London Stock Exchange Group (LON:LSE) has published its financials for the third quarter of 2020, ending on September 30, reporting a 2 percent year-on-year income increase.

The Group generated £600 million as income in the quarter, while for the first nine months of the year, the total income remained £1.835 billion, a 6 percent increase year-to-date.

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“The Group delivered a resilient performance in the quarter against a challenging market backdrop while we continue to execute our strategic plans across our business,” LSEG CEO David Schwimmer said on the numbers.

The total revenue for the Group came from three business segments: information services, post-trade, and capital markets. The revenue for the first increased by 1 percent in the quarter to £223 million and up 4% on an organic and constant currency basis.

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Income from post-trades jumped 5 percent to £259 million, while quarterly revenues from the capital markets remained flat compared to the previous year at £102 million.

Proposed Acquisition of Refinitiv Making Progress

Meanwhile, the stock exchange operator is in the middle of its landmark $27 billion acquisition deal of Refinitiv. To receive regulatory clearance for the deal, the Group also agreed to sell Borsa Italiana to Euronext for $5 billion.

The Refinitiv deal is expected to see closure in the first quarter of next year.

“We are making good progress on the highly attractive Refinitiv transaction, having secured further regulatory approvals around the world,” Schwimmer added. “We continue to engage constructively with the European Commission and believe the potential divestment of the Borsa Italiana group will contribute significantly to addressing the EU’s competition concerns.”

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PayPal begins acquisition hunt – starting with BitGo

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Just days after making an announcement that made waves in the crypto space, rumours have emerged that PayPal is looking for crypto companies to buy

This week’s headlines have largely been around PayPal and its latest announcement of providing support for crypto. The excitement resulting from the news saw Bitcoin’s price explode to a 15-month high of $13,250.

PayPal is rumoured to be interested in acquiring crypto custodian BitGo. A report emerging from Bloomberg suggests that BitGo is only one of the crypto firms that PayPal is eyeing. According to those familiar with the discussions, the deal is yet to be finalised.

Bloomberg Businessweek’s host Carol Massar yesterday sent a tweet reading,” *PAYPAL SAID TO BE IN TALKS TO BUY CRYPTO FIRMS INCLUDING BITGO.”

The interest particularly in BitGo is not baseless, as PayPal needs a premium custodian service to handle the crypto features it is introducing. What better option is there than BitGo — one of the oldest institution-oriented platforms that provides clients with customised custodial services?

BitGo was established in 2013 and currently serves several companies in the cryptocurrency sector, including Binance and Nexo. BitGo raised $15 million in a funding round in 2018, secured with the support of Galaxy Digital and Goldman Sachs.

Anonymous sources in the Bloomberg report asserted that PayPal and BitGo will likely conclude the deal in a few weeks’ time. There is also a possibility that the deal might not go through if the parties don’t reach an agreement, in which case PayPal will consider other alternatives.

The crypto community has expressed different reactions to the rumours of PayPal’s potential acquisition. Thorchain’s official Twitter account reacted to the subject with concerns on the decentralization of Wrapped Bitcoin, since the majority of Bitcoin held in the protocol is reserved by BitGo.

A tweet from the account read, “There goes WBTC. The majority of wrapped Bitcoin is custodied by BitGo. PayPal is not a good actor in this space. Position accordingly.”

Source: https://coinjournal.net/news/paypal-begins-acquisition-hunt-starting-with-bitgo/

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