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US-Based Traders Dominate Crypto Trading, More Than Next 5 Countries Combined
The United States has long been one of the world’s most important economies, having a massive influence on the overall global economy and often helps to shape economic policy all over the world. It’s no surprise that the the country dominates the Bitcoin and overall crypto market similar to how it does other financial markets.
A new report on the global distribution of crypto traders based on exchange traffic shows that not only the United States as the dominant country in all of crypto trading, it has more crypto traders than the next five ranked countries behind it combined.
Bitcoin Traders Across the Globe: United States Leads the Crypto Charge
In a new published report by cryptocurrency and blockchain analytics firm Datalight, the company has revealed the results of a detailed analysis on the global distribution of Bitcoin and altcoin traders by country. The research looked at website traffic from “the 100 most popular crypto exchanges” to determine the rankings.
The report reveals, “as expected” the United States leads crypto trading “by a long distance.” Bitcoin and other altcoin traders in the country account for over 22 million visits per month.
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Following behind the US is another one of the world’s most important economies, with Japan being home to over 6 million monthly crypto traders. Japan has also been home to a number of hacks over the course of the last couple years, and the abundance of crypto traders in the country may be part of the reason.
![](https://www.newsbtc.com/wp-content/uploads/2019/04/i2oubyozm6v21-742x1100.png)
Image courtesy of Datalight
In third is Korea, home of Samsung and other tech-forward companies that have recently warmed up to the crypto space. Korea is also home to many cryptocurrency projects, such as ICON (ICX).
The UK follows in 4th place, with just under 4 million monthly crypto traders. Russian and Brazil ranked 5th and 6th respectively, with both garnering just 3.1 million monthly crypto traders each.
The United States and its 22.26 million monthly crypto traders amounts to more active traders each month than Japan, Korea, the UK, Russia, and Brazil combined, showing what a dominant economy the United States is.
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China is large missing from the list, despite being an economic superpower and having a massive population. China tightly controls the way its citizens interact with the internet, and hasn’t been welcoming to the new financial technology and asset class, which could be why the country is absent from the data.
The remainder of the top 20 countries by monthly crypto traders all have roughly 1-2 million monthly users.
The amount of crypto traders in the United States suggests that roughly 6.7% of the country’s population is actively trading cryptocurrencies, according to the data.
Featured image from Shutterstock
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Analyst Predicted Countries to Create Pro Crypto Economic Zones in 2018, Rapid Progress
Nine months ago, prominent crypto analyst Nic Carter made a bold prediction that in less than a year, at least one “nation state” would announce the creation of a Special Crypto-Economic Zone.
Today, Carter’s prediction rings true with a number of countries such as the Philippines, South Korea, and Thailand are working to create an environment where crypto and blockchain businesses can flourish.
Introduction of Pro-Crypto Economic Zones Progressing Rapidly
Coinmetrics co-founder and partner at Castle Island Ventures, Nic Carter, is an expert and analyst focusing on cryptocurrency fundamentals. In April 2018 Carter made a lofty prediction that within the next twelve months, a nation state would have created the first-ever Special Crypto-Economic Zone.
Not only was Carter’s prediction correct, far more progress has been made than even he anticipated.
Probably less than 12 months until a nation state announces a Special Crypto-Economic Zone
— nic carter (@nic__carter) April 13, 2018
Special Economic Zones have long been a practice of countries seeking to bring new business, growth, and innovation within their borders, by creating a geographically-limited area that has unique economic rulesets that differ from the rest of the region. Oftentimes, trade laws, tax breaks, lax regulations and more are offered as a way to lure companies and thus job growth to their countries, which also drives revenue and brings positive attention to the region.
Crypto and blockchain startups often struggle due to limited cash flow, strict regulatory climate, and more, which can throttle innovation across the industry. They often face an uphill battle that’s only become more complicated as the bear market continues.
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In the Philippines, for example, more than two dozen cryptocurrency exchange licenses were issued by the Cagayan Economic Zone Authority, offering economic benefits that include tax exemptions and more. However, these tax exemptions and other benefits are geographically-restricted to the Cagayan Special Economic Zone.
South Korea is also hoping to encourage the growth of the blockchain and crypto industry within its borders. Jung Byung-guk of South Korea’s Bareunmirae Party proposed a “regulation-free blockchain and cryptocurrency special zone,” late last year.
Elsewhere in the country, Won Hee-ryong, Governor of the South Korean island of Jeju, sees blockchain as “an opportunity for Korea to take the lead in global internet platform [development].” An official for the Jeju government explained that the country is “currently in the process of a reshuffle to create a department dedicated to developing the blockchain industry on the island,” suggesting that the island will soon become a hub for crypto businesses in the near future.
Thailand is yet another Asian country with welcoming crypto policy and is working toward becoming a crypto haven. It’s caused the country’s Securities and Exchange Commission to experience a surge in applications from cryptocurrency exchanges seeking to become licensed in the region.
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Once the rest of the global community realizes the edge that these countries are giving crypto and blockchain businesses, and the innovation and value these firms generate, even more countries should follow suit and begin creating a more encouraging environment through pro-crypto economic zones.
Featured image from Shutterstock
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Blockchain Will Be Brought Onto Satellites by Cryptocurrency Exchange to Help Adoption in Developing Countries
A new cryptocurrency exchange has partnered with a satellite operator to give blockchain access to people without the internet in developing countries.
Supreme Global Holdings (SGH) has launched a new cryptocurrency exchange, SupremeCrypX and is partnering it with its satellite operator company SupremeSAT. The objective of this partnership is to provide access to cryptocurrencies — and the ability to mine them — to people without access to the internet.
SupremeSAT is the first and only Sri Lankan satellite operator, and they already have multiple satellites and teleport assets globally. According to SupremeSAT’s chairman, the company will also grant SupremeCrypX the permission to use their ground stations as data centers to establish mining operations which will back its “Supreme Coin.”
Also, the company has plans to not only list but also develop its own asset-backed stablecoins within a limited amount of time, with the funds obtained through mining. This plan — if Rafael Cosma and Vitalik Buterin are right — is in line with the declared objective of the exchange, which is to “strive towards ensuring sustainable and regulated growth of cryptocurrencies for the greater good of mankind.”
Rafael Cosma, CEO of Trust Token, declared that stablecoins “are one of the keys to bringing the benefits of cryptocurrencies to everyday people.” Vitalik Buterin, Ethereum’s co-founder, said that “perhaps the time is ripe for stable-currency or multi-currency systems to take over.”
The exchange intends to offer a range of services such as virtual cards that provide an easy way to spend cryptocurrencies, blockchain-based products, and a fiat currency exchange. Moreover, SupremeCrypX declared that it is working towards “ensuring sustainable and regulated growth of cryptocurrencies for the greater good of mankind.”
The exchange will be based out of Malta. According to the chairman, Ramasamy Muthusamy Manivannan, this grants it “the reassurance of operating under a regulated jurisdiction.” Manivannan announced that the company plans to “join hands with the forward-thinking Maltese government to promote cryptocurrency usage in the world.”
The Maltese government has been acclaimed as the world’s cryptocurrency capital after its parliament passed three bills which grant its jurisdiction clarity, without equals anywhere else in the world when it comes to cryptocurrencies.
The focus on advanced and upcoming technology — and the problems it brings with it — have been demonstrated by the local government, also in the way it deals with artificial intelligence (AI).
The Maltese government reportedly aims to “explore a citizenship test for robots in the process of drafting new regulation for AI.” The ground for these tests is being laid in the form of a collaboration with decentralized AI services marketplace SingularityNET and a friendly regulatory environment.
Supreme Global Holdings is described on the SupremeCrypX website as a “diversified global enterprise with interests in multiple sectors,” while the SGH website claims that it is a “leading player in South Asia’s Commodity Trading, Shipping industry and an investor with [a] primary focus on emerging markets.”
According to R.M. Manivannan, SupremeCrypX also intends to help cryptocurrency adoption by granting free fractions of Bitcoin to its registered users.
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Ethereum Adoption in Developing Countries Rising Exponentially: Lubin
Ethereum has been one of the worst performing cryptocurrencies this year. But, as a technology, the project is going places.
Joseph Lubin, the co-founder of the Ethereum project, recently stated about how the Ethereum blockchain ecosystem is gradually improving the financial and technological infrastructures of many developing nations. The Canadian entrepreneur, also known for founding ConsenSys, a Brooklyn-based software-production studio, named Chile and Philippines as their prime adopters.
Chile, for instance, employs Ethereum’s proof-of-work blockchain to track energy data. Their National Energy Commission stated in April that the reason why they chose Ethereum was for its ability to “augment levels of security, integrity, traceability, and confidence in the information available to the public.” The Energy Ministry wing also appreciated Ethereum for protecting data from hacking and manipulation.
The Philippines, on the other hand, witnessed their banking giant Union Bank partnering with Lubin’s ConsenSys to develop Ethereum-based banking solutions for the country’s rural sector. The project saw its beginning at a time when 77% of the Filipinos remain unbanked, according to a survey conducted by the Bangko Sentral ng Pilipinas, Philippine’s central bank. Justo Ortiz, the chairman of UnionBank, said that Ethereum’s blockchain technology would help them “crack the hole of financial inclusivity.”
Developing nations are employing blockchain tech to leapfrog outdated financial systems.
-The Philippines is connecting rural banks via a crypto-cash payment system
-Chile is using #Ethereum to track energy data
-Cryptoassets are protecting millions against hyperinflation— Joseph Lubin (@ethereumJoseph) December 1, 2018
In another event from the Philippines, the government decided to offer Manila residents rewards in Ethereum tokens Ether for cleaning up their polluted beaches.
Protection against Hyperinflation
Lubin also noted the potential of crypto-assets like Ether, in general, to protect people against hyperinflation. The term refers to extremely rapid price inflation – especially when the value of a fiat currency drops 50% every month against the US Dollar, a universal fiat reserve. The direct impact of hyperinflation is on the citizens of the countries who now have to pay more money to pay for the same commodity.
Zimbabwe, for instance, had abandoned their local currency after years of hyperinflation which at one point reached 500,000,000,000%.
Crypto-assets like Bitcoin, Ethereum and Dash, have jumped at the opportunities to aid these hyperinflated economies lately. These crypto-assets are ideal because 1) they are not controlled by any government or central bank, and 2) they can be minted at home and then be exchanged or used as currency in the mainstream.
Venezuela has become the prime example of an economy-gone-bad-and-tuned-to-cryptocurrencies-for-solace. Their hyperinflation began in November 2016, the highest in the world and the country’s history. Their hyperinflation status this year has reached 833,997% already, according to details available at Wikipedia.
The Venezuelans, meanwhile, switched to crypto solutions to indicate the abandoning of their national Bolivar altogether. Dash, for instance, launched itself at the country’s paralyzed economy and got adopted firsthand by its merchants and people. The crypto project has now launched a payment service in the region, finding customers even in global brands like Subway and Calvin Klein.
The blockchain technology is gradually becoming a go-to technology when it comes to solving financial and technological issues of economically-deprived nations.
“Blockchain is more than a market. It’s a movement,” wrote Lubin. “Blockchains are solving real-world problems. Governments get it.”
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