Ledger Live has announced a strategic partnership with Crypto.com Pay to integrate its on-ramp digital payments technology into Ledger’s software. This integration will enable Ledger Live app users to conveniently purchase over 300 cryptocurrencies using the Crypto.com Pay On-ramp payment gateway. The new feature, which offers a fast checkout experience for verified customers to buy […]
Bitcoin News
Crypto.com CEO: Bitcoin Price Dip Likely After Halving but ‘Great Performance’ Within 6 Months
The chief executive of Crypto.com has warned of some selling coming up as we approach the Bitcoin halving, citing the “buy the rumor, sell the news” strategy. Noting that what’s happening in the bitcoin market currently resembles previous cycles, he stressed: “I personally expect great performance within the next six months.” ‘There May Be Some […]
Bitcoin News
Crypto.com Expands Into South Korean Crypto Market
Cryptocurrency trading platform Crypto.com is entering the South Korean crypto market with its app launch. “We spent significant time and resources tailoring our offering for this market and are honored to be the first and largest global cryptocurrency exchange to launch in South Korea,” said an executive of the crypto firm. ‘The First Product We […]
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Crypto.com Partners BTG Pactual to Expand Latam’s Crypto Reach
Crypto.com, a Singapore-based cryptocurrency exchange, partnered with BTG Pactual, Latam’s largest investment bank, to expand the access of Latam’s traditional customers to crypto services. The team-up entails listing BTG Dol, BTG Pactual’s dollar-pegged stablecoin, in Crypto.com’s platform, and its promotion in several significant trading pairs with bitcoin and ethereum. Crypto.com to List BTG Pactual-Issued Dollar […]
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Crypto.com Acquires License In Dubai As Cronos (CRO) Price Slips
Crypto.com achieves yet another milestone with its recently acquired license from Dubai’s regulatory authority to offer services in the country by Dubai’s arm CRO DAX Middle East FZE.
Significance of Crypto.com Recent License
According to the announcement, Crypto.com Dubai’s entity acquired the coveted Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a major step for the firm as it aims to extend its services worldwide.
The recently acquired VASP license will enable the firm to completely satisfy selected conditions and localization requirements outlined by VARA. In addition, it will allow the firm to launch operations, upon receiving operational approval notice from the regulatory body.
Furthermore, it will enable the firm to offer regulated virtual asset service activities in the country. These include exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services are accessible to retail and institutional users in the market through the Crypto.com Exchange and Crypto.com App.
The announcement also saw the company highlighting Dubai as its regional hub for the Middle East and Africa. According to Crypto.com CEO Kris Marszalek, Dubai is one of the top markets for creating effective regulation for the crypto space.
“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” the CEO stated.
Since VARA released its specialized regulations for virtual assets in February 2023, Crypto.com has been working to be among the first virtual asset exchanges to operationalize its VASP Licence. Finally, the firm’s aim has been realized.
“It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA,” Kris stated.
The VASP license is one of the notable licenses acquired by the company this year. In March, Crypto.com also acquired an MVP Preparatory Licence from the Dubai regulatory authority.
Latest License Might Propel Cronos (CRO) Price
Over the past weeks, Cronos (CRO) has been seen as one of the best-performing coins. CRO experienced an impressive 57% price surge within the seven-day timeframe reaching the .1 mark.
The token outclassed some major cryptocurrencies in the top 100 ranking over the weekend. However, the crypto asset seems to have lost its momentum, as it fell from .1 to .088. According to CoinMarketCap, CRO is currently down by over 5% in the past 24 hours.
Related Reading: Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cronos (CRO) – The Best Cheap Cryptos to Buy Now
So far, Crypto.com’s recent milestones have not had any current impact on CRO. Nonetheless, as the native token of Crypto.com, the license could spark larger adoption for CRO, which might help CRO regain its momentum.
Paypal Selects Crypto.com as ‘Preferred Exchange’ for PYUSD Stablecoin
Paypal has chosen Crypto.com as the “preferred exchange” for its recently launched stablecoin issued by the blockchain company Paxos. The partnership with the trading platform seeks to prop the U.S. dollar-pegged cryptocurrency which has already listed the coin and provides liquidity for its market.
Crypto.com Joins Payments Giant Paypal and Fintech Firm Paxos to ‘Further Enable Paypal USD’
Crypto.com announced a partnership with Paypal that aims to establish the digital assets exchange as the preferred trading platform for the online payment provider’s new paypal usd (PYUSD) stablecoin. In a press release, the crypto firm highlighted it has already listed the new currency and is currently the exchange with the deepest liquidity for its trading pairs.
Paypal introduced the stablecoin in early August with the stated goal to eventually making it an integral part of its payments infrastructure. PYUSD is issued by the New York-based Paxos Trust Company on the Ethereum blockchain and is reportedly redeemable 1:1 for U.S. dollars, backed by dollar deposits, short-term Treasury securities, and comparable assets.
“PayPal has been a true pioneer in the digital commerce evolution and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier,” said Crypto.com’s Senior Vice President and Head of Payment Partnerships Joe Anzures. He elaborated:
Connecting our more than 80 million users to the latest crypto innovations, as well as supporting Paypal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.
The partnership expands the integration between the financial giant and the crypto exchange which offers users of its Visa Card the option to top it up with Paypal. Furthermore, PYUSD deposits are already available to Crypto.com retail users via the platform’s app and the exchange promises trading features in the near future.
PYUSD isn’t Paypal’s only initiative in the crypto space. Last year, the payment processor allowed users to send and receive popular cryptocurrencies like bitcoin and ether. Media reports unveiled that the company has filed a patent application for a non-fungible token (NFT) marketplace this year. Earlier this month, Paypal announced it’s introducing on- and off-ramps to facilitate crypto payments for Web3 platforms such as digital wallets and decentralized apps.
Do you expect Paypal to dive even deeper into the crypto space? Tell us in the comments section below.
Crypto․com Granted Registration Approval in the Netherlands
Digital asset exchange Crypto․com has been approved for registration as a crypto service provider in the Netherlands. The regulatory nod comes after a review of its business operations and compliance with the Dutch anti-money laundering legislation, the company pointed out.
Trading Platform Crypto․com Adds Another Regulatory Approval in Europe
Cryptocurrency exchange Crypto․com has secured an approval for registration with the Dutch central bank as a provider of crypto services in the Netherlands. The confirmation follows a comprehensive review of its compliance with the country’s Money Laundering and Terrorist Financing (Prevention) Act, the company noted in a press release.
Crypto․com’s CEO Kris Marszalek described the registration approval from De Nederlandsche Bank (DNB) as a significant milestone for the company’s business and a testament to its commitment to compliance. He was also quoted as stating:
Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com.
Marszalek further emphasized that the exchange looks forward to continuing to work with the DNB and other regulators around the world. With the Dutch registration, the trading platform adds another approval from authorities in Europe amid increased regulatory uncertainty and scrutiny for the industry in many jurisdictions.
The Singapore-based crypto exchange has already obtained its license as a Major Payment Institution (MPI) for digital token payments, e-money issuance, account issuance, and cross-border and domestic money transfer services from the city-state’s monetary authority. It has registrations and authorizations in the U.S., Australia, Dubai, and South Korea.
On the Old Continent, Crypto․com has received registration as a Digital Asset Service Provider (DASP) from the Financial Markets Authority (AMF) of France and registration approval as a crypto asset business from the U.K.’s Financial Conduct Authority (FCA). The crypto firm is registered as a Virtual Asset Service Provider (VASP) in Spain as well and has registrations in Italy, Greece and Cyprus.
Crypto․com’s approval in the Netherlands comes after the decision of to pull out of the Dutch market after failing to obtain registration as a crypto service provider. Sayings it wants to focus on fewer regulated entities in Europe, the world’s largest exchange for digital assets also applied for deregistration in Cyprus, canceled its U.K. authorization, and withdrew its license applications in Germany and Austria. In the past months, Binance has been under increased pressure from regulators around the world.
The EU is yet to implement its package of comprehensive regulations for the sector, the Markets in Crypto Assets (MiCA) law. A provisional agreement on the legislation was reached in June 2022, EU lawmakers voted to approve it in April of this year and the EU Council adopted the new rules in May. However, their Union-wide implementation is expected to take another 18 months.
What future do you see for cryptocurrency exchanges operating in Europe? Share your thoughts on the subject in the comments section below.
Singapore’s Crypto.com to Halt US Institutional Division Citing ‘Limited Demand’
Singapore-based cryptocurrency exchange Crypto.com announced that it intends to halt services for institutional traders in the United States on June 21, 2023. The exchange cited “limited demand” as the reason for suspending its institutional offering.
Crypto.com to Cease U.S. Institutional Services on June 21
Crypto.com, the Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will cease its institutional offering in the United States. The exchange stated that it will close its U.S. institutional services on June 21 and emphasized that all institutional partners have been notified.
The announcement, as seen by Bitcoin.com News, emphasized that Crypto.com’s retail clients need not worry, as the firm’s retail services are completely unaffected by the transition. Crypto.com cited “limited demand” in the country’s “current market landscape” as the reason for the move. The decision by Crypto.com comes in the wake of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
A spokesperson from Crypto.com spoke to ESPN and assured the media firm’s staff reporter, Dave McMenamin, that the recent decision would not impact the naming rights for Crypto.com Arena in Los Angeles. “We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate,” Crypto.com informed ESPN.
Crypto.com emphasized the potential for its U.S. institutional division to make a comeback. The day before, the company forged a partnership with Coinroutes to “enhance institutional access to liquidity within the digital assets market.” Prior to that, Crypto.com obtained a major payment institution license from the Monetary Authority of Singapore (MAS).
What are your thoughts on Crypto.com’s decision to suspend its institutional services in the U.S.? Share your thoughts and opinions about this subject in the comments section below.
Crypto.com Unveils Amy: An AI-Powered Companion for Crypto Enthusiasts
This year, the world has witnessed a surge in the popularity of artificial intelligence (AI) software, with a plethora of cutting-edge platforms such as Openai’s Chatgpt 3.5, Chatgpt 4.0, DALL-E, Stable Diffusion, and other innovative tools like Midjourney and Google’s Bard taking the internet by storm. Amidst this technological revolution, Crypto.com’s CEO Kris Marszalek recently hosted an ask-me-anything (AMA) discussion, where he unveiled the exchange’s latest offering — an AI-powered user companion named Amy.
Crypto Education Goes High-Tech With Amy, Crypto.com’s Latest AI Offering
Crypto.com’s new chatbot, Amy, has been designed to assist users in their quest to learn more about the crypto industry, providing them with information on various crypto assets and projects. With its AI capabilities, Amy can offer users “near real-time information” on the latest developments in the crypto world, as well as insights into historical events that have shaped the industry. From blockchain technology to price listings, the firm says Amy is well-versed in all aspects of the crypto landscape, making it a resource for anyone seeking to expand their knowledge in this field.
The company stated that Amy is based on ChatGPT from OpenAI, but Amy is specifically designed for cryptocurrency and blockchain information. Currently, Crypto.com has launched Amy as a pilot in its beta phase, and select users who leverage a crypto.com/price account will be permitted to access the AI-powered chatbot. “Access to Amy will be steadily scaled to more Crypto.com users over the coming weeks,” the company disclosed. “Crypto.com will also introduce Amy to additional Crypto.com experiences over time, including within the Crypto.com App.”
Crypto.com is not the only digital currency business to develop an AI product. On March 1, 2023, Binance unveiled an AI-infused non-fungible token (NFT) art platform named Bicasso. The platform conducted a limited run of 10,000 mints and then closed the software to general users, and there is now a waitlist to join. In its Tuesday announcement, Crypto.com specified that Amy “does not provide financial or investment advice.” The company also stated that “learnings from this pilot will be applied to Amy’s continued rollout, as well as future AI-powered projects from Crypto.com.”
“Building the ecosystem has been a priority focus for Crypto.com from the start,” Marszalek remarked. “We double downed on our commitments to building and responsible innovation, and Amy is the latest example of our incredible momentum.”
What do you think about the rise of AI-powered tools in the cryptocurrency industry? Let us know your thoughts in the comments section below.
Shiba Inu Sees Outflow Of $270 Million From Crypto.com, Bullish Sign?
Data shows Shiba Inu worth about 0 million has exited the wallets of Crypto.com, something that may turn out to be bullish for the meme coin.
Massive Amount Of Shiba Inu Has Exited Crypto.com
As per data from the cryptocurrency transaction tracker service Whale Alert, six large SHIB transfers have been spotted on the Ethereum blockchain during the last few hours.
Strangely, all these transactions saw the same amount of coins move across the network: 4,156,580,418,372 SHIB. These transfers also occurred close to each other, but a minor time gap nonetheless existed between them.
Although the transactions may have each involved an equal number of coins, their USD values (at the time they were executed) weren’t the same because of this small time difference, during which the SHIB price saw fluctuations.
On average, these transfers saw the movement of SHIB worth about million, which is quite a significant amount. There are only two entities in the market that can make transactions so large: whales and exchanges.
The former’s movements can be something to watch out for, as they may have a noticeable influence on the market. The latter, however, often have no effect on the price as they are usually internal exchange wallet transactions.
Now, here are some additional details about the first large SHIB transfer that took place today, which may reveal more about its purpose:
As you can see above, the sending address in the case of this Shiba Inu transaction was a wallet attached to the cryptocurrency exchange Crypto.com, while the receiving address was an unknown address.
Unknown addresses are generally addresses that are unaffiliated with any known centralized platform, meaning that they are likely to be investors’ personal wallets.
Similar to this, the other five transactions observed today also had coins move between Crypto.com and an unknown address. In fact, the sending and receiving wallets involved in all six of the transfers were the exact same, suggesting that the same entity was behind them all.
Such transactions, where coins move from an exchange to an unknown address, are called “exchange outflows.” Usually, investors make outflows when they want to hold onto their SHIB stacks for an extended period of time.
This suggests that if a whale was truly behind this transfer, then the price of Shiba Inu could feel a bullish effect from this as it would imply strong accumulation from the holder.
However, since the total sum involved here is about 0 million and the amount moved in such a short duration of time, the transactions being made by Crypto.com itself are also a valid possibility.
In the scenario that these transfers were made by the exchange itself, SHIB would either see no consequences from this or a bearish effect, depending on whether the platform is offloading these coins or not.
SHIB Price
At the time of writing, Shiba Inu is trading around .00001076, up 2% in the last week.