Tag: Cryptocurrency

Data Startup Wants to Rank Every Cryptocurrency Product From Media to Wallets

Crypto Bit News Staff

Cryptocurrency data startup Nomics, in partnership with Nexo, is introducing algorithmic rankings of crypto wallets, lenders, custodians, tax services and over-the-counter desks. The plan is to eventually extend these rankings to every crypto product category, including media outlets. According to Nomics CEO Clay Collins, the same algorithm is applied to all categories without any manual intervention, which should make the rankings more objective. Each entity receives a reputation score based on social media activity and site links. The exact recipe is not disclosed in order to prevent manipulation. Unexpected results…

How Cryptocurrency Funds Work

Crypto Bit News Staff

Cryptocurrency funds are a new type of investment vehicle that parallels traditional portfolio investments, like hedge funds, but are composed entirely out of digital assets. Because of this, they play by slightly different rules than their legacy counterparts. Knowing how they differ and where to get involved is key for those who want to jump into this intriguing new world, so we’ve outlined the main points in this helpful guide. What are cryptocurrency funds? The term “cryptocurrency fund” refers to a portfolio containing a variety of different digital assets and…

Cryptocurrency News From Japan: June 21

Crypto Bit News Staff

This week’s headlines from Japan included SBI announcing a digital asset investment fund, Bitflyer Holdings using blockchain for shareholder meeting voting, Japan’s Financial Services Agency warning two unregistered crypto exchanges, a Japanese digital asset exchange self-regulatory group changing chairmen, and Coincheck announcing launch details for its digital shareholder meeting platform.  Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. SBI unveils a crypto investment fund As an option for individual participants, Japanese financial services entity SBI Holdings expects to form and open Japan’s first…

Financial Inclusion, Cryptocurrency and the Developing World

Crypto Bit News Staff

Beyond rapidly changing how we create, store and transfer value, cryptocurrencies are accelerating financial inclusion in a way that traditional financial institutions have either been unwilling or unable to. Yet crypto’s possibilities go way beyond banking the unbanked. It allows developing nations and those without access to financial services to avoid the bank completely and transact and grow small businesses using just a mobile phone. Why financial inclusion is so important Even today, almost 2 billion people around the world have no access to financial services. That’s approximately one-fourth of…

Cryptocurrency News From Japan: June 14

Crypto Bit News Staff

This week’s headlines from Japan included research company Xangle releasing a report on Japanese crypto regulation, Binance supporting Japan’s language but not its residents, SBI Holdings turning gift certificates digital with blockchain, and Nomura Holdings opening a crypto custody service with Ledger and Coinshares.  Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. Research outfit details Japanese crypto regulation A new report surfaced last week from research outfit Xangle regarding Japanese digital asset regulation. Citing multiple examples of already-approved assets listed on exchanges, the…

UNICEF Cryptocurrency Fund Makes Its Largest-Ever Investment

Crypto Bit News Staff

Today eight technology companies from seven different emergent economies will receive an investment of Ethereum cryptocurrency from the UNICEF Cryptocurrency Fund. UNICEF’s crypto-enabled investment vehicle has given these companies 125 ETH, worth approximately $28,600, to use in scaling or prototyping their respective technologies over the next six months. Companies receiving this investment have already received as much as $100,000 in fiat currency from UNICEF’s Innovation Fund. One such company, Afinidata, offers educational content to parents with young children. Another one, Cireha, builds communication systems for children with speech or language…

How Cryptocurrency Can Help in Paying Universal Basic Income

Crypto Bit News Staff

Due to the crisis caused by COVID-19, millions of people have lost all or part of their income. To support them, governments have been giving out money to victims. Is it possible to make this practice permanent? And if so, why will we need state digital currencies? The COVID-19 pandemic has forced the United States, Canada, Japan, Russia and many other countries to print large budget reserves and to start helping people with direct cash payments. Such measures have, again, led the world to talk about the idea of an…

South Korea’s Finance Minister Confirms Plan to Tax Cryptocurrency

Crypto Bit News Staff

The South Korean Finance Minister, Hong Nam-Ki, announced plans to impose a tax on cryptocurrency, while speaking to the parliamentary finance committee on June 17. According to a report from local news outlet, Korea JoongAng Daily, the ministry will reveal further details of the plan next month. Hong told the committee that the government: “Has continued to realign its tax system to reflect changes in market conditions, but it is especially working to refine its list of taxable items and types of tax this year.” Previous crypto tax proposals As…

Forex vs. Cryptocurrency Trading, Explained

Crypto Bit News Staff

Despite many similarities, key differences between these markets remain. One of the largest is the nature of OTC trading versus using exchanges but also how these markets respond differently to global economic pressures. You’ve likely already picked up on many of these differences, and a major one is the nature of exchanges versus OTC trading. OTC trading offers global liquidity, but trades often must be facilitated by a broker, as mentioned before. It is possible to get an account that gives direct access to the market, but this is highly…

Institutional Trading and Cryptocurrency Industry

Crypto Bit News Staff

A growing number of indicators suggest that institutional players are continuing to enter the digital asset markets, which have been dominated to date by high-net-worth individuals and actively trading crypto enthusiasts. Case in point: Crypto markets are seeing all-time highs in futures contracts’ open interest at entities such as the Chicago Mercantile Exchange. Widely known as one of the world’s largest financial derivatives exchanges, the CME enables sophisticated traders to trade in asset classes such as agricultural products, energy, metals and crypto futures and options. Traders on the CME are…