Zář 21

Brazil Investment CEO On Bitcoin Exchange Launch: ‘I’d Rather Crypto Didn’t Exist’

XP Group, owner of the largest investment firm in Brazil, XP Investimentos, confirmed it would launch a cryptocurrency exchange this week – despite its CEO saying he wished it “didn’t exist.”


Benchimol: ‘We Felt Obligated’

As Bloomberg reports quoting Guilherme Benchimol at an event in Sao Paulo, XP will finally give in to investor demand and begin a Bitcoin and Ethereum trading operation after six months of rumors.

“I must confess, this is a theme I’d rather didn’t exist, but it does,” the publication reports him as saying.

We felt obligated to start advancing in this market.

Like many South American markets, Brazil has seen a palpable uptick in Bitcoin 00 trading activity. While its figures do not match those of markets such as Chile, Argentina and Venezuela, weekly volumes for P2P platform Localbitcoins alone regularly top 1.5 million reals ($367,000).

XP Investimentos had been planning its entry into the market since at least April, insiders telling the press at the time a crypto trading platform was incoming. The company registered an entity called XP COIN INTERMEDIACAO in August last year.

The final product will go by the name of XDEX – perhaps a nod to the decentralized exchange phenomenon – and involve a team of around 40, Bloomberg adds.

Bitcoiners Bite Back Against Banks

Brazil’s extant exchange and wider cryptocurrency business sector is meanwhile struggling with an increasingly hostile landscape involving banks.

Similar to complaints in Poland in recent months, a government agency is now investigating claims that those businesses are subject to account shutdowns by institutions which would rather not deal in crypto-related transactions.

“…It does not seem reasonable for banks to apply restrictive measures a priori on a straight-line basis to all cryptocurrency companies, without examining the level of compliance and anti-fraud measures adopted by individual brokerage firm,” the agency told Reuters when the news surfaced this week.

What do you think about XP Group’s exchange announcement? Let us know in the comments below!


Images courtesy of Shutterstock

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Zář 18

New Samourai Wallet Feature Makes Bitcoin Transactions Private

A 2-wallet Samourai Stowaway offers to make transactions private by masking user identity while keeping funds safe.


Bitcoin Transactions Are Pseudo-Anonymous

Bitcoin (BTC) 00 transactions are often described as anonymous because users can exchange the cryptocurrency without providing any personally identifying information.

However, Bitcoin transactions are pseudo-anonymous. The history of each Bitcoin transaction is permanently stored on the blockchain. And, anyone can track and view this information.

The abstract of BIP0069 describes the issue of the leak of private information, as follows,

Currently there is no standard for Bitcoin wallet clients when ordering transaction inputs and outputs. As a result, wallet clients often have a discernible blockchain fingerprint, and can leak private information about their users.

Now, the 2-wallet Samourai Stowaway promises to protect user privacy with a mechanism which is based on the trusted cooperation established between two wallets.

In a separate tweet, user @SamouraiDev said,

We will err on the side of caution and privacy. Only two (or more) wallets that have engaged in a ‘trusted’ relationship will be permitted to collaborate in a cahoots spend.

Wallet Users Can Establish Private Transaction Channels

Currently, each time users perform a payment transaction, they must exchange the Bitcoin address. This handicap impedes Bitcoin from becoming a mainstream currency. For some experts, the implementation of Reusable Payment Codes might help to solve this issue.

BIP47, “Reusable Payment Codes for Hierarchical Deterministic Wallets,” proposes a technique that can help to simplify the payment process while enhancing the user’s level of privacy.

BIP47 allows for the establishment of an invisible channel between two users. As defined by Justus Ranvier, the BIP’s author:

This BIP defines a technique for creating a payment code which can be publicly advertised and associated with a real-life identity without creating the loss of security or privacy inherent to P2PKH address reuse.

The 2-wallet Samourai Stowaway can allow users to establish private payment channels with each other, without revealing their Bitcoin addresses.

In this regard, SamouraiDev indicates that they have taken “an undefined byte in the BIP47 payload and are using it as a ‘feature’ byte so other wallets can detect functionality.”

Do you think that concealing the Bitcoin address will improve the privacy of Bitcoin transactions? Let us know in the comments below.


Images courtesy of Pexels, Samourai, Shutterstock, Twitter/@SamouraiDev.

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Zář 13

Stablecoins: Retrofitting the Dollar’s Flaws into Cryptocurrency?

There has been much discussion lately regarding so-called stablecoins. But are they really the answer to the general instability of many cryptocurrencies? A recent article in The Guardian suggests that they may ultimately be flawed.


‘Stable’ Coins

The price of Bitcoin 00 and other conventional cryptocurrencies can vary by the hour, making them unsuitable as units of account. Whilst many retailers may accept payment in cryptocurrency, nobody in their right mind would price things directly in Bitcoin due to the fluctuating prices.

Enter stablecoins — offering all the benefits of cryptocurrency, without the awkward instability in value. Since the birth of Tether, there have been a raft of these stablecoins coming to market, all pegged to the dollar, euro, or some other national fiat currency.

Some believe that these are the savior of crypto — including Charlie Shrem, who heaps praise on the Winklevii’s latest offering, Gemini Dollar. Others are not so sure of their credibility.

Fully Collateralized

Some stablecoins are fully collateralized, meaning they are backed by an equivalent amount of fiat currency, held in reserve. Tether is one such coin, pegged to the value of the US Dollar. However, despite assurances that this is 100% backed, many still question the details of the situation.

Even if it is, there are a limited number of reasons why you would rather have Tether than the equivalent fiat. Without increasingly ‘legitimate’ motivations for having them, The Guardian article suggests that few governments would back them.

Still, US Regulators have just approved Gemini Dollars, making the currency only the second regulated stablecoin worldwide. It seems the jury is out on that one.

Global fiat currencies.

Partly or Un-Collateralized

Certain stablecoins are not fully collateralized, so operators hold only a fraction of their liability in reserve. This is the same way that most banks issue fiat currency, and one only has to look back ten years to see how that can pan out.

Any loss of confidence among investors leads to a mass exodus. Unable to cover the liability with the limited reserves, we would see the equivalent of a bank run. The peg then breaks down, decimating the value of the stablecoin.

Ultimately, we do need something to counter the price instability of Bitcoin 00 et al. If there is an increase in cases for use, or if cryptocurrency becomes universally accepted as a method of payment, then perhaps stable coins will fill that role.

Experiments in national cryptocurrencies, such as those of the Marshall Islands, may well spur this on —as may the US approval and associated legitimacy of the Gemini Dollar.

Can stable coins fulfill their promise? We will have to wait and see.

What are your thoughts on the development of stablecoins? Don’t hesitate to let us know in the comments below.


Images courtesy of Shutterstock.

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Zář 06

Goldman Sachs Pivots From Bitcoin Trading Desk to Custody Service

Goldman Sachs has announced that it is shelving its proposed plan to open a Bitcoin trading desk due to the uncertainty of the industry’s regulatory landscape. Instead, the financial giant says it will focus its efforts towards developing robust solutions for cryptocurrency custody.


Bank Says Regulatory Uncertainty to Blame for Decision

According to Business Insider, Goldman Sachs has removed the creation of a Bitcoin trading desk from its list of priorities. Inside sources say the bank may revisit such plans, but in the immediate future, Goldman Sachs has its sight on other ventures.

The news comes after months of speculation over when the bank would take the plunge and begin operating its cryptocurrency trading desk. Earlier in the year, a senior bank executive announced that Goldman Sachs would soon start offering Bitcoin trading services. At the time, such a statement was a sharp contrast from the bank’s less favorable cryptocurrency rhetoric.

Inside sources who elected not to provide further details saying the bank had to abandon its plan due to regulatory issues. According to them, Goldman Sachs was keen to avoid the risks associated with trading volatile cryptocurrencies.

Goldman Sachs logo

Focusing on Cryptocurrency Custodial Solutions

Despite shelving its proposed Bitcoin trading desk plan, the bank isn’t completely abandoning all of its interest in the industry. Instead, Goldman Sachs reportedly wishes to move forward with the roll-out of its cryptocurrency custodial service.

In May 2018, the bank became the first regulated financial institutions in the United States to offer Bitcoin futures trading. With the addition of custody services, the bank could potentially get ahead of the cryptocurrency curve as far as Wall Street is concerned.

Bitcoin Leads Cryptocurrency Market Pullback

Amidst the announcement from Goldman Sachs, the price of Bitcoin and other cryptocurrencies has experienced a significant decline.

Amidst the announcement from Goldman Sachs, the price of Bitcoin and other cryptocurrencies has experienced a significant decline. Moments after the news went public, the price of Bitcoin dropped more than $300 in ten minutes, while Ethereum plunged 12 percent.

This occurrence most likely is coincidental, especially given the events of Monday. Reports of large Bitcoin sums being moved by wallet were suspected of being connected to the defunct Silk Road dark web marketplace. It is also likely that the current price decline is due to mass profit taking at a price resistance level.

What do you think about the plan to increase the number of cryptocurrency ATMs in Greece? Let us know your thoughts in the comment section below.


Image courtesy of CoinMarketCap.com, Shutterstock

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Zář 05

Why Don’t We Just Take Our Medicine?

Research suggests that less than half of all patients take their medicines as prescribed, causing huge implications for national health services worldwide. Medicine non-adherence accounts for over 50% of doctor visits, over 40% of long-term care admissions, and over 40% of hospital readmissions. In total, the annual cost of worldwide medicine non-adherence is over 600 billion Euros per annum – with the figure increasing by 13 percent each year. Getting more patients to take their medication as prescribed is and has been a critical, longstanding concern for care providers seeking to improve healthcare provision and quality.

So what are the main reasons for non-adherence?

Side effects

Many medicines, especially those used to treat chronic illnesses are made with complex -compounds that help people but, like all medications, have side-effects. These side-effects can be mitigated through changes in treatment plans or additional medications to alleviate these unwanted outcomes. Crucially, the doctor needs to first know if a patient is taking their medications as they are supposed to before he or she can properly assess whether or not it is the drug, or lack thereof, that is causing these results. Once it is clear that a patient is in fact following their therapy guidelines, then a clinician is able to identify the best course of action.

Fear

The fear of adverse effects, bad experience or unimproved outcomes can be a factor in a patient’s decision not to take their medication, but it is almost never the case that a patient suffering long-term or chronic illness will fare better without treatment. This is not to say that there aren’t alternative treatment options for some patients who may react badly to certain compounds or regimens, but by monitoring adherence levels and the drug efficacy, we can better understand the risks and issues related to certain drugs for a specific patient demographic and in so doing we are able to deliver better quality of care with much improved outcomes.

Complex regimens

When faced with taking multiple medications, patients can often get overwhelmed trying to manage the different timings and courses to take – some may be taken with food and others without etc. Making this process simpler and helping patients follow an effective schedule is key to improving the mistakes made and reducing the negative results of mismanaged dosage.

Forgetfulness

Forgetting to take medications is bar far the leading cause of drug non-adherence. Most people have busy lives, which means taking their medicines on time, and as prescribed is low on their list of priorities. This is particularly true for patients suffering long-term or chronic illness as most of these illnesses are asymptomatic, which means there are no obvious symptoms, usually until it’s too late. So even if they remember later on, they will not have the full daily dosage as they have fallen outside of the drugs effective dosage window. The consequence of this, if done on a regular basis, is mismanagement of their disease and a spiralling of negative outcomes, often resulting in death.

Not seeing benefits

With few exceptions, medicines used to treat long-term and chronic illness, such as diabetes, asthma, heart disease, hypertension etc. are not able to cure the underlying medical condition but are very effective at managing that condition. It is only through compliance with a drug regimen that control over a disease can be achieved. Greater understanding and knowledge by the patient is crucial to giving them confidence in their treatment, helping them gain control of their disease and reaping the long-term benefits. By utilising our technologies, we can identify poor delivery of care by a doctor who fails to educate a patient correctly, which results in poorer outcomes. Through technology and better monitoring, we can improve the lives of millions.

As illustrated, there are many reasons why people do not take their medicines properly from simple forgetfulness to more complex reasons such as side effects and medicine effectiveness; or lack thereof. However, there is hope. Technology advancements have seen innovative companies enter the healthcare industry to develop solutions to improve outcomes. When it comes to medicine adherence, Curaizon, a UK based healthcare technology company, has innovated technologies to tackle the problem of patients not taking their prescribed medications. Curaizon’s solutions tackle all of the aspects mentioned and more, as it sends patients – and their carers – reminders of when to take their medicines as well as alerting doctors and other caregivers of non-adherence and issues to do with the prescribed medicines. Those using Curaizon’s technologies will gain valuable insights into the shortcomings of existing treatments from real-time patient feedback and instances of non-adherence. Having this valuable resource will help them understand any complications that could be linked to a specific drug or form of treatment, which they can relay into the system to develop best practice.

When used properly, Curaizon’s advanced patient data can help national health services use their resources efficiently, cut down on waste and deliver better quality outcomes based on best practice.

The only way to access Curaizon’s invaluable patient data is by participating in its ICO this September by purchasing CuraTokens (CTKN). For more information visit www.curatoken.curaizon.com

What do you think of Curaizon? Let us know in the comments below!

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Zář 03

Italian Serie C Soccer Club Sells Shares In Exchange for Cryptocurrency

Heritage Sports Holdings recently used cryptocurrency to buy a 25 percent stake in Serie C football club Rimini FC 1912. 


In a historic transaction, senior figures at Rimini FC 1912 (Rimini) have agreed to sell 25 percent of the team’s shares to Heritage Sports Holdings (HSH) in exchange for Quantocoin.

Rimini is a club that has not made global headlines in a long time. Even though it matched Italian giants Juventus in a 1-1 draw in 2006, the club has suffered a variety of problems — including bankruptcy — over the past few years.

A Sports Firm With An Eye Towards The Future  

HSH is no stranger to the world of cryptocurrency. It currently owns Gibraltar United, a squad that is set to start partially paying player salaries with virtual currency. Founded in 2013, HSH also owns an 80 percent stake in Union Deportive Los Barrios — a club currently in Spain’s sixth division.

Global ambassadors for the firm include Brazilian legend Roberto Carlos, as well as the Dutch maestro Patrick Kluivert.

HSH partner Pablo Dana reportedly convinced Gibraltar United President Paul Collado that paying players in Quantocoin would help the team save money and make it easier for the team to trace payments. Now, Dana says the purchase of Rimini shares is just one of many transactions HSH hopes to make in the world of football.

Kluivert

 Can Cryptocurrency Fix The World’s Game?

Dana thinks digital currencies could help stem the tide of corruption in global football. He believes the Quantocoin payment system could be used to ensure that backhanded deals or bribes are not carried out since it is able to note every time a payment is made.

According to Dana, blockchain and digital currencies could be a great way to foster transparency and keep in line with newer UEFA anti-money laundering rules. Part of these new rules includes a clause that clubs in Europe are required to publish the amounts they are spending on player salaries and agent fees.

Both Dana and Rimini’s President, Giorgio Grassi, are excited about the possibilities of cryptocurrency when it comes to football.

Dana thinks entities who get involved with digital currencies are “innovators with a long term view,” and thinks it would be “something incredible” if a club was sold for millions of Euros worth of digital coins.

Crypto and Blockchain Make Their Way Into Football

Speculation is rife that blockchain and cryptocurrency could shape the future of football. UEFA carried out a trial of a mobile phone-based blockchain application for tickets during the Real Madrid-Atletico Madrid Super Cup final.

In late August, seven different teams in the English Premier League decided to set up a wallet with eToro to help facilitate Bitcoin payments to players. In late August, seven different teams in the English Premier League decided to set up a wallet with eToro to help facilitate Bitcoin payments to players. Back in January, an amateur football team in Turkey announced it bought a player using Bitcoin.

Harunustaspor said it purchased 22-year old Omer Faruk Kiroglu for the sum of 2,500 Turkish lira (roughly $665 at the time), and 0.0524 Bitcoin (roughly $520 at the time).

Do you think blockchain and cryptocurrency could be used to help fight corruption in global football? Let us know in the comments! 


Images courtesy of Rimini, Bitcoinist archives.

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Zář 01

Freelancing Platform Zoom Embraces Blockchain Tech

The budding intellectual services, management, and outsourcing platform Zoom is turning to blockchain tech for solutions.


On Friday, San Francisco tech publication Venture Beat reported on Zoom Tech’s eye for blockchain usage. The nascent company and platform, which according to CEO Plamen Nedyalkovis is not yet “[…] fully operational,” hopes to transform freelancing and outsourcing by looking towards blockchain-based solutions.

Blockchain Meets Freelancing

According to Venture Beat‘s Stewart Rogers, the young company is:

[…] utilizing blockchain technology to enable business relationships, project planning, and secure payments. Zoom will connect freelancers and virtual companies using a blockchain ID system, artificial intelligence, and smart contracts.

Zoom hopes that blockchain tech will create stronger and more transparent connections between employers, freelancers, and stakeholders. Nedyalkovis also hopes to integrate blockchain tech into the company’s payment systems in hopes of further strengthening these connections:

We are using blockchain to handle the escrow and transaction services of the platform, equalizing the power differential between client and contractor because the payment is held in the hand of neither

Increased Integrity

Zoom’s utilization of blockchain tech and ‘smart contracts‘ allows for this secure payment system, but that’s not all it’s useful for. Zoom also certifies the identities and credentials of employers and workers alike. Rogers notes Zoom:

[…] also has an ID system that confirms the identities of potential employees and employers using a consensus algorithm that verifies, validates, and authenticates private data, and it creates validated work histories and reputations tied to those secure IDs to limit fraud.

Zoom will also implement a, ‘”tribunal” system that offers a jury-like structure to review and resolve reported conflicts within projects and milestones.’

On Friday, San Francisco tech publication Venture Beat reported on Zoom Tech's eye for blockchain usage.

Looking Ahead

Nedyalkovis indicates that Zoom Tech is working hard to forward the integration of smart contracts within its web application. The CEO also indicated the company’s upcoming search for potential partnerships, as well as an upcoming ICO.

We are looking to start onboarding partner companies for our MVP in about a month and a half, and launching our ICO around that time as well.

Zoom may be the newest company to integrate blockchain tech and freelancing, but it is not the first. Bitcoinist previously reported the freelance activity of companies like Ethearnal and Coinlancer.

What are your thoughts on Zoom Tech’s blockchain-integrated management platform? Don’t hesitate to let us know in the comments below.


Images courtesy of Shutterstock, Zoom Tech.

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Srp 25

Over $6 Billion in Daily Trading Volume Faked Across Top 100 Exchanges

A new report found that over 70% of the top 100 exchanges on CoinMarketCap are engaging in excessive wash trading from three to thousands of times their stated volume.

[Note: This is a guest article submitted by researcher Marco Paez] 


Two-Thirds of 24 Hour Trade Volume May Be Fake

It’s been a month since CoinMarketCap (CMC) made changes to the way they post exchange volume stats after being called out by multiple sources for supporting bloated volume numbers. An adjusted volume metric was added to the site which changed up the rankings substantially, however, the new adjusted rankings still seemed to be suspect by many in the industry.

Released this week, research compiled by the Blockchain Transparency Institute (BTI) gives clearer insight into how massively overstated the daily volume numbers actually are. Tallying up the volume numbers of the top 130 exchanges, the report found that over $6 billion in daily trade volume is being faked, comprising over two-thirds of the total 24-hour trade volume.

Released this week, research compiled by the Blockchain Transparency Institute (BTI) gives clearer insight into how massively overstated the daily volume numbers actually are.

The largest offenders in the top 10 include Bibox, which appears to be wash trading their volume over 85x, Bit-Z to over 469x, ZB over 391x, LBank 4400x. The worst of the bunch is BCEX at over 22,000x.  All of these exchanges trail Binance in the daily unique visitor’s statistic between 50 and 600x.

The top exchange in the USA is Coinbase, which climbs the ranks up to #3. Another big mover into the top 10 is Bithumb at #4 which overtakes Upbit as the largest exchange in South Korea. Upbit is currently under investigation for fraud, money laundering, and wash trading which correlates with data showing an over-reporting of their volume by 11x.

Binance sits at the top of the chart at #1 with a massive amount of unique daily visitors to back them up.  Bitfinex slides into the number 2 spot behind their high dollar clientele and $10,000 minimum deposit for entry.

KuCoin, Cryptopia See Big Gains

A large chunk of the top 25 exchanges have dropped all the way out of the top 100. According to the data, these exchanges typically have less than 1,000 site visitors per day. The majority of these exchanges also seem to be mass produced, as they all appear to be using the same UI and trading engine.

Coinex, which was left out of CMC’s adjusted volume rankings due to transaction mining, finds itself inside the top 25 using this data. Other transaction mining exchanges such as Coinbene and Bit-Z dropped well outside of the top 25 exchanges from their previous rankings.

Kucoin and Cryptopia are the biggest movers-up the charts landing in at #19 and #24, and moving up from #58 and #90 respectively, after watching all the fake volume ahead of them disappear. Both of these sites have unique daily visitor counts in the top 10 of all exchanges. The BTI report notes that many of their customers are trading on low volume and low market cap coins, which keep them outside of the top 10.

The research team states they used data obtained from SimilarWeb on website traffic coupled with order book research conducted by Sylvain Ribes. His report detailed excessive slippage rates of top 15 exchanges including Okex, Huobi, Lbank, and Bit-Z. The combination of these data sets was plugged into a new formula which produced a vastly different top 25 than what is being reported. A rundown of their methodology for the rankings can be found here.

Data collected from SimilarWeb also reports many of these offender exchanges getting up to 90% of their referral volume from rankings pages, overwhelmingly from CMC. This naturally incentivizes wash trading by any exchange looking to move up the ranks.

When compared, the slippage data of the known respected exchanges and monthly traffic data appears to be in correlation. Binance, Coinbase, Bittrex, Bitfinex, Kraken, Poloniex, and Kucoin all have monthly visitor counts well above the rest of the top 100 exchanges as well as very low slippage when their order books were checked.

The report notes that although their data is reported with an accuracy of 1:1 this does not mean there is no wash trading going on, just that none could be proven using their current model.

The report notes that although their data is reported with an accuracy of 1:1 this does not mean there is no wash trading going on, just that none could be proven using their current model.

Lending credibility to these top exchanges, it was recently reported that Coinbase is building a new system to monitor suspicious trading activity known as the Coinbase Trade Surveillance Program. The system in place is one of the ways Coinbase says it is using to prepare for the $10 billion of institutional money waiting to move into the space.

Gemini also started a similar program in April when it partnered with Nasdaq to monitor its marketplace. Nasdaq’s SMARTS Market Surveillance technology is currently monitoring activity across all of Gemini’s trading pairs. Gemini moved up from #26 to #14 in the BTI rankings.

These types of initiatives continue to be implemented as the space matures in preparing the market for institutional investors. With more important ETF decisions looming this year, these exchanges seek to prove to the SEC that they’re doing due diligence in securing their platforms from manipulation.

BTI’s full rankings list of the top 130 exchanges can be found here.

What are your thoughts on misrepresented and overstated value among major exchanges? Let us know in the comments below!


Images courtesy of Shutterstock

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Srp 24

Ernst & Young Have Acquired Cryptocurrency Investment Software

Cryptocurrencies are continuing to break new grounds within traditional finances. An increasing number of  major firms continue to explore digital currency investment software.


E&Y’s Foray Into Cryptocurrencies

Ernst & Young has acquired a software developed by a Silicon Valley-based startup called Elevated Consciousness in order to manage investments executed in cryptocurrencies.

The software in question is called Crypto-Asset Accounting and Tax (CAAT). It was bought by Ernst & Young’s Americas Tax Innovation Foundry with the intention to facilitate their clients in investing in crypto assets. Speaking on the matter, Michael Meisler, a partner at the company said:

CAAT will allow us to help clients investing in crypto-assets, both in the fund space and beyond.

It’s also noteworthy that the leader of the Foundry also hinted for an increased interest in cryptocurrencies on behalf of the company’s clients:

I look forward to all the opportunities in tax and accounting that this technology will afford our clients and professionals in such a dynamic and exciting market.

Cryptocurrency March In Traditional Financial Institutions

Ernst & Young is not the first major company to express interest in digital currencies. In 2017, one of the Big Four accounting firms, PricewaterhouseCoopers (PwC), announced that it would accept Bitcoin 00 payments from its clients.

ig Four accounting firms, PricewaterhouseCoopers (PwC), announced that it would accept Bitcoin payments from its clients.

Goldman Sachs – one of the world’s largest investment banks, recently reiterated its plans to roll out a cryptocurrency custody solution so that it could manage Bitcoin for its clients. A custody solution coming from a recognized name is something that would potentially attract more institutional money into the market, according to prominent investor Mike Novogratz.

Earlier this month Bitcoinist reported that nine banking giants, including Citigroup and Barclays, are taking part in an app store trial for programs which are based on blockchain technology.

What do you think of EY’s acquistion? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Srp 22

First Shariah-Compliant Crypto Exchange Set to Launch in the UAE

The UAE continues its involvement in the field of digital currencies as a local company is set to launch the very first cryptocurrency exchange compliant with Shariah legislation.


Moving Forward

ADAB Solutions, a UAE-based company, is reportedly going to launch the very first cryptocurrency exchange compliant with Shariah law. The project is conveniently called the First Islamic Crypto Exchange (FICE).

The cryptocurrency exchange will operate globally, and it intends to further the involvement of Muslims and users of Islamic finance in the cryptocurrency market. Supposedly, this will become the first digital asset exchange which will be carrying out the transactions in accordance with the regulations of Islamic finance.

Timur Turzhan, founder and CEO at ADAB solutions, said:

Ideas that correspond to the norms of the Shariah are based on the understandable material value, have a clear business strategy, and this allows us to confidently assert that halal projects are incomparably safer successful than the many cryptocurrency initiatives.

The cryptocurrency exchange will employ an in-house Shariah Advisory Board which is comprised of international Shariah experts. They will be tasked with complying with the principles of the Islamic legislation.

ADAB Solutions, a UAE-based company, is reportedly going to launch the very first cryptocurrency exchange compliant with Sharia.

Serious Progress

The United Arab Emirates is making serious progress when it comes to blockchain technologies.

Earlier in January Dubai announced that it intends to roll out at least 20 blockchain-based services in 2018 alone. The emirate’s biggest bank has embraced the innovative technology to reduce fraud related to checks. Going further, the transportation authority of Dubai has also unveiled plans to create a vehicle management system based on blockchain technology. It would allow owners to keep track of their vehicle throughout the entire time of its existence.

Abu Dhabi, the acting capital of the UAE, has also revealed a partnership with Ripple to begin cross-border remittances using distributed-ledger technology.

What do you think of ADAB Solutions’ Shariah-compliant cryptocurrency exchange? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock.

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