Category: Exchanges

Nigeria’s Patricia crypto exchange seeks to explain its token amid confusion

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The announcement of Patricia Token (PTK) by Nigerian crypto exchange Patricia was greeted by users with scepticism and some suspicion, as they took to social media to question the motives behind the move. Now, in a response to that reaction, the crypto exchange company has released a white paper seeking to explain the intended function of the Patricia Token. According to the released white paper, the Patricia token is not a stable coin but a debt token, issued to customers to manage users’ debt. Patricia said that it will operate similarly…

Indian Crypto Exchange CoinSwitch Lays Off 44 Employees from Customer Support Team

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Indian cryptocurrency exchange CoinSwitch laid off 44 employees, about 7% of its total headcount, from its customer support team. The team still has about 82 members. The layoff took place about three weeks ago but came to light only recently, media reports said. Since April, CoinSwtich recruited about 60 people, mostly in product tech and compliance. Before the layoff, the crypto trading platform had 640 employees. A news report in Money Control quoted CoinSwtich’s spokesman saying customer queries have reduced significantly with plunging trading volumes, creating redundancy in the customer…

Indian crypto exchanges CoinSwitch, CoinDCX cut staff amid market slump

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The CoinSwitch crypto exchange is the latest crypto trading platform in India that cut its workforce amid the prolonged cryptocurrency winter, the local news agency Moneycontrol reported on Aug. 28. The crypto exchange reportedly laid off 44 employees from its customer support division in August, citing redundancy in roles amid the bear market-triggered lack of customer queries. “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer…

Exchange-Traded Funds (ETFs): Comprehensive Guide

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Exchange-Traded Funds (ETFs) have evolved as a popular and versatile investment tool in the fast-paced world of investing. These funds provide an easy approach for investors to gain access to a diverse portfolio of assets across asset classes and market sectors. Understanding the ins and outs of ETFs is critical whether you’re a seasoned trader or just starting out in the investment world. We delve into the world of Exchange-Traded Funds in this thorough guide, unraveling their mechanisms, benefits, types, and much more, arming you with the knowledge needed to…

Amount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly Six Years: Analytics Firm Santiment

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New data from crypto analytics firm Santiment reveals that the supply of Bitcoin (BTC) on crypto exchanges is at its lowest point in over half a decade. According to the market intelligence firm, only 5.8% of the crypto king’s overall supply is currently sitting on crypto exchange platforms, the lowest level since December 2017. Santiment also notes that the top crypto asset by market cap is seeing decent amounts of Bitcoin whale activity. “Just 5.8% of Bitcoin is currently sitting on exchanges, which is officially the lowest level crypto’s top…

Ceffu Launches Newest Off-Exchange Settlement Solution MirrorX for Binance Institutional Users

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August 28, 2023 – Vilnus, Lithuania Ceffu, the institutional crypto custodian and partner of Binance – the world’s largest cryptocurrency exchange by trading volume – announced today the release of its newest off-exchange settlement solution, MirrorX. Launched as an evolution of its predecessor, this innovative custody solution provides institutional investors with the fastest gateway to the Binance Exchange – with instantaneous access to most of the products available in the Binance ecosystem, including spot, margin and futures trading – without needing to move their assets to the exchange. Digital assets…

South Korean Crypto Exchanges Must Keep $2.3 Million in Reserves Beginning September

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As part of enhanced consumer protection, South Korean cryptocurrency exchanges will be required to keep at least $2.3 million (3 billion won) in reserves in bank accounts. Media reports said these requirements were outlined in July guidelines issued by the Korea Federation of Banks.The Korean banking association asked the locally registered crypto exchanges to set aside a minimum of 3 billion won or 30% of average daily deposits in reserves to “fulfill their liability for damages to users” in the case of a risk event. However, the banking association has…

South Korea’s Crypto Exchanges Face New Reserve Mandate

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Amidst a dynamic landscape in the South Korean crypto asset landscape, exchanges are bracing for change, with the Korean Federation of Banks issuing real-name account operation guidelines that demand a minimum reserve of 3 billion Korean won (USD $2.3 million). Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of crypto! While the guidelines aim to safeguard users from potential mishaps like hacking or system failures, cryptocurrency exchanges, which are already grappling with capital erosion, could face…

Team Behind Memecoin Pepe Issues Statement Regarding Massive Transfer of Coins to Crypto Exchanges

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The team behind Pepe (PEPE), the memecoin that’s taken crypto markets by storm this year, has issued a statement regarding a large transfer of coins that caught its community’s attention. A Pepe community leader posted to social media platform X to announce that some of the project’s personnel turned into “bad actors” who were in conflict with the remaining team members. According to the statement, all founding members except one anonymous entity have sold their stake and abandoned the project, which led to the heavy price correction last week when…

Indian PM Modi calls for global cryptocurrency framework at G20 Summit

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Indian Prime Minister Narendra Modi called for a global collaboration on formulating crypto regulations during the Group of 20 (G20) summit. G20 President India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies. G20 is the premier forum for international economic cooperation that plays a critical role in strengthening global architecture and governance on all major international economic issues. India currently holds the Presidency of the G20. During an interview with a local daily, the Indian PM talked about the role of emerging technologies…