Digital Bank Revolut Surpasses 3 Million Customers

Digital Bank Revolut Surpasses 3 Million Customers

U.K. startup Revolut has announced that its customer base has surpassed three million users. The fintech platform, which has quickly become a viable online alternative to traditional banking, was established in 2015. It currently offers payment and exchange services for a growing number of fiat currencies and cryptocurrencies.

Also read: Huobi Opens in Russia, Plans Startup Accelerator and Mining Hotels

Fintech Startup Defies Skepticism

The company marked the milestone on Twitter: “Three years ago, banks and investors laughed at us. Today, we have signed up three million customers and no one is laughing now. Thank you!” The announcement came about three months after Revolut launched a new debit card that offers support for some of the leading digital coins.

Revolut Metal is the platform’s premium service. For a monthly fee of €13.99 (less than $16), users can get a free U.K. current account and an Iban account for euros, with unlimited exchange in 24 fiat currencies. The new card also offers access to five cryptocurrencies — bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and ripple (XRP) — as well as the ability to spend over 150 currencies at the interbank exchange rate.

Digital Bank Revolut Surpasses 3 Million Customers

The contactless Revolut Metal card comes with fee-free ATM withdrawals of up to €600 per month (over $670). According to the product page, the online banking startup also offers cardholders cash back on all their payments and purchases — up to 0.1 percent within Europe and up to 1 percent elsewhere.

The launch of the exclusive card, which supports digital assets and can be used anywhere that Mastercard is accepted, has likely played a role in the expansion of Revolut’s customer base. There are very few other options on the market in the European Economic Area matching the services offered by the U.K. company.

Plans for Expansion to Other Continents

Digital Bank Revolut Surpasses 3 Million CustomersRevolut’s platform is currently available to residents of the following European countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the U.K. The company plans to enter markets outside Europe as well, including North America (U.S. and Canada) and Australia.

The British startup with Russian roots also plans to operate in the Russian Federation. In June, Revolut announced a partnership agreement with Qiwi, the country’s leading payments provider. Russian users will be granted access to Revolut’s services via Qiwi’s online banking infrastructure. It has been reported that in Russia, Revolut will initially only provide financial services to private individuals. At launch, they’ll be able to install the company’s online banking app and order a free Visa card with support for multiple currencies.

Revolut is likely to face some competition. Oleg Tinkov, the founder of a Russian project offering similar services, said at a recent fintech forum that there’s no reason for the U.K. startup to go to Russia. The holders of the Tinkoff Black card can already open accounts in 30 currencies and take advantage of favorable exchange rates. What Tinkov didn’t mention, as noted by news outlet Bitnovosti, was that his platform does not support cryptocurrencies.

Revolut’s Russian-born founder and CEO, Nikolay Storonsky, responded:

We are not going to abandon our plans … Large players see us as a serious competitor. They try to copy our products and break down into
emotions in our presence.

Storonsky, whose company raised $250 million at a valuation of $1.7 billion this past spring, also recently commented on the possible influx of institutional investors into the cryptocurrency space. The entrepreneur voiced skepticism over these expectations, as such players have not expressed much interest thus far. “I just don’t think banks will catch up,” he said.

One thing Storonsky’s unicorn startup has been criticized for is that its platform does not support transfers of cryptocurrencies to other wallets. Responding to another suggestion to introduce the feature in the comments below the “three million customers” tweet, Revolut admitted that it does not have any immediate plans to do so. However, it promised to pass the feedback over to its development team.

Do you think Revolut will expand its set of services related to cryptocurrencies? Tell us in the comments section.


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The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment

In today’s edition of The Daily, we feature an upcoming bitcoin cash token backed by physical diamonds and an American coffee company that has decided to add cryptocurrencies to its payment options. Additionally, we look at a public mining company that may get a dual listing in Canada, as well as the latest investment by Bitfury.

Also Read: GMO Internet Reports Crypto Exchange Profit Up Over 34% in Q3 2018

Rosetta Coffee Adopts Bitcoin Payments

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentRosetta Coffee, a specialty coffee company based in Lynchburg, Virginia, and Outer Banks, North Carolina, has announced that it will soon adopt cryptocurrency payment options. On the client-facing side of the business, transactions will go through Shopping Cart Elite’s e-commerce platform. With this, the online store will be able to accept BCH, BTC, BCD, DASH, ETH, LTC and XZC.

Rosetta Coffee emphasized that farmers will also directly benefit from the new process, as part of its commitment to purchasing fair-trade coffee. “Cryptocurrency allows them to receive payment directly and immediately without paying a middleman. They will be able to take home more of what they earn,” said Aaron Skeen, co-founder of Rosetta Coffee. “We think this is awesome and it aligns directly with our mission. In the coming weeks and months, we’ll be working with farmers to iron out this process and make it more accessible.”

Hello Diamonds Developing BCH Token

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentHello Diamonds, a part of the Cyprus-based Hello Group — which acquired the domain Bitcoincash.io earlier this year — is developing a new token backed up by physical diamonds. The company revealed that the “Diamcoin,” which is scheduled for launch in the first quarter of 2019, will be based on a bitcoin cash (BCH) smart contract protocol.

“The Bitcoin Cash network allows for fast and cheap transactions and this is fundamental to our reasoning,” the developers explained. “We firmly believe that the Bitcoin Cash smart contracts will be the best choice for Hello Diamonds and we aim to scale and be the world’s most used stablecoin.”

The token will use the Wormhole protocol, which creates the WHC “second layer” on top of the BCH network, a process which Hello Diamonds concluded “scales much better than Ethereum.”

Bitfarms Seeks Listing in Canada

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentTel Aviv Stock Exchange-listed cryptocurrency mining company Bitfarms has started the regulatory process to examine the potential of having its shares listed on a Canadian exchange. The Canada-headquartered company has filed a preliminary prospectus with the Ontario Securities Commission, which was made available to the public on Nov. 12. It details a potential business arrangement between Bitfarms and a newly created Canadian private company, Bitfarms Canada, for the planned move.

“We are currently evaluating a listing in Canada as we endeavor to grow Bitfarms’ visibility, improve our access to capital and streamline expenses,” commented Wes Fulford, chief executive officer of Bitfarms. “Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructure and cryptocurrency mining companies having listed and raised significant capital over the last 12 months.”

Bitfury Invests in Institutional Crypto Company

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentBitfury Group, the San Francisco-based manufacturer of bitcoin mining hardware — which recently completed an $80 million private placement funding round — has announced a new investment of its own. The company has acquired an undisclosed but “substantial” minority stake in Final Frontier, a specialist cryptocurrency investment firm operating out of Switzerland’s so-called “Crypto Valley” region.

This move is meant to help Bitfury to develop institutional-grade financial products and services for professional investors. “This is a groundbreaking partnership between a blockchain technology firm and an experienced team from traditional finance,” said Valery Vavilov, CEO of Bitfury. “With the blockchain space institutionalizing, we consider it an important step forward for the entire ecosystem and for our own mission to be the world’s leading full-service blockchain company.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


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President of Marshall Islands Faces Challenge Over National Cryptocurrency Plan

President of Marshall Islands Faces Challenge Over National Cryptocurrency Plan

The president of the Marshall Islands, Hilda Heine, has narrowly survived a no-confidence vote. One of the principal catalysts for the challenge to Heine’s leadership has been opposition to her plan to introduce a national virtual currency.

Also Read: Venezuela: Petro Can Be Converted to Any Cryptocurrency If Bought This Year

Heine Barely Survives No-Confidence Vote

President of Marshall Islands Faces Challenge Over National Cryptocurrency PlanHeine, the 67-year-old president of the island nation and the sole female head of state in the Pacific region, barely survived the parliamentary no-confidence vote, which took aim at her leadership. The parliament voted 16-16, just one vote shy of the 17 votes needed to overthrow Heine.

Despite the lack of formal political parties in the Marshall Islands, Heine’s opposition appears to have been led by Casten Nemra, the country’s former president. Nemra has argued that Heine’s plans to introduce a state-backed digital currency, the Sovereign, have tarnished the government’s international reputation. Eight Marshallese senators supported this claim against Heine before the no-confidence vote was brought to parliament.

President of Marshall Islands Faces Challenge Over National Cryptocurrency PlanFinance Minister Brenson Wase has indicated that the government intends to proceed with its plans for the Sovereign once it has met the requirements of the U.S., Europe and the International Monetary Fund (IMF). The proposed rollout of the Sovereign would see the virtual currency given the same recognition as the U.S. dollar within the Marshall Islands.

In September, the IMF issued a warning to the Marshall Islands regarding its plans to introduce the Sovereign, stating: “The potential benefits from revenue gains appear considerably smaller than the potential costs … In the absence of adequate measures to mitigate them, the authorities should seriously reconsider the issuance of the digital currency as legal tender.”

Other Challenges to the President’s Leadership

President of Marshall Islands Faces Challenge Over National Cryptocurrency PlanThe former president also accused Heine’s government of failing to investigate the loss of $1 billion from the Marshall Islands Trust Fund. The fund was established by the United States to compensate Marshallese citizens who were affected by past nuclear tests.

Additionally, Heine has faced another political challenge. She has been accused of undermining the sovereignty of the Marshall Islands through her support for a Beijing-backed plan to turn Rongelap — an atoll inhabited by just 20 individuals that is under the administration of the Marshall Islands — into a special administrative zone that would host a tax-free port and offshore company registrations. Speaking to the parliament, Heine described the no-confidence vote as comprising a “referendum about our own politics.”

Do you think Heine’s government will be successful in its plan to introduce a national cryptocurrency? Share your thoughts in the comments section below!


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Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa

Sompo Holdings Acquires 10 Percent Stake in Kenyan Cryptocurrency Exchange Bitpesa

Japanese insurance group Sompo Holdings has acquired a 10 percent stake in Bitpesa, a Kenyan digital currency exchange and payments company, for 570 million yen ($5.02 million). The deal is expected to further digitize the insurer’s international remittance service.

Also Read: Namibian Bitcoin Trading Platform BTN Persevered Despite Crypto Ban

Crypto-Backed Remittances

Sompo Holdings said in an online statement that it intends to use the digital currency-backed fiat remittance business of Nairobi-based BTC Africa, which trades as Bitpesa, to lower the cost and time it takes for global currency transfers.

Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa

“Using Bitpesa’s technology, developed through various experiments in remittances and settlements, we will extend our presence in the international remittance service market and consider the application of this technology to the insurance field,” Sompo Holdings said.

The Tokyo-listed insurer, which reported sales of 192.78 billion yen ($1.7 billion) for October, did not disclose the terms of the deal. However, Japanese-language media outlets have valued the transaction at roughly 570 million yen, without citing sources.

“We believe that the two companies will be able to solve the problem of expensive commissions and remittance times for international remittance by using the virtual currency … digitizing international remittance services,” Sompo Holdings explained, describing the arrangement as a “win-win” for both companies.

The Japanese insurer also claimed that the tie-up will raise Bitpesa’s global profile by having it as a shareholder. It said that it will help the Kenyan company to expand its customer base.

Bitpesa Sees Rapid Growth

When Bitpesa was founded by American political science graduate Elizabeth Rossiello in 2013, the company initially focused on facilitating bitcoin-supported cash transfers between citizens of the U.K. and Kenya. However, Bitpesa now has operations in eight African countries: the Democratic Republic of the Congo, Ghana, Kenya, Morocco, Nigeria, Senegal, Tanzania and Uganda. It helps people to trade digital assets while making payments for goods and services at home and abroad.

Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa

The company boasts a range of clients, from African businesses to multinational companies that need to pay suppliers in countries such as the United Arab Emirates and China. It also caters to global remittance companies using API services for payments to mobile money operators, as well as bank networks in the African countries in which it has a presence.

In September, Bitpesa signed a deal with another Japanese company, SBI Remit, to allow people throughout Africa to make payments for cars, which is a multimillion-dollar industry on the continent. The two companies also aim to facilitate faster overseas payments for beauty products and electronic gadgets at lower costs than similar services.

Africans making overseas purchases can now deposit their local fiat currencies into Bitpesa’s bank account, after which the payments are sent on the Bitcoin blockchain to SBI Remit, which in turn makes the final payments in Japan. The entire process can be completed within a matter of hours, at about half of the usual transfer cost. They claim that conventional banking methods on the continent take about two weeks to handle similar transactions, with transfer fees of around 7 percent of the total purchase amount.

Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa
Elizabeth Rossiello

Although Rossiello has not commented on the latest deal with Sompo Holdings, she has spoken out about the SBI Remit partnership. “If it makes sense for us to settle using cryptocurrency or fiat currencies, then we do,” she said. “And in this case, we’re happy that SBI feels the same way, so we’re open to using digital or fiat currencies to settle between us.”

Shares of Sompo Holdings had fallen roughly 5 percent to 4,646 yen ($40.88) in Tokyo trading at press time.

What do you think about the partnership between Bitpesa and Sompo Holdings? Let us know in the comments section below.


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PR: IXE Token Backed by Blockchain Powered Education Platform Little Detective

IXE Token Backed by Blockchain Powered Education Platform Little Detective

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Little Detective will be launched in various stages, starting from China, followed by South-East Asian countries and Europe.

November 13, 2018: After immense success with ICO and now listed in LAToken, Exrates and Idex, Little Detective is finally on its development and production stage and announced about prospective discussions with some European countries for the distribution of its next-generation blockchain edutainment platform. As the first blockchain powered edutainment portal, Little Detective is especially targeting the developing countries that suffer from limited access to quality education, teachers and teaching supplies.

“We have devised a self-learning and exploratory edutainment platform which aims to effectively address the shortage of teaching supplies and lack of access to quality education in countries around the world. We are on our way to discuss the distribution of our innovative platform in some European countries.”

Little Detective has already announced about the plans of launching the platform in China, Asia and now Europe. Developed by Ixtus Edutainment, Little Detective is the first blockchain-powered edutainment portal, which aims to forward democratic participation in education across communities all over the world. The platform is targeted towards pre-school and lower primary school children.

Little Detective has declared to roll out its futuristic platform in various phases. China constitutes the biggest market for Ixtus and the company has chosen the Sino market for the Phase 1 of the launch of Little Detective. The platform will debut in China in 2019.

“We have decided to launch Little Detective initially in China and we are targeting first-tier provinces including Beijing, Shanghai and Guangzhou. We are also targeting highly populated provinces in the country such as Chongqing, Chengdu, Tianjin that altogether show a massive population totaling to 111 million”, stated Mr Alan BEK, CEO of Ixtus.

Little Detective is aimed to create a holistic learning ambience where the little users will be motivated to develop critical thinking and decision-making skills along with motor and speech skills. The platform is inspired by Western ideas of education and with China fast becoming highly receptive to Western thoughts, the Sino market easily qualifies to be the debut base for Little Detective.

The second phase of the launch of Little Detective is scheduled to start 12 months after the China launch and is declared to target major South-East Asian countries including Vietnam and Indonesia.

“A lot of Asian countries today are fast incorporating English in primary education but unfortunately lack of a proper curriculum to teach the language is a major obstacle here. Moreover, we have also witnessed shortage in supply of quality teaches as well as training, development and teaching methods in these highly populated countries that prevent quality education from reaching to the masses. We are looking forward to bridge the gap here with our blockchain edutainment portal.”

The phase 3 and 4 of the launch of Little Detective will be carried out in rest of Asia Pacific, Europe and other parts of the world.

“There are many developing economies in Europe and other parts of the world that have prioritized education policies but suffer from restricted access to quality education and shortage of resources. We are focused on helping these nations to overcome such shortages with our self-learning & exploratory platform.”

For more details, please go to http://ixtus.io
CMC link : https://coinmarketcap.com/currencies/ixtus-edutainment/

Contact Email Address
info@ixtus.io
Supporting Link
http://ixtus.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Venezuela: Petro Can Be Converted Into Any Cryptocurrency If Bought This Year

Venezuela: Petro Can Be Converted Into Any Cryptocurrency If Bought This Year

The Venezuelan government has announced that its national digital currency, the petro, can be exchanged into any cryptocurrency if purchased this year. However, the wallet for the petro is still not available and petro buyers receive certificates of purchase.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

‘Special Period’

Venezuela: Petro Can Be Converted Into Any Cryptocurrency If Bought This YearVenezuela’s president, Nicolas Maduro, visited the headquarters of the Superintendency of Cryptoassets and Related Activities (Sunacrip) last week to sign up for a petro savings plan, the Ministry of Popular Power for Communication and Information (Minci) announced.

Minci is dedicated to promoting the government and communicating its message to the public. Sunacrip is responsible for regulating all crypto-related activities in Venezuela.

During his visit, Maduro offered a new incentive for people to purchase his country’s national digital currency. El Nacional quoted him as saying:

Anyone who buys petro [from now] until December 31 can convert it into any digital currency or international convertible currency, such as bitcoin or yuan.

Venezuela: Petro Can Be Converted Into Any Cryptocurrency If Bought This YearHe was further quoted by Minci elaborating that “in this special period, from now until December 31,” the petro can be converted and “then in December you can buy what you want, through the internet.”

The petro savings plan was launched on Nov. 5. It can be redeemed after 90 days, 180 days, and 270 days, according to Tarek El Aissami, the country’s economic minister and former vice president. “Within three months I will receive what the petro is worth at the time,” Maduro said.

Buying the Petro

According to Sunacrip, a number of Venezuelans and government officials have purchased the petro since it went on sale on Oct. 29. Purchasers need to complete know-your-customer (KYC) requirements which include being fingerprinted before they are issued a petro certificate of purchase.

Venezuela: Petro Can Be Converted Into Any Cryptocurrency If Bought This Year
Two petro buyers — Omar Prieto, Governor of Zulia, being photographed while holding his ID (left). Manuel Quevedo, Minister of Petroleum, putting his fingerprint on his petro certificate (right).

Meanwhile, the petro currently does not have any of the usual hallmarks of a cryptocurrency. The official wallet for the petro is still unavailable. Links on the official petro website to download both the Windows and Linux wallets return the message “This wallet will soon be available for your operating system.” In addition, El Aissami explained that the Android app for the petro wallet, previously available in the Google Play store, has been removed by Google.

Venezuela: Petro Can Be Converted Into Any Cryptocurrency If Bought This Year

Furthermore, there is no code repository with the Petro code available to the public, so independent confirmation of its existence or functionality is impossible. There are also no published charts or data showing the health of the Petro network, such as network activity, confirmation times, transaction throughput, mining hashrate, or other basic cryptocurrency statistics.

Despite the petro’s whitepaper describing a block time of one block per minute on average, the government’s own block explorer shows only 743 total blocks at the time of this writing — over a month after the explorer was published and its first block displayed.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Do you think the petro can be converted into any cryptocurrency like the Venezuelan government promises? Let us know in the comments section below.


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Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide

Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide

According to global statistics provided by Coinatmradar.com, there are now close to 4,000 cryptocurrency automated teller machines (ATMs). Moreover, there’s been a huge influx of bitcoin cash ATMs over the past year as there are now 1,200 BCH dispensing devices located around the world.

Also read: Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork

The Rise of Digital Asset ATMs

There are various ways people can purchase bitcoin cash and a slew of other cryptocurrencies around the world and one of them is through the use of ATMs. Digital asset dispensing ATMs have been popular since they were first introduced and, over the past two years, their worldwide growth has been exponential.

Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide

In November, data from Coinatmradar.com shows the metric will likely reach 4,000 ATMs very soon as the current number of ATMs is 3,993 machines worldwide. Additionally, there are 141,000 ATM-like services that sell cryptocurrencies through mobile payment terminals, vouchers, and even traditional bank ATMs. 1,200 machines out of the world’s 4,000 units allow users to purchase and sell the decentralized currency bitcoin cash.

Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide
Map of bitcoin cash ATMs worldwide.

The analytical website also details some interesting data concerning cryptocurrency ATM growth worldwide such as the fact that there are 6.7 crypto ATMs installed a day. This metric is based on the speed of installations over the last seven days and gauged by the calculations of the last two months. Over 71% of the world’s cryptocurrency ATMs reside in North America, while the second largest number of machines (23.5%) are located in Europe. This is followed by Asia (2.5%), Oceania (1.3%), South America (0.98%), and Africa (0.20%). The most bitcoin cash ATMs stem from North America, with 993 of them located on the continent.

Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide
Number of cryptocurrency ATMs installed over time.

Recent Study Suggests Cryptocurrency ATM Ecosystem May Grow Over 50% per Year

The biggest digital asset ATM manufacturer today is Genesis Coin which captures 32% of the market share of all machines. General Bytes comes in a close second with 29.2% and then Lamassu (10.9%), Bitaccess (5.4%), Coinsource (4.8%), and Covault (2.7%). Out of all the crypto ATMs worldwide, 61.7% of the machines are one-way devices, which means they only sell cryptocurrencies. Only 38.2% of all virtual currency ATMs are two-way machines, meaning that they not only sell cryptocurrencies but also buy them.

Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide

Cryptocurrency ATMs have spread like wildfire and operators and manufacturers do not appear to be slowing down anytime soon. For instance, Lamassu recently introduced a new line of machines. The company launched the “Sintra” series, which includes four models that support BCH, LTC, DASH, ETH, ZEC, and BTC. Furthermore, on Nov. 2, news.Bitcoin.com reported on Coinsource being the first crypto ATM provider to be awarded the Bitlicense to operate in the state of New York. Lastly, according to a recent study by research firm Marketsandmarkets, crypto ATMs will see a compounded annual growth rate of over 54%.

What do you think about the growth of cryptocurrency ATMs worldwide? Let us know what you think in the comments section below.


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GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018

GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018

GMO Internet, the Japanese technology and online finance conglomerate, presented its results for the third quarter of fiscal 2018 on Nov. 12. The presentation included new details about the performance of the Tokyo-listed group’s cryptocurrency-related businesses.

Also Read: The Daily: US Museum to Accept Bitcoin, Estonia Grants License to B2BX Exchange

Record Performance by Quarter

The presentation covers the operations of GMO Internet in cryptocurrency mining, exchange and payments. The company reported total quarterly revenue of 2.61 billion yen ($22.93 million) in the third quarter. It noted that the positive results came “just a year since the launch despite the harsh external environment.”

On the cryptocurrency exchange side of the operation, profit was up 34.4 percent quarter over quarter, from 0.55 billion yen in the second quarter to 0.74 billion yen in the third. It said it posted an increase in profit despite the fact that revenue from the exchange business alone fell slightly from 1.42 billion yen in the second quarter to 1.36 billion yen in the third.

GMO Internet also reported that customer accounts have been growing steadily, reaching 208,000 in the third quarter. However, the trading value has fallen from 220 billion yen to just 89 billion yen ($782.7 million) quarter over quarter.

GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018

Aiming For 800PH/s Within 2018

GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018On the cryptocurrency mining side of its business, GMO Internet reported it has increased its human resources during the third quarter of the year. And this helped it increase mining revenue slightly to 1.23 billion yen in the third quarter, from 1.17 billion yen in the preceding three-month period. In contrast, the worsening external environment and increased depreciation costs drove profit down quarter over quarter, from a loss of 0.36 billion yen in the second quarter to a loss of 0.64 billion yen in the third.

The company reported it reached a bitcoin hashing rate of 674 PH/s during the third quarter, for both BCH and BTC. It said it aims to achieve a total of 800 PH/s within the year.

GMO Internet also said that sales of cryptocurrency mining machines have been postponed due to delays in shipments of needed electronic components. In addition, it announced that it is changing the ticker symbol of the yen-pegged stablecoin it launched during the third quarter from GJY to GYEN.

What do you think about the latest GMO Internet quarterly report? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet.


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Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin America

Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin America

The Bitcoin Cash Association (BCA) and Spendbch.io recently started a bounty to spread bitcoin cash (BCH) merchant acceptance in several Latin American countries. On Nov. 11, the BCA announced that more than 250 new businesses in Venezuela and Colombia are now being on-boarded to accept bitcoin cash.

Also read: Qart Wallet Gives Bitcoin Cash QR Codes a Personal Touch

Bounty for Venezuela, Colombia and Mexico

Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin AmericaJust recently, the BCA and Spendbch revealed a bounty program on the Bitcoincashers.org web portal. The Spendbch bounty offers funds to users who spread merchant adoption in Venezuela, Colombia and Mexico, and they can get paid for helping local businesses accept bitcoin cash.

The guidelines for earning BCH by spreading merchant adoption are fairly intuitive and do not take much effort. The first step is to introduce a business to bitcoin cash by setting them up with a wallet and teaching them how to use the currency. After a merchant decides to accept BCH, the bounty requires participants to tweet about the business on Twitter. Following that step, the merchant needs to fill out a form detailing information about its business, including its location. Bounty entrants must include valid BCH addresses with the forms, so funds can be sent after merchants are approved.

At the moment, the bounty is only available in Mexico, Venezuela and Colombia, but the BCA, which is dedicated to spreading BCH acceptance, plans to eventually roll it out worldwide. Since announcing the bounty and the official rules, the organization has reported that the campaign has been doing extremely well.

“More than 250 new businesses in Venezuela and Colombia are in the process of being on-boarded to accept bitcoin cash through the Spendbch Bounty program,” the community-driven BCH nonprofit explained on Twitter.

Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin America
Enthusiasts can participate in the bounty on Bitcoincashers.org to spread BCH adoption.

Mobilizing Bitcoin Cash Merchant Acceptance

Over the last few months, BCH merchant adoption has grown significantly in Latin America. Businesses accepting bitcoin cash have thus far been most highly concentrated in Columbia and Venezuela, according to the merchant acceptance platform Marco Coino. The creator of Marco Coino, Brendon Duncan, explained to news.Bitcoin.com back in October that a lot of recent growth has been derived from Columbia.

The bounty follows the BCA’s recent donation pledge to the charitable operation Eatbch on Oct. 24. The BCA has explained that it will donate $1000 to the Eatbch nonprofit, with the funds to be split between Eatbch South Sudan and Venezuela. The organization believes that donating these funds will help spur merchant adoption in these countries.

“This will also have a direct impact on adoption in these areas, especially as the projects develop further relationships with suppliers that accept BCH as payment, and therefore aligns fully with our goal of global adoption,” the BCA stated during the announcement.

What do you think about the BCA and Spendbch bounty? Let us know what you think about this subject in the comments section below.


Images via Pixabay, Bitcoincasher.org, BCA, and Shutterstock.


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Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of Wallets

Exchanges Roundup: Revolut CEO Discusses Investment, Binance Launches Research Unit

In recent exchange news, the chief executive officer of Revolut has expressed doubt regarding the institutional appetite for cryptocurrency exposure, Binance has launched a new research division, and Etoro has begun the gradual rollout of its wallet for Android and iOS users.

Also Read: Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

Revolut CEO Skeptical on Institutional Investment

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsNikolay Storonsky, the chief executive officer of fintech unicorn Revolut, recently expressed skepticism regarding the rhetoric circulating throughout the cryptosphere that suggests institutional investors are eager to gain exposure to bitcoin.

“There is no interest from big institutional investors so far,” Storonsky said at the recent Web Summit 2018 in Lisbon. “Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients.”

Despite his statements, Storonsky concluded that “fintech will be very big in crypto for the foreseeable future.” He added: “I just don’t think banks will catch up.”

Binance Announces Research Division

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsBinance, the leading cryptocurrency exchange by trade volume, has announced the launch of a new in-house analysis division, Binance Research. The company said that the new division will “increase transparency and (the) accuracy of information in the cryptocurrency and blockchain space.” It added that it aims to “shine a spotlight on quality blockchain projects.”

As of this writing, Binance Research has published a report providing analysis on Loom Network, as well as another one on Gochain. According to the company’s website, a report looking at Pundi X will also be published “soon.”

Etoro Starts Rollout of Android and iOS Wallets

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsSocial trading platform Etoro has started launching its cryptocurrency wallet for Android and iOS users. According to a press release, the wallet is being rolled out in different countries in phases in order to “ensure the best customer experience for clients.”

The wallet is currently available for download via Google Play and Apple’s App Store. It will only support BCH, ETH, LTC and BTC. Etoro plans to eventually add support for other cryptocurrencies in the future.

“The eToro wallet today is just the beginning and we will be adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in-store and more,” said Yoni Assia, the chief executive officer of Etoro.

Do you think that the hype regarding the institutional appetite for crypto is real? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia, Etoro


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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