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Kraken Cryptocurrency Exchange Gets US Banking License Plans to Be Global Bank

Kraken Cryptocurrency Exchange Gets US Banking License, Plans to Be Global Bank

Cryptocurrency trading platform Kraken has received a banking license recognized under federal law to operate as a bank in the U.S. The company has outlined its plans to offer a number of cryptocurrency-focused financial services locally and globally.

Kraken Now a US Bank

Kraken announced Wednesday that it has received a U.S. bank charter. “The state of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial,” the company detailed,

elaborating:

Kraken Financial is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law.

The announcement further states that Kraken Financial “will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.” The Wyoming Legislature enacted HB 74 last year, which authorized the chartering of Special Purpose Depository Institutions, which Kraken described as custody banks for digital assets. As a bank, Wyoming law requires Kraken Financial to maintain 100% reserves of its deposits of fiat currency at all times. “If every client were to demand withdrawals of their fiat at the same moment, Kraken Financial would be able to fulfill each withdrawal immediately without regard to how many loans we had outstanding,” the company emphasized.

Kraken Financial will be regulated by the Wyoming Division of Banking. It will have a permanent physical presence in Cheyenne with back-office teams and functions. Kraken clarified that it “will operate an online and mobile-first banking model.” The company explained that its banking operations “will start locally, but will soon operate globally,” noting that the SPDI charter will help expand its reach across the United States, “and will also help the broader Kraken organization to service companies around the world.” Initially, accounts are only available to U.S. residents, but the company says, “We hope to expand globally soon.” Kraken also outlined the services it plans to offer. In the first year of operations, digital asset custody, demand deposit accounts, wire transfers, and funding services will be available. Within the next few years, more services will be added, such as staking, trust accounts, a complete suite of online and mobile banking services, and debit cards.

Article Produced By
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

https://news.bitcoin.com/kraken-bank-cryptocurrency/

Heiko Closhen, Entrepreneur

MSTR Stock Up 921 on Tuesday and Up 8 Today MicroStrategy Adopted New Treasury Reserve Policy Focused on Bitcoin

MSTR Stock Up 9.21% on Tuesday and Up 8% Today, MicroStrategy Adopted New Treasury Reserve Policy Focused on Bitcoin

After investing in BTC for the first time last month, MicroStrategy yesterday announced that it had purchased more Bitcoins.

Business intelligence company, MicroStrategy Incorporated (NASDAQ: MSTR), is leading in the list of companies that have adopted Bitcoin as their reserve currency. Earlier last month, the company expressed its belief that the virtual currency powered by a public blockchain is superior to cash over the long term, claiming it to be a “reasonable hedge against inflation.” After investing in Bitcoin for the first time earlier last month, MicroStrategy yesterday announced that it has purchased more bitcoins. Apparently, the company now controls Bitcoin worth almost half a billion dollar according to the market value at the time of publication, around $10,900. Notably, MicroStrategy (MSTR) stock jumped 9.21% to close Tuesday trading at $155.75, and continued with the rise during Wednesday’s pre-market, trading around $160.

At the time of writing, MicroStrategy stock is $7.64% up, trading at $167.65. With a market capitalization of around $1.51 billion through Tuesday, approximately 33% of it is in Bitcoin. The company has been increasing its Bitcoin reserve and dramatically reduced its fiat reserves. According to SEC filings, the company purchased 38,000 BTC worth $425 million at an average price of $11,111. “We just had the awful realization that we were sitting on top of a $500 million ice cube that’s melting,” CEO Michael Saylor told the media.

MicroStrategy Decisions about Bitcoin That Pushed MSTR Stock Higher

The decision to use Bitcoin as its reserve currency might be one of the best the company will ever take or the dumbest ever. This is primarily because Bitcoin is highly volatile and its value derived from mere speculation. “This will go down in history as one of the smartest or worst CEO decisions of all time. Case studies and books will be written about it. Either way, it took enormous guts for a public company CEO and I commend him for the courage,” said Barry Silbert, the CEO of Grayscale. Bitcoin increased demand has sustained its market price above $10K for around two months. With institutional investors pumping more cash into the Bitcoin market, governments will be compelled to create policies to govern the industry.

As a result, the cryptocurrency industry will eventually be globally adopted both by institutions and retail investors. The likelihood of other companies following MicroStrategy’s footsteps are very high. “MicroStrategy is adopting a #bitcoin standard. Other companies will follow. Finally, central banks will follow (Switzerland likely to be the first.) A new gold standard for the digital age. A neutral store-of-value will create more checks and balances for governments,” said Datavetaren, a pseudonymous software engineer. MSTR investors are hopeful that the company will certainly experience huge gains which will exponentially increase its value. This is perhaps the main reason that MSTR stocks keep on rising each and every other time the company purchases more Bitcoins.

Article Produced By
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

https://www.coinspeaker.com/microstrategy-stock-policy-bitcoin/

Heiko Closhen, Entrepreneur

Traders Counting on BTC Sky-Rocketing by End of Year Today Bitcoin Price Is Below 11000

Traders Counting on BTC Sky-Rocketing by End of Year, Today Bitcoin Price Is Below $11,000

 Traders Counting on BTC Sky-Rocketing by End of Year, Today Bitcoin Price Is Below $11,000

Today, on September 17th, the BTC rate pushed off an important resistance level – $11,000. Currently, it rests at $10,842.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Tech analysis of BTC/USD: Bitcoin price is down today.
  • Traders promise that the BTC renews the highs until the end of the year.
  • The uncertainty pushed traders to buy the BTC.

On W, the Bitcoin is finishing the correction of ascending dynamics. The quotations are forming a bounce off 61.8% Fibo, which will signal further growth. The aim here is at 100.0% Fibo. The MACD histogram is positive, which is, again, most probably a signal of further growth. The signal lines of the indicator keep intertwining after they formed a Black Cross, which, in turn, signals soon continuation of the growth. The Stochastic keeps growing slightly to the overbought area, which, again, makes further growth of the coin more probable.

On D1, the tech picture of the coin looks almost the same as on W: the pair stopped correcting and goes on growing. The aim of further growth from the support line is $12,700USD. The MACD histogram is growing but remains in the negative sector. The signal lines of the indicator formed a Black Cross, signaling another insignificant correction. The W and D1 give controversial signals; meanwhile, the continuation of the trading situation that presumes a short correction before growth looks more probable.On H4, a correction of BTC/USD looks more probable than on the larger timeframes. The Stochastic is forming a Black Cross in the overbought area, providing another signal of correctional movements. On September 14th, the employees of an analytical company Skew.com published a tweet pointing at a large number of call-options for December 2020. Note that their number is larger than in December 201 when the rate of the leading cryptocurrency tested its high of $19,600USD.

It turns out that many traders expect the price of the BTC to have reached $28,000USD, $32,000USD, or $36,000USD by the end of the year. The largest number of contracts (which is 752) is at the level of $36,000 USD. We see that investors are in quite a bullish mood but there is also a fundamental part in all this. As a rule, the Bitcoin rate grows actively not right after a halving but some six months after it, so we should take account of the current positive moods of the crypto world concerning the aggressive growth of the BTC. Moreover, the rate of the asset may be somewhat influenced by the upcoming presidential election in the USA along with the general economic instability in the world. All these factors, including the price, may push traders to buy Bitcoin today, which is confirmed by numerous buys near $10,000USD (on absolutely different platforms, by the way). Moreover: the expectations of the Fed’s decision about the interest rate made the rate of the cryptocurrency test $11,000USD. This makes us sure that currently, the pressure from the BTC/USD buyers will be just growing.

Article Produced By
Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

https://www.coinspeaker.com/traders-counting-on-btc-sky-rocketing-by-end-of-year/

 

Heiko Closhen, Entrepreneur

A New Wave of Regulatory Obligations’ Over Crypto Players in EU

A New ‘Wave of Regulatory Obligations’ Over Crypto Players in EU


In what is described as the most comprehensive regulatory framework for cryptoassets to date,

a leaked EU draft document reveals that both issuers of cryptoassets and providers of related activities will have to make crucial choices as they face what is described by industry experts as a “wave of regulatory obligations.” The leaked document, titled Markets in Crypto-assets Regulation (MiCA), went into great detail on how the EU wants to regulate cryptoassets, with a particular focus on fiat-pegged stablecoins. A copy of the 167-page draft was obtained by XReg Consulting, a firm that specializes in digital asset regulations, which said in a comment sent to Cryptonews.com that they expect the new regulations to “shake up the industry” both inside the European Economic Area (EEA)

and around the world.

Affected firms need to “brace themselves for a wave of new regulatory obligations,” and hence make “important strategic decisions that will dictate the future success of their business,” the consulting company said.

Also reporting on the draft document was the EU-focused news outlet EURACTIV, which said that the final version of the document is expected to be presented “in the coming weeks,” making the EU the first major jurisdiction to regulate cryptoassets. And according to EURACTIV’s report, stablecoins, referred to in the document as “asset-referenced tokens” or “e-money tokens,” appear to be an area of particular concern for the EU regulator, with far stricter oversight proposed than for other cryptoassets. Stablecoins that are deemed to be “significant,” will fall under the supervision of the European Banking Authority (EBA). The EBA will, in turn, have powers to conduct investigations, on-site inspections, and impose fines of up to 5% of the issuer’s annual turnover, EURACTIV’s report said.

In terms of its full applicability, however, the proposed rules apply to far more players than just stablecoin issuers. Instead, it refers to a broadly defined group called “crypto-asset service providers” (CASPs) and “issuers of cryptoassets,” which combined covers anyone who offers cryptoassets to third parties. And according to the draft, anyone developing cryptoassets targeted at the EU market must produce a white paper that needs to be approved by both national and EU regulators before the issuer can start operating – a change in policy that undoubtedly will present a major challenge for the industry. Moreover, Xreg Consulting said the proposed rules will harmonize crypto regulations across the entire European Economic Area (EEA), and “replace any national legal and regulatory regimes

for cryptoasset activities.”

“An EEA-wide approach means that CASPs authorised in one Member State will gain access to the Single Market by passporting their services,” the firm added.

Up until now, cryptoasset issuers have largely operated in a regulatory gray area globally, and it remains to be seen if major players in the industry will comply with the new regulations, and if not, what EU regulators will be able to do about it. Meanwhile, as reported in September, Japan’s top financial regulator, the Financial Services Agency (FSA), hinted that companies and organizations dealing with cryptoassets and stablecoins needed to abide by strict anti-money laundering (AML) and anti-terrorism financing compliance protocols and suggested that “new rules” could be introduced later in the year. Meanwhile, a new white paper by international law firm Perkins Coie claims that regulated financial institutions can ensure compliance with AML obligations when supporting privacy tokens.

Article Produced By
Fredrik Vold

Fredrik Vold is a regular contributor to Cryptonews.com, covering cryptocurrency and blockchain related news on a daily basis. His area of expertise is the cryptocurrency markets, and his portfolio includes cryptocurrency and blockchain related analysis pieces. He's also a trader, financial writer, and technical analysis enthusiast, who closely follows not only cryptocurrencies, but also the stock and forex markets. Fredrik is the founder of LUVO Content Marketing, a finance-focused online marketing agency.

https://cryptonews.com/news/a-new-wave-of-regulatory-obligations-over-crypto-players-in-7733.htm

Heiko Closhen, Entrepreneur

Why Bitcoin is a popular means of payment in Africa

Why Bitcoin is a popular means of payment in Africa


Originally designed as a means of payment, many use Bitcoin only as an object of speculation.

Not so in some countries in Africa.Chainalysis has now observed traffic and trading patterns related to crypto transactions. It turned out that Bitcoin in particular is used as a means of payment in some African countries.

As Chainalysis claims to have found out, the volume of monthly Bitcoin transfers under $ 10,000 to and from the African continent grew to a total of $ 360 million in June 2020. This corresponds to an increase of 55 percent over the previous year. These transactions are typical of individuals and smaller businesses. The pure number of monthly transfers has also almost doubled to 600,700. Chainalysis was able to locate the majority of its activities in Nigeria, South Africa and Kenya.

The transactions are less about everyday purchases such as groceries. However, traders, who often source their goods from China or the United Arab Emirates, unanimously report to Reuters that their trading partners have asked to switch to cryptocurrencies. The advantages are obvious: Payments can be made faster and more conveniently, there are no exchange fees. However, the practice is far from risk-free; the exchange between the national currency and Bitcoin is carried out via unlicensed brokers. The Nigerian state is also making it clear that this is not a legal tender and that investors are not protected. Nonetheless, Nigeria saw nearly 50 percent more small-scale transactions in June this year, to $ 56 million. The number of all transactions rose by 55 percent to 120,000.

The fact that Bitcoin is enjoying this increasing popularity in African countries of all places is only surprising at first glance. Many countries on the African continent are characterized by an above-average young and tech-savvy population. Hard dollars – the de facto currency in global trade – are hard to come by with weak currencies. And complex bureaucratic structures make financial transactions even more difficult. Frankline Kihiu, a crypto broker from Nairobi, Kenya, knows this too, and in an interview with Reuters she confirms: “People are very quick to adopt technologies that make their lives easier. In most African countries, there are many government restrictions. With Bitcoin you can ignore it. “

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

Article Produced By
The ButCoin News – Bitcoin News source since 2012

https://thebitcoinnews.com/why-bitcoin-is-a-popular-means-of-payment-in-africa/

Heiko Closhen, Entrepreneur

Blockstack Rises from the Recent Bottom Trades at 0203

Blockstack Rises from the Recent Bottom; Trades at $0.203

Blockstack Price Analysis

Today, Blockstack price was seen trading at $0.203 with a volatile movement against the US Dollar after hitting the Month-to-Date lowest at $0.139 on the 24-hour chart. After breaching the lower band, the STX price is currently trading within the range and not hitting any trading extremities. However, as per the formation of Bollinger Bands on the daily chart and the lack of support from MA50 reflects moderate volatility. However, with gradual rise in the price after hitting the bottom at the onset of the month, Blockstack now draws a choppy yet accumulative trend and, in this regard, the MACD line moves in intersection with the signal line. The RSI is at 43.59 and shows no trading extremities.

Article Produced By
Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

https://www.cryptonewsz.com/blockstack-rises-from-the-recent-bottom-trades-at-0-203/

Heiko Closhen, Entrepreneur

Daily Market Overview Featuring Bitcoin Ethereum and EURUSD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Bitcoin is up 0.68% today after losing 1.04% in price yesterday.

The first cryptocurrency still remains bearish as the Dollar Index is gaining and the S&P Volatility Index is falling sharply since September 3. Currently, on a 4-hour chart BTC/USD has formed an ending diagonal and retraced from the dynamic support and is about to test the upper edge of the ending diagonal at $10 600. If bulls are able to push the price above $10 600, Bitcoin might continue the uptrend move towards 200MA at $11 120 – $11 200, these levels also are considered as an important support and resistance. If Bitcoin closes below the dynamic resistance (lower edge of the diagonal), we might see a drop to $9 982 – $9 887.

Ethereum lost 6.81% yesterday – the day it launched the Phase 0 of Ethereum 2.0 update, though was able to gain 3.04% today. Unlike an ending diagonal formed by Bitcoin on 4H chart, Ethereum has formed a bearish flag below the lower edge of which might push bears to drag the price to the nearest support at $324. In order to show another uptrend, bulls should get the price above EMA20 and a static resistance of $372. Closest MA resistances are at $386 and $395.

Euro started the week with 0.25% gain against the US Dollar as EU stocks open higher amid new coronavirus vaccine hopes. On a 4H chart, the pair is still trading within ranges of the expanding diagonal, testing higher dynamic resistances and lower dynamic supports. Euro is currently testing the intermediate dynamic resistance which it was able to break previously. The pair is still above MA100 and MA200, hence bulls might consider it a good signal for pushing the price higher. Important resistance ahead is $1.18780, above which the price might continue towards 1.19000. Another stimulus for bulls is the recent quote from Goldman Sacks which states that the fair rate for EUR/USD is $1.30.

Article Produced By
Aziz Kenjaev

Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.

https://www.coinspeaker.com/daily-market-overview-bitcoin-ethereum-eurusd/

Heiko Closhen, Entrepreneur

Binance CEO CZ Wants More DeFi Projects on Smart Chain

Binance CEO CZ Wants More DeFi Projects on Smart Chain

4 hours ago by Chuks Chukwuka ·

2 min readTo justify his stance on the suitability of the Binance chain for projects,

CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage.The CEO of Binance Changpeng Zhao wants more smart contract projects to move to the Binance Smart Chain platform. This can be deduced from a tweet made by the man fondly known as CZ within the crypto circle. He made the tweet while discussing with another user, adding that the Binance chain is not really a competitor but could reduce the load on the Ethereum network. Ethereum gas price has soared in recent weeks as the platform has continued to be the favorite of smart contract developers.

CZ noted:

“BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees.”

Apparently, to justify his stance on the suitability of the Binance chain for projects, CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage. The Binance smart contract platform called the Binance Smart Chain was launched on September 1. The platform also announced a $100 million funding for projects that would be built on the platform. Obviously, the Binance team is interested in DeFi projects which have continued to grow in popularity. Recently, the platform listed BurgerSwap which pulled thousands of investors at launch, almost reminiscent of the Ethereum hosted CryptoKitties. CZ said that he avoids commenting on specific projects to avoid passing the wrong impression that they have been endorsed by Binance. He said that going forward, that would change as the CEO seems determined to promote projects built on the BSC.

Commenting on DeFi projects, he wrote:

“Some may offer short term gains, but they come with super high risks too. Don’t invest money that you can’t lose.”

If you want to learn more about cryptocurrencies, follow the link.

Article Produced By
Chuks Chukwuka

Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.

https://www.coinspeaker.com/binance-ceo-smart-chain/

 

 

Heiko Closhen, Entrepreneur

Weekly Recap: Bitcoin Remains Dormant While Ethereum Resumes Uptrend

Weekly Recap: Bitcoin Remains Dormant While Ethereum Resumes Uptrend 


Bitcoin remains dormant awaiting major price movement.

Bitcoin seems to have entered a consolidation period following the 17% downswing it experienced at the beginning of the month. Its price appears to be contained within a narrow trading range, waiting for volatility to strike back. The ongoing stagnation phase forced the Bollinger bands to squeeze within BTC’s 4-hour chart, which is indicative of a major price movement about to take place. In the meantime, the flagship cryptocurrency continues to trade mostly between the $9,900 support and the $10,400 resistance level. Such a narrow trading pocket was visible throughout the week of August 7th.

Bitcoin kicked off the week at a high of $10,258 and quickly took a 3.69% nosedive to $9,880. This price hurdle served as strong resistance, allowing prices to rebound towards the overhead resistance. By Tuesday, September 8th, at 0:00 UTC, BTC was trading at a high of $10,444, but this supply barrier rejected the upward price action. The rejection was followed by a 5.76% correction that saw the pioneer cryptocurrency move a few dollars below the $9,900 support level. Regardless, this price point was able to hold again. What followed was a 6.53% upswing that extended throughout the next two days. Indeed, Bitcoin reached a weekly high of $10,484 on Thursday, September 10th, at 14:00 UTC. Just like it happened throughout the week, this resistance level rejected BTC from advancing further, triggering a 2.71% correction. Although Bitcoin was able to partially recover, it closed Friday, September 11th, at $10,388, providing investors a weekly return of 1.26%.

Ethereum Breaks Out of Consolidation Pattern Providing 6% in Weekly Returns

Like Bitcoin, Ethereum also entered a consolidation period after the massive 36% nosedive it took between September 2nd and September 5th. While its price was making a series of higher lows and lower highs, it seemed that a symmetrical triangle developed within ETH’s 1-hour chart. This type of technical formation provides an intriguing outlook since an asset can break out in any direction. Nonetheless, several on-chain metrics indicated that as prices were plummeting during the first five days of September, large investors were taking advantage of it. Data reveals that roughly 68 new addresses holding between 1,000 to 10,000 ETH joined the network during the market-wide correction. The spike in buying pressure suggested that there was a high probability that Ether was going to break out of the symmetrical triangle in an upward direction.

While the smart contracts giant spent the first two days of the week consolidating within the aforementioned technical pattern, it was not until September 9th that the breakout took place. On this day, at around 12:00 UTC, several cryptocurrency exchanges recorded an increase in the number of buy orders behind Ethereum. The spike in demand led to an 8.56% upswing that allowed ETH to slice through the overhead resistance to make a weekly high of $377.79 approximately 24 hours later. Following the upward price action, Ether suffered a small correction throughout the end of the week. But it was able to recover and close Friday, September 11th, trading at a high of $373.93. Due to the break out of the symmetrical triangle, ETH provided investors a weekly return of nearly 6%.

Make-or-Break Point on BTC and ETH’s Trend

Despite the upward price action that Ethereum went through over the week, Bitcoin’s price action suggests that the cryptocurrency market sits at a make-or-break point. If the buying pressure behind the flagship cryptocurrency does not increase, its price could slice through support and head towards $9,000. Such a downswing could affect the rest of the market. For this reason, investors seem hopeful that Bitcoin would instead turn the $10,400 into support, which would signal the resumption of the bull rally. While the DeFi market sector continues to attract the attention of most market participants, it remains to be seen what will happen to the top two cryptocurrencies by market capitalization.

Article Produced By
Konstantin Anissimov

Executive Director at CEX.IO. His area of responsibility includes customer relationships with institutional and VIP-clients, overseeing the creation of the company’s development strategy, new products, markets and partnerships. As a member of the board of directors, Konstantin is also responsible for corporate governance.

https://www.coinspeaker.com/bitcoin-remains-dormant-while-ethereum-resumes-uptrend/

Heiko Closhen, Entrepreneur

These Are the Most Rewarding Dogecoin Faucets in September 2020

Article Produced By

Lavinia C.

Lavinia is an editor who takes care of the accuracy and veracity of the texts on the website. She plays a creative role in the company and brings general content ideas to provide more relevant and engaging articles. So, just keep calm and enjoy reading.

https://coindoo.com/these-are-the-most-rewarding-dogecoin-faucets-in-september/

Heiko Closhen, Entrepreneur