Cryptocurrency continues to become an ever popular as people begins to grow in awareness and come to true understanding of the importance of cryptocurrency in lives today.
With the government financial policies becoming popularly known to be less helpful in protecting personal finance, cryptocurrency becomes very important for those who desire to either protect and preserve some of their assets or enjoy the fruitful benefits of involved in trading the movement of this new asset class.
As much as cryptocurrency has become popular as there are millions of people trading per day, there is still room for improvement.
The future which every crypto faithful envisage and popular refer to as “mass adoption” has not come and for those who provide the technologies, platform, products for the cryptocurrency industry, their continuous effort may become fruitful in due time.
Since the commencement of the year 2020, there have been several eventful happenings in the crypto industry but for this piece, we are examining the growth of cryptocurrency exchanges in terms of traffic for the month of February, 2020.
From data gotten from ICO Analytics , in the second month of the year, 2020, Binance had the most exchange visits at about 23.8million hits. This was an increase of 24% over the traffic in the month of January, 2020. This doesn’t come at a surprise considering the fact that Binance is always on the news weekly.
US based cryptocurrency exchange Coinbase had a 22.2million hits in February, which was a 7% increment compared to January.
Top margin trading platform BitMEX also had the third highest traffic increase from January to February at 29% but in February, it received 12.9million web visits in the month making it the third exchange with the largest web visits in the second month.
UPbit has a 5.5 million visits in February which rounds up to the highest increase in traffic from January to February at 41%.
YoBit.net and Kraken had similar visits at 4.8million (+20% in February) and 4.1million (+19% in February).
Huobi saw a 2.5million visits in February which was an increase of 26%, OKEX also received 2.3million visits at 18% increase.
The continued rise in interest in cryptocurrency will have to further fuel the up rise in traffic of cryptocurrency exchange which are one of the most powerful stakeholders of the cryptocurrency industry.
As much as decentralization is preached about and the hope on decentralized exchanges, these centralized exchanges are what we have now and they are continuing their upward growth.
As global financial market continues to see a downtrend, crypto may become the alternative for many people and for exchange operators, it presents a unique opportunity for them to increase their user base as well as revenue base.
Paxful Users Can Now Sell Their Bitcoin For Gold
Paxful has released a new update allowing millions of its users to acquire Gold by selling Bitcoin.
As one of the most known and valuable precious metal globally, Gold has positioned itself as a good store of value for investors, businesses and nations of the world. Over time, the precious metal has grown in value and has been noted to be a safe haven.
The new update allows users of the peer-to-peer exchange platform to sell their bitcoin for the acquisition of Gold. This works by having users search for offers that can accept bitcoin as payment for gold.
Users can also create their own offer which allows them to determine the terms of the business arrangement and published.
When an offer is matched, and a buyer is expected to deliver the gold within a time frame of 21 days (three weeks) immediately the buyer marks the trade as Paid. Once a seller receives the gold, he is expected to release the bitcoin from the escrow to the seller.
Paxful encourage users to use trackable shipping methods delivery by mail and the use of public places for users who wish to trade in person. Users are expected to provide ID and Address verification before are able to trade with gold.
Giving reason for this Paxful said “This verification is important to protect our bitcoin sellers from any fraudulent activity. Therefore, it is not possible to trade bitcoin for gold or vice versa without being fully verified on Paxful.”
For the best of transactions, Paxful encourage users to ensure the quality of the gold before making payment and determining the means of delivery of the gold.
Users are to request for proof of purchase (a receipt), certificate of authenticity for the gold item, photo of ID and any other additional documentations.
Enhancing Protection, Bittrex Secures $300m Digital Asset Insurance
Cryptocurrency exchange Bittrex, Inc announced it had secured a $300 million digital asset insurance.
The insurance obtained secures named crypto assets in its cold storage system.
The blockchain technology and cryptocurrency exchange firm said it worked closely with the world’s leading insurance broker and risk adviser, Marsh, in placing the coverage with Arch Syndicate 2012, an organization which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London.
The approval for insurance coverage according to Bittrex comes after successfully demonstrating its extensive internal security and compliance protocols.
The coverage is up to $300 million in assets in cases of external theft and internal collusion.
The underwriters were not disappointed upon learning of the ‘best-in-class‘ technology Bittrex has. And the fact that ‘a growing number of cryptocurrency exchanges around the world are also built on the Bittrex’ technology owing to the confidence in the platform, Bittrex claims.
Speaking on the insurance coverage, the CEO of Bittrex, Bill Shihara, was quoted saying “Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind,”.
He continued further saying “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward looking blockchain technologies”
Co-leader of the global leader in insurance and risk management firm, Marsh’s Marsh’s Digital Asset Risk Transfer (DART) team also commented saying “Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets,”
“We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.
Waves.Exchange launches Secure Decentralized Staking offering up-to 30% Annual returns
Waves.Exchange has launched its decentralized staking allowing users to securely stake their tokens and earn passive income of up-to 30% annually.
The exchange rewards users with profits made based on the proportion of tokens staked on the platform.
According to Waves.Exchange, many crypto exchanges currently offering staking services but argued that only decentralized staking can guarantee users’ security and true control over their crypto assets.
In centralized exchanges, staked tokens become working capital for the exchanges since the tokens are transferred from the wallet of users to the exchange’s wallet thus losing control over the asset.
Waves.Exchange emphasized that its decentralized staking offers users control over their crypto assets yet allows earning. The service is unique because Waves platform uses the POS consensus algorithm and pays out rewards with the generation of every block.
“the exchange has no access to users’ funds: no one can block staked assets or interfere with users’ ability to collect passive income in any other way.”
It works by letting users to simply sign a special transaction that allows their WAVES to be used by a specific Waves node to generate new blocks. In return, users collect a percentage of the resulting block rewards.
Neutrino Dollar as an alternative
The exchange also offered alternatives, this comes in the package of the Waves decentralized stablecoin, the Neutrino Dollar. The Neutrino Dollar is described as 0″an algorithmic stablecoin pegged to the US dollar and underpinned by Waves’ PoS network.”
According to the exchange, all Neutrino coins are held in a smart contract and users can send their Waves to the smart contract and exchange them for the stablecoin at any time.
The transferred Waves are used by a Waves node as part of a generating balance with users getting daily payments earnings in the Neutrino Dollar.
The exchange boast of higher rates, security and control of funds than traditional financial tools. Quoting the exchange, it said “While daily earnings will fluctuate based on WAVES’ price dynamics — which, in turn, depend on a number of wider factors affecting the crypto markets — USDN staking can still bring annual returns of up to 30%.”
Naijacrypto Announce Support for XRP Days After Paystack Integration Allowing Buying of Crypto Easier
Nigerian cryptocurrency exchange Naijacrypto has added support for Ripple XRP on its platform. The announcement comes days after the exchange integration of paystack into the exchange.
Naijacrypto is one of the several Nigerian owned cryptocurrency exchanges offering locals the ability to easily buy and sell cryptocurrency.
Founded in March, 2019 and has grown offering unique services to users, as well as providing access to an OTC market for a wide selection of digital assets.
The Paystack integration allows customers to purchase cryptocurrency using their debit card thus eliminating the friction existing in buying and trading cryptocurrencies.
In a video, Chiagozie Iwu of Naijacrypto also mentioned certain changes already carried out in the exchange platform and several more to come.
According to the video update, changes such as in KYC has seen improvement and is more user-friendly.
Users are not mandated to submit identifying documents until the point of withdrawal. In security of the platform has also seen some improvement as users can now choose between available authentication methods.
According to Mr.Chiagozie Iwu, “This is to give you more security features or based on your preferences basically”
Buy Bitcoin Page & Naijacrypto Academy
Naijacrypto also talked about the creation of a page that will allow users to quickly buy bitcoin with few clicks thus simplify the whole process of getting bitcoin.
The update also the intention of the crypto exchange to launch the Naijacrypto Academy.
The Naijcrypto academy will serve as a platform for educating new users in crypto generally. According to the CEO, Chiagozie Iwu, more details will be coming out soon.
And in the coming days, New cryptocurrencies will be added to the platform and one of such being Bitcoin Cash.
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