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Swiss Crypto Company, X8 Obtains Islamic Finance Certification

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The cryptocurrency space is beginning to attract the Islamic financial world. Regulators and financial exchanges in the Middle East region are working to ensure that finance is Sharia-compliant. To this effect, a Switzerland-based fintech firm, X8 AG has received a certification from the Shariyah Review Bureau (SRB) for its digital currency. Reports have it that X8 AG is seeking to expand its business in the Middle East.

Director and co-founder of X8, Francesca Greco revealed that the company hopes that its Ethereum -based stable coin which has the backing of eight fiat currencies and gold, can address some of the concerns of Islamic scholars. Most of these concerns revolve around the religious validity of cryptocurrencies, its price volatility and the types of assets backing these digital tokens.

The Zug based company received the certification from SRB, a Sharia consultancy and audit firm licensed by the central bank of Bahrain. SRB holds over 13% of the market share of Saudi Investment Companies. These companies are licensed by the Capital Markets Authority (CMA). The SRB also holds over 21%  of the Cooperative Insurance Firms which are Listed on the Saudi stock-exchange market.

X8 also has plans to launch a Sharia-compliant crypto exchange and has been in talks with local exchanges in Abu Dhabi, Bahrain and Dubai. Greco revealed. “The Gulf region is a really good place for financial technology companies because they all want to become hubs for fintech.”

Several fintech firms are beginning to integrate their technology into the field of Sharia-compliant finance. Sometime in July, Stellar (XLM) claimed to be the first blockchain protocol to received a Sharia-compliant certification in the money transfer and asset tokenization field. Not to be left out, NOORCOIN, a crypto utility token was certified in March with a Sharia Certificate from the World Sharia Advisory Committee. Also, X8 has claimed to be a ‘pioneer of a unique class of stable tokens’.

 

 

What do you think about Sharia-compliant certification for cryptocurrency? Share your opinion with us in the comment section below.
Image credit: Pixabay

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Binance To Launch Open Blockchain Project Venus To Develop Stablecoins Pegged to Local Currencies

Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations.

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Opening the new week, Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations. This was announced in a blog post made by the exchange. The initiate will see to the creation of hundreds of stablecoins pegged to the local currencies.

In order to successfully execute the vision of project Venus, the firm stated that they will need new alliances and partnerships with governments, corporations, technology companies and other cryptocurrency companies and projects developing ground breaking solutions for the blockchain and cryptocurrency industry.

According to the Binance, Project Venus will utilize the public chain of Binance – BinanceChain for secure operations of the stablecoins that will be created. The Binance Chain was released early this year and has currently in itself several blockchain projects including two stablecoins which are the BTC pegged stablecoin BTCB and the Binance BGBP Stablecoin.

Binance had earlier in recent weeks completed the audit of its British Pound backed Stablecoin BGBP. The audit was carried out by an audit firm CertiK. At current the BGBP is listed on Binance against a couple of trading pairs.

Promoting the accelerated development and actualization of the initiative, Binance has revealed it will provide full technical support, compliance risk control system and multi-dimensional cooperation network that are needed to build Venus while leveraging existing infrastructure and regulatory establishments.

Calling for partners, Binance encourages like-minded people and organizations to contact it and discuss the “infinite possibilities of the digital world together”.

Launched over two years ago, Binance continues to be innovative, resilient and despite various challenges such as hacks, leaks etc, the top cryptocurrency exchange continues to forge on with greater intensity.

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Coinbase Divulge A System Glitch Affecting Password Of Thousands Of Users

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Disclosing a system glitch that affected thousands of its customers, US Cryptocurrency Exchange Coinbase revealed that the potential vulnerability affected passwords of users. The vulnerability was discovered on the signup page and it caused users registration details to be stored in clear text in the firm’s internal web server logs.

Notifying customers of the development, the exchange said in a blog post that it had began emailing the 3420 customers affected by the bug.

Assuring its customers, Coinbase revealed the problem has been fixed and that logged information was not improperly accessed, misused, or compromised. To boost confidence, it required customers to change their passwords as a “best-practice” precaution.

Giving description how it happened, the exchange explained that inn a very specific and rare error condition, the registration form would not load correctly and any attempt to create a new Coinbase account under this condition would fail. Despite the failure, the details of the user including proposed passwords, email addresses names etc would be sent to the firm’s internal logs.

However, if the user tries again on a reloaded page, the registration will proceed correctly and password will be securely hashed. But in the case of these 3420 customers, the users successfully registered using a password with a hash that matched the one previously logged.

 

Responding to the issue, the firm said it identified the bugs and fixed it. It also traced back all the places where the logs might have ended up. A password reset for the impacted account was triggered for customers to change their passwords.

 

According to Coinbase, “We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today“.

Coinbase had recently announced the acquisition of institutional business from Xapo as it continues its expansion mission across the cryptocurrency and blockchain industry.

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Coinbase Expands Its Custody Business As It Acquires Xapo’s Institutional Business

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US Cryptocurrency Exchange Coinbase had announced in a blog post few hours ago of the acquisition of Xapo’s institutional business as it expands its crypto custody business. According to Coinbase, the “acquisition caps off a tremendous period of growth and innovation for Coinbase Custody”.

Coinbaase Custody has been able to grow to over $7 billion in custody stored on behalf of over 100 clients in more than a dozen countries. Making it the largest, most globally recognized and most trusted institutional custodian in the world.

According to Coinbase, the goal is to build a “trusted foundation for institutional investment in Bitcoin BTC and crypto assets in general.”

Xapo was founded to address two of the biggest issues with Bitcoin’s success and adoption—accessibility and security. And in less than 4 years it’s become the largest custodian of the cryptocurrency, securing over $10 Billion for its members, according to its website

Xapo’s Institutions was built specifically for the needs of businesses and financial institutions. It provides the same advanced security of Xapo’s industry-leading, secure bitcoin storage platform but with the flexibility needed to organize and manage your corporate accounts with ease.”

 

Based in San Francisco, Coinbase was founded in mid of 2012 as a digital wallet and platform where merchants and consumers can exchange digital currencies such as Bitcoin, Ethereum etc. It currently operates across over 50 countries of the world with a record of about 30 million users trading over $150 billion.

According to Coinbase, this is a legacy they will extend and bring to another step closer to achieving its mission.

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Bitcoin Is Back Above $10,000 After Binance Successful Upgrade

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Bitcoin back over $10,000 after  the Binance successful upgrade since the cryptocurrency market saw recent profits swept away as it dips. Though, other cryptocurrencies are also experiencing significant loss across board with bitcoin also, Bitcoin is the only cryptocurrency standing out amongst the top ten cryptocurrency.

Binance on the 14th of August announced a system upgrade which would commenced on the 15th of August 2019. The upgrade is expected to last for a maximum of 8 hours with major improvement to its platform such as; Matching Engine API, new order type etc.
According to the firm, deposits and withdrawals are expected to be suspended

 

The Upgrade was successfully completed just over two hours ago and and co-incidentally, the bitcoin price rallied climbing just over 10,000 USD.

For those who hodl during the period cryptomarket saw the dip across all cryptocurrencies, CZ joined them in celebrating the ascent of bitcoin to the current price.

Bitcoin is currently trading as at press time at $10095 reporting a loss of 4.12%.

Deposits and withdrawals are currently enabled on Binance however, it recommended to users to open their Margin positions and re-assess their collateral balances priort to the start of trading to migitate against price fluctuations that may occur.

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