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United States’ Customers To Enjoy Bitcoin-Backed Loans from Coinbase

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Coinbase announced yesterday that retail customers in the US will start to have access to fiat loans  backed by at least 30% of their bitcoin assets. This will be done via their platform. The San Francisco-based trade platform happens to be one of the largest Fintech Exchange and is introducung the lending business to its very well regulated crypto platform. For its lending service, it has similar reckless risk averse requirements in place as the traditional banking system. Coinbase has limited the credit available to each customer to be $20,000 at an interest rate of 8% for bitcoin-backed loans with the term of one year or less. The way this arrangement works is that, within the space of 2 or 3 days, customers will be able to access their loans without even needing to fill out an application form.

Max Brazburg, the Head of product at Coinbase explained via an email statement that:

 “Customers may use bitcoin-backed loans in different ways depending on their financial needs, including for large expenditures like home or car repairs, financing major occasions like a wedding, or helping to manage higher-interest personal loans or credit card debt,” 

Brazburg explained that while Coinbase is working hard to gain permits in other states in the US, the product is already accessible in about 17 states. Even now, a waitlist has opened since yesterday including the tagline:

“Have you ever needed cash for something urgent, like a car or home repair? In the past, you might have sold Bitcoin to cover it and incurred a taxable gain or loss. Now you don’t have to.”

Coinbase highlighted that instead of reinvesting the securities given for loans like other crypto lenders, it will rather keep the bitcoin on the exchange. It appears that other Crypto products are looking into the lending space as Square announced this week that a plausible lending product may storm from their current testings. They iterated that they will be dealing in short term loans from $2-$20.

Joseph Kelly, the Founder and CEO of Crypto lender, Unchained Capital, explained that “It’s a good bull-market product when customers have excess capital they’d like to do something with,” Kelly said. “We’ve almost never seen a monopoly lending market … I’d expect other exchanges to follow suit.”

The following states already enjoy this lending product in the United States: Arkansas, Connecticut,  Alaska, New Jersey, Florida, Georgia, Illinois, Massachusetts, New Hampshire, Oregon, North Carolina, Utah, Texas, Virginia, Nebraska, Wisconsin and Wyoming.

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Naijapay Launches Enabling Bitcoin and Dash Payments

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Naijacrypto a top indigenous Nigerian exchange has announced the launch of their crypto payment gateway, “Naijapay” to enable businesses to accept crypto payments with easy
conversion to naira.


Nigeria has been a popular crypto hotspot over the years always among the top in ranking of traded bitcoin volumes. This is fueled in part by the huge remittance inflow into the country which was more than the oil revenue of the country in 2018, and the use of crypto for payments.

As more people switch over to using crypto for day to day payments, Naijapay aims to be their top destination.

Naijapay will support Bitcoin and Dash payments at zero transaction fees. It would contain two modes; The “naira mode” would enable businesses to accept crypto but always receive naira.

They do not need to worry about the volatility of the cryptocurrency markets. The “crypto mode” is for those who wish to receive crypto and keep funds in crypto.

The platform has utilities for
users who just wish to accept crypto payments without any complexities as well as utilities for users who wish to integrate payment APIs on their website.

Naijapay is also InstantSend enabled, meaning Dash transactions will be instantly confirmed, and the naira value credited to the receiver.
The Naijapay Platform would also advertise businesses who accept cryptocurrencies, this is in Naijacrypto’s vision to make the Local markets visible to the international community.

Even freelancers can advertise their business to an international community and receive payments easily.


According to Chiagozie Iwu, founder of Naijapay; “Naijapay is set to revolutionize the way Nigerian Businesses and freelance workers receive payments. Gone are the days when payment methods hindered market reach”.

This is a much-needed utility in the Nigerian business space
and also good news to the Nigerian crypto community in their push for more crypto adoption
mechanisms.

Continue Reading

Exchange

Luno to hire over 200+ people, Plans Global Expansion to reach 1bn people by 2030

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Co-Founder and CEO of leading cryptocurrency exchange, Luno has revealed the firm is looking to hire over 200 personnel. 

This was revealed via a tweet on the 19th of November, 2020. In the twitter post, the CEO, Marcus Swanepoel said Luno was looking at getting 200+ people and anyone who wants to help the firm upgrade the world to a better financial system should keep an eye on its job portal. 

Luno CEO, Marcus Swanepoel

Mr.  Marcus also tweeted about the plan of getting the Luno brand to 1 billion people by the year 2030.

Read also: How a First Time Bitcoin Trader Made 10% Profit in 10 Days on Luno. 

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Kucoin’s Web Traffic Drop by Almost half in October After Hack

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Cryptocurrency exchange Kucoin experienced a drop in its web traffic in the month of October by almost half. The report which was compiled by ICO_Analytics reviewed the web traffic data of 20 top cryptocurrency exchanges for the month.

According to the report, Kucoin experienced web traffic of 1.7 million in the month however, that figure represented a significant reduction in its web traffic when compared with the previous month, September.

The report revealed the exchange experienced a 45% loss in web traffic in the month of October. The likely reason was the attack which occurred on the exchange in late September, which saw the exchange halt significant operations. The hackers were able to withdraw huge some of funds running in hundreds of millions of dollars in several cryptocurrencies such as Bitcoin, Stellar and multiple ERC-20 tokens

Immediately the news of the security breach broke out, industry participants rally round support the thwarting of the hackers plan by freezing stolen cryptocurrency, upgrading contracts to render the some of the stolen funds useless etc. 

With this measures, the CEO of Kucoin Johnny Lyu has revealed the exchange has been able to recover the 84% of the stolen funds and will published the case when it is closed as directed by law enforcement. Johnny Lyu also revealed the exchange has resumed full service for the 176 tokens affected and all others are scheduled to be reopened before September, 22nd.

In a tweet published hours ago, the CEO of Kucoin, said he was glad that the incident was dealth with in an open and transparent manner, always putting users first and it Kucoin looks forward to continue to safeguard users funds and bring more crypto hidden gems to the world as it always does.

Other than Kucoin, the report also revealed Uniswap saw a drop in web traffic of 25%, ZB.com  experienced a 32% drop in web traffic  while Huobi had a one-fifth decline in web traffic in the month of October, 2020.

Continue Reading
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Exchange

United States’ Customers To Enjoy Bitcoin-Backed Loans from Coinbase

Published

on

By

Coinbase announced yesterday that retail customers in the US will start to have access to fiat loans  backed by at least 30% of their bitcoin assets. This will be done via their platform. The San Francisco-based trade platform happens to be one of the largest Fintech Exchange and is introducung the lending business to its very well regulated crypto platform. For its lending service, it has similar reckless risk averse requirements in place as the traditional banking system. Coinbase has limited the credit available to each customer to be $20,000 at an interest rate of 8% for bitcoin-backed loans with the term of one year or less. The way this arrangement works is that, within the space of 2 or 3 days, customers will be able to access their loans without even needing to fill out an application form.

Max Brazburg, the Head of product at Coinbase explained via an email statement that:

 “Customers may use bitcoin-backed loans in different ways depending on their financial needs, including for large expenditures like home or car repairs, financing major occasions like a wedding, or helping to manage higher-interest personal loans or credit card debt,” 

Brazburg explained that while Coinbase is working hard to gain permits in other states in the US, the product is already accessible in about 17 states. Even now, a waitlist has opened since yesterday including the tagline:

“Have you ever needed cash for something urgent, like a car or home repair? In the past, you might have sold Bitcoin to cover it and incurred a taxable gain or loss. Now you don’t have to.”

Coinbase highlighted that instead of reinvesting the securities given for loans like other crypto lenders, it will rather keep the bitcoin on the exchange. It appears that other Crypto products are looking into the lending space as Square announced this week that a plausible lending product may storm from their current testings. They iterated that they will be dealing in short term loans from $2-$20.

Joseph Kelly, the Founder and CEO of Crypto lender, Unchained Capital, explained that “It’s a good bull-market product when customers have excess capital they’d like to do something with,” Kelly said. “We’ve almost never seen a monopoly lending market … I’d expect other exchanges to follow suit.”

The following states already enjoy this lending product in the United States: Arkansas, Connecticut,  Alaska, New Jersey, Florida, Georgia, Illinois, Massachusetts, New Hampshire, Oregon, North Carolina, Utah, Texas, Virginia, Nebraska, Wisconsin and Wyoming.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Exchange

Naijapay Launches Enabling Bitcoin and Dash Payments

Published

on

Naijacrypto a top indigenous Nigerian exchange has announced the launch of their crypto payment gateway, “Naijapay” to enable businesses to accept crypto payments with easy
conversion to naira.


Nigeria has been a popular crypto hotspot over the years always among the top in ranking of traded bitcoin volumes. This is fueled in part by the huge remittance inflow into the country which was more than the oil revenue of the country in 2018, and the use of crypto for payments.

As more people switch over to using crypto for day to day payments, Naijapay aims to be their top destination.

Naijapay will support Bitcoin and Dash payments at zero transaction fees. It would contain two modes; The “naira mode” would enable businesses to accept crypto but always receive naira.

They do not need to worry about the volatility of the cryptocurrency markets. The “crypto mode” is for those who wish to receive crypto and keep funds in crypto.

The platform has utilities for
users who just wish to accept crypto payments without any complexities as well as utilities for users who wish to integrate payment APIs on their website.

Naijapay is also InstantSend enabled, meaning Dash transactions will be instantly confirmed, and the naira value credited to the receiver.
The Naijapay Platform would also advertise businesses who accept cryptocurrencies, this is in Naijacrypto’s vision to make the Local markets visible to the international community.

Even freelancers can advertise their business to an international community and receive payments easily.


According to Chiagozie Iwu, founder of Naijapay; “Naijapay is set to revolutionize the way Nigerian Businesses and freelance workers receive payments. Gone are the days when payment methods hindered market reach”.

This is a much-needed utility in the Nigerian business space
and also good news to the Nigerian crypto community in their push for more crypto adoption
mechanisms.

Continue Reading

Exchange

Luno to hire over 200+ people, Plans Global Expansion to reach 1bn people by 2030

Published

on

Co-Founder and CEO of leading cryptocurrency exchange, Luno has revealed the firm is looking to hire over 200 personnel. 

This was revealed via a tweet on the 19th of November, 2020. In the twitter post, the CEO, Marcus Swanepoel said Luno was looking at getting 200+ people and anyone who wants to help the firm upgrade the world to a better financial system should keep an eye on its job portal. 

Luno CEO, Marcus Swanepoel

Mr.  Marcus also tweeted about the plan of getting the Luno brand to 1 billion people by the year 2030.

Read also: How a First Time Bitcoin Trader Made 10% Profit in 10 Days on Luno. 

Continue Reading

Exchange

Kucoin’s Web Traffic Drop by Almost half in October After Hack

Published

on

Cryptocurrency exchange Kucoin experienced a drop in its web traffic in the month of October by almost half. The report which was compiled by ICO_Analytics reviewed the web traffic data of 20 top cryptocurrency exchanges for the month.

According to the report, Kucoin experienced web traffic of 1.7 million in the month however, that figure represented a significant reduction in its web traffic when compared with the previous month, September.

The report revealed the exchange experienced a 45% loss in web traffic in the month of October. The likely reason was the attack which occurred on the exchange in late September, which saw the exchange halt significant operations. The hackers were able to withdraw huge some of funds running in hundreds of millions of dollars in several cryptocurrencies such as Bitcoin, Stellar and multiple ERC-20 tokens

Immediately the news of the security breach broke out, industry participants rally round support the thwarting of the hackers plan by freezing stolen cryptocurrency, upgrading contracts to render the some of the stolen funds useless etc. 

With this measures, the CEO of Kucoin Johnny Lyu has revealed the exchange has been able to recover the 84% of the stolen funds and will published the case when it is closed as directed by law enforcement. Johnny Lyu also revealed the exchange has resumed full service for the 176 tokens affected and all others are scheduled to be reopened before September, 22nd.

In a tweet published hours ago, the CEO of Kucoin, said he was glad that the incident was dealth with in an open and transparent manner, always putting users first and it Kucoin looks forward to continue to safeguard users funds and bring more crypto hidden gems to the world as it always does.

Other than Kucoin, the report also revealed Uniswap saw a drop in web traffic of 25%, ZB.com  experienced a 32% drop in web traffic  while Huobi had a one-fifth decline in web traffic in the month of October, 2020.

Continue Reading

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