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Bitfinex Rolls Out Kazakhstan Regulated Security Token Exchange

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Popular cryptocurrency exchange Bitfinex has announced the launch of a new trading platform focused on Security Token Offerings (STOs).

Bitfinex said in a recent announcement that the new platform will operate under the financial laws of Kazakhstan, as provided by the Astana Financial Services Authority (AFSA).

The STO exchange, dubbed Bitfinex Securities Ltd, has been launched as part of the company’s efforts to support the development of the global financial industry.

Bitfinex Securities Features & Offerings

Similar to existing practices in the digital asset space, Bitfinex Securities will operate on a 24/7 basis. Notably, the company has deployed technologies to reduce transaction costs, boost efficiency, and optimize the success rate of capital raised on the platform.

Through the STO platform, investors will be granted access to an international securities trading market.


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It will also give interested investors the opportunity to diversify their portfolio by providing access to a wide array of financial products, including equities and bonds.

Security token issuers can also take advantage of the newly launched platform by raising capital via the offering of tokenized security in a bid to raise capital, the announcement added.

Paolo Ardoino, Chief Technology Officer (CTO) at Bitfinex Securities Ltd said the STO exchange will contribute positively to helping the trading platform become the most liquid of its kind globally, adding:

“Bitfinex Securities Ltd. provides a regulated platform serving small and medium-cap companies that are currently underserved by existing, inefficient capital markets.”

Restricted Countries

Although the exchange will operate under the laws of Kazakhstan, investors from different parts of the world can also trade various tokenized securities publicly.

However, investors residing in the United States, Switzerland, Canada, the British Virgin Islands, Austria, Venezuela, and Italy are prohibited from using the platform, according to a legal statement issuedissued by Bitfinex.

Similarly, other jurisdictions under embargo by the United States, Iran, Cuba and Kazakhstan, among others, will be denied access to the exchange.

Increasing Demand for Tokenized Securities

Security tokens are investment contracts representing ownership of real-world assets like real estate and digital artwork, among others.

The asset class has become increasingly popular among investors, with several crypto-related companies flocking to the market to offer various tokenized securities.

The high demand for tokenized securities has not gone unnoticed by traditional financial institutions, as these firms have also joined crypto-related companies in issuing their unique security tokens.

As reported earlier this year, Swiss-based Union Bank AG became the first regulated traditional financial institution to issue its security tokens under the laws of Liechtenstein.

In the same vein, France’s third-largest bank Societe Generale also issued its first structured product as a security token on the Tezos blockchain back in April.

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Source: https://cryptopotato.com/bitfinex-rolls-out-kazakhstan-regulated-security-token-exchange/

Blockchain

Earn up to 4.75% Yearly When You Stake Your ALGO

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We’re thrilled to announce that Kraken now supports staking for holders of Algorand’s native token, ALGO!

Head into the Earn section of your account to put your ALGO to work today.

What is Algorand?

Algorand is a Proof-of-Stake blockchain that rewards users for contributing their funds as part of the network’s validation process. With a goal of delivering faster, scalable and more cost-effective smart contracts, it departs from the traditional infrastructure that underpins leading cryptocurrencies.

What you need to know

  • You can earn up to 4.75% in yearly rewards, distributed weekly.
  • Deposits require 10 confirmations (~45 seconds). You can add ALGO to your Kraken account by navigating to Funding, selecting the asset and hitting Deposit.

Will Kraken list more assets?

Yes! But our policy is to never reveal any details until shortly before launch – not even which assets we are considering. All of Kraken’s listed tokens are available on our website, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.

Trade with caution

Limit orders are recommended when trading starts since the markets may be illiquid initially. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss).

Invest with caution

Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research and invest at your own risk.

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Source: https://blog.kraken.com/post/11665/earn-up-to-4-75-yearly-when-you-stake-your-algo/

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Crypto-to-fiat liquidity startup Xanpool raises $27M

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Cryptocurrency-to-fiat infrastructure provider Xanpool continues expanding operations in the Asia Pacific (APAC) by securing fresh funding.

The Hong Kong-based startup raised $27 million in a Series A funding round led by Valar Ventures, the venture capital firm co-founded by PayPal co-creator Peter Thiel.

Other participating investors included crypto-focused venture capital firm CMT Digital as well as angel investors like TransferWise co-founder Taavet Hinrikus, Xanpool announced Friday.

Running operations in 13 countries across APAC, Xanpool is looking to further consolidate its presence in the region with new funding. Xanpool CEO Jeffery Liu told Cointelegraph that the startup operates in countries like India, Hong Kong, Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan.

“In the coming quarter or two, we are primarily expanding our services into a few more APAC countries. As well as consolidating our hold in existing markets,” Liu noted.

Since its launch in March 2019, the platform has so far amassed over 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC,” the CEO said.

XanPool is a peer-to-peer crypto-to-fiat platform and a liquidity network relying on the liquidity of its participants. The platform deploys unused money by individuals and businesses to settle cross-currency and cryptocurrency transactions, reducing the counterparty risk and costs and also allowing liquidity providers (LPs) to earn up to 2% on their idle capital.

Xanpool CEO told Cointelegraph that the startup is running software similar to that of decentralized finance platform Uniswap. “Except that instead of crypto-to-crypto, our automated market maker automates between crypto and fiat,” Liu noted.

Related: Crypto fintech MoonPay reportedly aims for $3.4B valuation in first VC funding

“Instead of crypto native LPs, our LPs range from traditional import-export businesses to money service operators, to crypto funds. This liquidity is essentially used to settle local currency and cryptocurrency transactions immediately from the individual’s or business’s wallet,” the CEO said. Liu stressed that Xanpool never touches money on individuals’ or businesses’ wallets.

“We simply make software which allows the individual or business to automate their buying and selling, and in return earn a fee,” the executive said.

The latest funding brings XanPool’s total raised to around $32 million, including previous funding by individual investors. The company raised $4.3 million in a pre-A financing round last November in conjunction with its official launch.


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Source: https://cointelegraph.com/news/crypto-to-fiat-liquidity-startup-xanpool-raises-27m

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Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs

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Bitcoin (BTC) stayed closer to $60,000 on Oct. 22 after the largest altcoin Ether (ETH) failed to cement new all-time highs.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

ETH all-time high? Blink and you’ll miss it

Data from Cointelegraph Markets Pro and TradingView ETH/USD just match its record $4,380 on Bitstamp before seeing a harsh rejection.

Traders watched in anticipation as Ethereum appeared to follow Bitcoin to historic new levels, only to face immediate resistance and fall sharply back into a lower range.

Trader and analyst Rekt Capital called the event a “picture perfect rejection.”

At the time of writing, ETH/USD circled $4,150, preserving $4,000 as support with the exception of a flash dip which immediately followed the all-time high rematch.

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Against Bitcoin, Ethereum fared better, with the ETH/BTC pair having bounced near lows last seen in late July. 

Bitcoin could see “additional topside euphoria”

Having similarly failed to hold significantly higher levels, Bitcoin itself took an extended break as overheated markets cooled their excitement.

Related: Too popular: Bitcoin futures ETF in danger of hitting upper limit for contracts

Funding rates were returning to normal on Friday, having reached a state reminiscient of the blow-off top from April. 

Bitcoin funding rates chart. Source: Bybt

As with open interest, however, these were not as frenzied as the Q2 rush, which produced the $64,900 all-time high in place until this week.

“This means there is possibly still room for additional topside euphoria but we are at levels that are starting to stretch the market,” crypto trading firm QCP Capital commented in its latest market update.


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Source: https://cointelegraph.com/news/bitcoin-extends-correction-as-ethereum-sees-picture-perfect-rejection-at-all-time-highs

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