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Dimitra (DMTR) Listed On Kucoin

Dear Dimitra Community, We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging […]

The post Dimitra (DMTR) Listed On Kucoin appeared first on CryptoCoin.News.

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Dear Dimitra Community,

We have some fantastic news to share with you. Dimitra is excited to announce the listing of the $DMTR token on KuCoin, recognized as one of the world’s leading crypto currency exchanges. The exchange’s user base is global and it is considered to be one of the leading trading venues for emerging and established altcoins.

KuCoin is the first exchange to list $DMTR. This listing, to be followed by other centralized and decentralized listings, will facilitate and accelerate Dimitra’s goal of democratizing agriculture technology for farmers globally.

The Dimitra $DMTR token will be available for deposit initially with the DMTR/USDT trading pair.

– Deposits will open at 11:00am UTC on September 21, 2021

– Trading will start at 09:00am UTC on September 22, 2021

All trading execution is done through the official website at www.kucoin.com or within the KuCoin Android and iOS apps

Dimitra is grateful and fortunate to experience the growth of such an active and loyal community! We are looking forward to continuing to grow together.

Check out KuCoin’s listing announcement here: https://www.kucoin.com/news/en-dimitra-dmtr-gets-listed-on-kucoin-world-premiere?utm_source=twitterinfo

About Dimitra:

Dimitra (DMTR) is a blockchain platform that is democratizing the agricultural technology space for smallholder farmers globally. Dimitra provides access to the blockchain, machine learning, Internet of Things sensors, and Satellite Technology through a mobile platform that helps farmers globally increase their yield, reduce costs and mitigate risks. Current farming practices are not sustainable; creating an evolution of practices will contribute to solving some of today’s largest issues for farmers. Issues like poverty, hunger, global warming, carbon emissions, freshwater, and soil preservation are all impacted by the adoption of Dimitra. Dimitra’s platform provides utility by combining the crypto investment cycle with agricultural development practices within nations globally.

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Source: https://cryptocoin.news/press-releases/dimitra-dmtr-listed-on-kucoin-64840/?utm_source=rss&utm_medium=rss&utm_campaign=dimitra-dmtr-listed-on-kucoin

Blockchain

Binance USD (BUSD): A Case Study for Stablecoin Compliance and Security

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Binance USD (BUSD) has become one of the fastest-growing cryptocurrencies in the world, with a variety of use cases and growing demand amid the continued growth of the crypto markets. A key component to BUSD’s success is its unwavering compliance to the world’s most stringent regulatory standards, ensuring safety and security for all of the stablecoin’s users.

Stablecoins have emerged as major players in the crypto market this year, driven by user demand for flexible liquidity in fiat currency terms. These cryptocurrencies, whose market values are pegged to the worth of certain assets like the U.S. dollar, have also been important assets in the growth of decentralized finance (DeFi). There is $120 billion worth of stablecoins in circulation as of September 1, according to CoinMarketCap.

Amid the rise in demand for stablecoins, various segments of the crypto industry have brought up questions about the veracity of the 1:1 peg of major stablecoins to their backing assets, like the U.S. dollar and other fiat currencies. After all, if the issuers of stablecoins are not able to show that each unit of their tokens can be exchanged for the equivalent amount of the backing asset, there will be serious doubts about the credibility of these tokens, resulting in adverse market effects.

Therefore, when Binance launched BUSD with Paxos in 2019, utmost importance was put towards making sure that every unit of the stablecoin can be verifiably backed with U.S. dollars, therefore giving its users peace of mind and giving more credibility to a stablecoin industry beset by trust issues.

BUSD: A Case Study of Stablecoin Compliance and Safety

BUSD is a 1:1 U.S. dollar-backed stablecoin regulated by the New York State Department of Financial Services (NYDFS), issued by Paxos, a regulated blockchain infrastructure platform. Since then, BUSD has emerged as the third-biggest stablecoin in the world, with a market cap now above $12 billion and a user base of about 1.1 million people.

As a result of BUSD becoming the stablecoin of choice for millions of cryptocurrency users, we see a number of characteristics that show the merits of having a stablecoin that has prioritized user safety and compliance to regulatory and public standards.

1. Actual, Audited, and 100% Cash and Cash-Equivalent Reserves

As mentioned above, BUSD is one of few stablecoins in the world backed with actual cash. According to a current reserve report from Paxos, 100% of BUSD’s total market capitalization is backed by cash and cash equivalent reserves.

The issuance of Paxos provides a glimpse of the lengths that Binance has gone to ensure that BUSD is an above-board crypto-financial product. BUSD is one of the few stablecoins that provides monthly audited reports of reserves. Everyone can independently verify at specific points in time that the entire supply of BUSD tokens is consistent with USD in reserve accounts at U.S. banks held and managed by Paxos.

Ultimately, the audits and measures that are implemented to verify BUSD’s asset holdings solve one of the main concerns by regulators regarding the existence of actual reserves that back stablecoins.

2. Regulatory Trust and Insurance

With stringent measures such as the aforementioned monthly audits, BUSD adheres to the highest compliance standards, particularly by NYDFS, regarded as one of the most stringent when it comes to compliance requirements.

Why is having a regulator essential to the stablecoin business?

In August 2020, BUSD became “Greenlisted” by the NYDFS, making it pre-approved for custody and trading by any of the NYDFS’ virtual currency licensees.

Unlike most stablecoins that claim to be compliant, the BUSD business and its issuer Paxos are regulated by NYDFS, This means:

-The value of each stablecoin token is tied directly to the value of the US dollar, and the amount of “reserve” dollars equal or exceed the number of stablecoins outstanding.

-Regulators are overseeing the establishment and maintenance of reserves backing the stablecoins.

-Reserves may only be held in the safest forms, such as FDIC-insured bank accounts and in short-term maturity US Treasury instruments.

-Reserves are fully segregated from corporate assets, specifically for the benefit of token holders, and are held bankruptcy remote pursuant to the New York Banking Law.

Regulatory oversight is important because it assures stablecoin users that the dollars underlying their stablecoins are secure and will be immediately available when they want them. The NYDFS ensures the Trust companies, like Paxos, and their individual tokens are following its strict rules at all times.

3. Growing Use Cases

In less than two years since its debut, BUSD has become one of the fastest-growing cryptocurrencies while featuring a variety of utilities, from trading to lending and payments.

Stablecoins like BUSD play a critical role in the world of decentralization and in providing a solid foundation for the continued growth of DeFi (decentralized finance). BUSD is widely used in Binance Smart Chain (BSC) and Ethereum when it comes to trading, lending, and other scenarios. According to the BSC Project, there are currently more than 400 decentralized applications that support BUSD. On April 21, 2021, the single-day transfer amount of BUSD reached a peak of $261 billion, across 737,000 transactions on BSC.

The combination of ample regulatory compliance, trading volumes, and user interest in BUSD presents a case where private-driven financial innovation via blockchain technology can be pursued while staying compliant with user protection mandates stipulated by the world’s top regulators.

Why Strive for Compliance?

The rise in stablecoins has sparked discussions by regulators regarding the challenges they potentially pose to money markets. Making sure that each unit of a stablecoin can be exchanged for an equivalent unit of its backing asset is a matter of public interest, because deficiencies related to that characteristic can lead to general mistrust in the crypto markets. In the long term, the overall cryptocurrency industry suffers if these concerns aren’t addressed.

With BUSD’s emphasis on compliance, we can safeguard the trust of both users and regulators in stablecoins, while opening opportunities for the private and public sectors to cooperate in establishing stablecoins as an important asset class in the global economy. When more stakeholders show acceptance to stablecoins, particularly trusted ones like BUSD, more avenues for growth opportunities open up.

Ultimately, it takes global cooperation to realize crypto mass adoption, and therefore a better global financial framework. At Binance, we believe in facilitating this in a healthy way, through proactively collaborating with local regulators and leading the industry to a common destination: to benefit and protect users. In a recent virtual press conference, Binance CEO Changpeng “CZ” Zhao said, “Our view is that it’s great for the regulators to be coming in… to get to 10%, 20%, 80%, 99% [crypto] adoption.”

Therefore, it is important for us to maintain BUSD’s status as one of the world’s safest and most compliant stablecoins, for the sake of long-term progress in the industry.


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Source: https://news.bitcoin.com/binance-usd-busd-a-case-study-for-stablecoin-compliance-and-security/

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Blockchain

Pakistani high court orders government to regulate crypto in three months

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The High Court of Sindh (SHC), the highest judicial body in Pakistan’s Sindh Province, has asked the government to come up with modalities for cryptocurrency regulation.

According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban.

The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies such as the Ministries of Information Technology and Law to develop crypto regulations within three months.

As part of the proceedings, the SHC also requested that a report on the steps taken to regulate cryptocurrencies be submitted in the same time period.

As previously reported by Cointelegraph, the SECP has been considering crypto regulations since November 2020.

Combating money laundering and terrorism financing is reportedly at the heart of government consultation surrounding cryptocurrencies especially amid pressure from the Financial Action Task Force.

The SHC’s instruction on Wednesday puts Sindh as the latest province to demand some form of recognition for cryptocurrencies in Pakistan.

Back in December 2020, the Khyber Pakhtunkhwa assembly called on the federal government to legalize crypto. At the time, the lawmakers pointed to the broad-based nature of digital currency adoption as an indication that cryptocurrencies were poised to replace fiat in the future.

Related: Pakistan’s central bank is ‘carefully studying’ CBDCs, says governor

In March, Khyber Pakhtunkhwa, another of Pakistan’s four provinces, announced plans to pilot crypto mining farms in the region.

Meanwhile, the State Bank of Pakistan (SBP), like many other central banks across the world, is also studying central bank digital currencies.

In a separate crypto-related case before the Lahore High Court involving stakeholders such as the SECP, the SBP and the federal government, the court asked for participants to present legal points on the matter in subsequent proceedings.

Lahore is the capital of Punjab, another of Pakistan’s four provinces.


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Source: https://cointelegraph.com/news/pakistani-high-court-orders-government-to-regulate-crypto-in-three-months

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ADALend Makes It On “The Essential Cardano List” By IOHK

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Input-Output Hong Kong (IOHK) has listed ADALend on their “Essential Cardano List” of projects that are considered part of the ecosystem supporting and providing Cardano users with products and services.

“The Essential Cardano List” gives an overview of the Cardano ecosystem with an accompanying map, a central library of materials, Cardano Foundation, and Emurgo resources, as well as community-generated materials and a list of current stake pools.

ADALend’s inclusion in the list marks a milestone for the project and its plans to broadcast consumer awareness for the project and its features.

About IOHK

Input-Output Hong Kong (IOHK) is a technology firm dedicated to employing peer-to-peer innovations to bring financial services to the world’s three billion unbanked individuals. They are a software development firm that creates cryptocurrencies and blockchains for academic institutions, government agencies, and businesses. IOHK is considered one of the world’s leading blockchain infrastructure research and engineering firms, founded in 2015 by Charles Hoskinson and Jeremy Wood. The company is an entirely decentralized organization dedicated to academic rigor and evidence-based software development. The business creates high-assurance blockchain infrastructure solutions. It’s also the brains behind Cardano.

About ADALend

ADALend is a decentralized lending protocol governed by the Cardano system. Within this Cardano system, ADALend will influence the flexibility of digital finance markets by providing a basis for immediate access to loans and collaterals, resulting in sustained liquidity of the blockchain assets of the lender.

The ADALend protocol will power the new wave of flexible financial services to the digital asset markets.

Key Features of ADALend

  • Permissionless Lending on Any Pairing: Our governance will ensure that the best offers are available and that only the safest oracles are used. We guarantee trustworthy options for utilization by our clients. To achieve this feat, secure authorization channels are used, limiting the need for permission on pairing.
  • Incentivised Liquidity: Liquidity is predicated on having enough assets in each pool to facilitate lending. ADALend addresses this requirement by incentivizing users to deposit assets and provide liquidity.
  • Community Governance: Token holders can establish consensus by voting on governance proposals or introducing new proposals for a vote.
  • Ecosystem Foundation Layer: The ADALend project has the ability to attract assets and build incentives that can empower an ecosystem of financial products.

Benefits Of Using Cardano

  1. Lower Transaction & Contract Fees
  2. Higher Transaction Speeds
  3. Better Code Security & Robustness
  4. Uses Multiple Oracles
  5. Environment-Friendly

To find out more about ADALend, visit the website.

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Source: https://www.newsbtc.com/news/company/adalend-makes-it-on-the-essential-cardano-list-by-iohk/

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