CRYPTOGALACTIC

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2023-03-01 16:01:42 Revolut's revenue up 33% despite the collapse of the crypto market

European fintech firm Revolut reported 33% revenue growth in 2022, despite the fall of the cryptocurrency market

Fintech broker Revolut has reported 33% revenue growth for 2022. The firm's chief financial officer, Mikko Salovaara, said this in an interview with Reuters.

According to him, the broker's income in 2022 passed $1 billion, even despite the collapse of the crypto market. Revolut's profits come from commissions from payments, subscriptions and business accounts. Revenue from cryptocurrency services, which make up a large part of Revolut's business, dropped to 5-10% of the total.

Revolut launched in 2015. At the end of its last investment round in 2021, the firm was valued at $33 billion, according to Crunchbase. In all, the fintech brokerage raised $1.7 billion.

In January, a Revolut spokesperson told the media that plans to launch its own token had been frozen. The token was originally set to go live back in late 2022. According to the spokesperson, the cryptocurrency plans were affected by the collapse of the cryptocurrency exchange FTX.

The token, called RevCoin, is not expected to act as a Stablecoin. It will have a dynamic value based on demand. They want to develop the token following the model of Air Miles airline programs, where users are rewarded based on how often they use the service. Along with Revcoin, there were plans to launch a non-custodial (non-depository) wallet in the Revolut app with support for non-depositable tokens (NFT) and decentralized finance protocols (DeFi). Open / Comment

2023-02-28 18:07:27 Huobi to join BitTorrent Chain

Huobi will join the BTTC L2 (BitTorrent Chain) ecosystem as a new development strategy

Cryptocurrency exchange Huobi said it will join the BitTorrent Chain (BTTC) ecosystem as part of a new brand refresh and further development strategy.

The platform's strategy includes the use of cryptocurrency for a wide range of users and attracts more people to understand and accept cryptocurrency by including them in the new network of digital assets.

"This ensures that the value created by each individual flows freely. Huobi always values the voice of its community and creates an environment for user participation in the early stages of quality projects. The addition of the BTTC L2 ecosystem will certainly create synergies moving forward," the company said in a statement.

As Huobi stressed, the goal of the integration is to promote an open financial system online. In addition, the addition of Huobi to the BTTC ecosystem will further promote the decentralized ecology of the network and improve the ecosystem of the exchange. The exchange will allow developers to serve more authenticated users and link digital assets.

"Joining the BTTC ecosystem is not only a recognition of the industry's focus on L2 development, but also that BTTC is a pioneer in this area and has a more complete ecological design," said exchange consultant Justin Sun.

BTTC aims to create a heterogeneous inter-network solution that enables seamless exchange of assets by connecting digital assets to major public networks such as Ethereum, TRON and BNB Chain. BTTC launched in December 2021 with the goal of enabling users to create decentralized applications.

In addition to integrating with BTTC, Huobi is preparing to conquer the Hong Kong market. The platform said that Hong Kong is seen as one of the experimental areas for the development of cryptocurrencies in China. Huobi also plans to enter the markets of Malaysia and the Caribbean. Open / Comment

2023-02-27 17:24:33 HSBC banned purchases of cryptocurrencies via credit cards

HSBC blocked credit card purchases of cryptocurrencies for its customers

One of the world's largest banks HSBC banned the purchase of cryptocurrencies from its credit cards. This was noticed by customers of the financial institution.

"Soon you will absolutely not be able to buy cryptocurrency. Keep your crypto, stay inside. After all, if you get out, you may never be able to get back in. Weather the storm no matter what," one Twitter user wrote.

That said, the bank is not restricting customers from buying cryptocurrency using debit cards. It is noted that such a decision was dictated by the legislation of the Financial Conduct Authority (FCA) in the UK.

As one of the largest banks, HSBC serves 32 million customers in 62 countries. At the same time, the bank is not an opponent of cryptocurrencies. At the end of December, it registered trademarks for the NFT marketplace and the meta-universe. The British bank is also interested in processing virtual payment card transactions. However, no specific developments by the bank have been reported yet. Officially, HSBC also decided not to comment on trademarks.

The trademark registration came a few months after the bank bought a virtual plot of land at The Sandbox to develop gaming initiatives in the area of cybersports. According to Suresh Balaji, HSBC's head of marketing for Asia Pacific, the bank sees "great potential" to create new experiences through gaming platforms. Financial details of the deal are still unknown.

HSBC is also actively testing distributed ledger technology. In November, for example, Wells Fargo, along with the bank, reported processing more than $200 billion in financial transactions using a distributed ledger. Open / Comment

2023-02-26 18:53:33 Iceland becomes most stable country for bitcoin mining

The bitcoin mining sector is constantly changing, as operators of this type of business strive to find optimal conditions for their operations. Recently, Iceland became one of the first European countries where bitcoin mining has reached an industrial scale.

According to bitcoin mining researcher Jaran Mellerud, the country's bitcoin mining industry consumes about 120 MW, a share of 1.3 percent of global hash rate capacity. Considering the fact that Iceland's population is only 370,000, this is the highest per capita figure.

Curiously enough, electricity in Iceland is slightly more expensive than in other Scandinavian regions like Norway or Sweden. So what makes Iceland such an attractive destination?

One of the most important advantages, as Mellerud noted, is the fact that the Arctic country's electricity system is completely isolated from the rest of the world. This protects its players from global electricity price increases. On top of that, all of the country's electricity comes from renewable sources.

Miners have been operating in the region for almost a decade without any major regulatory problems, making Iceland the most stable bitcoin mining jurisdiction in the world.

El Salvador may have grabbed the attention of the bitcoin community with its volcano mining project, but Icelanders have been quietly mining off volcanoes on a much larger scale for years," Mellerud added.

In addition to volcanoes in Iceland also actively use electricity from waterfalls, so this location is unlikely to stop attracting BTC-miners. Open / Comment

2023-02-25 14:29:38 Australian regulator to review Binance due to account closures

The Australian Securities and Investments Commission (ASIC) announced that it will launch an investigation into the local operations of cryptocurrency exchange Binance. The regulator's target of interest is the exchange's closure of individual user derivatives accounts based on misclassification.

After several postings on Twitter, the Binance team acknowledged the error, adding that about 500 users were affected.

Our team identified a small number of Australian users who were misclassified as "Wholesale Investors" on Binance.

Under Australian law, we had to inform these users and immediately close any of their derivative positions.

We serve over 120 million users worldwide, and every user is important to us. We are contacting affected users to negotiate compensation.

Despite the crypto-exchange's quick response, an ASIC spokesperson said that the trading platform did not inform the regulator about the problem in its system.

It is known that the investigation will affect "the classification of retail customers and wholesale customers." As for possible penalties, there is no indication of that yet.

Binance CEO Changpen Zhao assured that each affected trader will receive compensation for losses, and urged members of the community not to sow panic and spread false rumors. Open / Comment

2023-02-24 16:50:27 Mango Markets developers have made key changes to the protocol

The developers of the decentralized exchange (DEX) Mango Markets, based on the Solana blockchain, announced the integration of new features. The announcement comes ahead of the release of the fourth version of the platform (v4). Representatives of the project noted: they made a key focus on eliminating key security threats to the protocol.

The creators of the decentralized startup reminded that Mango Markets has been offline since October 2022, when the platform was attacked by hackers. As a result of the exploit, users of the platform lost about $114 million in cryptocurrency assets. It was about the fact that the attacker used an interesting trading strategy and managed to manipulate price oracles, after which he successfully withdrew funds from the exchange.

The developers stressed^ in an attempt to avoid such a hack or another exploit, the programmers "imposed" new restrictions on the multi-signature wallet. This will allow the creators of the protocol to instantly respond to "unforeseen market dynamics" and any vulnerabilities in the software code. In addition, it is stated that "all changes to the program must be approved by all DAO holders.

In the event of unforeseen market conditions, Mango Markets' security council would be able to move the protocol to "publish-only mode." Such a scenario would give a chance to limit deposits, purchases, loans and position increases. Members of the Decentralized Autonomous Organization (DAO) would then vote to stop all trades, force settlement or update risk parameters.

Members of the cryptocurrency community, noted that exact release dates for Mango Markets v4 are not yet known. Traders expected the developers of the exchange, which has processed more than $28 billion worth of transactions, to begin the beta testing procedure in the next month. Open / Comment

2023-02-23 18:48:28 Taiwan is seriously planning to deal with cryptocurrencies

Former Taiwan Financial Supervisory Commission (FSC) Chairman Tseng Min-chung said the cabinet should authorize the current central authority to form a regulatory framework and development plan for the cryptocurrency industry. This will happen by May 16, 2023. According to the specialist, such a scenario would bring the government closer to adequate regulation of the digital currency sector.

Tseng Min-Chung made the announcement at a financial conference in Taiwan. He noted that lawmakers arranged a meeting back in January 2023. They then sent a special request to the authorities. The document stated that financial regulators see the need to take additional measures to oversee the crypto space.

Tseng stressed that the authorities will designate either the FSC or the newly created Ministry of Digital Affairs (MODA) as the central agency. It will be responsible for overseeing the crypto sector.

Back in July 2021, the FSC introduced anti-money laundering rules for digital asset service providers. However, the industry remained largely unregulated. Subsequently, the institution asked banks and credit card companies not to allow them to use them as a means to pay for virtual asset services.

Taiwan's anti-corruption authority spoke last week. They said they are now studying possible rules that would require government officials and employees to report their crypto-assets under local property-declaration laws.

The MODA Commission was launched last summer. It identified information security and Web 3.0 technology as key areas to protect against cyberattacks. Representatives of the organization assured that they are in favor of digital innovation and are focused on the development of the cryptocurrency sector. Open / Comment

2023-02-22 15:32:02 Nigeria will try to relaunch digital currency eNaira

In late 2021, the Central Bank of Nigeria introduced its national digital currency in test mode. However, the rate of CBDC adoption remains extremely slow, despite the fact that the authorities of this African state are taking measures to encourage people and businesses to switch to eNaira token as soon as possible.

Bloomberg reported that the Central Bank of Nigeria will try to restart its CBDC project. The U.S. blockchain company R3 has been selected as a partner.

It will help the Nigerian authorities to create special software for CBDC. With its help, the Central Bank will be able to control all movements of funds in digital currency and ensure the security of transactions.

Bloomberg notes that Nigeria became the first African country to issue CBDC. During the year, the amount of transactions with tokens amounted to only $10 million.

The regulator's initial partner was Bitt Inc. According to a representative of the company, Nigeria expects to digitize the payment infrastructure and provide CBDC with additional options. Open / Comment

2023-02-22 13:14:32 Want to know more about crypto exchanges?

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