Tag: Cryptocurrency Platform

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LiteLink Intends To Acquire A Stake In Leading Canandian Crypto Exchange

LiteLink Technologies

LiteLink Technologies Inc. (OTC: LLNKF), a company focused in emerging technologies across growth sectors including: cryptocurrencies, blockchain, AI and cloud technologies, has announced that it has signed a Letter of Intent to complete an equity investment in CatalX Exchange Inc. (“CatalX”), Canada’s premier cryptocurrency exchange with over 40+ Altcoins available for purchase on CatalX.io.

CatalX is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. CatalX has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real time and cutting-edge cyber security system CyberSmoat®, which is patent pending.

Features of the CatalX platform include:

  1. Fully featured exchange order book
  2. $0 deposit fees and immediate funding (post-KYC)
  3. 0.15% trading fees
  4. Tightest buy and sell spreads in Canada under 0.1%
  5. Lowest rates to buy BTC in Canada

The proposed equity investment will be satisfied through the issuance of 37,500,000 common shares of LiteLink to CatalX and a cash payment to CatalX of C$500,000, and would result in LiteLink having ownership and control over 19% of the outstanding share capital of CatalX. In conjunction with closing of the investment, LiteLink will also pay a finder’s fee to an arm’s length party of 1,875,000 common shares of LiteLink. All securities issued in connection with the investment in CatalX will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

“We are very excited to make this investment into CatalX, Canada’s leading cryptocurrency exchange, and gaining a stake in the expanding cryptocurrency market,” said LiteLink CEO Peter Green. “CatalX has had an outstanding year and continues to grow. In January 2021 alone, the company experienced 80% growth in new registrations quarter-over-quarter and has already clocked in $1.05 million in deposits in the first 21 days of January.

“In the last five days, CatalX has seen $525,000 in deposits, signaling big things to come moving forward as more and more businesses and investors turn their attention towards the crypto market.”

“CatalX has also experienced significant growth in its trading volumes, with average monthly volume hitting $1.37 million in December 2020. In the first 3.5 weeks of January, the trading volume was sitting at $2.85 million and is projected to reach $5 million for January, a 590% increase from its October/November average of $725,000. In the last five days alone, the trading volume was $1.36 million. In short, this company is growing very quickly.

“It isn’t surprising when you look at the growth of the overall market. Bitcoin just closed out one of the biggest years in its history and is expected to continue rallying in 2021 thanks to a surge of new developments coming into the crypto space this year, including the launch of Facebook’s bitcoin-inspired cryptocurrency and the US cryptocurrency regulations.

“Despite recent price volatility, Bitcoin is still up over 290% in the last year and is expected to stay elevated thanks to growing adoption of crypto among payment giants like PayPal and Square and rising interest among institutional investors.

“At the same time, the world’s second-largest cryptocurrency Ethereum has skyrocketed 300% over the last 12 months amid a flurry of interest in decentralized finance (DeFi)—using crypto technology to recreate traditional financial instruments such as loans and insurance with many DeFi projects built on top of the Ethereum network.

“Cryptocurrency is clearly here to stay, so we are very excited about building a strong relationship with Canada’s leading cryptocurrency exchange.”

The Company is at arms-length from CatalX.  Completion of the investment in CatalX is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals. The proposed investment is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.

LiteLink would also like to announce that it has engaged North Equities to provide and manage a comprehensive six-month digital media marketing campaign for the Company for a total cost of $100,000. The Company has also engaged Djordje Kovic for a digital media and marketing campaign for four months for a total cost of $45,000.

LiteLink Technologies Inc. is a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.

CatalX.io is a Canadian-based is a digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. As a fully regulated Cryptocurrency exchange with FINTRAC, CatalX has the highest standards in security and compliance and is partnered with world-trusted names in Blockchain technologies, risk management and financial solutions including Bittrex, Prime Trust, Trulioo and Stably to provide their users with a trusted, secure platform.

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Blockchain News Cryptocurrency News

OKEx Releases Two New Decentralized Apps

OKEx

OKEx, a world-leading cryptocurrency spot and derivatives exchange, is delighted to announce that the team behind the open-source blockchain OKExChain has launched two decentralized applications, OKEx Swap and OKEx Farm, on the protocol. Both these new features, along with the opening of the OKT/USDT Farm Pool commenced today at 10:00 am UTC. 

OKT withdrawals also opened at the same time, giving OKT holders the ability to stake OKT along with USDT in Swap to earn OKT-USDT LP tokens. These can then be used to stake in the OKT-USDT Farm Pool for additional earnings, such as mining new OKT.

The OKEx Swap and Farm initiatives have been enabled by the initial stability testing of the OKExChain mainnet that generated tens of thousands of OKT block rewards (according to OKExChain’s block reward rules). These tokens have not yet been allocated, meaning that OKT holders can unlock significant rewards by mining OKT on-chain.

The size of the reward will be voted on by the OKT/USDT whitelist pool on Jan. 26 at 10:00 am UTC. If the vote is approved, a snapshot will be taken according to the blocks that voted in favor, and the accumulated OKT will be distributed according to the proportion of OKT-USDT LP tokens that they had staked in the OKExChain Farm pool when the proposal was approved.

The amount of OKT that users can mine is equal to the number of tokens staked divided by the total number of tokens in the Farm Pool, multiplied by the cumulative amount of OKT. After the cumulative OKT allocation is complete, users can continue to mine through the OKT-USDT Farm Pool. Staking starts as soon as the Farm function is launched. 

“The phased launch of OKExChain is moving along at a very encouraging pace. Already after completion of the initial stage, we have seen its native token, OKT, commanding an all-time high of $86.54 in its first days of trading on the OKEx platform. We’re thrilled that the team behind OKExChain has been able to provide OKT holders with even more benefits through the Swap and Farm initiatives and to see OKExChain expanding its utility,” commented OKEx CEO Jay Hao.

In addition to staking and mining rewards via OKEx Swap and Farm, OKT provides users with further immediate utility and benefits, including voting rights and transaction-fee payments for decentralized exchanges and other DeFi applications built on the network. OKT is currently available to trade on the OKEx platform with zero fees on all trading pairs for the first 30 days.

For further information on OKEx Swap and OKEx Farm DApps, please visit the OKEx Support Center here.

OKEx is a world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto investors, miners and institutional traders come to manage crypto assets, enhance investment opportunities and hedge risks. OKEx provides spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

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Bitcoin News Cryptocurrency News

Huobi Global Reports Trading Volume Of $2.3 Trillion In 2020

Huobi Futures

Huobi futures has noted that in 2020 there has been an impressive $2.3 trillion traded with an average of 6.3 billion per day. Within two years since its launch, Huobi Futures is now the largest cryptocurrency derivatives exchange by trading volume.

The futures market on Huobi has proven to be a popular and robust trading platform at a time where this style of trading and investing in cryptocurrencies has become increasingly popular. Marching alongside a steadily increasing price in Bitcoin, and other altcoins, Huobi Futures has kept pace with the needs of the market.

According to the statistics of TokenInsight, BTC rose by 90% from September to October last year. The open interest of BTC/USD swaps has risen from $1.2 billion to $2.4 billion in the same period with a growth rate of 100%. 

Making the process better

Huobi Futures has looked to keep in touch with the wants and needs of traders in order to offer a service that is robust, flexible, and easy to use. This has seen a number of different products and trading innovations launched.

From Coin-margined swaps to USDT-quoted options and coin-margined bi-quarterly futures, Huobi Futures offered improved services that lead to a new all-time high in 24-hour volume of over $28 billion on Nov. 26th.

Coin-margined Futures was the first product of Huobi Futures. Launched in December 2018, its trading volume has sustainably ranked first in the derivative market in only eight months. At present, Huobi’s coin-margined futures trading has included 13 major crypto assets with a unilateral trading volume of $1.32 trillion in 2020.

Following the introduction of their first flagship product coin-margined futures, coin-margined swaps launched on Mar. 27, 2020 and exceeded BitMEX, the largest coin-margined swaps exchange at that time, in 45 days. Its annual trading volume reached $785.5 billion in 2020 and it has covered 57 mainstream currencies, including a wealth of DeFi currencies for users to choose from.

In September last year, Huobi launched USDT-quoted options whereby users could trade without worrying about the risk of liquidation. 

The fourth product USDT-margined swaps. Launched in Oct. 26, 2020 its trading volume has grown rapidly with its cumulative trading amount exceeding $177.8 billion in just two months. 

What Has Huobi Futures Done In 2020?

Robust risk-control system and zero clawback

Huobi Futures is the first digital asset derivatives exchange in the industry that supports a three-phase liquidation protection mechanism and no transaction fees will be charged in partial liquidation. Moreover, the platform uses Exponential Moving Average (EMA) as a second reference for forced liquidation.

Due to its strong risk control system, the platform holds a record of zero clawback for 752 days since its launch in December of 2018. In version V6.3.0., the system has a throughput of 10W+, the response speed of placing and canceling orders is within 6ms, and the link delay is within 25ms.

Innovative functions

Huobi Futures supports multiple order types including Limit Order, Trigger Order, IOC and FOK. To improve the asset utilization and to reduce trading cost, Huobi introduced lots of innovative features like locked margin mechanism, take-profit and stop-loss, real-time settlement, Follow a Maker & Taker, etc. 

Huobi Futures also designed the “Switchable Leverage When Holding Positions” function for its coin-margined positions. With no need to close positions first, users can switch leverage with positions holding as long as there is no open order. All these exciting functions empower both institutional and retail traders to fetch out maximum benefits in derivatives trading. 

VIP level evaluations based on USD amount

Due to the fact that most crypto exchanges require at least hundreds of BTC to be traded per month to reach their VIP standard, many traders have been rejected by these platforms to get a VIP when the annual increase in Bitcoin price has risen by 400%. 

On Huobi Futures, as long as you have assets worth of 30,000 USDT in Huobi Futures account, you will be qualified for VIP. In addition to that, Huobi introduced an upgraded VIP Sharing Program, that is, VIPs of any other exchanges are considered as Huobi Futures VIP+1. Users could provide certificates of VIP level on other platforms to apply for a VIP+1 level on Huobi Futures for coin-margined swaps and coin-margined futures trading.

Conclusion

As we head into 2021, it appears there has been a further shift towards the digitalization of most things, including money. 

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Bitcoin News Blockchain News Cryptocurrency News

With $5.3 Billion In Assets, Celsius Grows 10 Times In 2020

Celsius Network

Celsius, the industry-leading cryptocurrency rewards-earning platform, announced today that it holds over $5.3 billion worth of cryptocurrency assets. In November 2020, Chainalysis was able to validate over $3.3b in total assets held by Celsius, making it the second-largest digital asset manager in the world.

Celsius continues to be one of the fastest-growing crypto platforms. Since the Chainalysis confirmation this past November, Celsius has gained over 125,000 new users totaling over 340,000 active users worldwide.

As Celsius gears up for another year of growth, other notable milestones for the company at this time include:

  • Over 340,000 active users worldwide
  • Over $200 million in crypto rewards distributed to the Celsius community
  • Over 52% of Celsius members choosing to earn weekly rewards in CEL token
  • Over 55,000 BTC held under management
  • 45 different tokens and coins supported and earning yield

“The crypto industry as a whole grew substantially in 2020. Celsius is proud to contribute to this growth and to provide many people with yield income on 45 assets they can not find anywhere else,” said Alex Mashinsky, CEO of Celsius. “As we see record numbers of institutions and retail users entering the space, they are looking for a store of value and yield to protect their assets from the debasement of the US Dollar. The record number of new dollars being printed by the FED is making the savviest investors in the world allocate assets to Bitcoin. Our results represent the growing need of savers to diversification and the lack of trust and transparency between financial institutions and the community. We have seen time and time again that customers choose Celsius for yield and loans because they trust us, and our goal is to always act in their best interests and consistently deliver industry-leading transparency.”

Through the Celsius platform, customers can earn weekly compounding rewards at rates up to 15% APY and borrow dollars against their digital assets at rates as low as 1% APR. Celsius created the yield-earning use case for crypto, and attributes its exponential growth to its community-driven mission and consistently distributing up to 80% of its revenues back to its community.

About Celsius
Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a high compounding reward income wallet and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interests of the customers and community, Celsius is a Blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. 

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News

Gemini Unveils Plans For Credit Card With Crypto Rewards

Gemini Crypto Credit Card

Gemini, a crypto exchange and custodian, today announced that it will launch the Gemini Credit Card, a credit card with cryptocurrency rewards. This effort has been accelerated by the acquisition of Blockrize, a fintech startup that has been building a credit card with cryptocurrency rewards. In preparation for launch later this year, Gemini has opened the Gemini Credit Card waitlist — providing Gemini customers, and those already on the Blockrize waitlist, with early access.

By combining Gemini’s simple, reliable, and safe platform with Blockrize’s rewards program, card holders will be able to seamlessly earn up to 3 percent back in bitcoin, or other cryptos, on every purchase they make with the Gemini Credit Card.

“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior, ” said Tyler Winklevoss, CEO of Gemini. “Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We’re excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.”

Those who join the waitlist, and the more than 10,000 people already on the Blockrize waitlist, will get early access. The Gemini Credit Card will work like a traditional credit card. It will be available to U.S. residents in every state and will be widely accepted wherever major cards are accepted. Rewards will be automatically deposited into a cardholder’s Gemini account.

For Gemini users or others interested in signing up to the waitlist, please visit: https://gemini.com/credit-card/waitlist. To sign up for a Gemini account visit: https://exchange.gemini.com/register.

This is Gemini’s second acquisition, following its acquisition of Nifty Gateway in November of 2019. Gemini continues to look for companies that align with its values and mission to empower the individual through crypto.

About Gemini

Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store more than 30 cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin, and Zcash. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss to empower the individual through crypto.

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Bitcoin News Blockchain News Cryptocurrency News

One Of The Nations Largest Independent PR Firms Creates Specialty Branch For Cryptocurrency PR

5W Crypto PR Firm

5W Public Relations, one of the largest independently-owned PR firms in the U.S., announces today the creation of a specialty division focused on PR for the crypto industry. The new specialty focus is a formalization of the agency’s experience representing dozens of global leaders in the cryptocurrency and blockchain sectors.

The agency has a history of working with established and emerging cryptocurrency platforms including blockchain and cryptocurrency driven marketplaces, trading platforms, crypto real estate companies, and more. Last year 5W guided Nasdaq-listed business intelligence firm, MicroStrategy, through the announcement of its hugely consequential purchase of $250M in Bitcoin.

“5WPR has traditionally been an early adapter of emerging industries, and as an agency has been working with cryptocurrency clients for over five years. In this time we’ve come to understand the nuances of the cryptocurrency community and have developed tried and true strategies to build up successful campaigns and brands,” said Ronn Torossian, Founder and CEO of 5WPR. “With the continued success of cryptocurrency platforms and Bitcoin’s recent rise to an all-time high, we’re thrilled to launch our dedicated crypto pr division.”

Services offered to cryptocurrency public relations clients include media relations, targeted outreach to crypto industry publications, content creation, digital media campaigns, speaking opportunities and celebrity relations.

About 5W Public Relations

5W Public Relations is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues and ideas. With more than 175 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and digital strategy. 5W brings leading businesses a resourceful, bold and results-driven approach to communication. 5W was awarded 2020 PR Agency of The Year and CEO Ronn Torossian, was named 2020 Entrepreneur of the Year by the American Business Awards.

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Blockchain News

Future FinTech To Acquire 60% of Blocknance

Future Fintech Group

Future FinTech Group Inc. (NASDAQ: FTFT) a leading blockchain e-commerce company and a service provider for financial technology, today announced it has signed a term sheet with Blocknance Financial International SRL (“Blocknance”), a company incorporated in the Dominican Republic and the selling shareholders of Blocknance on December 30, 2020. Pursuant to the Term Sheet, the Company plans to acquire 60% of the total issued and outstanding shares of Blocknance.

Blocknance provides services for transactions between Bitcoin and other cryptocurrencies and fiat currencies, such as Dominican Peso, US dollar, Euro and Russian Ruble for customers through Bitcoin ATM machines and physical offices. All ATMs and physical offices are currently located in Santo Domingo, Punta Cana, La Romana, and Santiago de los Caballeros in the Dominican Republic.

Blocknance is headquartered in the Dominican Republic. Its subsidiary Cryptocana SRL works with financial consulting companies to help clients buy, rent and sell residential, commercial, local and international real estate using cryptocurrencies; another subsidiary Blockchain Finance International Inc. is registered in Wyoming, US and officially registered as a Money Service Business (MSB) which is regulated and administered by the Financial Crimes Enforcement Network (FinCEN). According to the framework agreement, the current total valuation of Blocknance is $1.6 million. Future FinTech or its wholly-owned subsidiary plans to acquire 60% of Blocknance through cash and shares with a purchase price of US $960,000. Future FinTech reserves the right to purchase additional shares from the seller.

Emmy Jude Fortune, the General Manager of Blocknance, stated, “Blocknance is one of the most advanced, semi-decentralized cryptocurrency exchange platforms on the market today. It provides a safe way to exchange Bitcoin and cryptocurrency with fiat currencies for individuals who want to use them to buy and sell goods or services and is the largest Bitcoin transaction service provider in the Caribbean. With the help of our new ATMs, more and more people use cryptocurrency for transactions. Our Punta Cana and Santiago office provides services to more than 10,000 tourists every year, because most tourists do not have local bank accounts. Our physical offices or ATMs provide convenient two-way exchange services of Bitcoin and other cryptocurrency to fiat currencies for tourists. Blocknance plans to increase the number of Bitcoin ATMs and expand them to Europe, Asia and other regions pursuant to local regulatory requirements in 2021. FTFT has a great management team in financial services and blockchain technology. The union with FTFT can rapidly expand our operations, continuously improve customer experience and satisfaction, increase service scenarios, and meet the needs of more and diversified customers. “

Shanchun Huang, Chief Executive Officer of Future FinTech said, “Blockchain technology and its application is an important strategic segment and business component of FTFT. Building a complete blockchain financial service system is an important development plan of FTFT. We have been looking for valuable blockchain technology companies to dock with our existing resources. When Bitcoin holders could convert Bitcoin into cash at ATM as Blocknance does in Dominican Republic, cryptocurrency will be gradually accepted by more and more people. We believe that the investment in Blocknance can further expand our business, bring additional income to the Company, and we hope to eventually create a channel that can connect Bitcoin and other cryptocurrencies with the services of mainstream financial institutions under applicable laws and regulations. “

About Future FinTech Group Inc.

Future FinTech Group Inc. is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology.

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Blockchain News Cryptocurrency News

LCX Receives Approval From the Financial Market Authority of Liechtenstein

The Liechtenstein Cryptoassets Exchange, LCX, secured approvals of eight license categories under the the Token and Trusted Technology Service Provider Act (TVTG), which makes it one of the first cryptocurrency platform to achieve this important regulatory milestone in Liechtenstein, allowing LCX to offer the broadest scope of blockchain services.

LCX is proud to announce that it has become the first cryptocurrency platform to receive approvals for eight license categories from the Financial Market Authority (FMA) of Liechtenstein. To date, LCX has been operating under the transitory provisions of the Blockchain Act and has worked closely with the regulator to satisfactorily complete the assessment process. 

LCX AG, the legal entity owning and operating LCX.com platform, has received the regulatory approval to operate the following services:

  • TT Exchange Service Provider
  • TT Token Depositary
  • TT Key Depositary
  • TT Price Service Provider
  • TT Identity Service Providers
  • Token Generator
  • Token Issuer on its own
  • Token Issuer on behalf of the clients

View it in the FMA Register

LCX aims to offer a full range of services in accordance with the scope and the definitions of the Lichtenstein Blockchain Laws.

“We have a long-standing commitment to building a fully regulated safe and reliable business while delivering a seamless user experience. Being one of the first cryptocurrency platforms to receive the Liechtenstein blockchain licenses is an important milestone. We look forward to rolling out additional compliant and innovative products and services in 2021,” says Monty C. M. Metzger, CEO and Founder at LCX. 

The Liechtenstein Blockchain Act officially known as the Token and Trusted Technology Service Provider Act (TVTG) has entered into force on Jan. 1, 2020. Liechtenstein has been among the first countries worldwide to introduce a comprehensive regulatory framework for the blockchain industry, encompasing definitions and specific requirements applicable for different service providers and the assets, products and services they offer. The Liechtenstein blockchain laws use the term Trusted Technology (TT) as a hypernym of distributed ledger technology (DLT), blockchain technology, cryptocurrency or digital assets.

About LCX: 

LCX is a financial technology services company that focuses on tokenization of assets, security token offerings and advanced trading tools. The LCX STO Launchpad is a one-stop tokenization platform automating the fundraising and investor management on the blockchain. The LCX Terminal brings together real-time and full historical data on all cryptocurrency markets, news, social analytics, and trading signals, powerful analytical engine, smart order routing, and trading execution capabilities — all on one solution. LCX also launched the LCX DeFi Terminal (in beta version) as a decentralized trading platform built on top of Uniswap. Recently LCX also announced the expansion of the LCX Exchange as a compliant cryptocurrency exchange for a variety of digital assets. LCX is headquartered in Liechtenstein with offices in Switzerland and India.