Category: cryptocurrency exchange

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Crypto Exchange Zipmex resumes certain Altcoin withdrawals

Cryptocurrency exchange Zipmex has resumed withdrawals of some altcoins in addition to Bitcoin and Ethereum. So far, there are no updates on Bitcoin and Ethereum withdrawals. The withdrawal of withdrawals on Zipmex came after the other two exchanges Babel and Celsius froze withdrawals.

The cryptocurrency exchange has now started allowing users to withdraw some tokens from their trading accounts. Zipmex also mentioned a schedule for withdrawals of Solana, XRP and Cardano from merchant wallets. Market movers like Bitcoin and Ethereum still remain blocked.

The cryptocurrency exchange operates in Thailand, Singapore, Indonesia as well as Australia and has stopped withdrawals stating:

Volatile market conditions and resulting financial difficulties for our key business partners.

Sometime last week, the Securities and Exchange Commission of Thailand issued an order to the Zipmex Thailand unit asking them to resume withdrawals in some digital currencies. As per the schedule, Solana tokens will be delivered on Tuesday, while XRP withdrawals are expected to wait until Thursday; however, Cardano will be available for withdrawals on the same day as Solana.

Crypto Exchange Zipmex is working to recover deposits

Zipmex has a link to Celsius and Babel and mentioned that both companies have respectable status due to financial support. It also stated that due diligence was ensured in this case.

At the moment, the company continues with the recovery of deposits from Babel Finance. Along with that, the cryptocurrency exchange also assured that the bankruptcy rumors are false. He clarified that he requested a moratorium before the Singapore court.

This ensures that Zipmex has enough time to analyze the issues and decide on an outcome acceptable to customers. To address the current liquidity crisis, it is working with Celsius and Zipmex to find a rescue package with investors.

quoted zipex,

We promise to resolve the Z Wallet situation and resume services. That is why, after stabilizing the situation, we are releasing unaffected digital assets namely: ADA, SOL and XRP into users’ trading wallets starting tomorrow, August 2, 2022.

The road to recovery

An anonymous Zipmex shareholder made an additional investment in the company’s native token. This was done to support the company, increasing investor confidence. It also ensures that token development stays on track.

While the cryptocurrency exchange has not said anything about Bitcoin and Ethereum withdrawals, the move to unfreeze a select number of cryptocurrencies is a positive step towards recovery. In the month of July, co-founder Akalarp Yimwilai in a YouTube video was allegedly in talks with interested investors.

Regarding the same, the company mentioned that negotiations are still ongoing, but potential investors have already signed a confidentiality agreement after having examined the exchange’s finances. There is still no official statement on the outcome of these negotiations.

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New bipartisan US Senate bill seeks to exclude small cryptocurrency transactions from taxes

Republican Senator Pat Toomey of Pennsylvania and Democratic Senator Kyrsten Sinema of Arizona are proposing a new law that would tax small personal cryptocurrency transactions.

Under the current system, people who use digital assets to pay for goods and services owe capital gains taxes when the currency’s value rises.

The Virtual Currency Tax Fairness Act, introduced by Toomey and Sinema on Tuesday, aims to change that by introducing a de minimis exemption for daily cryptocurrency transactions.

The bill will exclude personal cryptocurrency transactions worth less than $50 or profits less than $50 from being subject to capital gains tax.

read the invoice

“A bill to amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency and for other purposes.”

To prevent abuse of the exemption, the bipartisan design also includes an aggregation rule, which states that all sales and deals that are part of the same transaction will be treated as one.

Toomey says the project will remove an obstacle preventing wider adoption of crypto assets.

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Banking Giant Barclays to Invest in $3 Billion Crypto Custody Firm

Sky News reports that British banking giant Barclays is buying a stake in a Europe-based crypto custody company.

According to a Sky News report, sources familiar with the matter say that Barclays intends to invest millions of dollars in Copper, a company that aims to provide a secure infrastructure for institutions looking to invest in cryptocurrencies.

According to the report, Barclays is participating in Copper’s most recent financing round, which is due to wrap up in the next few days.

At the end of last year, Copper had its sights set on a valuation of at least $3 billion.

Copper is incorporated in Switzerland and has offices in London, New York, Singapore, Dubai and Zurich. The cryptocurrency custodian is backed by technology investment firm Target Global and early-stage venture capital firm MMC Ventures. Billionaire hedge fund manager Alan Howard is also a major investor in Copper.

Copper has more than 500 clients with more than $50 billion in capital flowing through its infrastructure each month.

Earlier this year, US banking giants Citi, BNY Mellon, and Wells Fargo participated in a Series B fundraising round for crypto infrastructure firm Talos. The Series B round raised $105 million, valuing Talos at $1.25 billion.

Other companies that participated in the Talos fundraising round included Voyager Digital, which has since filed for bankruptcy after halting trading, deposits and withdrawals.

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Kryptomon Launches Exclusive User Acquisition Campaign on TikTok

Leeuwarden, Netherlands, July 25, 2022, Chainwire

Despite the slowdown in market conditions, The Kryptomon Company shows no signs of slowing down. In their recent Series A funding round led by NFX, they successfully raised $10 million, bringing the company’s valuation to $50 million.

Now, just two months after the funding announcement, Kryptomon has marked another milestone in its expansion plan by launching a unique and exclusive user acquisition campaign under the “TikTok For Business” program.

The program supports companies like Kryptomon looking to reach new audiences by running creative video ads on the popular TikTok platform.

Kryptomon is one of the first blockchain gaming companies to be licensed to work and advertise through TikTok in Southeast Asian countries. With TikTok seeing over 1.2 billion monthly active users, this partnership will no doubt be a big step forward in Kryptomon’s journey to break into the mainstream gaming market.

Additionally, recognizing Kryptomon’s potential to become a market leader in the blockchain gaming space, the TikTok gaming advertising team has been working closely with the Kryptomon team. Kryptomon can now leverage TikTok’s deep industry experience in regulating and optimizing campaign ad sets to ensure its content reaches the widest possible audience.
The results speak for themselves: the ads are already active in several countries and have already accumulated millions of views. Based on the learnings from this first run of campaigns, Kryptomon’s advertising efforts will likely not stop there, but will continue to aggressively expand into other regions.

The expected growth of Kryptomon players due to this user acquisition campaign comes at a perfect time as Kryptomon will soon launch its official mobile app. Currently only available to closed beta testers on Android operating systems, it will soon be offered to the general public on iOS and Android.

about kryptomon

Kryptomon is a Blockchain NFT Play-and-Earn game where Pokémon meets Tamagotchi and CryptoKitties.

Breed, train and fight with your NFT Kryptomon. It’s a new world where trainers can live a new adventure on Blockchain.

Set in the Kryptomon metaverse, community members play as “Trainers” of their own individual monsters, Kryptomons, each of which is a completely unique digital asset connected to an NFT. Each has a unique but changeable genetic code, made up of 38 random parameters that determine every aspect, physical and behavioral, of the creature.

Not only does this ensure that each Kryptomon is unique, it also brings each Kryptomon to life as a digital companion in Kryptomon’s metaverse. Cryptomons are able to learn, get sick, go hungry, and protect their trainers when they are on an adventure in the physical world. In turn, trainers will have to care for, feed and train their Kryptomon companions to grow and prepare for the battles to come.

Kryptomon creates the next step in the evolution of crypto gaming using advanced blockchain, digital genetics and location-based technologies.

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BNB network launches dApp platform with anti-coup alarm

BNB Chain’s dApp platform, DappBay, will help users evaluate projects before investing in them.

BNB Chain on Thursday announced the launch of a new platform for decentralized applications (dApps), designed to provide a fraud alert to users looking to invest in the DeFi and Web3 ecosystem.

The new tool is available on BNB Chain’s DappBay, a dApp hub that has an integrated risk assessment system called Red Alarm.

An anti-fraud feature

Red Alarm is an anti-fraud feature that provides an innovative scanning tool that users can leverage to easily browse new projects.

With it, a user can identify potentially high-risk projects and use the details provided to make informed decisions, thus avoiding what could be a scam or a pull of the rug.

To track new projects for potential red flags, the user will need to enter the contract address of the project in question. The BNB Chain community can use the assessment details to rate newly launched projects across DeFi, NFT and GameFi, said Gwendolyn Regina, chief investment officer at BNB Chain in a statement.

“More importantly, the Red Alarm feature helps users stay one step ahead of fraudsters; the system notifies you in real time of potential risks associated with projects, which allows the community to make informed investment decisions,” she added.

The Red Alarm page shows that one of the new DeFi projects has “significant risk”, noting that the “contract contains logical or programming backdoors that could drain users’ funds”.

DappBay will not only benefit BNB Chain users, but the wider blockchain community as well.