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AXS Singapore Accept Bitcoin Other Crypto Assets for Payments

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  • AXS in collaboration with Triple-A is set to accept Bitcoin and other crypto assets as payment options.


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In a groundbreaking move, Singapore’s leading payment solution provider AXS has joined forces with Triple-A, a global digital currency payments institution, to introduce crypto as a payment option for bill settlements.

According to The Straits Times report on January 23, 2024, the collaboration aims to offer AXS users enhanced payment flexibility and convenience through digital assets such as Bitcoin (BTC) and Ethereum (Ether).

AXS Embrace Stablecoins For Payments

In addition to BTC and Ether, the payment company has added support for the world’s largest stablecoin, Tether (USDT), as well as Circle USD Coin (USDC).

Users can use any of the available digital assets for bill payments, fine settlements, and prepaid telecom card top-ups.

The company, renowned for its Electronic Service Delivery Network (ESDN), boasts a widespread network, including over 650 AXS Stations across Singapore, its online platform AXS e-Station, and the mobile app AXS m-Station.

AXS said the option for crypto payments will be limited to 550 of the 650 AXS payment services in Singapore. 

Furthermore, the company said users can only use its mobile application, AXS m-Station, for transactions now.

See Also: Indonesia’s Crypto Tax Revenue Falls 63% in 2023 Despite Bitcoin’s Surge

However, the payment solution provider said it would expand the services to all its 650 payment channels, including its website, during the second quarter (Q2) of this year.

Triple-A to Power Crypto Payments For AXS

AXS said its new partner, Triple-A, will facilitate the crypto transactions. The company has been a distinguished player in blockchain-related payments since 2017.

When a user makes a payment using any of the available cryptocurrencies, the assets go to Triple-A, which then immediately converts it to Singapore’s local fiat currency before crediting the sum to AXS. AXS said this process will take one business day to be completed.

The Singapore-based payments firm plans to leverage Triple-A’s business expertise to ensure the success of the new endeavor. 

Triple-A has been in business since 2017 and their solutions have empowered global businesses by improving cross-border payments, optimizing treasury management, and reducing costs, ultimately boosting revenues.

Both AXS and Triple-A emphasize the importance of a secure and user-friendly payment experience while adhering to regulatory compliance standards.

Triple-A And Its Other Business Partners

As one of the leading crypto-focused payment institutions, Triple-A has secured licenses from different financial regulators to operate legally in various countries.

The company is licensed by the Monetary Authority of Singapore (MAS) and trusted by over 20,000 businesses worldwide.

The firm also obtained European licenses from the French Prudential Supervision and Resolution Authority (ACPR). Similarly, Triple-A is also registered with the United States Financial Crime Enforcement Network (FinCEN).

So far, the company has forged successful partnerships with other payment firms. 

Earlier this month, Paycorp collaborated with Triple-A, enabling users of the Paycorp-powered CryptoExpress app to withdraw digital currencies from ATMs across South Africa.

Last month, another firm, STX Corporation, partnered with Triple-A to introduce digital currency payments on its B2B trading platform, TROLLYGO. 

The company said its partnership with Triple-A aims to promote advancements in payment methods for international trade.

See Also: BREAKING: Binance Will Delist These Spot Trading Pairs On January 26th

Triple-A has also teamed up with Zodia Markets, a unit of the UK-based bank, Standard Chartered to drive innovation in the financial sector. 

The company serves as both a crypto exchange and brokerage platform.



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Polygon, Animoca Brands, Human Institute Palm Recognition

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Following WorldCoin’s (WLD) attempts at iris Proof of Humanity (PoH) verification, Polygon Labs teams up with Animoca Brands and The Human Institute to launch the palm-recognition blockchain, Humanity Protocol.

The Humanity Protocol account on X (formerly Twitter) announced its launch on February 20, linking to a post on Medium. Notably, the article has a press release dated “February 20, 2023,” despite being posted on this same day in 2024.

Moreover, the release mentions Polygon Labs and Animoca Brands as partners of the Human Institute in this endeavor. 

Polygon Labs is Polygon’s (MATIC) developer, and Animoca Brands is a known venture capital institution active in the crypto market.

Animoca Brands have pronounced on the X platform, validating the partnership.

Who Is The Human Institute?

However, there is not enough information available about the Human Institute despite being described as “a leading organization.” 

The Human Institute seems to be a recently created institution to develop the Humanity Protocol, as described on its website:

“The emergence of artificial intelligence will have far-reaching consequences for all facets of humanity. Human Institute seeks to empower all humans with science, technology, and capital. We are building Humanity Protocol as the first truly sybil-resistant network of blockchains.”

See Also: Friendzone Social App To Launch On Polygon PoS Ecosystem

Humanity Protocol And Palm-Recognition Verification

The release described Humanity Protocol’s “User-centric palm recognition” as a revolutionary technology for Proof of Humanity consensus validation. Yat Siu, co-founder and executive chairman of Animoca Brands, emphasized:

“Existing Proof-of-Personhood technologies can be invasive, complex, or burdensome. By leveraging the cutting-edge technology using non-invasive biometrics that lies at the core of the Proof-of-Humanity consensus mechanism, Humanity Protocol is building a user-centric ecosystem that can onboard millions to a verifiable digital identity solution that is truly decentralized and respects the principles of true digital ownership, in the process enabling better equity and inclusion for all participants.”

Interestingly, the announcement teases future rewards for users who can prove their humanity by the palm-recognition model. 

This is a similar approach to what Worldcoin introduced in 2023 through the eyeball’s scan. In August, experts raised privacy concerns related to WLD’s ID system.

#Binance #WRITE2EARN

 





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Uncertain Future For Foreign Crypto Exchanges In India

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  • Foreign crypto exchanges in India face uncertain future as India banned crypto exchanges that didn’t comply with FIU guidelines.

India banned crypto exchanges that didn’t comply with FIU guidelines, but market experts point to a lack of regulatory clarity and high taxation, forcing crypto traders to rush to foreign exchanges.

The Financial Intelligence Unit (FIU) — an agency of India’s Ministry of Finance that gathers financial intelligence about offenses under the country’s Prevention of Money Laundering Act — issued a notice of noncompliance to Binance, HTX, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex and Bitfinex for illegally operating in India on Dec. 28, 2023. 

The notice gave the firms 12 days to comply with Indian Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Two weeks after the FIU notice, on Jan. 10, Apple’s App Store in India blocked the foreign crypto exchanges that received the FIU notice. 

Within a week, the crypto exchanges were unavailable on Google’s Play store, followed by a ban on the URLs and alternate URLs of the crypto platforms.

See Also: Binance In Talks With The Indian Government To Resume Operation In India

The ban on foreign crypto exchanges shocked many Indian crypto traders who had rushed to foreign crypto exchanges to evade the hefty 30% tax on cryptocurrency trading profits imposed by the Indian government. 

According to a report in the Economic Times, nearly $4 billion worth of crypto assets were stuck on offshore platforms, with almost 80% of this held by Binance. 

The report also cites research on the use of foreign crypto exchanges by Indian traders, which costs the Indian government 30 billion rupees (roughly $361 million) in tax revenue each year.

The latest compliance action from the Indian government against foreign crypto exchanges comes amid a regulatory environment in which there are no clear regulations for domestic exchanges to follow.

Despite years of campaigns and demand for clear regulations, the Indian government has not offered clarity.

Siddharth Sogani, CEO of blockchain analytics firm Crebaco Global, which has worked with the Indian Ministry of Finance on digital asset regulations, stated that although the compliance-based actions were necessary to block Indian traders from evading taxes, the government should first focus on domestic exchanges:

“The government is trying to regulate the crypto exchanges outside the country, but what about the Indian exchanges? There are numerous cases where Indian exchanges have not allowed users to withdraw their funds. I think it’s hypocritical for the government to worry about foreign exchanges before setting clear regulations for Indian exchanges.”

Sogani referred to recent instances where crypto exchange users of platforms, such as Bitbns, have complained about being unable to withdraw their funds, with some reportedly locked out for over six months.

On the other hand, Rajagopal Menon, vice president of Indian exchange WazirX, stated that the FIU action was long overdue, as foreign exchanges were making merry at the expense of Indian exchanges thanks to regulatory and tax arbitrage:

“It was a bad situation for everybody: Indian users had no recourse, the government lost tax revenue, and Indian exchanges lost market share.” 

Menon said regulations are inevitable because India is a signatory to the Group of 20, or G20 Delhi declaration, which outlines a roadmap for crypto regulations: “All G20 countries are expected to have regulations in place by 2025. We hope for serious traction once the new government takes office.”

India has called for global collaboration on crypto regulations on multiple occasions, but at home, it has postponed crypto-focused legislation in parliament for over five years.

See Also: Apple Removes Foreign Crypto Exchange Apps From India’s App Store

Are Foreign Crypto Exchanges Planning To Re-Enter India?

India has remained an uncertain ground for crypto exchanges despite its vast potential.

During the last bull cycle in 2021, India became one of the fastest-growing crypto markets, with billions in daily trading volume. 

Many crypto exchanges and platforms showed their interest in opening an office in the country, but unclear crypto regulations along with the hefty 30% crypto tax — with no provision to offset losses — not only deterred foreign crypto companies but also persuaded thriving Indian companies and traders to look for better opportunities outside India.

Sumit Gupta, CEO of the Indian crypto exchange CoinDCX, stated that the FIU ban is just a step toward enforcing regulations. 

He said that the framework is in place to allow offshore exchanges to register and serve Indian customers under FIU guidelines.

He added that the FIU’s action would “reassure government stakeholders, safeguard Indian investors from potential bad actors and tax-related non-compliances and, most importantly, prepare the industry for supportive regulations, including fairer taxation.”

“The Indian Web3 industry will suffer from stringent tax laws until we create a collective effort to follow the law of the land. This would ensure that Indian developers and investors securely access a level playing field with abundant opportunities.”

A spokesperson from Binance mentioned that the firm “remain[s] committed to adherence to local regulations and laws, and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry. Updates with relevant information will be promptly shared through our official channels.”

A spokesperson from HTX stated that the exchange currently has no operations in India, adding that it would “respect and strictly follow regulatory requirements across different countries and regions globally.”

According to YouTuber SMC Kapil Dev, OKX was one of the first foreign crypto exchanges to work with existing compliance requirements and re-start KYC for Indian customers.

In a post on X, Indian crypto influencer Aditya Singh said that most of the crypto exchanges he has talked with have already responded to the FIU notice and are currently working to resolve the issue.

Singh also suggested that the FIU registration for foreign crypto exchanges might begin after the general elections in India conclude in July 2024.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

#Binance #WRITE2EARN





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Choosing Best Cryptos For Mining Essential Factors Consider

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  • Which are the best cryptos for mining with ASICs in 2024, here are essential factors to consider when choosing the best cryptocurrencies.

The global crypto mining market, which reached nearly $2.93 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 12.2% and reach $8.26 billion by 2032.

A 2023 report by the Energy Information Administration (EIA) highlighted that crypto miners used as much electricity as the entire country of Australia, accounting for about 1 percent of global electricity demand. 

In the U.S. alone, crypto mining operations were responsible for up to 2.3 percent of the nation’s total electricity demand. 

Meanwhile, the market for crypto mining has seen considerable shifts, with the U.S. becoming a major hub for Bitcoin (BTC) mining, hosting nearly 38 percent of all Bitcoin mining activities in Oct. 2023. 

Adding to the challenges faced by crypto miners is a new proposal from President Biden’s Fiscal Year 2024 budget, which includes a 30 percent excise tax on electricity used for mining cryptocurrencies. 

This move aims to raise about $3.5 billion over the next decade. The tax would be phased in over three years, starting at 10 percent in the first year and escalating to 30 percent thereafter​​.

With these considerations in mind, let’s delve into the specifics of what makes for ideal mining conditions and the best cryptocurrency for mining in 2024.

See Also: BitRiver To Build New 100MW Crypto Mining Center In Russia

Things To Consider Before You Start Mining Crypto

Venturing into crypto mining requires a strategic approach, given the competitive landscape of the industry. 

Firstly, the choice of cryptocurrency is paramount. With thousands of cryptocurrencies available, selecting a profitable cryptocurrency to mine is crucial. 

Factors such as the coin’s market stability, demand, and the complexity of mining algorithms should guide this decision.

Energy consumption and cost cannot be overstated. Mining is notoriously energy-intensive, and with electricity prices fluctuating globally, calculating operational costs becomes essential. 

Meanwhile, regulatory compliance and tax obligations in your jurisdiction are crucial. With countries adopting varied stances on cryptocurrency mining—from outright bans to welcoming it with open arms—understanding and adhering to your local laws and tax regulations is vital to avoid legal pitfalls.

Lastly, hardware selection is another critical consideration. The mining landscape has evolved a lot over the years. The choice of hardware impacts not only the efficiency of your mining operations but also their longevity and scalability.

Types Of Mining Hardware

Initially, mining started with central processing units (CPUs), the basic form of computing power in any computer. 

While accessible, CPU mining is significantly less efficient compared to newer technologies, making it largely obsolete for competitive mining operations.

See Also: Ethiopia Partners With Chinese Companies To Bring Large-Scale Bitcoin Mining To Ethiopia

The next leap came with graphics processing units (GPUs), which are more powerful than CPUs and capable of solving complex algorithms faster. 

GPU mining became popular for its improved efficiency and ability to mine more profitably, though it also requires more energy and generates more heat.

Field-programmable gate arrays (FPGAs) introduced even greater efficiency by allowing miners to configure these chips for mining, offering better performance than GPUs without as much power consumption. 

FPGAs strike a balance between customizable hardware and the efficiency needed for effective mining, but they can be complex to program and are often more expensive.

Application-specific integrated circuits (ASICs) represent the pinnacle of mining technology, designed specifically for mining cryptocurrencies. 

ASIC miners are the standard for professional mining operations in 2024, particularly for mining Bitcoin, due to their superior processing power and energy efficiency.

They offer unparalleled efficiency and speed but come with a higher price tag and rapidly become obsolete due to the constant evolution of mining technology.

Key Considerations Before Selecting The Top Crypto To Mine

Remember that the profitability of mining any cryptocurrency is heavily influenced by electricity, hardware, and maintenance costs (if any), which vary widely across the globe. 

While the calculations provided are based on average electricity rates in the US, countries like Ireland, with higher electricity costs (approximately $0.52 per kWh), or Iran, where electricity may be subsidized for low-income citizens, will see different profit margins. 

Additionally, the volatile nature of cryptocurrency prices, mining difficulty, and market demand can all significantly impact your potential earnings. 

Changes in these factors can either enhance or diminish the profitability of your mining operation overnight. 

Therefore, it’s crucial for miners to monitor these variables and continuously adjust their mining strategies accordingly.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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