Today Marks the Mining of the 18 Millionth Bitcoin

Today, on Friday, the 18 millionth bitcoin is set to be mined. That means there are only three million BTC units left to extract after this.
Bitcoin Will Become Harder to Get
The mining process behind bitcoin has been a rather controversial activity. For one thing, China says that it is damaging to the Earth’s environment. The country has long been considering a ban on bitcoin and crypto mining in the future.
Second, there have been huge concerns regarding a bitcoin 51 percent attack from enterprises like Bitmain, arguably the largest bitcoin mining operation in China. In addition, many acknowledge that there are only 21 million bitcoins in existence, but everyone seems to differ on the actual fate of the currency once every unit is extracted or mined.
Some claim that bitcoin is likely to become useless, or at least only as valuable as everyday cash. Since there are no new coins to earn, BTC will somehow lose its stamina and price and be equal with something like the U.S. dollar.
However, others present a different argument. They state that the currency will somehow become more valuable in that since there are no more new coins to mine, BTC will become infinitely rare. Many will be looking to get their hands on the coins that are currently out there, and the fear and struggle that will ultimately come with trying to get those coins will make BTC the prime target of hardcore investors.
As it stands, about 14 percent of the bitcoins that have been mined have been lost forever, either through poor storage or lost passwords. This 14 percent amounts to roughly three million coins. This is a very dismal fact when one really looks at the situation. However, it is likely to add to bitcoin’s rarity. While there will be 21 million in existence, several cannot be found or accessed, which will ultimately make the currency even more rare.
In addition, several BTC have also been stolen by hackers, while several hundred thousand are stored away in a wallet address somewhere owned by bitcoin’s anonymous creator who simply goes by the pseudonym Satoshi Nakamoto. There are quite a few coins out there, but only a few can really be accessed.
What Will the Halving Do, Exactly?
Several days ago, EO Finance explained on Twitter:
In just a week, the 18 millionth coin will be mined on the bitcoin network. It will take another 120 years to get the remaining 14.3 percent of the total supply. In May 2020, the bitcoin halving will take place, doubling the mining difficulty.
While we’d all like to believe the halving will have a strong and positive effect, Bitmain CEO Jihan Wu isn’t necessarily convinced that the event will produce the stellar price results so many enthusiasts are looking for.
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Galileo Financial Raises $77 million after 19 Years in the Making

Coinspeaker Galileo Financial Raises $77 million after 19 Years in the MakingA gentleman named Clay Wilkes had already decided to retire and enjoy his late years when he changed his mind – he’d rather not to. In 2000 this amazing entrepreneur launched Galileo Financial Services and already then realized the growing demand for better integration between and financial institutions and secondary services.19 years later, what his company does exactly that is the back-office connections with financial institutions and, boy, what kind of portfolio this guy has. Among his clients are some of the biggest names in financial technology and Wilkes just raised $77 million in financing from Accel Partners.It is true though that Galileo actually didn’t need that money at all because, if you’d look at the company’s sheets, you’d see it has been recording profits year after year and together with companies such as Chime Banking, Robinhood, Monzo and TransferWise that are all in the above-mentioned portfolio – profit doesn’t seem that hard to reach. As a matter of fact, this debit and credit card service provider will have nearly $26 billion in financing by the end of the year.Nowadays companies that are trying to find their path to the financial markets have a pretty rocky road in front of them. However, there are few ways how can one dig its way out. One of the ways is merging with some financial institutions that will take care of all the money businesses through the FDIC assured accounts. Another way is to do it all by yourself and that’s what most of the companies are looking to do. However, when that happens, the companies have to have a bank on whose system they can connect and that bank has to have relevant technologies that are able to suck everything up – from debit and credit cards charging to transaction processing.Joining the Galileo board of directors is also Accel partner, John Locke who says Galileo is almost the second side of the same coin on which are companies as the Braintree or Stripe investments.However, Galileo’s focus isn’t on only taking online orders and processing payments. The company also makes business with the users who decided to spend their money on the new services and they are therefore ready to change their views and pass on the traditional banks to their upstart challengers.Wilkes explains:“Through the API what they’re doing is creating and managing accounts, authorizing merchant transactions, monitoring fraud, initiating disputes and chargebacks, being able to configure products and a wide variety of product. We support direct deposit accounts and we do credit products… all of these capabilities are capabilities that fit on our platform.”However, as the real gentleman, Wilkes doesn’t kiss and tell so it’s almost impossible to find out from him anything regarding the company’s valuation except that it’s worth “a substantial amount” (as if we didn’t know that already). Still, Wilkes will thoroughly explain ways of how Galileo is using raised money among which is expanding its geographical reach beyond North America.As he said:“It’s actively pursuing opportunities in Brazil and Colombia and Argentina.”At the same time the company already has kind of a monopoly on the UK market. “The top five largest fintechs in the U.K. are all clients today,” explained he.Gaileo doesn’t take a fixed percentage on transactions but only a few cents per processed transaction.“We’re in a golden era of fintech innovation and Galileo has quietly built the API infrastructure layer powering the industry’s most innovative products. Clay and his team have built a very impressive business with many parallels to companies like Qualtrics and Atlassian: bootstrapping first to build a quiet, profitable powerhouse and now, ready to go big globally. We’re excited to help Clay and team take Galileo to the next level,” noted Locke.Galileo Financial Raises $77 million after 19 Years in the Making

Tesla Is to Begin Manufacturing Electric Vehicles in China

Coinspeaker Tesla Is to Begin Manufacturing Electric Vehicles in ChinaWe all know how the Chinese are very protective of their domestic economy and how they don’t let anybody come and just set up a business within their borders for domestic consumption without strict controls. Tesla seems to have been able to jump through all the hoops and regulatory processes required to be able to manufacture electric vehicles in China sources indicate.In what seems to be a first for China, this is the first time that the government will be allowing the establishment of a wholly foreign-owned factory on Chinese soil. In response to the slowing economy and the rise for the demand for electric vehicles, this is seen as a significant shift as the Chinese are opening up their internal economy so that new entrants will be able to come into the market that is made up of nearly a fifth of the World’s population.The Electric car manufacturer was included in the government-approved list of automotive manufacturers as it gained Governmental approval which came with the certificate it needs to go ahead with manufacturing in the country. The list was released by the Ministry of Industry and Information Technology. Tesla intends to begin operations at its Shanghai factory by the end of the year. He carmaker indicated this in a quarterly earnings letter to its shareholders.The Automotive manufacturer indicated at the time that equipment was moved into the factory to make ready for the first round of manufacturing. The company also indicated that all factors considered the production capacity globally is expected to be over 500,000 vehicles in the manufacturing year by the end of June 2020. Also, the Shanghai production line will have a production capacity of 150,000 cars annually.The company also indicated that the production of the “cost-effective” version of model 3 will also begin at the Shanghai facility. Sources indicate that Tesla has also given a clear signal that this second generation model 3 will be cheaper by at least 50% of the others at the Nevada and California Gigafactories.This move made by tesla indicates that the electric car vehicle race is indeed heating up. Recently, Volvo cars has introduced the recharge line of electric vehicles with the first XC240 Recharge. With Volvo’s grip on European markets, it will create some sort of friendly competition to see who will dominate the Chinese market which is easily the largest in the world for anything. Already this strategic move puts Tesla firmly in place as the World leader in electric vehicle manufacturing while other carmakers are scrambling to keep up with the pace of the new upstart that has taken the global automotive industry by storm.Tesla Is to Begin Manufacturing Electric Vehicles in China

The Evolving Role of Exchanges

Coinspeaker The Evolving Role of ExchangesThe role of a digital asset trading platform has advanced well beyond a forum to arrange trades between buyers and sellers.This expanded role carries with it an evolving set of expectations from speculative traders and investors. It becomes imperative for them to understand the multi-faceted role of a trading platform, and different aspects of cooperation between digital asset projects, the platform, and supporting agencies referred to as Liquidity Specialists or Designated Market Makers.My professional experience at some of the top digital asset institutions in North America and Asia (such as Gemini, BitMax.io, etc.) has allowed me to develop unique insight into the sometimes-controversial nexus between trading platforms and Liquidity Specialists. The content to follow seeks to explain the specific roles each institution plays in the fast-evolving digital asset ecosystem.The Role of Trading Platforms & “Exchanges” Trading platforms or “exchanges” serve as public utilities to facilitate interaction between buyers and sellers. Marketplace participants on a trading platform range from profit-motivated traders to utilitarian traders. The role of a trading platform in the digital asset ecosystem has evolved beyond that of a traditional market counterpart to encompass all aspects of “trade facilitation” including an exchange, clearing & settlement, and depository operations. Accordingly, referring to platforms such as Binance, Coinbase, or BitMax.io as an “exchange” is a misnomer given that each operates as an all-in-one-platform: a “one-stop-destination” for trading, clearing, settlement, deposits, and withdrawals.The increasing prevalence of “altcoins” has brought with it another role of a trading platform: an onramp for traders to access new assets. Accordingly, platforms compete with one another for “Primary Listing” given that quality projects tend to attract new customers to their respective platforms. Many platforms encourage listed projects to leverage the services of external agencies such as marketing firms and Liquidity Specialists to promote success following listing. In fact, BitMax.io requires all Primary Listing projects have a listing strategy that includes both marketing and liquidity support prior to and following listing on the platform. The BitMax.io team believes this holistic approach to listing is critical to fostering engaged project communities and efficient trading in the marketplace. A project’s willingness to reinvest in supporting those third-party agencies is one of many indicators used by the BitMax.io team to determine which projects to list on the platform.This holistic approach to listing is not unique to the digital asset ecosystem – for example, private companies pursuing an initial public offering (“IPO”) leverage the services of financial institutions as “underwriters” to assist with marketing efforts, issuance, and active liquidity provision prior to and following listing on exchanges such as NYSE, Nasdaq, or BATS.Despite a holistic approach to listing, an asset’s fundamental value (i.e., the ability of the asset or its associated blockchain network to provide utility) is the critical determinant of a project’s long-term success and price action following listing. Effective marketing can increase awareness of an asset’s utility, and strategic liquidity provision can promote trading efficiency, but the project itself is solely responsible for building value by achieving roadmap milestones, developing innovative technology, and growing the asset’s underlying network in support of its utility.Some communities have become increasingly reliant on trading platforms to “list assets that pump” and often vilify platforms that list assets with poor price action following listing. While this is most certainly a symptom of the rampant “get rich quick” mentality that dominates many crypto investing communities, it is an outright misrepresentation of the role of a trading platform. As stated, digital asset trading platforms are, in essence, public utilities that facilitate trades among various participants. Trading platforms are not investment advisors and certainly do not provide guarantees on the future performance of each asset they list. While a platform does own the responsibility of performing due diligence and know-your-customer (“KYC”) on projects for quality listings, the price of each asset listed on the platform is ultimately dependent on the appetite of buyers and sellers to interact with one another (i.e., supply and demand) on the market place. The market forces of this supply and demand are driven by the fundamental value of the asset – of which the trading platform has no influence over!The Role of Liquidity SpecialistsLiquidity Specialists or Designated Market Makers are trading institutions contracted by projects to provide liquidity (bids and offers) following an asset’s listing on a platform. Some Specialists charge a recurring fee for their services and most trade with capital provided by the project itself (“Trading Capital”). Most Specialists are incentivized by a “performance fee” that stipulates compensation if the Specialist can effectively grow Trading Capital via a combination of Trading and Inventory Profit and Loss (“PnL”).The goal of a Liquidity Specialist is to promote trading efficiency for an asset. This is facilitated via strategic liquidity provision, which in turn provides other market participants the opportunity to buy and sell with minimal market impact – effectively creating positive externalities in the marketplace. A related value proposition of a Liquidity Specialist is the facilitation of efficient price discovery as traders assess a newly listed asset’s fundamental value (i.e., the ability of the asset or its associated network to provide utility).Because the goal of a Liquidity Specialist is to promote trading efficiency, the trading institutions will exclusively provide liquidity, rather than take liquidity. Accordingly, it is impossible for a Specialist to “pump” or “dump” the price of an asset because their trades do not and should not have market impact or “move the market” as would an aggressive order to take liquidity. Aside from this, buying or selling an asset with the intent to influence price (“pump” or “dump”) is widely regarded as a manipulative marketplace tactic; therefore, an institutional-grade Liquidity Specialist is unlikely to engage in such tactics.Risks & Limitations Associated with Contracting Liquidity Specialists Despite the critical role that the liquidity plays on the health of digital asset markets, contracting a Liquidity Specialist is neither a “silver bullet” nor a guaranteed catalyst for a project’s long-term success in token performance. There is a distinct set of risks associated with contracting a Liquidity Specialist. Most pressing is a drawdown in Trading Capital used by the Specialist to provide liquidity. This could occur for either of the below reasons or a combination of both:If the Specialist is on the “losing end” of too many trades (i.e., selling low, and buying high), thus slowly depreciating the value of the Trading Capital. To further expand upon this, think of trading as a “zero-sum game” in which one side can only win at the expense of the other. In promoting marketplace efficiencies, the Specialist may purchase and sell an asset at inopportune prices, to the advantage of other profit-motivated traders – the “winners” in this case.If a bearish sentiment causes significant selling pressure for an asset and erodes the willingness of traders to buy. If this occurs, the Specialist will be the only trader with an appetite to purchase the asset. If the large cumulative sell-side imbalance overwhelms and subsequently moves the market against the Specialist, their orders to buy will execute, and their newly established positions will result in an on-paper loss.To mitigate the risks associated with Trading Deposit drawdown, projects provide Liquidity Specialists transparency on key metrics such as circulating supply, investor cost basis of tokens, and vesting schedules. It is extremely critical for Liquidity Specialists to have complete access to the accurate information around those metrics. Access to this information allows the Specialist to estimate the fair value of the asset and trade in an informed manner (i.e., avoid being on the overwhelmed by order flow imbalance) with proper estimates of various support and resistance levels in the pricing of an asset. Based on these estimates, the Specialist can provide liquidity aggressively or conservatively in relation to the asset’s price at any point in time.A Project’s failure to disclose accurate information regarding circulating supply, investor cost basis of tokens, and vesting schedules can result in adverse information asymmetries wherein a Specialist may unknowingly trade at inopportune pricing levels to the advantage of other profit-motivated traders. In worst-case scenarios, cumulative sell-side order imbalance may overwhelm a Specialist repeatedly. This “toxic” order flow can deplete the Trading Capital significantly.A further means to hedge the risks of Trading Capital drawdown is to incentivize Liquidity Specialists with performance fees to encourage preservation or growth of a Trading Deposit via potentially profitable trading (i.e., buying low, selling high) based on the market conditions and movement. This type of incentive structure may encourage a Specialist to trade conservatively with more discretion rather than providing robust and resilient liquidity at all times to promote trading efficiency.ConclusionIn summary, the evolving role of digital asset trading platforms carries with it an expanded set of expectations from speculative traders and investors. Platforms can form synergistic relationships with external trading institutions such as Liquidity Specialists to support projects; however, the platforms are, by nature, price agnostic forums that arrange trades between buyers and sellers. While it is certainly true that projects with positive price action following listing (i.e., projects that “pump”) can be a powerful customer acquisition tool; a realistic perspective must be maintained on the influence that a trading platform or any Liquidity Specialist can have on an asset’s price insofar that neither is engaging in manipulative tactics.The BitMax.io team will continue enhancing its due diligence and requirements for all future listings; however, there will undoubtedly be dissatisfied projects and speculators despite the robust nature of any platform’s listing process. As the Head of Business Development at BitMax.io, I will continue educating projects on the multi-faceted role of a trading platform and both the benefits and risks of cooperation with Liquidity Specialists. Most importantly, the BitMax.io team and I will maintain a steadfast commitment to our community to learn from past successes and missteps in order to continue growing the platform into a world-leading institution.The Evolving Role of Exchanges

Will Bitcoin Repeat Its November 2018 Behavior?

It’s Friday, October 18, 2019, and once again, everybody’s favorite cryptocurrency has fallen into the $7,000 range. Yesterday, we reported that bitcoin was potentially back above $8,000 and likely to experience greater swells from here, but it appears there’s still cause for concern.
Bitcoin Again Heading for Lows
Bitcoin has been moving up and down for roughly one month. The late September bloodbath that ultimately caused the currency to lose about $1,400 in just a matter of minutes seems to have had a long-term effect on the currency, as it has yet to show any serious signs of recuperation.
How can a coin that was trading in the $13,000 range just a few months ago have lost so much of its value so quickly? This is a question that’s likely on every crypto enthusiasts’ mind, and it seems that there’s an even bigger cause for concern. Could we potentially see bitcoin repeat its actions of November 2018? Will the currency stay where it is or worse – fall even lower – in the coming months and take an exorbitantly long period to fix itself?
As we all remember, the currency lost more than 70 percent of its value in November of last year. Following a bitcoin cash hard fork that ultimately gave birth to the controversial new coin bitcoin SV, the currency saw itself hanging around the mid-$3,000 range after it had spent all summer standing at $6,000. It took roughly five months (until April of 2019) for the currency to recuperate, and even then, it only rose back up to $5,000. Nearly two years have passed since bitcoin hit its all-time high of nearly $20,000, and it has yet to earn back a significant portion of these losses.
As it would seem, the entire crypto market is suffering during today’s early morning hours. Ethereum, for example, has lost all its gains over the past 24 hours and is now trading for about $172. Litecoin is down to $53, and bitcoin cash is trading for $213 – the worst it’s been in weeks.
Mati Greenspan – senior analyst at e-Toro – claims:
Across all crypto venues, volumes are dismal. This is a giant lull in crypto volumes across the board.
Things Aren’t That Bad?
However, Greenspan doesn’t appear convinced that bitcoin is necessarily suffering per se, nor does he seem to believe that BTC is done for. As it stands, he describes bitcoin as being in a “sleeping position,” and we’re likely to see this change in the coming months. He comments:
Let’s not forget that bitcoin is one of the best performing assets this year. After all this action, a period of stabilization is more than welcome. Bitcoin is not dead; it’s just resting.
He’s probably not the only one who thinks this, considering figures like Tim Draper estimate bitcoin will eventually reach six-figure status within the next few years.
The post Will Bitcoin Repeat Its November 2018 Behavior? appeared first on Live Bitcoin News.

Privacy Centric Crypto-Powered Brave Browser Hits 8 Million Active Users Monthly

Coinspeaker Privacy Centric Crypto-Powered Brave Browser Hits 8 Million Active Users MonthlyThe cryptocurrency-browser privacy-focused web browser Brave has recently attained a new milestone reaching 8 million monthly active users. Brave, with its powerful vision, aims to revolutionize the online browsing and advertising experience for its users.Now 8 million monthly active users for Brave, & nearly 400 privacy-preserving ad campaigns (with a stellar 14% click-through rate, compared to 2% industry average)! Thank you to all our users and partners as we expand our platform for a better Internet. https://t.co/OQYOXLtlkl— Brave Software (@brave) October 16, 2019Currently, online activities are majorly dominated by a few big organizations like Facebook, Google, Apple, etc. These companies have a huge control of user data and privacy. Brave aims to break this structure by providing a privacy-focused and safer browsing experience. Besides, it aims to better reward online content creators through the crypto-ecosystem.It is a private program that allows advertising-free browsing and rewards content creators and content absorbers in its native cryptocurrency called the Basic Attention Token (BAT). The BAT is an ERC20 token created on the Ethereum blockchain network.In its official blog post, Brave mentions that there are 2.8 million daily active users on its platform. Besides, the web browser adds:“There are also over 290,000 Brave Verified Publishers. 200,000 of those are YouTube creators, 33,000 are website publishers or creators, 15,000 are Twitch streamers, and since we announced our support for Twitter tipping on August 1st, 28,000 Twitter accounts have joined to receive Basic Attention Tokens (BAT)”.Major Success Running Brave AdsThe blockchain-based web browser notes that since the CCPA and GDPR rules have become clear, brands and agencies are looking for safer and privacy-focused ad platforms. The platform says that due to these reasons and amidst growing privacy scandals, they have seen a major uptick in Brave Ads within the last six months.Besides, by sharing different metrics, Brave also stated that their platform engagement rate among its users has surged very high. It also added that compared to other conventional campaigns, those on its platform showed better results. The comapny explains:“Platform engagement is extremely high, with a click-through rate of 14% (the industry average is just 2%). More importantly, 12% of click-throughs result in page visits of 10 seconds or longer. There have been 2.36 million 10-second active page visits overall.”Besides, Brave also shared its success from major partnerships with Intel, The Lupus Foundation of America, and SLIVER.tv. It shares how these platforms used Brave Ads to promote different products and services.The BAT token has shown a good performance so far in 2019. In April 2019, the BAT token achieved its 2019-high of $0.45. The BAT token has gone significant since then but still manages over 75% returns year-to-date, at the current price.At press time, the BAT token is trading for $0.22 with a market cap of $301 million.Privacy Centric Crypto-Powered Brave Browser Hits 8 Million Active Users Monthly

Telegram Argues that Its Gram Token Is Not Security

Coinspeaker Telegram Argues that Its Gram Token Is Not SecurityTelegram’s launch of its TON blockchain and GRAMS token has hit yet another brick wall because the United States Securities and Exchange Commission (SEC) has taken the issue of the launch of their tokens before a court. In a filing two days ago, the messenger app organization asked the United States District Court for the Southern District of New York to deny the SEC the preliminary injunction. Just for reminder, the SEC had asked for it a filing of its own last week requesting Telegram to produce the appropriate documents.Telegram’s argued in the filing that the Grams tokens are not securities. The messaging app also said that the SEC’s accusation runs counter to longstanding Supreme Court precedent, the SEC’s views relating to other cryptocurrencies, and common sense.” The filing also indicates that Telegram has already agreed to stop the offering of its Grams token to the public until the legal issues can be settled by the court. The filing reads:“As explained below, Telegram has agreed to stipulate that it will not make any offers, sales or deliveries of its expected cryptocurrency, called “Grams,” to maintain the status quo until this Court can resolve the legal issues at the heart of this matter”.Telegram further told the court that it had worked with the SEC for months with thousands of pages of documentation preparing for its offering saying that it had taken a number of steps to convince the SEC. The company said that they prepared thousands of pages of documents for the SEC, participated in three in-person presentations, engaged in email and telephone discussions regarding a wide range of topics relating to the TON Blockchain and Grams and made even modifications to the technology of TON in response to the SEC’s stated concerns. And it is even not the full list of its actions.The crux of the matter is the fact that SEC had to wait this long until the eve of the deadline of the sale of its token to the public before filing the injunction. Also, the messaging app does not believe that its token is a security and has also said this as well in the filing. Telegram further said in the filing that the SEC knew for 18 months that if TON didn’t launch by October 31, the funds invested must be returned to the private investors. Indicating also that there is the absence of an emergency, Telegram also noted that the SEC is pressing for “broad and burdensome emergency discovery.The core of the argument for the messaging app is that the SEC’s theory about Grams being a security is flawed and is against the United States Supreme Court precedents. While this legal tussle may have thrown a spanner in the works for Telegram, it also indicates that the SEC can play hardball when the need arises and this will affect the adoption of cryptocurrencies and blockchain technology as a whole as regulation of cryptocurrencies has become unpredictable.Sources indicate that Telegram has postponed the offering of its token till April 2020.Telegram Argues that Its Gram Token Is Not Security

Huobi to Launch Fiat Platform with Lira-Tether Pairing in Turkey in Q4 2019

Coinspeaker Huobi to Launch Fiat Platform with Lira-Tether Pairing in Turkey in Q4 2019Huobi, a leading global crypto exchange, announced that it plans to launch a fiat gateway in Turkey. If successful, the platform may increase access to over 250 digital tokens for the local investors.Mohit Davar, Huobi’s EMEA regional president, is convinced that this will prove to be a worthwhile investment. He said that the move has come amidst Turkey’s efforts to set up a clearer legal infrastructure for the cryptocurrency market. Reports show that many people in the country already hold cryptocurrencies.The company announced the project at the Eurasia Blockchain Summit in Istanbul on October 17. The summit is the biggest crypto and blockchain event yet to ever happen in Turkey. Huobi Global and local Kemer Partners were the organizers. This summit hosted international influencers, Turkish Government officials, the local community, and top bank representatives.In June this year, Huobi announced that it intended to involve itself more in the Turkish crypto market. However, the company at that time did not give away details about its expansion plans. Davar confirmed that the exchange has already partnered with one of the biggest local banks to develop the infrastructure.This partnership will also see the development of compliance standards for the fiat gateway. However, he declined to name the local bank partner. The launch of the Turkish Lira/USDT pair makes Huobi the first crypto exchange to officially offer its services to the Turkish residents.He added that Huobi would reveal its partnership at another launch scheduled for December at the latest. The actual date for that launch could be earlier since they have already begun testing the gateway platform.PartnershipThe crypto exchange started to establish its partnership with the bank in June 2019. Since then, it has been striving to solve different challenges and concerns raised by the Turkish banks. Davar explained:“I think generally where there is not a clear regulatory framework in the market; it’s been left to the discretion of the banks to make their own decision. That is always to make sure that we have the right checks and balances, particularly when it comes to KYC and AML.”The local banks want to ensure that when they face off with Huobi as a partner they are fully fulfilling their obligations. This new fiat gateway will support transactions between local fiat currency Lira and the dollar stablecoin Tether (USDT). After the users get tether through their bank accounts, they can then trade it with any other crypto available on Huobi Global.The company is convinced that the Lira-USDT pairing makes transactions easier and much more accessible in the local market. It will be considerably easier compared to offering hundreds of pairing between the local currency and many other cryptos. Davar stated that it is quite challenging for any exchange to provide liquidity in the 250 coins that Huobi holds against the local currency.Any Turkish trader will have the opportunity to convert their Lira to dollar-pegged tether at a rate that they will feel comfortable without worrying about the volatility of cryptos in the course of the transaction. Huobi also revealed its ‘aggressive’ fee structure.OperationUsing the platform, Turkish users can trade at a 50% discount with 0.1% transaction fees. The transaction fees may be as low as 0.07% if the trader chooses to hold the Huobi Token (HT). Another program will soon open up for professional Turkish traders to trade with low fees across Margin and Spot trades.Huobi has launched a mobile application and a Turkish version of its trading site to help the local customers. The next step is to get the local team aboard the project and start the operation with the team comprising of four full-time staff members.Davar revealed that the banking partnership being worked on currently is non-exclusive. Thus, Huobi could sign up additional banking institutions and non-bank investors as it seeks to expand its services in Turkey. On October 17, Huobi announced the quarterly burn of Huobi Tokens estimated to be worth over 40 million. That shows the company is committed to maintaining a viable environment for crypto trading activitiesCompetitionThe first Turkish Lira/USDT trading pair is scheduled to go live in Q4 2019. In March 2019, Binance had announced its intentions to get the said license to operate a Turkish Lira fiat gateway. Now that Huobi plans to launch its platform before the end of the year, it gains an upper hand in winning over the Turkish crypto community beating Binance at that race.Huobi’s announcement follows its September launch of Huobi Argentina that came before Binance’s launch as well.Huobi to Launch Fiat Platform with Lira-Tether Pairing in Turkey in Q4 2019

Charles Schwab Brokerage Firm will Allow Investors to Trade Fractions of Stocks

Coinspeaker Charles Schwab Brokerage Firm will Allow Investors to Trade Fractions of StocksCharles Schwab, a San Francisco-based bank and stock brokerage company, has announced they will allow their clients to buy and sell fractions of stocks. The initiative aims at attracting the interest of young investors to Charles Schwab and makes it the first online brokerage that offers its customers such an opportunity.The announcement follows the company’s decision to eliminate trading commissions for U.S. stocks, ETFs and options trades earlier this month, which led to other brokerage firms such as E-Trade and TD Ameritrade.The company’s founder and chairman Charles R. Schwab stated:“I wanted to take commissions out of the formula. We’ve been on that path for 40 years.”According to the Wall Street Journal report, it is unclear when the service will be finally available. However, Charles Schwab promised that is will probably come together with other programs as the brokerage giant is ‘constantly working on new services designed to appeal to the evolving client base.’The ability to trade fractions os shares is beneficial for the younger generation of investors who are unwilling to pay quite a lot for companies like Amazon or Google parent Alphabet, which cost $1,787 and $1,252 per share, accordingly. The move will not also increase the number of Schwab’s clients but also add to its competitive advantageDevin Ryan, managing director at JMP Securities, commented:“Schwab has been quite focused on younger customers for some time, but we’re sure it’s also been watching the success some of the other free trading platforms have experienced and moving in line on fractional share trading makes sense.”Trading fractions of shares has been available for long. Such firms as M1 Finance, Folio Investing, Acorns, and Motif have started providing fractional share trading earlier. However, Charles Schwab will be the first online brokerage to offer such an option.As well as other companies involved in stock trading activity, Schwab leverages its client bases by implementing many of the successful features of startups who strive to gain market share.For example, a famous investing app Robinhood tried the free trading model long before Schwab reduced their commission fees, while startups like Betterment contributed to popularizing robo advisors that are now a large part of Schwab’s business, totaling over $40 billion in assets.About Charles SchwabCharles Schwab is a US provider of a full range of brokerage, banking, and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc., offers investment services and products, including Schwab brokerage accounts. Its banking subsidiary, Charles Schwab Bank, provides deposit and lending services and products.Established in 1971 by Charles R. Schwab, the company is ranked 13th on the list of the largest banks in the United States and it is also one of the largest brokerage firms in the United States that manages $3.2 trillion in assets.Charles Schwab Brokerage Firm will Allow Investors to Trade Fractions of Stocks

Cointelegraph Ban Enforced in Russia: No Explanationby Roskomnadzor

Truth fears no investigation, or at least that’s what we’re fooled into believing. It’s become a very common occurrence for governments to silence platforms that do not parrot their narratives. Earlier today, Russia blocked one of the most well-known and respected crypto outlets, Cointelegraph.
The Cointelegraph ban is something which many people expected to happen sooner or later. The website has been blocked in Russia since 2017, but the Cointelegraph ban was implemented on a technical level just yesterday.
All such nation-wide bans, are done by the Russian Federal Service for Supervision of Communications, Information Technology and Mass Media (ROSKOMNADZOR).
Cointelegraph shared information from an anonymous developer of a Russian anti-censorship browser extention:
 “The URL was added to Roskomnadzor’s blacklist file and mailed to ISPs yesterday.”
The developer also stated that he was unsure why Cointelegraph was simply added to the blacklist yesterday.
There is simply no justification for the Cointelegraph ban
Cointelegraph has attempted to contact many of its Russian readers and it seems that the majority of them are unable to access the site. Some reports claim that access is still possible, while others are reporting outages on the site. This is probably a sign that not all ISPs have completely implemented the XML file.
There is as usual, not a single word of explanation coming from Roskomnadzor. The Cointelegraph ban does not seem to be anything special and is just the next in a chain of bans with an ever-increasing internet censorship policy.
Earlier this year, Roskomnadzor was planning to sue both Twitter and Facebook for allegedly not complying with laws for Russian citizen data storage.
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The post Cointelegraph Ban Enforced in Russia: No Explanationby Roskomnadzor appeared first on CoinStaker | Bitcoin News.