Pundi X Partners with Ebooc Fintech and emcredit to Provide Cryptocurrency Payment in Dubai

Pundi X plans to make cryptocurrency microtransactions in Dubai a reality with a new stablecoin called emcash. Together with Ebooc fintech and emcredit, citizens and residents in the megacity will be able to participate in a vibrant token-based economy.

Making Cryptocurrency Retail Payments in Dubai
In a press release published by PR Newswire on Monday (October 8, 2018), Pundi X announced its partnership with Ebooc Fintech and emcredit. The partnership will see the use of emCash – a cryptocurrency created by emcredit – to be used on Pundi X’s legacy point of sale (POS) devices – XPOS.
emcredit, a subsidiary of the city’s Economic Development Department first announced plans to create emCash in October 2018. emCash is a stablecoin linked to the UAE dirham (AED).
As part of the partnership, Pundi X plans to rollout XPOS devices all over the city. People in Dubai will be able to make retail purchases in stores city-wide, pay school fees, as well as utility bills, using emCash at XPOS devices in various locations.

Commenting on the deal, Pundi X CEO, Zac Cheah, said:
Bringing blockchain-based payments technology into the government sphere is a major development for the technology. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today a historic moment for the real-world application of a technology that has promised so much potential until now. We are very proud to partner with emcredit and to support its vision for supporting its customers through technological innovation.
According to the press release, more details of the partnership and the cryptocurrency retail payment plans itself will emerge following approval by state officials.
 
Global XPOS Technology Expansion
Pundi X created the XPOS as part of its deal with Ebooc Fintech. The latter is Pundi X’s partner in both the Middle East and in Africa. Apart from Dubai, Pundi X is also pursuing expansion plans in other areas around the world.
Apart from Dubai, Pundi X plans to ships thousands of XPOS devices to other locations in Brazil, South Korea, Singapore, and several countries in Africa. Pundi X also wants to have over 100,000 of its XPOS in many places around the world by 2021.
Should the Dubai government approve the cryptocurrency retail payment scheme developed by Pundi X and its partners? Let us know your thoughts in the comments below.

Image courtesy of Pundi X, Shutterstock
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IOTA Is Bringing Car Insurance To Its Immense Network

Cars are a luxury almost everyone would love to enjoy. They make transportation easier and more often than not have the tendency to speak for you your level of wealth. But one inevitable headache of owning a car is car insurance. The costs involved, dealing with your ever-convincing insurers, what policies to even go for, all of these just tend to stress you out and for that matter people just don’t insure their cars at all.
IOTA ever since it stepped unto the scene has been very much involved in the automobile industry. Among its notable achievement is the partnership with German manufacturer Volkswagen (VW). The blockchain-driven firm has been very much involved in getting very conservative and traditional businesses to patronise the new tech. Now they are telling us they can actually insure our cars for us with their technology.
In a recent event held in Canada, IOTA made the public understand that they were in full capacity to actually start insuring cars – in fact, they could get your car to insure itself with the IOTA blockchain (its distributed ledger technology and Internet of Things). Its blockchain is quite different from those of networks like Ethereum even though they are both running on crypto tokens on their system. IOTA uses its Tangle software which functions with a pretty much different “code”. In technicality, the company uses the blockchain principle or model but does not use blockchain itself. IOTA was created to facilitate machine-to-machine communication without human intervention.
More boost in confidentiality came for the firm when the World Trade Organisation mentioned that IOTA was one of the promising new and emerging models of blockchain technology. This was in reference to the new models which apparently are moving away from the traditional blocks and chains for which it’s called blockchain. The organisation had prior to this mentioned blockchain technology as being the most widespread form of Decentralised Ledger Technology.
There was a demonstration at the event in Canada to show the feasibility of the car insurance with IOTA’s system in which a Tesla used the current state of its movement (parked, moving) to choose what insurance to pay for and do the payment via IOTA.
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US Congress on Slippery Slope as it Seeks to Outlaw Venezuela’s Petro Cryptocurrency?

Venezuela’s national cryptocurrency venture continues to generate media buzz. The Petro is designed to bypass existing sanctions and embargoes imposed upon the country. US Congress members are not amused by this particular project and have drafted a bill to ban the digital currency altogether.

US Congress Tries to Block Venezuela’s Plan
No one is really surprised to learn US politicians are not keen on Venezuela’s digital currency. Known as the Petro, the digital money is backed by national oil reserves. This project has received plenty of opposition from day one. President Maduro went ahead with the plan regardless. As such, politicians and policymakers need to address the elephant in the room.
The new bill drafted by US Congress officials makes their intent crystal clear. The goal is to prevent US residents or companies to transact with the Petro cryptocurrency. Prohibiting these transactions is only normal at this stage. Venezuela tries to bypass current sanctions through this method, yet their venture may not work out according to plan.
This new bill will need to be reviewed and approved before it can become law. If approved, it will ensure no one in the US can buy, sell, or trade Venezuela’s cryptocurrency. It will also force the Venezuelan government to look for other international partners. That can only work if those partners acknowledge the Petro has an intrinsic value. To date, there are still numerous doubts regarding that aspect.

Is There a Future for the Petro?
International scrutiny regarding the Petro has not gone by unnoticed. In January of 2018, US senators shot down Venezuela’s plan. An open letter was sent to the US Treasury Secretary to monitor the situation accordingly. Additionally, two senators wanted the US Treasure to prevent Venezuela from using the Petro to bypass American sanctions.
Surprisingly, not everyone in Venezuela sees merit in the Petro either. Venezuela’s Congress confirms the national cryptocurrency is still illegal in the country. This verdict was handed down in January, yet it seems the project is still ongoing. President Maduro continues to focus on mass adoption despite the numerous hurdles to overcome.
The true value of this digital currency still remains in question. Despite being backed by oil reserves, no mining effort is taking place to bring value to the Petro. This has many individuals concerned regarding the potential future of this new project. Without oil reserves to back its value, the currency is virtually worthless. A peculiar situation that seems far from resolved at this time.
What do you think of the US’ plans to ban Petro trading? Is it a “slippery slope” to banning other cryptocurrencies? Let us know in the comments below.

Images courtesy of Shutterstock
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AIC Unveils AI Dapp for the First Time in the World and Will Be Listed on Bitforex

Artificial intelligence companies can use the service at AIC Deep Learning homepage.
AI CRTYPTO is developing a technology that applies the GPU distributed processing technology to the mining pool to connect blockchain so that a large number of mining pools can use the GPU for artificial intelligence development.
Currently, GPUs for deep learning have to pay very high fees, and the profitability of mining pools using the same GPU is very low. Currently, the price difference is more than 50 times. For Deep Learning developers, they can offer GPUs at a lower price, and higher profits for mining pools.
Until now, development performance has been shown to be one tenth the price competitiveness and faster time efficiency compared to the AI deep-learning service provided by the global enterprise Amazon AWS. AIC Deep Learning already has more than 100,000 GPUs.
Recognizing for its unique technology, AIC has entered into a partnership with Shinhan Financial Group, which has sales of US $ 30 billion. In addition, it has acquired more than 20 companies including AI, VR, and PinTech as clients. The GPU service market for deep learning is already in a large market size and will grow to $ 2 billion in 2018 and $ 7 billion in 2023.
AIC, a development project that has attracted more than 100,000 participants and investors from around the world, will be listed on Bitforex, the world’s largest trading volume on October 8, 2018.
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Cryptocurrency Trading Platform ‘Robinhood’ Continues US Expansion, Now Available in Three More States

Last week, crypto trading platform Robinhood announced the expansion of its services to three more states in the US. The Menlo Park-based firm now offers zero-commission cryptocurrency trading to 24 US states.

Trading App Now Available in Arkansas, Rhode Island, and Tennessee

The platform announced the news in a series of Facebook posts and tweets published on Friday (October 5, 2018) which read:
Robinhood Crypto is hot-springing into Arkansas […] is anchored in Rhode Island, […] and is rockin’ & rollin’ in Tennessee. Trade Bitcoin, Ethereum, and other cryptocurrencies commission free.
With this announcement, Robinhood now offers zero-commission cryptocurrency trading to 24 states in the US. The company began its virtual currency trading in early 2018, servicing only four states. By mid-2018, Robinhood’s service reach had expanded to cover 17 states.
In addition to Arkansas, Rhode Island, and Tennessee, the company recently rolled out its trading services to Alaska and Oklahoma. The other states serviced by Robinhood include California, Florida, Texas, Virginia, and Massachusetts, among others.
Many states in the US have specific licensing requirements that must be met before companies can offer cryptocurrency trading services. Companies like Robinhood must follow the painstaking process of paperwork and permits which can sometimes hamper the pace of a service expansion drive.
Zero Commission Cryptocurrency Trading
Apart from expanding its geographical reach, Robinhood has also increased the number of cryptocurrencies on offer for trading on its platform. In August, the platform beat Coinbase to the punch by listing Ethereum Classic a day earlier than its rival.
Apart from Ethereum Classic, Robinhood offers Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, and Litecoin trading. The platform also provides its traders with market data tracking for ten additional altcoins.
Recently, Robinhood’s zero commission cryptocurrency trading came in for some harsh criticism following revelations of how the platform earns revenue from customers’ orders. In September 2018, Logan Kane of Seeking Alpha published a report of an investigation into Robinhood’s business practices. According to Kane:
Not only does Robinhood accept payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers’ orders for over ten times as much as other brokers who engage in the practice. It’s a conflict of interest and is bad for you as a customer.
What do you think about Robinhood’s expansion to Arkansas, Rhode Island, and Tennessee? Which state(s) do you think the platform should add support for next? Let us know in the comments below.

Images courtesy of World Atlas, Shutterstock
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CHAINERS 2019: 2nd Annual CHAINERS Blockchain Week

Asia’s Biggest Blockchain Week Events (Two days Summit & One Week Business Tour ) on Jan. 14th-18th 2019 in South Korea, it named 2nd Annual CHAINERS Blockchain Week which held by Chainers and Co-organized by The Blockchainer, BlockchainI, JLAB, JRR  Crypto, TimeStamp Capital, ONT Eco, Consensus Investment, Blockchain Investment.
Time

Starts: 14th Jan. 2019   9:00AM
Ends:  18th Jan. 2019   18:00PM

Organizers
Chainers Inc, No.1 Blockchain industry focused business development & advisory service company in South Korea, It is set up as a JV company between Vision Creator (South Korea based Cross-border M&A advisory, Venture capital investment firm ) and The Blockchainer (NO.1 service provider in blockchain industry in China).
Event Hightlights

South Korea is the most active Blockchain and Cryptocurrencies markets in Asia with five million digital currency retail investors.
Meeting Luxurious investors after parties and activities during the whole week.
South Korean Mainstream Economy TV Channel and Top Blockchain Industry Media providing high exposure rate and many promotion chances.
Great support from Top South Korea Finance Groups, Top Cryptocurrency Exchanges, Local Blockchain Associations and Developer Communities.
50 + Token Fund and Venture capitals mainly from South Korea,China,US are looking for promising projects to invest.
2600+ Attendees from 20+ Countries and Regions.
Well-Organized Business Tour will lead you enter quality projects, tech-companies, crypto funds and exchanges offices and build strong connections with them.

Past Event Overview
CHAINERS2018 ​( July 1st -2nd, 2018)
First week of this July, we has successfully held one comprehensive event, which is CHAINERS2018, which has accumulated high-end circle of contacts in terms of internationally and domestically 50+Project Teams, 80+ Professional  Influence speakers , 1200+ Retail investors & Enthusiasts.
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RoboForex to Add 16 New Crypto Instruments to R Trader

Sixteen new trading instruments have been added to the list. In total, 26 crypto instruments are available for trading on the platform at the moment.
RoboForex continues expanding the list of cryptocurrency pairs available to its clients and adding new instruments:

BCHBTC – 0.00000001 – Bitcoin Cash/Bitcoin
BTGBTC – 0.00000001 – Bitcoin Gold/Bitcoin
BTGUSD – 0.01 – Bitcoin Gold/USD
EOSBTC – 0.00000001 – EOS/Bitcoin
ETCBTC – 0.00000001 – Ethereum Classic/Bitcoin
ETCUSD – 0.001 – Ethereum Classic/USD
GNTUSD – 0.00001 – Golem/USD
IOTABTC – 0.00000001 – IOTA/Bitcoin
IOTAUSD – 0.0001 – IOTA/USD
NEOBTC – 0.00000001 – NEO/Bitcoin
NEOUSD – 0.00001 – NEO/USD
OMGBTC – 0.00000001 – OmiseGO/Bitcoin
OMGUSD – 0.00001 – OmiseGO/USD
QTUMUSD – 0.00001 – QTUM/USD
XMRBTC – 0.00000001 – Monero/Bitcoin
XMRUSD – 0.00001 – Monero/USD

Trading conditions for the cryptocurrencies that are available in R Trader terminal are the following: trading 24/7, leverage up to 1:50, minimum order size – 0.001, maximum order – 1,000, commission from 0.01 USD.
Kiryl Kirychenka, the Head of R Trader project, comments:
“New instruments provide our clients with much more opportunities and make the cryptocurrency market more available for trading. Until recently, one could trade of a large set of different cryptocurrencies only at stock exchanges, but now traders have new options. If we’re talking about convenience of products and services, trading conditions and security, brokers’ offers are competitive to crypto exchanges, but in many aspects they are even better.”
About RoboForex
RoboForex is a company, which delivers brokerage services on a world-wide basis. The company provides traders, who work on financial markets, with access to its proprietary trading platforms. RoboForex Ltd has the brokerage license IFSC/60/271/TS/17.
More detailed information about the Company’s products and activities can be found on the official website at www.roboforex.com.
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Orichal Partners Building on Consensus Singapore 2018 Success

With more than 8,000 attendees and 75 speakers, including the likes of IBM, Consensus Singapore was a major hit. Consensus Singapore is hosted by Coindesk and comes on the heels of the massively popular Consensus 2018 in New York City.
Consensus Singapore was designed to integrate the global community, particularly Asia, into the emerging blockchain industry conferences. The conference took place in the context of the larger TechXLR8 conference at Marina Bay Sands in Singapore where 6 different industries assembled under one roof. Leaders and enthusiasts from the Internet of Things (IoT) to Project Kairos Asia all participated in conjunction with Consensus Singapore in an amalgamation of Asian tech innovation.
Orichal Partners – the blooming multi-strategy digital asset investment and blockchain advisory firm – hosted a closing event at Consensus Singapore, the Blockchain VIP Invitational.
The Blockchain VIP Invitational
The Orichal Partners Blockchain VIP Invitational was a huge success and included some high-profile co-sponsors such as media sponsor CoinsNetwork and co-hosts like Allbit and DNA. The event was helped set up by co-host Events Protocol, whose co-founder Melissa Lou commented:
“We are proud to be a part of SG Blockchain VIP Invitational! Event Protocol, with our technology layer, will make organizing events like these hassle-free! We’re so excited to be at the forefront of integrating blockchain into the events industry.”
The event took place at Adrift by David Myers in the Marina Bay Sands following the end of the of the second and final day of Consensus Singapore. A myriad of investors and startup projects attended, including co-sponsor Allbit, who was really excited about the opportunity to work with Orichal Partners:
“Orichal’s work is outstanding. After witnessing their experienced in-depth advice  catered to the projects we have worked with, we are happy to support them in the Korean market.”
Notable sponsors Plutux, RCHAIN, IDCM, and Polymath, who joined the event along with cryptocurrency exchange CoinSuper, whose Head of Business Development Justin Leung, commented:
“This event has been great, during this Consensus week in Singapore, it’s probably the biggest and most exclusive networking event I’ve been to, and it’s a lot of fun. I’m really excited to be in the same room with all the who’s who in the industry. Orichal and I have a strong relationship, with mutual respect, and we are glad that we are moving the industry forward together.”
About Orichal Partners
Orichal Partners is an emerging multi-strategy investment and finance firm focusing on blockchain advisory services. Founded by a team of financial and investment experts with vast experience in high-profile financial firms such as JP Morgan and Deutsche Bank, Orichal Partners is aiming to guide upstart projects and ICOs in the booming Asian market.
Scottie Siu, Co-Founder and Managing Partner at Orichal Partners, commented on their successful Blockchain VIP Invitational event saying:
“It was a pleasure to host the Blockchain VIP Invitational to end the final day of Consensus Singapore. We wanted to give back to the community who have supported us throughout our journey and helped us generate significant traction in the blockchain industry.”
Orichal Partners is looking to use the Blockchain VIP Invitational and the connections they made to launch a diverse financial services platform for the evolving industry of ICOs and blockchain startups in Asia. According to another partner at Orichal Partners, Anthony:
“Companies haven’t thought about how they will deal with balancing investors’ demands of getting the tokens listed versus managing their project’s roadmap with its associated ‘target price/return’ on their tokens. Unfortunately, most projects assume their tokens will moon without thinking about the token distribution when designing their composition. They also fail to consider the correct time of listing. For example, they will list when there’s no MVP or beta available.”
His statements were re-iterated by Orichal’s Seoul ICO Advisor Marisol:
“Many come to us asking us to save them after listing. They should be planning ahead so we can strategize their market making with our marketing partners.”
As the industry continues to evolve, especially taking into consideration the new wave of digital assets on the horizon and looming regulatory environments, firms like Orichal Partners seek to become the standard for multi-strategy finance and blockchain investment advisories in the region.
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Binance Crypto Exchange to Donate 100% of Listing Fees to Charity, Vows Transparency

Leading cryptocurrency exchange Binance has announced its intention to make all listing fees transparent going forward. Furthermore, it will donate 100% of the fees it generates from listing crypto-assets to charity.

Binance’s Social Responsibility Initiative
One of the largest cryptocurrency exchanges by trade volume, Binance earlier today announced through its official blog the company’s intention to contribute further towards its social responsibility initiative. The firm has decided to donate 100% of the listing fee it collects towards charity. Projects wishing to list their digital asset currently need to apply and mention the fee they would like to pay.
As per the announcement:
Project teams will still propose the number they would like to provide for a ‘listing fee,’ or now more appropriately called a ‘donation.’ Binance will not dictate a number, nor is there a minimum required listing fee.
It further specifies:
This change will further push Binance’s charity initiatives and increase the use of blockchain for the greater good. We will have further updates in this area shortly.

What Happens to In-Process Applications?
For those projects whose token listing applications are currently in progress, the announcement goes on to clarify that:
If your coin is still in the listing review process, feel free to update your application with an appropriate number. Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.
This move follows the company’s earlier announcement in July about establishing a blockchain charitable foundation in Malta. The foundation intends to use blockchain for philanthropic deeds. The foundation had also signed a Memorandum of Understanding with the President’s trust. Helen Hei, a goodwill ambassador for the United Nations Industrial Development Organization (UNIDO) and known for her social work in Africa, was appointed as the foundation’s head.
Time to Give Back!
Binance has experienced unprecedented success since the time it went live in September 2017. In just under a year the platform has managed to establish itself not only as a major cryptocurrency exchange but also as a prominent player in the blockchain space. This year Binance has become the fastest company to be valued at $1 billion.
Recently Binance has also established Binance Lab, an investment fund and invested in blockchain based start-ups like eSports and TavelbyBit. These partnerships are aimed at speeding up the adoption of blockchain technology and the native Binance coin.
As Binance continues with its pathbreaking success, it not only wants to maintain its position as one of the leaders in the blockchain and cryptocurrency space but also a establish itself as a responsible organization that believes in giving back to the society.
What is your opinion about this charity initiative by Binance? Should other blockchain firms also follow the example set by the company? Let us know in the comments below.

Images courtesy of Shutterstock
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Bitstamp: Bot Goes Wild, Sends Bitcoin to Nearly $8,000, ETH to $300, LTC Down to $1

A bot on cryptocurrency exchange Bitstamp created panic, leading to trading being halted temporarily.

Bot Goes Wild
It is well known that cryptocurrency charts show some abnormal patterns during weekends. Technical analysts attribute these outliers to the trading activity being performed by bots.
In one such incident earlier on Sunday, a bot is reported to have caused wild swings to the price of a few cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Ripple. The activity is said to have lasted for about 30 minutes starting at 1:12 am London time. The trades were executed on Bitstamp, a Luxembourg-based cryptocurrency exchange using the Euro pairs.
“Bot went wild. Trading was halted,” Nejc Kodrič, Bitstamp’s co-founder, tweeted earlier today, clarifying it was a client’s bot.

Price Swings on the Exchange
According to the details available, Euro 6 million worth of Bitcoin was sold within 15 minutes, pulling the price down to $5,760 ($1,000 below the market rate). Then, buying activity worth Euro 6 million was executed in 6 minutes, pushing the price up to $ 7,600 ($1,000 above the market price).  Finally, Euro 1.3 million of BTC was sold, bringing the price at par with the market rate of $6,500. The bot activity lasted for about 23 minutes.
With Ethereum, the bot started the activity at around a similar time and continued for close to 25 minutes. The bot started by buying ETH, sending the price to $270 ($50 above market rate), followed by selling activity, sending the price down to $144. More buying followed with price shooting to $288 before it dropped back to par with other exchanges. One more attempt at buying sent the price to $230.
In case of Ripple, the bot first sold off XRP, sending price down to $0.37, then pushing it up to $0.77 ($0.30 more than the market price) before getting back at par with the market price. The trading action for Ripple lasted for about 29 minutes.
For Litecoin, the activity lasted only for about 5 minutes with the bot crashing the price down to $1.15 before restoring it to $56.

What This Means
Not much can be inferred from this random bot activity as it had no impact on the prices on other exchanges. Cryptocurrency prices, except for XRP, have mostly been flattish over the last few weeks. Experts are predicting a breakout soon from the ascending triangle in the case of Bitcoin.
Trading bots have been used in the traditional financial markets by hedge fund managers for equities, commodities, and foreign exchange trading. Since the cryptocurrency market is primarily driven by retail investors, the bots are mainly used by them.
However, using bots in crypto markets can be highly risky and could turn out to be scams as well. Investors should be cautious and do proper due diligence before deciding to use one.
Have you used trading bots on cryptocurrency exchanges? What are your views about using trading bots? Let us know in the comments below.

Images courtesy of Shutterstock.
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