Gemini DollarGemini Dollar GUSD news

Price, 24h
1.02 USD / 0.00025650
-0.62% / -0.62%
Volume, 24h
301,004 USD
-29.27%
Marketcap
78,156,445 / 0.06%
Emission
Chart price/vol/NIS 7d
Asset details

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Chimpion Chairman: Stablecoins Like Gemini Dollar Strengthen the Case for Crypto E-Commerce

TALLINN, Estonia, Feb. 14, 2019 /PRNewswire/ -- Following Chimpion's January announcement that it would offer automatic stablecoin conversion for merchants, chairman Alex Arnaut spoke about the important role that stablecoins will play in the widespread adoption of crypto e-commerce. Arnaut showed particular enthusiasm for the new e-commerce project's adoption of Gemini dollar (GUSD), the world's first regulated stablecoin. "Our team was very excited to add Gemini dollar to our starting lineup of stablecoins and to receive their support for the Chimpion project," said Arnaut, who made a name for himself in the e-commerce industry as COO of Shopping Cart Elite before launching Chimpion. "As the first regulated stablecoin, Gemini plays a critical role in the crypto e-commerce space. It makes it so merchants can instantly convert crypto payments into a USD equivalent. Gemini dollar is a regulated, U.S. dollar-backed stablecoin, so holders don't need to be concerned about the whereabouts of their funds." With the rapid rise of cryptocurrency in recent years, speculative behavior has caused considerable volatility in the overall market. This created a lot of buzz around cryptocurrency, but made it difficult for merchants to adopt ...Full story available on Benzinga.com
Benzinga

Gemini Is Blocking User’s Accounts Trying To Sell A Stablecoin GUSD

The American Cryptocurrency Exchange Gemini has blocked user's accounts trying to exchange a stablecoin Gemini Dollar (GUSD) to fiat currency. According to traders, Gemini is trying to prevent the sale of ... Запись Gemini Is Blocking User’s Accounts Trying To Sell A Stablecoin GUSD впервые появилась Bit.news.
bit.news

Gemini Shuts Down Accounts Over Gemini Dollar (GUSD) Stablecoin Redemptions

This is a very controversial time for the Gemini exchange, which was created by the two U. S. investors known as the Winklevoss brothers, Cameron and Tyler. According to Coindesk, two over the counter (OTC) desks, the company has decided to shut down their accounts recently without offering any kind of explanation at all. According to the two OTC desks, which decided to remain anonymous in order to protect their reputation against any attacks, Gemini has decided to close them down as they attempted to redeem Gemini USD (GUSD) tokens for fiat cash. GUSD is the first stablecoin created by the exchange and it can, in theory, be traded by fiat currency at any time that the holder wishes. However, these claims state that the company did not let the investors exchange the money. One of the OTC trades, which is based in Latin America, tried to redeem millions of dollars worth of GUSD tokens, but the account was closed before that was allowed to happen. Gemini sent an email to the person who managed the account and said that it had to shut it down but unable to “elaborate on the specificities for this decision”, which enraged the OTC desk. Gemini was directly contacted by Coindesk, but the exchange decided to remain silent until the time of our report. Gemini May Have Made A Bad Move Last Year There is plenty of speculation for the reasons behind Gemini’s treatment of the investors, but one of the popular theories have to do with the fact that Gemini took some measures that were originally made to boost the impact of the launch of GUSD but may have created unintended consequences. For instance, the exchange offered 1% discounts last year when it was selling the GUSD tokens for major investors. However, in order to receive this discount, which was very big when you consider that the price of a stablecoin does not change at all, the companies had to agree to not trade the assets immediately. At this time, the deal was offered to the unnamed Latin American OTC desk, but they wanted to buy the tokens to redeem them into fiat, so they did not accept the deal. After that, they found other ways to acquire GUSD tokens for their desk. After that, the trader said that he was warned by Gemini when he got the tokens that redeeming them could hurt the stablecoin. The other OTC desk, which is based in the United States, was able to redeem its tokens but it had its account shut down soon after, according to Coindesk. The representants from the unnamed U. S.-based OTC desk affirm that Gemini has used the strategy of selling the tokens cheaper in order to maximize its market cap but that the exchange is against people redeeming the tokens now. In both cases, Gemini is being accused of shutting down the accounts without offering any explanation, which prompted the two OTC desks to believe that the reason was the whole issue with redeeming the tokens because most of them were sold with discounts. According to reports from the industry, even some big players are afraid to redeem their tokens and lose their accounts. Gemini, if this story is to be believed, sold them tokens that they are now unable to redeem without being afraid, which is a very serious accusation. Gemini Actually Wants The Wall Street Players It is a well-known fact among the industry that Gemini caters to institutional investors from Wall Street, so it is not a complete surprise that the exchange is not caring a lot about OTC desks. Gemini often describes itself as a “regulated exchange” and a New York trust company. Because of this, it does not allow many potential customers on the platform. An official statement from the company has already affirmed that the fact that many people do not pass on the company’s test of admission is “a feature, not a bug” and that it is necessary for the company to build trust. Gemini’s Defense One of the main problems of the whole story is that these OTC desks may be Gemini clients, but they are also competitors in the industry. Some sources told Coinbase that more than $133 million USD worth of GUSD has been redeemed so far and that the business is moving as usual. The same source affirmed that these OTC desks may be lobbying against Coindesk as well, mostly for monetary reasons. However, the reports against Gemini continue and a third OTC desk has also complained that it had its account shut down, this time because it offered a “competing product”. Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Top Coin Price Watch (Feb 5th)
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2018 Was the Year of Stablecoins; How Does Paxos (PAX) and Gemini (GUSD) Match Up

2018 has seen a lot of new trends, with one of the most noticeable ones being the rise of stablecoins. However, while the fact that the bearish market and high volatility did force investors to turn to more stable solutions is true, it is not the only driving force that impacted the stablecoins' growth of popularity. Another just as important reason is an exclusive discount war reported by CoinDesk which has affected fiat-pegged coins, especially when it comes to Paxos' PAX and Gemini's GUSD. As many are already aware of, fiat-backed cryptocurrencies — known as stablecoins — provide greater levels of stability than regular cryptos. This is because each of their coins is backed by $1, which prevents volatility problems, although it does make the coins partially centralized. After the bear market affected the crypto space in 2018, many have turned to stablecoins, which inspired the creation of even more stablecoins. GUSD and PAX are only two of many, and they continued to gain popularity ever since they appeared. According to sources, both projects offered private OTC trading desks which provided 1% discount to those who used their stablecoins before exchanging the money into US dollars. These offers — dedicated to making the coins stand out from the rest — allegedly appeared in December 2018. Coincidentally, this was right at the time when both coins experienced a large surge in activity, which does support the claims. Their market caps increased as well, and Gemini coin's cap increased by nearly $20 million in a single day. This occurred on December 17th, and many likely remember that this was the same day when Bitcoin itself started growing again, distancing itself from the low value of $3,200 per coin. Now, traders familiar with the matter claim that all arbitrage opportunities regarding the stablecoins were manufactured. Meanwhile, Paxos' VP, Dorothy Chang, stated that the deal was offered to a small number of partners and that it started in September 2018. Chang also stated that the offer was active for less than two months. It is also important to mention that in October 2018, a large controversy centered around Tether (USDT) came to light, and many started selling their USDT coins in fear of them being proven worthless. With Tether refusing to prove that it can back all of its circulating coins, the most popular stablecoin was predicted to die out. This has inspired many to start competing for USDT's place in the crypto market, While Paxos may claim that the offer only lasted for a month or two back when the coin first appeared on the market, the effects of the artificial increase in trading activity are still visible today. For example, PAX has seen around $100 million in daily transaction volume for several days in a row, now. A similar situation is happening to Gemini's coin, GUSD, which experienced a surge in trading activity in the past few weeks. The Arbitrage Game These two stablecoins have entered an arbitrage game through their actions, and the discount wars have started as soon as their coins' price went above or below $1. One consequence of the move is a number of fake accounts that Huobi users have opened, trying to make use of the stablecoins' discount while bypassing the daily redemption limit. Paxos had to start reviewing accounts in order to find the fake ones, which led to the closure of at least 10 accounts so far. Huobi got involved because most of this trading happened in its HUSD, a stablecoin pool that allows traders to quickly exchange one stablecoin for another. Another fact that indicates that HUSD might have been used revolves around a large PAX market cap surge of nearly $40 million, which occurred just after HUSD was launched. However, despite all the effort, games, and recent activity revolving around PAX and GUSD, both coins are still far behind Tether when it comes to market cap. Tether is still among the top 10 largest coins by market cap, currently having around $2.03 billion. There are several reasons for Tether still being so far ahead even with the controversies behind it, including the fact that it was among the first stablecoins to appear, and that it is in a legal gray area, which is a preferable option for some traders. While PAX was willing to provide some reasoning behind their decision to offer a discount, Gemini did not. The Campaigns Appeared Due To A Lack Of Demand According to sources, it is believed that these stablecoins started their campaigns due to the natural lack of demand when it comes to such assets. Many prefer to collaborate with banks than to have to work with coins that do not offer interest and may have hidden agendas. One potential issue with the campaigns is that it is possible that participating OTC desks may have had some data leakage in their hurry to join the trend. Supposedly, it is possible that they have revealed some of their competitive data regarding their own partners and trading volumes to Paxos and Gemini. The sources claim that smaller desks are often willing to give up a bit of their privacy in order to get access to places where USD can be instantly transferred. Because of all the success that GUSD and PAX have experienced due to these discounts, it is possible that even more stablecoins will emerge in 2019 and try to do the same. For now, it appears that these projects have truly stopped their discount campaigns. Meanwhile, Huobi confirmed that there is now a daily withdrawal limit, originally added in the time of the incident. Unverified users who wish to trade PAX can now only withdraw $1,000 per day, while verified ones have a $20,000 limit. Meanwhile, Huobi also announced plans to improve HUST in 2019 and to make the user experience even better by preventing others from misusing the system.
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Crypto Community Gets Shocked When Discovering Huobi’s Wallets Own Nearly 80% of All GUSD

According to data provided by The Block, 78.6% of all the Gemini Dollars (GUSD) in existence are stored in Huobi’s wallets. This is very important because it shows how the so-called Huobi Dollar (HUSD) is currently working. Huobi has around $70.8 million of GUSD stored in its wallets. Back in October 2018, the virtual currency exchange Huobi launched this new coin that allows users to deposit TrueUSD (TUSD), Paxos Standard (PAX) and GUSD and withdraw any of them regardless of the asset deposited first. Apparently, this suggests that there is an increased demand on the Huobi platform to withdraw other assets rather than GUSD. Huobi has less than $7 million of the other three assets combined. The Gemini Dollar was released by Gemini back on September 10, 2018. Cameron Winklevoss announced it in a blog post. According to him, the intention is to build a bridge to the future of money, and the GUSD is one of the necessary steps to build it. During the last years, the most popular stablecoin in the market, Tether (USDT), has been involved in different controversies. People and investors believed that Tether did not have enough funds to back the USDT tokens issued. At the same time, Tether was accused of being used for manipulating Bitcoin prices during bear markets. Due to these things, several companies decided to launch new stablecoins. These include the USD Coin (USDC), GUSD, HUSD, TUSD and PAX, among others. Now the market has a wide variety of stablecoins that allows investors to chose the most reliable one.
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Bitfinex introduces a new system, BTCC launches in South Korea, the Bitcoin Unlimited upgrades features, the Maldives denies giving permits, IAMAI attracts big players, Huobi lists stablecoins, Binance opens in Uganda

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Cryptocurrency and Blockchain - Industry News (02.15.19 - 02.22.19)

Total Market Cap, as of 02.21.19 at 5:30pm (PST): $133,778,212,242 (+11.11% from last week) Missed last weeks update? Click here STORY OF THE WEEK •A developer in the community released Tippin.me, a Chrome and Firefox browser extension that enables Bitcoin (BTC) tipping on Twitter via the Lightning Network. CRYPTOCURRENCY EXCHANGES •Binance launches the test-net of its allegedly decentralized exchange, Binance DEX. Users can now manage their own private keys and the associated wallet. •Binance de-lists 5 projects – CloakCoin (CLOAK), Modum (MOD), Salt (SALT), Substratum (SUB) and Wings (WINGS). •Huobi.com lists 3 projects – Stellar Lumens (XLM), Monero (XMR) and Steem (STEEM). •Coinmama, a Slovakian based exchange suffers a security breach which leaked 450,000 user email and passwords. •KuCoin releases version 2.0 of its platform. The update introduces new interfaces across the web and mobile applications, additional 2FA options and order types for users. REGULATION •The U.S. state of Wyoming passed 3 bills that involve digital assets. Digital assets owned by consumers are now categorized as intangible personal property. Banks can now issue digital custodial services and issue securities in tokenized forms, provided they comply with accounting, control and other standards. •The U.S. Securities and Exchange Commission (SEC) settles unregistered securities charges against Gladius Network, whom have conducted an ICO near the end of 2017. There is no penalty as a result of self-reporting. •$430,000 USD worth of cryptocurrencies seized by Belgian law enforcement will be auctioned off on Feb.28 at 12:00pm GMT by Wilsons Auctions – the largest auction company in the UK and Ireland. •The Central Bank of Bahrain’s (CBB) is launching a regulatory sandbox for blockchain and crypto companies. This will allow firms to test solutions and expedite new companies entrance into the market. •2 Bitcoin ETF’s registered by financial firms VanEck/SolidX and Bitwise await approval from the U.S Securities and Exchange Commission (SEC). This kicks off a 45 day countdown to an initial decision. TECHNOLOGY •Samsung’s flagship phone, the Galaxy S10 will introduce “Samsung Knox”, a hardware security feature to store private keys for blockchain applications. •Facebook’s CEO Mark Zuckerberg considers utilizing a blockchain to allow users to login to other sites without going through an intermediary on its existing “sign-in with Facebook” feature, dubbed Facebook Connect. INSTITUTIONALIZATION •Eurex, a derivatives exchange operated by German financial giant Deutsche Boerse is looking to launch futures contracts tied to digital assets such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). •Latin America’s largest investment bank Banco BTG Pactual SA is releasing its own blockchain-based security token dubbed “ReitBZ”. The token’s value is backed by real estate assets within Brazil. PEOPLE •Ethereum loses Afri Schoedon, a core developer for the open-sourced project since 2015. •TrueDigital, a provider of institutional products for digital assets hires Thomas Kim – previously COO of Bridgewater Associates. Bridgewater is a U.S based asset management firm with currently $124.7 billion USD under management. •Digital Asset, a distributed ledger company for financial services loses head of business for Europe, Oliver Hugh-Jones. Key executives continue to depart from the firm. TWITTER •@jack – “I hooked [tippin.me] up and already got tipped some satoshi’s.” •@alecziupsnys – “Taxi reform didn't come from taxis, but from Uber. Hotel reform didn't come from hotels, but from AirBnB. Finance reform didn't come from banks, but from Bitcoin.“ •@cryptoshillnye – “We are either really early or really stupid. $crypto” •@jackdwagner – “If your boyfriend needs to be taken down a notch just start casually asking him how his bitcoin is doing.”
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Dogecoin / USD Technical Analysis: Failing To Capitalize

Dogecoin is neutral in the short-term after the recent rally in the pair failed to break above a former key swing-high DOGE / USD is bearish in the medium-term with price still trading below the neckline of a sizeable head and shoulders pattern Large amounts of bullish MACD divergence seen on the daily time frame Dogecoin / USD Short-term price analysis   In the short-term, Dogecoin is neutral due to the pair failing to move above a former key swing-high during its most recent upside rally. The cryptocurrency is starting to turn lower in the near-term, although price is still above the pair’s 200-period moving average on the four-hour time frame. Technical indicators on the mentioned time frame are turning lower with further scope to push the DOGE / USD even pair lower.     DOGE / USD H4 Chart                                                                         (Source: TradingView)     Pattern Watch The recent rally has created a bullish inverted head and shoulders pattern on the four-hour time frame, which should be monitored closely over the short-term.   MACD Indicator The MACD indicator is trending lower on the four-hour time frame with a bearish crossover underway.   Relative Strength Index The RSI indicator has turned bearish, with push bears taking control below the neutral line. Dogecoin / USD Medium-term price analysis   Dogecoin remains bearish over the medium-term, with buyers unable to move price above the neckline of a large head and shoulders pattern on the daily time frame. A long-term technical bottom has yet to be confirmed in the cryptocurrency, as price remains relatively close to the pair’s multi-year trading lows, despite the broader market rally. Interestingly, Dogecoin is showing bullish MACD divergence on the daily time frame from November of last year.     DOGE / USD Daily Chart                                                                         (Source: TradingView)     Pattern Watch The bearish head and shoulders pattern is the major theme to watch on the daily time frame.   MACD Indicator The MACD indicator remains neutral and is currently failing to generate a clear trading signal.   Relative Strength Index The Relative Strength Index has recently started to recover after an extended period of downward pressure. The indicator is showing that bullish momentum is growing across the daily time frame. Conclusion   Dogecoin is likely to remain under slight downside pressure over the short-term, while its medium-term outlook is decidedly bearish as buyers continually struggle to stage a rally above the neckline of the head and shoulder pattern. Some caution is advised in the medium-term, especially if the broader cryptocurrency market continues to trade higher, as Dogecoin shows a sizeable amount of bullish MACD price divergence that has yet to be reversed on the daily time frame.   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Dogecoin(DOGE) Price $0.0020 Market Cap$241,941,083.92 #ccpw-ticker-24522 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24522 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24522 a.tabperiods.tabperiods_active, #ccpw-ticker-24522 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24522 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24522 .coin-container:after, .ccpw-container_four #ccpw-ticker-24522 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!   Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment. The post Dogecoin / USD Technical Analysis: Failing To Capitalize appeared first on Crypto Briefing.
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Latin America’s Biggest Investment Bank Launches Security Token

Banks once refused to work with blockchain companies in Brazil. Now, BTG Pactual, Latin America’s largest standalone investment bank, is launching a security token of its own. A Wave of Change in Brazil There seems to be a wave of change happening in Brazil. Bitcoinist reported just a few days ago that Santander Bank was ordered by a Court to keep open Bitcoin Max’ checking account. Banks that were once hesitant to work with cryptocurrency exchanges are being forced to eat humble pie. That marked a small victory for the cryptocurrency space in this part of the world. And now, it seems that financial institutions here are realizing the worth of digital assets within their own portfolios. Banco BTG Pactual SA Is Leading the Way Brazil’s Banco BTG Pactual, the largest standalone investment bank in the region, has announced that it will be entering the cryptocurrency space with its own security token, the ReitBZ. With a plan to raise up to $15 million in its token sale, STO, initial offering, or whatever terminology you prefer, the bank will launch a security token backed by distressed real estate assets in Brazil. The ReitBZ token will use blockchain technology. And investors will be able to buy it using the Winklevoss twins’ Gemini Dollar or ETH. The token is indisputably a security token since investors will receive dividends periodically from the recovery of the distressed assets. Hold Up, What Are Distressed Assets? A distressed asset is one that is put on sale at a reduced price because its owner has been forced to sell it. This may be due to excessive debt, bankruptcy, or regulatory constraints. And it’s especially common when it comes to real estate, a market in which during times of financial crises, people often fail to make their mortgage payments. Distressed assets are an excellent opportunity to buy into a devalued asset and make gains as the market recovers. They’re not so awesome for the person forced to sell, of course, but this is capitalism, after all. The BTG distressed real estate assets will be managed by a BTG subsidiary called Enforce. The ReitBZ token will be available worldwide. With the notable exception of the U.S. (surprise, surprise), and Brazil. Wait, so investors around the world will be able to profit from the rising housing crisis in Brazil–but not the Brazilian people themselves? Right. How’s that for messed up? BTG, however, assures that once the regulatory landscape clears up in Brazil, the ReitBZ will be open to its country’s citizens and maybe even the United States as well. The Opportunity for High Yearly Returns According to the bank, investors can expect yearly returns from these assets between 15-20 percent. Moreover, BTG will be providing market-making services for its token to ensure that investors have sufficient liquidity to sell when they want to. CTO Gustavo Roxo told Bloomberg: BTG is deploying its own capital to provide liquidity because it really believes in the crypto business… We came up with this structure because we think investors in the digital world have a higher risk-taking appetite. By using a crypto asset, BTG can maximize returns from its distressed assets and allow investors to enter the market in a cheaper way. The initial sale period of ReitBZ will last for approximately 90 days and proceeds will be reinvested into the portfolio. Banks and Cryptocurrencies Starting to Gain Momentum The announcement comes off the back of the news last week that JPMorgan became the first U.S. bank to launch its own ‘cryptocurrency.’ With CEO Jamie Dimon well-known for ‘Bitcoin bashing’, JPMorgan introducing its own digital coin to accelerate payments was a shock to many in the industry. However, JPMorgan and BTG are not the only horses in this race. It seems that the banks haven’t been falling asleep at the wheel when it comes to cryptocurrency after all. Japanese Mitsubishi UFJ Financial Group started working on plans for their own token back in 2016. And now Brazil has stepped up to the plate. BTG’s partner and initiative head of the ReitBZ Andre Portilho said: We knew we needed to dominate this technology, so we started experimenting with it a few years back… We thought Bitcoin and other currencies were turning too volatile, but we saw an opportunity with this token to try something new–but also with our skin in the game. The question now isn’t whether other banks will launch their own digital currencies, but rather which ones? Will more banks follow with their own virtual currency? Share your thoughts below! Images courtesy of Shutterstock The post Latin America’s Biggest Investment Bank Launches Security Token appeared first on Bitcoinist.com.
Bitcoinist

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market

Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market An official at South Korea’s sole securities exchange operator, the Korea Exchange (KRX), says the bourse is closely eyeing developments from United States regulators in regard to Bitcoin (BTC) exchange-traded funds (ETFs). The official, reportedly speaking on condition of anonymity, […] Cet article Korea Exchange Official: US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market est apparu en premier sur Bitcoin Central.
Bitcoin Central
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