Bithumb is Considering to Reopen User Registration

Bithumb is Considering to Reopen User Registration

The suspension on Bithumb’s new account registration may be over after the issue is settled with Nonghyup Bank.

Korea’s most popular digital currency exchange and Nonghyup Bank are planning to sign an agreement that consents Bithumb to assign 'real-name virtual accounts' or virtual bank accounts to its users.

South Korea requires individual virtual bank accounts be attached to the user’s verified identity. Korean banks are obligated to closely monitor the transactions happening within due to anti-money laundering procedures.

Bithumb was suspended for almost a month citing 'service improvement process' as the cause. During the suspension, the exchange has seen its trading volume drop by 40%.

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Crypto Fever Moving Worldwide: Bitcoin Available at Discounted Price in South Korea

A shift in the BItcoin or crypto trading is happening worldwide. Countries that have been dominating this space has been gradually reducing in numbers while countries like Peru, Venezuela, Brazil, Colombia among others are seeing a surge in Bitcoin transaction volume. It’s been ten years since Bitcoin first came into existence. And up until one of the biggest exchanges’ hacks like Coincheck happened, South Korea has played an important role in Bitcoin and crypto trading. Known for having a strong inclination towards crypto, the last year didn’t see much action coming from South Korea. And now, “Kimchi Premium” (the gap in crypto prices in South Korean exchanges compared to foreign exchanges which are predominantly seen in bitcoin price) just might be turning into a discount. Looks like, Korean markets are cooling down when it comes to cryptos as crypto prices on Korean exchanges drop below the worldwide average. If we take a look at one of the biggest exchanges of South Korea, Bithumb, it is currently reporting $3,588 according to Coinmarketcap data. Meanwhile, Ethereum is trading at $119 and XRP at $0.3209. On UPbit, XRP is at $0.3199 and Ethereum at $118. Meanwhile, $3,600 or above is the price of Bitcoin on a number of exchanges and $0.3219 or more for XRP. The November’s report of CryptoCompare states, the trading in November dropped off considerably in South Korea. The Monthly Trading Volume by Jurisdiction covering top 10 countries from the December report further puts things into perspective, As for Bitcoin to fiat trading volume, “In December, 57% of all of Bitcoin trading into fiat was made up of the USD Dollar, while trading into the Korean Won decreased significantly since the previous month. Proportionally, Bitcoin trading into the USD and JPY increased 14% and 43.4% respectively since November.” The reason for the decline in crypto trading could be in part attributed to the actions taken by South Korean authorities after the hacks and to make the market more secure for players. However, this data brings the point home that cryptocurrencies are no longer concentrated in a few regions or countries. If we take a look at the Bitcoin trading volume on LocalBitcoins, a peer to peer exchange, Venezuela, Peru, and Colombia are seeing a surge. Though the numbers in itself are small, the fact that countries like Venezuela where people are living on less than a dollar per day due to hyperinflation make it a big deal. These numbers put forward by LongHash signifies that crypto fever has now moved on to different parts of the world and is no longer limited to a select few countries.
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South Korea’s ICON Shares Blockchain Ecosystem Boosting Strategy with DApp Accelerator Program

One of the most significant projects running on the blockchain technology within South Korea, the ICON, has just announced their new accelerated strategy that will be able to expand their public blockchain ecosystem. The first enhancement they got involved with is an enterprise blockchain alliance program that is part of the global accelerator program, together with a campaign that will be used to select the various network representatives. The company also went ahead to reveal plans they have for their decentralized exchange together with an identification system that will be based on their public network. It Is The Reinforcement Of An Enterprise Blockchain Alliance That Is With The Global DApp Accelerator Program The ICON has gone ahead to peruse the decentralized applications partners who are mainly focused with the B2B and the B2C products, all this been done through the newly established ICON LAP100, which has been referred to as the ICON Loopchain Alliance Program. The company has formed strategic partnerships with over 30 companies that will help in carrying out the collaborated project. For this year the company has already secured about 13 new partners on board. Within South Korea, ICON is the only company that has been able to run the global accelerator program; this is through the launch of the ICX Station that is located in the major cities, this is the like of Singapore, San Francisco, plus Seoul. The Deblock has been established to serve as the Seoul Launchpad that will be for the ICX Station, one that will be able to play a pivotal role when it comes to the advancement of South Korea’s DApp projects being integrated into the global market. But this is not all as ICON has plans of launching a Launchpad in Tokyo within the first half of this year. Additionally, with the efforts of the ICX Station, the ICON has been able to establish the ICON LAP100, a platform that has been designed as an enterprise blockchain alliance program that will be based on the company’s public blockchain, where the core engine of the blockchain is the loopchain. The goal of the company is to ensure they have jointly developed an enterprise specialized in blockchain solutions with the help of 100 companies together with the various startups in different fields. Moving Toward Decentralization With Election Network Representatives The pre-registration of the ICON Public Representative started on 17th January of this year, and so far there are twenty-two reps who have been elected. The pre-registration will be taking place off chain while the actual voting will take place on chain, this is where the ICON will be able to elect about twenty-two reps through the on chain election. After the election has been successful the next step is pushing for mass adoption through the Ecosystem Expansion Project. Which has been developed in a manner that any of the ICONist will be able to propose for network growth, while the DApp Booster Programs will be able to allocate some block rewards to specific decentralized applications in the market? In the first half of the year, the identification service and decentralized exchange will be released ICON has gone ahead to announce plans of releasing there decentralize exchange, the DEX, together with the decentralized identification, the DID within the first half of the year. The company has already gone ahead to release the ICONex, which is a wallet that has been designed to support different transactions that are taking place across multiple crypto coins that has a user-friendly UX/UI together with an ICON tracker. One that is a block exporter for the ICON that will be able to display all the transactions and the records that have taken place in the network, thus, it will be able to enhance data accessibility and transparency.
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Twelve Months On, Open Banking Poses a Significant Challenge to Traditional Banks

This Sunday marks the first anniversary of the Open Banking initiative which was designed to increase competition and ensure a better experience for account holders. The last year has seen a sharp rise in the number of new fintech start-ups entering the market, putting 35 per cent of the revenue of traditional banks at risk. With competition intensifying, traditional banks are struggling to keep pace. Some are trying to move to a more nimble operating model in response – including launching their own digital banks. But the high costs of doing this, as well as the infrastructure implications, make this a very difficult task, according to Dave Locke, Chief Technology Advisor at World Wide Technology. Locke comments: “In the last year, the Open Banking initiative has contributed to a significant surge in the number and type of financial service providers. As a result, we are seeing an unprecedented amount of change from traditional financial institutions that need to safely unwind their technical debt, much of which is motivated by the need to compete with new entrants in the market. However, the complex nature of existing systems built with conflicting metrics over the years acts as a significant barrier to this. Legacy infrastructures are typically built from an interdependent patchwork of applications, which communicate with one another in complicated ways. “Challenger banks, on the other hand, are born on the cloud and don’t have to contend with the legacy IT structures of most traditional banks. This enables them to better organise their operations around the customers’ needs and provide incremental improvements to their systems – in a way that legacy banks have difficulty doing.” As of 2018, 63 per cent of current financial services players didn’t exist a decade ago. According to PwC, 64 per cent of banking customers around the world are expected to take advantage of the Open Banking initiative by 2022. Locke concludes: “Currently, banks have two major advantages over the latest fintech players: an established customer base and the customer data that comes along with this. To capitalise on this and stay competitive, they must first gain extensive insights into the existing infrastructure to create a real-time picture of the entire network. They can then use these insights to create a roadmap to their desired business outcomes. Once this level of visibility has been achieved, banks can confidently rationalise the way that different applications share data within the system, allowing them to achieve the level of agility they need to stay viable.” The post Twelve Months On, Open Banking Poses a Significant Challenge to Traditional Banks appeared first on The Fintech Times.
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