Bitfinex news

Established in 2012, British Virgin Islands. No. of pairs - 79. Fiat - USD, EUR. Centralized exchange. KYC & Restrictions - yes.

World latest news

Massive Crypto Delistings, Ripple 14 New Partners, Bitfinex LEO Burn & ETH 2.0 Launch Date

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: https://www.ledger.com?r=8af3ed38d3b7 ----------------------------------------------------------------------------- Buy Bitcoin And Ethereum With Fiat On Binance! https://www.binance.je/?ref=35009618 ----------------------------------------------------------------------------- Open An Account With Binance! https://www.binance.com/?ref=22170588 ------------------------------------------------------------------------------ Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 -------------------------------------------------------------------------------- Follow Me On Facebook ! https://www.facebook.com/TheModernInvestor https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig Follow Me On Twitter: https://twitter.com/ModernInvest ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca K9 Ytrup Crypto Jedi Truls Lee 3000 O. Tom Chhuong Kaneko Tomonori Sir Thomas11_11 Mike McCarty Crypto And Beer Shipmate ZEN Lunacy ---------------------------------------------------------------------------------- Photo Credit To: https://nulltx.com/wp-content/uploads/2018/08/bitcoin-price-watch-blue.jpg
The Modern Investor

Bitfinex begins LEO token buyback, maintains no wrongdoing in $850 million shortfall

Cryptocurrency exchange Bitfinex announced the launch of a transparency initiative to coincide with the beginning of the burn mechanism of the company’s LEO token. Bitfinex’s parent company iFinex sold $1 billion in LEO tokens for USDT from private investors during a 10-day token sale in May 2019 to cover an $850 million loss from Crypto Capital. . @bitfinex is able to raise 1b USDt in 10 days, in a private sale. Private companies, giants in our industry and outside, made investments for > 100m each. A legion of inside and outside users made investments for > 1m each. — Paolo Ardoino (@paoloardoino) May 13, 2019 The New York Attorney General’s office accuses iFinex of engaging in a cover up, while the company insists the money was seized by government officials and would likely be returned. The LEO Burn Mechanism Bitfinex created a continuous token burn mechanism that will buy back an amount of LEO tokens worth a minimum of 27 percent the revenue of iFinex and its subsidiaries. IFinex’s holdings include digital exchanges Bitfinex, Tether, and EOSfinex. The buyback program began on June 14 and is programmed to burn LEO tokens every 3 hours. Gross revenues from iFinex will be allocated toward the purchase of LEO tokens at market rates until 100 percent of the tokens have been burned. The UNUS SED LEO Transparency Initiative consists of an “LEO Transparency Dashboard” providing real-time insights on the amount of funds collected for the buyback and LEO tokens that remain in circulation. Source: LEO Transparency Dashboard The burn mechanism will initially be funded with revenue from LEO tokens used to pay for trading fees on Bitfinex. iFinex says it will expand the effort to include money from all revenue streams, including funds recovered from Crypto Capital, and 80 percent of the funds recovered from the 2016 hack of Bitfinex. Buyback for payback? New York Attorney General Letitia James issued a court order in April 2019 demanding the company cease and desist operations in the state. The document alleges that iFinex, Inc participated in a cover-up to hide the loss at Crypto Capital. According to a press release issued by the Attorney General’s office: “In order to fill the gap, executives of Bitfinex and Tether engaged in a series of conflicted corporate transactions whereby Bitfinex gave itself access to up to $900 million of Tether’s cash reserves, which Tether for years repeatedly told investors fully backed the tether virtual currency “1-to-1.” Tether updated their website in March 2019 to change their description of USDT as backed 1:1 by USD to backed by reserves of “traditional currency and cash equivalents.” In April, Tether revealed in court documents it was only 74 percent backed by fiat. IFinex continues to assert that the funds from Crypto Capital were seized rather than lost and expressed hope that the New York Attorney General’s office will assist the company in recovering the funds instead of pursuing its closure. The post Bitfinex begins LEO token buyback, maintains no wrongdoing in $850 million shortfall appeared first on CryptoSlate.
Cryptoslate

Bitfinex announces implementation of burn mechanism for removing LEO tokens from circulation

After Bitfinex made headlines with the launch of its in-house LEO token, the exchange is in the news again after it announced the launch of the UNUS SED LEO Transparency Initiative, on June 14. This initiative, built around a real-time token burn redemption programme, marks the launch of the token burn mechanism, where LEO would be continuously burnt to buy back the token from the market. The report talked about the burn mechanism and stated, “The token burn mechanism will see iFinex (and entities such as eosfinex) buy back UNUS SED LEO from the market, at market rates and on an hourly basis, equal to a minimum of 27% of consolidated revenues of iFinex. The burn mechanism will continue until 100% of tokens have been redeemed and no more tokens are in circulation.” The exchange also informed the community that the LEO tokens used to pay trading fees on Bitfinex, would also be burned. This decision is aimed towards the purchase of circulating tokens. Bitfinex has also introduced their UNUS SED LEO Transparency Dashboard which enables token holders to verify insights into the token buyback process. Source: Medium The Leo token was launched on May 22, following which, the company raised $1 billion with a dual-protocol launch. According to Bitfinex, the total supply of UNUS SED LEO was 1,000,000,000. The post Bitfinex announces implementation of burn mechanism for removing LEO tokens from circulation appeared first on AMBCrypto.
AMBCrypto
More news sources

Bitfinex news by Finrazor

DIGEST

This week, the reddit community has (not) stopped waiting for BCH fork. Anyway, we're closely watching what is happening, and giving you the easiest opportunity to express your opinion in the selected hottest discussions

Read more
DIGEST

Group-IB, a Moscow-based cybersecurity firm, has developed a ranking system to grade cryptocurrency exchanges by the level of safety they offer clients. It ranks Kraken as the safest exchange. Then there go Bittrex and Coinbase Pro. Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, Myetherwallet and Poloniex are on the list of safe exchanges as well. OKEx, Huobi Pro, and Coincheck are among the least safe exchanges

DIGEST

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

Read more

Trending

Hot news

Hot world news

XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram. XRP Climbs 15% in a Week Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains. That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers. XRP price 1 hour candles – Tradingview.com XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion. The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year. Big Partnership Driving FOMO The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements. A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity. Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated; This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies. MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers. The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added; Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management. Will XRP hit $0.50 this week? Add your comments below. Images via Shutterstock, Tradingview.com The post XRP Spikes 10% on Ripple MoneyGram Partnership News appeared first on Bitcoinist.com.
Bitcoinist

XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms?

Ripple bought a share issue from MoneyGram worth $30 million at $4.10 per share to acquire 8-10% of the company. MoneyGram would also have an option of infusing another $20 million over the next two years. A strategic partnership will now ensue where Ripple will become the critical service provider for cross-border payment and foreign exchange settlement using digital assets. The digital asset they will be leveraging is Ripple, using Ripple’s xRapid Product. This partnership is a massive step towards the vision with which Ripple began, and investors put money is XRP. Also Read: Ripple Fathers’ Day Gift Propels It Past $0.4400 as Bulls Return Until now, MoneyGram has had to use banking services to provide settlements for payments they initiate. Due to the difference in time of settling payments, MoneyGram has to take loans to increase the required liquidity. However, by deploying xRapid, they will now be able to leverage XRP’s liquidity to provide cheaper and faster settlements. MoneyGram Chairman and CEO, Alex Holmes noted, “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.” MoneyGram reported a net loss of $24 million in 2018 compared to a net loss of $29.8 million for the fourth quarter of 2017. The money transmitting service provider has been working towards developing, and 2019 will be part of the roadmap. Hence, the success of this strategic partnership is crucial for MoneyGram. Also Read: Bitcoin Vs Facebook Coin: Should Bitcoin Hodlers Care About Facebook Coin? Currently, MoneyGram works independently by leveraging money from banks. Ripple CEO Brad Garlinghouse told the media,  “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations,” XRP/USD 4-Hour Chart on Bitstamp (TradingView) Moreover, while XRP recorded gains around 5%, it rose from $0.43 to a reach high at $0.46. Notably, a partnership like this back in 2016 or 2017 would have likely propelled the price by 30%. This can be attributed to an apparent decrease in the use case for MoneyGram itself. Digital payment is quickly becoming more accessible than ever with major firms working on implementing or integrating digital currencies on their respective platforms. Facebook is the most prominent example of it. Do you think MoneyGram and Ripple will be able to increase their volume and user base in the current environment? Please share your views with us.  The post XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms? appeared first on Coingape.
CoinGape

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

Ripple has secured another major partnership with international money transfer company MoneyGram. This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates. In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.” The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement. MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly.  It will also increase the efficiency of the payment platform, the management said. “We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said. Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally. MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world. With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions. The post Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP appeared first on ZyCrypto.
ZyCrypto

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas MoneyGram, a global money transfer company, announced today it has entered into a strategic agreement with Ripple (XRP), the provider of enterprise blockchain solutions for cross-border payments. The deal will enable MoneyGram to utilize Ripple’s xRapid product, leveraging ripples (XRP) in foreign exchange settlement as part of MoneyGram’s global payment process With an initial term […] Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas
CryptoNinjas

Ripple Announces Game-Changing Partnership With MoneyGram

By CCN Markets: Ripple announced a partnership with money transfer giant MoneyGram today. Two Year Exclusive Agreement, Ripple and MoneyGram According to Ripple Labs, a two-year partnership has been struck with MoneyGram which makes Ripple its exclusive digital assets partner. The purview of Ripple’s use case here might be more limited than expected. It depends on how many of the transactions are sent and received using Ripple’s technology and how much they’re worth. Whatever the case, the partnership doesn’t, for example, mean that you’ll be able to buy and sell XRP at any MoneyGram location. Something along those lines would The post Ripple Announces Game-Changing Partnership With MoneyGram appeared first on CCN Markets
CCN
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.