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Are Skrill, Square and Circle Payment-Focused Companies Boosting Global Bitcoin Adoption?

Who is leading the Bitcoin revolution? No one, actually, if you believe that the whole point of a decentralized ecosystem is to create something that will be done by many hands. Darryn Pollock, however, believes that payment companies are driving the revolution, though, what he argued in a recent Forbes article. According to the author, […]
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SEC’s Hester Peirce promises regulatory clarity; says SEC doesn’t want crypto-businesses like Circle moving offshore

Regulatory developments across the world are forcing crypto-businesses to find homes in lenient geographies. Hester Peirce, Commissioner at the U.S. Securities and Exchange Commission, featured in an interview to clear some of the fog left in the wake of the lack of clarity in U.S. regulations, regarding the crypto ecosystem. Peirce stated, “One of the […] The post SEC’s Hester Peirce promises regulatory clarity; says SEC doesn’t want crypto-businesses like Circle moving offshore appeared first on AMBCrypto.

Bitcoin’s correlation with China according to Circle’s CEO Jeremy Allaire

The co-founder and CEO of Circle Jeremy Allaire affirmed that there is a “macro-correlation” between Bitcoin’s price movement and the current trade war between China and the United States that could lead to wider adoption in the Asian nation, according to a recent interview on CNBC. Bitcoin’s correlation with China The upswing that Bitcoin experience over the weekend that took its price up more than 17 percent from $10,500 to $12,300 can be viewed as a reaction to the Chinese yuan plummeting against the U.S. dollar, according to Allaire. Today, the yuan is trading at 7 yuan per dollar for the first time since 2008. “I think the broader theme of Bitcoin specifically, crypto more broadly, participating in these global macro forces is becoming more and more clear. Rising nationalism, rising amounts of currency conflicts, trade wars—these all, obviously, are supportive of a non-sovereign, highly secure digital store of value,” said Allaire. Despite the tough regulations imposed in China against cryptocurrencies, with the mainland government even outlawing the exchange of crypto since 2017, Allaire actually believes that Chinese authorities are softening their stance towards cryptos. “We’re seeing that recently a Chinese court defended that Bitcoin is in fact legal property in China, which is significant. We’ve [also] seen one of the very largest commercial banks, Bank of China, start to do proactive information marketing about the benefits and risks of Bitcoin, but more broadly its role in the world. And then, one of the largest companies in the crypto space in China, Huobi… recently added a [Communist] Party committee to the firm, suggesting that it may be getting more alignment with the Chinese central government,” continued Allaire in the interview. The fact is that China, and other nations around the world, is trying to create a regulatory framework that allows them to scrutinize cryptocurrencies and the intermediary entities, such as exchanges, that handle them. However, Jeremy Allaire pointed out that national and foreign governments will soon realize the difficulties behind regulating a market where “sovereign and non-state actors” are able to launch new cryptocurrencies that can instantly function with the use of the internet. As a matter of fact, the CEO of Circle explained that the Chinese government may have already understood that Bitcoin is a “non-sovereign, highly secured mechanism to store value that can exist anywhere the internet exists” and this could be the reason why they are creating their own cryptocurrency. “China is mobilizing to launch a global digital currency leveraging some the distribution power that they have with major internet and tech enterprises, in part as a response to Libra, but also as a global strategy to expand the footprint of how trading counterparties, businesses and consumers globally interact with China,” said Allaire. As cryptocurrencies grow in popularity and Bitcoin becomes the preferred choice for Chinese investors during times of economic turmoil, China appears to be moving ahead with the adoption of the technology leaving the U.S. behind. It remains to be seen the actions that the Chinese government will take if capital continues to flow into cryptos as a result of ongoing trade war with the United States. The post Bitcoin’s correlation with China according to Circle’s CEO Jeremy Allaire appeared first on CryptoSlate.

Circle Reveals Why Most Startups Are Wary of the US Market

The US is said to be the land of opportunity. It is, however, becoming very apparent that this opportunity is out of the reach of cryptocurrency startups. As an illustration, Circle has decided to move the majority of its exchange’s operations to Bermuda. The Goldman Sachs-backed blockchain startup is making a massive leap out of the tightly regulated US crypto industry environment and launching a subsidiary in the British island territory. Circle has announced that it has received a Bermudan Digital Assets Business Act license for Poloniex. Poloniex, the Circle affiliated crypto exchange will now leverage its new regulatory status to serve non-US customers. Jeremy Allaire, Circle’s CEO has said that over 70 percent of the exchange’s users are not from the US. The established Bermudan subsidiary will on wards deal with that large customer base. Circle: Bermuda’s Regulatory Environment Easier The British Overseas Territory, “Class F (“Full”) DABA” license Poloniex has means that the exchange’s activities will be supervised by the Bermuda Monetary Authority (BMA). The legislation has been attracting crypto-based startups struggling under rising scrutiny from regulators to the island nation. Bermuda has envisioned booming new revenue streams from these startups and has assured lessened restrictive regulations in trades. It has become increasingly harder for crypto exchanges to establish themselves in the States. Some have decided to cut off US citizens completely. Signs that Circle was also on its way out of the US showed in May when it’s crypto exchange geo-fenced some assets from its US customers. Jeremy Allaire, while talking to CoinDesk said:  “The lack of regulatory frameworks significantly limits what can be offered to individuals and businesses in the US.” The situation has been so bad that Circle, had to let go, 30 of its employees earlier in the year. The CEO says the job cuts were in line with the market but also attributed the move to the regulatory uncertainty in the States. Most Startups Wary Of the US Market The firm plans to hire more employees that will focus on global markets. “The project to establish a new international operations hub for our market, exchange and wallet services was a major project,” Allaire adds. The blockchain startup is now expanding its crypto-related offerings, which includes Circle Invest and Circle Trade. Circle Invest gives the investor an array of 11 coins for trade. Circle Trade, on the other hand, is an OTC marketplace with a higher than $2 billion revenue in monthly turnover. Poloniex support over 100 different tokens and has recently acquired SeedInvest. The acquisition is a FINRA licensed alternative trading system. It is rumored that Circle could also be in the process of applying for a banking license. The failure by US legislators to respond fast to the rising demand for crypto laws have put the country’s crypto industry at a competitive disadvantage. The need for a transparent regulatory framework, for instance, pushed Bitfinex’s services out of the US. Bittrex also barred US investors from accessing 32 tokens, and Bancor too excluded all its US customers from its web-based platform. Binance, the world’s largest crypto exchange, stopped serving American investors and designed a US only exchange for them. Binance US will be compliant with the regulations but has fewer altcoins available for trade with BNB likely not on offer. Additionally, a dozen other platforms such as HitBTC, OKEx, Coineal, and Huobi Global have US customers blocked.
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Bitcoin Surge Proves It's a Haven from Stock Market Turmoil: Circle CEOBitcoin Surge Proves It's a Haven from Stock Market Turmoil: Circle CEO

The bitcoin price is surging because investors are increasingly flocking to it as a "safe haven" amid the escalating US-China trade war. That's what Circle CEO Jeremy Allaire told CNBC, when he praised bitcoin as a reliable store of value during stock market turmoil. "Humanity has now created a non sovereign, highly secure mechanism to […] The post Bitcoin Surge Proves It's a Haven from Stock Market Turmoil: Circle CEO appeared first on CCN Markets The bitcoin price is surging because investors are embracing it as a "safe haven" amid the US-China trade war, says Circle CEO Jeremy Allaire.
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This week an insane amount of times the topic of privacy rises. It is finally so acute that it can not be ignored: everyone quotes CEO of Apple and expresses his arguments in favor of the four conditions of privacy indicated by him. Twitter users also share their views on the need for stablecoin

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Self-Proclaimed Satoshi Nakamoto's Bitcoin 'Reveal' Is an Epic Fail

By CCN Markets: The latest self-proclaimed Satoshi Nakamoto overpromised and underdelivered in Part 1 of his "big reveal" — probably to the surprise of no one in crypto. In a meandering blog post, the self-proclaimed bitcoin inventor did not reveal his real name, nor did he produce a photo of himself. So we're still no […] The post Self-Proclaimed Satoshi Nakamoto's Bitcoin 'Reveal' Is an Epic Fail appeared first on CCN Markets

Bitcoin Groupies Call Bullsh*t on 'Fraudulent' Satoshi Reveal

By CCN Markets: The handful of Bitcoin fans who are still begging for the “real” Satoshi Nakamoto to please stand up may get their wish as early as today. However, most of the crypto community isn't getting worked up. They’re in no mood to be punked. 'Satoshi Nakamoto' to Reveal 'True' Identity CCN reported that […] The post Bitcoin Groupies Call Bullsh*t on 'Fraudulent' Satoshi Reveal appeared first on CCN Markets
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