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Mastercard adds a crypto track to its incubator program

Global payments giant Mastercard is adding a cryptocurrency and blockchain track to its Start Path incubator program for later-stage startups.

Mastercard rival Visa has a similar program called Fast Track that has catered to a number of crypto startups looking to work with Visa and issue debit or credit cards.

As part of Mastercard’s new track, seven digital asset startups have joined: crypto custody platform GK8, non-fungible token (NFT) marketplace Mintable, crypto investing firm Domain Money, blockchain oracle company SupraOracles, digital assets firm Taurus, blockchain infrastructure company STACS and digital finance platform Uphold.


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--- Quote ---Order ID 10230
Currency exchange
The order is completed
Send: 53.818655 Perfect Money USD
Receive: 50.75 Tether TRC20 USDT , Into account: TQD5 *** aYTP
Creation time: 28.07.2021, 12:07
Status of order: The order is completed
--- End quote ---


Bitcoin miners earned $971 million in revenue during July

Monthly data collected by The Block Research shows that during the month of July, bitcoin miners hauled in just over $970 million.

The monthly total was $971.83 million, including transaction fees, per The Block's Data Dashboard. Transaction fees -- or the funds paid by users as they use the bitcoin network -- came in at $27.59 million.

The vast majority of the monthly revenue was in the form of subsidy earnings, with each new bitcoin block producing 6.25 BTC. Miners make profits when the cost of running a bitcoin mining operation is lower than the subsidies plus transaction fees they earn.

The monthly revenue figure represented an increase from June's $839.09 million, but still down from the all-time monthly high of $1.75 billion seen in March.


Why is KYC Important for Crypto Exchanges?

Money laundering is one of the main financial problems all over the world in 2021. However, there are several ways to solve this problem. Among the most popular solutions, there are AML services that help to track your transactions and the implementation of KYC. Let’s consider why KYC is so important for crypto exchanges.

Trustful and transparent transactions

The principle of trustworthiness is very important for the owners of cryptocurrencies since crypto exchanges can have a rich history of hacking attacks and scandals. Due to the implementation of KYC procedures, exchanges can reach a high level of trustworthiness. Identity verification systems help identify customers of exchanges and differ frauds from legitimate customers. While KYC procedures are used, a new customer of the crypto exchange can be confident in trustworthiness and protection against criminals. This is especially essential for P2P exchanges where customers trade with each other without any third parties.

Which processes does KYC consist of?

KYC procedure consists of two main processes, including data collection and verification. There are main processes involved in the KYC procedure: Customer Identification Program (CIP) This is the main part of the KYC procedure. During this part, all the customer data are collected and verified. This process comes after the registration of customers at the exchange. 2. Customer Due Diligence (DD) After the verification of the customer’s data, a company needs to check the customer. The main purpose of the background test is the identification of probable risks. While performing a background test, a customer is checked whether they had been involved in fraud or no. 3. Ongoing Monitoring The main purpose of the ongoing monitoring process is to identify whether the data is actual or no. In addition, this procedure checks suspicious transactions. Depending on the results of the investigation, the exchange can bun the customer’s account and send the data to the regulatory structures.


A new solution Arbitrum built in the Ethereum network will be launched this month

Starting from August, users will be able to use a new high scalability solution Arbitrum. Due to it, users will be able to process transactions with low fees. This is the main benefit of the new solution. This tool was launched in its beta version last summer. This solution was supported by a huge number of projects built on Ethereum, including Uniswap. In addition, developers are going to launch Arbitrum One, which will contain up-to-date data about the projects applying this tool.

As developers of Arbitrum announced, this service will be available for all the users of the network, who want to design projects using a scaling solution. Up to now, the tool has been operating in a sort of a sandbox, including around 250 projects. This solution will provide instant transactions with really low fees. The developers of Offchain Labs announced that there were difficulties during its launch. They have completed the deployment with stablecoins issued on the platform. So, users of DApps will be able to process transactions easily, instantly, and without high fees. 


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