Author: NBTC

Crypto payments service provider Oobit, backed by Tether, Solana and others has announced that they are seeking a license in the UAE and will be setting up an office in Abu Dhabi. As per their blog post, “We’re thrilled to announce that we have officially applied for a Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework. This step marks our commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment.” “Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust…

Landlocked between six different neighbors in the Horn of Africa, Ethiopia has approximately 120 million inhabitants, making it the second most populous nation on the continent, and a GDP of $163 billion, which puts it in the same economic league as Ukraine, Morocco, Slovakia or Kuwait. However, the country has also suffered from a bloody civil war, with several regions still under the control of anti-government forces, like the ethno-nationalist Amhara militia Fano. But that hasn’t prevented Chinese bitcoin (BTC) mining company BIT Mining (BTCM) from expanding its operations — until now confined to Akron, Ohio — into Ethiopia by…

Traders have witnessed a massive half-billion dollar amount of crypto liquidations in a day after Bitcoin dropped to its lowest price in the past week. According to Coinglass’s data on Nov. 25, crypto traders have seen massive liquidation of about $553 million in the past day of trading. Traders with long positions have liquidated $413 million as Bitcoin price dropped to $92k, decreasing almost 5% in a day. 1 Day BTC price chart, September 10 – November 26, 2024 | Source: crypto.news The long positions in the last 12 hours and 4 hours have seen major crypto liquidation with $344…

DWF, a prominent Singapore-based blockchain investment firm, has made headlines by depositing $2 million ALGO tokens valued at approximately $1.14 million, into cryptocurrency exchanges. Since November 21, the Singapore based company has deposited a total of 16 million ALGO tokens worth $9 million. Such consequent purchases caught the attention of the market observers, who later started questioning the intentions of the company and its potential impact of the price of the token. ALGO purchase by DWF (Source: X Post) Market Reactions and Speculation Around ALGO Price Surge Despite these large deposits, the token’s price demonstrated resilience, surging by 185% over…

The Financial Action Task Force Travel Rule, designed to combat money laundering and terrorist financing, is central to a debate on balancing regulatory oversight and privacy. Financial institutions, including Virtual Asset Service Providers, must collect Know Your Customer information and share it with other institutions involved in the transaction. Originally introduced for traditional finance in 2012, the rule has now been extended to bitcoin transactions. Critics argue that applying this rule to bitcoin undermines its principles of privacy and financial freedom, while also introducing new risks and unintended consequences. Based in Paris, France, the FATF is an unelected international organization…

According to one recent estimate, there are currently around 1,500 cryptocurrency exchanges up and running globally, which means you’re going to have to take a while to research them and narrow down your options. To get started, it helps to know what to look for in an exchange platform, and so we’ve come up with a basic list of criteria you’ll need to pay attention to. One of the most important things for every user should be the exchange’s security features and its trustworthiness, as you’ll want to ensure your funds don’t just suddenly disappear. In addition, you’ll need to…

On-chain data shows exchanges have continued to receive stablecoin deposits recently, a sign that could be bullish for Bitcoin and other digital assets. Stablecoin Exchange Netflow Has Remained Positive Recently As pointed out by an analyst in a CryptoQuant Quicktake post, stablecoins have been flowing into exchanges recently. The on-chain metric of relevance here is the “Exchange Netflow,” which keeps track of the net amount of a given asset that’s moving into or out of the wallets associated with centralized platforms. When the value of this metric is positive, it means the investors are making net deposits of the coin…

The XRP Ledger’s recent move to reduce its base reserve requirements promises to make the cryptocurrency more accessible to users, significantly lowering the barriers to entry. This reduction allows users to maintain active wallets with just 1 XRP, fostering potential growth in network participation and user engagement. According to the announcement by the validator operator Vet, “This change aims to streamline user onboarding and enhance the overall XRP ecosystem.” XRP Ledger slashes reserve requirements from 10 to 1 XRP, paving the way for easier wallet funding and increased user engagement in the crypto sphere. XRP Ledger Reduces Base Reserve Requirements…

In a recent post on X, pro-XRP lawyer John E. Deaton voiced his concerns over the pervasive influence of substantial monetary contributions in American politics. His focus has been on the particular role of crypto donations. The crypto advocate’s post was a direct response to Elon Musk’s tweet, where the former called the awarding of the Presidential Medal of Freedom to George Soros a “travesty.” According to an X post from Bachata CEO Mario Nawfal, a nonprofit backed by billionaire George Soros injected millions into various organizations. His money funded several initiatives in the United States. And Soros was just…

Traditional remittance giants like Western Union and MoneyGram are struggling to keep pace in an evolving financial ecosystem increasingly shaped by stablecoins. According to Matthew Sigel, Head of Digital Assets Research at VanEck, downloads of remittance giants apps have dropped significantly, with Western Union seeing a 22% decline and MoneyGram experiencing a 27% reduction. Meanwhile, this drop isn’t limited to app downloads. The number of monthly active users (MAU) engaging these platforms has remained under 3 million since 2021. From January to November 2024, these platforms have faced steady declines in user activity, signaling a shift in consumer behavior. The…