Coinbase offers severance package to employees unhappy with its new apolitical stance – [your]NEWS

Coinbase offers severance package to employees unhappy with its new apolitical stance – [your]NEWS

(Reuters) – Coinbase Inc Chief Executive Officer Brian Armstrong has offered a severance package to employees unwilling to cope with the cryptocurrency exchange’s new policy of not entertaining discussions on societal and political issues.

Armstrong’s email, which a source said was sent on Tuesday, follows an earlier blog post published on Sunday, where he said the company would not engage in issues unrelated to its core mission.

The firm would not advocate for any political causes unrelated to its mission, he said.

In the email to employees, the CEO detailed packages which include four months’ severance pay for those who have been at the exchange for less than three years, with long-term employees receiving six months severance pay.

Employees were still processing the “cultural shift” and had the opportunity to ask questions in an ask-me-anything forum slated for Thursday, he added.

Employees would have until Oct. 7 to submit a form to begin the process of severance should they chose to do so, he wrote.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Sriraj Kalluvila)


Nigerians bypassing bank transfers with crypto

Nigerians bypassing bank transfers with crypto

The excessive penetration of cell phone utilization in most African international locations, notably in Nigeria, has resulted within the rise of remittance charges and funds for items and providers. In line with the World Financial institution, Africa’s largest financial system is without doubt one of the six largest recipients of remittances on this planet, attracting $24 billion in 2019, which made up 5% of the nation’s GDP.

The monetary market turmoil triggered by COVID-19 has undoubtedly modified the way in which Nigerians view the entire monetary system, as knowledge additionally obtained from Google pattern, exhibits Nigeria main the pack around the globe in Bitcoin searches.

READ: Pan-African software company AirSmat raises $100,000 investment

So, it not shocking {that a} important variety of younger Nigerians, and small enterprise house owners keep away from Nigerian banks, due to their stringent capital controls on outflows, comparatively excessive transaction prices, and rigid alternate charge system. Nevertheless, within the crypto-verse, an entity can transfer over $250,000, with a transaction cost of lower than $5, that may be obtained in minutes wherever on this planet.

Jens Ischebeck, a famend Fintech writer, in a be aware shared with Nairametrics, gave important insights on why Africans are quick adopting crypto, and the benefits that crypto belongings convey:

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“Most African residents have began shifting their hopes to the usage of crypto, to flee quite a few constraints confronted with the standard cash switch providers, together with value, velocity, and inconveniences.

READ: Ripple reports 1,760% surge in XRP sales in Q2 2020

“The primary profit is the general decrease value to the tip buyer, which permits migrant employees to ship substantial quantities of cash to their family members of their dwelling international locations, at fairer costs. Additionally, there’s a excessive unpredictability within the native currencies in most African international locations; for example, when South African rand grew to become a unstable foreign money, most individuals switched to crypto, to hunt safety.

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“The transaction is protected, and the businesses don’t maintain the digital foreign money for extra prolonged durations; thus, the operation takes a short while.”

READ: Nigeria invest $9.4 million in Shelter Afrique; emerge as the second largest shareholder 

Latest statistics obtained from Useful Tulips, a BTC analytic knowledge supplier, acknowledged that Nigeria leads Africa Bitcoin’s peer to see lending in 2020, posting weekly P2P volumes of about $eight million, adopted by South Africa and Kenya posting about $2 million weekly.

Nena Nwachukwu, Nigeria’s Regional Supervisor at Paxful, in an unique interview with Nairametrics, spoke on why many Nigerians at the moment are turning to crypto because the viable choice for transactions and retailer of worth.

“This 12 months, Cryptocurrency recognition and utilization by Nigerians have grown by leaps and bounds. With the COVID-19 pandemic and CBN’s Naira devaluation, extra persons are actively looking for means to safe their wealth.

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READ: Investor moves $133 million worth of Bitcoins, suspected from Coinbase

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“As conventional funding instruments like Actual Property, Shares, Treasury payments and so forth. are too difficult to know & purchase, Crypto-currency is the following best option as it is rather simple to entry from any internet-enabled machine.

“In line with a current Crypto Adoption Index report published by Chainanalysis, Nigeria at the moment ranks quantity eight out of 154 international locations in the usage of Cryptocurrency; this comes as no shock contemplating the pressing want for Nigerians to guard the worth of their cash.”

She additionally spoke on the excessive mental know-how, many Nigerian millennials have on utilizing crypto.

READ: AfCFTA: Nigeria is more ready than most African economies – Yewande Sadiku

“Our Nigerian prospects are additionally very educated and have advanced from utilizing crypto/Bitcoin as solely a type of speculative funding to creating on-line funds, cross-border remittances, freelancer funds, and E-Commerce. 

“With our second cryptocurrency (Tether USDT, a stablecoin pegged to the US Greenback) our prospects are studying to additional safe their Bitcoins from volatility, by changing BTC to USDT and lock its fiat worth.”   

It’s truthful to say that the current complexity prevalent in Africa’s banking business or arbitrary misappropriation of capital by some African governments has made younger African millennials drawn to probably the most disruptive monetary asset within the trendy period.

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ZCash (ZEC) Price Jumps 6% As Gemini Adopts it for Shielded Withdrawals

ZCash (ZEC) Price Jumps 6% As Gemini Adopts it for Shielded Withdrawals

New York-based cryptocurrency exchange Gemini has made it possible for its users to engage in shielded Zcash (ZEC) withdrawals.

Following the news, the price of Zcash surged 6%. The 33rd-largest crypto by market capitalization is up 110% year-to-date (YTD).

According to a blog post on Tuesday (September 29, 2020), the Winklevii-owned crypto exchange announced support for shielded Zcash (ZEC) withdrawals. The withdrawal feature gives users the option of moving their ZEC tokens in their Gemini account from t-addresses to z-addresses.

Zcash, one of the largest privacy “coins,” offers the shielded and transparent option for users. Gemini originally enabled users to deposit funds from z-addresses. Meanwhile, the blog post stated that the withdrawal feature would “empower the individual through crypto.” Additionally, the shielded ZEC withdrawal function ensures that customers’ transactions and identities are protected.

An excerpt from the announcement reads:

“By providing you with this feature — confidential, encrypted withdrawals — we are taking another step toward giving you back control of your privacy and advancing our mission. It also demonstrates that with the right controls in place and the proper education, regulators can get comfortable with privacy-enabling cryptos.”

Gemini further stated that shielded ZEC withdrawal feature was the first of its kind on a regulated crypto exchange. As reported by CryptoPotato back in August, the crypto exchange received a license from the U.K. Financial Conduct Authority (FCA) to operate in the country.

With Gemini operating in a regulated market like the United States, obfuscated transactions or not, the platform still has to record and report all such movement of funds to the relevant regulatory agencies. Also, unlike Monero (another privacy “coin”), shielded Coinbase is not enabled by default on the Zcash protocol. Thus, it is possible that a significant portion of such withdrawals on Gemini might not enjoy this privacy feature.

Regulators have been wary of privacy coins because they make transactions difficult to track while believing that they are used for criminal and illicit activities. According to a CryptoPotato report in August, crypto intelligence firm CipherTrace revealed the development of tracking capabilities for the privacy coin Monero. Later in September, the U.S. Internal Revenue Service (IRS) announced a $625,000 reward for anyone able to hack the network.

Despite the negative sentiments surrounding privacy coins, Litecoin (LTC) is still moving ahead with its planned MimbleWimble protocol upgrade slated for September 30. MimbleWimble will reportedly improve Litecoin’s scalability while introducing privacy to the network.

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Diginex Lists and Begins Trading on Nasdaq

Diginex Lists and Begins Trading on Nasdaq

Diginex is the first company with a cryptocurrency exchange to be listed on Nasdaq

HONG KONG, Oct. 1, 2020 /PRNewswire/ — Diginex Limited (“Diginex” or the “Company”), a digital assets financial services company, announced today that it has completed its business combination transaction (the “Transaction”) with 8i Enterprises Acquisition Corp. (Nasdaq: JFK) (“8i”), a special purpose acquisition company (“SPAC”). The Transaction, which was approved at a Special Meeting of Shareholders on September 15, 2020, creates the first listed company on Nasdaq with a cryptocurrency exchange.

Diginex Limited will trade on Nasdaq under the ticker symbol “EQOS” where it will offer investors the opportunity to participate in the growth of digital assets. The Company’s warrants will trade under the ticker “EQOSW”.

Approximately US$50 million was raised, comprising both Diginex’s private raise completed in advance of the listing and the cash remaining in the SPAC. This will strengthen the Company’s balance sheet and will enable it to realize its vision to build a digital assets ecosystem that offers innovative product and services that are compliant, fair and trusted.

Richard Byworth, CEO of Diginex, commented, “This is a watershed moment for both Diginex and the cryptocurrency industry with the listing of the first-ever company with a crypto exchange on Nasdaq. This also presents the first opportunity for anyone trading in the US capital markets to buy directly into the equity of a digital asset ecosystem and opens the door for financial institutions to participate in the enormous opportunity that digital assets present.”

“Diginex offers a unique set of innovative products and institutional-grade infrastructure. Our exchange is regulatory-focused and will offer features such as segregation of duties, portfolio margining, and cross collateralization, which are not commonly available in the crypto exchange marketplace.”

“While forms the core of our ecosystem, we are also the first company to have an integrated offering comprising a regulated asset manager, cold and warm custody solutions, and capital markets advisory as well as a multivenue trading platform that plugs into some of the world’s leading trading technology providers.”

Chi-Won Yoon, Chairman of Diginex said: “We are delighted to have reached this milestone for both the industry and Diginex. The Nasdaq listing demonstrates our commitment to bringing transparency and accountability to the digital assets industry. This should give investors greater assurance about the long-term growth and viability of this asset class.”

Chardan acted as a financial advisor and Loeb and Loeb LLP acted as legal counsel to 8i. Winston & Strawn LLP acted as legal counsel to Diginex.

About Diginex

Diginex is a digital assets financial services company focused on delivering a cryptocurrency and digital assets ecosystem offering innovative product and services that are compliant, fair and trusted. The group encompasses cryptocurrency exchange as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform Diginex Access, a securitization advisory service Diginex Capital, market leading hot and cold custodian, Digivault and funds business Bletchley Park Asset Management. For more information visit:

Follow Diginex on social media on Twitter @DiginexGlobal, on Facebook @DiginexGlobal, and on LinkedIn. Follow on social media on Twitter @EQUOS_io and on LinkedIn.

Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in Diginex’s Registration Statement on Form F-4 jointly filed bv Diginex and 8i pertaining to the Business Combination (the “Form F-4”). Important factors, among others, that may affect actual results or outcomes include; the inability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, the amount of cash available following any redemptions by 8i shareholders; the ability to meet Nasdaq’s listing standards following the consummation of the proposed transaction; and costs related to the proposed transaction. Important factors that could cause the combined company’s actual results or outcomes to differ materially from those discussed in the forward-looking statements include: Diginex’s limited operating history and history of net losses; Diginex’s ability to manage growth; Diginex’s ability to execute its business plan; Diginex’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Diginex’s products; Diginex’s ability to identify and integrate acquisitions; potential litigation involving Diginex or the validity or enforceability of Diginex’s intellectual property; general economic and market conditions impacting demand for Diginex’s products and services; and such other risks and uncertainties as are discussed in 8i’s prospectus filed in connection with its initial public offering and the proxy statement to be filed relating to the business combination.

Diginex expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Diginex’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.


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SOURCE Diginex Limited


Indian Man Charged with Running Crypto Fraud Scheme

Indian Man Charged with Running Crypto Fraud Scheme

India’s problems with cryptocurrency-enabled criminal activity don’t appear to be stopping anytime soon, as authorities have arrested another citizen of conducting fraudulent operations with the asset class. Earlier this week, local news sources confirmed that district police had arrested a man from the Malappuram district of the southern state of Kerala after he was found to have links to a scam crypto scheme. 

Per the report, the man, whose name was simply given as Nishad, had lured investors into a cryptos scheme known as Morris Coin. The 36-year-old, who is also the Managing Director of Bengaluru-based tech startup Longrich Technologies, had promised investors daily returns of 270 rupees (about $3.60) for 300 days if they provided at last 15,000 rupees ($200) in deposits. That’s about 540 percent in yearly returns. 

The scheme also promised additional benefits to investors who brought more people into the fold. In their report, the police explained that the Morris Coin project was a complete hoax. They pointed out that the asset wasn’t available on ay exchanges, making it virtually worthless. The company also didn’t have any registered offices, and its website had no information concerning developers, team members, or what it even does.  

The police confirmed that they would be seeking investors’ statements and investigating the case further. However, they have charged Nishad under the Prize Chits and Money Circulation Schemes (Banning) Act.  

Nishad’s case is only the second crypto-based criminal issue that India has suffered over the past month. On September 22, local news source Millennium Post reported that the Economic Offence Wing of the Delhi Police had launched an investigation into Pluto Exchange, a local crypto exchange platform, following a complaint filed by over 40 investors.

The report alleged that Bharat Verma, the exchange’s founder, as well as other company officials, had lured investors by claiming to run a crypto trading platform and mining operation known as F2poolminin. Joginder Kumar, one of the plaintiffs in the suit, argued that the exchange’s officials had first pitched to him at a central financial hub in Delhi, where they offered 20 to 30 percent in returns every month on his investment. The suspects also promised Kumar additional commissions if he brought more people into the scheme. He eventually invested $6,500 in the scheme. After not getting any returns, he confronted Verma, who explained that Bitcoin’s reducing price and bank account freezes had prevented them from paying investors.

However, soon after, the company shut its offices in India and moved to Dubai. Verma has also allegedly cut off access to everyone and is currently at large. Millennium Post added that the company collected $6.8 million in investments for the business, with many investors now unable to access their returns.

The rising number of crypto scam cases will definitely cause alarm, especially since the Indian government just reversed a ban on cryptocurrencies earlier this year. With rumors circulating of a possible second ban, criminal activity reports won’t help the industry’s case for legitimacy.



Coinbase offers severance package to employees unhappy with its new apolitical stance – [your]NEWS

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