Crypto News Singapore https://www.cryptonews.sg Crypto News Singapore Wed, 16 Dec 2020 13:05:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.4 SGX-Backed Trading Platform Partners With China’s ZALL https://www.cryptonews.sg/sgx-backed-trading-platform-partners-with-chinas-zall/ https://www.cryptonews.sg/sgx-backed-trading-platform-partners-with-chinas-zall/#respond Wed, 16 Dec 2020 13:05:19 +0000 https://www.cryptonews.sg/?p=217 Singapore – The global trading platform COMMODITIES Intelligence Centre or CIC confirmed on December 16 Wednesday that they will work with a China-based trading platform to launch an initiative project under the Digital Silk Road leveraging ZALL’s B2B trading ecosystem.

According to the executives, this project will improve the digital connectivity across all stages of the supply chain, from sourcing to the last-mile delivery and fulfilment across borders. CIC’s Chief Executive Officer Peter Yu stated that CIC partnered with ZALL’s latest global digital trading platform to provide new opportunities with a combined and improved global B2B trading ecosystem to all Singaporean businesses.

Also, the trading platform features better accessibility to the end-to-end supply chain networks and resources in Asia. The upcoming project will also help more business owners reap the global digital trade economy benefits with CIC’s enhanced digital connectivity.

The global digital trading platform Zallgo was officially launched during the 2020 Global Digital Trade Conference held in Wuhan last November. According to the sources, over 300 merchants signed 255 agreements regarding ZALL’s digital trading platform, amounting to over US$56.3 billion worth of cooperation agreements.

Currently, ZALL Smart Commerce Group has HK$9.2 billion market capitalization, and some institutional investors have noticed some slight changes in the stocks. However, the big shareholders in the China-based company are still excited about the joint venture with Singapore Exchange (SGX) and Global eTrade Services (GeTS).

According to the executives, Singapore’s first global physical commodities B2B trading platform operates using blockchain technologies. Notably, the trading platform will surely see more surge in online transactions before 2020 ends. Currently, it already has over 4,000 customers searching for reliable trading opportunities every day.

This initiative is under the Digital Silk Road. Therefore, users can guarantee that the platform will promote the digital service sector and some cross-border e-commerce exchanges soon.

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Asia Pacific Region’s Best Fintech Hotspots Next Year https://www.cryptonews.sg/asia-pacific-regions-best-fintech-hotspots-next-year/ https://www.cryptonews.sg/asia-pacific-regions-best-fintech-hotspots-next-year/#respond Wed, 16 Dec 2020 12:58:05 +0000 https://www.cryptonews.sg/?p=214 Singapore – The Asia Pacific countries, especially Singapore and Hong Kong, are some of the most prominent fintech powerhouses worldwide. These countries blend fintech hotspots like SG and HK with new and improved challenger hubs like Indonesia, Melbourne, and other South-East Asia parts.

Currently, the Asia Pacific region has more fintech firms than the United Kingdom, EMEA, and the Americas. According to the latest statistics, Asian countries have 42 fintech hotspots. The top five fintechs from the region are Singapore’s ride-hailing company Grab (Singapore), China’s payment system giant Ant Group, financial services JD Digits, delivery service GoJek, and India’s payment platform Paytm.

Singapore, which is home to many insurance and wealth fintechs, promises to build more fintech hubs nationwide and focus on digital currencies and blockchain technologies. In China, the top three cities for fintech hubs are Beijing, Shenzhen, and Shanghai.

At the time of writing, Singapore is the most sought-after destination for fintech hotspot. It currently has around 500 fintech startups and a strong presence across the peer-to-peer and payment lending sectors.

Some of the leading fintechs in Singapore are the insurtech Singapore Life/Singlife, life planning adviser BetterTradeOf, and the online remittance provider Toast. According to the resources, Singapore also boasts the country’s bustling crypto industry. Most people don’t know that the famous cryptocurrency Litecoin, crypto wallet service TenX, and the blockchain-powered cooperative banking Everex came from Singapore.

Recently, Singapore ramped up its banking industry by providing its first virtual banking licenses, with China’s tech giant Ant Group and the ride-hailing firm Grab among the winners.

According to some crypto critics, Singapore is a rival to Hong Kong, making the government more dedicated to growing its status as a fintech powerhouse. The Singaporean government is on a drive to propel the entire country to greater heights and attract more foreign investments.

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Bitcoin Remains Secure and Is Not Prone to Hack https://www.cryptonews.sg/bitcoin-remains-secure-and-is-not-prone-to-hack/ https://www.cryptonews.sg/bitcoin-remains-secure-and-is-not-prone-to-hack/#respond Tue, 15 Dec 2020 12:48:31 +0000 https://www.cryptonews.sg/?p=211 Singapore – Since Bitcoin’s price has seen a stunning rally despite the coronavirus pandemic, many crypto enthusiasts and investors worry about its security. Recently, some major cryptocurrency players reported some hackers that breached the United States Treasury.

The leading cryptocurrency proponents were quick to respond to the news. They claimed that such a scenario would never happen to Bitcoin due to its powerful and stringent security features in place.

Furthermore, many crypto critics believe that the recent hacking in the United States came from Russia and breached the US Treasury and Commerce departments to observe email traffic. However, people familiar with this scenario claimed that hackers discovering the email traffic might only scratch on the surface. They believe that hackers have more hidden agendas besides that.

The cyber-attack on the US Treasure and other departments has sparked various reactions within the cryptocurrency space, even in Asian countries like Singapore, Japan, and Hong Kong. The breach is so severe and alarming that it has led the United States’ National Security Council to call for a White House meeting during the weekend.

According to Kraken’s Head Officer Dan Held, this cyber-attack will not happen to Bitcoin since it is decentralized. The security system is strong enough to withstand any hacking tool. Long-time Bitcoin enthusiast Anthony “Pomp” Pompliano agreed with Dan Held and added that Bitcoin has no history of cyber-attacks. The digital asset will surely remain secure since its security continuously receive upgrades.

At the time of writing, Bitcoin sets a positive image and showcases a unique value. More investors consider this digital asset special since it can act as both an inflation hedge and a store of value. Although BTC experienced some massive swings in the short-term, its long-term outlook remains more secure and brighter than the other altcoins.

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KingSwap Brings Gamification to Singapore’s DeFi https://www.cryptonews.sg/kingswap-brings-gamification-to-singapores-defi/ https://www.cryptonews.sg/kingswap-brings-gamification-to-singapores-defi/#respond Tue, 15 Dec 2020 12:38:07 +0000 https://www.cryptonews.sg/?p=208 Singapore – The DeFi project KingSwap announced today the launch of its NFT staking program with raffle games. According to the executives, this platform aims to earn higher yields while driving mainstream DeFi adoption through gamification. Besides that, KingSwap will offer limited-edition digital collectibles that are tradable on Rarible and OpenSea.

With KingSwap’s new NFT staking programs, users can stake their King, Queen, or Knight NFTs for different timeframes between three to 48 months. It is almost similar to a bank’s Certificate of Deposit. According to KingSwap’s executives, investors will earn at least 60% APY for staking Knight NFT, 80% APY for the Queen, and 100% APY for the King NFT, within the 12-month commitment.

KingSwap Senior Advisor Malcolm Tan revealed that they came up with this exciting raffle game to provide better rewards to its customers while earning the loyalty of $KING token holders. Currently, KingSwap has already seen thousands of enthusiastic users join the platform’s first few raffle drawings. The company’s Senior Advisor stated that KingSwap continuously looks forward to providing better rewards to the community with limited-edition NFTs.

At the time of writing, KingSwap already rolled out plenty of NFT games inspired by slot machines and poker games, giving users more opportunities to stake their NFTs and get higher chances to earn rewards. KingSwap confirmed that players could utilize the NFTs in various games in the ecosystem. They can also sell and trade the tokens as digital collectibles on Rarible and OpenSea.

Aside from the exciting slot machine games, KingSwap released a Sit and Go Poker concept, where players can convert 20 $KING tokens to Knight Lancelot NFTs for a chance to win greater rewards. Upon winning, users can choose whether to exchange them for ETH or take their Queen NFTs on KingSwap.

The DeFi project has undergone extreme UAT testing to minimize the risks and roll out the customers’ best features. Some of KingSwap’s backers for this project include Plutus VC, Alpha Sigma Capital, and 7CC.

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How Does a Crypto Exchange Platform Earn Money? https://www.cryptonews.sg/how-does-a-crypto-exchange-platform-earn-money/ https://www.cryptonews.sg/how-does-a-crypto-exchange-platform-earn-money/#respond Mon, 14 Dec 2020 14:25:00 +0000 https://www.cryptonews.sg/?p=204 Singapore – Many people wonder how crypto exchanges earn money and make a living. With so many crypto users and enthusiasts, it is not hard to launch and market your platform to the public. Crypto enthusiasts who plan to establish a crypto exchange platform need to understand the essential ways to make money by operating a crypto exchange platform.

While focusing on different aspects, such as a user-friendly and convenient platform, is essential, understanding and creating an effective product strategy is still a must. A crypto exchange platform should cater to 24-hour trading volume and incorporate blockchain applications to attract more people towards trading.

To establish a reliable and user-friendly crypto exchange, one must consider the essential features, such as a trading bot that acts as an artificial intelligence assistant that recommends traders place orders and an advanced payment gateway to assist merchants and users in transferring funds accordingly.

Some of the prominent ways to earn money in crypto exchange platforms are:

  • Listing Fees
    • Entrepreneurs who launch crypto exchange platforms get profits by getting requests from companies who want to list their assets on the platform. According to the Bitcoin Market Journal, crypto exchange owners can demand up to US$30,000 when hitting the road. If the platform became bigger and more profitable, owners could charge up to ten times more.
  • IEO Fees
    • Initial Exchange Offering or IEO fees come from young companies who ask for the platform’s help in getting their assets out of anonymity. Crypto exchange holders can charge an additional percentage once the event is over.
  • Trading Fees
    • Crypto exchange platforms also obtain money by applying trading fees for traders. It may not be a large amount, but the smaller the fees, the more significant the trading transactions.
  • Sponsored Advertising
    • Lastly, a crypto exchange platform can earn extra profits by hosting sponsored articles. Depending on the platform’s popularity and size, owners can demand up to US$1,800 monthly.

With the rising demand for cryptocurrencies, more people worldwide seek a simpler yet highly efficient crypto exchange platform. Most digital asset exchanges focus on matching the game’s capabilities to prices the maximum number of transactions per second.

These crypto platforms are suitable for professionals and amateurs alike who need to learn digital assets basics. Each system also strives to meet all the basics and requirements of the trading world.

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Exclusive BTC News: Bitcoin Is No-Match for Gold https://www.cryptonews.sg/exclusive-btc-news-bitcoin-is-no-match-for-gold/ https://www.cryptonews.sg/exclusive-btc-news-bitcoin-is-no-match-for-gold/#respond Mon, 14 Dec 2020 14:19:00 +0000 https://www.cryptonews.sg/?p=201 Singapore – Since Bitcoin reached its all-time high value, many crypto enthusiasts have been stating their thoughts regarding the digital asset. Some tell viewers that the top one crypto asset is “not yet” the new Gold. According to the American publishing executive Steve Forbes, Bitcoin’s value is too volatile, and he believes that the supply will someday hinder its future usefulness.

Many people are still sceptical in the finance world and believe that cryptocurrencies like Bitcoin still have a long way to go from here. Forbes is a Bitcoin pessimist and believes that it is a no-match from Gold since the commodity has been the monetary standard for over 4,000 years. The business magazine CEO also told people some inside tips on how to navigate crypto’s turbulent world.

In the recent YouTube short film, Forbes highlighted that Bitcoin has been on a tear this year. BTC’s biggest booster is the fear that central banks and the Federal Reserve are printing too much money. He also stated that Bitcoin only works best when it has a stable value.

Currently, Bitcoin is trading at above US$19,000 per coin, while Gold is trying to get back above US$1,900 per ounce. Millions of investors have used this precious metal to avoid inflations and protect their wealth. Unlike Bitcoin, Gold has performed best when traders and investors are uncertain about the economy.

Many crypto enthusiasts believe that Bitcoin can be the new Gold since it earned over 150% year-to-date returns while Gold only has 20%. However, the gains alone aren’t enough to consider that Gold already reached its highest level ever.

With Gold struggling with resistance and Bitcoin running around US$20,000, the precious metal demand will surely decrease. If the leading digital asset continues to surge and break its support levels, more people will choose Bitcoin against Gold.

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XRP Price Tries to Recover From a Huge Crash https://www.cryptonews.sg/xrp-price-tries-to-recover-from-a-huge-crash/ https://www.cryptonews.sg/xrp-price-tries-to-recover-from-a-huge-crash/#respond Sun, 13 Dec 2020 14:14:00 +0000 https://www.cryptonews.sg/?p=198 Singapore – Recently, the XRP price suddenly crashed after a new massive airdrop gave fee digital assets to XRP holders. According to many sources, XRP tried to recover and gained 1%, putting an end to yesterday’s sudden price crash.

However, many critics stated that the digital asset, which increased by $0.51, deserves special attention today. Recently, the Flare Network posted an XRP blockchain snapshot that determined whom it should credit with free Spark tokens in the upcoming airdrop. It confirmed that many traders and investors dumped huge XRP holdings after the airdrop.

To be precise, the digital asset’s price dropped by around 8%. However, it also appears like XRP knows how to deal with the crash.

After the sudden crash and bargaining, traders finally pumped the price back up. Many crypto enthusiasts are wondering how the crypto market bounced back into action after the massive airdrop. Some stated that it could have something to do with institutional investors and their influx.

Many crypto investors still believe that XRP will play a vital role in the crypto revolution. Businesses and institutions should increase the public’s exposure to digital assets like XRP and Bitcoin. Ripple’s XRP exists because they aim to solve slow and expensive banking problems that most people experience worldwide.

Despite XRP’s price action, the digital asset has accomplished an excellent job in development. At the time of writing, the asset can sustain DeFi applications and assist smart contracts tremendously. It now appears that all XRP investments are paying off.

Last week, XRP received some gains, despite the few signs of sellers rising with full force. It still created a buying frenzy that boosted XRP’s technical strength and momentum. However, one analyst pointed out that XRP might still see some serious losses as long-term investors use the current price as an exit opportunity.

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Crypto Predictions: Will Bitcoin Continue Rising or Fall? https://www.cryptonews.sg/crypto-predictions-will-bitcoin-continue-rising-or-fall/ https://www.cryptonews.sg/crypto-predictions-will-bitcoin-continue-rising-or-fall/#respond Sun, 13 Dec 2020 14:10:00 +0000 https://www.cryptonews.sg/?p=195 Singapore – Recently, Bitcoin reached its all-time highest value, and many sceptics have been proven wrong. Last 2017, Bitcoin rocked the market with a US$19,783 unforeseen peak and made amateurs and professionals alike take digital assets seriously. However, since Bitcoin is extremely volatile, the dream did not last long.

However, Bitcoin has increased its value from hundreds to thousands from 2008 to 2020. Despite many colossal falls, it still managed to stabilize a reasonable price that will still make investors and traders profitable. According to Finixio’s crypto trading expert Adam Grunwerg, Bitcoin will likely break the $50,000 resistance in 2021.

Despite being extremely volatile, the public will still see fluctuations as big as 20% to 30% in Bitcoin value. At the time of writing, the market trend is still clear. New bull cycles see highs and lows go higher, and Bitcoin continuously breaks its previous records and stabilize at higher prices.

Currently, Bitcoin is the new hottest commodity to speak. It behaves as a proxy for taking investment risks. Many consider Bitcoin as the new gold. It is where investors fled when they lose faith in government-backed and traditional currencies.

However, this digital asset is acting more like a leveraged stock ETF than a currency lately. Traders and investors with a high-risk tolerance can benefit from its temporary price gains. Bitcoin is very appealing among those willing to take on big risks to pursue big returns, especially over short-term periods.

As predicted, it seems that the world is currently entering the cryptocurrency and digital coin era. Many crypto enthusiasts and analysts believe that digital assets like Bitcoin will continue to rise in the next years. 2021 will be a transformative time for fintech companies, and they will not slow down. It may experience some pullbacks, but this crypto asset is something that traders should consider within their research process.

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Crypto Traders Can Now Buy BTC and ETH Using Lumi Wallet https://www.cryptonews.sg/crypto-traders-can-now-buy-btc-and-eth-using-lumi-wallet/ https://www.cryptonews.sg/crypto-traders-can-now-buy-btc-and-eth-using-lumi-wallet/#respond Sat, 12 Dec 2020 14:05:00 +0000 https://www.cryptonews.sg/?p=192 Singapore – The Cryptocurrency wallet Lumi announced last December 12 Saturday that they will now support the purchase, exchange, and store of digital assets. This expanded functionality also features Apple Pay as an available payment method in the multi-currency crypto application.

According to Lumi executives, this step has given better access to an alternative and more convenient purchase option for thousands of users worldwide. From December 12, 2020, Lumi Wallet’s iOS users can download the latest application version and choose Apple Pay as a payment method in buying crypto coins. This option will simplify and fasten the purchase process due to not requesting any KYC verification for those users who already have an Apple Pay account.

According to Lumi, the Apple Pay system is available in over 60 countries, including the United States, Australia, Singapore, United Arab Emirates, Canada, France, Germany, and the United Kingdom. For US citizens, Lumi allows a $500-limit daily and weekly, and $5,000 yearly. For non-US citizens, the daily and weekly limit is $1,000 and $7,500 yearly.

According to Lumi’s developers, Apple Pay support is a part of its strategy to improve and optimize user-friendliness and usability. The Lumi team strives to develop an accessible and easy-to-navigate system for everyone as much as possible.

Since there is no general solution for all users, Lumi continuously improves their wallets’ interface to give everyone enough functionalities that they will need. Adding Apple Pay as an alternative payment solution will help thousands of users purchase their preferred digital assets.

Currently, Apple Pay is one of the most sought-after and user-friendly payment providers worldwide. Since its introduction in 2014, the platform has already reached over 383 million users worldwide, and Apple continuously works hard to serve more.

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SDX Chief Talks About Crypto’s Swiss-Singapore Connection https://www.cryptonews.sg/sdx-chief-talks-about-cryptos-swiss-singapore-connection/ https://www.cryptonews.sg/sdx-chief-talks-about-cryptos-swiss-singapore-connection/#respond Sat, 12 Dec 2020 13:58:00 +0000 https://www.cryptonews.sg/?p=189 Singapore – It has been a busy week for Singapore and Switzerland to launch a new digital exchange called SDX. Recently, SEX’s parent company, SIX, announced the wholesale central bank digital currencies (CBDCs) feasibility, involving the Bank of International Settlements (BIS) and the Swiss National Bank (SNB).

This week, SDX launched a new crypto custody solution called Custodigit, aiming to build a better digital asset gateway in Switzerland. In the same week, SDX also announced its partnership with Japan’s crypto-friendly bank SBI in building a new digital asset exchange in Singapore that will launch by 2022.

The latter announcement was slightly outshined by Singapore’s DBS Bank’s new digital asset exchange, which will start trading next week. According to SDX’s head officer Tim Grant, the respective exchange’s plans ramp up over cryptocurrencies. They want to collaborate with new companies to keep the industry competitive as SDX grows the pie for digital assets.

Regarding Switzerland’s connection to Singapore, “rivalry” is not the right word. Many analysts and critics say that both countries strengthen their relationships, especially when it comes to cryptocurrencies. It tends to be the most usual suspects to join hands when it comes to crypto trading, banking, and custody.

Many Swiss-regulated crypto banks, including Sygnum, have a strong foothold in Singapore. Similarly, the FINMA-licensed SEBA Bank is already on-board as a market maker for the upcoming DBS Digital Exchange.

The first-ever SDX Digital Exchange will leverage blockchain technology in Singapore and provide a better platform that uses asset tokenization. It will also allow a more convenient digital asset trading. Although investing in cryptocurrencies remains risky, many Singapore users are eager to use and store their preferred crypto financial products. Also, the SDX Digital Exchange can be a safer way to gain exposure in high-performing businesses that have positioned themselves in the cryptocurrency tailwind.

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