A popular crypto exchange based in Hong Kong, Bit-Z, has listed Ripple’s XRP today. We often report on things that happen with crypto exchanges that don’t keep too big a profile in the cryptosphere. Not today. Today it’s about one of the big boys.
Bit-Z is a cryptocurrency exchange based in Hong Kong since 2016. It has a physical presence in 10 different countries, mainly in Asia (South Korea, Japan, Singapore). Tokeninsight (a professional assessment agency) considers it to be the world’s fourth most important. The company is a lot more than a simple cryptocurrency exchange. It also works in social networking, games, finance and electronic commerce. Lots of fingers in lots of pies.
Bit-Z, who has listed Ripple’s XRP just today, used to do business in very much the same way as most of the world’s crypto exchanges. By that, we mean that you could get a single trading account which is essentially useful to buy or sell Bitcoin. You have to verify your account through your mobile phone, and they could ask you to send some kind of ID to verify at a higher level.
While several digital assets are available at Bit-Z, before a few weeks ago you couldn’t use it to buy any directly, the way to go was to transfer Bitcoins from your wallet to your account on the website. Then you would trade Bitcoins for any of the other coins available.
If you’ve been involved in crypto as a retail investor, you’ll know that this is the way in which most exchanges work. The number of platforms that will allow you to buy any cryptocurrency using your debit or credit card is somewhat limited and, very frequently, you can only buy Bitcoin at the start.
Even before listing Ripple’s XRP, Bit-Z was already ahead of the curve because it offered something called “OTC Trade” in which you can use USD or Chinese yuan to buy ETH, BTC or LTC.
These purchases are done off the exchange service, but once you have them, you can transfer them to your Bit-Z account. And they take a wide variety of payment methods such as wire, cash deposit, AlyOPay, Moneygram, Neteller, WeChat, PayPal, and Western Union.
The information presented so far should suffice to show that this company has been innovative in opening the crypto horizons to all kinds of users who are not experts in blockchain technology or digital assets. And now, it’s taken another step beyond most competitors.
— Leonidas Hadjiloizou (@LeoHadjiloizou) November 20, 2018
So, the announcement says that starting today, Bit-Z will be supporting Ripple’s XRP for trade and exchange. Not only that, it won’t be paired with Bitcoin or other cryptocurrencies only (which is the most common scenario, to the frustration of many) but also paired with a fiat currency, namely, the United States Dollar.
This can be a game changer, at least in the short term for Bit-Z because very few exchanges are offering the opportunity to buy XRP directly (instead of exchanging it for Bitcoin) and XRP is quickly becoming one of the world’s most important currencies.
XRP has been the coin that’s held its own during the last week’s market debacle; it’s dethroned Ethereum for the world’s second spot concerning market capitalization despite the mess we’ve attested over the last few days. And let’s not forget it was last year’s most profitable asset.
This is excellent news for XRP, Bit-Z, and lots of users – so we congratulate both entities on the new stride that will consolidate them both as some of the market’s leading players.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
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Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…