Spotify is looking to hire an associate director for its payment strategy team
The candidate will be responsible for managing opportunities regarding crypto, blockchain, and stablecoins
The candidate will also be engaging with Diem (formerly known as Libra)
Spotify is looking for an associate director with extensive experience in blockchain and digital assets
Spotify is the world’s most popular audio streaming platform. The Swedish company started its services in October 2008, and is headquartered in Stockholm. Users can play music on this platform for free, but they can also upgrade their positions in Spotify through a Premium plan.
Now, Spotify is looking to reap the benefits of blockchain technology, to help the company stay up to date with the latest innovations in the payments sector.
Recently, Spotify announced the company is looking for an associate director in its payment strategy team. The candidate will be in charge of defining Spotify’s universal payment strategy, and the mentioned candidate should also engage with Libra, which has now been rebranded to Diem.
According to the announcement, the candidate should also manage creative and new opportunities regarding blockchain, crypto, stablecoins, and similar areas. The entity that gets this role is responsible for Spotify’s stance regarding payment strategies and innovation in the area. Spotify had first dipped its toes into the blockchain space in 2017 when it acquired Mediachain Labs.
Spotify’s payment team is responsible for growth and innovation, and the new associate director should stay on top of the trends and regulations around the world and plan according to them. In order to fill the role successfully, the candidate will need extensive expertise regarding international payments and regulations.
The associate director should report to the director about strategies and innovations in the field of payments. The candidate should know crypto and blockchain technology well, and a tremendous amount of relevant experience is necessary for performing this role. The associate director should redefine and implement strategies for this department at Spotify.
Spotify says that the candidate who assumes this role has to evaluate global payments prospects and consider Spotify’s future developments. The candidate should manage Spotify’s engagement with the Diem project regularly, and also hunt for new opportunities in the nascent ecosystem of blockchain, crypto, and stablecoins.
As we slowly move towards the end of the turbulent 2020, the expansion of the total cryptocurrency market capitalization seems to be slowly losing steam. Nevertheless, there are several cryptocurrency projects that are issuing updates to their mainnets, rolling out new features or taking part in other important events.
1. Filecoin (FIL)
Filecoin is a decentralized file storage network based on the InterPlanetary File System (IPFS), a peer-to-peer file storage and sharing protocol released by Protocol Labs in 2015. The project raised $205 million worth of crypto in a 2017 ICO and finally launched its mainnet on October 15, 2020. FIL token is the native asset of the Filecoin blockchain, which provides economic incentive to storage provides and acts as a medium of exchange in the Filecoin network.
Coinbase Pro Lists Filecoin – Trading to commence on December 9
The USA-based Coinbase exchange recently announced that it is listing FIL on its Pro version of the platform. While the exchange already started to accept inbound FIL transfers, the trading will only launch on Wednesday, December 9, 9:00 AM Pacific Time (PT), if there is sufficient coin liquidity. Coinbase Pro will launch 3 FIL-fiat trading pairs (FIL-USD, FIL-EUR, FIL-GBP) and one crypto trading pair: FIL-BTC. The order books roll-out will take place in three phases, these are post-only, limit-only, and full trading. For more information, please refer to Coinbase’s blog post.
2. NEM (XEM)
NEM smart asset blockchain platform launched in March 2015. The platform utilizes a pioneering Proof of Importance (POI) consensus algorithm to validate transactions and issue new XEM coins. In addition, NEM is written in Java and allows applications written in any programming language run on its blockchain, which is achieved through APIs. NEM is used by several financial companies in Japan and is the cornerstone of Mijin blockchain.
The NEM team has recently announced that XEM holders will soon be able to stake their coins via Ethereum DeFi platforms using the new stXEM token. For the development of StakedXEM ERC-20 tokens the team has partnered with staking service StakeHound. The launch of stXEM token, which took place on December 7, extends the utility of the XEM currency by allowing XEM holders to use the staked XEM-backed token to interact with a number of popular DeFi platforms. NEM project clarifies the details about the launch of StakedXEM here. The team is also making everything ready for the launch of Symbol business blockchain in January 2021.
3. Nexo (NEXO)
Nexo is a DeFi platform focusing on lending and borrowing services. The platform allows people to take out stablecoin loans as well as fiat cash loans by using their crypto holdings as collateral. Nexo currently accepts BTC, ETH, XRP, LTC, XLM, BCH, EOS, LINK, TRX, stablecoins, PAXG, NEXO and BNB as collateral assets. The platform also offers high yield interest accounts to its users, which acts as the source of liquidity for the platform’s loans.
Nexo’s New Loyalty Program Roll-Out Scheduled for December 9
On December 9, the DeFi lending and borrowing service plans to launch its new loyalty program, which features interest rates that are dependent on the amount of NEXO tokens that platform users hold. The new loyalty program will categorize users into four tiers: The Base, Silver, Gold, and Platinum tier. For entering the Base tier users do not need to hold any NEXO tokens (users with below 1% of the portfolio assets in NEXO will also be placed in the base tier), while to be eligible for Platinum benefits, users will have to allocate at least 10% of the Nexo portfolio balance to NEXO Tokens. The interest rates on the crypto backed loans therefore vary between 11.9% for Base tier to very competitive 5.9% on Platinum tier. The annual interest rates on deposited cryptocurrencies and fiat also gets higher in higher tiers, although the difference is not as significant as with the interest rates on loans. More information regarding the new loyalty program and all the benefits and interest rates can be found here. In addition, the platform announced the start of a NEXO buyback program on December 3. As part of it the Nexo project is going to repurchase up to $12 million worth it native NEXO Token, which will likely have a positive effect on the valuation of NEXO.
Mike Miglio is the CEO and co-founder of Bridge Mutual. He is also the managing partner of a boutique cryptocurrency law firm that started in 2017. Mike’s clients include QTUM, Akropolis, Certik, and Gate.io, among others. He first invested in the space in 2016, and has been involved in cryptocurrency full-time ever since.
Mike, can you briefly tell us about Bridge Mutual? What makes Bridge Mutual special?
Bridge Mutual is a decentralized, DAO-governed, p2p/p2b discretionary insurance platform that provides coverage for stablecoins ($20b+ TVL), smart contracts ($15b+ TVL), and exchanges. This is the best way to explain it in one sentence.
We are the first platform offering decentralized insurance for stablecoins and exchanges. This is the primary difference between ourselves and most of the competitors. The last time I checked, all of our competitors are only offering smart contract insurance, though this may have changed. Other than this, each of the platforms are using slightly different token models and voting models.
What puts BMI ahead of other decentralized insurance platforms?
To start off, I want to say that we respect all of our “competitors”, and that the decentralized insurance industry will require multiple platforms in order to survive. In the real world, insurance companies insure each other. This will also be the case in crypto. Having multiple active insurance protocols working together will de-risk the space as a whole, serving as a bridge for traditional finance to enter the space.
At the time of writing, there are a handful of insurance platforms in development. All of us are a little different from each other. The most prominent platform currently has about $100M TVL (total value locked). The primary ways in which we are different from them are:
We are migrating to Polkadot when Polkadot launches, this is to avoid high ETH gas fees;
We will not require KYC to use our platform or hold our token (Nexus requires KYC and only verified addresses can receive tokens.)
The value within our coverage pools are being reinvested automatically, on-chain to other protocols (10-15+) such as Aave and Kyber network in order to create a yield for our users.
Users on our network will receive a greater portion of profit sharing from Premiums.
You can buy insurance for stablecoins and centralized exchanges to cover crashes and hacks.
There is a 3-phase voting system that makes policy holders vote on the first phase, coverage providers vote on the second phase, and “trusted stakers” vote on the third phase. Trusted stakers are platform participants that have voted correctly multiple times in the past, and they receive a better reward than other voters.
There is more to add to this list, but the answer may be too long. I encourage everyone to download our pitch deck.
Usually people think about insurance after something gets damaged. We saw many various cases recently – crypto attacks, liquidity crises, hacks. How can Bridge Mutual protect us against these situations?
How the platform can protect you depends on the type of insurance. For stablecoin insurance, the platform protects you in the event of a price drop, and the claims are handled instantly and automatically. If the price of a stablecoin drops beneath a specific threshold for a set period of time, anyone with active coverage for that asset may make a claim and be paid back. This is an oversimplified explanation of how *stablecoin* insurance works.
The smart contract and centralized exchange insurance are different. It goes through a voting process involving the users on Bridge, and there is a 3-phase voting process in place to make sure people vote honestly. This system is much more complex than I am explaining here.
Could you tell us about the BMI token sales process?
We have just started our private token sale, actually. The BMI token and the platform will be launched on the same day. All BMI tokens being sold before launch are being done privately via SAFTs. The team has been very critical and selective of who it sells tokens to, and our private sale has been heavily oversubscribed. The team has only given allocations to groups that meet the following criteria: 1) a strong influence on the market or an impressive following on social media; 2) does not have a reputation for dumping; and 3) understands the long-term value proposition of the project.
Because of how much interest there has been, we are expecting a strong secondary market demand after launch. Also, because the platform will be live at launch, we expect to see a large number of participants rushing to provide insurance coverage for their favorite projects. So far the interest has been next-level. We’re speaking to a few large funds and exchanges now.
Why did you choose Polkadot instead of participating in the Ethereum network?
To clarify, Polkadot hasn’t launched yet and there is no official release date. Because of this, Bridge will likely finish development before Polkadot is launched. It’s possible to launch a private chain on polkadot, but it isn’t ideal for development or security.
In order to make sure that we can launch without issues, we are coding the project in solidity and launching on the Ethereum network. After Polkadot releases, we will migrate the project over to Polkadot via a solidity-compatible parachain (we want to use Edgeware). The reason we want to be on Polkadot is to take advantage of the lower fees. Nexus Mutual is on Ethereum, and what we are seeing there is that people are not voting on insurance claims when it costs $5 to $15 in gas fees to vote. The chance of a claim being handled properly and honestly correlates to the number of people that are voting on that claim. If there is a low voter response, then valid claims could get rejected, and invalid claims could get accepted, damaging the platform’s credibility.
What awaits us for Bridge Mutual in the future, what are your plans?
The goal for Bridge Mutual is to be 100% decentralized and DAO-managed. So users should look forward to being a part of our governance. In addition to that, we’re already exploring ways for Bridge Mutual to tap into some traditional market insurance. There are some platforms that focus on traditional coverage, and we’ll be studying them closely to see if we can provide an even better solution.
Michael, we have seen an explosion in the stablecoin sector lately, particularly this year, with the total market cap now standing at over $24 billion, per CoinGecko. Do you see this growth continuing?
The growth in the stablecoin sector is only going to accelerate, both in terms of the number of stablecoins and market capitalization. It is very likely that what we are observing with Tether will occur with many stablecoin projects, where they issue parts of their total treasuries as stable assets on multiple protocols. Stablecoins will be a primary driver of adoption for protocols, bringing utility to networks and generating demand for the protocol tokens that power these on-chain operations. That being said, in order to achieve mainstream adoption, much of the complexity associated with blockchain technology will need to be abstracted out for the consumer. Everyday users will interact with stablecoins, tokenized points and rewards etc., assets they already understand. The applications that attract users will have blockchain technology seamlessly built into the backend infrastructure, optimizing the user experience without the intrancies of blockchain tech: gas fees, token swaps, private keys etc.
Tether is currently the king in the realm of stablecoins, do you think this is likely to change?
$18 billion is a lot for crypto right now, and is a significant market capitalization, however, this is small when it comes to more traditional markets. Every brand and corporation could one day have a US dollar stablecoin, a Euro, a CAD, and a stablecoin for every country they operate in, in addition to a stablecoin for their loyalty system. A company like Walmart processes about $500 billion in transactions a year – the savings they would experience switching from payment rails such as Visa and Mastercard to using a branded stablecoin are at minimum $10 billion. I would go as far as to say that the current total market cap of Ethereum is irrelevant in the face of the value held within brands, and as brands continue to explore stablecoin solutions, we will see the total stablecoin market cap explode.
Some stablecoin proponents say they can help brands/companies generate interest on reserve assets, with the tokenized equivalent operating within the protocol. Will this lead to more issues of fractional reserves? Is there the possibility of a liquidity crisis or “bank run” with the lending of underlying assets?
Blockchain enables any individual or company to launch a bank or bank like service. The economics and governance of these protocols will become arbitrary, with users flocking to those that align best with their own preferences: risk tolerance, returns, flexibility etc. Some countries allow their banks to be less conservative than others, but soon availability won’t be an issue – you’ll have thousands of dapps at your disposal and the ones you choose to go with will be up to you. Some of these companies may choose to be highly leveraged whereas others will seek to minimize balance sheet risk, and you’ll see the returns and interest rates reflect this. You look at Canada for instance where we have 5 major banks. With blockchain this could be one hundred, even one thousand banks.
Do you think that this will be the dominant form that it takes, institutions and corporations will utilize those assets in the background where the processes for the everyday person don’t really change?
For the most part, yes. Solutions that fail to abstract out complications will struggle to gain adoption, and will ultimately be beat out by more streamlined, intuitive ones.
What are the biggest challenges for stablecoins now? Will they remain the same in the near future and what foreseeable threats are out there?
One of the biggest challenges for stablecoins right now is the lack of infrastructure, utility, and acceptance. Payment rails like Visa and Mastercard are fast, reliable, and well-known so it’ll take some time for people to begin shifting over, even if stablecoins allow you to process transactions faster and cheaper. Then you get into the acceptance bit… what’s the point of a faster, cheaper solution if no one else is using it? PayPal was a big move for mainstream acceptance, and I think that this will become less of an issue as big names continue to integrate digital assets. The last thing is utility, stablecoins get a lot of usage as trading coins right now and are allowing people to lock in profits and avoid the volatility of the crypto markets. This goes hand-in-hand with acceptance, the more people that use and accept stablecoins, the more utility they’ll have… and again, I see this only growing in the years to come.
Do you think stablecoins will allow people in developing countries to live better lives? Also, if a country in Africa is using a stablecoin like the USDC, is that a threat to their monetary sovereignty?
So this is one of the areas I think branded stablecoins can create huge value, because you can be rewarded with every action that you take. I don’t think that branded currencies will replace fiat currencies, at least in the short term, but it’ll have much higher value for you to use your brand-coin when interacting with that brand or with any brands in the ecosystem, then by using fiat, because it’ll provide additional value such as cashbacks that will be more competitive than payments made in fiat currency.
As far as monetary sovereignty goes, blockchain technology is breaking down borders. With an internet connection people now have the ability to choose the protocols and assets they wish to use, and restrictions from governments will only limit the flow of value into the country.
As stablecoins continue to grow in popularity, is there “room” for assets like Bitcoin and Ether?
As far as public blockchains go, I expect there to be potentially hundreds or thousands of blockchains and the validity of assets issued on-chain to result in value created for the network’s utility token. Protocols will build economics, governance, and other features to encourage developers, users and investors to contribute to their network, although I believe that in the future interoperability will be much simpler so that digital assets can more seamlessly live on multiple blockchains. What we will see though is the assets users explicitly interact with brought to the forefront, with the complexities such as utility tokens abstracted out of the user experience.
How do you see things developing for blockchain, in general?
In the future, we’re going to live in a world where if it has value, it will be on-chain. Society will become increasingly borderless and you won’t be limited by geography, you’ll have access to anything and everything on-chain, and you’ll be able to optimize based on your preferences. This will heighten competition and lead to better products for users.
Lastly, I’m pleased to announce that the XDB Foundation will be holding a Brand Blockchain Summit in Q1 of next year. We are looking to bring together participants of the DigitalBits ecosystem, as well as those outside of it looking to add value, both within blockchain and the more traditional loyalty sector. Stay tuned for details on this.
MicroStrategy believes in BTC’s future, and it is bullish about the oldest cryptocurrency in the world
Bitcoin has approved itself as a reputable store of value, and it attracted the attention of big institutions
MicroStrategy buys an additional $50 million worth of Bitcoin
Publicly-traded business intelligence company MicroStrategy recently revealed that it had made a further investment in Bitcoin. The firm’s CEO Michael Saylor announced the company’s latest investment in a tweet, revealing that MicroStrategy has purchased an additional 2,574 Bitcoins. The purchased Bitcoins are worth around $50 million, and MicroStrategy paid $19,427 per BTC on average.
According to Saylor’s tweet, they now hold approximately 40,824 Bitcoins. Given the company’s previous statements, it isn’t too big of a surprise that they are continuing with further Bitcoin investments. MicroStrategy believes in Bitcoin as a store of value and sees it as a fantastic investment opportunity.
Quick calculations show that MicroStrategy’s cost per Bitcoin based on past purchases is approximately $11,635. And also, estimates indicate that the value of MicroStrategy’s Bitcoin holdings at the the moment is around $766.6 million. In October, Square, a US-based financial services company, invested $50 million in bitcoin. In the third-quarter earnings report, experts depicted that cryptocurrencies are an instrument of economic empowerment and align with the organization’s purpose. That the entire investment has nearly tripled to $144 million. Moving from $50 million to $144 million is a huge move. You can try a free and best online million to lakh converter to help you convert different number systems for ease of calculations.
MicroStrategy is not just considering buying Bitcoin. It also has other plans regarding the Bitcoin industry, including BTC data services and products. All in all, the firm has confidence in Bitcoin, and it is bullish about the future of BTC.
It is not the first time that MicroStrategy bought Bitcoin
MicroStrategy considers BTC as a credible store of value. It seems that the rationale behind the firm’s investment in BTC reflects Paul Tudor Jones views surrounding BTC and crypto. The company bought around 21,454 Bitcoins in August, and the value of the coins was about $250 million at that time.
MicroStrategy also spent $175 million in September to buy more Bitcoin, buying 16,796 BTC at that time. All of these purchases indicate a bullish sentiment towards BTC. The move wasn’t a big surprise at the time because MicroStrategy has told the SEC about its plans to buy additional BTC.
With the economic crisis and accelerated money printing, some companies are considering Bitcoin as a hedge against the devaluation of fiat currencies. Bitcoin is now being considered more commonly as a store of value, but it still has to prove that it has long-term staying power.
Notably, the Coinbase cryptocurrency exchange recently revealed that it helped MicroStrategy actually acquire their large BTC holdings, without impacting the market during the purchase itself. Coinbase helped MicroStrategy split their purchase into thousands of different orders, helping them disguise the fact that a large single buyer was making a massive BTC purchase. This was done to prevent any large price swings and secure a better average price for MicroStrategy.
BTC price at the time of writing: $18,819 BTC Support levels: $18,560, $18,400, $18,300, $18,000, $17,750. BTC Resistance levels: $19,000, $19,200, $18,647, $18,893, $20,000.
Key Highlights:
Bitcoin dropped by a small 2% today after it dropped beneath $19,000 to hit $18,830.
Despite this small drop, Bitcoin remains up by 23% over the past month and up by a whopping 84% over the past 3-months.
Financial institutions such as MicroStrategy continue to buy up as much BTC as they can.
Bitcoin’s price might have dropped by a small 2% today, but the cryptocurrency still remains strong after a 23% price increase over the past month. The coin had bounced at $16,400 toward the end of November as it continued to push back into the ATH price of $19,893 at the start of December.
Since scratching the previous ATH level, Bitcoin has unfortunately started to trade sideways in a consolidation period. The coin was trading within the confines of a symmetrical triangle pattern, but the recent drop beneath $19,000 has now caused BTC to break toward the pattern’s downside. However, there is still major support ahead, and the bulls would need not worry until the previous low at $16,400 is penetrated.
While BTC has consolidated in the past week or so, it seems that financial institutions such as Grayscale and MicroStrategy are continuing to buy up BTC at unprecedented amounts. Financial institutions largely caused the latest price hike toward the ATH price for BTC. We know this because they have been public about their holdings and stated that they have been buying up BTC as a hedge against inflation caused by the US Government printing record-levels of money into the economy in light of the Coronavirus crisis.
At the same time, data from Google Trends suggests that there has not been an increase in Google searches for the term “Bitcoin,” which would indicate the retail market has largely remained on the sidelines during the latest price hike.
As mentioned, the financial institutions that drove Bitcoin higher have continued to buy BTC this week. Grayscale made another purchase of over 7,188 BTC in just one day in December. Taking the time period further, they bough over 14,000 in the last week alone, with another 64,832 BTC purchased in the last month – worth around $1.2 billion. This means that Grayscale actually bought more BTC in November than what the miners were able to produce through mining.
Additionally, MicroStrategy recently announced that they are conducting another offering of around $400 million to private investors. The proceeds from this sale in their company will go further to buying up more BTC. They currently own around 41,000 BTC – worth $777 million. $300 million of this is in unrealized profits.
With the recent buying, it is possible that investors might turn increasingly greedy and continue to buy BTC above ATH prices. However, there is one potential bearish factor that might push the price lower in the next week.
The Mt. Gox Saga is soon coming to an end, and on December 15th, victims of the hack from the exchange will find out when they will receive their payout. The rehabilitation scheme will see 140,000 BTC being distributed to creditors of the exchange, and these people will likely send their BTC straight to other exchanges to take their profits. With $2.6 billion wroth of BTC entering the market again, it is likely that this will negatively impact the price.
Let us take a closer look at the markets and see where we might be heading.
Bitcoin Price Analysis
What has been going on?
Looking at the 4HR chart above, we can clearly see BTC dropping into the .5 Fib Retracement support at $16,543 toward the end of November. The cryptocurrency rebounded aggressively from here, which allowed the cryptocurrency to reach the ATH price at the start of December.
Unfortunately, Bitcoin was unable to break the resistance at the ATH price. It has since started to trade sideways as it formed a short term consolidation pattern known as a symmetrical triangle.
The 2% price drop caused BTC to break beneath the lower boundary of this triangle today, which might start to bring some anxiety back into the market for any bulls.
Bitcoin price short-term prediction: Bullish
Despite the break beneath the triangle, Bitcoin still remains bullish in the short term. The coin would actually need to break beneath the support at $16,400 before being in danger of turning neutral in the short term. It would need to continue further beneath $14,000 before any real bearish sentiment might enter the market.
If the sellers do continue to push lower, the first level of support is expected at $18,560. Beneath this, support lies at $18,300 (.236 Fib Retracement), $18,000, $17,750, and $73,328 (.382 Fib Retracement).
If the sellers continue to drive BTC beneath $17,000, support can be found at $16,800, $16,543 (.5 Fib Retracfement), $16,000, and $15.785 (.618 Fib Retracement).
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance now lies at $19,000. This is followed by resistance at $19,200 and then the previous triangle’s upper boundary (now acting as a falling trend line). If the bulls break the trend line, resistance lies at $19,747 (ATH-Day close), $19,893 (ATH price), and $20,000.
Beyond $20,000, resistance acn be found at $20,277, $20,400, $20,500, $20,835, and $21,000. This is followed by resistance at $21,200 and $21,331.
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Simplex Banking works alongside Simplex’s unparalleled partner network to overcome key barriers to greater crypto adoption by providing a global solution of crypto- friendly banking, offering local payment methods for a truly global reach.
TEL AVIV, Israel, November 2020 – Simplex, the global market leader of the fiat-crypto infrastructure, announced the launch of a long anticipated addition to its product suite: Simplex Banking, a revolutionary method that enables crypto exchanges and wallets to offer anyone, anywhere to buy and sell crypto assets.
Simplex Banking offers hundreds of crypto wallets, exchanges, and outlets the ability to offer popular local and global payment methods to their users, a critical move in democratizing crypto for the masses. This ensures that individuals hailing from areas in which most global payment methods are not widely used, such as Europe, Asia, and beyond, can purchase digital assets, simply and securely.
Beyond being the first crypto banking solution to natively integrate to exchanges and wallets’ apps, Simplex Banking offers a mainstream, user-friendly approach to the onramp and offramp experience. Simplex partners can offer their users one-click deposits that support exceptionally large purchase amounts, thanks to Simplex’s banking license and the personal IBAN (International Bank Account Number) Simplex Banking generates for each user.
Additionally, users enjoy a ‘one and done’ policy when it comes to document submission and user validation (KYC), ensuring a fast and efficient checkout process. This also ensures that crypto buyers worldwide can easily and quickly capitalize on market prices, before the tide turns. In the soft launch of the product alone, millions of Euro has been deposited to buy and sell crypto assets.
The ability to convert crypto into fiat in a bank account, affordably and instantaneously, 24/7 makes Simplex Banking an exceptional tool to unlock the potential of crypto assets for corporates, traders, users, and HODLers alike. Simplex Banking will continue to support an increasing amount of payment methods and local currencies, and recurring ‘smart’ auto-purchases, in addition to a give-back initiative, which will help users donate easily to the charity of their choice.
Announcing the new product, Simplex CEO Nimrod Lehavi said:
“Since 2014, Simplex has forged new methods of enabling mainstream adoption of crypto assets, through the seamless and safe purchase of cryptocurrencies with credit and debit cards. Simplex Banking is the natural expansion of our offering, fiting the growing needs of the market, namely to easily buy and sell crypto assets, safely, with no maximum limits and a range of payment options.”
Users can apply Simplex Banking through Simplex’s extensive partner network. Simplex partners that currently offer Simplex Banking include OkEx, Huobi, Jaxx, Poloniex, Changelly, CoinFlip, to name a few . Registration takes a mere minute and users benefit from zero onboarding fees, zero monthly management fees, and no fees for debit card issuing.
About Simplex
Simplex has been changing the status quo of crypto on/off ramps since 2014. As the market leader, we pioneered the first riskless global fiat onramp using a credit and debit card, which promises a zero chargeback guarantee. Simplex Banking offers the Simplex fraudless payment processing, with global payment accessibility. Working alongside the biggest names in the crypto ecosystem, including Binance, Huobi, Bitpay, among hundreds of others, Simplex provides the complete fiat infrastructure for the cryptocurrency ecosystem. As a licensed EU financial institution, Simplex was selected as one of the 10 most impactful companies in blockchain in 2020. Put simply, Simplex is making crypto accessible to all, turning the complex into the Simplex. Keep up with the latest Simplex news by following us on Twitter or visiting www.simplex.com.
The higher the price of Bitcoin rises, the more people search for good bitcoin casino reviews. If you’ve prepared for bitcoin casino betting by reading solid guides on the subject, then you’ll want to make sure you find a legitimate bitcoin casino that’s right for you.
You don’t want to be caught in an exit scam or be part of a bitcoin casino with security so lax that they have their hot or cold wallets hacked and lose your money.
Let’s take a look at a few methods you can use to find legitimate bitcoin casinos that will help you have fun without worrying about losing your winnings.
Does the Bitcoin Casino Have a License to Operate?
Legitimate Bitcoin casinos will hold a license to operate in the country they are registered. They will also make sure to only accept players from countries where they are legally allowed to operate.
If they don’t hold such a license — they may be at risk of running an exit scam.
Why?
When a bitcoin casino holds a license it shows they’ve registered with the proper authorities. If the casino should take the money and run — then the authorities will have some information to use in pursuing them.
Does the Bitcoin Casino Explicitly State That They Accept Players From Your Country?
Make sure the casino explicitly states they accept players from your country of residence.
The reason for this is that some Bitcoin casinos will accept players from everywhere — at first. Then, when the person registers and deposits their funds — the casino might detect an IP from a banned country — and freeze the user’s account while withholding their deposit.
Always check in the Bitcoin casino’s Terms & Conditions to see if you will be allowed to stay and play.
Is the Bitcoin Casino Provably Fair?
Bitcoin isn’t the only innovation changing online casinos. Another is the blockchain and the technology of ‘provably fair’ games.
“In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game.
This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”
Make sure the Bitcoin casino you’re looking at uses a system which shows you the outcome of the game and lets you check if it’s fair.
You’ll have peace of mind knowing that you can check the casino games and make sure the house is not taking more than its fair share.
This is one of the most direct methods for verifying if you’ve found a legitimate bitcoin casino. And in 2020, most of the casinos should have such provably fair systems set up.
Does the Bitcoin Casino Offer the Alt Coins You Want?
This may not be a requirement for finding a legitimate Bitcoin casino — but a casino with a wide selection of alt coins is a strong case for legitimacy.
On the other hand, if a casino offers too many currencies then they are opening their doors for the increased possibility of hacks.
Legitimate bitcoin casinos should state what type of security measures they have.
Do they have cold wallets? Are those cold wallets secured by proper accounting measures so that internal staff don’t run away with the funds?
Some bitcoin casinos even have insurance on their wallets in case of problems.
At the end of the day it may be tough to balance security with fun when it comes to picking a Bitcoin casino — but your extra effort will be worth it, especially if it prevents you from losing your hard won crypto to a hack or scam.
