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Crypto Exchange Regulation Check

Kraken To Go Public Within Next 18 Months

Jesse Powell, founder and CEO of Kraken, one of the worlds largest exchanges, has said that his exchange is looking to go public in the next 12 to 18 months.　　In a recent interview for Bloomberg TV, The Kraken CEO said that his company is “doing all the prep work” in order to become a public company but declined to talk about any valuation as yet.　　“Were on a mission to bring crypto to the world, and our valuation hopefully will be a reflection of our success in achieving that mission,”　　Back in late February of this year it was also reported by Bloomberg that Kraken was hoping to raise $10 billion, which would double its valuation. Some had said that the funding could exceed $20 billion, also according to Bloomberg.　　Krakens rival Coinbase has already gone public earlier this year via a direct listing, pathing the way for the likes of Kraken, and other larger exchanges, to follow suit.　　Kraken is currently the 4th largest exchange by trading volume globally, and has 6 million customers in nearly 190 countries. CEO Powell said that his company had seen more sign-ups this year than in any other, and that the first two months of this year

2021-06-18Deep Dive

Ric Edelman: Bitcoin the Most Impactful Innovation Since the Internet, But There’s A Problem

Founder of Edelman Financial Engines Ric Edelman says that many financial professionals do not understand Bitcoin and other cryptocurrencies. This is despite them being educated, in business for a long time, and having more experience in finance, he said. This is one of the things he has learned after being engaged in the digital assets communities since 2012.　　Using Bitcoin as an example of the “thousands” of other cryptocurrencies, Edelman says cryptocurrencies are a different asset class that has nothing in common with stock, bonds, oil, and other traditional assets “we are familiar with.” Speaking to Yahoo Finance, Edelman praises crypto saying it provides a “tremendous investment opportunity.”　　“Blockchain technology and its derivatives of digital assets and NFTs and CBDCs and tokens… are the most impactful commercial innovations since the development of the internet itself,” he said. “This is huge. Its going to have a tremendous impact on global commerce.”　　Unfortunately, according to Edelman, most financial experts do not realize this. Yet one of the focuses of a financial adviser is looking forward to the future, he says.　　Not surprising that a recent survey by Opinium found that 90% of surveyed 200 independent financial advisers in the U.K. have negative sentiments about cryptocurrencies. Yet,

2021-06-18Deep Dive

$65 to $0 – The 24 hours that killed TITAN!

Everyone is well aware of the volatility that exists in the crypto markets. Rallies that mountain the prices and crashes that destroy portfolios are not unheard of. Thats what happened with TITAN. TITAN is the token that pegs the partially collateralized stablecoin IRON. IRON is backed by 25% TITAN while the other 75% is backed by the USDC. However, in less than 16 hours, the value of the token plunged to a mere $$0.000007869 at press time.　　Source: CoinMarketCap　　The Crash　　36 hours ago the token was soaring in terms of prices. TITAN was valued at close to 10$ on June 11 and in less than 6 days, the coin jumped to peak at $65. This 84% spike was triggered by the hype generated around the coins mining protocol as well as promising value.　　TITAN/USD Price Movement　　Adding to the hype was the famous shark and crypto enthusiast Mark Cuban who talked about his involvement with TITAN. In his blog on June 13, he mentioned that he was a small LP for QuickSwap (a token DEX). He added that along with TITAN he also provides liquidity for DAI that enables QuikSwap to offer swaps between these two tokens. Naturally, fanboys saw this as the “next

2021-06-18Deep Dive

World Bank Shuns El Salvador Bitcoin Adoption Plan

On Wednesday, a World Bank spokesperson stated that they are committed to helping El Salvador in numerous ways, including currency transparency and regulatory processes for its Bitcoin adoption plan.　　However, the international financial institution was not keen on the Bitcoin part, according to Reuters, adding:　　“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”　　Banks Not Big On Bitcoin　　Salvadoran Finance Minister Alejandro Zelaya said the Central American country had sought technical assistance from the World Bank. A bill was passed on June 9 legalizing Bitcoin as the country seeks to use it as a parallel tender alongside the U.S. dollar.　　The minister also stated that ongoing negotiations with the International Monetary Fund had been successful. However, the IMF was also concerned over Bitcoin, citing “macroeconomic, financial and legal issues.”　　Siobhan Morden, head of Latin America fixed-income strategy at Amherst Pierpont Securities in New York, told Reuters:　　“There is no fast track for a solution on an IMF program and even uncertainty on whether the bitcoin proposal is compatible with diplomatic U.S. (or) multilateral relations,”　　President Nayib Bukele is unperturbed and plans to steam ahead (literally) with his Bitcoin adoption drive. On

2021-06-17Deep Dive

​GEC Is Game Over: Core Members of Pyramid Scheme Are Arrested!

Although Green Entrepreneurship Coin (GEC) has been exposed on WikiBit once, it is still being hyped up as a key to wealth in many chat groups. At present, all culprits have been arrested and sentenced except the initiator of this pyramid scheme whose surname is Huang.　　Taking environmental projects as a disguise and issuing its coins, GEC has plagiarized the official website of the Green Entrepreneurship Global Foundation (GEGF) located in Hong Kong. In addition, GEC is so cunning that it allows true environmental protection activities and false ones to intermingle and incite its members to profit from beginners.　　Experts in this industry noted that GEC-like projects can be regarded as pyramid schemes which reap profits from beginners capital in the name of digital currencies. This conduct is suspected of not only Initial Coin Offerings (ICOs) in a disguised manner but multi-level marketing by profiting from novices. Therefore, WikiBit is here to remind you that every environmental project asking for your investment is pyramid selling.　　Core members of GEC are arrested at present. You will be harmed by this kind of pyramid scheme if you are insistent on what has been played up in chat groups! Please search the information on projects, including

2021-06-17Deep Dive

US courts deny the SEC to view records related to Ripple’s recent XRP transactions

The discovery phase of the lawsuit against Ripple Labs continues as Magistrate Judge Sarah Netburn denied, in part, the US Securities and Exchange Commissions (SEC) request for additional discovery.　　Ripple‘s fair notice defense, which the SEC unsuccessfully moved to strike, is built around the US SEC actions and not its own conduct, since the company focuses on the Commission’s failure to give fair notice to the market about its position on whether XRP qualified as security.　　Denied　　The Court denied the requested access to the documents related to Ripples XRP transactions that post-date the lawsuit filing in December last year, still leaving room for the SEC to renew the motion.　　“If, after the parties have exchanged expert reports, it becomes clear that Ripples expert relied upon documents that, in fairness, requires the SEC to review post-complaint documents, the SEC may renew its application.”　　Besides the documents related to Ripple‘s XRP transactions the court also denied the SEC’s request for documents related to Ripples lobbying efforts.　　“Ripples lobbying efforts regarding the status of XRP are not relevant, and any relevancy argument is outweighed by the burden of production,” argued the judge.　　In addition, the court denied the SECs request for a sixth deposition as “unripe”, which was motioned

2021-06-17Deep Dive

Future of Cryptocurrency Mining — Utopia’s Crypton Ecosystem

Bitcoin (BTC), ethereum (ETH), filecoin (FIL), chia (XCH). These are among the most popular cryptocurrencies that have caught the attention of miners around the world.　　Each has a relatively high barrier to entry, poor sustainability, and questionable utility. What if there were a cryptocurrency that solved all of these issues？ That is exactly the case for the exclusive and fully integrated privacy coin of the Utopia eer-to-peer ecosystem, Crypton (CRP).　　Barriers to entry　　Miners seeking to earn any tangible amount of BTC, ETH, FIL, or XCH are required to make significant investments in hardware, whether that equipment is in the form of application specific integrated circuits (ASICs) for BTC, graphics processing units (GPUs) for ETH, or hard disk drives 9 (HHDs) for FIL or XCH.　　This equipment can cost miners thousands or even millions of dollars to gain any significant foothold in the market. Some equipment, such as the ASICs, is exclusive to a coin or class of coins and has no other purpose or function besides the mining itself.　　Such barriers to entry represent a very high level of risk to prospective miners and with market saturation, may not provide a long-term expectation of profitability.　　Sustainability　　Having high equipment and energy requirements for mining in a

2021-06-17Deep Dive

Clean Bitcoin Mining Solutions Grow Thanks To Ongoing China Crackdown

Chinas crackdown on Bitcoin mining has led to an increase in clean bitcoin mining operations.　　Even though trading of cryptocurrencies has been banned in China since 2017, the country still leads the world in crypto mining rigs. Accounting for nearly 70 percent of mining operations in the world. A number that has always worried the Chinese government.　　With the government shutting down rigs due to environmental concerns, miners are now looking to clean energy solutions for their operations.　　Chinas Pollution Problem　　The pollution problem in China has been a growing one since the 1970s. With the rise of industries, the country has seen a significant increase in pollution over the years. It ranks number 2 in most polluted countries in the world.　　The air in Beijing was at one point being compared to smoking four packs of cigarettes a day. Although this has never been proven.　　China leads the world in terms of Bitcoin mining. With established technology supply chains and extremely cheap electricity, it makes it the perfect location for setting up Bitcoin mining rigs.　　Bitcoin mining involves sophisticated computers solving cryptographic problems to verify each transaction. This process requires a lot of computing power, which requires a lot of energy to run these computers.　　The major

2021-06-17Deep Dive

BoE Governor Advocates Stablecoins but Warns of Crime Risk

The Bank of England (BoE) Governor Andrew Bailey has elaborated on his views towards stablecoins and Central Bank Digital Currencies (CBDCs) at an annual City UK conference.　　While reinforcing supportive comments reported on June 12, when he called CBDCs “one of the most fundamental innovations in the history of central banking,” the governor also warned that digital money opened up avenues of risk.　　“We cannot ignore the risks that digital money is attractive for money launderers and cyber criminals,” he concluded in his speech on June 15.　　Apart from his ending warning, Gov. Bailey‘s speech was largely positive towards digital currency. As reports indicate, the BoE, alongside other central banks across the world, has been debating introducing a digital currency. In the UK’s case, a digital pound.　　That said, neither the BoE nor the British government have made any concrete decisions about having their own CBDC. Chancellor Rishi Sunak first announced the launch of an exploratory task force into the matter back in April.　　“New forms of digital money represent an important source of innovation” he said. “So we must evaluate whether and how they can meet our public interest objectives.”　　Sunak continued by saying “Rather than use commercial bank money as the basis for transactions,

2021-06-17Deep Dive

Money Creation and the Potential Impact on the Value of JAX Coins

At its core, inflation is caused by too much money in circulation compared to aggregate demand in any given economy. A rise in the amount of money in circulation is only necessary when there is an increase in productivity gains at par with the new amount injected into the economy. Similarly, the value of the fiat currency decreases if the aforementioned conditions are not met. For example, if a nation owes its creditors lots of money, it can simply print more money. The original debt is paid off, but the currency received has less value.　　If there is inflation of a fiat currency, it costs more to purchase the same goods and services that could have been bought with less money before inflation. Why？ Before inflation, a fiat currency had more value. In some countries where populations suffer from hyperinflation (e.g. Venezuela, Argentina), people tend to invest in cryptocurrencies such as Bitcoin. However, most well-known cryptocurrencies are highly volatile and are not really fit for day-to-day payments.　　Users then turn to what is known as stablecoins. These cryptocurrencies are pegged, mostly, to the USD. However, most of them are centralized. Worse, people suffering from high inflation still have problems using them since

2021-06-17Deep Dive
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Crypto Exchange Regulation Check

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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.