The month of August has seen a focus on digital currencies at The Fintech Times. With the industry constantly changing and innovating, within this article you can find some of the most recent developments within the digital currencies vertical. From crypto adoption to buying gold and bitcoin trading options.
Infinigold & Coinfirm Set A New Compliance and Security Standard for Digitalised Commodities
Leading commodities digitisation company, InfiniGold, the blockchain analytics and AML company, announced a partnership to establish a new compliance and security standard for digitalised commodities in anticipation of widening distribution of the commodities market via public blockchains or tokenised securities.
InfiniGold, who provides a white-labelled PaaS solution for the commodities industry, has already successfully rolled out Perth Mint Gold Token, the first product implemented with their platform, and now the InfiniGold platform will utilise Coinfirm’s transaction monitoring solution – enabling AML compliance and ensuring against suspicious and potentially fraudulent activity, setting a new security and compliance standard for its partners.
Jon Deane, CEO of InfiniGold, said: “Integrating Coinfirm’s platform into PMGT isn’t solely a step forward for InfiniGold, but commodities digitisation in general. InfiniGold strives to set a standard in commodities digitisation—aiding legitimacy and complying with regulation is paramount to attain that goal.”
Harnessing a range of automated risk assessments, Coinfirm’s platform continuously monitors all transactions and balances in the PMGT contract. This helps identify any suspicious transactions or excessive risk—preventing or otherwise detecting money laundering, terrorism financing, and any other unauthorised interactions with the PMGT smart contract. This not only allows for greater investor peace of mind but helps legitimize the commodities digitisation sector even further.
According to Coinfirm CEO, Pawel Kuskowski, an aggregate of over $10 billion has been appropriated in crypto thefts, hacks, and frauds. Fortunately, with Coinfirm’s integration and The Perth Mint acting as custodian of the underlying assets, PMGT is protected by an unprecedented level of security.
Overbit Announces Five Sketches Series Aimed at Increasing Crypto Accessibility and Adoption
Overbit, a leading Bitcoin derivatives trading platform has announced a new series of comedy sketches – aimed at highlighting the ease and accessibility of digital currency trading to the masses bringing comedy during the COVID-19 pandemic.
With this series, Overbit looks to expand the reach of digital assets by transcending language and technical barriers through visual storytelling and the universal language of humour. These sketches also showcase the platform’s stellar track record in the cryptocurrency trading space, highlighting competitive benefits such as 24×7 customer support and military-grade security. By creating a casual and entertaining experience for all audiences, Overbit aims to reach more demographics and geographical markets than ever before and ultimately boost cryptocurrency adoption.
Unlike any other traditional financial instrument, Bitcoin and Ethereum hold immense promise and potential in their respective domains. At the same time, these new paradigms can make trading and investing in them really daunting for newcomers.
“Our latest sketches series aims to disprove the notion that cryptocurrency trading is complicated and out of every individual’s reach,” explains Overbit CEO Chieh Liu. “Just like the Overbit trading platform, these sketches have been meticulously designed with all audiences in mind. To that end, they feature friendly visuals instead of extended bits of technical dialogue.”
“With many among us still grappling with pandemic-induced lockdowns, we’ve put out all the stops in our sketches production budget in hopes of bringing back some positivity into the lives of this vibrant community. There indeed is light at the end of the tunnel.”
Overbit hopes that these series of sketches will go a long way towards generating hype in this space, while also establishing the brand as a safe and trusted entity in the minds of the public.
Nuclei Partners With Safegold To Enable Digital Gold Solutions on Mobile Banking Apps
Nuclei, a leading provider of digital and lifestyle banking solutions, has entered into a partnership with SafeGold, India’s largest digital gold platform provider. Through this collaboration, Nuclei can now seamlessly connect Digital Gold solution by SafeGold to the mobile app of any Bank, enabling the customers to purchase and sell 24K physical gold online from their own Banking platform.
Customers aspiring for greater convenience, are now looking towards their trustworthy banking platforms as a one-stop-shop for all their requirements, both financial and non-financial. With the fully integrated digital gold solution by SafeGold & Nuclei, customers can now purchase, sell get delivery of 24K gold at the click of a button from their mobile banking apps.
“We are very excited to partner with SafeGold and add this category to our marketplace. We have always been focussed on onboarding digital solutions which help our partner Banks offer popular financial & non-financial services to their customers.” Ankur Joshi, Founder & CEO of Nuclei. “With the addition of various features such as buy, sell and 24×7 access, we want to provide bank’s customers the flexibility to invest as per their convenience.”
Huobi Futures to Launch Bitcoin Options Trading in Q3
Following the successful launch of Perpetual Swaps in Q2 of this year, Huobi Futures will be aiming to launch Bitcoin Options Trading in Q3, a form of financial derivative that gives the trader the right, but not the obligation, to buy or sell Bitcoin at a specific price at a certain date of expiry.
Huobi Futures will be offering these Options contracts in the European style which means that the buyer of the Option can only be exercised at the expiration. The Options contracts will, at first, only be available for Bitcoin.
Alpha testing for Huobi Options is already underway as the Huobi team looks to iron out and streamline the Options trading offering. Once this phase is complete, Huobi Futures will announce the official launch on Web and API. After a month, Huobi will expand the Options trading to the Huobi Trading App.
Options have long been a popular derivatives trading tool in the traditional space, but this type of trading has also permeated the cryptocurrency space recently. A Bitcoin Options contract is similar to a futures contract with the main difference being that the trader has an option, rather than an obligation, to buy or sell on a fixed date at an agreed-upon price.