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South Africa’s Digital Bank Tyme concludes Series B round with an additional $ 70 million capital increase

Tymebank, a South African-based digital bank, recently completed its Series B funding round with $ 70 million invested in the company by Tencent and UK development lender CDC Group.

Funds to support Tyme’s expansion into new markets

Tymebank, a South African digital bank, recently raised an additional $ 70 million from its latest round of funding, led by Tencent and UK-based development finance group CDC Group.

This latest capital increase brings the value of the funds Tymebank acquired through Series B to $ 180 million. Prior to this latest investment, Tymebank had received $ 110 million from Gokongwei’s Apis Growth Fund II and JG Summit Holdings.

Meanwhile, after the capital increase, a News24 report says that the digital bank will use the new money to finance its national expansion and facilitate the bank’s entry into other markets.

“The capital and expertise of the two investors will also be used to enhance Tyme’s ability to manage risk and support Tyme’s expansion in markets where CDC is present,” explains a bank statement.

The report adds that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, where it has obtained a digital banking license in association with Gokongwei Group.

Praising the bank’s ability to attract investors, Coen Jonker, co-founder of Tyme, said: “This is a very welcome investment from Tencent and CDC. It’s a clear vote of confidence in our digital banking offering, as well as our leadership teams in South Africa, Singapore and the Philippines. “

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The Cash app allows delivery of Bitcoin gifts while on Christmas vacation

Gift offerings are in season, with Christmas and other holidays coming up. If you’ve ever thought about gifting your friends or loved ones with stocks or bitcoins, the Cash app makes it easier than ever.

The Cash app allows a new way to send BTC

Cash App introduced a new feature that will allow peer-to-peer payments between users. Block’s proprietary Cash app (formerly known as Square) allows users to send bitcoins and traditional shares as gifts to other platform users.

To be fair, cryptocurrency exchanges like Coinbase and financial services companies like Stockpile have been doing things like this for years. However, this will be the first time this option will be available through a simple P2P application.

The only thing about this situation is that, under normal circumstances, the Cash app would allow users to simply send bitcoins to any $Cashtag placed on the app. However, it now appears that customers can simply use their attached debit cards or USD accounts to send the BTC in question. This is a big step forward, as the recipient does not necessarily have to own bitcoins or cryptocurrencies to receive the financial gift, nor does the sender have to have it. They can simply pay cash and send the BTC to the right person.

In addition, the initial process of sending bitcoins to a recipient was done through the investment guide of the Cash app. Now all it takes is a cash balance or a debit card to do this. The market value of shares or bitcoins is sent in cash and the user gets the assets from there. If they don’t want to accept stocks or bitcoins, they can finally get the money.

The system doesn’t just work for gifts. Instead, people can also use share and bitcoin delivery options to pay their friends or even split bills. More importantly, this could spawn a new wave of digital currency traders entering the forum and engaging in what is now a dominant financial space.

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Robinhood launches cryptocurrency giveaway program

The Robinhood trading platform is launching a crypto distribution program, which allows users to distribute various cryptocurrencies, including bitcoin, dogecoin, ether, bitcoin cash and litecoin. As with trading cryptocurrencies, freebies are commission-free and users can only offer $1 worth of encryption.

Robinhood Crypto Offering Program

Robinhood on Thursday announced the upcoming release of Robinhood Crypto’s “Cryptocurrency Giveaway Program“.

Users can bid as little as $1 worth of encryption, according to details on the Robinhood website, noting that it can take 3-5 days for the fund to settle. “As with trading cryptocurrencies, giveaways are commission-free,” said Robinhood, adding:

Once you've personalized your unique gift, you can send it directly to your loved one via a special link that will go directly to your phone.

The cryptocurrency distribution program is scheduled to launch on December 22nd. However, cryptocurrency giveaways are not available in Nevada or Hawaii, notes the Robinhood website.

“Once the sender has selected and confirmed the requested amount and cryptocurrency, the sender is solely responsible for sharing a link to the gift, and the recipient can use that shared link to accept the gift”, details the terms and conditions of the Robinhood encryption. gifts. The company added:

Make sure the recipient has a Robinhood Crypto account to accept the gift within 14 days. For unaccepted gifts, don't worry; You will not be billed and still have the bragging rights to distribute cryptocurrencies during the holidays.

Robinhood Crypto currently supports buy, sell and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC) and litecoin ( LTC).

Supporters of the shiba inu cryptocurrency meme asked on Change.org for Robinhood to include the SHIB. However, Robinhood has previously said that he was in no hurry to list another cryptocurrency.

Robinhood’s third-quarter transaction-based revenue totaled $267 million, including $51 million from cryptocurrency trading. In addition, 40% of its revenue from cryptocurrency transactions for the three months ended September 30 was attributed to dogecoin transactions.

Earlier this week, Chainalysis announced it had partnered with Robinhood to strengthen the trading platform’s compliance ahead of the release of its cryptocurrency portfolio.

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German Association of Savings Banks considering Crypto Wallet

Savings banks (Sparkasse) in Germany are developing an encryption project that will allow their customers to trade cryptocurrencies directly through their checking accounts.

Cryptocurrency trading without KYC

The German Association of Savings Banks, which includes more than 400 savings banks across the country, proposes a digital wallet option directly accessible through savings accounts. IT service provider S-Payment is preparing the concept to be presented to committees in early 2022. If approved, the project will allow the bank’s customers to directly purchase cryptocurrencies such as BTC and ETH. This means that customers would not have to go through lengthy and tedious KYC processes to join an encryption trading exchange. Instead, they can conduct their cryptographic activities directly through their Sparkasse checking accounts. Furthermore, Sparkasse’s legitimacy coupled with a volatile asset class such as cryptocurrency would attract financially conservative German clients.

Banks eager to launch encrypted wallet

If the committees approve the pilot, a bank-sponsored digital wallet can be launched by the end of next year. Individual savings banks would be responsible for initiating all related pilot projects. Even if the project is collectively given the green light, each of the 370 savings banks will be able to make the final decision whether to offer encryption services to customers or not. However, most banks are already very interested in the project.

With around 50 million customers, savings banks are market leaders among German financial institutions. When the digital wallet is launched, this entire customer base will be eligible to trade cryptocurrencies and this will bring a new economic dawn to the European banking scene as a whole. Many newer financial institutions and organizations, such as PayPal, have started offering encryption services to customers around the world. However, this will be the first time for a traditional financial institution of this size to venture into the world of cryptocurrencies.

Encryption as protection against inflation

The launch of the cryptographic services pilot program can be interpreted as Germany trying to provide protection to its citizens against rising global inflation. The president of the German Association of Savings Banks, Helmut Schleweis, pointed to the erosion of wealth that occurs due to the “toxic combination” of high prices and low interest rates on investments. With cryptocurrencies like the BTC slowly emerging as a solid hedge against inflation, the pilot project could witness major economic turmoil for Germany in 2022.

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Crypto Exchange Binance to End Singapore Operations in February 2022

The world’s largest cryptocurrency exchange, Binance, is set to withdraw its operations from Singapore. In the latter, Binance Asia Services Ltd., the Singapore crypto exchanger, said it withdrew its application for a license to operate a crypto exchange.

As a result, Binance should no longer seek further efforts to operate a regulated exchange crypto under the regulatory oversight of the Monetary Authority of Singapore (MAS). Binance.sg, the fiat to encrypt the trading platform, is expected to be delisted in February 2022, the exchange told Bloomberg.

Well, the decision also ends long-standing speculation about Singapore’s emergence as Binance’s global headquarters. The company also noted that the decision has taken into account “global strategic, commercial and development considerations.” Richard Teng, CEO of the Singapore entity, said:

“We always put our users first, so our decision to close Binance.sg was not taken lightly. I thank the Monetary Authority of Singapore for their continued assistance to Binance Asia Services and I look forward to future opportunities to work together. "

Instead, Binance Asia noted that it will redirect its operations to blockchain technology. Interestingly, the decision to exit Singapore comes just a week after Binance acquires an 18% stake in Singapore-based crypto exchange Hg.

Binance Global Plans

Having received a lot of regulatory criticism this year, Binance appears to be optimizing its global operations. The fact that the crypto exchange does not have a global headquarters has infuriated investors around the world.

During his latest interview, Binance CEO Changepeng Zhao stated that they are working to rebuild their business in the UK. “We are fully committed there. We are making a number of substantial changes to organizational structures, product offering, our internal processes, and the way we work with regulators. We want to continue to establish a presence in the UK and serve UK users in a fully licensed and compliant manner, ”he said.

Zhao, who has lived in Singapore for two years, is sending mixed signals about where Binance finally plans to move: Europe or the Middle East.