FinTech news in cryptocurrency exchange category
Crypto exchange and marketplace Reku has been riding the wave with what it says are the lowest fees on the market, and a platform that is aimed at both newcomers and experienced traders. Its founders say that Reku’s five years of operation mean that they know how to scale and endure fluctuations in the market, including the pandemic and this year’s recession. It is compliant with Indonesia’s commodities future trading agency (BAPPEBTI) and emphasizes user safety by offering only well-established cryptocurrencies like Bitcoin and Ethereum. Today, the startup, founded in 2017, announced it has raised $11 million in Series A funding, led by AC Ventures (ACV) with participation from Coinbase Ventures and Skystar Capital.
Coinbase’s Q2 results Coinbase’s quarter included a large gain in costs compared to the year-ago period — around $500 million — and a sharp revenue decline.
Today, 70% of trading volume on Binance.US, the American offshoot of the global exchange, comes from institutional customers, its CEO Brian Shroder told us in an interview.
A Cloudflare outage on Tuesday knocked out numerous popular web services, including major crypto exchanges FTX, Bitfinex, and OKX, raising questions about the security of centralized crypto platforms.
The exchange says it will not receive payment for order flow (PFOF), a method for order fulfillment Robinhood became notorious for that involves the exchange receiving payment from market makers for directing orders their way.
Choi noted that headcount growth is a key input in the company’s financial model, and that slowing the rate of hiring is important in ensuring Coinbase can reach the profitability guidance it has set for investors.
The National Assembly Research Service (NARS) of South Korea, which provides information and analysis on legislative and policy issues to lawmakers, classifies crypto as a virtual asset. It says the tax threshold for income generated from virtual assets should be 2.5 million won or $1,946 with a tax rate of 20%, according to a notice posted last week.
US Securities and Exchange Commission chair Gary Gensler made his concerns clear in an interview with Bloomberg on Tuesday, calling out crypto exchanges for offering multiple services that are often in conflict with one another, such as custody, market-making, and trading. Gensler specifically took aim at the top three largest stablecoins — Binance USD, USD Coin and Tether — saying that it is not a coincidence that they are all closely tied to crypto exchanges.
Binance.US raised over $200 million in its first external funding round, putting its pre-money valuation at $4.5 billion as it builds out a roadmap for an initial public offering (IPO), its CEO Brian Shroder. Binance.US is one of the largest digital asset exchanges by trading volume in the U.S. with a 24-hour trading volume of $306 million, according to data on CoinMarketCap. The exchange provides licensed services to 45 states with plans to operate in all 50 states and all U.S. territories, Shroder said.