What is it?
Kava SAFU Fund is an on-chain community pool that will increase the overall safety of the Kava platform by protecting against unforeseeable black swan events while giving users assurity that their funds are safe. The Kava SAFU community pool’s main function is to make users whole after events like unforeseen bugs, exploits, hacks, liquidation failures or other technical issues that result in lost user funds.
These types of events haven’t happened on the Kava platform because of Kava’s architecture, robust testing, audits, and market monitor infrastructure. Now Kava is introducing the latest component in its security and reliability infrastructure; the Kava SAFU Fund. Designed to counter the unique threat of black swan events.
The Kava SAFU Fund will be created through a one-off inflationary event where 10% of Kava’s current token supply will be minted and held within the Kava SAFU Fund.
“Over the long run, the creation of the Kava SAFU fund is a net positive for the overall DeFi ecosystem. By giving assurance on compensation in the case of a black swan event helps instill further confidence for Kava’s DeFi platform.” — Michael Ng, Co-founder of StakeWith.Us
Now that the Kava platform has grown to hundreds of thousands of users and has hundreds of millions of dollars in collateral deposits, Kava Labs as a centralized entity cannot and should not take responsibility for unforeseen events for following reasons:
- As a US company, we must collect KYC/AML and run OFAC checks before transferring funds to any users. Even if we wanted to, due to regulations we cannot send funds to many users around the world. In the spirit of creating an open and decentralized platform for anyone, anywhere in the world to use, the Kava platform needs to have an on-chain way to make users whole in the event of loss that is free of censorship and regulation.
- Collecting KYC/AML of all the users on the Kava platform is the opposite of what DeFi is all about. Kava Labs would have to do exactly this if a global black swan event occurs that impacted funds across all users on the Kava platform.
- Now that the collateral deposits are hundreds of millions of dollars in size, it’s simply not possible for Kava Labs to play a role in making users whole in black swan events. The Kava platform network needs a better solution that can scale with its increasing size.
Historical Context and Comparables
Inspiration for the Kava SAFU Fund comes from traditional finance where margin trading platforms have a rainy day fund to cover losses. In crypto, we have several notable examples with Bitmex’s Insurance Fund that ensures liquidations of margin positions go smoothly and Binance’s all purpose SAFU Fund which has been used to make users whole after serious hacks and exploits have occurred.
More recently, the Cosmos Hub has adopted a community pool which has several purposes, including that of being a SAFU fund for users. Similarly other Cosmos-SDK based blockchains like Akash and Terra have adopted different forms of community pools.
Qualification for Covered Incidents
Many events can impact user funds. Events like upgrade errors, defaults, and critical bugs that result in lost funds will qualify to be reimbursed by the Kava SAFU Fund subject to governance approval. Below is a example non-exhaustive list for illustrative purposes of the type of events which may impact users funds and may be covered by the Kava SAFU fund, however it is critical to note that any and all actions taken on behalf of the Kava SAFU fund is made by the Kava governance community alone.
- Network downtime resulting in loss of users funds (e.g. via inability to re-supply)
- Critical network bugs which result in loss of users funds (e.g. inaccurate accumulation of interest)
- Critical network exploits which result in loss of users funds (e.g. exploited vulnerabilities in business logic)
- Critical cross-chain software bugs or exploits which result in loss of user funds (e.g. cross-chain double spends or multi-sig wallet compromise)
- Critical bugs or exploits in auxiliary network services (e.g. oracle software exploits)
- Market manipulation which results in loss of user funds (e.g. driving massive liquidations by manipulating price feed or associated reference market price)
- Application service defaults in the event of massive liquidation events (e.g. under-collateralization of Kava of Hard application services resulting from system debt not being met at auction)
- Network upgrade critical bugs which may result in loss of users funds
- Network upgrade rollback procedures which may result in loss of users funds
The Funding the Pool
There are many ways to fund the pool, including a one-off inflationary event or a continuous inflation schedule which adds to the pool overtime.
For the purposes of providing an adequate SAFU Fund for the current levels of collateral and debt managed by the Kava platform, 10% of total Kava supply should be created in a one-off inflationary event and put towards the Kava SAFU Fund initially. This will be more than adequate for the foreseeable future.
Should the platform grow orders of magnitude larger or if Kava SAFU Funds are disbursed after an event, it will be up to the Kava governance community to decide how to ensure the Kava SAFU Fund is appropriately re-capitalized from that point forward. This can occur from a redirecting of various platform fees, another one-time inflationary event, or a continuous inflation contribution to the Kava SAFU Fund going forward.
It’s great that we’re implementing an insurance pool. Binance SAFU fund has helped Binance users immensely in the past and also served as a safeguard for PR damages.
The initial one-off inflationary event seems reasonable given that we’d need significant time for the SAFU fund to be filled should we allocate a proportion of the network inflation to the pool instead. — David Park, CMO of Cosmostation
Usage and Disbursement of Pool
It will ultimately be up to the Kava token holder group to vote on each SAFU-spend proposal/request and determine if the case qualifies for distribution.
If a SAFU-spend proposal passes successfully, the number of KAVA encoded in the proposal will be transferred from the Kava SAFU Fund to the address encoded in the proposal, and this will happen immediately after the voting period ends.
“In a world overrun by hacks, exploits, and rug pulls, Kava by contrast is quickly becoming the most trusted platform by exchanges, institutions, and crypto applications around the world thanks to its robust security and safety practices. The Kava SAFU Fund will further position Kava’s DeFi platform as the most trustworthy solution in the emerging DeFi space as it gives further assurance that user’s assets are safe even in unforeseen black swan type events.” — Brian Kerr, CEO of Kava Labs
How would you like to get your hands on a custom built Tesla Roadster?
Bitcoin Latinum, a digital asset associated with award winning movie studios and globally renowned insurance brokers, is offering you that chance.
The digital asset, which has been described as the “next generation of Bitcoin fork” for its ability to “break barriers… that have prevented some virtual currencies from achieving… real-time use”, sold out of its initial public presale in November 2020.
To celebrate it coming to the market again later this year, Bitcoin Latinum is giving away eight custom Tesla Roadsters and you’re not even required to buy anything to be in with a chance of winning.
You can enter the draw over on shop.bitcoinlatinum.com.
You can enter until the end of April and the draw will be made later this year when the Bitcoin Latinum hard fork is launched.
This highly anticipated Bitcoin Latinum has been in the news already over the last few months, being slated as the “world’s largest insured digital asset”. Globally renowned brokers Marsh and McLennan’s Asia division has been appointed for it.
Its association with movie studio, Cross Creek Media, also hit the headlines. The studio, who made Oscar winner Black Swan, has adapted the asset.
Its CEO, Timmy Thomspon discussed this move, stating: “Cross Creek’s portfolio of new media technology investments perfectly positions us to take advantage of the digital asset sector in media and gaming.”
Recent news from global cryptocurrency exchange Huobi has seen the platform announce user support for the Russian Ruble (RUB). This latest development will mean that Huobi users can now withdraw and deposit in Russian Rubles. This is, of course, great news for the long-term success of the exchange itself and also users there who have been waiting for RUB support on the platform.
This is not the only new announcement made by the company though. They have also released details of users now being eligible to buy top digital currencies, such as BTC, LTC, ETH, BCH and DASH with Rubles. These new innovations will work in conjunction with AdvCash, which is one of the most respected payment solutions around in the crypto world.
RUB deposits and withdrawals in Huobi – how does it work?
Huobi Global has confirmed that both crypto buying and RUB deposits/withdrawals will be conducted through AdvCash wallets moving forward. This will come with a minimum deposit/withdrawal limit of 200 RUB for users. There has also been a maximum limit introduced for deposits of 100,000 RUB and 50,000 RUB for withdrawals.
It seems that the process of making transactions in RUB via AdvCash wallets on Huobi will be pretty simple. Users will be asked to provide identification details first, which will then be verified by AdvCash. People will then simply log into their Huobi Global Account and find the ‘Deposit-Exchange’ option under ‘Balances’. Once there, you would just find ‘RUB’ on the list of eligible currencies to fund your account with them.
Verification of KYC also needed
At this point in the process, users will also have to complete and submit their KYC for verification, if not done already. When this is all sorted, you can then choose ‘AdvCash Balance’ as your method of payment and choose how much you want to deposit. You then choose ‘Pay’ and get sent to the AdvCash platform where you set up an account or log in to continue.
After this, the whole payment procedure can be finished by using any of the options in your wallet. Once the payment is completed, you will be sent back to the ‘Deposit’ page and be able to carry on using Huobi Global as usual. Security is assured as all transactions made to and from your Huobi account are recorded.
Special RUB promotion period
Those who decide to use RUB in the current promotion period can save 0.99% on deposit fees and 2.49% on fees for withdrawals. It is also expected that Huobi Global’s decision to bring RUB into their platform will pave the way for other FIAT currencies to follow.
The app, available on the Apple App Store, is designed to enable users to create fantastic visual content that can be shared instantly on every digital platform.
Typerium will expand its offering in the future, but even v1 of the app offers the opportunity for creators to access sophisticated suites of photo and text editing options, more than 400 premium fonts from some of the best type foundries around and free access to more than half a million stock images.
There are also more than 40,000 professional-quality designed assets already available on the Typerium app, with more added every day.
Simplicity is also key to the Typerium platform: with it, you can share the assets you’ve created to every social media network with just one click.
Crucially, though, all this work is protected by Typerium using blockchain technology.
The app took more than two years of work to reach the point of a successful launch, but Alex Haigh, the founder of Typerium, feels the app could change the game completely for content creators.
“It’s been an extremely challenging 2 years,” he says, “however, I believe we now have a solid foundation to build on to compete with companies like Canva, who have concerned the market for too long.”
Ultimately, Typerium intends to facilitate the work of content creators with a whole blockchain-protected ecosystem where they can work and run their business. This means a social media network and marketplace as well as a distributed platform for content creation.
Alex Haigh again: “What we are ultimately setting out to build has never been done before. In these current times, it’s more important than ever to provide people with an opportunity to become self-sufficient without the need for reliance on huge corporations or marketplaces for their livelihood. This is the first crucial step towards creating a decentralised platform that has the potential to empower content-creators.”
With top-quality designs available, a look and feel that’s smooth and sophisticated, and an easy versatility and simplicity in its operation, the first iteration of the Typerium app looks to be off to a good start.
Huobi Futures has just celebrated over $2.6 trillion in cumulative trading volumes since its launch just over two years ago.
Its launch date was December 10, 2018 and ever since then, the trading platform has gone from strength to strength, now being considered one of the go-to places for derivitace product options.
A constant look towards the future and a aim to expand its product options have helped its growth. For instance, USDT-margined Swaps, Coin-margined swaps and futures are among the services that are central to Huobi’s offering currently.
This is demonstrated by USDT-margined Swaps accounting for almost 23 percent of the trading volume of all units as of December 3rd. Huobi’s coin-margined futures trading, which includes 13 major crypto assets, also has had a unilateral turnover of $1,907bn since its launch.
Not only that, but Huobi’s coin-margined swaps is the no.1 coin-margined swaps market globally.
Its trading volume of USDT margined perpetual swaps is also growing, with a cumulative total of over $60.5 billion as of December 4th, 2020. Earlier this year, Huobi further demonstrated their ability to offer an excellent service, by launching USDT-quoted options whereby users could trade without worrying about the risk of liquidation.
A statement from Huobi aimed to explain their success, citing the following: “The fact that Huobi Futures has achieved this success in just two years is largely due to its continuous efforts to launch innovative products that continuously enhance the user experience while ensuring that users can trade securely, consistently, and at a low cost.
This has a profound impact on two aspects for users. Since Huobi Futures started the operation in 2018, it has been able to provide users with a safe, stable and low-cost trading experience.”
Huobi Futures has announced its latest offering that looks to take advantage of the ever-growing and popularizing stablecoin market with USDT-Margined Swaps on Oct. 26. Ten popular currencies including BTC, ETH, BCH, BSV, LINK, DOT, UNI, FIL, YFI, and BNB are listed in its first batch. Based on Huobi’s announcement, currently only Web and API are available; trading on APP will be supported around one week later.
The total market capitalization of stablecoins has grown from $2.6 billion at the start of 2019 to $20 billion by late September of 2020. Tether (USDT), at $16 billion, leads the way. The data indicates a clear desire and hunger to use stablecoins for the transfer of value across the cryptocurrency space, and offering a stablecoin-margined swap at this time can provide new benefits to traders. In Huobi USDT-margined swaps trading, users can trade various perpetual swaps with only USDT.
Huobi USDT-margined swaps are quoted in USDT and use USDT to calculate profit and loss. USDT-margined swaps have a linear payoff and have no delivery date; therefore users could hold positions no matter how long they want as long as no liquidation occurs. USDT-margined swaps are settled every 8 hours and are executed at 00:00, 8:00 and 16:00(GMT+8). In addition to gaining profits in a rising or falling market by opening a long or a short position, users could also use it for hedging. The following part analyzes the main features and advantages of Huobi USDT-margined swaps.
Low-par value and up to 125x leverage
Compared with coin-margined swaps, the contract face value of USDT-margined swaps is relatively low. For example, the face value of each BTC/USDT swaps contract is 0.001 BTC, the converted value of which is around 12 USDT; while for coin-margined swaps, the face value of each BTC/USD swaps contract is 100 USD. Besides, the platform provides 1x to125x leverage to lower the threshold for traders, users could adjust the leverage based on their actual needs.
Preferential fee rate
The fee rate structure on Huobi Futures is transparent. The platform only charges transaction fees for opening and closing positions. During the promotion period, the lowest transaction fee rate for Maker is -0.025% and for Taker is 0.026%. Huobi will continue to execute its VIP sharing program for USDT-margined swaps.
A good news is that, for users who are a VIP client or a market maker of both Huobi futures and coin-margined swaps, the platform will take the higher one as their VIP level of Huobi USDT-margined swaps during the promotionn period. Assume a user’s level on Huobi futures is VIP 3 while on Huobi coin-margined swaps is VIP5, the system will take VIP 5 as his level on Huobi USDT-margined swaps.
In terms of trading functions, Huobi USDT-margined Swaps supports multiple order types including Limit Order, Trigger Order, IOC and FOK. There are also many functions like Flash Close, Follow a Maker & Taker available.
It’s worth mentioning that Huobi is a pioneer in the industry that uses a locked margin optimization function. With this function, users who hold both long and short positions for the same asset could enjoy a position margin reduction and therefore lower liquidation risks than that in other derivatives platforms.
Moreover, Huobi USDT-margined Swaps offers “Take profit & Stop loss” functions. Users could set in advance not only based on price, but also on profit rate.
Excellent Liquidity and Zero Clawback Record
The USDT-margined Swaps is designed by the original team of Huobi Futures whose core members were all from top investment banks. Huobi Futures has rich experience in derivative product modeling and system construction, at which users could enjoy the best liquidity and the highest trading volume.
The platform has various methods to protect users’ assets, such as cold and hot wallets separation, multi-signatures, anti-DDOS protection systems, and 20,000 BTC security funds preparation, which makes the company holding a record of zero clawbacks since the launch in December of 2018.
User-friendly liquidation mechanism
Huobi Futures is the first digital asset derivatives exchange in the industry that supports a three-phase liquidation protection mechanism; no transaction fees will be charged in partial liquidation. The platform uses Exponential Moving Average (EMA) as a second reference for forced liquidation and the clawback mechanism will not be triggered as long as the insurance fund is positive.
USDT-margined swaps are the latest product offered by Huobi, following on from the extremely successful launch of Coin-margined Swaps in March this year, and Options a few months later. Huobi’s Futures team has ingrained itself as one of the leaders in the space as the team leans on previous experience at investment banks.
“We are well aware of the growth in the stablecoin market and the amount of money that has been added to the ecosystem and want people to be able to make use of that. In countering the risk of USDT price fluctuations, we also offer USDT/USD swaps with leverage up to 1000x. In this one-stop digital asset derivatives platform, we provide USDT-margined swaps, coin-margined swaps, coin-margined futures and USDT-quoted options to satisfy the diverse needs of individual and institutional traders.” said Ciara Sun, Head of Global Business and Markets and Vice President Huobi.
With Upfiring 1.2.2, seamless decentralized P2P file-sharing is now possible on the Ethereum blockchain. With our product ready for user adoption, the project’s focus will be shifting towards towards community growth and marketing for the second half of 2020.
Upfiring 1.2.2 Release — August 24th, 2020
Upfiring 1.2.2 has been deployed and is available for download on upfiring.com. This update fixes an important connection issue that will improve the dapp’s ability to discover and connect to other peers/seeders on the network. Upfiring 1.2.2’s release will ensure the dapp is ready for a growing userbase of downloaders and seeders in the coming weeks. Existing Upfiring dapp users will be prompted on application launch to update their application, or they can navigate to the “Settings” tab and click “Check for updates”, as seen below.
Important Link Updates:
- ufr.exchange now allows you quick access to the UFR-ETH market on Uniswap
- ufr.chat links to our forums, which have been relaunched and will be further updated this week
- upfiring.com homepage will be updated this week with new links/information as well
- Dapp Stress Tests
- Upcoming AMAS
- Influencer Marketing
- The Upfiring Blog, Press Releases, & SEO campaign
- Expansion of the Upfiring Dapp Documentation
- File-Sharing website outreach
- Community-run marketing group and community contributions
- Paid advertisements
Upfiring Dapp Stress Tests (3)
The Upfiring Stress tests will evaluate Upfiring’s ability to support files with large numbers of seeders and properly distribute UFR between all active seeders on a file. It will also test out the networks capability to have many files decrypted in a short period of time. There will be 3 major stress tests in the coming months. Note: The amount of UFR offered during these events is subject to change if the UFR price fluctuates significantly. In addition, pending the results of each of these stress tests, the dates are subject to change as well.
Stress Test 1: 500 UFR Total — Sunday, September 20th, 2020 at 5 PM EST
- 5 .ufr files, each worth 100 UFR, will be created by our team and distributed via our social media pages one week prior to the stress test (September 13th to September 20th)
- We will decrypt the files one by one, rewarding all participating seeders with a share of the UFR equal to 100/# of seeders for each file
Stress Test 2: 2,000 UFR Total — Sunday, October 4th, 2020 at 5 PM EST
- The results of Stress Test 1 will be analyzed and the procedure of Stress Test 2 may be adjusted if necessary
- 10 .ufr files, each worth 150–250 UFR, will be created by our team and distributed via our social media pages one week prior to the stress test (September 27th to October 4th)
- Files will be decrypted as with Stress Test 1
Stress Test 3: 5,000 UFR Total — Sunday, October 18th, 2020 at 5 PM EST
- 50 .ufr files, each worth 50–150 UFR, will be created by our team and distributed via our social media pages one week prior to the stress test (October 11th to October 18th)
Upfiring’s Upcoming AMAS (Ask-Me-Anything) & Appearances
In an effort to expand the size of our community and introduce new users to Upfiring, we have been working with closely with several Telegram groups, Youtubers, Discord groups, and influencers to plan several major events for this project. The following groups will have AMAs for Upfiring in the coming weeks. Any TBD dates will be announced via our social media when they are set:
- GosuTV, Korean audience — set for Wednesday, September 9th at 9 PM EST
- TheGemHunters, a 2500+ Telegram group — set for Sunday, September 20th at 2 PM EST
- @cryptowindonesia, an Indonesian audience of over 7500+ people, translator will be used — date pending
In addition, we plan to appear on several Influencer’s Channels in September and October including:
- CryptoWendy (date set)
- Several other major appearances are set, and we cannot disclose them until the air date!
The Upfiring Blog, Press Releases, and SEO campaign
SEO is one of the primary ways people discover new and growing projects. Upfiring will begin an SEO campaign that will focus on increasing the overall quantity of content released on our website and improving upon the quality/scope of that content. This will help to create an influx of new members in our community.
The Upfiring Blog, to be located as a subset of the upfiring.com website, will be a major contributor to the growth and promotion of Upfiring. We will be publishing content dealing with issues surrounding file-sharing, file storage, decentralization, and various other relevant topics to our project.
In addition, the dapp’s documentation will be improved to include more important information for new users, such as several potential use cases for Upfiring and how to maximize usage and earnings as a content creator.
File-Sharing Website Outreach
Because the Upfiring application does not allow the direct sharing of files within the dapp, external file-sharing websites are absolutely critical to the success of this project. There are several Upfiring file-sharing websites in existence right now. In order to help these sites grow, we will be working with the developers to provide key information from our source code that will allow new and existing websites to easily analyze the metadata of .ufr files, number of seeders on a file, and other key information as well.
We will also be spending time over the next few weeks reaching out to existing file-sharing websites to help them integrate .ufr files into their sites.
Community-run marketing groups and community contributions
Upfiring needs the help of the community in order to reach its full potential. We have one of the most decentralized Ethereum projects in the space — with our team owning an extremely small portion of the token supply relative to other projects, and having little to no control over the Upfiring smart contracts/dapp activity now that they are deployed. Our team does not profit off of the application. As such, it is imperative that the community step in and help this project grow. There are already several community-run Upfiring marketing groups floating around on Discord, Telegram, and elsewhere, and these groups have already helped immensely with the start of our marketiing campaign. If you believe in our cause and want to see the widespread decentralization of content distribution, we encourage community members to take action wherever they can. If you are interested in helping with marketing activities, you can post in our Telegram group or PM @tylerfallon on Telegram for more information.
The dapp’s development will be discussed in further detail in future posts, but several important features are in the planning stages right now:
Upfiring Dapp Uniswap Integration
Funding your Upfiring wallet, obtaining UFR to use within the dapp, or converting your UFR earnings to Ethereum/other tokens is going to become a smooth experience that users will be able to do using their Upfiring wallet in the dapp. In another effort to further decentralize the dapp and remove the power that centralized exchanges have over this project, Uniswap (a decentralized exchange) will be integrated directly into the dapp. This is another huge step towards the immutability of the Upfiring network — if the Uniswap.org website goes down for any reason, you will still be able to use the smart contracts within the Upfiring dapp to convert to and from UFR with 100% uptime.
The Upfiring Blockchain — moving to our own smart contract network with a bridge to the Ethereum network
The pre-development phase of the Upfiring blockchain has begun. Currently, we are discussing the feasibility of creating a dual-network link within the dapp that will allow for payment to be made in UFR from the new Upfiring blockchain OR on the Ethereum network via ERC20 token (as it is now). A bridge will be created that will allow users to swap between the ERC20 token and mainnet coin at with a 1:1 ratio, ensuring a fixed supply of tokens and a consistent price between the two. This will also allow us to maintain our exchange listings on important, high-volume exchanges like Uniswap.org and IDEX while creating a customizable mainnet that is not limited by issues that we’ve seen on the Ethereum network, such as high fees and congestion.
Upfiring Web Browser Dapp
Another huge development we are currently working on that will make Upfiring more widely available to users in the space is a direct integration into Google Chrome so that Upfiring and it’s functionality may be accessed directly via website, and file download/decryption can be performed with tools like Metamask.
This is an exciting time for this project. We have a ton of events planned in the coming months and would love to have you, the reader, join our communities and be a part of our project’s growth. You can get UFR on Uniswap here. Check out our social media pages: Telegram, Upfiring Forums, Reddit, Twitter, Bitcointalk, and Discord as we continue our mission to change the future of P2P file-sharing.
Kazakhstan-based mining provider Xive announced mining capacities empowerment and the launch of an updated site on the 9th of July. On xive.io website you can buy a fast mining contract starting from $4.55, pre-order mining powers or even become a partner of the company by filling out an application for the equity purchase.
Besides hashpower sharing, Xive offers its clients mining hardware accommodation starting from $0.042 per kWh.
For its clients Xive offers low upkeep costs, customer support and real-time hardware monitoring. Also, company claims to have the most transparent legal conditions on the market.
“We work legally and value our reputation. Therefore, we provide the highest level of service to our customers.” – stated Didar Bekbauov, founder of Xive.
Learning platform Xive Academy includes a set of educational articles on the company website and a series of free webinars, dedicated to the basics of mining and cryptocurrencies. The first webinar is intended for beginners, but it will also be useful for more experienced users to systematize knowledge and look at mining and cryptocurrencies from a different point of view.
14th of July at 4 PM UTC – “Mining secrets 2020” online webinar will take place. More information and a registration form can be found by link.
Xive is an officially registered Kazakhstan-based mining provider that offers remote mining and hardware accommodation services. The company was founded in 2018 as a part of Astana Hub – government-supported international techno hub. Company owns and manages three datacenters and develops real-time hardware monitoring software. In the near future Xive plans to launch hashpower marketplace and own mining pool. Among company services there are hashpower pre-order, fast mining contracts purchase and hardware accommodation.
Banxa, a full-service, internationally compliant digital banking infrastructure provider, announced it has completed its USD$2 million Pre-IPO investment round. The round was led by OK Group, a world-leading blockchain technology and service provider focused on the research and development of the technology and its all-scenario applications..
The funding round will be used to support Banxa’s global expansion efforts as it enters new markets throughout Europe, Asia, and Africa. Other participating investors in the raise include Australian Securities Exchange (ASX), and listed Thorney Investment Group Australia, a multi-billion-dollar family office.
This Pre-IPO funding round supports further efforts of onboarding new customers as Banxa expands its global payment network all the while continuing its listing process on the Toronto Stock Exchange (TSX.V).
Representative from the Investment Department of OK Group Estrella Du said, “A blockchain-driven economy can enable everyone to access financial services without any intermediary, ultimately empowering people, regardless of social class and geographical location, with financial freedom and opportunities. To this end, building a bridge between fiat and crypto is of paramount importance. We sincerely hope our investment will be a catalyst for such development.”
Domenic Carosa, Founder and Chairman of Banxa said, “After almost six years in the blockchain industry, our goal remains the same––to champion a fairer, more open and more secure financial system for the benefit of consumers and businesses alike. We are currently in the final stages of a TSX.V listing which will make Banxa the first crypto Payment Service Provider (PSP) to be listed in the world, bringing well-needed transparency and governance to the crypto sector.”
Banxa offers a fully compliant fiat-to-crypto conversion service that provides regulatory compliance, fraud detection and mitigation. Accommodating a host of global payment options including leading global credit card providers, bank transfers in the European Union, Australia, and the United Kingdom, as well as cash payments, Banxa is able to offer high volume payment processing at low fees. Banxa’s B2B service launched in late 2019 and has already seen integrations with global crypto firms including OK Group entities , Binance, KuCoin, and EDGE Wallet, servicing a combined customer base of over 20 million users.