Some of DeFi’s biggest players have joined forces to launch a new alliance geared towards furthering the education, research and best practices of the nascent industry. 

The GoodFi alliance, launched by Radix, includes crypto projects Chainlink, Aave, and mStable, as well as digital analytics company Messari.

Piers Ridyard, CEO at Radix, told Cointelegraph that GoodFi “enables companies operating in the DeFi space to collectively work to solve the issues facing a wider base, starting with the generally “crypto-engaged” but building to a mainstream audience.” As members of GoodFi, companies can share strategies and communal knowledge for attracting new DeFi users.

Their mission is to get 100 million people to put at least $1 into DeFi applications by 2025. To achieve this objective, the alliance has prioritized education to help raise awareness of the utility behind DeFi applications.

Ridyard explained:

Decentralized finance was one of crypto’s most remarkable growth stories of 2020, with projects like Chainlink and Aave leading the charge. LINK is now the world's ninth-largest cryptocurrency with a market capitalization of $11.3 billion. Meanwhile, AAVE is in the fourteenth spot following 500% year-to-date returns. 

At the time of writing, nearly $55 billion had been locked into DeFi projects across a range of applications and use cases.

Although DeFi has yet to lure a wider mainstream audience, early crypto adopters have been attracted to the idea that traditional financial services can be recreated or improved upon using blockchain technology. For that reason, DeFi is expected to be one of the hottest industry verticals moving forward.

Ridyard believes getting people to put $1 into DeFi projects is akin to early internet adoption. “Getting homes connected is the hardest part,” the alliance said of the internet in the 1990s. “With DeFi, getting the users to put their first $1 in is the very hardest step.”

In an announcement on September 25, auditing and consulting firm Deloitte announced a plan to help The Institutes RiskBlock Alliance expand into Canada. In November, RiskBlock announced it would also chair blockchain standards for ACORD, the global standards-setting body for the insurance industry. These moves could signal significant steps toward product development and international growth for blockchain-based insurance applications. Deloitte is working with RiskBlock Alliance to develop blockchain products and applications for the insurance industry.GettyRiskBlock is a blockchain consortium of more than 30 insurance companies looking to boost efficiency and reduce fraud via blockchain technology. RiskBlock’s vice president, Pat Schmid, explained that its role as a non-profit keeps self-interested parties out of development. He said, “Blockchain is a network-based technology that will only be harnessed with a strong network already in place. The Institutes already has a broad network and, as a well-respected not-for-profit, has no stake in the game.”As one of the largest global accounting organizations and the largest professional services network in the world, Deloitte’s work with blockchain may be an early signal of industry reform. Over past few years, Deloitte has been ramping up blockchain strategy formation, prototyping, and production for its clients. Ted Epps, a principal with Deloitte Consulting, said Deloitte and The Institutes have been collaborating with regulators since the start of their partnership. “RiskBlock is hosting a workshop with state regulators in November that we are helping to facilitate. In Canada, we involved regulators from the beginning to gain support for forming a consortium. We are taking similar approaches to other geographies as RiskBlock contemplates global expansion.”Deloitte is currently working on two insurance-based blockchain applications that could help streamline some aspects of the rigmarole involved with filing a claim. The first is a proof of insurance application that shows customers have paid their premiums and are eligible for benefits. The other is a subrogation tool that helps collect member payments and improves claims processing and accounting. The subrogation tool could help those filing claims get paid faster through the use of smart contracts that automatically disburse funds after the insurance company gets the proof of loss needed to process a claim. While Deloitte’s expansion may be promising, it still faces a bevy of domestic and international regulatory hurdles. In the US, regulations vary widely from state by state. These state-specific rules, especially around forms and documentation, mean a lot of hurdles not just for blockchain firms, but for any company wishing to provide national or international insurance. “The hard part is going to be figuring out how you ring fence things at a state-by-state level to get regulatory approval that satisfies really old-fashioned but pro-consumer regulations,” says Stephen Palley, an insurance coverage lawyer.Palley, who chairs the blockchain and virtual currency practice group at his firm, Anderson Kill, also expressed some concern over Deloitte’s subrogation application. When someone files a claim, he or she doesn’t always know which policy should handle it, and submits it to everyone. Palley said this can lead to the quandary of who should be paying out on the policy: “How does [Deloitte’s] tool solve that?”Though Deloitte and The Institutes are launching a collaborative effort with regulators and are developing what are perhaps some of the first tools for their industry, the benefits for consumers and their future success with regulators remain to be seen. Will these new moves bring consumers faster resolution of their claims or fairer payouts thanks to blockchain?I write about decentralization, regulation, and cryptocurrencies from Bitcoin to zk-snarks and stablecoins. It's important to me to bridge finance, economics, and tech to address the “what ifs” and “so whats” about crypto. I have written for several cryptocurrency news site...I write about decentralization, regulation, and cryptocurrencies from Bitcoin to zk-snarks and stablecoins. It's important to me to bridge finance, economics, and tech to address the “what ifs” and “so whats” about crypto. I have written for several cryptocurrency news site...

Burstcoin, the self-described token that “enables you to connect people and companies without intermediaries in order to communicate, do business or sign contracts,” has joined the Blockchain Privacy and Security Adoption Alliance, according to a press release from the group.

This will be the 7th project to join this Alliance.

“Burstcoin is the first coin that harnesses the free space on your hard drive for mining and provides a passive income in return, as well as the first cryptocurrency to use the Proof-of-capacity (PoC) consensus algorithm,” the release describes. “PoC was designed to be a sustainable, energy-efficient alternative to the proof-of-work model. Compared to proof-of-stake, PoC is considered to be more fair and decentralized. Notably, Burstcoin was the first cryptocurrency to implement Turing complete smart contracts, the first to run a program on top of a blockchain, and has the distinction of being the first to successfully perform an Atomic Cross-Chain Transaction.”

The release describes Burstcoin some more, stating:

Bitcoin Mining Pool BTC.com Acquired By NYSE Listed Sports Lottery Firm 500.com (WBAI)

Chinese online lottery company 500.com has purchased Bitcoin mining pool BTC.com which is run by Jihan Wu ’s BitDeer Technologies.

The NYSE listed 500.com (WBAI) revealed the news on Tuesday stating that it had inked a share exchange deal with Blockchain Alliance Technologies, which owns BitDeer.

According to the deal, which is subject to some closing conditions, the sports-lottery firm will offer 44.35 million shares valued at $0.0005 to Blockchain Alliance by April 15, 2021.

However, the number of shares offered to Blockchain Alliance will be determined by the amount of profit, or loss, that BTC.com makes at the end of the year. The deal states that if the mining firm nets $20 million in profit, then 500.com has to offer no less than 22.18 million shares on top.

The deal also states that if the mining firm makes an operating loss by year-end, the betting firm has the right to buy back a certain amount of shares from the Blockchain Alliance at market value. The agreement said,

“Assuming such net operating loss is no less than US$10 million, a maximum of 4,435,344 Class A Ordinary Shares shall be subject to such repurchase arrangement.”

The former chair of Bitmain, Jihan Wu, who also owns BitDeer, will be the largest beneficiary of the deal. Wu relinquished his position as the head of Bitmain earlier this year to bring an end to a long-lasting ownership wrangle in the company.

The selling of BTC.com is seen as a move to help Bitmain succeed with its pursuit of IPO as it will not have any crypto on its accounting records. The firm has been pursuing an IPO since 2018. Currently, BTC.com is ranked as the fifth biggest bitcoin mining firm in the world. The company also mines Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) cryptocurrencies.

Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

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Major acquisitions are still happening in the cryptocurrency industry. In the latest acquisition news, a lottery service has purchased a famous cryptocurrency mining pool.

500.com, a sports lottery service based in China has reported in an official announcement made on Tuesday, the 16th of February that it has bought BTC.com, one of the prominent BTC mining pools in the industry.

As per the announcement, the acquisition occurred through a share exchange agreement that took place between Blockchain Alliance Technologies Holding Company and 500.com in the Cayman Islands.

According to the terms and conditions of the agreement, 500.com will take into control Bitdeer Technologies Holding Company’s complete business of mining pool. It will include a digital currency wallet and the name of the domain. The crypto wallet and the domain both are currently being run under the mining pool BTC.com. Bitdeer Technologies Holding Company is actually the parent firm of Blockchain Alliance.

The company has also revealed further details regarding this acquisition, such as when the firm will be paying money for this acquisition. The company stated in the announcement that the first transaction for this acquisition is likely to take place before or on the 15th of April, 2021, as a part of the share exchange agreement.

In addition to the share exchange agreement, there are some other agreements that have taken place between these two firms, such as agreements concerning net operating profits. In case the net operation of BTC.com goes into profit by the end of Dec 2021, 500.com will be required to issue extra shares to the mining pool’s former parent company, as part of these agreements.

While on the other hand, if the net operation of BTC.com goes into loss within the same time period, then, 500.com will have the right of repurchasing additional ordinary shares of Class A from Blockchain Alliance. As a New York Stock Exchange (NYSE)-listed firm, 500.com provides customers with a wide variety of lottery services online. The firm has also started making its presence in the digital currency industry as well. At the beginning of the current month, the company had announced a major acquisition in which it bought a total of 5,900 BTC mining devices for an amount of $8.5M.  

DeFi still has a long way to go before it is taken seriously as a competitor of traditional finance, but its parabolic adoption in the last year could be the start of an economic revolution. In order to speed up this process, Radix DLT, a blockchain protocol specifically built to benefit DeFi applications, has created and launched the Goodfi Alliance. In collaboration with AAVE, Chainlink, Messari Capital, and mStable, some of the biggest players in the blockchain industry, Goodfi Alliance will work to evangelize DeFi to everyone.

Established as a non-profit initiative, Goodfi has one goal, and one goal only: the introduction of DeFi to as many people as possible. The alliance has massive plans already, intending to get one hundred million people to put at least $1 into DeFi applications. The program’s backers plan to accomplish this feat by 2025 using the brains and resources of some of the top DeFi contributors.

Goodfi is taking a multi-faceted approach to spreading DeFi, focusing on education, research, and awareness to accomplish its mission. Goodfi also plans to collaborate with more businesses, organizations, and other influential bodies that want to promote DeFi solutions. Since many different platforms undertake this initiative, some of which will inevitably compete against others in the alliance, all promotions will be neutral and focused on the DeFi industry as a whole.

Goodfi won’t only be focusing on introducing DeFi technology to end-users, but also to companies that can benefit from these innovations. The consortium will regularly produce and release educational materials, as well as advisory materials that can be especially useful to companies looking to get involved in the space. By teaching as many as possible about the opportunities that DeFi can unlock, Goodfi hopes to spur growth in the industry and restore power to the disenfranchised – the 99 percent. Many are not aware of the potential DeFi brings; Goodfi plans to open their eyes.

Many competing blockchains are looking to make their mark in the DeFi space, but Radix is one of the only blockchains that caters to the needs of DeFi developers and users almost exclusively.

That being the case, its decision to establish an initiative such as Goodfi makes perfect sense. The endeavor will be good for the perception of the industry as a whole, which in turn should be advantageous for Radix. It also makes sense why other decentralized platforms and blockchain-focused investors have gotten involved, since they all have the same collective goal of promoting the industry. 

When other organizations begin to see the alignment of industry incentives, they may also be motivated to get involved. One hundred million is a significant number of people. If Goodfi is able to make good on its promises and reach this goal, the cryptocurrency, blockchain, and DeFi ecosystems will have a new army of users ready to fight on its behalf.

Disclaimer: The writer has a personal relationship with Radixand used this relationship to source insights for this article. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space. This article is informational/educational and does not represent financial advice.

Bitcoin mining pool BTC.com, operated by Jihan Wu's BitDeer Technologies, is getting acquired by Chinese sports-lottery company 500.com.

NYSE-listed 500.com announced the news on Tuesday, saying that it has entered into a share exchange agreement with Blockchain Alliance Technologies, the parent company of BitDeer, for the deal.

As part of the deal, which is subject to certain closing conditions, 500.com will issue a total of 44.35 million shares of a par value of $0.00005 to Blockchain Alliance at the first closing, which is expected to occur by April 15, 2021.

The exact number of share issuance will depend on BTC.com's profit or loss situation for the current year-end. If it records a net operating profit of a minimum of $20 million, 500.com will issue a maximum of 22.18 million additional shares.

If BTC.com records net operating loss in the year, then 500.com will be entitled to repurchase certain shares held by Blockchain Alliance at par value. "Assuming such net operating loss is no less than US$10 million, a maximum of 4,435,344 Class A Ordinary Shares shall be subject to such repurchase arrangement," said 500.com, which recently entered the bitcoin mining space.

BitDeer's biggest beneficiary owner is Wu, the company's chairman and former chairman of Bitmain. BTC.com was being operated by BitDeer and Bitmain before Wu stepped down from the Bitmain position last month.

By selling the BTC.com business, Bitmain appears to have a better chance of succeeding at IPO since it won't have cryptocurrencies on its balance sheet. (Bitmain has been trying to go public since 2018).

BTC.com is currently the fifth-largest bitcoin mining pool, based on a 7-day moving average (7DMA) hashrate share, at 14.35 exahash per second (EH/s). Besides bitcoin, the mining pool also supports ether, bitcoin cash, and litecoin cryptocurrencies.

The news appears to be a positive development for 500.com, whose shares are trading up by over 15% at $35.50 in pre-market hours. 

Meanwhile, the crypto mining pool space has started to witness mergers and acquisitions in recent weeks. Earlier this month, Chinese bitcoin mining pool Poolin acquired the hashrate of rival North America-based NovaBlock to expand in the continent.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

500.com, a leading Chinese sports lottery service provider, announced today that the company has entered into a shares exchange agreement with Blockchain Alliance Technologies. The Shenzhen-based firm will acquire BTC.com, one of the largest crypto mining pools in the world.

According to the official press release, 500.com will acquire the domain name BTC.com and its cryptocurrency wallet. The first transaction under the agreement is expected to occur on or before 15 April 2021.

500.com is a company listed on the New York Stock Exchange (NYSE). The company has a market cap of more than $860 million. The sports lottery provider has accelerated efforts to expand its crypto presence in recent days. As of writing, the shares of the company are up more than 70% in the pre-market trading.

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“The Company and Blockchain Alliance also agreed that, if the BTC.com Pool Businesses record net operating profit in the fiscal year ending December 31, 2021, the Company shall issue additional Class A Ordinary Shares to Blockchain Alliance at par value. Assuming such net operating profit is no less than US$20 million, a maximum of 22,176,718 additional Class A Ordinary Shares shall be issuable, which additional Class A Ordinary Shares represent approximately 5% of the Company’s outstanding shares as of January 31, 2021. BTC.com Pool is a multi-currency integrated mining pool established in 2016 that has a hash rate of around 17 EH/s and supports various cryptocurrencies, including BTC, BCH, ETH and LTC,” the official announcement states.

China is a leader in the global crypto mining space, and it is home to some of the leading Bitcoin mining pools in the world. The country accounts for more than 50% of the global hash rate. The recent announcement by 500.com shows that Chinese firms are accelerating their efforts to enter the crypto mining industry. Despite some challenges, China’s Bitcoin mining industry is still generating billions of dollars in revenue.

“500.com is actively developing its blockchain-related business, including Bitcoin mining, mining pool business as well as mine construction and operation,” the company mentioned in the announcement.

Chinese online sports lottery services provider 500.com has continued its growth into the cryptocurrency world with the acquisition of Blockchain Alliance Technologies, the owner of BTC.com, which provides cryptocurrency mining pool services, cryptocurrency wallets and information about cryptocurrencies.

Under the agreement, the firm will issue an aggregate of 44,353,435 new Class A ordinary shares, representing around 10% of its overall share capital, to Blockchain Alliance in exchange for all of its shares. The deal is expected to close by 15 April 2021.

If the BTC.com mining pool records a net operating profit total of $20m or more in the fiscal year ending December 31, 2021, 500.com will issue further shares, up to a maximum of 22,176,718.

However, the firm may repurchase shares in the initial payment for a price of just $0.00005 each if the business makes a loss. The number of shares available for repurchase will depend on the loss margin, with a maximum of 10% of the shares for a loss of $10m or more.

The acquisition of BTC.com is one of several recent moves by 500.com in the cryptocurrency world.

In January, it acquired a majority stake in Loto Interactive Limited, increasing its share in the company from 33.7% to 54.2% in a deal worth approximately HK$105m.

The firm also appointed Xianfeng Yang as its new CEO, who has experience in the cryptocurrency world having previously led the formation and operation of Loto Interactive’s major data centre, its cryptocurrency mining.

Earlier this month, 500.com published its unaudited financial results for the fourth quarter and full-year ended December 31, 2020.

In the posting, the reported net revenues of RMB9m ($1.4m) for Q4 of 2020, a 4.7% increase from 2019’s Q4 of RMB8.6m and a 47.5% quarterly growth compared to Q3 revenues of RMB6.1m.

Enterprise blockchain platform VeChain is joining hands with the China Animal Health and Food Safety Alliance (CAFA) to become the consortium’s sole blockchain provider. In a press release, VeChain says it plans to use its blockchain-as-a-service (BaaS) platform to enhance CAFA’s technical capacities and build a farm-to-table traceability system. “By using VeChain ToolChain™, all enterprise members of the alliance will be capable of logging key processes of food products onto the blockchain in an immutable and secured way, bridging trust between consumers and the enterprises. Traceability can start from cultivation, processing, packaging, logistics, to retail and more, which perfectly assists CAFA’s vision of providing consumers with safe, high-quality, and healthy food of animal origin.” VeChain has onboarded its first alliance member into ToolChain, and hopes that more companies will leverage the features of its platform. “VeChain ToolChain™ provides built-in, ready-to-use templates and customizable tools, which enables every food enterprise to quickly achieve full lifecycle traceability for their supply chains (at) a controllable cost.” CAFA has over 130 bonafide members which include big companies in the food industry such as supermarkets, e-commerce companies, and food and beverage firms. According to VeChain, the company is positioning itself to be at the forefront of widespread adoption of blockchain technology by being the engine that drives the traceability platforms used by consortiums and alliances like CAFA. The blockchain firm also says the strategy would introduce the VeChainThor blockchain to hundreds of thousands of businesses without engaging them one by one. ADVERTISEMENT Follow Us on Twitter Facebook Telegram Check out the Latest Industry Announcements   ADVERTISEMENT

SIMBA Chain has joined the Blockchain Education Alliance run by MouseBelt to “shape the future of blockchain education,” according to a press release from the group. The two have signed a memorandum of understanding (MOU) to collaborate under the Alliance, a self-described “global network composed of industry leaders helping to shape the future of blockchain education,” the release continues. “MouseBelt’s BEA network consists of many recognized industry leaders, including; Binance, Hedera, ING Bank, Mastercard, Rolls-Royce, Stellar, Truffle, and now SIMBA Chain. The network currently supports 82 universities worldwide by ensuring students receive the skills, connections, and knowledge necessary to contribute to the global blockchain ecosystem,” it also states. Speaking on the matter is Joel Neidig, the CEO of SIMBA Chain, who said: 4.5/5 75% of retail investors lose money.eToro Reviews https://insidebitcoins.com/visit/etoro-newsCreate your account Hide eToro Reviews 4.5/5 80.5% of retail investors lose money.Plus500 Reviews https://insidebitcoins.com/visit/plus500-newsCreate your account Hide Plus500 Reviews Remember, all trading carries risk. Past performance is no guarantee of future results. Article Info Author: Max Moeller Last Updated: 12 November 2020 Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.

In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens.

The Republic of Colombia in South America has been friendly toward crypto assets like bitcoin (BTC) and other digital currencies over the years. More recently, during the first week of January 2021, the Superintendence of Corporations in Colombia explained in an official circular that local firms can leverage capital to purchase bitcoin.

Now the Financial Superintendence of Colombia (Superfinanciera) or FSC has revealed a trial between regulated financial institutions in the country and digital currency exchanges.

The organization tied to Colombia’s Ministry of Finance and Public Credit shared a tweet on January 29, 2021, that informed the public about the alliance between a number of national banks and a select group of crypto exchanges. The mission is to enable more cryptocurrency operations to make the crypto economy in Colombia more accessible.

The initiative started in 2020, and a number of exchanges had to get approval from the FSC in order to participate. To date, the financial watchdog approved nine digital currency exchanges so far, and the platforms Movii and Panda Exchange were included.

“The Evaluation and Monitoring Committee of the government pilot that will enable cash-in and cash-out operations in financial products of deposit on behalf of crypto asset exchange platforms selected nine out of fourteen initiatives that applied for tests,” the FSC explained. Essentially, the Colombian government’s crypto sandbox was created to enhance new technologies and financial products.

The Colombian Superintendence further said:

The pilot project does not have an impact on the current regulatory framework suitable for crypto assets, that is to say, it does not change the allocation of responsibilities in the information and risk management of this kind of transactions nor it could be understood as an authorization for the financial system to use the public’s savings to perform these operations or for the exchange platforms to be under the supervision of Superfinanciera.

News.Bitcoin.com has reported on the expansion of Panda Exchange during the last few years. In 2018, Panda expanded its crypto-to-fiat trading markets, in 2019 the company launched a number of hybrid point-of-sale (PoS) crypto ATMs in Bogota and Venezuela.

Panda is partnered with Movii and in order to become registered and a verified Panda Exchange user, all an individual needs is a valid Movii account.

“Our platform has been working on this initiative and subsequent approval since last quarter of 2020 in order to be included in that important and innovative ruling,” the company explained during the announcement.

Panda further added:

Now it is easier than ever to take part of the cryptocurrency world, thanks to this ruling, crypto assets trading could be part of your everyday life. [Panda Exchange] meets all the legal and financial requirements set to be authorized to enable operations in crypto-assets for Colombians through our partnership with Movii.

Speaking with news.Bitcoin.com, Panda Exchange founder Arley Lozano said his team was thrilled to make crypto assets more accessible to his Colombian brothers and sisters. “This is an opportunity that our team was waiting for and finally the government has opened the door to the real crypto adoption,” Lozano stressed. “We are extremely happy to be one of the crypto platforms that was chosen by Colombia’s financial authorities,” the exchange founder concluded.

What do you think about the Superfinanciera approving nine crypto platforms for this initiative? Let us know what you think about this subject in the comments section below.

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Let’s find out some interesting crypto news for today.

Syntropy announced the launch of an integration with Polkadot to build blockchain infrastructure. As per the tweet, this integration provides a lot of innovative benefits for the DOT community. Moreover, Syntropy will simplify the complex node creation process through its automation tools. Impressively, with Syntropy, the non-technical members of the Polkadot community can become validators and existing validators can streamline their operations and reduce risk. Additionally, Syntropy will provide high-level encrypted security through its WireGuard tunnels to validators. In addition, it also provides a smart-routing system that assures reliable communication among nodes during congestion, outages, and censorship.

WatchSignals partnered with Chainlink to bring luxury watch data onto the blockchain. Moreover, WatchSignals is a service provided by Zapevo, which is a data-driven platform for luxury goods and services. This partnership will help the luxury watch market data to monetize the vast collection. Additionally, it will also provide an additional guarantee to WatchSignals users by signing the data cryptographically on the blockchain. Furthermore, it expands new opportunities for developers to develop new financial products on blockchains for luxury watches. In addition, this results in tokenizing collectible watches and using them as collateral for a loan or creating derivatives markets.

PAID Network announced a new strategic DeLa (Decentralized Law) Alliance with VAIOT that unites them in their mission to redefine how people do business with one another. Moreover, VAIOT has an innovative team that empowers legal agreements through its AI and blockchain technology. As per Christoph Surgowt (CEO of VAIOT), the team has plans to encourage this Alliance by inviting more organizations from inside and outside the crypto world. Additionally, PAID will explore VAIOT’s AI-powered virtual voice assistant, and VAIOT will try out PAID Network products. Collectively, they work to explore new products and features to manage quality and innovation.

Autonio partnered with Crypto.com to empower its users with smart trading tools. According to the tweet, Crypto.com will integrate NIOX Maker and NIOX Swarm into their platform to bring liquidity mining campaigns. Moreover, the NIOX Maker has an inbuilt user interface that boosts liquidity and empowers users to tackle intelligent automated trading infrastructure. On the other hand, NIOX Swarm reduces the risk of manipulative practices and improves matching efficiency in the market for liquidity. Additionally, these features help users to become liquidity providers and further increase the volume on Crypto.com.

Last on our list of crypto news for the day is Oasis Labs partnering with Google Cloud to bring their confidential computing product to Oasis Parcel. Moreover, Oasis Labs builds end-to-end software solutions that help businesses to manage and control their data in a private and secure way. With this partnership, the Google Cloud Platform (GCP) provides data privacy technology to their customers and expands support for new use cases. The Parcel is used by many companies, such as Nebula Genomics, which is a modern genetic testing company that provides strong privacy and guarantees about an individual’s genomic data. Hence, GCPs Confidential VMs will encrypt the confidential genomic data which enhances customers’ privacy.

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For more crypto news, check out the Altcoin Buzz YouTube channel.

In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens.

The Republic of Colombia in South America has been friendly toward crypto assets like bitcoin (BTC) and other digital currencies over the years. More recently, during the first week of January 2021, the Superintendence of Corporations in Colombia explained in an official circular that local firms can leverage capital to purchase bitcoin.

Now the Financial Superintendence of Colombia (Superfinanciera) or FSC has revealed a trial between regulated financial institutions in the country and digital currency exchanges.

The organization tied to Colombia’s Ministry of Finance and Public Credit shared a tweet on January 29, 2021, that informed the public about the alliance between a number of national banks and a select group of crypto exchanges. The mission is to enable more cryptocurrency operations to make the crypto economy in Colombia more accessible.

The initiative started in 2020, and a number of exchanges had to get approval from the FSC in order to participate. To date, the financial watchdog approved nine digital currency exchanges so far, and the platforms Movii and Panda Exchange were included.

“The Evaluation and Monitoring Committee of the government pilot that will enable cash-in and cash-out operations in financial products of deposit on behalf of crypto asset exchange platforms selected nine out of fourteen initiatives that applied for tests,” the FSC explained. Essentially, the Colombian government’s crypto sandbox was created to enhance new technologies and financial products.

The Colombian Superintendence further said:

The pilot project does not have an impact on the current regulatory framework suitable for crypto assets, that is to say, it does not change the allocation of responsibilities in the information and risk management of this kind of transactions nor it could be understood as an authorization for the financial system to use the public’s savings to perform these operations or for the exchange platforms to be under the supervision of Superfinanciera.

News.Bitcoin.com has reported on the expansion of Panda Exchange during the last few years. In 2018, Panda expanded its crypto-to-fiat trading markets, in 2019 the company launched a number of hybrid point-of-sale (PoS) crypto ATMs in Bogota and Venezuela.

Panda is partnered with Movii and in order to become registered and a verified Panda Exchange user, all an individual needs is a valid Movii account.

“Our platform has been working on this initiative and subsequent approval since last quarter of 2020 in order to be included in that important and innovative ruling,” the company explained during the announcement.

Panda further added:

Now it is easier than ever to take part of the cryptocurrency world, thanks to this ruling, crypto assets trading could be part of your everyday life. [Panda Exchange] meets all the legal and financial requirements set to be authorized to enable operations in crypto-assets for Colombians through our partnership with Movii.

Speaking with news.Bitcoin.com, Panda Exchange founder Arley Lozano said his team was thrilled to make crypto assets more accessible to his Colombian brothers and sisters. “This is an opportunity that our team was waiting for and finally the government has opened the door to the real crypto adoption,” Lozano stressed. “We are extremely happy to be one of the crypto platforms that was chosen by Colombia’s financial authorities,” the exchange founder concluded.

What do you think about the Superfinanciera approving nine crypto platforms for this initiative? Let us know what you think about this subject in the comments section below.

In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens.

The Republic of Colombia in South America has been friendly toward crypto assets like bitcoin (BTC) and other digital currencies over the years. More recently, during the first week of January 2021, the Superintendence of Corporations in Colombia explained in an official circular that local firms can leverage capital to purchase bitcoin.

Now the Financial Superintendence of Colombia (Superfinanciera) or FSC has revealed a trial between regulated financial institutions in the country and digital currency exchanges.

The organization tied to Colombia’s Ministry of Finance and Public Credit shared a tweet on January 29, 2021, that informed the public about the alliance between a number of national banks and a select group of crypto exchanges. The mission is to enable more cryptocurrency operations to make the crypto economy in Colombia more accessible.

The initiative started in 2020, and a number of exchanges had to get approval from the FSC in order to participate. To date, the financial watchdog approved nine digital currency exchanges so far, and the platforms Movii and Panda Exchange were included.

“The Evaluation and Monitoring Committee of the government pilot that will enable cash-in and cash-out operations in financial products of deposit on behalf of crypto asset exchange platforms selected nine out of fourteen initiatives that applied for tests,” the FSC explained. Essentially, the Colombian government’s crypto sandbox was created to enhance new technologies and financial products.

The Colombian Superintendence further said:

The pilot project does not have an impact on the current regulatory framework suitable for crypto assets, that is to say, it does not change the allocation of responsibilities in the information and risk management of this kind of transactions nor it could be understood as an authorization for the financial system to use the public’s savings to perform these operations or for the exchange platforms to be under the supervision of Superfinanciera.

News.Bitcoin.com has reported on the expansion of Panda Exchange during the last few years. In 2018, Panda expanded its crypto-to-fiat trading markets, in 2019 the company launched a number of hybrid point-of-sale (PoS) crypto ATMs in Bogota and Venezuela.

Panda is partnered with Movii and in order to become registered and a verified Panda Exchange user, all an individual needs is a valid Movii account.

“Our platform has been working on this initiative and subsequent approval since last quarter of 2020 in order to be included in that important and innovative ruling,” the company explained during the announcement.

Panda further added:

Now it is easier than ever to take part of the cryptocurrency world, thanks to this ruling, crypto assets trading could be part of your everyday life. [Panda Exchange] meets all the legal and financial requirements set to be authorized to enable operations in crypto-assets for Colombians through our partnership with Movii.

Speaking with news.Bitcoin.com, Panda Exchange founder Arley Lozano said his team was thrilled to make crypto assets more accessible to his Colombian brothers and sisters. “This is an opportunity that our team was waiting for and finally the government has opened the door to the real crypto adoption,” Lozano stressed. “We are extremely happy to be one of the crypto platforms that was chosen by Colombia’s financial authorities,” the exchange founder concluded.

What do you think about the Superfinanciera approving nine crypto platforms for this initiative? Let us know what you think about this subject in the comments section below.

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