Daily Archives: July 4, 2018

MinexPay offers Unprecedented Payment Solutions with its Crypto Card

The blockchain platform ushering in a new era for stable cryptocurrency, MinexSystems, has announced ongoing pre-order for its crypto payment card,  MinexPay debit card. The crypto debit card is set to facilitate real-world use of cryptocurrency, enabling the public to utilise their crypto assets in real-time services or purchases.

MinexSystems is the leading developer behind two of the most forward-thinking crypto products; Minexcoin and MinexBank. Both offering full fledged services in Minex marketplace, protecting the interests of both buyers and sellers against  volatility in the marketplace. With MinexPay debit card, the  blockchain company is delivering the world’s first stablecoin ecosystem solution for a secure and hassle-free approach in daily usage of crypto assets. MinexPay debit card can be used in any of the 200 countries accepting Visa card, including any Visa accepting ATMs for cash withdrawals.

The thriving market of cryptocurrencies is delivering solutions for bridging real time and virtual assets. However not many cryptocurrency exchanges back their users with debit cards to ensure the ease of payment and utility of crypto assets in real time.

However, there is an increasing need to connect both crypto and mainstream world. Bridging them on a even level to enable crypto and mainstream users enjoy the benefits of cryptocurrency and stability whenever they use both channels.  MinexPay Crypto debit card has been designed as a one-stop cryptocurrency solution for everyday use. The card’s use ranges from simple points of sales services to supermarkets, online and offline merchant services from anywhere in the world.  

A Debit card with Exclusive Features

MinexPay debit card will be purchasable on the 30th of June. The debit card has been spruced up with a raft of unique features for convenience, speed, and low fees. The card is backed by a high liquidity pool, funds reserves, and comes in four exclusive packs; STANDARD, GOLD, PLATINUM, and INFINITE.

Minexcoin Standard debit card

Minexcoin Standard debit card will cost 2 Minexcoin utility token, MNX. This card does not require any balance and has a maximum withdrawal limit of $2000 monthly and $200 daily. Each withdrawal attracts a 2% fee for Minexcoin native token and 4% for others. The card also features 0% renewal fees for MNX, a 1% Point of sale terminal fees for MNX and 2% for other cryptos, and 80% overdraft limit.

Minexcoin Gold debit card  

To own a Minexcoin Gold debit card, 50 MNX balance is required and its cost is pegged at 5 MNX. Gold debit card limits is $1000 daily and $5000 monthly. Unlike the standard debit card  there is a lower fee for ATM withdrawals: 1% for MNX, 2% for others. The card also comes with a 90% overdraft limit and zero fees for renewal.

Minexcoin Platinum debit card  

Minexcoin platinum debit card cost 10 MNX, and requires a starting  balance of 200 MNX. This card allows $5000 daily withdrawal and $100000 monthly, with 0.5% ATM fee for MNX and 2% for others. 0% renewal fees for MNX, 95% overdraft limit, 0% Point of sale terminals for MNX, 1% for other cryptos and a 0.5% cashback.

Minexcoin Infinite debit card

Infinite cards have 1% cashback in addition to almost zero fees for withdrawals. 1% fee for withdrawing other crypto, 0% for MNX withdrawal, 0% Point of sale terminals for MNX, 0% for other cryptos and 0% for renewal. Infinite debit card cost 100 MNX and a balance of 1000 MNX is required. Daily withdrawal capacity is limited to $20000, $600000 for monthly and a 98% overdraft limit.

ORDER YOUR CARD HERE

For more information, visit the Minexcoin website at –  www.minexcoin.com

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$13.7 Billion Raised so Far as 2018 Shatters ICO Volume Record

PwC, in collaboration with Crypto Valley, has released a report titled ‘Initial Coin Offerings: A strategic perspective‘ that analyzes ICO activity from 2013 through June 2018. The report found that 2018 has shattered the yearly ICO volume record, with USD 13.7 billion raised in 2018 so far.

In 2017, only USD 7 billion was raised by ICOs, and from 2013 to 2016 less than USD 300 million was raised. Since the introduction of the ICO around 2013, approximately USD 21 billion has been raised by 1,158 ICOs.

This year, there have been 537 ICOs so far, a rate of about 100 new ones per month. There is still six months to go in 2018 but already it is near the total amount of 552 ICOs in 2017. The ICO market has been rapidly accelerating as it has become a lucrative way to raise capital, creating a new paradigm of fundraising that is outside of the normal financial system. They are disrupting the venture capital industry to the point that venture capitalists have taken the perspective that if you can’t beat them join them, as hybrids of ICOs and venture capital fundraising are becoming common.

The study found that the United States, Switzerland, and Singapore are the hubs for ICO activity on their respective continents, but the United Kingdom and Hong Kong have seen a quick acceleration of such activity. Hong Kong is in a particularly favorable situation since China has banned ICOs but Hong Kong has an autonomous government, so Chinese companies that want to do them are flocking there. The Cayman Islands and British Virgin Islands, territories of the United Kingdom, actually hold the worldwide records. Gibraltar, Malta, and Liechtenstein are creating laws friendly to these in an attempt to become ICO hubs in the future.

By far, the biggest ICOs are EOS at USD 4.1 billion and Telegram at USD 1.7 billion. Other top-ranked ICOs don’t come close at USD 320 million or less. In total, there have been 3,470 ICOs announced, but only 1,158 ICOs have successfully closed their funding rounds.

Legal difficulties due to rapidly increasing government regulations are the primary reason that many have failed. The United States has declared that almost all ICOs are securities and have to get permission from the Securities and Exchange Commission. Other countries with high amounts of ICO activity have a regulator in charge of reviewing them to protect investors.

Overall, the study found that ICOs have become more mature and established in 2018 after going through a less structured hype cycle in 2017. The study says the best practices are transparency, lock-up periods for tokens, interactive purchasing protocol, careful adherence to regulations combined with proper registration and a minimum of aggressive promotion. Other good strategies include combining with venture capitalist funding, structuring fundraising rounds according to actual capital needs, cybersecurity, staggering the release of funds to the development team over a period of time, and a focus on building the community and ecosystem.

 

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Iranians Continue to Use Bitcoin Despite State Measures to Stifle Trade

Iranians are still using Bitcoin as a popular alternative to traditional currencies, despite anonymous reports coming in from Iran that the government has been stifling the trading of cryptocurrency since May 2018 by blocking important exchange websites.

Apparently, every single cryptocurrency exchange website is censored, including peer-to-peer trading hub Localbitcoins, and the government is using deep packet inspection so the sites can’t even be accessed with virtual private networks (VPNs), which change IP address and hide internet browsing.

Nevertheless, there are still plenty of active traders in Iran online on Localbitcoins, with several offering offline methods to buy or sell Bitcoin. CoinDance statistics on Localbitcoins also indicate little effect on trading volumes since May, with IRR 10.9 billion (USD 254,000) in Bitcoin exchanging hands in the last week of June.

As reported in a recent article on BitcoinNews, Iranians are looking to use cryptocurrency since the native Iranian fiat currency IRR is experiencing hyperinflation of 132% annually and growing rapidly. This hyperinflation crisis has been brought about by the United States pulling out of the Iran Nuclear Deal, which will result in a full-scale blockade on Iran’s international finance activity and trading. Even the government of Iran has been considering cryptocurrency to bypass sanctions.

However, Director of the IranObserved Project at the Middle East Institute, Ahmad Kalid Majidyar, says, “President Rohani doesn’t want Iranians to transfer foreign currency, especially dollars, outside the country”.

Essentially, the Iranian government is worried that outflows of money from the country via cryptocurrency could accelerate the decline of the economy. One anonymous source says trading cryptocurrency with IRR is completely banned.

In December 2017, the regulator in charge of anti-money laundering policy in Iran issued a decree to the Central Bank that financial institutions cannot facilitate cryptocurrency activity. This is similar to the ban that is about to go into effect in India on 5 July 2018.

Trading of cryptocurrency continues in Iran despite all of this in the form of in-person fiat to crypto deals, that is, Bitcoin dealing. Due to the decentralized nature of cryptocurrency, even if cryptocurrency is completely banned there is no way to stop Bitcoin dealing.

 

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