Daily Archives: October 1, 2021

Italian Luxury Fashion House Dolce & Gabbana Sells NFT Collection for $5.7 Million

Italian Luxury Fashion House Dolce & Gabbana Sells NFT Collection for $5.7 Million

On September 30, the Italian luxury fashion house Dolce & Gabbana sold an NFT collection for $5.7 million or 1,885 ether. The designers’ Collezione Genesi collection was sold via the platform UNXD, a Polygon network-powered marketplace.

Dolce and Gabbana’s Collezione Genesi Rakes in 1,885 Ether

Dolce and Gabbana’s first-ever non-fungible-token (NFT) drop, Collezione Genesi raked in a whopping 1,885 ether or $5.7 million, using ethereum (ETH) exchange rates at the time of sale on Thursday. Two notable NFTs brought in the most funds, “The Doge Crown” and “The Glass Suit.”

“The Glass Suit” NFT was personally designed by Domenico Dolce and Stefano Gabbana and the suit is both an NFT and a physical version tailored specifically for the winner. There were also two versions of an NFT called “Dress from a Dream” in the 9-piece “one-of-a-kind collection.”

“In a historic moment for the NFT ecosystem, Collezione Genesi is the first luxury NFT collection that involves both digital and physical works, truly bridging the physical and the metaphysical,” Dolce and Gabbana’s NFT web portal says.

The UNXD Culture Fund, Other Fashion Maisons Delving Into NFTs

In addition to the NFT collection sale on Thursday, a new $10 million “Culture Fund” has been launched by UNXD. The aim of the “Culture Fund” is to accelerate the fashion industry’s expansion into the metaverse and NFTs. The announcement detailed that the fund will bring different avenues of revenue to fashion brands and designers.

Dolce and Gabbana is not the only fashion act in the industry getting into NFTs. A great number of other fashion maisons like Gucci, Burberry, and Louis Vuitton have all revealed NFT promotions.

Burberry leveraged the Mythical Games multiplayer online game Blankos Block Party to drop its NFTs and Louis Vuitton also used a game promotion. France’s Louis Vuitton launched a mobile game and players could collect a total of 30 non-fungible tokens. The fashion label Gucci used the auction house Christie’s for its first NFT drop.

What do you think about Dolce and Gabbana’s NFT sale? Let us know what you think about this subject in the comments section below.

Mars4: Highly Liquid MARS4 Dollars and Revenue Generating Mars Terrain NFTs

Mars4: Highly Liquid MARS4 Dollars and Revenue Generating Mars Terrain NFTs

The red planet is a mystery to man and his obsession with it has created many legends and myths over the centuries.

As the US’s Perseverance rover lands on Mars and drills its first Martian rock core for NASA, interest in Mars is at an all-time high, and pioneers are dying to stake their claim on the Red Planet’s soils.

A meaningful approach for the visionary is to speculate on Mars’s value. You can do this by participating in the Mars4 non-fungible token (NFT) and land plot sale running on Ethereum.

What is Mars4?

Mars4 is a Metaverse ecosystem where you can explore a geographically exact virtual Mars, own and customize your land with MARS4 dollars and even reap the rewards of the world’s first revenue-generating NFT. The Attractive tokenomics of Mars4 leverages NFT Mars Land, Gamification and Token Redistribution.

Mars4 is a unique metaverse. The Mars4 project’s development team has modeled their detailed 3D map of Mars’ terrain based on the latest data from Mars and other space agencies. Think of it as Mars’ equivalent of the 2001 Google Earth 3D map.

How does Mars4 work?

Mars4 leverages token yield farming and gamification elements to create an attractive decentralized finance investment option. Additionally, Mars4 helps space exploration enthusiasts explore the red planet via its virtual platform.

Inside its metaverse are diverse adventures and fun activities that will keep its community-engaged as they generate passive income from its NFTs. The Mars 4 project has three fundamental elements.

  • Its interactive Mars terrain 3D world is subdivided into plots. Each Mars4 NFT is a digital representation of these plots.
  • A utility and governance token system that supports user incentives, transactions, trading, gaming and NFT minting processes.
  • The Mars4 liquidity mining feature for NFT holders.

Mars4 virtual world

Its 3D virtual world is Mars4’s gamification aspect. Through it, you can explore Mars and buy land as NFTs. These NFTs will earn yield via the project’s liquidity mining feature. Mars4 has 99,888 unique and rare Real Estate NFTs that symbolize Mars’ rovers landing sites and its most popular geographical features.

Each land parcel measures 559 square miles. On purchase, terraform your land to increase its value. You can purchase additional value-enhancing avatars, certificates, and logos from its in-game assets feature.

Mars4 utility and governance system

You can buy Mars4 land parcels with MARS4 tokens at its public sale. There are 4 billion MARS4 tokens that are used to mint the platform’s 99,888 NFTs. Already more than 50% NFTs are sold.

MARS4 tokens will play a key role in the metaverse’s transaction processes. Each time users perform a transaction, the Mars4 NFT holders will earn a yield. The project’s protocols will reward NFT owners for holding their units.

Before the launch of Metaverse, epochs were introduced to redistribute passive income for Mars landlords. The scarcity model was designed to provide a yield for NFT owners as soon as possible, as there are no transactions until the game is launched. After TGE event, MARS4 dollars will be integrated and extremely high transaction volume is expected.

Each Epoch starts after a new batch of 10,000 NFTs are sold. 51% of income from the Land NFTs are redistributed to the previous NFT owners, starting in Epoch 1. As more than 50,000 NFTs were sold already, Mars4 entered the first epoch on September 24th 2021.

Moreover, the scarcity model means the price of the Mars Land NFTs increases as supply decreases, making it a win-win situation for existing land holders to attract new participants to the economy to increase the capital appreciation of their NFT land holdings and reach the next Epoch sooner.

NFT holder incentives will grow after each epoch and even more later as the metaverse’s transactions increase. Mars4 NFTs are therefore an excellent long-term investment prospect and are available on the Mars4 Ecommerce site.

Mars4 explodes on MISO Launchpad

MARS4 tokens were listed on Sushiswap’s MISO launchpad from September 15th to 24th. In the private and public auctions for MARS4 tokens the minimum raise was collected in the first 45 minutes!

In the format of batch auction, participants contribute to the pool. A set number of tokens are then divided amongst all the contributors to the Market event, weighted according to their contribution to the pool.

Two auctions were organised with a total of 40 million MARS4 tokens. Mars4 exploded on the MISO launchpad with a 13 times larger amount raised than the minimum raise.

MARS4 tokens are now listed on Sushiswap and staking is available via their ONSEN system. More information is available live on Mars4 Telegram and Twitter accounts.

Conclusion

The demand for Mars-related NFTs will rise as more exploration reveals Mars’ mastery. Mars4 NFTs are a rare combination of the NFT benefits of proof of ownership of something both scarce and beautiful, and passive income generation.

Unlike other NFT projects, Mars4 has revenue assurance from its NFT yield generating protocols. It is therefore not just an artistic and exploration medium for content creators, individuals, and businesses, but an excellent source of passive income.

 


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Third-Largest Bank in France Societe Generale Proposes Use of Defi Protocol Makerdao

The Third-Largest Bank in France Societe Generale Proposes to Use Defi Protocol Makerdao

French multinational investment bank and financial services company, Societe Generale, has proposed to leverage the decentralized finance (defi) protocol Makerdao. The proposal dubbed “Security Tokens Refinancing” was published on October 1 to Makerdao’s forums and the submission aims to utilize the DAI stablecoin to refinance a covered bond concept.

Societe Generale Proposes Leveraging Makerdao and DAI Stablecoins to Refinance Bond Token

The international bank Societe Generale’s digital currency division has submitted a proposal on Makerdao’s governance forums (MIP6 application) and the bank wants to refinance a bond token. The “covered bond token,” as it’s called, was issued on the Ethereum blockchain last year. The proposal is on “behalf of European investment firm Societe Generale-Forge (SG-Forge),” the MIP6 application notes.

“This refinancing transaction experimentation is in line with the innovative process and solutions developed by SG-Forge,” the bank’s digital currency division explains. “This experimentation combines traditional capital market activities with the decentralized finance emerging and growing ecosystem.” Societe Generale’s summary of the proposal adds:

The “OFH Tokens”: the OFH Tokens are characterized as covered bonds under French Law backed by home loans and benefiting from a statutory privilege, issued by Societe Generale SFH (SG SFH) a specialized credit institution with the status of Société de Financement de l’Habitat delivered by the Authorité de Contrôle Prudentiel (as further described below) in the form of security tokens in the Ethereum public blockchain.

Makerdao’s Rune Christensen: Post-Foundation Model of Organization Is Proving to Be More Scalable

On Friday, the founder of Makerdao, Rune Christensen, explained how the international bank from France proposed to use the protocol. “Societe Generale, the third-largest bank in France, just made a collateral onboarding application to Maker for 20 million USD,” Christensen said. “Backed by EUR bonds, proposed by their blockchain subsidiary.”

“Turns out it was the future of France all along,” Christensen added. “Amazed that I had no clue about this at all the whole time. This is one of [the] multiple recent examples in Maker Governance of how the post-foundation model of organization is proving to be more scalable.”

What do you think about Societe Generale’s digital currency division leveraging Makerdao and DAI tokens to refinance a bond token? Let us know what you think about this subject in the comments section below.

SEC Delays 4 Bitcoin ETF Deadlines — Regulator ‘Finds It Appropriate to Designate a Longer Period of Time’

SEC Delays 4 Bitcoin ETF Deadlines — Regulator 'Finds It Appropriate to Designate a Longer Period of Time'

On Friday, the U.S. Securities and Exchange Commission (SEC) has delayed four bitcoin exchange-traded funds (ETF) deadlines for another 45 days. The regulator notes that the entity needs more time to decide on the ETF applications.

Global X, Kryptoin, Valkyrie, Wisdomtree Bitcoin ETF Deadlines Extended

The Kryptoin Bitcoin ETF, Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, and Wisdomtree Bitcoin Trust have all been delayed according to the latest SEC filing. ​​”The 45th day after publication of the notice for this proposed rule change is October 24, 2021,” the U.S. regulator’s filing details. While there’s been a large quantity of bitcoin ETFs filed in the U.S., the SEC has yet to approve any of them.

The SEC filing was published by the regulator’s assistant secretary J. Matthew DeLesDernier. “The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments,” DeLesDernier details. The regulator adds:

Accordingly, pursuant to Section 19(b)(2) of the Act, Commission designates December 8, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1 (File No. SR-Nasdaq-2021-066).

Speculators Expected a Bitcoin ETF Approval by the End of October

Many speculators thought that a bitcoin ETF would be approved this year. Bloomberg Analyst Eric Balchunas told the public on Twitter that he believed an ETF would be approved by the end of October. Balchunas emphasized that the Proshares Bitcoin ETF may be the likely candidate.

“New note out today from James Seyffart [on] how the Ether ETF withdrawals add to the likelihood that a bitcoin futures ETF will be launched by end of October with Proshares as favorite, [although] it could (and arguably should) be a group to avoid first-mover advantage,” Balchunas said. The Bloomberg analyst added:

We think ether withdrawal shows SEC has a nose in this [right now] and is in [regular] contact with issuers which should mean any kinks ironed out so that they can launch 75 days after filing. Further, ProFunds’ bitcoin MF was launched 77 days after filing. These are virtually [the] same thing.

As far as the four bitcoin ETFs that were delayed on Friday, they will have to wait a few more weeks patiently. “The Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved,” the SEC filing concludes.

What do you think about the SEC delaying four bitcoin ETFs on Friday? Let us know what you think about this subject in the comments section below.

Tehran Stock Exchange Head Resigns Over Mining Rigs Found at Organization’s Office

Tehran Stock Exchange Head Resigns Over Mining Rigs Found at Organization’s Office

The director of Tehran’s Stock Exchange has resigned from his post following the discovery of cryptocurrency mining rigs in his organization’s basement. The scandal has erupted as licensed crypto miners in Iran are reportedly resuming operations amid fears of new restrictions in the winter.

Iran Stock Exchange CEO Loses Job for Illegal Crypto Mining Under His Watch

Ali Sahraei, chief executive of the Tehran Stock Exchange, has submitted his resignation after cryptocurrency mining machines were uncovered in the building occupied by the organization. Media reports of the illegal mining operation at the market’s offices were initially denied by the exchange. It only admitted to having launched an “investigation and research project” related to the liquidity outflow towards crypto assets in 2020.

According to another statement, quoted by the state-run Mashreq News, an internal inspection came across several mining devices that were allegedly operated by the stock exchange. “During the investigation, we found that the activity was not fully recorded and disclosed in the reports and by the accounts of the company,” the announcement details. As news of these findings broke on Iranian media, Ali Sahraei told ISNA news agency:

To offer an opportunity for more investigations about cryptocurrency mining at the stock exchange and to help the stability of the markets, I offered my resignation to the board of directors, which accepted it.

However, according to the Iran International news portal, the country’s official news agency, IRNA, has presented a different description of the events. Its report on the mining scandal, quoted by the English-language edition, claims Sahraei has actually been fired from his position at the Tehran Stock Exchange Market.

Iranian Authorities Allow Licensed Miners to Resume Operations, Report

The Iran Power Generation, Distribution and Transmission Company, Tavanir, which had initially denied the existence of the miners, refused to issue any subsequent comments after Ali Sahraei’s statement, the National Council of Resistance of Iran (NCRI) reported on its website. The rigs are believed to have used a lot of electricity and Tavanir has been going after energy-intensive illegal mining operations blamed for the country’s power shortages this year.

According to data released in September, the utility has seized over 216,000 mining machines from more than 5,300 underground crypto farms. During the extraordinarily hot summer, Iran faced rising electricity demand for air conditioning and had to deal with blackouts across the country. The power deficit forced authorities to cut consumption and cryptocurrency miners were targeted. Licensed mining farms were also shut down under a temporary ban imposed by former President Hassan Rouhani in May.

Tehran Stock Exchange Head Resigns Over Mining Rigs Found at Organization’s Office

In August, Tavanir announced the restrictions were to be removed for authorized crypto miners on Sept. 22, in view of an expected decline in power demand during the fall. According to the report by UK-based Iran International, authorities in Tehran have now allowed licensed mining entities to resume operations. However, Iran may experience power shortages again in the cold winter months and reinstate the mining restrictions.

The Islamic Republic recognized cryptocurrency mining as a legal industrial activity in July 2019, and the government introduced a licensing regime for mining companies. Permits are issued by the Ministry of Industry, Mines, and Trade. According to Tavanir, 56 authorized crypto mining farms need a total of 400 megawatts of electricity to mint digital coins, while its claims that illegal miners consume around 2,000 megawatts daily have been rejected by the Industries Ministry.

Do you think the Tehran Stock Exchange has been involved in illegal cryptocurrency mining? Share your thoughts on the case in the comments section below.

Singapore Grants Crypto Licenses to DBS and Independent Reserve

Singapore Grants Crypto Licenses to DBS and Independent Reserve

The Monetary Authority of Singapore (MAS), the country’s central bank, has formally approved two companies to provide crypto services. One is the brokerage arm of DBS, the largest bank in Singapore and Southeast Asia. The other is Independent Reserve, a crypto exchange and OTC trading desk.

Singapore’s Central Bank Formally Approves DBS and Independent Reserve

DBS Bank announced Friday that its brokerage arm, DBS Vickers (DBSV), “has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.”

The bank explained: “This will enable DBSV, as a member of DBS Digital Exchange (Ddex), to directly support asset managers and companies to trade in digital payment tokens through Ddex.”

Eng-Kwok Seat Moey, head of Capital Markets at DBS and chair of the DBS Digital Exchange, commented:

Having received formal regulatory approval from MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class.

Since its launch in December as a member-only bourse, DBS Digital Exchange has been “growing very rapidly,” the bank said last month, adding that the platform expected the number of trading members to double by the end of December, and grow by 20-30% annually for the next three years.

Another company, Independent Reserve, a crypto exchange and OTC trading desk, also announced Friday that it has gained “licensure approval” from the MAS. The exchange, established in Australia in 2013, provides SGD, AUD, USD, and NZD fiat-to-crypto trading pairs. The company wrote:

Cryptocurrency exchange Independent Reserve has today received approval for a Major Payment Institution License in Singapore … to operate as a regulated provider for Digital Payment Token Services.

Independent Reserve CEO Adrian Przelozny opined: “A well-regulated environment will benefit both investors and crypto industry stakeholders. With tailormade rules for the crypto industry, Singapore currently has the clearest and most detailed licensing requirements of any jurisdiction in Asia.”

The exchange announced in August that it received an “in-principle approval” from the central bank. Since then, “we’ve seen an influx of retail and institutional investors,” said Raks Sondhi, Managing Director of Independent Reserve in Singapore.

What do you think about the central bank granting crypto licenses to DBS and Independent Reserve? Let us know in the comments section below.

Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education

PRESS RELEASE. Bitcoin of America (BOA) is a popular virtual currency exchange, headquartered in Chicago, IL. They are known for their extensive number of Bitcoin ATM locations across the United States. Bitcoin of America’s CEO, Sonny Meraban, and Director of Marketing, Jenna Polinsky, have been featured on air at WGN Radio over the past couple of months. BOA is hoping to provide more free opportunities for the public to learn the basics of cryptocurrency.

In BOA’s first WGN radio segment, Meraban and Polinsky discuss the basics of how to use a Bitcoin ATM. They also talk about an additional option, which they are hoping to promote to their beginner audience. Bitcoin of America recognized a major learning gap and created their own face to face purchasing experience, this is known as a Bitcoin Teller location. This means that customers can go in and ask questions regarding their purchase. According to Bitcoin of America, all merchants are trained and ready to assist all users.

BOA’s Meraban and Polinsky were also featured on air with John Landecker where they discussed the common question of “how Bitcoin works”. WGN even added a daily Bitcoin price update sponsored by Bitcoin of America. BOA is hoping to bring more awareness to the topic as it has already caught the eye of several viewers.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund

Egyptian banks are reportedly on course to launch a $69.6 million fund which is earmarked to support the country’s fintech companies. According to a report, this fund is expected primarily to target the digital banking and financial services sector.

Fintech Apps Targeted

Fintech apps that can extend banking and financial services to all segments of society in a cost-effective way will also be targeted. So far, only the National Bank of Egypt, Banque Misr, and Banque du Caire have been identified as the financial institutions that are participating in this initiative.

Fintechnews Africa reveals in a report that “investments from the fund will be made in both local and international emerging fintech companies.” The report adds that part of the funds will be used to nurture “young talent in this space.”

Aside from helping fintech companies grow, having this fund is expected to help the country narrow its financial exclusion gap. With 67% of its adult population currently financially excluded, Egypt remains one of the most unbanked countries in the world.

Egypt’s Financial Exclusion Gap

By adding the fintech fund to Egypt’s already existing funds, expectations are that this will bring financial services to Egypt’s excluded groups. A narrowing financial exclusion gap could in turn lead to economic growth.

Concerning the decision by the three Egyptian banks to create the fintech fund, the report suggests this may have been necessitated by the banks’ desire to keep abreast with the latest fintech trends. Quoting a statement released by the banks, the report states:

“The participation of banks in this fund stems from their belief in the importance of keeping pace with global developments in the field of financial technology, which is the future of the banking and financial industry in Egypt and the world.”

What are your thoughts about this story? Tell us what you think in the comments section below.

Reserve Bank of New Zealand Seeks Public Opinion on Central Bank Digital Currency

Reserve Bank of New Zealand Seeks Public Opinion on Central Bank Digital Currency

The central bank of New Zealand has lined up among monetary authorities exploring the question of issuing their own digital currencies. The financial regulator is now seeking feedback from the public about the need for a digital form of the national fiat while also promising to preserve cash.

New Zealand Central Bank Considers Risks and Benefits of CBDC

Reserve Bank of New Zealand (RBNZ) is now gathering input from the public on the potential use of a central bank digital currency (CBDC), Reuters reported following an announcement released by the bank on Thursday. Assuring that financial authorities are still working “to preserve cash and the cash system for those that need it,” RBNZ Assistant Governor Christian Hawkesby stated:

A Central Bank Digital Currency would see the features and benefits of cash enjoyed in the digital world, working alongside cash and private money held in commercial bank accounts.

The high-ranking official elaborated that a CBDC could benefit both individuals and businesses by facilitating the establishment of more efficient and integrated platforms. A digital New Zealand dollar could potentially help protect the country’s monetary sovereignty as well. Hawkesby, who is also the bank’s General Manager of Economics, Financial Markets and Banking, was quoted as saying:

As steward we want to ensure that our central bank money remains a stable value anchor for the monetary system and available as a fair and equal way to pay and save – so ensuring that New Zealanders have access to money in forms that suit them and their changing needs.

At the same time, the banker acknowledged that a digital currency would pose certain operational risks, including those of a cybersecurity nature, and impact the traditional financial sector. Hawkesby then emphasized that any decision on launching a CBDC would have to take these factors into careful consideration.

In a paper accompanying the statement, the Reserve Bank of New Zealand pointed to the declining use and acceptance of paper cash in the country, which could be another major motive to mint a national digital coin. The financial institution also highlighted innovations in private money such as the emergence of stablecoins.

Other central banks in the region are already cooperating on the CBDC front. In early September, reports came out that the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank are all preparing to test the use of state-issued digital currencies in international payments. The banks explained that the collaboration aims to develop shared platforms for cross-border transactions using different CBDCs.

The trials are led by the Bank for International Settlements (BIS) Innovation Hub with the goal to establish whether central bank digital currencies can simplify transactions and lower their costs. The Hub heads a similar project between China, Hong Kong, Thailand, and UAE, while it’s also cooperating with Bank of France and the Swiss National Bank to test wholesale digital currencies in cross-border settlements.

Central banking institutions in dozens of countries around the world are currently working to develop and launch CBDCs, with the People’s Bank of China arguably having the most advanced project. The U.S. Federal Reserve, Bank of Russia, and the European Central Bank are also progressing towards issuing their own digital currencies.

Do you think the Reserve Bank of New Zealand will eventually decide to issue a national digital currency? Share your expectations in the comments section below.

Crypto Exchange Bitbay Passes Audit Under Estonia’s Tougher New Regulations

Crypto Exchange Bitbay Passes Audit Under Estonia’s Tougher New Regulations

Bitbay has become a fully licensed cryptocurrency exchange in Estonia which introduced stricter rules for the industry last year. The European trading platform has recently passed an independent audit that confirmed its “solvency, security and fiscal responsibility.”

Audit Examines AML and KYC Procedures at Bitbay

Bitbay, a leading crypto trading platform in Europe, is now a fully licensed and regulated exchange under Estonia’s stringent regulations imposed last fall. The company has been audited by an independent third party which thoroughly examined its accounting practices, including anti-money laundering (AML) and know-your-customer (KYC) procedures.

The inspection also verified the platform’s financial assets, including crypto and fiat funds, as well as the current state of user accounts. Income, revenue, and profit were analyzed too, and according to an announcement published on the exchange’s website on Wednesday, the audit has confirmed Bitbay is solvent, secure, and fiscally responsible.

Estonia tightened its licensing regime for crypto service providers in late 2020 and they are now required to meet the same standards as traditional financial institutions under the country’s Money Laundering and Terrorist Financing Act. In December, the Baltic nation’s Financial Intelligence Unit revoked more than 1,000 licenses previously issued to virtual currency firms.

Bitbay referred to the successful audit as a milestone, not only for the exchange itself but also the crypto industry in general. The company noted that “regulation is fundamental to creating a secure future for digital money and cryptocurrency exchanges.” It insisted that “only by bringing cryptocurrency into the light will we be able to open it up for everyone,” emphasizing its commitment to work with authorities to “transform how deposits, trades, and tax flow transparently to, through and from crypto exchanges.” Bitbay further pointed out:

For the million or so users on our platform across Europe, this certification should provide further comfort that their assets are in good hands.

Bitbay also published key figures from its financial statement. According to the provided data, the company has generated €8,849,686 in net revenue between October 2019 and December 2020, resulting in a net profit of €6,491,835 after tax. Its share capital is €100,000.

The crypto exchange was launched in Poland in 2014 but in the spring of 2018, it decided to leave its home country, citing difficulties with access to banking services. Bitbay announced a decision to move its exchange operations to Malta, another EU member state. The government of the “Blockchain Island” has been working to create a crypto-friendly business climate. Digital asset trading platform Crypto.com recently became the country’s first licensed exchange to offer bank transfers.

Do you think more cryptocurrency exchanges will be able to meet Estonia’s stricter regulatory requirements? Tell us in the comments section below.