ARNO Set For Major Exchange Listings as Project Reaches Key Milestone 11865

arno

ARNO project has completed the key milestones of its roadmap and is currently all set to make its debut on major exchanges post Initial Exchange offerings on four crypto platforms. The project has acquired necessary permits and licenses from the Bulgarian government to start production of its highly researched carbon nanotubes that would help in making energy storage more formidable and reliable. The company is basing its DeFi infrastructure and tokenomics on the success of its carbon nanotube business.

Defi is one of the most profitable and talked about investment use cases to rise out of the crypto market. However, as has been the case, with any popular use case of crypto even Defi has been plagued with several under-par projects that only launch in the wake of the rising popularity of the market. ARNO is taking a different approach for a successful Defi token offering i.e build a successful project first and then offer a Defi token based on its success.

ARNO team has managed to research and develop a new form of carbon nanotubes that would enhance the existing capacity of Lead-Acid Batteries. The technologies for producing carbon nanomaterials, in particular carbon nanotubes, intercalated graphite, and graphene structures, developed and implemented for industrial use by the team over the past few years, allow us to produce additives of various types for various fields of application.

Manufacturers of electronic products, hybrid vehicles, and power systems are also benefiting from the technical practice, which allows them to create more flexible and high-performance offerings for their end-users. For the battery and energy market, carbon nanotubes, intercalated graphite, and graphenes serve:

  • Conductive components of battery electrodes;
  • Rheology modifiers for pastes and slurries used in the preparation of battery electrodes;
  • Structural and porosity modifiers for battery electrodes;
  • Capacitors for charge storage

ARNO plans to deliver a broad range of products and solutions to customers in every corner of the globe, serving key industries such as transportation, infrastructure, environment, and consumer. We provide performance solutions that solve customers’ challenges today while preparing them to meet tomorrow’s needs. ARNO’s commitment to innovation is driven by a passion to advance the customers’ businesses through the deep understanding of their industries and the global trends that impact their operations.

How to Invest in ARNO?

Investors can buy ARNO tokens now via IEO on three exchanges (in the launchpad section, like any IEO project), these are exchanges:

CoinsBit – https://coinsbit.io/
P2PB2B – https://p2pb2b.io/
VinDAX – https://vindax.com/

What Makes ARNO Unique?

Since ARNO, as a project, launched the IEO procedure, that is, ARNO tokens are sold on 3 exchanges, let’s talk about what the project has achieved so far.

At the beginning of the IEO procedure, 877 636 ARNO tokens were already registered in the personal accounts of investors. It is clear that not all of them were sold – some of them are bonus and referral accruals, the AirDrop program and Baunty, but, nevertheless, it is safe to say that the amount before IEO was collected in terms of more than $ 900,000.

About a quarter of the amount announced by the ARNO project was spent on IEO and listing procedures. Not only on those three exchanges where IEO will take place now, and this amount, unfortunately, will increase by one and a half times – large exchanges take large amounts. We have no right to name exact amounts, you yourself understand, but nevertheless.

Slightly more than half – the planned operating expenses, including advertising, plus the costs of already concluded and partially executed contracts for the deployment of production and, in fact, the workflow.

This includes expenses for the maintenance of the management company and personnel, deductions to the subsidiary (now we are creating a second – a full-fledged research and development independent enterprise), advertising costs and all sorts of small things. But most (about 90%) of the operating costs are contracts for the design, manufacture and supply of equipment for the production of carbon nanomaterials, from which we create additives that allow us to interest lead acid battery manufacturers in terms of production of the next generation. these well-known sources of energy.

By now, and this has already been highlighted in the information bulletin provided by the ARNO project, a subsidiary of the project – jointly with the largest European battery manufacturer, the MONBAT concern – ART Monbat ALREADY RECEIVED equipment and materials for the production of additives. The accompanying paper documents that passed customs – that is, official ones – were posted on the information Telegram channels of the ARNO project.

The products will immediately go for approbation and certification to the parent enterprise for the production of lead-acid batteries.

Stay Updated, Follow ARNO on:

Twitter | Telegram | Facebook | Linkedin | Instagram | Youtube

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PrimeXBT Review: Powerful Trading Tools and Diverse List of Assets 14565

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It’s challenging when we want to discover the best platform. Finding all instruments we need and all those tools we have experienced is another big challenge. Affordable fees, security, authenticity, and also trustworthiness are what we all want. Review plays a vital role. When traders are looking for a platform, all competing for exquisite and indubitable capital out of the sea

This is the platform that aims to enlighten the reader. After getting started, signing up for  PrimeXBT is significant.

About PrimeXBT

PrimeXBT is a multi-asset trading platform based on bitcoin. It was recently awarded Best Cryptocurrency Trading Platform, Best Cryptocurrency, and Forex Broker, and Best Crypto Trading App in the Forex Awards as well as garnering an award for Best Bitcoin Margin Trading Platform in the very prestigious ADVFN Awards.

 Registration

Some platforms provide a simple signup process as PrimeXBT. It takes only one minute to signup and no personal information is required. Just an e-mail address and country are asked for signup and you can get started with making the first deposit.

Accounts are available for demo, no fee will be charged for this demo. It is for your satisfaction and no personal information will be taken for it, so you don’t need to be worried about any risk. When you are ready to start, the platform features and tools mitigate any risk.

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Deposits

Accounts are always denominated in BTC, and all deposits must be made to a BTC address. A low minimum deposit of 0.001 BTC is required. BTC is used as a financial process for all positions.

Funds are always available soon after a Bitcoin deposit. Bitcoin deposit has only 3 steps for confirmations. Further deposit methods are fiat or Altcoin etc will are available through third-party service which is known by Changelly.

Soon after the deposit, the trading account must be funded. This help tools to keep some capital separated, which is currently available for margin in the trading account. Turbo and Covesting are new features on the platform, they are available on a separate wallet system.

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Withdrawals

Withdrawals are also very simple as a deposit procedure, but the thing to keep in mind is that it can be sent to another BTS address. If you sent it to a different Cryptocurrency address, this could lead to a loss of funds.

Withdrawals are added to a queue for a once-a-day rollover period at which withdrawals are processed. Pending withdrawals can be canceled until a window ahead of rollover is reached.

Trading Instruments and Tools

PrimeXBT offers up to 1000x leverage on commodities, cryptocurrency, forex, and stock indices.

FX currencies offer includes more than 25 majors, with the addition of some currencies. All forex, including both gold and silver, maybe traded at up to 1000x.

CFDs for natural gas, Brent, Crude oil, and twelve different stock indices are offered for trading at up to 100x.

Cryptocurrencies: Bitcoin, EOS, Ethereum, Litecoin, and Ripple are offered as trading pairs against BTC and USD at up to 100x leverage.

All assets may be traded using long or short positions this helps traders to gain profit no matter the market’s direction. Stop-loss orders and take profit orders enable this long and shorts lucrative and inhibit risk. These advanced order types can even be added after a trade is made.

PrimeXBT features comprehensive charts, replete with technical analysis utilities, indicators, and more for effective strategic planning and execution. Speaking specifically of execution, this makes the platform even simpler to enter positions. It is accurate trading by clicking on the chart itself.

Rounding out the user experience is an individually-customizable interface with many available widgets. Through this traders can craft the trading terminal according to their designs.

Fee Structure

PrimeXBT has no stressful thing as it offers some of the best and reliable fees.

Across all crypto trading pairs, the trading fee is only 0.05%. Forex trading fees are as low as 0.001%. Fees for everything else are only 0.01%.

Those who up their game and become active traders successfully have some advantages. They can take reward of the progressive fee system. This system offers a 50% discount off. In the account bit, there is a method by which you can track progress towards each discount tier (25% to 50% off).

 The minimum position requirements are also quite low.

Referral Program

According to the leaderboard, the top PrimeXBT trader has already generated over 50 BTC.

This was achieved through the platform’s lucrative four-level referral program. As each referred trader brings new traders to the platform themselves, the original client to make the first referral will continue to earn commissions from each new referral forward, up to four levels of commissions.

CPA offers are also available. These are exclusive ambassador relationships that become complete with personal customer care representatives.

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Extras

PrimeXBT is also one of the few trading platforms which offer breaks from the status quo. They recently have started a new synthetic Bitcoin contract named Turbo. These short-duration contracts last only in 30 seconds, one or five minutes. It can garner up to 90% of profits at the tiniest intervals.

The results can be amazingly encouraging, however, it is possible to lose nearly all capital through these sorts of contracts, so it is generally suitable only for certain traders with a high level of command over shorter timeframes. However, it can be a handy tool. When markets are occasionally stagnant, revenue is possible even without high-percentage movements.

Also, another tool has recently started assign as Beta. They called it Covesting Fund Management Module. This unique and amazing service connects fund managers with investors and provides them chances to make a profit together in a synergistic way.

Conclusion

PrimeXBT members can take advantage of all price movements. Utilizing up to 1000x leverage you can take long as well as short positions on Crypto, Commodities, Forex, and Stock indices.

To earn profit in greater amount give a try to PrimeXBT. There is not a single reason which does not let you join PrimeXBT but the pros are no KYC process, introductory deposit, and very quick registration which typically complete in less than 60 seconds.

How One Crypto Player’s Winnings have Reached $275k at CryptoSlots in Two Years 16237

CryptoSlots

Ever wonder if players really do get lucky from crypto casinos? Maybe not all, but we found one CryptoSlots casino player whose winnings have added up to a substantial $275k in wins in just two years of playing ($276,200 to be exact). David C is from California, and wisely started investing in Bitcoin in 2016 – in 2018 he decided to play at Bitcoin casinos with some of his savings, and the rest is history. Read our interview with him below.

Bonus code COINAD100 is valid for 100% match on deposits $25 – $500 until Dec 31st, 2020.

Do you have a strategy?
I only put in what I got out of crypto investing, I don’t play for hours on end – you have to be smart. I won a few thousand on the Jackpot game early on, got a huge win on Olympus High Limit version at one point. With bigger wins I like that I always set the money aside. Quit when you’re ahead.

But a lot of it as learning how the games work. I count the medium wins rather than hold out for bigger ones. And, at CryptoSlots, save up Jackpot Tokens and then play Jackpot Trigger for longer all in one go.

Have you always played online? 
I’ve played slots online a lot before – only been to two actual casinos in my life to be honest with you. You have more control over what you’re doing when you’re online.

What do you like about playing with Bitcoin?
When playing at btc casinos, I don’t have to get my bank involved or wait for payments to come through – I know exactly where my money is at all times.

Last but not least, what do you spend your winnings on?
Well some of it goes back into playing, some I keep in crypto, some I spend. Last year we did a trip around Asia. We went jungle trekking in Malaysia, I got my diving certificate in Indonesia, stayed a few days in Singapore. It was out of this world, such a vacation. We were planning on heading to Norway this winter to see the Northern Lights but, unfortunately, that will have to wait thanks to this coronavirus.

When asked about his favorites among Cryptoslots’ Provably Fair casino games, David said he largely alternates between the slots to diversify his crypto bets. So we took a look at his top ten games over the last six months and analyzed his payback ratio on each:

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Interestingly, the High Limit games seem at a glance to be most volatile – offering the lowest payback ratio (Vegas Vibes High Limit at 72.5%) and the highest (Blazing Wilds High Limit at 179.1%). His standard video slot play produced more reliable wins but less chance of huge paybacks (e.g. Coin Rush at 105.8% and Vegas Twin at 99%).

Of course, it all depends on how much is bet and for how long the game is played. David bet the least on both Jacks or Better and Pyramid Plunder High Limit – maybe his inclinations warned him that luck was lurking elsewhere, maybe he quit too soon and longer gameplay would have increased his payback ratio! A significant win can make the world of difference.

We always ask our players if they believe in luck, and just like David, most of them tell us it depends on the day. For now, it seems his strategies are literally paying off.

If you’re fan of bitcoin casino games, check out Cryptoslots and take advantage of the 100% match using bonus code OURBTCNOV now.

CoinAd.media has Launched Marketplace for Ad Crypto Services 13609

CoinAd.media has launched a crypto service Marketplace that provides solutions for any advertising and marketing tasks; focused on the cryptocurrency and blockchain market niches. Typical challenges and problems shall be eliminated instantly by connecting publishers and advertisers in the industry on a common platform designed to meet their needs.

Being in the market for three years we at CoinAd.media have studied requirements of the advertisers well enough, that is why we have collected in our Marketplace the most popular and requested crypto services.

For example, right now you can buy the News Distribution to Crypto Websites service with one click and select the site where you want to publish your PR story, news, article, press release or review. Immediately after payment, your PR story gets to the publisher, who will instantly publish it on its website.

The Marketplace offers you many discount packages for banner advertising at CoinAD.media. These discount packages will save your money in the present challenging time for business.

CoinAD.media – Crypto Advertising Network. Trusted by more than 170+ crypto related websites. Audience 100% Crypto! Create your ads using our advertising platform and generate top quality leads to your websites from our enormous publisher network.

Various options of Banner Discount Packages + News Distribution to Crypto Websites are also available in the marketplace which provides the opportunity to buy banners and publications on the web sites at a good and attractive price.

The marketplace of CoinAD.media accepts payments in EUR, USD, USDT, BTC, ETH, XRP, LTC as well as any Bank or Credit Cards. In cooperation with CoinPayments we provide immediate prompt receipt of payments in cryptocurrencies with one click within a couple of minutes.

Save your money with the CoinAd.media Marketplace, get convenient and good advertising service with one click in your browser or mobile phone. We’ll take care of the rest.

An Overview of the StormGain Cryptocurrency Platform 15428

StormGain

The major players have already successfully cemented their positions in the cryptocurrency market. As a consequence, new platforms appear much less frequently than they did five years ago. And this is precisely why much more attention is now paid to new entrants to the market. One of the newest and most up-and-coming players in the cryptocurrency market is StormGain. Today, we are going to take a closer look at this platform’s features.

An introduction to the StormGain cryptocurrency platform

StormGain started operations in 2019. The target market for this cryptocurrency platform consists of both beginners and experienced cryptotraders – cryptocurrency enthusiasts who need to be able to quickly and efficiently convert their digital money. Among these, there are also cryptocurrency investors looking to earn a stable income.

StormGain users are able to choose from a large selection of trading instruments. These include both in-demand crypto instruments, such as Bitcoin, Ethereum and the like, as well as less popular options like Tron, Bitcoin Gold, etc.

Even though the platform is relatively new to the market, it has already made a good reputation for itself. The traders who use it often compare it to services like Kraken and Huobi Binance. In addition, StormGain is also the official sponsor of one of the English Premier League’s leading clubs – Newcastle United, which is a significant factor for earning the trust of users and potential clients.

Registration

The registration process has been made as simple as possible when compared to many other platforms. To register, all you need is an email address and phone number. The user then enters any other necessary details via their personal account.

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The registration process is similar to those of other cryptocurrency providers:

  1. First you go to the “Registration” tab.
  2. Then, you enter your personal information (email address, phone number and password) and agree to the Terms of Use.
  3. Finally, you must confirm the email address you provided at registration (required for the deposit/withdrawal of funds).

Once you’ve done that, you will then be able to use all the features of the cryptocurrency platform.

Deposit and withdrawal of funds

As already mentioned, the platform only supports cryptocurrencies, which facilitates easy wallet deposits and withdrawals.

If you have used other wallets to store cryptocurrency in the past and still have coins left in them, all you need to do is perform a simple inter-wallet transfer to fund your StormGain account with any of the cryptocurrencies supported by the platform. It’s worth noting that the main cryptocurrency used on this platform is Tether. This means that all payments will be carried out using this currency.

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StormGain charges no commission on deposits made in cryptocurrency. That said, there are minimum deposit amounts in place (for example, for Tether this is 50 USDT and for Bitcoin it is 0.005 BTC).

The second option for depositing funds to your wallet involves the use of third-party services enabling the exchange of fiat money for cryptocurrencies. To use this method, you’ll need a StormGain wallet address.

The developers of the StormGain platform took great care to make it as easy as possible to add funds to your account and have even provided the option of depositing funds directly to your wallet via your debit/credit card. To do this, all you need to do is select the desired cryptocurrency and the corresponding payment method from the list. However, you should be aware of the following restrictions:

  • the maximum deposit amount is USD $20,000;
  • a commission of 5% of the deposit amount (but not less than USD $10) will be charged.

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Although StormGain charges a debit/credit card deposit fee, this method eliminates the need to use third-party services. All transactions take place within the StormGain trading platform and are conducted automatically over encrypted connections. As a result, transaction speeds are much faster and your funds are much better protected.

Withdrawals are also processed very quickly. If you are going to withdraw funds to a cryptocurrency wallet, then all you have to do is select the cryptocurrency you need and enter the wallet address. Commission on crypto transactions is fixed at 0.1%, regardless of the currency you are withdrawing.

Trading

StormGain offers much higher leverage than most other platforms. This is one of the key advantages StormGain has over other trading platforms and we will talk more about it in this section.

StormGain offers trading in all the most popular cryptocurrencies, including Bitcoin, Tether, IOTA, Bitcoin Cash, Monero and many more besides. In total, around 30 cryptocurrencies are available to trade on the platform, which is enough to satisfy the needs of the majority of cryptocurrency users.

Cryptomarket analysis tools

The platform provides more than 40 indicators to assist with technical analysis. These include ready-made graphic patterns and profit/risk calculators.

Particular attention should be paid to the traders’ sentiment indicator, as it has a great influence on any strategy modifications. This gives StormGain a huge advantage over other cryptocurrency platforms since the provision of such an indicator is rare. It helps users identify the prevailing trend and make decisions about future trading operations.

Order types

StormGain offers four main types of orders. The first is the Market Order, which is the default option and corresponds to real-time trades. The second type is known as a Limit Order. It involves buying or selling assets when their price reaches a certain level. In addition to these, StormGain also supports Stop Loss and Take Profit orders, which are used respectively to limit losses or lock in profits before its too late.

Multiplier

The multiplier is one of the StormGain trading platform’s core selling points. It is no secret that many platforms allow cryptotraders to risk more funds than they have available on their account.  For the purposes of comparison, the world-famous cryptocurrency platform Binance allows users to trade with leverage of 1:5. The same amount of leverage is also available on Huobi. Meanwhile, a platform as popular as Cex.io only allows leveraged trading up to 1:3. StormGain, on the other hand, offers multipliers up to 1:200. This is much higher than the amount offered by other platforms.

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This multiplier allows you to benefit more from less intense price movement, even if your starting capital is very small. Nonetheless, it is worth remembering that using a multiplier also increases your risk when trading.

Platform features

StormGain provides a lot of bonuses and special features for its users. It was precisely these bonuses and features that enabled the platform to quickly gain in popularity and build trust among cryptocurrency traders.

Extended loyalty programme

The StormGain platform provides its users with some of the best trading terms around. The company offers several different loyalty levels, each with its own unique set of bonuses.

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As you can see, your individual account type can greatly improve the terms you receive as a trader on the platform. The higher your account status, the more bonuses you will be eligible for. These might include, for example, an increased bonus for account deposits or a discount on trading commission.

How to qualify for a given status

Each user is automatically assigned a certain status depending on their account balance or monthly trading volume. In other words, the more active you are, the higher your status. Likewise, if your activity drops over the course of a given month, your status will also drop.

Mobile trading

StormGain has its very own trading platform, which is also available for Android and iOS. This means that you can always keep abreast of any developments on the cryptocurrency market and carry out transactions from almost any device, anywhere. As the cryptocurrency market is open for trading 24/7 (including weekends and public holidays), this allows users to quickly respond to market events as and when they take place.

Training

The platform provides plenty of great opportunities to help you prepare for your first real trade. If you take look in your account, you will find video tutorials that deal with everything from the ins and outs of trading with StormGain to basic trading skills. These lessons will be very useful both for newbies at the beginning of their cryptotrading journeys and experienced traders looking to refresh their knowledge.

What’s more, the StormGain trading platform also allows users to practice making trades on a free demo account. The demo account gives everyone the opportunity to try their hand at trading without the need to risk their own funds.

It’s important to note that the demo account is available for use at any time. Therefore, even if you are already well-versed in trading, you can always switch from your real account to a demo account in order to test out new strategies.

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Security

Security has always been a very important element of any online service. But when it’s also client funds and not just user data that is at stake, then any platform for trading cryptocurrency must provide the highest level of protection. What kind of protection is offered by StormGain?

First off, it provides the ability to create a “cold wallet”. This is one of the unique features of the StormGain trading platform. On most platforms which deal with a large number of different cryptocurrencies, there are no “cold wallets”. This type of wallet exists offline and is immune from any malicious intruders.

The second key feature is the ability to activate two-factor authentication using Google Authenticator. The StormGain team strongly recommends connecting 2FA so that your account is protected even in case of the loss of login data.

The StormGain platform is trusted by users worldwide. The partnership with Newcastle United football club plays an important role in this. In addition, the platform is a member of the Blockchain Association which itself operates under under the auspices of the Financial Commission.

Support

The level of customer support can make a platform the best in the world or make its users hate it. For cryptocurrency platforms, the customer service element is no less important than that of making the service secure.

StormGain offers customer support via:

  • online chat;
  • Telegram;
  • e-mail;
  • telephone.

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In other words, all the ways of communication with the project team have been thought out. Depending on your problem and preferences, you can choose any method and quickly find a solution.

Conclusion

The StormGain cryptocurrency platform is a fairly young project. Nevertheless, in just over a year and a half of its existence, it has been able to earn the trust of its users and demonstrate excellent quality of services.

One of the platform’s “disadvantages” is that the minimum deposit amount is quite high. But given the extensive functionality, the presence of a loyalty and training program, the high level of security and other positive aspects offered by the StormGain trading platform, it can be argued that this platform has high potential. StormGain directly competed with the established leaders in the cryptocurrency trading platform market and is a great choice for both beginners and experienced traders.

Narkasa Cryptocurrency Exchange Targets the Global Market 16910

Narkasa

The cryptocurrency industry is always evolving, leading to increased awareness and popularity of Bitcoin and other crypto-assets. Among the leading areas of innovation in this emerging ecosystem is the evolution and sophistication of new cryptocurrency exchanges. A lot of existing exchanges create own and limited value proposition to its users, for instance, offering trade tutorials, global reach and mass adoption of cryptocurrencies. Other platforms focus on improving security features and customer support. However, few crypto exchanges are focused on user-centric features such as building a user-friendly platform, trading support and legal compliance across jurisdictions. Narkasa is a recently launched cryptocurrency exchange prides itself as being the most user-centric platform in the market and goes on to offer more than one solution to its users.

Launched in June 2020, Narkasa cryptocurrency exchange is duly registered and located in Istanbul. Legal and regulatory compliance is a huge competitive advantage of the exchange in its bid to ensure customer’s funds and data remain safe. Therefore, the exchange operates in compliance with the European Union’s AML/CTF and KYC guidelines.

Buying and selling cryptocurrencies has just been simplified for both new and experienced users! Users can access Narkasa services through its website as well as via iOS and Android devices. Trading experience is enhanced via the use of an API supported algorithmic trading technology. As a market leader in user-experience in the cryptocurrency industry, a user has an opportunity to interact with the various user-interfaces available on the exchange via the website even without a prior sign-up requirement. Hence, allowing its customers to decide to opt-in or not.

Further, Narkasa goes past being a user-friendly platform which is significant to driving crypto mass adoption and positions itself for global expansion and support. The exchange plans to introduce crypto trading supported by 156 national currencies. Therefore, allowing investors and other crypto enthusiasts from all over the world to buy and sell cryptocurrencies of their choice supported by host country fiat money/currency. Already, few weeks after launch the exchange supports transactions in various fiat currencies namely Ruble (Russia), Real (Brazil), Pound (Turkey), Tenge (Kazakhstan) and Hryvnia (Ukraine). Customer support and interaction with the trading platform is also available in 12 national languages. Choosing local or host country currency is win to Narkasa users because it’s an opportunity to save on foreign exchange cost otherwise charged if one has to convert funds from leading fiat currencies to a local one. Additionally, as a user you get to view your balances easily and intuitively in your local currency.

Why Choose Narkasa Exchange?

  • Multi-Currency support (both fiat and cryptocurrencies
  • Low Trading Fees
  • Zero Commission on Purchases of Cryptocurrencies via the Platform
  • User-Friendly Platform
  • Global Access
  • Multinational Platform -Supports 12 Languages
  • 24/7 Live Customer Support
  • Powerful Trade Engine backed by Artificial Intelligence (AI)
  • Fast, Safe and Secure Transactions

Are you frustrated with the complex user-interfaces experienced with cryptocurrency exchanges, huge costs and lack of consistent customer support? Narkasa is the exchange to be. Traders are reaping huge returns via the exchange by leveraging on its cutting-edge technology. What’s more, the exchange is running an offer, 50 per cent discount on all transactions via the platform within its 90 days after the official launch.

Real Name Virtual Bank Accounts Required for South Korean Cryptocurrency Exchanges 32211

In the recent past, on November 21st, 2019, the South Korean parliament approved legal amendments to meet international regulatory standards. The Value Network Domain Name System (VDNS) is especially developed by Bithumb as an identity authentication system is an effort to comply with global requirements.

In a bid to ensure that cryptocurrency virtual assets-handling companies in South Korea are in compliance with the recommendations of the International Anti-Money Laundering Organization, Financial Action Task Force (FATF), amendments to the Act on Reporting and Use of Specific Financial Information have been revised by the Amendment Subcommittee on Parliamentary Affairs from the National Assembly, the legislative body of South Korea.

The amendment comes with the new Special Financial Transaction Information Act, which is backed by the Korean Blockchain Association. This officially brings the cryptocurrency sector under the purview of the local mainstream economy. More importantly, real name virtual bank accounts are now a mandatory requirement. The exchanges and its representatives are also now under the purview of the Financial Commission’s Financial Information Analysis Institute (FIU) and report directly to them.  According to the approved revisions, noncompliance could result in a 5-year jail term including a fine of up to 50 million Won ($42,000 US Dollars).

The Current Situation

South Korea’s cryptocurrency industry faces stifling restrictions, more notably, after January 2018, when the Financial Services Commission cracked down against anonymous virtual accounts, tagging large transaction volumes as potential money laundering targets, leaving only a handful of cryptocurrency exchanges permission to have commercial bank accounts and continue operations, Bithumb being one. With South Korea accounting for nearly 20% of the world’s cryptocurrency transactions, this niche industry was severely affected when banks put an end to the practice of the limitless operation of only virtual accounts for its cryptocurrency-using customers.

Enter Bithumb Chain and the Value Network Domain Name System

Bearing in mind the need to simplify on-ramping onto the cryptocurrency world for new businesses and the general public alike, Bithumb Chain’s Value Network Domain Name System (VDNS) was built to serve as an identity authentication system. With Bithumb Chain’s VDNS system, every on-chain address is entitled to one top-level domain with a domain name of up to 32 characters. The VDNS system offers users to issue non-public proofs on the blockchain, and a way to authenticate such proofs against the issuer’s domain name linked to their addresses, thereby meeting the demand for transactional privacy as per FATF requirements as well. 

About Bithumb Chain

Bithumb Chain is designed to be a multifaceted solution targeted to solve various on-ramping issues in the cryptocurrency world serving as a bridge between various off-chain and on-chain services, products, and infrastructure. Bithumb Global is presently one of the leading cryptocurrency exchanges of South Korea and the world.

For more information on Bithumb Chain and Bithumb Global, please visit www.bithumb.pro