GK Group’s KAMBO Platform Launches To Put ‘Idle’ Cryptocurrency To Work

KAMBO

UK-based fintech and financial services conglomerate Global Kapital Group (GK Group) has formally released its dedicated cryptocurrency loans platform KAMBO.io as the sector quickly diversifies.


Bitcoin And Ethereum As Loan Collateral

In a press release dated October 30, GK-Group, which has operated various brokerage, consumer and business finance services since 2010, said it planned to level the playing field for private investors looking to use their cryptocurrency holdings as collateral.

Instant loans are available in the modest range between $1000 and $10,000, while larger sums are reviewed and approved within 48 hours. Collateral can come in the form of either Bitcoin or Ethereum (though more cryptocurrencies are planned to be added soon).

“We believe cryptocurrencies and novel fintech concepts will liberate the financial ecosystem, and more tools a system has healthier it becomes,” co-founder Can Gulec explained.  

“Our goal is to build those tools, starting with giving people basic freedoms to use their cryptocurrencies as they please.”

The platform makes money by charging 14 percent APR on all loans, a model similar to other actors set to launch in the fledgling cryptocurrency loans market.

No ICOs

Amid the ongoing bear market across crypto-assets, KAMBO and others see a desire among consumers to put their cryptocurrency to work while waiting for markets to pick up.

Unlike competitors such as Salt Lending and Nexo, GK Group has taken steps to avoid raising funds via an ICO.

Pointing to statistics showing the extent of losses taken by investors in token sales since 2017 prior to the launch, KAMBO suggested conducting an ICO of its own could prove counterproductive, adding it did not need to raise funds to build and operate a lending platform.

“…People have seen through the smokescreen and realize, like many governments and regulators, that ICOs are mostly big and empty promises,” executives wrote in a blog post.

“Our mandate is to rather underpromise, and then over deliver.”

What do you think about KAMBO.io? Let us know in the comments below! 


Images courtesy of Shutterstock.

The post GK Group’s KAMBO Platform Launches To Put ‘Idle’ Cryptocurrency To Work appeared first on Bitcoinist.com.


Source: bitcoinist
GK Group’s KAMBO Platform Launches To Put ‘Idle’ Cryptocurrency To Work

Stellar Lumens [XLM/USD] Technical Analysis: Altcoin trying hard to recover after grizzly rampage

Stellar Lumens [XLM] is steadily climbing after yesterday’s flash crash, indicating that the market might be stabilizing. 1-hour Stellar Lumens [XLM] 1-hour chart The downtrend can be in the range of $0.24725 to $0.2273 with a break in between ranging between October 28 and 29. The Bollinger Bands shows the candles above the exponential moving average […]
Source: bitcoinwarrior
Stellar Lumens [XLM/USD] Technical Analysis: Altcoin trying hard to recover after grizzly rampage

CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

CMC Markets, a U.K.-headquartered financial derivatives brokerage with shares listed on the London Stock Exchange, revealed on Tuesday that it has expanded its cryptocurrency offering to include bitcoin cash (BCH), as well as litecoin (LTC) and ripple (XRP).

Also Read: How to Easily Give BCH as Gifts in Halloween Trick-or-Treat Packages

CMC Markets Responds to Demand

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingThe roughly 60,000 clients that CMC Markets serves around the world can now start taking positions on the three additional cryptocurrencies paired against the U.S. dollar. The move follows the brokerage’s extension of its cryptocurrency offering from professional to retail clients in July. At launch, the trading platform only offered bitcoin core (BTC) and ethereum (ETH).

“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum,” explained David Fineberg, group commercial director at CMC Markets. “We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders.”

Research Before You Start Trading CFDs

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingForex, spread betting and contracts for difference (CFDs) brokerages have been very eager to add cryptocurrency-based instruments in recent years, as the volatility lured their day-trader clients away to crypto exchanges. However, concerns about alerting regulators prevented some of the more established players from doing so as quickly as they could have. Only this week it was revealed that the U.K. government is now considering a ban on crypto derivatives.

CMC Markets cautiously entered the cryptocurrency CFDs race only after rivals such as Admiral Markets, Gain Capital’s City Index, Plus500 Ltd., and IG Group Holdings Plc. had already established operations in the space.

“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange,” said Fineberg. “However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”

Is trading CFDs a good way to get exposure to bitcoin cash? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, CMC Markets.


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The post CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering appeared first on Bitcoin News.


Source: bitcoin.com
CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

Indian Officials Consider Ban on “Private Cryptocurrencies”

India crypto ban

Agents of the Indian government have met to formally discuss a possible ban on private cryptocurrency holdings in the nation.

On October 30, 2018, the Financial Stability and Development Council (FSDC) issued a press release detailing their recent meeting where they “reviewed the current global and domestic economic situation and financial sector performance.”

The council seemed deeply concerned about “the need for identifying and securing critical information infrastructure,” under the guise of “strengthening security in the financial sector.”

To this end, the report mentioned a deliberation “on the issues and challenges of crypto assets/currency, and was briefed about the deliberations of the High-Level Committee … to devise an appropriate legal framework to ban use of private cryptocurrencies in India and encourage the use of distributed ledger technology.”

It should be noted that the council appears to refer to “private cryptocurrencies” as coins that operate on an open-source, permissionless blockchain, and this classification should not be confused with privacycoins, a subset of cryptocurrencies that focus on anonymous transactions.

This stance on the different applications of blockchain technology seems to be an unfortunately common one across different major economies worldwide. Earlier this year, China began to make public its support for the applications of distributed ledger technology, while continuing to remain either silent or generally negative on the prospects of a truly decentralized currency.

The Indian government has recently shown several indicators of a growing hardline stance on cryptocurrency, with the Reserve Bank of India (RBI) banning crypto exchanges in July 2018, and the proprietor of a Bitcoin ATM in Bangalore being arrested in late October.

Other than these general trends in Indian policy, however, crypto speculators abroad have little to go on. The FSDC’s report did not elaborate on their intended meaning of “use,” or whether this means a proposed ban on trading, holding, mining or any other possible interactions with cryptocurrency networks.

It is unclear the extent to which the Indian government will clarify its overall intentions toward cryptocurrency in the days to come.

This article originally appeared on Bitcoin Magazine.


Source: bitcoinmagazine
Indian Officials Consider Ban on “Private Cryptocurrencies”

EY Prototype Allows Private Transactions on Ethereum’s Blockchain

EY Ethereum

In a bid to lower the barriers to mainstream adoption of blockchain technology, professional services giant Ernst & Young (EY) has launched a solution that it claims will allow companies to transact privately on Ethereum’s blockchain using zero-knowledge proof (ZKP).

Dubbed the EY Ops Chain Public Edition (PE), the solution will reportedly allow enterprises to issue and sell product tokens on a “public blockchain with private access to their transaction records.” This announcement comes on the heels of EY’s launch of the EY Ops Chain, a set of apps and services created to help businesses commercialize the use of blockchain technology.

With millions of users and a market cap of approximately $20 billion, Ethereum’s blockchain is larger than most private blockchains, but its ecosystem’s size, which comes with a plethora of smart contract applications and tokens, also requires a considerable amount of computational power to operate it, as well as less transaction privacy than private blockchains. According to the report, EY Ops Chain PE will offer the best of both worlds.

In an email correspondence with Bitcoin Magazine, Paul Brody, EY global innovation leader of blockchain technology, stated:

“EY Ops Chain PE is a first-of-its-kind application and a major step forward that empowers blockchain adoption. Private blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency.”

The new EY Ops Chain PE uses ZKP technology to enable the transfer of private tokens without tampering with Ethereum’s consensus algorithm. Developed by the EY blockchain labs in Europe, with patents pending in the United Kingdom and France, the prototype system will also support “payment tokens and unique product and services tokens that are similar to the Ethereum ERC-20 and ERC-721 token standards.”

In practice, a zero-knowledge proof allows users to prove that they know a piece of information, be that a transaction amount or some other value, without actually revealing the underlying information. For corporations and businesses that don’t want to make sensitive financial or business information public, this privacy is considered a must if they are to use blockchain technology for their day-to-day.

“With zero-knowledge proofs, organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain,” Brody concluded.

The new solution will include the EY Blockchain Private Transaction Monitor, which monitors and keeps a record of transactions. The company is working on a public release of the EY Ops Chain PE and the EY Blockchain Private Transaction Monitor for 2019.

This article originally appeared on Bitcoin Magazine.


Source: bitcoinmagazine
EY Prototype Allows Private Transactions on Ethereum’s Blockchain