Centralized Crypto Exchanges (CEXs)

Centralized crypto exchange (CEXs), are often the preferred choice for beginners and experienced traders alike. These platforms are operated by a single, central authority that acts as an intermediary between buyers and sellers, facilitating transactions. A CEX stores and manages digital assets on behalf of its users, providing trading functionality within a regulated framework. Well-known examples include Binance, Coinbase, and Kraken, which have grown popular due to their ease of use and accessibility.

Benefits of CEXs

One of the main advantages of centralized exchanges is their user-friendly interface. These platforms are generally designed to make navigation easy, so new users can quickly become comfortable depositing, trading, and withdrawing assets. This ease of use has helped CEXs capture a broad user base, particularly those new to cryptocurrency. Moreover, centralized exchanges tend to offer a diverse range of cryptocurrencies and trading options, such as futures and derivatives. This variety appeals to users looking to diversify their portfolios beyond mainstream coins like Bitcoin and Ethereum. For experienced traders, these added options are a significant attraction, allowing them to engage in various strategies beyond simple spot trading.

Liquidity is another major benefit of centralized exchanges. CEXs typically maintain higher liquidity compared to their decentralized counterparts, enabling users to buy or sell assets quickly without causing large price fluctuations. This is particularly important for active traders who rely on high liquidity to enter and exit trades efficiently. Additionally, CEXs often work with regulated market makers who add further liquidity, making it easier for traders to execute large orders.

Lastly, centralized exchanges offer a level of security and regulatory oversight that some users find reassuring. Many of these platforms are regulated by financial authorities, offering a level of protection against fraudulent activities. This regulatory status also appeals to institutional investors who require compliance with strict regulations before entering the crypto market.

Drawbacks of CEXs

Despite their benefits, centralized exchanges come with several significant drawbacks. A significant downside is that users do not have control over their private keys. Instead, the exchange retains custody of the assets, which puts users at risk in case of a security breach or if the exchange faces insolvency. This lack of direct control over funds can expose traders to the possibility of losing their assets if the exchange is compromised or encounters financial difficulties. A well-known example is the Mt. Gox hack, which led to massive losses and shook the crypto community’s trust in centralized platforms.

Security concerns are a persistent issue with CEXs, as they have historically been prime targets for hackers. High-profile hacks have resulted in millions of dollars in losses, impacting users worldwide. While reputable exchanges often compensate users in the event of a breach, the threat remains a serious consideration for traders.

Another disadvantage of CEXs is their vulnerability to regulatory changes. As centralized platforms, they are required to comply with government regulations, which can sometimes limit their offerings or restrict services in certain regions. New regulations could require exchanges to delist certain tokens or restrict access based on jurisdiction, which may inconvenience users who are accustomed to unrestricted access to assets.

Decentralized Crypto Exchanges (DEXs)

Decentralized exchanges (DEXs) operate on a peer-to-peer network, allowing users to trade directly with one another without relying on a central authority. These platforms utilize smart contracts to automate and secure transactions, ensuring transparency and reliability. DEXs enable users to retain full control over their private keys, giving them continuous access to their funds without the need to trust a third-party intermediary. Notable DEXs include platforms like Uniswap, SushiSwap, and PancakeSwap.

Benefits of DEXs

The main advantage of using a decentralized exchange is the increased privacy and control it provides. By not entrusting funds to an intermediary, users minimize the risks associated with hacks and platform insolvencies. This level of autonomy is appealing to those who prioritize security and privacy in their crypto transactions. Since DEXs are typically non-custodial, users retain full ownership of their assets, minimizing the risk of losing funds in the event of hacks or exchange insolvency. This control over one’s crypto assets makes DEXs appealing to those who prioritize security and independence in their transactions.

Additionally, as these platforms don’t require a central authority, they are less susceptible to regulatory interference, which may attract users who value freedom from government oversight. This structure appeals to users who prioritize privacy and autonomy over convenience.

Verification processes. This feature is especially attractive to those who value their privacy and want to avoid sharing personal information with third-party entities. Furthermore, this privacy-oriented approach enables DEX users to interact with individuals in regions where traditional banking services may not be available.

Lower transaction fees are another benefit of decentralized exchanges. Since DEXs do not require intermediaries, they can often offer reduced fees, making them a more cost-effective choice for active traders. For those involved in decentralized finance (DeFi), DEXs also enable unique opportunities such as staking, lending, and liquidity mining, which allow users to earn passive income on their holdings.

Drawbacks of DEXs

However, decentralized exchanges have some limitations. One of the main challenges is lower liquidity compared to centralized platforms. Since the user base of DEXs is typically smaller, it can be more difficult to find buyers or sellers for specific assets, especially during periods of high volatility. This lack of liquidity can lead to price discrepancies, making it harder to execute large trades without impacting the market rate.

DEXs can also be more technically demanding. Users must have a compatible wallet and understand how to manage their private keys securely. For newcomers to the cryptocurrency space, the technical learning curve can be intimidating, as mistakes in managing private keys or smart contracts can result in permanent loss of funds.

Another drawback is the lack of regulatory oversight, which can be both a pro and a con. While DEXs offer freedom from regulatory constraints, this absence of oversight may expose users to scams or market manipulation. As decentralized exchanges are not subject to the same regulatory standards as CEXs, there is often limited recourse for users who fall victim to fraudulent activities.

Comparing the Two: When to Choose a CEX vs. a DEX

Choosing between a CEX and a DEX depends largely on your trading goals, experience, and security preferences. If you’re new to cryptocurrency trading, a centralized exchange may be the best starting point due to its user-friendly interface and accessibility. CEXs offer a wide range of assets and liquidity, making it easier for beginners to execute trades and build a diversified portfolio.

On the other hand, if you prioritize privacy, control over your assets, and lower fees, a decentralized exchange may be a better fit. DEXs are ideal for experienced traders who are comfortable with self-custody and familiar with DeFi platforms. They are particularly attractive for users interested in DeFi protocols and earning passive income through staking or liquidity provision.

Many experienced traders recognize the benefits of utilizing centralized and decentralized exchanges to expand their access to a wider variety of assets and trading opportunities. For example, certain tokens might only be available on specific DEXs, while others are exclusively listed on CEXs. By leveraging both types of exchanges, traders can better optimize their portfolios and respond to changing market dynamics.

Both centralized and decentralized exchanges offer unique advantages and challenges. Centralized exchanges provide higher liquidity, faster transactions, and more intuitive interfaces, making them well-suited for beginners or those looking for a simpler trading experience. In contrast, decentralized exchanges emphasize user control, privacy, and enhanced security, making them more attractive to experienced traders or those who prioritize autonomy in their transactions.

Ultimately, the decision between CEXs and DEXs depends on your personal trading preferences, security needs, and which assets you wish to access. Understanding these differences will help you choose the platform that best aligns with your goals.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Some people that want to launch their own cryptocurrency exchange are struggling with the question of why make it legal. They seem to think that taking the gray route will help them avoid the massive headaches that come with legalizing their projects. On one hand, they are right in that they will not have to go through the registration process, be it the process of getting a crypto license in Poland or any other country, but they will be faced with a whole new level of trouble. On top of running afoul of any regulatory agency and avoiding all sorts of fines, they will also suffer the wrath of their investors if they are proven to be operating in a legal gray area.

In all likelihood, a project that failed to legalize its own operation will not be able to attract any investors in the first place since people are very much wary of any legal project that is operating in a gray area. This is one of the reasons why many projects that run afoul of the law can never really generate a serious amount of liquidity, which is why they cannot be considered successful. So, the biggest and the most important reason to make your exchange legal is to gain credibility as a reputable project and become successful.

What Are the EU Requirements for Crypto Exchanges? 

Cryptocurrencies and other crypto assets are considered QFIs (qualified financial instruments) in the European Union. Holding, getting exposure to, or providing services in digital assets or cryptos is not illegal under EU legislation for banks, financing, or investing businesses. The Financial Supervisory Authority (BaFin) in Germany, the Autorité des Marchés Financiers (AMF) in France, and the Ministry of Finance in Italy are just a few of the EU member state authorities that call for exchangers to register in those nations. Exchanges may “passport” their authorizations and licenses from various authorities, enabling them to function under a uniform set of rules across the whole union.

The Polish Financial Supervision Authority (PFSA) (or Komisja Nadzoru Finansowego (KNF)) is the governing body that controls the activities of cryptocurrency exchanges in the country. Here are the main requirements sets forth by the KNF:

• An official Polish legal entity;
• A valid corporate address (albeit a local agent is recommended);
• Verification of each individual’s clean criminal record;
• Everyone taking part must have professional qualifications, such as schooling or previous work experience;
• A detailed explanation of the business and its future offerings;
• Cryptographic anti-money-laundering (AML) records, and CFT procedures, all in line with the EU standards;
• Authentication and identity verification processes built to EU standards.

Why Do Most People Choose Poland to Obtain a License for a Crypto Exchange?

There exists a broad range of advantages that people get to enjoy once they set up shop in the above-mentioned country, including:

1. Poland actively participates in the global economy. You may reach a wide audience of prospective buyers by operating within this nation;
2. Polish cryptocurrency industry development outpaces that of other EU member states;
3. The licensing process for crypto-trading exchanges in Poland is less onerous than in other EU countries;
4. Poland has entered into double taxation accords with a number of nations. Foreign-owned businesses may gain a lot by establishing a presence in Poland;
5. Poland boasts a very modest tax rate for businesses;
6. Opening a financial account for your Polish cryptocurrency firm is possible using the facilities of any bank or EMI located in the European Economic Area.
7. PLN 5,000 (roughly EUR 1,100) in starting money is all that is needed to get you set up;
8. Businesses dealing in cryptocurrencies are now exempt from the rigorous oversight and audits of certain governing bodies.

What Documents Are Needed to Obtain a License for a Crypto Exchange in Poland?

In order to obtain suitable licensing and reap all the benefits of the prestigious Polish jurisdiction, a company must supply the following documentation:

• A copy of each individual’s current, active passport;
• Power of Attorney;
• A detailed explanation of the company concept and authorized actions;
• Curriculum vitae (CV) outlining the experience and education of each participant;
• URL of the service-providing web platform;
• Stockholders, directors, and proprietors must provide a clean record certificate from the state’s registrar of offenses that is a maximum of three months old.

Please note that the list of paperwork may change and depends on the individual circumstances surrounding the project and its participants.

Do I Need an Authorized Capital for a Crypto Company in Poland?

In Poland, a cryptocurrency firm must have a minimum authorized capital of 5,000 PLN, which is equivalent to around 1,100 EUR. The sum cannot be deposited in any digital currencies, it must be in fiat. The applicant must deposit into the official corporate account of their company. Before filing an application to register a corporation in Poland, this must be done. It is a mandatory precondition for obtaining a license.

How Long Does It Take to Obtain a License for a Crypto Exchange in Poland?

The process of creating a company can take up to 9 weeks. In most cases, it will be less, especially if you enlist the help of a company that provides company registering services. The first stage in which you gather the documents to jumpstart the process takes 1 week on average. The subsequent stage of you registering an LLC in Poland is usually somewhere between 3 to 4 weeks. Then, you are receiving the license which takes between 2 to 3 weeks.

Are There Companies That Offer Ready-Made Solutions?

The fastest possible solution to launch your company in Poland is to purchase a readymade company. Yes, there are companies, such as Legal Bison, for instance, that offer readymade solutions and it’s a great option for those who don’t want to wait.

When your business is authorized and running properly, you can immediately begin exploring the opportunities of the digital currencies industry. You may feel confident knowing that your money is being invested in firms that strictly follow all Polish rules and regulations.

It will require around two to three weeks to amend the details in the business database if you are purchasing a pre-existing crypto firm. However, under Polish law, you are considered the organization’s owner immediately upon the closing of the deal. This indicates you can get immediately into your planned course of action and start making profits.

Conclusions

In general, if you get help, the process of setting up your business in Poland is both easy and straightforward. This will enable you to put your plans into action. The costs are not important since you’ll be able to make that money back in no time with ease.

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This has resulted in the widespread use of the popular maxim “not your keys, not your coins” across the crypto community. In consequence, more users have been spurred to offload their crypto assets from centralized exchanges to preferred non-custodial wallets and cold storage. 

Recently, Times Tabloid reported that billions of XRP tokens were sent out of Bittrex to different non-exchange wallet addresses. Likewise, billions of funds were withdrawn from the Binance exchange a few days ago. 

While this action instigated a mild FUD, the Binance CEO Changpeng Zhao cleared the air stating that it was business as usual, adding that the recent withdrawal constituted less than 2% of the exchange’s holdings. 

Read Also: CZ Binance Brands FTX’s Bankman-Fried “One of the Greatest Fraudsters in History”

In a Wednesday Twitter Space, the Binance Chief shared his sentiments on the recent comments and actions toward assets storage on centralized exchanges. CZ noted that users are more liable to lose their assets by holding them in cold wallets instead of exchanges. 

While speaking during the Twitter Space, CZ told, “I always try to educate people so they understand there are risks. Holding your own crypto in your wallet is not risk-free; I actually think more people lose money holding on their own; lose more crypto when they’re holding on their own other than on a centralized exchange.”

According to him, self-custody, which entails holding your crypto in a cold wallet or hardware storage and not with a company, is not risk-free. However, he mentioned that those who are technically capable of being their bank should do so. 

In his words, “for most people, for 99% of people today, asking them to hold crypto on their own, they will end up losing it. Most people are not able to back up their security keys; they will lose the device. They will not have the proper encryption for their backup; they will write it on a piece of paper, someone else will see it, and they will steal those funds.”

Read Also: Binance CEO To Crypto Community: Bitcoin (BTC) Is Not Dead. We Are Still Here

“And also today, very fundamentally, if a person passes away, they don’t have a way to give to their next of kin. Whereas we have a standard operating procedure [for that],” he added. 

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Before you can buy and sell cryptocurrencies on these exchanges, it is important to own an account. Other factors to consider include security, assets, payment method, and fees. To find the best crypto exchange platforms, you should consider the ones discussed here.

Crypto.com 

This crypto exchange supports about 250 different cryptocurrencies, which can be traded on its platform. Crypto.com was launched in 2016 and is now available in more than 90 countries.

The crypto exchange platform has its Blockchain, which is embedded in its digital asset ecosystem. Crypto.com is a platform that makes crypto trading easy, and its mobile app is also very compatible with smartphones. The trading site offers lots of features and products, but you may have to pay trading fees of 0.075% if you do not trade large amounts of crypto at once.

Kraken

Kraken is a professional trading platform best known for its low cryptocurrency exchange fees. The crypto exchange platform was launched in 2011 and is currently available in many countries around the world. Investors are able to trade and exchange over 120 types of cryptocurrencies on Kraken, and it offers some of the best products and features of the crypto market. The most common and acceptable form of payment on Kraken is by wire transfer.

Cash App

This cryptocurrency exchange platform is ideal for exchanging, buying, selling, or storing bitcoins. The application is very easy to use, and it is compatible with smartphones. With Cash App, users can withdraw their Bitcoin into third-party wallets, unlike other types of exchange sites. The trading fees on Cash App vary and are only shown when the user intends to make a withdrawal.

ZenGo

ZenGo is a highly secure cryptocurrency trading and exchange platform that also functions as a non-custodial wallet. Users can create an account and set it up on ZenGo in less than 60 seconds. The ZenGo trading application is very easy to navigate and simple to understand, even by an amateur.

Binance 

Binance is a trustworthy crypto exchange platform that offers amazing products and features to users. On Binance, traders can buy, sell, and exchange over 600 cryptocurrencies, which makes it one of the very best in the crypto market. Binance has a great interface that allows both new and experienced traders to navigate with ease. The crypto trading platform is available in more than 140 countries around the world, including Germany, France, Italy, and the UK.

FTX

FTX is a centralized cryptocurrency platform that allows users to trade stocks, leverage tokens, and other types of cryptocurrencies. This trading platform is also very good for those who trade altcoins and Bitcoin tokens. Users can make very large purchases of crypto on FTX, and it also offers the FTT token utility that helps to reduce trading fees for traders.

Pionex 

Pionex offers up to 18 free trading bots such as the Smart Trade Bot, Grid Trading Bot, Trailing Sell Bot, Spot Futures Arbitrage Bot, Martingale Bot, and so on. Pionex supports manual trading through its crypto conversions. The transaction fees on Pionex are up to 0.05%, although the withdrawal fees can vary and would only be shown on the platform.

Bitstamp

Bitstamp is a cryptocurrency exchange platform that is only licensed to operate in the United States and the European Union. The crypto exchange site supports over 50 types of cryptocurrencies, which can be traded or stored. The crypto withdrawal fees on Bitstamp vary and can be seen on the website once a withdrawal has been initiated.

CoinSmart 

CoinSmart Just as the name suggests, CoinSmart is a very smart crypto exchange platform that is also capable of identifying fake addresses when used. CoinSmart supports different payment methods such as wire transfers, Interac, and SEPA. The exchange site is well-known for its same-day deposits and withdrawal requests. It charges 0% fees for bank wire and bank drafts, 6% fees for credit or debit cards, and 1% fee for electronic funds transfers.

Bybit 

Bybit is a very smart platform for the buying and selling of cryptocurrencies. The trading and exchange platform is easy to use and also supports multiple cryptocurrencies. Its trading fees are very low, up to 0.1% for all spot trading pairs.

Conclusion 

You can use the above-mentioned cryptocurrency exchange platforms to get started in the crypto trading market. Different crypto exchange sites offer low fees, fantastic trading experiences, and the trading of more cryptocurrencies. Crypto.com is considered the best crypto exchange site to make use of when you need a mobile-friendly and easy-to-navigate platform. Kraken is best for its low trading fees, and if you need to trade specifically for Bitcoin, Cash App is ranked best. Before choosing the exchange platform that works for you, consider your needs and the crypto market.

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Manchester City and OKX Exchange Partners

OKX, one of the world’s top cryptocurrency exchanges with over 20 million customers, notified the public on July 11 of yet another successful agreement to become Manchester City’s training kit’s sole sponsor for the 2022-23 season.

Therefore, throughout the next season, OKX’s trademark will be imprinted on the training kits of the club’s first squads for both the men’s and women’s sides.

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Per the announcement, the OKX-branded training kits will be debuted by Erling Haaland, Jack Grealish, Joao Cancelo, and John Stones during Manchester City’s first pre-season training. Similarly, the women’s first team will launch the OKX customized kits when they resume training in August.  

Courtesy of the partnership, the crypto exchange has placed murals of Jack Grealish, Joao Cancelo, Erling Haaland, and John Stones at four strategic locations in Manchester with QR codes embedded in them. 

Interestingly, Cityzens stand a chance of winning season tickets in the OKX Hospitality Box when they scan the QR codes included in any of the four artwork created by popular street artist Akse P19 and Global Street Art Agency. 

To note, this is the second partnership between the EPL defending champions Manchester City and OKX crypto exchange. In March 2022, OKX was announced as Manchester City’s official cryptocurrency exchange Partner. 

Additionally, the crypto exchange is the presenting partner of Manchester City’s first global Trophy Tour since 2019. The tour will see Manchester City and OKX take the Premier League trophy to the doorsteps of fans in markets including France, Spain, the UAE, Korea, and, for the first time ever, Mexico, Norway, and South Africa, another report said. 

Roel de Vries, Group Chief Operating Officer, City Football Group, said, 

“We are pleased to expand our relationship with OKX today, as they become the Official Training Kit Partner of Manchester City. OKX and Man City are aligned on values such as innovation and success and for both parties, everything starts with training and education. Since the initial partnership began in March 2022, we have worked together to ‘supercharge the fan experience’ through a number of exciting content activations ahead of high-profile fixtures during the culmination of the 2021/22 season and we look forward to continuing to develop these opportunities over the coming year.”

Read Also: Cristiano Ronaldo (CR7) Scores NFT Partnership with Binance

Crypto and Football Partnerships

Over the years, the English Premier League and the entire world of football have seen a growing tie between football clubs/ players and crypto entities. It is believed that more of these collaborations will contribute to the enhancement of crypto and blockchain mass adoption. 

In June 2022, Binance, the world’s largest crypto exchange by trading volume, sealed an NFT partnership with the legendary Portuguese football player, Cristiano Ronaldo. Likewise, Everton secured a club-record sponsorship deal with the gambling company, Stake. Also, Stake partnered with the relegated Watford FC last season. 

Interestingly, Sao Paulo FC, a top Brazilian Football Club, is now accepting the popular meme token, Shiba Inu (SHIB) as a payment option for tickets.

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FTX Japan Lists DOGE

Per a tweet made a few hours ago by FTX Japan’s Twitter handle, the top crypto exchange has officially started handling Dogecoin (DOGE). 

本日よりドージコイン（Doge）取り扱い開始！
この機会にドージコイン（DOGE）の購入をぜひご検討ください。
詳細はこちらからhttps://t.co/T2QCip3Jtj#わんわん#わんーお#かぼちゃん pic.twitter.com/zL4lIRyMVy

— FTX Japan (@FTX_JP) July 5, 2022

Importantly, FTX Japan is thrilled to become the first domestic exchange to provide perpetual Dogecoin (DOGE) trading for customers. The exchange urged users to take advantage of the novel service on the platform.

Per the announcement, the Japan-based exchange will commence the services of perpetual DOGE trading for users on July 5 by 11:00 am JST.

Similarly, the exchange intends to also handle Dogecoin (DOGE) for the following target services – warehousing and delivery purposes as well as physical transactions in its exchanges and sales offices.

In addition, the exchange informed via the announcement that there is a plan to facilitate easy buying and selling of the largest memecoin on its platform in the coming days.

Part of the announcement read;

“We plan to start handling Dogecoin (DOGE) in our physical transactions (sales offices/exchanges) and perpetual transactions from 11:00 am on July 5, 2022 (Tuesday). Dogecoin (DOGE) is a unique coin with the motive of Shiba Inu, and is a crypto asset that has gained a lot of popularity in recent years.”

“In the future, it will be possible to easily trade this Dogecoin (DOGE), which is often heard in the news, on FTX Japan. FTX Japan is the only domestic exchange that handles Dogecoin perpetual transactions, so please take advantage of it.”

Read Also: Elon Musk Explains How He Started Supporting Dogecoin (DOGE)

Dogecoin (DOGE) Adoption

The Dogecoin (DOGE) project which began as a joke has since gained momentum following its adoption by the Tesla CEO, Elon Musk. In a recent report, the popular figure and the world’s richest man disclosed how he started supporting the largest dog-themed token on the market. Despite a class lawsuit filed against the billionaire, he noted that he will keep supporting the project. 

Over the years, individual investors have shown interest in the token while several businesses and entities have adopted the token as a payment option. These and many more developments like the FTX Japan listing move, have kept the dog-themed token on the positive side.

Interestingly, WhaleStats revealed that Dogecoin is now among the top 10 purchased tokens by 1000 biggest Binance Smart Chain (BSC) whales in the last 24 hours.

JUST IN: $DOGE @dogecoin now on top 10 purchased tokens among 1000 biggest #BSC whales in the last 24hrs

Peep the top 100 whales here: https://t.co/hABj9cqU4d

(and hodl $BBW to see data for the top 1000!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/6cQ7F1v52u

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) July 5, 2022

Meanwhile, Crypto.com have removed Dogecoin (DOGE) and 14 other crypto assets from its earn rewards program, citing the prevailing bear market as the motive.

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Cardano (ADA), Solana (SOL), Polkadot (DOT), and GALA Listings

The licensed and regulatory compliant trading platform has continued to increase the number of digital assets it supports. This is in a bid to bring more investment options to its customers.

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Due to the underlying crypto regulations in Canada, Netcoins requested to update its restricted dealer license in late 2021. The approval of this request came in March 2022 from the authorities, giving rise to a wider offering of coins and tokens on the trading platform.

Three months after this development, Netcoins is pleased to enable trading for some of the top digital assets by market cap and adoption rate. In its fourth major rollout of coin additions, the online cryptocurrency brokerage that makes it easy for Canadians to buy and sell crypto assets, onboarded Cardano (ADA), Solana (SOL), Polkadot (DOT), and the Gala games token, GALA.

With this recent tokens listing, the fully regulated and licensed money services business (MSB), Netcoins now supports a total of 36 cryptocurrencies on its platform. In a wider perspective, among the legal and regulated crypto trading platforms in Canada, Netcoins ranks third based on the most coins listed.

Other crypto tokens that can be bought in Canada via the platform include Shiba Inu (SHIB), Dogecoin (DOGE), Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), etc.

Related:  You Can Now Trade Chainlink (LINK) on the Robinhood Platform

About Netcoins

Interestingly, Netcoins started as a virtual Bitcoin ATM solution provider in 2014 but later evolved into a cryptocurrency trading platform. Today, users can trade over 35 cryptocurrencies via Netcoins’ Web and Mobile applications.

The trading platform, Netcoins, is owned by the publicly traded BIGG Digital Assets. Being public, it is said to offer an extra layer of safety and transparency to users. Therefore, Netcoins leverages blockchain analytic and forensic tools BitRank and QLUE to guarantee users’ safety of assets.

According to Netcoins, the online brokerage is a registered Money Service Business (MSB) with FINTRAC. In addition, it is fully regulated and registered with the Canadian Securities Administrators (CSA) and BCSC.

In the words of Netcoins’ CEO, Mark Binns, the platform is excited to launch two more of the top 10 coins globally by market cap, ADA and SOL, along with DOT.

These coins recently became available to Netcoins for listing under a regulated environment. We believe strongly that moving in lock step with regulation, and our customer’s safety and best interests, is the path to long-term growth and success. We welcome the traders and HODLers of ADA, SOL, DOT, and GALA to Netcoins,” he added.

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FTX and BlockFi Partnership

As the crypto market continues to suffer a decline, BlockFi is excited to receive the timely fund injection from FTX. The crypto lending platform was among those hugely affected by the persisting market downtrend. 

Recently, BlockFi revealed that it will lay off 20% of its workforce. Moreover, the crypto firm implemented other cost-cutting measures, like reduction in marketing spending and staff compensation in a bid to curtail expenditures.

Interestingly, with this development, BlockFi has regained its financial strength, and all operations on the lending platform are back to normal while asset safety remains guaranteed, according to the FTX CEO.

More so, the multi-million agreement serves as a substantial stride in BlockFi’s commitment to the strength and accessibility of crypto markets. Interestingly, future collaborations between both parties and innovations are expected to arise from this agreement.

In further response, Zac Prince tweeted;

“Throughout the market volatility of the last several weeks, I’m incredibly proud of how our team, platform, and risk management protocols have performed. Today’s landmark announcement reinforces BlockFi’s commitment to serving its clients and ensuring their funds are safeguarded.”

To BlockFi clients, the CEO added; “We are here for you. Our team is battle-tested and has weathered many storms over the years, which only makes us stronger and more resilient as we navigate today’s market environment.”

See Also: Lotus Cars Partners with Ripple and NFT PRO to Launch Automotive NFTs on the other XRP Ledger (XRPL)

FTX CEO, Sam Bankman-Fried Reacts 

In a follow-up tweet, FTX CEO heralded BlockFi company for their outstanding leadership and risk management expertise that resulted in the successful removal of all risk factors in the face of recent market turbulence. 

He noted that “BlockFi customers’ assets are appropriately managed, with no debt/risk from counterparties like Three Arrows Capital (3AC) and Celsius.”

Ultimately, he stated that the $250M partnership will enable BlockFi to “navigate the crypto market from a position of strength.”

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