In an interview on CNBC Crypto Trader hosted by Ran Neuner, Binance CEO Changpeng Zhao (CZ) stated that the crypto market and Binance are still in a good position even after nearly a year of downward price movement.

Binance Maintaining Healthy Business

Over the past 11 months, the cryptocurrency market has lost more than 70 percent of its valuation amidst the fourth biggest correction in its 10-year history.

CZ stated that the volume of Binance is down nearly 90 percent since January due to the correction and partially because of the high level of stability Bitcoin (BTC) has demonstrated over the past three months.

“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business,” CZ said.

But, with a steady increase in the number of active users and BTC deposits, Binance is still recording decent volume and maintaining a healthy business.

“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”

Actual Volume of Crypto is 2x the Reported Volume

Cryptocurrency market data providers like CoinMarketCap, CryptoCompare, and CoinCap report the daily trading volume of major cryptocurrencies and the entire crypto market based on the volumes recorded by exchanges like Binance.

Earlier this year, several research firms including TABB Group, an international research company, reported that the over-the-counter (OTC) market, where large institutional investors tend to trade, is at least two times larger than the cryptocurrency exchange market.

Eric Wall, a cryptocurrency researcher, said at the time:

“Just read an estimate from the TABB Group (in a $5,000 report) that OTC crypto markets exceed exchange volumes by 2-3x. That would mean 1 to 1.5 million BTC is traded OTC daily. Strange it’s not visible on the blockchain, which shows a meager 100,000 a day.”

CZ noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges and as such, the actual trading volume of the crypto market is twice the size of the current volume. As of November, the daily trading volume of the crypto market is estimated to be around $11.7 billion, down quite substantially from January. Still, if the OTC market is about the same size as the cryptocurrency exchange market, the real volume of the crypto market adds up to around $23.4 billion.

“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes.”

In the months to come, with several positive developments down the line such as Bakkt, CZ noted that a catalyst could trigger the market to move. While it is hard to predict, he emphasized a rally will likely happen “sooner or later, something will trigger it.”

*This post is credited to CCN

Gold has been regarded as one of the major factors in determining the value of national fiat currencies for more than 4,000 years. Simply put, the larger gold reserves a country has, the more valuable its currency is.

In recent years, comparisons of gold and cryptocurrencies, particularly Bitcoin, has been a growing trend. And whilst the two share some similarities, there is one obvious but important difference – unlike fiat currencies which are largely backed by Gold, crypto-currencies are generally not backed by anything.

With Bitcoin, which has been disrupting the financial industry and our entire conception of money since its arrival on the scene almost ten years ago, its value is primarily determined by demand and supply.

When people suddenly buy BTC in large volumes, its price simply skyrockets and, inversely, when holders sell in droves, it plummets. The same behaviour applies to the vast majority of crypto-currencies – although Stablecoins are a notable exception.

However, what distinguishes Bitcoin from other crypto-currencies is that the value of the latter is often dictated by the former. You have probably noticed that more or less all crypto-currencies enter into the red when Bitcoin’s price drops.

This is not, of course, unexpected. Whilst most traders actively buy and sell more than one crypto-currency, Bitcoin is generally their point of entry into the crypto-markets. Bitcoin, in other words, serves as their underlying asset.

We already know that one can pay for goods and services with Bitcoin and there are known cases – albeit a relatively small number – where people receive their salary in Bitcoin. But are these the only roles that BTC can play in the crypto world of the future?

What if the world adopts crypto-currencies to a much, much larger extent than it does now. What role does Bitcoin play then?

What If…

Even though there is no conclusive evidence to indicate that this will be how things pan out, there are hints that things are moving in that direction.

And in this context, Bitcoin is likely to dominate the crypto-sphere to an even greater extent than it does now. Considering that there is a limited supply of BTC, and that over time we could see a much greater number of participants in the crypto eco-system, the value of BTC will continue to climb.

And should this happen, Bitcoin will simply consolidate its position as the underlying asset which drives the entire eco-system. In other words, Bitcoin can then become the gold standard of the digital asset world. Right now, however, this is purely speculation on our part. But there’s a chance that the conjecture could hold true. And if that’s the case, there are intriguing times ahead.

*This post is credited to ICO Examiner

Very few positive stories come out of China with cryptocurrency in the headlines. This one is no different as the central bank has continued with its rhetoric over the risks of dealing with digital currencies.

Same Old Story; Crypto Bad, Blockchain Good

The People’s Bank of China has issued another warning over its perceived bubble effect associated with cryptocurrency investing. Director of the research bureau of China’s central bank, Xu Zhong, penned the paper along with Zuo Chuanwei, a PBoC analyst, according to reports.

The notion that digital currencies have no intrinsic value was once again used to state that they could never been seen as a replacement for fiat currencies. The paper went on to say that digital currencies are extremely vague in nature making it difficult for authorities to track transactions or implement money laundering policies. This appears to be the crux of the issue for central banks; they want full control over flow of finances.

The paper went on to reiterate that Beijing has already banned initial coin offerings, declaring them illegal forms of fundraising. All ICO channels, media and projects have also been heavily censored resulting in the majority of them leaving for more conducive climes such as Singapore, Hong Kong and Japan.

The paper did praise blockchain technology however stating that China is still welcoming of the nascent industry. It recommended a more practical approach to distributed ledger technology and recommended higher government oversight. This has already happened with a recent crackdown on users of blockchain based services in China.

In its latest war on crypto China has plans to clampdown on airdrops claiming that they are ‘disguised’ ICOs. In a similar report the PBoC stated;

“Take airdrops, where tokens are given out for free to participants, rather than raising funds directly in public via ICO, while reserving a portion of the total supply. These cryptocurrency startups then try to push tokens’ prices higher in the secondary market in a bid to reap profits.”

It added that the bank was going to ramp up efforts in order to clean up the crypto industry, or what remains of it, in China. Hinting that the only crypto allowed within its borders will be a state backed on, the bank continued stating “Crypto assets which are not issued by the government do not have legal status equivalent to fiat currencies.”

Similar warnings have been issued in Thailand recently where the ruling junta appears to be mimicking moves made in China. Business leaders and academics are welcoming blockchain and crypto with open arms but, unsurprisingly, the military leaders want more control. In South Korea meanwhile, lawyers have urged the government to issue a clear regulatory framework for the industry in order for it to flourish.

*This post is credited to News BTC

The world’s first and largest cryptocurrency, Bitcoin, celebrated its 10th birthday last week. This major milestone further cements digital currencies’ position in mainstream finance in Asia and around the world – this is evidenced by the latest initiative by Hong Kong’s Securities and Futures Commission.

At the beginning of November, it was announced that the SFC was proposing a regulatory regime known as a “sandbox” for crypto exchanges in the Asian financial hub, according to its chief executive, Ashley Alder.

Regulators across the globe have been scrutinizing ways to oversee digital assets and cryptocurrencies and determining whether the existing regulatory frameworks are sufficient.

The SFC said it was looking into a “new exploratory approach” as to how virtual asset trading platforms might be regulated.

The regulator said earlier this year that it was cracking down on cryptocurrency exchanges that operate in Hong Kong without a license, or that breach local securities laws.

This is something that I fully support. Indeed, cryptocurrency regulation is, I believe, necessary, is on its way, and the vital work being done by many international financial watchdogs and lawmakers must be championed.

Robust regulation that is devised, implemented and enforced by international financial regulators will mean further protection for the growing number of people using cryptocurrencies. The less likely it is that criminals use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries that introduce it.

Asia is leading the way when it comes to cryptocurrency regulation alongside other jurisdictions, such as Malta.

Across the continent, mainstream interest in blockchain and cryptocurrencies has increased substantially since crypto prices skyrocketed in late 2017.

Taking employment into account, blockchain and digital-currency jobs are attracting employees away from the more conventional sectors in Asia.

Data published by job site Indeed in August showed interest in Bitcoin-related roles peaked in Asian countries including India, Malaysia and Singapore in the second half of 2017, whereas interest in blockchain-related positions remain on an upward trend.

As such, with the cryptocurrency industry experiencing a record growth rate, and market capitalization close to US$1 trillion, it’s undeniable that digital currencies are becoming a key part of the global economy.

Crypto adoption is increasing all the time, not just in the financial sector, where we’re seeing major global banks looking at blockchain and crypto, but also in the technology industry, with Microsoft joining the crypto revolution, as well as the retail sector, with multinational titans such as Starbucks getting involved.

There is a budding sense among institutions that if they don’t adopt this sector, they could find themselves being swept away by the competition, as more and more people are eager to explore cryptocurrencies.

The awareness and understanding of, as well as the need and demand for, cryptocurrencies is increasing all the time. I’ve said it previously, but it’s becoming impossible to ignore the fact that cryptocurrencies are, undeniably, the future of money.

Since the very first digital currency was introduced a decade ago, when the enigmatic Japanese national Satoshi Nakamoto released a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” the world of money has fundamentally changed. And perhaps nowhere more so than in Asia.

*This post is credited to Asia Times

Hong Kong’s biggest ever gathering of global blockchain leaders, hosted by NexChange

HONG KONG, Nov. 6, 2018 /PRNewswire/ — The Official Hong Kong Blockchain Week will be launched from March 4 – 8, 2019 and be hosted by NexChange. Blockchain business and technology leaders from around the world will converge in Hong Kong.

The week will be anchored by NexChange’s Block O2O Global Blockchain Summit 2019 (March 5-6). The Hybrid Summit will be hosted by Strategic Programme Partner Hybrid Block on March 7. The Week will be supplemented by over 20 accredited events, details of which can be found at hkblockchainweek.net.

Over 120 speakers from 50+ countries will meet with more than 150 investors and in excess of 100 journalists at HKBCW.

Hong Kong is Asia’s premiere blockchain conference center for new blockchain enterprises to come and raise money, for major exchanges to establish themselves and for investors to decide where to place their bets in the blockchain future. Major corporate players will come to network, learn, and present their solutions alongside influential global NGOs.

The Hong Kong government has made a major push to support research and development of new technologies, including funding for blockchain. Major government departments and research centers are lining up to stand behind Blockchain Week.

From Bitcoin loyalists to those building Blockchain 2.0, 3.0, and beyond, Hong Kong will gather over 3,000+ delegates at the main event and at smaller blockchain events across Hong Kong. Deep dive education, practical workshops, networking opportunities, exhibitions and site tours will make it an action-packed week.

Hong Kong is host to crypto’s biggest exchanges, the highest concentration of investors and the most crypto-active community in Asia. Major consortia like Hyperledger have made Hong Kong home for their Asia Pacific leaders. Bitmain chose Hong Kong’s stock exchange for its upcoming listing. Major multinationals have blockchain research labs and architects situated in the heart of Asia.

Powered by NexChange, there will be a blockchain expo and a blockchain conference. Hear from blockchain experts on:

Cryptonomics    

Investment Climate 

Blockchain for finance

ICOs vs VC and IPOs 

Regulatory Issues   

AI and blockchain

Security Tokens

NexChange CEO and Founder, Juwan Lee, says, “It is time for the first official Hong Kong Blockchain Week with the full support of the vibrant global blockchain community coming together. ”

About NexChange

NexChange is an innovation ecosystem-as-a-service, specialising in fintech, insurtech, blockchain, AI and healthtech. By creating a global O2O community, we create, market and invest in innovative products:

  • Innovation Studio – Creating or collaborating with partners to create strategically innovative products.
  • Product Marketing – Strategically and tactically marketing products through the global O2O community.  Advising companies on their go-to-market strategies.
  • Ventures – Investing, advising, accelerating and acquiring companies that create innovative products.  We source deals and facilitate partnerships.

*This post is credited to Prnewswire

There’s nothing quite like the bitcoin debate. In one corner, crypto evangelists insist that bitcoin will be nothing less than the next reserve currency or digital gold. In the other corner, traditionalists pour scorn on the notion that the technology will present a threat to the existing financial system.

With bitcoin BTCUSD, +0.04%  trading above $6,400, here are 11 of the most famous, and somewhat outrageous, predictions, courtesy of ArzDigital, ranging from $100 to $1 million.

11 bitcoin price predictions

Two of the most prominent names in the bitcoin world are twins Tyler and Cameron Winklevoss, who were famously enriched by a $65 million settlement from Facebook Inc. FB, -1.11% to settle claims former college buddy Mark Zuckerberg copied their idea for the social-network site. The two were early adopters of bitcoin and have long touted the No. 1 digital currency as the next digital gold. In February, as the price of bitcoin was tumbling to its 2018 low, they said it could go as high as $320,000.

Joining the Winklevoss twins in the bull corner are CNBC personality Jim Cramer and cybersecurity guru John McAfee. Both have said bitcoin could trade as high as $1 million. However, McAfee’s call is a little more disturbing as it came with a NSFW caveat, should bitcoin not reach $1 million by the end of 2020.

Other bitcoin bulls are Tom Lee of Fundstrat Global Advisors, who said bitcoin would reach $25,000 by the end of 2018 and $125,000 by 2022. Then there is Tim Draper of Draper Associates. The California-based venture capitalist, who famously purchased all the bitcoins seized in the Silk Road crackdown, said a single bitcoin would be worth $250,000 by 2022.

At the other end of the scale, economists Joseph Stiglitz, winner of a 2001 Nobel Prize, and Kenneth Rogoff have poured cold water on the most famous cryptocurrency. Both said the price of a single bitcoin could be worth $100 by 2028. Citing overregulation, Stiglitz told Financial News in July that “bitcoin could easily be worth $100 in ten years.”

However, after a wild end to 2017 and first two months of 2018, bitcoin has spent the best part of the year trading between $6,000 and $8,000 and with volatility nearing all-time lows, it’s possible the group will go 0 for 11.

*This post is credited to Market Watch

Although the world-renowned Binance Exchange, which facilitates crypto-to-crypto transactions, has seen waning demand as of late, the startup has forged ahead and has made notable strides in the fiat-to-crypto realm. Reports indicate that Binance’s Uganda branch, which went live last week, has already seen a proverbial boatload of interest, leading to the obvious, but pressing question — can they replicate this newfound success across the world?

Binance Uganda Sees Tidal Wave Of Interest For Fiat-To-Crypto Platform

When consumers think of crypto-friendly nations, Malta, Japan, and Switzerland are often names that immediately come to mind. Maintaining this thought process, it should come as no surprise that many enthusiasts in this budding industry were shocked when Binance, the world’s foremost crypto exchange, announced plans to launch its first fiat-to-crypto platform in Uganda, a relatively small country in East Africa.

After a lengthy sign-up process and an enticing promotional event for locals, just last week, as reported by NewsBTC, Binance’s Ugandan branch went live in the country of 43 million. Although the global crypto public may have been initially skeptical of this foray, the African Binance subsidiary held high hopes for its platform, issuing optimistic comments via a Medium blog post.

The startup expressed its belief that Uganda is undoubtedly a home for blockchain innovation, adding that the growth of the local crypto economy could “light the way for the content [of Africa] to leverage blockchain technology.” Binance’s African subsidiary added that emerging markets, such as Uganda, could play a key role in the adoption of cryptocurrencies, alluding to the fact that the country is an optimal location for an accesible fiat-to-crypto platform.

And while it has only been a week since its launch, the startup’s unbridled confidence has already paid off, with CoinDesk revealing that Binance’s new branch, which supports Ugandan Shillings, Bitcoin, and Ether, has already taken on 40,000 locals as customers.

Considering that Uganda’s economy is far from flawless, with studies indicating that billions are being siphoned from the nation’s economy due to lawbreakers, it would be fair to assume that the local cryptosphere will continue to swell at an unmatched pace, as decentralization and transparency may beckon oppressed Ugandans in.

Next Stop: Singapore

In early-September, Binance’s Changpeng Zhao revealed that his firm was poised to launch a Singapore-based crypto-to-fiat platform into a closed beta for an exclusive group of investors. At the time, however, Binance’s top brass was hesitant to reveal what spurred this surprising move, which was the startup’s third announced venture into bridging the gap between cryptocurrencies and government-issued currencies.

Per Bloomberg, Vertex Ventures, which is parented by the Singapore government’s sovereign fund, was behind the Malta-based startup’s move to enter the city-state’s local cryptocurrency market, throwing an undisclosed sum at Binance. Although may were bewildered that Vertex, and the government of Singapore by extension invested directly in a crypto-focused startup, the move clearly adds up when you take the island nation’s regulatory environment into account.

Through a series of comments, Ravi Menon of the Monetary Authority of Singapore (MAS), recently divulged that the local authorities are aiming to directly connect ‘banks and fintech cryptocurrency startups” to see if a common footing can be reached. It can be presumed that the MAS’ willingness to foster the local cryptocurrency economy will directly impact the progress of Binance Singapore, which will only be as successful as its relationships with local financial institutions.

So while details regarding Binance Singapore’s public rollout have been unusually scant, many are hopeful that the lax regulatory climate will parent an infectious crypto phenomenon that will spread across the globe like wildfire, so to speak.

*This post is credited to News BTC

The possible outlawing of virtual coins would likely cover trading on exchanges and the use of those assets as a payment method, a government press release has indicated.

India’s central authorities are considering the imposition of a ban on cryptocurrency, according to a press release published by the central government’s Press Information Bureau (PIB) on Tuesday. The plan includes the prohibition of “private” virtual coins while at the same time encouraging the use of their underlying blockchain technology.

The PIB’s press release covered the outcomes of the nineteenth meeting of Financial Stability and Development Council (FSDC), chaired by the Finance Minister Shri Arun Jaitley. The main focus of discussion was the international and domestic situation and financial sector performance.

Moreover, one of the meeting’s topics was High-level Committee “deliberations” led by Economic Secretary Shri Subhash Chandra Garg to outlaw private digital currencies. Last year, the Finance Ministry set up a special interdisciplinary committee to analyze crypto in terms of existing laws. However, until this week, no indication had been given of a possible prohibition.

The language of PIB’s press release suggests that the ban would likely cover trading on exchanges and using virtual coins as a payment method, but did not indicate the government’s position about the holding of those assets.

Also, the term ‘private’ shows that state authorities do not want to prohibit central bank digital currencies (CBDC). Reserve Bank of India (RBI), the country’s central bank confirmed in August that it is working on a CBDC project.

“The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private cryptocurrencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19,” the press release reads.

The FSDC meeting came several days after the country’s Supreme Court ordered the government to send its position about cryptocurrency as part of the legal battle between the central bank and several crypto companies over the RBI ban on domestic banks to provide services to digital asset firms.

*This post is credited to CryptoVest

American software corporation Microsoft will integrate its Azure Blockchain technology into stock exchange Nasdaq Inc.’s Financial Framework (NFF), according to an Oct. 30 press release.

Per the recent announcement, Microsoft will integrate its Azure blockchain service with NFF, a technology which provides software for trading infrastructure and operations outsourcing, and fulfills Nasdaq’s risk and surveillance technology offering.

Within the collaboration, the parties will reportedly develop a “ledger agnostic blockchain capability” that will allow for operability across multiple ledgers. The new product will purportedly facilitate easier buyer and seller matching, management of delivery, and payment and settlement of transactions.

Integrating Azure Blockchain will reportedly allow NFF customers to deploy various blockchains through one common interface, in addition to promoting blockchain development.

Tom Fay, Senior Vice President of Enterprise Architecture at Nasdaq, said that the partnership with Microsoft removes some of the complexities of integrating blockchain technology into existing infrastructures. He added:

“Our NFF integration with their blockchain services provides a layer of abstraction, making our offering ledger-agnostic, secure, highly scalable, and ultimately helps us continue to explore a much broader range of customer use cases for blockchain.”

Recently, Nasdaq revealed a new blockchain patent, which makes reference to “an information computer system […] provided for securely releasing time-sensitive information to recipients via a blockchain.” With the patent, the company is reportedly looking to ease releasing timely information to the media while keeping it secure and watertight from a legal standpoint.

Last month in an interview with Cointelegraph, Nasdaq’s Head of Alternative Data Bill Dague said that it is exploring adding crypto datasets to its market analytics tool. However, whether or not the exchange will launch a crypto-related product remains to be seen.

In August, Azure introduced a proof-of-authority (PoA) algorithm on its Ethereum blockchain product. A PoA algorithm is based on the principle of approved identities or validators on a blockchain, and does not require competition in completing the transactions.

The new Ethereum product on Azure is equipped with a number of features to ensure its correct functioning and security, such as an identity leasing system, Parity’s web-assembly support, Azure Monitor, and a Governance Decentralized Application (DApp).

*This post is credited to CoinTelegraph

Blockchain continues to be the hot topic in the global startup ecosystem. And, more entrepreneurs are placing huge bets on this technology. However, this is not the same case in a few countries. According to a study released by auditing firm PricewaterhouseCoopers (PwC), trust is one the biggest blockers to the blockchain’s adoption. Concern about trust among respondents in the survey was highest in Singapore (37%).

Despite numerous trust issues, there are no stopping companies from using this technology. We asked the founders of blockchain startups in Singapore how they are harnessing the power of this technology for good.

Analyze the Applicability of Technology

Singapore-based LALA World chief executive officer and founder, Sankalp Shangari, feels blockchain technology is not just bringing in a difference at the consumer level instead it is posing a threat to the established system of governance, which is obtrusive of financial freedom.

“A lot of myths are floating around the technology. It was dubbed as a dubious technology, which may look promising, but was porous and could be compromised. The reality is far from it; the technology is secure and reliable than any of the other techniques available. But at the same time, it is complex and in a nascent stage just like the web was in the early 90’s and that is what helps the naysayers in spreading heresy about it. The need is to understand its applicability to a particular problem and the impact it has in solving it,” said Shangari.

LALA ID, a product of LALA World, is a comprehensive solution that protects the personal information of the users through the immutable blockchain technology. Additionally, the startup offers features like crypto payments through its application.

“The world is going gung-ho about the possibilities of the said technology, which is gradually growing as an infrastructural pillar of economic functionalities, receiving the attention it deserves,” added Shangari.

Mapping Unequal Data Sources

Founded by Mike Davie, Quadrant Protocol leverages blockchain and smart contracts to track the data’s journey along the data chain–from the originating device to the data scientists that add value to the data–and provide automatic compensation every time the data is purchased. This helps create a more sustainable data economy. The startup serves as the blueprint that provides an organized system for the utilization of decentralized data.

“Data quality is vital to the success of Artificial Intelligence. Algorithms will believe whatever the data tells them to believe, so using poor quality data can result in unintended consequences. Data consumers, therefore, need to know where the data is coming from and be able to trust the source. At the same time, the original providers of the data are rarely compensated fairly.  Data consumers like data scientists or AI practitioners can be assured of the quality and provenance of the data being purchased, while providers are compensated fairly. All compensation is paid in Quadrant Protocol tokens, which are recorded on the blockchain,” said Davie.

Easing Insurance Agreements

Insurtech company Hearti is serving insurers with their proprietary artificial intelligence (AI) and blockchain platform.

Keith Lim, chief executive officer, Hearti believes blockchain’s immutable nature can foster trust in the insurance agreements between consumers, insurers, and partners.

“Smart contracts are executed based on events that trigger conditions within the agreement (for eg. to pay out claims in the event of a flight delay). When claims data is shared securely on the blockchain, duplicate claims and fraud can be tracked and detected. Such uses of blockchain create huge value for our company’s proposition and put it at the forefront of the industry,” he said.

Founded in June 2015, Hearti Lab was born out of the realization that there was a void in the corporate and personal insurance sector: the lack of a low-cost, full-featured A.I. platform for insurance management. To achieve its vision of developing an integrated insurance platform, the startup has developed two complementary platforms: BENEFIT.X & SURETY.AI.

Building Trust In Technology

For Joseph Lee, chief technology officer, BridgeX Network, blockchain is the “New Technology of Trust”. He believes that blockchain related technologies will spur new ways for the global economy to work.

“Perhaps due to the newness of the tech, there may still be a trust deficit with the general public. We are using blockchain technologies to create a platform to allow lenders and borrowers to transact directly, in a secure, trusted, and protected environment. The terms are specified in the blockchain and will be executed automatically without bias. There is no longer a need for centralized entities to stand in between the borrowers and lenders. The costs saved from eliminating intermediaries are passed to the participants on the platform,” said Lee

BridgeX Network is a financial ecosystem framework, built on a proprietary technology core, that bridges the worlds of cryptocurrencies and fiat. The startup provides decentralised credit, conversion and payment solutions between crypto and fiat currencies, allowing unprecedented interoperability. These create a unifying platform for both fintech-blockchain and traditional financial companies to participate in this new economy.

*This post is credited to Entrepreneur